Germany's Commerzbank , fending off a possible takeover by Italy's UniCredit , said on Wednesday that net profit in 2026 would probably exceed its original target of 3.2 billion euros ($3.81 billion). ...

Core Viewpoint - Heineken announced plans to cut up to 6,000 jobs globally and has lowered its profit growth expectations for 2026 compared to the previous year as the company and its industry peers face ongoing challenges [1] Group 1: Job Cuts - Heineken will reduce its global workforce by up to 6,000 positions [1] Group 2: Profit Growth Expectations - The company has set lower expectations for profit growth in 2026 than it did a year earlier [1]

Core Insights - Marriott International Inc continues to outperform in the competitive hotel industry, maintaining a strong position against competitors like Hilton and Hyatt [1] - BMO Capital has reaffirmed its "Outperform" rating for Marriott, raising the price target from $370 to $400 [1] Financial Performance - Marriott reported revenue of $6.69 billion for Q4 2025, slightly above analysts' expectations of $6.67 billion, leading to an 8.5% stock surge to $359.35 [2][6] - The adjusted earnings per share (EPS) were $2.58, slightly below the consensus of $2.61, while worldwide revenue per available room (RevPAR) increased by 1.9% [3][6] - International RevPAR growth was 6.1%, which helped offset flat performance in the US and Canada [3] Future Projections - For Q1, Marriott projects adjusted EPS between $2.50 and $2.55, aligning with Wall Street expectations, and anticipates worldwide RevPAR growth of 1% to 2% [4] - For the full year, adjusted EPS is expected to range from $11.32 to $11.57, with RevPAR growth projected between 1.5% and 2.5% [4] Growth Strategy - Marriott aims for net room growth of 4.5% to 5% and plans for capital returns exceeding $4.3 billion [5] - The stock has fluctuated between a low of $347.36 and a high of $363.54, with a market capitalization of approximately $96.43 billion [5]

It’s not the destination, it’s the journey — and in this economy, Americans are taking very different ones. Marriott’s fourth-quarter earnings report shows that well-heeled travelers are still shelling out for top-tier accommodations while budget and middle-income travelers are pulling back. A key industry metric, revenue per available room, jumped more than 6% for global luxury hotels in the fourth quarter. The hotel giant’s overseas travel business also helped boost the company’s results, with 6.1% grow ...

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Economic Indicators - Nonfarm payrolls are expected to increase by +68,000 in January, with the unemployment rate remaining unchanged at 4.4% [1] - Average hourly earnings are projected to rise by +0.3% month-over-month and +3.7% year-over-year in January [1] - Initial weekly unemployment claims are anticipated to decrease by -7,000 to 224,000 [1] - Existing home sales in January are expected to decline by -4.3% month-over-month to 4.16 million [1] - January CPI is expected to rise by +2.5% year-over-year, with core CPI also expected to increase by +2.5% year-over-year [1] Retail Sales and Employment Costs - US December retail sales were unchanged month-over-month, falling short of expectations of +0.4% [2] - The employment cost index for Q4 rose by +0.7% quarter-over-quarter, which is the smallest increase in 4.5 years and below the expected +0.8% [2] Stock Market Performance - Stock indexes experienced mixed trading, with the Dow Jones reaching a new all-time high while the S&P 500 closed down -0.33% and the Nasdaq down -0.56% [6][5] - The broader market initially found support from weaker-than-expected retail sales and employment cost index reports, which lowered bond yields [5] Earnings Season Insights - Over half of the S&P 500 companies have reported earnings, with 78% beating expectations [7] - S&P earnings growth is expected to rise by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth [7] - Excluding the Magnificent Seven tech stocks, Q4 earnings are projected to increase by +4.6% [7] Interest Rates and Bond Market - The markets are pricing in a 23% chance of a -25 basis point rate cut at the next Federal Reserve meeting [8] - The 10-year T-note yield fell to a 3.5-week low of 4.13%, supported by weaker-than-expected economic reports [9] Sector Performance - AI-infrastructure stocks faced pressure, with Western Digital down more than -7% and other tech stocks also declining [12] - Wealth-management stocks dropped significantly, with Raymond James Financial down more than -8% due to concerns over AI disruption [13] - Homebuilding stocks rose after the drop in mortgage rates, with Toll Brothers up more than +6% [14] Company-Specific Developments - Goodyear Tire & Rubber Co reported Q4 adjusted EPS of 39 cents, below the consensus of 49 cents, leading to a decline of more than -14% [15] - Incyte forecasted dull-year total net product revenue of $4.77 billion to $4.94 billion, causing a drop of more than -8% [16] - Spotify reported a record 38 million monthly active users in Q4, leading to a rise of more than +17% [17]

Marriott reported earnings per share (EPS) of $2.58, slightly below the anticipated $2.60 but exceeded revenue expectations with $6.69 billion.The company's worldwide Revenue Per Available Room (RevPAR) increased by 1.9% in the fourth quarter, with international markets experiencing a notable 6.1% growth.Marriott's financial metrics reveal a price-to-earnings (P/E) ratio of approximately 34.46, indicating investor confidence in its earnings potential.Marriott International, Inc. (NASDAQ: MAR) is a leading g ...

