Marriott International Reports Q3 2026 Earnings & Raises Full-Year RevPAR Outlook

Executive Summary

On November 2, 2026, Marriott International, Inc. (NASDAQ: MAR) filed a Current Report on Form 8-K under Item 2.02 furnishing its financial results for the third quarter ended September 30, 2026.

Key Q3 2026 Financial Metrics

• Diluted EPS: Reported EPS of $3.04 vs. $2.67 in Q3 2025; Adjusted diluted EPS of $3.02 vs. $2.47 in the prior-year period.
• Net Income: Reported net income of $794 million, up 9% year-over-year; Adjusted net income of $790 million vs. $674 million in Q3 2025.
• Adjusted EBITDA: $1,512 million, representing a 12% increase compared to $1,349 million in Q3 2025.
• Operating Income: Reported operating income was $1,274 million; Adjusted operating income was $1,267 million.

Operating Highlights & System Growth

• RevPAR Performance: Systemwide constant-dollar RevPAR increased 6.5% worldwide, driven by 7.4% growth in the U.S. & Canada and 4.4% growth in international markets (led by APEC up over 9%).
• Fee Revenues: Base and franchise management fees rose 13% to $1,341 million, supported by higher co-branded credit card fees, RevPAR expansion, and unit growth. Incentive management fees climbed 22% to $181 million.
• Rooms Growth & Pipeline: Net rooms expanded 4.6% year-over-year, adding approximately 20,100 net rooms in Q3. The worldwide development pipeline reached a record 4,209 properties and over 634,000 rooms, with 44% under construction.

Capital Allocation & Balance Sheet

• Shareholder Returns: Repurchased 3.5 million shares of common stock for $1.3 billion during Q3. Year-to-date through October 28, 2026, total capital returned to shareholders reached ~$4.0 billion.
• Debt & Liquidity: Total debt stood at $16.8 billion against cash and equivalents of $0.5 billion. During the quarter, Marriott issued $250 million of 4.875% Series NN Senior Notes due 2029 and $1.0 billion of 5.650% Series YY Senior Notes due 2036, and resized/extended its revolving credit facility to $5.0 billion through September 2031.

FY 2026 Guidance & Outlook

• Worldwide RevPAR Growth: Raised to 4.5% to 5.0% for both Q4 and the full year 2026.
• Full-Year Adjusted EBITDA: Expected between $6,075 million and $6,098 million.
• Full-Year Adjusted Diluted EPS: Expected between $12.07 and $12.14.
• Full-Year Capital Return: Expected to reach at least $4.8 billion.