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12:30
Aug 03 ◎

MAR FY2026 Q2 Watch

Marriott International (MAR) FY2026 Q2 Earnings Call

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Tony Capuano

Marriott is partnering with AI platforms to adapt distribution and search strategies, which could impact direct booking channels and demand generation.

"we are also working closely with Google and other leading AI platform providers as their travel search and commerce tools evolve."

GOOGL WATCH

Tony Capuano

The new U.S. co-brand credit card agreements with JPMorgan and Amex are expected to contribute ~$100-125M to Marriott's annual fee revenue by 2028, but the impact for 2026 is only ~$30M, indicating a multi-year ramp. — Indicates a slow ramp for the new card economics, with near-term benefits more modest than the headline deal suggests.

"we recently executed New long-term agreements for our co-branded credit card program in the U.S. with our valued, longstanding, market-leading partners, JPMorgan Chase and American Express."

JPM WATCH AXP WATCH

Tony Capuano

Guidance was raised for global RevPAR and fees, driven by broad-based demand strength, a stronger-than-expected World Cup boost, and optimism for the second half into 2027.

"Looking ahead, as Jen will discuss further, with strong broad-based demand generally expected to continue We are raising our full year 2026 guidance range to 3% to 3.5% global RevPAR growth."

MAR WATCH

HIGH

12:30
May 06 ◎

MAR FY2026 Q1 Watch

Marriott International (MAR) FY2026 Q1 Earnings Call

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Tony Capuano

Marriott is partnering with OpenAI on its travel ad pilot, positioning itself early in the AI-driven travel distribution landscape.

"whether that is being one of the first participants in travel with OpenAI on their ad pilot program, there are a wide range of parallel activity streams."

OPENAI WATCH

Tony Capuano

Marriott is working with Google on its AI-driven travel products, seeking to leverage these platforms to drive direct bookings and counter OTAs.

"whether that is Google's AI mode travel product, whether that is being one of the first participants in travel with OpenAI on their ad pilot program."

GOOGL WATCH

Jen Mason

Marriott's ongoing credit card co-brand negotiations with Visa are progressing well, with new deals expected later in the year, potentially unlocking significant fee upside.

"Our discussions with Visa, Chase, and American Express are going well, and we still expect to have new deals in place later this year."

V WATCH

Jen Mason

Marriott's renegotiation with Chase, a key co-brand credit card issuer, is on track, which could lead to higher co-brand credit card fees in the future.

"Our discussions with Visa, Chase, and American Express are going well, and we still expect to have new deals in place later this year."

JPM WATCH

Jen Mason

Marriott's co-brand credit card negotiations with American Express are proceeding as planned, with new deals expected later in the year.

"Our discussions with Visa, Chase, and American Express are going well, and we still expect to have new deals in place later this year."

AXP WATCH

Tony Capuano

Marriott raised its full-year global REVPAR guidance to 2-3% reflecting broad-based strength in Q1 across the U.S. and Canada, while acknowledging near-term headwinds from the Middle East conflict.

"We are raising our full-year global REVPAR guidance and now expect growth of 2% to 3%."

MAR WATCH

Jen Mason

Marriott expects the Middle East conflict to impact full-year global REVPAR growth by 100-125 basis points, with Q2 being the hardest hit quarter (50% REVPAR decline expected in the region). — This quantifies the impact of the Middle East disruption on global lodging demand and suggests near-term headwinds for companies with exposure to the region.

"Our guidance assumes the conflict in the Middle East could impact full-year global red part growth by 100 to 125 basis points."

HLT WATCH

HIGH

13:30
Feb 10 ◎

MAR FY2025 Q4 Watch

Marriott International (MAR) FY2025 Q4 Earnings Call

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Tony Capuano

Marriott is an early participant in OpenAI's ad pilot, indicating OpenAI is building a travel advertising business.

"and with OpenAI on their ad pilot program"

OPENAI WATCH

Tony Capuano

Marriott and Uber maintain their loyalty partnership, driving cross/engagement and potentially travel-related ride volumes.

"We continue to augment the Bonvoy platform with popular collaborations like Uber and Starbucks"

UBER WATCH

Tony Capuano

The loyalty tie-up with Starbucks continues, providing another engagement channel for Marriott Bonvoy members.

"popular collaborations like Uber and Starbucks"

SBUX WATCH

Leni Oberg

Marriott raised its co-brand credit card royalty rate, a contractual change separate from ongoing deal renewals with Visa/Chase/AmEx, and now guides card fees +35% in 2026, decoupled from spending growth. — This signals Marriott is extracting higher economics from existing card partnerships, creating a new line-item revenue source that may pressure card partners' payment economics.

"we're currently in discussions with Visa, Chase, and American Express and expect to have new deals in the U.S. in place later this year"

V WATCH JPM WATCH AXP WATCH

Tony Capuano

AI-mode travel products (Google/OpenAI) are being co-designed now, and Marriott plans to deploy natural-language search site-wide in 1H2026. — The shift to AI-channel discovery may reshape OTA economics and create new cost/revenue dynamics for third-party booking platforms.

"we are one of the initial companies working with Google on their forthcoming Google AI mode travel product"

GOOGL WATCH

HIGH

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