Marriott reported strong Q1 2026 results with global REVPAR up 4.2%, beating guidance, and raised its full-year REVPAR outlook to 2-3% growth. The company discussed robust U.S. demand, a major technology transformation, and significant headwinds in the Middle East. Global Q1 REVPAR grew 4.2%, above the top end of guidance, with strength across all segments and chain scales in the U.S.
Buzzberg 분석Full-year RevPAR guidance raised to 2-3% growthMarriott reported strong Q1 2026 results with global REVPAR up 4.2%, beating guidance, and raised its full-year REVPAR outlook to 2-3% growth. The company discussed robust U.S. demand, a major technology transformation, and significant headwinds in the Middle East. Global Q1 REVPAR grew 4.2%, above the top end of guidance, with strength across all segments and chain scales in the U.S.전체 분석 보기분석 접기
Marriott reported strong Q1 2026 results with global REVPAR up 4.2%, beating guidance, and raised its full-year REVPAR outlook to 2-3% growth. The company discussed robust U.S. demand, a major technology transformation, and significant headwinds in the Middle East. Global Q1 REVPAR grew 4.2%, above the top end of guidance, with strength across all segments and chain scales in the U.S.
Full-year 2026 REVPAR guidance raised to 2-3% growth, up from previous outlook, driven by stronger U.S. and Greater China expectations.
The Middle East conflict is expected to impact full-year global REVPAR growth by 100-125 basis points, with Q2 being the hardest hit quarter.
The company is investing heavily in its technology transformation, including rolling out AI tools and a new conversational search experience on Marriott.com.
Revenue$6.654B
-1% QoQ
EPS$2.72
+5% QoQ
Gross margin20.15%
reported
Op margin15.99%
reported
이번 분기에 달라진 점
01
Guidance
Full-year RevPAR guidance raised to 2-3% growth
Guidance · revenue to 2.5%
02
AI
AI conversational search on Marriott.com rolling out by Q2 end
Management is deploying AI across operations, including AI-powered desktop assistance, guest pre-arrival communications, and a natural language search experience on Marriott.com/app by end of Q2. They see AI as an opportunity to strengthen direct booking channels and are…
03
Technology
1000th hotel transitioned to new tech ecosystem
Full-year 2026 REVPAR guidance raised to 2-3% growth, up from previous outlook, driven by stronger U.S. and Greater China expectations.
04
Growth
Record Q1 signings and net rooms growth of 4.5%
The Middle East conflict is expected to impact full-year global REVPAR growth by 100-125 basis points, with Q2 being the hardest hit quarter.
AI, 자본지출 및 수요 분석
AI
플랫폼 및 수익화
Management is deploying AI across operations, including AI-powered desktop assistance, guest pre-arrival communications, and a natural language search experience on Marriott.com/app by end of Q2. They see AI as an opportunity to strengthen direct booking channels and are working with multiple GenAI players, while noting early monetization is ad-driven, and they are optimistic about cost benefits f
수요
수주 및 전환
World Cup still expected to add 30-35 bps to RevPAR. Management expressed confidence in strong Q1 results, raised full-year guidance, and highlighted record pipeline and tech/AI momentum despite Middle East volatility.
자본지출
투자 및 생산능력
Investment spending for 2026 raised to $1.05-1.15 billion, up ~$50 million primarily due to anticipated investment in Lafay, the new luxury wellness brand. The spend also continues to fund the digital tech transformation (30-35% of total) and renovations at owned/leased hotels, with investment in contracts at 35-40%.
톤 · Upbeat
Management expressed confidence in strong Q1 results, raised full-year guidance, and highlighted record pipeline and tech/AI momentum despite Middle East volatility.
공급망 알파
A1
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).
Marriott's new 'Series' collection brand is expanding to Europe with six projects in Italy and five in the UK, indicating a push for conversion-driven growth in the region.
“We also signed deals to bring our regionally rooted collection brand, Series by Marriott, to Europe, signing six projects in Italy and five in the United Kingdom.”
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.”
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.”
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.”
Jen MasonExecutive Vice President and Chief Financial Officer
… as outperformance in the first quarter is expected to be offset by year-over-year IMF declines in the Middle East in the last three quarters of the year. The sensitivity of one percentage point in full-year 2026 REBPAR versus 2025 could be around 55 to 65 million in REBPAR-related fees. Co-branded credit card fees are still expected to increase around 35%. As you know, this does not include any impact from new deals in the United States. Our discussions with Visa, Chase, and American Express are going well, and we still expect to have new deals in place later this year. Full year residential branding fees are now expected to increase around 45 to 50%. Timeshare fees are still expected to be relatively in line with prior year at 110 to 115 million. Own lease and other revenue, net of own lease and other expenses is now expected to total 215 to 225 million. Results are expected to be impacted by renovations at certain large hotels in the portfolio, including W Barcelona and the Frankfurt Marriott, as well as the expected sale later this quarter of a long-held hotel in the United States that will stay in the portfolio under a new long-term management agreement. 2022 CMA expense …
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.
Jen MasonExecutive Vice President and Chief Financial Officer
… and travel sentiment will continue to be impacted, particularly in the Middle East, through the end of the year. As a reminder, the Middle East accounts for 3% of open rooms, 7% of pipeline rooms, and for full year 2025, 3% of global growth speeds. We are lowering our reservoir outlooks in EMEA, reflecting continued year-over-year declines in our Middle East properties with the most severe decline expected to occur in the second quarter. Our guidance assumes the conflict in the Middle East could impact full-year global red part growth by 100 to 125 basis points. Finally, I'll note that the World Cup is still expected to add 30 to 35 basis points to global red part growth this year. We are raising our 2026 growth speed guidance to 5.93 to 5.99 billion, up 9 to 10%. IMFs are expected to be around flat year-over-year, as outperformance in the first quarter is expected to be offset by year-over-year IMF declines in the Middle East in the last three quarters of the year. The sensitivity of one percentage point in full-year 2026 REBPAR versus 2025 could be around 55 to 65 million in REBPAR-related fees. Co-branded credit card fees are still expected to increase around 35%. As …
Marriott's new 'Series' collection brand is expanding to Europe with six projects in Italy and five in the UK, indicating a push for conversion-driven growth in the region.
… partially offset by higher ADR. We remain focused on steadily expanding our industry-leading portfolio and presence to reach new markets and new travelers worldwide. Global signings are off to an excellent start this year, with first quarter deal signings up 9% year over year. Key recent multi-unit deals signed include another agreement with Sun Group to add 10 hotels across eight brands in Vietnam over the next few years. We also signed deals to bring our regionally rooted collection brand, Series by Marriott, to Europe, signing six projects in Italy and five in the United Kingdom. Additionally, we announced that Lafay, our first brand dedicated exclusively to luxury wellness, is expected to enter our portfolio later this year. Our global pipeline rose over 5% year over year to a new record of nearly 618,000 rooms at the end of the quarter, with 43% of pipeline rooms under construction including rooms that are pending conversion. Marriott has more rooms in its pipeline and more pipeline rooms under construction than any other global lodging company. Conversions, including multi-unit deals, remain a significant driver of growth, representing over 35% of signings and over …
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