Marriott International Reports Third Quarter 2026 Results
MARRIOTT INTERNATIONAL INC /MD/ (MAR) filed an SEC Form 8-K — Results of Operations and Financial Condition. NEWS Marriott International Reports Third Quarter 2026 Results • Third quarter 2026 RevPAR 1 increased 6.5 percent worldwide, with 7.4 percent growth in the U.S. & Canada and 4.4 percent growth in international markets • Third quarter reported diluted EPS totaled $3.04 and Adjust
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance provide a fresh catalyst that can move the stock in the near term.
Market read
The earnings release is a primary disclosure for a large‑cap hospitality company, likely influencing both the stock and the broader sector.
What to watch
Higher interest expense and modest net room growth could temper enthusiasm.
Marriott International Reports Third Quarter 2026 Results
Worldwide RevPAR increased 6.5 percent, reported net income increased 9 percent to $794 million, Adjusted diluted EPS increased 22 percent to $3.02, and the company raised its full-year global RevPAR outlook to 4.5% to 5.0%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third quarter total revenuesGAAP | $7.00B | – | 8 |
| Third quarter gross fee revenuesGAAP | $1.52B | – | 14 |
| Third quarter net fee revenuesGAAP | $1.49B | – | 14 |
| Third quarter operating incomeGAAP | $1.27B | – | 8 |
| Third quarter operating income marginGAAP | 18 % | – | – |
| Third quarter adjusted total revenuesnon-GAAP | 1,925 | – | – |
| Third quarter Adjusted operating incomenon-GAAP | 1,267 | – | 13 |
| Third quarter Adjusted operating income marginnon-GAAP | 66 % | – | – |
| Third quarter net incomeGAAP | $794M | – | 9 |
| Third quarter Adjusted net incomenon-GAAP | $790M | – | 17 |
| Third quarter earnings per share - basicGAAP | $ 3.05 | – | 14 |
| Third quarter earnings per share - dilutedGAAP | $ 3.04 | – | 14 |
| Third quarter Adjusted diluted earnings per sharenon-GAAP | $ 3.02 | – | 22 |
| Third quarter Adjusted EBITDAnon-GAAP | $1.51B | – | 12 % |
| Third quarter total operating costs and expensesGAAP | 5,731 | – | (8) |
| Third quarter owned, leased, and other expenseGAAP | 395 | – | (13) |
| Third quarter depreciation, amortization, and otherGAAP | 55 | – | (10) |
| Third quarter general and administrativeGAAP | 214 | – | (2) |
| Third quarter restructuring and merger-related recoveries, and otherGAAP | — | – | (100) |
| Third quarter reimbursed expensesGAAP | 5,067 | – | (7) |
| Third quarter gains and other income, netGAAP | 4 | – | 33 |
| Third quarter interest expenseGAAP | (227) | – | (10) |
| Third quarter interest incomeGAAP | 8 | – | (33) |
| Third quarter equity in earningsGAAP | 1 | – | (80) |
| Third quarter income before income taxesGAAP | 1,060 | – | 7 |
| Third quarter provision for income taxesGAAP | (266) | – | 0 |
| Third quarter diluted shares (in millions)GAAP | 261.2M | – | – |
| Nine months total revenuesGAAP | $20.73B | – | 6 |
| Nine months gross fee revenuesGAAP | $4.53B | – | 13 |
| Nine months net fee revenuesGAAP | 4,434 | – | 13 |
| Nine months operating incomeGAAP | 3,567 | – | 6 |
| Nine months net incomeGAAP | $2.21B | – | 2 |
| Nine months Adjusted operating incomenon-GAAP | 3,754 | – | 13 |
| Nine months Adjusted net incomenon-GAAP | $2.36B | – | 15 |
| Nine months diluted earnings per shareGAAP | $ 8.36 | – | 7 |
| Nine months Adjusted diluted earnings per sharenon-GAAP | $ 8.93 | – | 20 |
| Nine months Adjusted EBITDAnon-GAAP | $4.50B | – | 13 % |
| Third quarter worldwide RevPARother | $ 137.91 | – | 6.5 % |
| Third quarter worldwide occupancyother | 72.5 % | – | 1.1 % pts. |
| Third quarter worldwide average daily rateother | $ 190.33 | – | 4.8 % |
| Third quarter U.S. & Canada systemwide RevPARother | $ 146.29 | – | 7.4 % |
| Third quarter international systemwide RevPARother | $ 121.74 | – | 4.4 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Third quarter franchise feesFranchise fees include fees from franchise and license agreements for lodging properties, application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees. | $1.01B | – | 15 |
| Third quarter base management feesFranchise and base management fees increased primarily due to higher co-branded credit card fees, higher RevPAR and rooms growth. | 334M | – | 6 |
| Third quarter incentive management feesAll regions posted positive growth year over year, with incentive fees in the U.S. & Canada up meaningfully. | 181M | – | 22 |
| Third quarter owned, leased, and other revenueOwned, leased, and other revenue includes revenue from properties Marriott owns or leases, termination fees, and other revenue. | 436M | – | 4 |