Business Segments and Operations - The company operates in four reportable business segments: U.S. & Canada, EMEA, Greater China, and APEC, with Caribbean & Latin America results included in "Unallocated corporate and other" due to accounting criteria[15]. - The brand portfolio includes a total of 9,805 properties and 1,779,936 rooms across various quality tiers, with 1,065,108 rooms in the U.S. & Canada alone[20]. - The Luxury brand segment includes 130 properties and 50,891 rooms, while the Premium segment has 619 properties and 218,237 rooms[19]. - By year-end 2025, the company had 7,644 franchised, licensed, and other properties, totaling 1,183,513 rooms and timeshare units[24]. - The company operated 2,017 properties with 580,170 rooms at year-end 2025, which included properties under long-term management agreements[25]. Growth and Development - The company anticipates continued growth in its development pipeline, with expectations for room growth and capital expenditures to meet liquidity requirements[12]. - The company is exploring market expansion opportunities, particularly in emerging markets, to drive future growth[12]. - New product and technology developments are underway, aimed at enhancing guest experiences and operational efficiency[12]. Sustainability and Social Impact - The company has a strong focus on sustainability and social impact strategies, which are expected to enhance its market position[12]. - The company’s sustainability strategy focuses on integrating sustainable practices across energy, emissions, waste, and water management[51]. Loyalty Program - The company plans to expand its Loyalty Program, aiming to increase customer retention and engagement[12]. - Approximately 75% of U.S. hotel room nights and 68% of global hotel room nights were booked by Loyalty Program members in 2025[30]. - The company’s Loyalty Program is central to its business strategy, enhancing guest loyalty and generating repeat business[30]. - The company received fixed and variable amounts from co-branded credit card agreements, contributing to the funding of the Loyalty Program[31]. Financial Strategy and Capital Allocation - The company expects to continue share repurchases and dividend payments as part of its capital allocation strategy[12]. - The company has terminated its licensing agreement with Sonder Holdings Inc., indicating a strategic shift in its operational partnerships[20]. Market Share and Employment - The company has a 17% share of the U.S. hotel market and a 4% share of the hotel market outside the U.S., based on the number of rooms[38]. - At year-end 2025, the company managed approximately 414,000 associates, including 148,000 directly employed by the company[42]. Risk Management - The company is exposed to market risks primarily from changes in interest rates and currency exchange rates, managing this exposure through derivative arrangements and credit granting policies[174]. - The average interest rate for fixed-rate notes receivable is 3.90%, while for floating-rate notes receivable it is 8.57%[176]. - The total fair value of fixed-rate debt is $13.828 billion, with an average interest rate of 4.49%[176]. - The total fair value of floating-rate debt is $2.404 billion, with an average interest rate of 4.76%[176]. - The company intends to offset gains and losses related to forward contracts with those related to cash and intercompany loan balances, resulting in negligible effects on earnings[175]. - Scheduled maturities for fixed-rate notes receivable total $18 million by 2030, with a fair value of $35 million[176]. - Scheduled maturities for floating-rate notes receivable total $126 million by 2030, with a fair value of $128 million[176]. - The company does not foresee significant changes in its exposure to fluctuations in interest rates or currency rates in the future[174]. - The company continues to have exposure to market risks to the extent they are not hedged[175]. - The total carrying amount of fixed-rate debt is $6.924 billion, with scheduled maturities extending to 2030[176]. Management Agreements and Pay Equity - The company’s management agreements typically last 20 to 30 years, with options for renewal, and include performance metrics for hotel owners[26]. - The company is committed to maintaining pay equity and conducts annual pay equity audits in the U.S.[48].

Core Insights - Marriott International, Inc. reported fourth-quarter 2025 results with adjusted earnings missing estimates while revenues exceeded expectations, showing year-over-year growth in both metrics [1][5][10] Financial Performance - Adjusted earnings per share (EPS) for Q4 was $2.58, below the Zacks Consensus Estimate of $2.64, compared to $2.45 in the prior-year quarter [5][10] - Quarterly revenues reached $6.69 billion, surpassing the consensus mark of $6.68 billion, reflecting a 4.1% increase year-over-year [8][10] - Revenue from base management and franchise fees was $343 million and $795 million, up 3% and 6% year-over-year, respectively [9] - Incentive management fees rose to $239 million, a 16% increase from $206 million in the prior-year quarter [11] - Total expenses for Q4 were $5.91 billion, up from $5.68 billion in the prior-year quarter [14] Operational Highlights - Global RevPAR (Revenue per Available Room) increased by 1.9% year-over-year, driven by international markets and higher average daily rates [10][12] - The company reported a robust development pipeline with 4,056 hotels, including 1,648 properties under construction [16] - Strong loyalty engagement contributed significantly to growth, with member stays accounting for a large portion of global room nights [3] Future Outlook - For Q1 2026, management anticipates gross fee revenues between $1.37 billion and $1.38 billion, with adjusted EBITDA expected to be between $1.31 billion and $1.33 billion [18] - The company projects worldwide system-wide RevPAR to increase by 1.5% to 2.5% year-over-year in 2026 [18] - Adjusted diluted EPS for 2026 is expected to be in the range of $11.32 to $11.57 [20]

The economy resembles a dual-track highway as seen through the prism of hotel giant Marriott (MAR). "I mean, there is certainly — pick your description — a K-shaped economic bifurcation of the consumer. We continue to see really consistent strength across luxury for the full year," Marriott CEO Anthony Capuano said on Yahoo Finance (video above). He added that it seems like Marriott's business is "firing on all cylinders," pointing to a lot of new hotels being built alongside strength with higher-income ...