“We delivered excellent first-quarter results, reflecting the strength of our brands, our unmatched global footprint and the resilience of demand for travel,” said Anthony Capuano, president/CEO. “Global RevPAR increased over 4%, exceeding the high end of our expectations, driven by gains in both ADR and occupancy. RevPAR in the U.S. & Canada rose 4%, with performance strengthening throughout the quarter and growth broad-based across customer segments and chain scales.”
He continued, “International RevPAR grew 4.6% in the quarter, despite the conflict in the Middle East impacting March results. RevPAR in EMEA grew more than 3% in the quarter, with increases in Europe and Africa partially offset by a decline in the Middle East. APEC led international performance, with first-quarter RevPAR increasing more than 7%, on sustained leisure travel demand. RevPAR in Greater China increased by almost 6%, driven by leisure travel, particularly in Hong Kong and Hainan.”
First-quarter highlights:
- Diluted EPS totaled $2.43 and adjusted diluted EPS totaled $2.72
- Reported net income totaled $648 million and adjusted net income totaled $726 million
- Adjusted EBITDA totaled $1.398 million
- The company added roughly 15,900 net rooms globally during the quarter and net rooms grew 4.5% from the end of the first quarter of 2025
- At the end of the quarter, Marriott’s worldwide development pipeline reached a new record and totaled more than 4,100 properties and nearly 618,000 rooms, with 43% of pipeline rooms under construction, including hotels that are pending conversion
- The company repurchased 2.1 million shares of common stock for $0.7 billion in the quarter. Year-to-date through April 29, the company has returned over $1.2 billion to shareholders through dividends and share repurchases
“Our development momentum continued, and we had record first quarter signings,” said Capuano. Our industry-leading pipeline expanded to nearly 618,000 rooms, up over 5% from the year‐ago quarter. Conversions, including multi-unit deals, remained a significant driver of growth, representing more than 35% of signings and more than 40% of openings in the quarter.”
He continued, “As we look ahead to the rest of this year and beyond, we are confident that our leading global scale and strong brand portfolio, our powerful Marriott Bonvoy travel platform and loyalty program, our dedicated associates, and our asset-light business model continue to position us very well for sustainable, long-term growth.”
First-quarter results
Franchise and base management fees totaled $1.211 billion in the quarter, a 13% increase compared to franchise and base management fees of $1.071 billion in the year-ago quarter. The increase was primarily driven by higher cobranded credit card fees, rooms growth and higher RevPAR.
Incentive management fees totaled $222 million, compared to $204 million in the 2025 first quarter, driven by strong year-over-year growth in the U.S. & Canada, as well as increases in the APEC, Greater China and CALA regions. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter.
Owned, leased and other revenue, net of owned, leased and other expense, totaled $35 million, compared to $29 million in the 2025 first quarter.
General and administrative expenses totaled $219 million, compared to $209 million in the year-ago quarter, reflecting higher compensation costs partly due to timing, partially offset by lower litigation expenses.
Interest expense, net, totaled $204 million, compared to $183 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.
The provision for income taxes totaled $210 million, compared to $99 million, which benefited from an $86 million release of certain tax reserves.
Marriott’s reported operating income totaled $1.064 billion in the quarter, compared to 2025 first-quarter reported operating income of $948 million. Reported net income totaled $648 million in the quarter, a 3% decrease compared to 2025 first-quarter reported net income of $665 million.
Adjusted operating income totaled $1.158 million, compared to 2025 first-quarter adjusted operating income of $1.016 billion. Adjusted net income totaled $726 million, compared to 2025 first-quarter adjusted net income of $645 million.
Adjusted results for the quarterexcluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges and other expenses, adjustments related to the termination of the licensing agreement with Sonder Holdings Inc. and an adjustment to a gain on an asset disposition.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $1.398 billion in the quarter, a 15% increase compared to first-quarter 2025 adjusted EBITDA of $1,217 million.
Selected performance information
The company added roughly 15,900 net rooms during the quarter, including approximately 7,500 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled more than 9,900 properties, with nearly 1,796,000 rooms.
At the end of the quarter, the company’s worldwide development pipeline totaled 4,107 properties with nearly 618,000 rooms, including 230 properties with nearly 34,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,699 properties with more than 268,000 rooms under construction, including hotels that are in the process of converting to the Marriott system. More than half of the rooms in the quarter-end pipeline were located in international markets.
In the quarter, worldwide RevPAR increased 4.2% (a 6% increase using actual dollars) compared to the 2025 first quarter. RevPAR in the U.S. & Canada increased 4% (a 4.3% increase using actual dollars) and RevPAR in international markets increased 4.6% (a 10.1% increase using actual dollars) compared to the 2025 first quarter.
Company outlook
The company’s updated outlook assumes continued impact from the conflict in the Middle East and continued travel disruption, primarily impacting the Middle East region through the end of the year. The outlook does not include any impact from the renegotiation of our U.S. cobranded cards, as those discussions are still ongoing.
Worldwide RevPAR growth of 1.5% to 2.5% for Q2 and 2.0% to 3.0% for full-year 2026
Net rooms growth of 4.5% to 5% for full-year 2026
Tags: First-quarter results Anthony Capuano Marriott International Inc.