| Third quarter cost reimbursement revenueIncludes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services. | 5.08B | – | 7 |
| Third quarter owned, leased, and other revenue, net of owned, leased, and other expenseDeclined from $70 million in the 2025 third quarter, reflecting lower owned and leased hotel results, including renovations and the 2026 second quarter sale of a U.S. & Canada hotel, and higher costs associated with a third-party agreement, partially offset by a $12 million expected insurance recovery. | $41M | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Fourth Quarter 2026 and Full Year 2026 outlook
- RevenueGross fee revenues: Fourth Quarter 2026 $1,604 to $1,612; Full Year 2026 $6,137 to $6,145
- Operating expensesGeneral and administrative expenses: Fourth Quarter 2026 $237 to $227; Full Year 2026 $890 to $880
- Tax rateAdjusted effective tax rate: Fourth Quarter 2026 Approx. 26.5%; Full Year 2026 Approx. 26.0%
- NoteWorldwide RevPAR growth: Fourth Quarter 2026 vs. Fourth Quarter 2025 4.5% to 5.0%; Full Year 2026 vs. Full Year 2025 4.5% to 5.0%
- NoteYear-End 2026 vs. Year-End 2025 net rooms growth: Low end of 4.5% to 5%
- NoteOwned, leased, and other revenue, net of owned, leased, and other expense: Fourth Quarter 2026 $47 to $52; Full Year 2026 $170 to $175
- NoteAdjusted EBITDA: Fourth Quarter 2026 $1,573 to $1,596; Full Year 2026 $6,075 to $6,098
- NoteAdjusted EPS – diluted: Fourth Quarter 2026 $3.14 to $3.21; Full Year 2026 $12.07 to $12.14
- NoteInvestment spending: Full Year 2026 $1,250 to $1,350
- NoteCapital return to shareholders: Full Year 2026 At least $4,800
Capital returns
- The company repurchased 3.5 million shares of common stock in the 2026 third quarter for $1.3 billion.
- Year-to-date through October 28, the company has repurchased 9.6 million shares for $3.4 billion.
- Year-to-date through October 28, the company has returned approximately $4.0 billion to shareholders through dividends and share repurchases.
- Full Year 2026 capital return to shareholders outlook: At least $4,800.
What drove it
- Global RevPAR increased 6.5 percent in the third quarter on higher ADR and occupancy.
- U.S. & Canada RevPAR increased 7.4 percent, with broad-based growth across customer segments and chain scales.
- International RevPAR increased 4.4 percent. Asia Pacific excluding China systemwide RevPAR increased 9.3 percent and Europe systemwide RevPAR increased 6.4 percent.
- Franchise and base management fees increased primarily due to higher co-branded credit card fees, higher RevPAR and rooms growth.
- The company added roughly 20,100 net rooms during the quarter, including over 13,400 net rooms in international markets.
- Conversions represented over a third of signings and over 40 percent of openings during the first nine months of the year.
- Marriott Bonvoy membership reached approximately 309 million members around the world at quarter-end.
Concerns
- Third quarter owned, leased, and other revenue, net of owned, leased, and other expense declined to $41 million from $70 million in the 2025 third quarter.
- Third quarter interest expense, net totaled $219 million, compared to $194 million in the year-ago quarter, primarily due to higher interest expense associated with higher debt balances.
- Comparable systemwide Middle East & Africa RevPAR declined 5.3 percent in the third quarter, and the company said the ongoing conflict in the Middle East continued to impact results in that region.
- Comparable systemwide Greater China RevPAR declined 0.3 percent in the third quarter.
- Total debt increased to $16.8 billion at quarter-end from $16.2 billion at year-end 2025.
What to watch
- Fourth quarter worldwide RevPAR growth outlook of 4.5% to 5.0%.
- Execution against the full-year gross fee revenue outlook of $6,137 to $6,145 and Adjusted EBITDA outlook of $6,075 to $6,098.
- Whether the planned sale of a U.S. & Canada hotel occurs in the 2026 fourth quarter, as assumed in the outlook.
- Year-end net rooms growth, guided to the low end of 4.5% to 5%.
- Development pipeline conversion, which stood at 4,209 properties with more than 634,000 rooms, including 1,750 properties with over 278,000 rooms under construction.
- Progress in Middle East & Africa and Greater China RevPAR trends.
Balance sheet and cash flow
- At the end of the quarter, total debt was $16.8 billion and cash and equivalents totaled $0.5 billion, compared to $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025.
- During the 2026 third quarter, the company issued $250 million of Series NN Senior Notes due in 2029 with a 4.875 percent interest rate coupon and $1.0 billion of Series YY Senior Notes due in 2036 with a 5.650 percent interest rate coupon.
