Marriott International (MAR) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.280 Hello and welcome to today's Marriott International Q4 2025 earnings 00:00:05.280 -- 00:00:09.607 call. At this time, all participants are in a listen only mode. 00:00:09.607 -- 00:00:13.633 Later, you'll have the opportunity to ask questions during the question and answer session. 00:00:13.633 -- 00:00:18.642 To register to ask a question at any time, please press star one on your 00:00:18.642 -- 00:00:20.605 telephone keypad. 00:00:20.605 -- 00:00:24.351 Please note that this call is being recorded and we're standing by should you need any 00:00:24.351 -- 00:00:29.361 assistance. It is now my pleasure to turn the meeting over to Jackie McConaughey, Senior 00:00:29.361 -- 00:00:34.063 Vice President of Investor Relations. Please go ahead, ma'am. 00:00:34.085 -- 00:00:39.670 Good morning, everyone, and welcome to Marriott's fourth quarter 2025 earnings call. 00:00:39.670 -- 00:00:44.655 On the call with me today are Tony Capuano, our President and Chief Executive Officer, 00:00:44.655 -- 00:00:49.479 Leni Oberg, our Chief Financial Officer and Executive Vice President Development, and 00:00:49.479 -- 00:00:53.069 Pilar Fernandez, Senior Director of Investor Relations. 00:00:53.069 -- 00:00:56.734 Before we begin, I would like to remind everyone that many of our comments today are 00:00:56.734 -- 00:01:01.199 not historical facts and are considered forward-looking statements under federal securities 00:01:01.199 -- 00:01:06.025 laws. These statements are subject to numerous risks and uncertainties, as described 00:01:06.025 -- 00:01:10.851 in our SEC filings, which could cause future results to differ materially from those 00:01:10.851 -- 00:01:14.055 expressed in or implied by our comments. 00:01:14.055 -- 00:01:19.101 Unless other...