What CEOs Are Saying: Travel & Leisure

Let's look at earnings calls from Hertz, Hilton Grand Vacations, and Marriott Vacations Worldwide

Consumer spending on travel was up across every category in the first seven weeks of 2026: airline tickets, rental cars, hotels, all of it. Even in volatile times, Americans are still traveling.

Three of the companies that serve those travelers and vacationers reported Q4 earnings this week: Hertz, which is working through a post-bankruptcy turnaround; Hilton Grand Vacations, which completed two large acquisitions over the past four years; and Marriott Vacations Worldwide, which booked $546 million in write-downs last quarter as new CEO Matt Avril conducted a top-to-bottom review of what the business is actually worth.

Here are three takeaways from each call.