Marriott reported a strong Q2 2026, beating expectations on RevPAR and earnings, and raised its full-year guidance. The company is investing in owner relations through new incentives and has signed new co-branded credit card agreements with JPMorgan and Amex, which are expected to provide a multi-year boost to fees. The company noted headwinds from the Middle East conflict, impacting RevPAR and net rooms growth. Q2 global RevPAR rose 3.4%, with US/Canada up 5% (strongest in 13 quarters).
Marriott reported a strong Q2 2026, beating expectations on RevPAR and earnings, and raised its full-year guidance. The company is investing in owner relations through new incentives and has signed new co-branded credit card agreements with JPMorgan and Amex, which are expected to provide a multi-year boost to fees. The company noted headwinds from the Middle East conflict, impacting RevPAR and net rooms growth. Q2 global RevPAR rose 3.4%, with US/Canada up 5% (strongest in 13 quarters).
Marriott reported a strong Q2 2026, beating expectations on RevPAR and earnings, and raised its full-year guidance. The company is investing in owner relations through new incentives and has signed new co-branded credit card agreements with JPMorgan and Amex, which are expected…
Q2 global RevPAR rose 3.4%, with US/Canada up 5% (strongest in 13 quarters).
Guidance tone
Growth fee revenue guidance raised to $6.03-$6.06 billion (up 11%).
Management discussed the rollout of Ask Bonvoy, an AI-powered conversational search experience, and noted close work with Google and other leading AI platform providers as their travel search and commerce tools evolve, reflecting commitment to using technology to enhance customer experience and drive operational efficiencies.
Leisure demand leads with US luxury RevPAR up over 9%. Management highlighted record signings, raised full-year guidance, and expressed confidence in broad-based demand strength across regions and segments.
2026 investment spending guidance was raised to $1.25-$1.35 billion, with higher expectations across most categories, including contract acquisition costs (key money) and continued spending on digital technology transformation, which is largely expected to be reimbursed over time.
Management highlighted record signings, raised full-year guidance, and expressed confidence in broad-based demand strength across regions and segments.
“by full year 2028, The impact on Marriott's co-brand card fees from these new deals could be somewhere between $100 and $125 million at our current royalty rate of 26%.”
“this updated outlook includes the impact from the IPR incentives that Tony discussed, which will be paid for by Marriott and not the system funds and will be in our own lease and other expenses.”
“Our full year 2026 net rooms growth is now more likely to be towards the low end of our previous 4.5% to 5% range, primarily due to construction delays in the Middle East.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| RevenueFEES | FY2026 | $6.03B–$6.06B | $6.045B | RAISED |
| RevenueREVPAR_GROWTH | FY2026 | 3%–3.5% | 3.25% | RAISED |
| Issued | Metric | Target | Guide | Actual | Outcome |
|---|---|---|---|---|---|
| FY2026 Q1 | Revenue | FY2026 Q2 | $1.55B–$1.57B | $7.071B | Met / beat |
| FY2025 Q4 | Revenue | FY2026 Q1 | $0B | $6.654B | Met / beat |
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.”
… and engagement represented by our cardholders, and more than 295 million loyalty program members. We expect the new economics and cardholder benefits to drive significant value across the Marriott Bonvoy ecosystem, including to our hotel owners, cardholders and loyalty program members. Additionally, we continue to make great progress in our multi-year technology transformation. While increasingly leveraging AI across the enterprise, In June, we began our phased rollout of Ask Bonvoy, our AI-powered conversational search experience on Marriott.com and the Marriott Bonvoy app, reflecting our commitment to using technology to enhance the customer experience, strengthen engagement with our members, and drive greater operational efficiencies. With our well-respected brands and industry-leading scale, we are also working closely with Google and other leading AI platform providers as their travel search and commerce tools evolve. Before I end my prepared remarks, I want to thank our Marriott teams around the world. Our results today would not have been possible without their hard work and dedication. And now I will turn the call over to Jen for more details on our financial results. Jen?
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.”
… brand standards which simplify operations and reduce costs and we have rolled out flexible renovation scopes that focus on customer facing elements of the hotels. As Jen will discuss further, we are also now planning to roll out a new ITR or Intent to Recommend incentive in the US and Canada that will provide a fee discount for top hotels that receive strong guest satisfaction scores. I am also pleased to announce that 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. These agreements reflect the strength of the Marriott Bonvoy brand and the extraordinary value of our brand portfolio, the continued growth of our global lodging system, and the powerful combination of scale and engagement represented by our cardholders, and more than 295 million loyalty program members. We expect the new economics and cardholder benefits to drive significant value across the Marriott Bonvoy ecosystem, including to our hotel owners, cardholders and loyalty program members. Additionally, we continue to make great progress in our multi-year technology …