- The company completed the refinancing of its credit facility, extending the maturity to September 2031 and increasing the facility size from $4.5 billion to $5.0 billion.
Analysis
Marriott delivered broad third-quarter operating momentum. Comparable systemwide worldwide RevPAR increased 6.5 percent in constant dollars, supported by a 4.8 percent increase in worldwide ADR and a 1.1 percentage-point increase in occupancy. U.S. & Canada RevPAR increased 7.4 percent, while international RevPAR increased 4.4 percent. Europe and Asia Pacific excluding China were positive contributors, while Middle East & Africa and Greater China remained weaker areas in the systemwide statistics.
Fee-led results expanded strongly. Gross fee revenues increased 14 percent to $1,522, with franchise fees up 15 percent, base management fees up 6 percent, and incentive management fees up 22 percent. Marriott attributed growth in franchise and base management fees to higher co-branded credit card fees, higher RevPAR and rooms growth. Reported operating income increased 8 percent to $1,274, while Adjusted operating income increased 13 percent to $1,267 and Adjusted operating income margin increased to 66 % from 65 %.
Reported net income increased 9 percent to $794 million and reported diluted EPS increased 14 percent to $3.04. Adjusted net income increased 17 percent to $790 million, Adjusted diluted EPS increased 22 percent to $3.02, and Adjusted EBITDA increased 12 percent to $1,512 million. The reported results include a $12 million expected insurance recovery associated with a 2026 second quarter property-related litigation matter. Owned, leased, and other revenue, net of owned, leased, and other expense fell to $41 million from $70 million, reflecting lower owned and leased hotel results, renovations, the sale of a U.S. & Canada hotel, and higher costs associated with a third-party agreement.
Development and capital returns remained substantial. The company added roughly 20,100 net rooms, including over 13,400 in international markets, and its worldwide development pipeline reached 4,209 properties with more than 634,000 rooms. Marriott repurchased 3.5 million shares for $1.3 billion in the quarter and had returned approximately $4.0 billion through dividends and repurchases year-to-date through October 28. Debt reached $16.8 billion at quarter-end, above $16.2 billion at year-end 2025, and third-quarter interest expense, net increased to $219 million from $194 million.
Management raised the full-year global RevPAR growth outlook to 4.5% to 5.0% and expects the same range for the fourth quarter. The full-year outlook calls for gross fee revenues of $6,137 to $6,145, Adjusted EBITDA of $6,075 to $6,098, and Adjusted diluted EPS of $12.07 to $12.14. The guide assumes continuation of the current macroeconomic environment and includes the impact of the second-quarter hotel sale and Lefay investment, as well as an assumed fourth-quarter sale of a U.S. & Canada hotel.
Management, verbatim
Our excellent third quarter results reflected continued momentum across our business, the benefits of our global scale, and the power of our brands and revenue engines. Global RevPAR increased 6.5 percent in the third quarter, on higher ADR and occupancy. In the U.S. & Canada, RevPAR rose over 7 percent, with broad-based growth across customer segments and chain scales.
Anthony Capuano, President and Chief Executive Officer
For full year 2026, given our strong third quarter performance and expectations for continued healthy demand, we are raising our global RevPAR outlook and now expect growth of 4.5 to 5 percent.
Anthony Capuano, President and Chief Executive Officer
Our global scale, compelling portfolio of brands, industry-leading Marriott Bonvoy loyalty program and dedicated associates, together with our robust development pipeline and disciplined execution, give us confidence in our ability to deliver sustainable, long-term growth.
Anthony Capuano, President and Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison with prior guidance is available.
- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- A quarterly dividend amount was not reported.
- Prior-quarter comparisons for reported financial metrics were not reported.
- Prior-year values for RevPAR, occupancy, and ADR were not printed on the applicable statistic rows.
- A total revenue guidance figure was not reported; the outlook provides gross fee revenue guidance instead.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Marriott International filed a Form 8‑K reporting its third‑quarter 2026 earnings, including RevPAR growth, EPS, and a raised full‑year RevPAR outlook.
Ticker impact
Marriott International reported Q3 2026 results with 6.5% RevPAR growth, $3.04 diluted EPS and raised full-year RevPAR outlook to 4.5-5%.
likely upward pressure as the market prices in the raised guidance
Strong top-line growth, higher EPS and a raised RevPAR outlook signal improved demand and profitability, which typically drive buying.
Market effects
Positive results may lift other hotel and travel stocks as demand outlook improves.
U.S. and Canada hotel operators could see similar RevPAR gains.
Global hospitality sector may benefit from the raised RevPAR outlook.
Counterpoint
If the raised RevPAR outlook is already priced in, the stock could face a short-term pullback.
Key entities
- companyMarriott International
Global hotel operator reporting Q3 2026 results.
