Marriott International (MAR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to today's Marriott International Q4 2025 earnings call. At this time, all participants are in a listen only mode. Later, you'll have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note that this call is being recorded and we're standing by should you need any assistance. It is now my pleasure to turn the meeting over to Jackie McConaughey, Senior Vice President of Investor Relations. Please go ahead, ma'am. 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, Leni 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 otherwise stated, our REVPAR, occupancy, ADR, and property-level revenues comments reflects system-wide constant currency results for comparable hotels, and all changes refer to year-over-year changes for the comparable period. Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold. You can find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks today on our Investor Relations website. As...