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Marriott International, Inc. (MAR) Q4 2025 Earnings Call Transcript

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Marriott International, Inc. (MAR) Q4 2025 Earnings Call February 10, 2026 8:30 AM EST

Company Participants

Jackie McConagha – Senior Vice President of Investor Relations
Anthony Capuano – President, CEO & Director
Kathleen Oberg – CFO & Executive VP of Development

Conference Call Participants

Shaun Kelley – BofA Securities, Research Division
Daniel Politzer – JPMorgan Chase & Co, Research Division
Stephen Grambling – Morgan Stanley, Research Division
Michael Bellisario – Robert W. Baird & Co. Incorporated, Research Division
Elizabeth Dove – Goldman Sachs Group, Inc., Research Division
Richard Clarke – Bernstein Institutional Services LLC, Research Division
David Katz – Jefferies LLC, Research Division
Brandt Montour – Barclays Bank PLC, Research Division
Aryeh Klein – BMO Capital Markets Equity Research
Conor Cunningham – Melius Research LLC
Bennett Rose – Citigroup Inc., Research Division
Robin Farley – UBS Investment Bank, Research Division
Raymond Bowers – Wells Fargo Securities, LLC, Research Division

Presentation

Operator

Hello, and welcome to today’s Marriott International Q4 2025 Earnings Call. [Operator Instructions]. Please note that this call is being recorded. [Operator Instructions]

It is now my pleasure to turn the meeting over to Jackie McConagha, Senior Vice President of Investor Relations. Please go ahead, ma’am.

Jackie McConagha
Senior Vice President of Investor Relations

Good morning, everyone, and welcome to Marriott’s Fourth Quarter 2025 Earnings Call. On the call with me today are Tony Capuano, our President and Chief Executive Officer; Leeny Oberg, our Chief Financial Officer and Executive Vice President, Development; and Pilar Fernandez, Senior Director of Investor Relations.

Before we begin, I would like to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause future results to differ materially from those expressed in or implied by our comments.

Unless

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