Marriott’s fourth quarter results were well received by the market, reflecting a combination of robust global demand, continued expansion of its property portfolio, and strength in higher-end travel segments. Management emphasized that a surge in new property signings, rapid integration of conversion properties, and resilient leisure and luxury travel contributed meaningfully to the company’s performance. CEO Anthony Capuano highlighted that “about 75% of our conversion openings opened within twelve months of signing,” underscoring operational momentum. The Bonvoy loyalty program also continued to grow, with 43 million new members joining in the year.
Is now the time to buy MAR? Find out in our full research report (it’s free for active Edge members).
Marriott (MAR) Q4 CY2025 Highlights:
- Revenue: $6.69 billion vs analyst estimates of $6.69 billion (4.1% year-on-year growth, in line)
- Adjusted EPS: $2.58 vs analyst expectations of $2.62 (1.5% miss)
- Adjusted EBITDA: $1.40 billion vs analyst estimates of $1.39 billion (21% margin, 0.9% beat)
- Adjusted EPS guidance for the upcoming financial year 2026 is $11.45 at the midpoint, in line with analyst estimates
- EBITDA guidance for the upcoming financial year 2026 is $5.89 billion at the midpoint, above analyst estimates of $5.72 billion
- Operating Margin: 11.6%, in line with the same quarter last year
- RevPAR: $182.43 at quarter end, up 44.7% year on year
- Market Capitalization: $93.78 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Marriott’s Q4 Earnings Call
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Shaun Clisby Kelley (Bank of America): Asked about drivers of pipeline acceleration and which brands would lead openings. CEO Anthony Capuano pointed to a mix of conversion-friendly brands and growing international luxury demand as key factors.
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Daniel Brian Politzer (JPMorgan): Inquired about the 35% increase in credit card fees and its sustainability. CFO Kathleen Kelly Oberg attributed the growth to a royalty rate adjustment and ongoing high single-digit card spending, emphasizing the program’s scale.
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Stephen Grambling (Morgan Stanley): Sought details on partnerships with Google and OpenAI for AI-powered distribution. Capuano described these as early-stage collaborations focused on enhancing property discovery and efficient booking.
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Michael Bellisario (Baird): Questioned steps taken to improve franchisee economics. Capuano highlighted efforts to reduce affiliation costs and streamline hotel operating models to support owner returns.
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Elizabeth Dove (Goldman Sachs): Requested a consumer demand “pulse check” in the U.S. Oberg noted that leisure demand remains strong, group bookings are steady, and business transient travel is recovering more slowly, with government travel a particular headwind.
Catalysts in Upcoming Quarters
In upcoming quarters, the StockStory team will watch (1) progress on the rollout of new technology and AI systems, (2) the pace of net rooms growth and successful integration of new and conversion properties, and (3) continued expansion and monetization of the Bonvoy loyalty and co-branded credit card programs. The impact of major events, such as the 2026 FIFA World Cup, will also be a key indicator of demand trends.
Marriott currently trades at $355, up from $331.21 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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