Key Highlights

  • MAR reported third quarter 2026 Net Income of $794 million, up from $728 million a year earlier, with diluted EPS of $3.04 versus $2.67.
  • Global RevPAR rose 6.5% in the quarter, with U.S. and Canada up 7.4% and luxury RevPAR up 12%.
  • Adjusted EBITDA increased 12% to $1.51 billion, and adjusted diluted EPS rose 22% to $3.02.
  • Incentive management fees climbed 22% to $181 million, and gross fee revenues rose 14% to $1.52 billion.
  • The development pipeline reached a record of more than 634,000 rooms, up over 6% year over year.

Global RevPAR Up 6.5% as Luxury and Leisure Lead the Quarter

Marriott International (NASDAQ:MAR) reported third quarter 2026 results on Nov 2, 2026, for the quarter ended Sep 30, 2026. Revenues were $7.005 billion versus $6.49 billion a year earlier, an increase of about 8% (calculated). Net income reached $794 million, and Diluted Earnings per Share were $3.04, up from $2.67.

Management said global RevPAR rose 6.5%, with the U.S. and Canada up 7.4%, or 6.2% excluding World Cup markets. Luxury RevPAR gained 12% and select service rose over 6%. Leisure RevPAR increased 7% globally.

International RevPAR rose over 4%, led by the Asia Pacific region at more than 9%. Europe gained over 6%, and Greater China was roughly flat. Middle East RevPAR fell 12%, a smaller decline than the drop of more than 40% in the second quarter.

Incentive Fees Jump 22% While Owned Hotel Income Declines

Gross fee revenues rose 14% to $1.52 billion on higher RevPAR, rooms growth and co-branded Credit card fees. Incentive management fees increased 22% to $181 million, led by the U.S. and Canada, and grew in every international region. Residential branding fees fell 35% on the timing of unit sales.

Owned, leased and other Revenue net of expenses totaled $41 million versus $70 million a year earlier, reflecting renovations and the second quarter sale of a U.S. hotel. General and administrative expense rose just 2%.

Adjusted EBITDA grew 12% to $1.51 billion. Nine-month net income was $2.21 billion, or $8.36 per diluted share.

Record 634,000-Room Pipeline and 4.6% Net Rooms Growth

Net rooms grew 4.6% over the 12 months ended Sep 30, 2026. The global pipeline expanded over 6% to a record above 634,000 rooms, including 278,000 rooms under construction. Conversions made up over a third of signings and over 40% of openings in the first nine months, and the company reported record global organic signings.

Management still expects full-year net rooms growth toward the low end of its prior 4.5% to 5% range. The Middle East represents about 3% of open rooms and about 6% of the pipeline, and management said pipeline attrition there has been normal.

Raised Guidance and at Least $4.8 Billion in Capital Returns Frame the Fourth Quarter

Full-year 2026 global RevPAR growth is now expected at 4.5% to 5%, versus the 1.5% to 2.5% range given at the start of the year. Gross fees should rise about 13%, adjusted EBITDA about 13% and adjusted diluted EPS 20% to 21%. Fourth quarter adjusted EBITDA is guided up 12% to 14%, and a preliminary 2027 view calls for global RevPAR growth of 3.5% to 4.5%.

Marriott repurchased 3.5 million shares for $1.3 billion in the third quarter and 9.6 million shares for $3.4 billion year to date through Oct 28, 2026, leaving 18.0 million shares authorized. A quarterly Dividend of $0.73 per share was paid on Sep 30, 2026, and full-year capital returns are now expected to total at least $4.8 billion.