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 Adjusted diluted EPS totaled $3.02

• Third quarter reported net income totaled $794 million and Adjusted net income totaled $790 million

• Third quarter Adjusted EBITDA totaled $1,512 million

• The company added roughly 20,100 net rooms globally during the quarter and net rooms grew 4.6 percent from the end of the third quarter of 2025

• At the end of the quarter, Marriott’s worldwide development pipeline reached a new record and totaled over 4,200 properties and more than 634,000 rooms, with 44 percent of pipeline rooms under construction including hotels that are pending conversion

• The company repurchased 3.5 million shares of common stock for $1.3 billion in the 2026 third quarter. Year-to-date through October 28, the company has returned approximately $4.0 billion to shareholders through dividends and share repurchases

Marriott International, Inc. (Nasdaq: MAR) today reported third quarter 2026 results.

Anthony Capuano, President and Chief Executive Officer, said, “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.

“International RevPAR increased over 4 percent in the quarter, led by APEC, which delivered over 9 percent RevPAR growth, supported by robust international inbound demand. EMEA RevPAR rose over 4 percent, thanks to solid growth in Europe. While the ongoing conflict in the Middle East continued to impact results in that region, trends improved meaningfully from the second quarter. 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.

“Our development activity remained strong, and we had record global organic signings year to date through September. Conversions continued to be an important driver of growth, representing over a third of signings and over 40 percent of openings during the first nine months of the year.

“Marriott Bonvoy continued to expand its reach and deliver value to our owners and properties and across the enterprise. Our broad portfolio of brands and experiences and powerful collaborations with Uber, Starbucks and others helped drive membership to approximately 309 million members around the world at quarter-end.

“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.”

Third Quarter 2026 Results

Franchise and base management fees totaled $1,341 million in the 2026 third quarter, a 13 percent increase compared to franchise and base management fees of $1,190 million in the year-ago quarter. The increase was primarily driven by higher co-branded credit card fees, higher RevPAR and rooms growth.

Incentive management fees totaled $181 million in the 2026 third quarter, a 22 percent increase over $148 million in the 2025 third quarter. All regions posted positive growth year over year, with incentive fees in the U.S. & Canada up meaningfully.

Owned, leased, and other revenue, net of owned, leased, and other expense[2], totaled $41 million in the 2026 third quarter, compared to $70 million in the 2025 third quarter. The decline reflected lower owned and leased hotel results, including the impact of renovations and our 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 associated with the 2026 second quarter property-related litigation matter ($9 million after-tax impact and $0.03 per share after-tax).

General and administrative expenses[2] for the 2026 third quarter totaled $214 million, compared to $210 million in the year-ago quarter.

Interest expense, net, totaled $219 million in the 2026 third quarter, compared to $194 million in the year-ago quarter. The increase was primarily due to higher interest expense associated with higher debt balances.

In the 2026 third quarter, the provision for income taxes totaled $266 million, flat compared to the year-ago quarter.

Marriott’s reported operating income totaled $1,274 million in the 2026 third quarter, compared to 2025 third quarter reported operating income of $1,180 million. Reported net income totaled $794 million in the 2026 third quarter, a 9 percent increase compared to 2025 third quarter reported net income of $728 million. Reported diluted earnings per share (EPS) totaled $3.04 in the quarter, compared to reported diluted EPS of $2.67 in the year-ago quarter.

Adjusted operating income in the 2026 third quarter totaled $1,267 million, compared to 2025 third quarter Adjusted operating income of $1,119 million. Third quarter 2026 Adjusted net income totaled $790 million, compared to 2025 third quarter Adjusted net income of $674 million. Adjusted diluted EPS in the 2026 third quarter totaled $3.02, compared to Adjusted diluted EPS of $2.47 in the year-ago quarter.

Third quarter 2026 Adjusted results excluded cost reimbursement revenue, reimbursed expenses, and certain impairment charges. See the press release schedules for the calculation of Adjusted results and the manner in which the Adjusted measures are determined in this press release.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,512 million in the 2026 third quarter, a 12 percent increase compared to third quarter 2025 Adjusted EBITDA of $1,349 million. See the press release schedules for the Adjusted EBITDA calculation.

