Seeking AlphaCodex · 实盘不做把握 7/10
北京时间·🕒 发布 08-03 19:03:38时区推断·⟳ 抓取 08-03 19:03:41·⚡ 决策 08-04 03:37:42 +8h34m·84.7 天前
万豪公布业绩与2026年指引，EPS小幅超预期但收入低于预期
万豪非GAAP EPS为3.19美元，高于预期0.11美元，但收入70.7亿美元低于预期1.2亿美元。
📄 原文Seeking Alpha↗ 原文
Marriott Non-GAAP EPS of $3.19 beats by $0.11, revenue of $7.07B misses by $120M
| | Third Quarter 2026 vs. Third Quarter 2025 | Full Year 2026 vs. Full Year 2025 | Worldwide RevPAR growth | 3.5% to 4…
不做 万豪国际（MAR.US）
财报与指引混合，且当前已盘中消化，缺少明确正负edge，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-08-03 · 扩散 high · price-in 风险 high ↗
关键理由
- 万豪非GAAP EPS为3.19美元，高于预期0.11美元，但收入70.7亿美元低于预期1.2亿美元。
- 公司给出2026年调整后EPS 11.64至11.81美元，相对11.64美元一致预期仅小幅偏正，不构成强超预期。
- RevPAR和房间增长指引为常规财报信息，缺少足以支撑追多或做空的单边增量。
主要风险
- 美股当前已盘中交易，财报信息可能已被即时消化；仅凭摘录无法证明剩余edge。
原文全文
展开原文 · 837 字
| | Third Quarter 2026 vs. Third Quarter 2025 | Full Year 2026 vs. Full Year 2025 |
Worldwide RevPAR growth | 3.5% to 4.0% | 3.0% to 3.5% |
| | | |
| | | Year-End 2026 vs. Year-End 2025 |
Net rooms growth | | Low end of 4.5% to 5% |
| | | |
($ in millions, except EPS) | Third Quarter 2026 | Full Year 2026 |
Gross fee revenues | $1,474 to $1,483 | $6,025 to $6,055 |
Owned, leased, and other revenue, net of owned, leased, and other expense | $30 to $40 | $175 to $185 |
General and administrative expenses | $220 to $210 | $895 to $875 |
Adjusted EBITDA1,2 | $1,439 to $1,468 | $5,965 to $6,025 |
Adjusted EPS – diluted | $2.74 to $2.82 | $11.64 to $11.81 vs $11.64 consensus |
Adjusted effective tax rate2 | Approx. 26.7% | 26.0% to 26.5% |
Investment spending4 | | $1,250 to $1,350 |
Capital return to shareholders5 | | Over $4,500 |
Worldwide RevPAR growth | 3.5% to 4.0% | 3.0% to 3.5% |
| | | |
| | | Year-End 2026 vs. Year-End 2025 |
Net rooms growth | | Low end of 4.5% to 5% |
| | | |
($ in millions, except EPS) | Third Quarter 2026 | Full Year 2026 |
Gross fee revenues | $1,474 to $1,483 | $6,025 to $6,055 |
Owned, leased, and other revenue, net of owned, leased, and other expense | $30 to $40 | $175 to $185 |
General and administrative expenses | $220 to $210 | $895 to $875 |
Adjusted EBITDA1,2 | $1,439 to $1,468 | $5,965 to $6,025 |
Adjusted EPS – diluted | $2.74 to $2.82 | $11.64 to $11.81 vs $11.64 consensus |
Adjusted effective tax rate2 | Approx. 26.7% | 26.0% to 26.5% |
Investment spending4 | | $1,250 to $1,350 |
Capital return to shareholders5 | | Over $4,500 |
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