The strong Q1 beat and raised full-year guidance signal accelerating travel demand, particularly in U.S. & Canada (+4% RevPAR) and APEC (+7.3%). The increased capital return program ($4.4B+) provides downside support. Monitor the Q2 earnings call for updates on U.S. co-branded card renegotiation and Middle East conflict impact on EMEA RevPAR.
Price Chart
Executive Summary
Marriott reported Q1 2026 results with worldwide RevPAR up 4.2%, exceeding the high end of guidance. Adjusted diluted EPS of $2.72 beat the $2.58 consensus by 5.4%, driven by strong fee revenue growth (+12% YoY) and higher co-branded credit card fees. The company raised full-year 2026 RevPAR guidance to 2.0-3.0% (from 1.5-2.5%) and increased capital return expectations to over $4.4 billion, signaling confidence in continued travel demand.
Key Financial Metrics
Key Facts
- Q1 2026 worldwide RevPAR +4.2% YoY (constant $), above the 1.0-2.0% guidance range
- Adjusted diluted EPS $2.72 vs consensus $2.58 (+5.4% beat)
- Gross fee revenues $1,433M, +12% YoY, driven by 17% growth in franchise fees
- Adjusted EBITDA $1,398M, +15% YoY vs $1,217M in Q1 2025
- Full-year 2026 RevPAR guidance raised to 2.0-3.0% (from 1.5-2.5%)
- Full-year 2026 Adjusted EPS guidance raised to $11.38-$11.63 (from $11.32-$11.57)
- Capital return to shareholders increased to over $4.4B for full year 2026
- Net rooms grew 4.5% YoY; development pipeline reached record ~618,000 rooms
- Marriott Bonvoy membership grew to ~283 million members
Financial Impact
Q1 2026 adjusted diluted EPS of $2.72 vs consensus $2.58 (+5.4%); adjusted EBITDA $1,398M vs $1,217M YoY (+15%); full-year 2026 adjusted EPS guidance raised to $11.38-$11.63
Risk Factors
- Middle East conflict continues to impact March results and full-year outlook assumes continued disruption
- U.S. co-branded card renegotiation remains ongoing with no impact included in guidance
- Higher debt balance ($16.5B vs $16.2B year-end 2025) and rising interest expense ($204M vs $183M YoY)
- Planned hotel sale with expected impairment charge of $65M-$70M in Q2 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001048286-26-000012 |
| Document: mar-20260506.htm | 0001048286-26-000012 |
| Document: 0001048286-26-000012-index-headers.html | 0001048286-26-000012 |
| Document: 0001048286-26-000012-index.html | 0001048286-26-000012 |
| Document: 0001048286-26-000012.txt | 0001048286-26-000012 |
| 8-K Data (Synthetic) | 0001048286-26-000012 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | 424B5 | $349.49 $331.52 | ▼ −5.14% | ▼ −4.08% | $357.85 (+2.39%) |
Aug 6, 2026 8w ago | Press Release | $359.67 $336.09 | ▼ −6.56% | ▼ −7.16% | $357.85 (−0.51%) |
Aug 3, 2026 8w ago | 8-K | $346.83 $341.76 | ▼ −1.46% | ▼ −2.70% | $357.85 (+3.18%) |
Jul 13, 2026 11w ago | Court Ruling | $362.87 $348.44 | ▲ +3.98% | ▲ +7.16% | $357.85 (+1.38%) |
May 19, 2026 19w ago | Insider Cluster | $369.38 $394.61 | ▲ +6.83% | ▲ +6.87% | $357.85 (−3.12%) |
May 19, 2026 19w ago | Insider Cluster | $369.38 $394.61 | ▲ +6.83% | ▲ +6.87% | $357.85 (−3.12%) |
May 14, 2026 20w ago | Court Ruling | $353.47 $402.54 | ▲ +13.88% | ▲ +14.74% | $357.85 (+1.24%) |
May 6, 2026 21w ago | 8-K | $358.92 $376.75 | ▲ +4.97% | ▲ +2.19% | $357.85 (−0.30%) |
Mar 31, 2026 26w ago | Court Ruling | $326.93 $352.97 | ▲ +7.97% | ▼ −1.46% | $357.85 (+9.46%) |
Mar 27, 2026 27w ago | DEFA14A | $316.77 $360.57 | ▲ +13.83% | ▲ +1.09% | $357.85 (+12.97%) |
US Market Status
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