Marriott Q4 EPS Misses by 2.3% While Revenues Hit $6.69 Billion
Marriott's fourth-quarter adjusted EPS of $2.58 missed the $2.64 consensus while revenues climbed 4.1% to $6.69 billion, slightly topping forecasts. Global RevPAR rose 1.9%, buoyed by 8.8% growth in Asia Pacific ex-China and 12.8% in Middle East & Africa, as net debt increased to $16.2 billion against $0.4 billion in cash.
1. Q4 Financial Results
Marriott reported adjusted earnings per share of $2.58 versus the $2.64 consensus, while quarterly revenues rose 4.1% year over year to $6.69 billion. Strength in franchise fees (+6%) and base management fees (+3%) supported top-line growth, offsetting the slight EPS shortfall.
2. RevPAR Performance
Systemwide comparable RevPAR increased 1.9% as average daily rate grew 2.5% despite a 0.4% drop in occupancy. International markets led performance, with Asia Pacific ex–China up 8.8%, Middle East & Africa up 12.8%, Greater China up 3.4% and Europe up 3.4%.
3. Balance Sheet and Buybacks
At quarter end, Marriott’s total debt stood at $16.2 billion while cash and equivalents remained at $0.4 billion. Year to date, the company repurchased 1.1 million shares for $350 million, reflecting continued capital return efforts.
4. 2026 Outlook
For Q1, Marriott forecasts gross fee revenues of $1.37–1.38 billion, adjusted EBITDA of $1.31–1.33 billion and EPS of $2.50–2.55. Full-year projections include gross fee revenues of $5.90–5.96 billion, EBITDA of $5.84–5.93 billion, EPS of $11.32–11.57 and systemwide RevPAR growth of 1.5–2.5%.