Income Statement Reclassification

In the 2025 fourth quarter, to enhance understanding of the company’s general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. The expenses that were reclassified from “General, administrative, and other” are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. Please refer to the Expense Captions - As Reclassified section in the press release schedules for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.

Selected Performance Information

The company added roughly 20,100 net rooms during the quarter, including over 13,400 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled over 10,200 properties, with nearly 1,834,000 rooms.

At the end of the quarter, the company’s worldwide development pipeline totaled 4,209 properties with more than 634,000 rooms, including 266 properties with over 37,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,750 properties with over 278,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline were located in international markets.

In the 2026 third quarter, worldwide RevPAR increased 6.5 percent (a 6.4 percent increase using actual dollars) compared to the 2025 third quarter. RevPAR in the U.S. & Canada increased 7.4 percent (a 7.3 percent increase using actual dollars), and RevPAR in international markets increased 4.4 percent (a 4.4 percent increase using actual dollars) compared to the 2025 third quarter.

Balance Sheet & Common Stock

At the end of the quarter, Marriott’s 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.

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.

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 also 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.

Company Outlook

The company's updated outlook generally assumes the continuation of the current macroeconomic environment.

1See the press release schedules for the Adjusted EBITDA calculations.
2Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for fourth quarter and full year 2026 do not include cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Our outlook includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter, and our planned sale of a U.S. & Canada hotel, which we assume will occur in the 2026 fourth quarter. Our outlook excludes any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. In addition, our full year 2026 outlook excludes the adjustments from the 2026 first three quarters related to the Sonder termination of $2 million, an adjustment to a gain on an asset disposition of $(8) million, and asset impairment charges of $(74) million.
3Assumes the level of capital return to shareholders noted above.
4Investment spending includes contract acquisition costs, capital and technology expenditures (including renovations at owned and leased hotels), loan advances, and other investing activities (including our investment in Lefay, which occurred in the 2026 second quarter), but excluding any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.
5Assumes the level of investment spending noted above and that no other asset sales, property acquisitions or brand acquisitions occur during the year.

Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Monday, November 2, 2026, at 8:00 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at www.marriott.com/investor (click on “Events & Presentations” and click on the quarterly conference call link). A replay will be available at that same website until November 2, 2027.

The telephone dial-in number for the conference call is US Toll Free: 833-309-3473, or Global: +1 785-838-9251. The conference ID is MAR3Q26.

View the third quarter 2026 Press Release Schedules, including non-GAAP reconciliations and explanations.

[1]All occupancy, Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2026 and 2025 reflect properties that are comparable in both years.

[2]In the 2025 fourth quarter, to enhance understanding of the company’s general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. Please see the Income Statement Reclassification section of this press release for additional information.

NOTE ON FORWARD-LOOKING STATEMENTS

All statements in this press release and the accompanying schedules are made as of November 2, 2026. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy loyalty program; property performance; our expectations about the current macroeconomic environment; our planned hotel sale; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

THE SERAI RESORTS – Introducing ‘Living Sanctuaries’

‘Where nature sets the pace and graceful hospitality creates space to simply be’

There are places we travel to, and there are places that become a part of us. A place can stay with you in the quiet of a morning, in the memory of a meal, in the sound of the forest after dusk, or in the feeling of having nowhere else to be. It is these unhurried moments, often unplanned and understated, that makes a journey truly memorable.

At The Serai Resorts, this belief has always been at the heart of the experience. Set across some of South India’s most evocative landscapes, The Serai invites guests to slow down, look closer, and discover a deeper connection with the places they visit.

Living Sanctuaries is a latest expression of this philosophy- one that brings together the distinctive landscapes, experiences, and spirit of nature at The Serai Resorts across Chikmagalur, Bandipur, and Kabini, with each destination holding its own character, rhythm, and way of inviting you to pause.

In Chikmagalur, the landscape is shaped by the mist-covered hills and coffee estates of the Western Ghats. Mornings unfold slowly, surrounded by forests, rain, and the scent of coffee wafting in the cool breeze. It is a place for long walks, sounds of nature, quiet contemplation, and discovering the pleasures of the hills at an unhurried pace.

