When Does Marriott Report Earnings? August 3, and RevPAR Is Guided to Grow 2% While EPS Grows 14%

TL;DR

• Marriott reports Q2 2026 at about 7:00am ET on Monday, August 3, with the call at 8:30am ET. It is the first big report of the week and the only one that lands before the open.
• Consensus: adjusted EPS of about $3.03, up 14.3% from $2.65, on revenue of roughly $7.19 billion, up about 6.9%.
• Here is the whole company in one line. Marriott guided Q2 global RevPAR to just 1.5% to 2.5%, and Q2 gross fees to 10% to 11%. The fee line is guided to grow roughly five times faster than the operating metric underneath it.
• Full year: RevPAR 2.0% to 3.0%, gross fees $5.93bn to $5.99bn, net rooms up 4.5% to 5%, adjusted EPS $11.38 to $11.63, and more than $4.4 billion returned to shareholders.
• The stock closed $372.83 on July 31. The risk is not the quarter, it is that the amplifier works in both directions.

When Does Marriott Report Earnings?

The short answer: before the open on Monday, August 3, 2026, with the release at approximately 7:00am ET and the conference call at 8:30am ET.

CEO Anthony Capuano and CFO Jennifer Mason run the call. That is 12:00pm BST in the UK for the release, 1:30pm BST for the call.

Timing matters this week. Marriott is the only major report of the week that lands before a session rather than after one, so it is the first thing the tape trades on Monday morning, ahead of Palantir and Vertex that evening and AMD on Tuesday.

What the Street Expects

Line	Q2 2026	Comparison
Adjusted EPS	~$3.03	up 14.3% from $2.65
Revenue	~$7.19B	up about 6.9%
Q2 RevPAR guidance	+1.5% to +2.5%	a deceleration from Q1
Q2 gross fee guidance	+10% to +11%
Full-year adjusted EPS guide	$11.38 to $11.63
Options implied move	~3.9%	one of the smallest this week

Estimates cluster between $3.03 and $3.08, so the arithmetic is not in dispute. What is worth understanding before Monday is why those two guided numbers can sit in the same sentence.

The Board

RevPAR guided to 2%. Fees guided to 10%. EPS expected at 14%. That gap is the business model.

How 2% Becomes 14%

Marriott barely owns any hotels. It sells the flags on the front of them and takes a cut of what happens inside. That turns one modest operating number into a much larger earnings number through three separate amplifiers stacked on top of each other.

Amplifier one: more hotels. Net rooms are guided to grow 4.5% to 5% this year. Even if every existing hotel earns exactly what it earned last year, the fee pool grows by the count of new doors. So 2% RevPAR plus 5% rooms is already roughly 7% of fee growth before anything clever happens.

Amplifier two: fees that have nothing to do with hotels. Co-branded credit cards and residential branding are growing far faster than lodging, and they do not care what a room rate does in Dallas. That is the difference between 7% and the guided 10% to 11%.

Amplifier three: the share count. More than $4.4 billion of capital return this year, most of it buybacks, against a company whose whole market value is a few tens of billions. Fewer shares means fee growth lands on the per-share line harder than it lands on the dollar line. That is how 10% of fee growth becomes 14.3% of EPS growth.

Now run it backwards, because that is the actual risk. If RevPAR goes to zero rather than 2%, the fee line does not go to 10%, it goes to something closer to 7%, and the buyback has to work harder to hold EPS growth in double digits. If RevPAR goes negative, the amplifier turns into a divider and the buyback stops being a bonus and starts being the only thing holding the number up. Asset-light cuts both ways and almost nobody models the second direction.

The Three Things to Watch

1. Whether the RevPAR guide was conservative. Q2 contained the FIFA World Cup across North America, which is exactly the kind of compressed, high-rate demand event that Marriott's US and Canada portfolio is built to capture. If a World Cup quarter still only delivers the guided 1.5% to 2.5%, that is a genuinely soft underlying number wearing a costume.

2. The Middle East. Marriott has real exposure to a region that has spent 2026 being a geopolitical story rather than a travel one, and the company flagged the drag when it set the Q2 guide. We have written about why the Iran war has not produced the oil price everyone expected; the travel read-through is slower and less visible, and it turns up in exactly this line.

3. The full-year guide, not the quarter. Marriott already raised full-year RevPAR to 2.0% to 3.0% and gross fees to $5.93 to $5.99 billion after Q1. A company that raises and then reiterates is fine. A company that raises and then trims is telling you the second half is worse than it thought, and that is the version that moves the stock. This is the season's most repeated lesson: Apple set a record gross margin and fell about 8% on the guide.

Is Marriott a Buy Here?

On the numbers, it is a hold, and the price is why. At $372.83 you are paying roughly 32 times the midpoint of the company's own adjusted EPS guidance for a business whose core operating metric is guided to grow 2%. The quality is not in question. The entry is.

Analyst targets are unusually scattered, running from the high $300s to the high $400s, which is a polite way of saying the sell side cannot agree whether this is a compounding fee machine or a cyclical dressed as one. Both descriptions are accurate, and which one you get paid for depends entirely on the direction of RevPAR in 2027.

The bull case is that net rooms growth of 5% a year plus credit card economics plus a shrinking share count delivers low-teens EPS growth through a soft lodging cycle, which is genuinely rare and worth paying for.

The bear case is that you are buying a consumer discretionary business at a software-adjacent multiple, twelve months into a hiring slowdown, with payrolls printing 57,000 in June. Corporate travel budgets are a lagging indicator of exactly that.

The Options Angle

• Marriott is not a big mover on earnings. It is a low-beta, pre-market report in a name where the guide is already public, and the sensible expectation is a low single digit reaction rather than the double-digit swings this season has produced elsewhere.
• That makes it the wrong stock to buy volatility in and a reasonable one to sell it in, which is the opposite of what we are saying about Vertex the same evening. The distinction is not our mood, it is that Vertex staples pipeline news to its release and Marriott does not.
• A pre-market print is a practical problem readers hit constantly: you cannot manage a position between the 7:00am release and the 9:30am open. Anything you hold through Monday morning is held through a two and a half hour window in which you can do nothing.
• Options price a move of only about 3.9%, which is consistent with everything above: a pre-market report on a low-beta name whose guide is already public. That is the one place on this week's calendar where selling premium is the defensible side.

Trade log

#	Stance	Structure	Strikes and expiry	Cost or credit	Spot at writing	Implied move	Breakeven
1	Income, holders only	Covered call	~$390 strike, first expiry after Aug 3	premium not sourced	$372.83 (Jul 31, 2026 close)	±3.9%	caps upside above +4.6%, outside the implied move
2	Pass	Long calls or puts into the print	any short-dated	debit not sourced	$372.83	±3.9%	needs a move beyond ±3.9%
3	Neutral, defined risk	Iron condor	wings roughly $350 / $395	credit not sourced	$372.83	±3.9%	profitable inside roughly ±6%, wider than implied

Row 2 is logged as a pass so it can be scored. If Marriott gaps more than 5% on Monday morning, that call was wrong.

The One-Line Read

Marriott reports at about 7:00am ET on Monday August 3 against consensus of $3.03 and $7.19 billion, and the number to read first is not either of those: it is that management guided Q2 RevPAR to 1.5% to 2.5% while guiding Q2 fees to 10% to 11%, because unit growth, credit card economics and a $4.4 billion buyback stack into a machine that turns 2% of demand growth into 14% of earnings growth, and every one of those amplifiers runs just as efficiently in reverse.