In Bandipur, the experience is defined by the wilderness. The forest has its own rhythm, which cannot be hurried. The call of birds, movement of wildlife, and changing light through the trees create a sense of being immersed in nature rather than simply observing it. Here, stillness becomes an experience.

In Kabini, the river forms the heart of the landscape. Its waters, open skies, and surrounding wilderness create a sense of anticipation and discovery. From quiet moments by the water to encounters with the wildlife that inhabits the region, Kabini reminds us that some of the most remarkable experiences of the expanses of land, water and skies and the beauty of its changing rhythms, one that we cannot plan.

While each sanctuary is deeply rooted in its surroundings, a shared philosophy connects them: nature sets the pace.

The landscape is not merely a backdrop to the experience. It influences how guests spend their time, what they see, what they taste, and how they connect with the destination. From the architecture and design to the culinary experiences and ways of exploring the surroundings, every element is considered to allow the character of the place to come through.

Then there is graceful hospitality.

For The Serai Resorts, hospitality is not about doing more; it is about knowing what matters and doing it well. It is the warmth of being welcomed, the attentiveness of a team that remembers the little things, and the instinct to know when to be present and when to simply give a guest space.

Hospitality is natural to its surroundings, thoughtful without being intrusive, personal without being performative.

Today, perhaps, the idea of luxury is changing.

It is less about abundance and more about space. Space to breathe. Space to disconnect from the pace of everyday life. Space to have a meaningful conversation, to savour a meal, to spend time with the people who matter, or simply to be alone with one's thoughts.

At The Serai Resorts, these moments do not interrupt the experience. These are experiences.

A misty morning in the coffee plantation.

A slow breakfast overlooking the landscape.

The anticipation of a wildlife sighting.

A meal inspired by the region.

The sound of rain against the forest.

A conversation that carried late into the evening.

Or the quiet pleasure of doing absolutely nothing.

These moments become part of how we remember a place. How it becomes etched and core to our memories.

Living Sanctuaries is an invitation to experience travel at a different pace-to move beyond simply visiting a destination and instead allow the destination to become part of you.

Across Chikmagalur, Bandipur and Kabini, The Serai Resorts creates spaces where nature, place and graceful hospitality come together, offering guests the freedom to experience each landscape in their own way.

Because a sanctuary is not simply a place where we retreat to.

It is a place that gives something back.

Sometimes, the greatest luxury is simply having the time and space to notice it.

The Aamras Mango Cheesecake at Vanilla Beans →

Some stories start with a visit. This one started with a message.

When Vanilla Beans reached out to share their new mango collection, it came with a simple promise: Alphonso mangoes, treated with care, and desserts built around them. We asked if we could try it. They said yes. And somewhere between the first slice and the last bite, this turned into something we knew we had to share.

There’s something deeply nostalgic about a mango dessert done right, and this one gets it. Visually, it arrives like summer on a plate—bright mango layered generously over soft, cloud-like cream, the kind of thing you pause for a second before cutting into.

Then comes the first bite.

The texture is what lands first—soft, light, and fresh without trying too hard. It doesn’t lean on heaviness or overload you with sweetness. Instead, it steps back just enough to let the mango do what it does best. And here, it’s all about the aamras—rich, fragrant, and unmistakably Alphonso. It runs through the cheesecake in thick, generous layers, so every bite carries that sweet, sun-ripened depth.

The base brings in a quiet contrast—buttery, slightly crumbly, grounding all that silkiness above it. And the cream cheese layer sits right in the middle of it all, adding just enough tang to keep things from tipping into excess.

The cream, as always, plays it smart. Light, smooth, and balanced, it complements rather than competes. Nothing feels heavy. Nothing feels overdone. It’s indulgent, yes—but in a way that still feels clean and easy to go back to.

For something built around nostalgia, this feels considered. Not overworked. Not overthought. Just well made.

From the brand’s side, that intent is clear.

“The Aamras Mango Cheesecake is everything we believe a mango dessert should be — honest, unhurried, and completely uncompromising. We start with a buttery, biscuity base that gives way to a silky cheesecake layered with thick, aromatic aamras made from handpicked Alphonso mangoes — slow-cooked the way it’s done at home, no essence, no shortcuts. And then the finish: fresh mango cut into a flowering design on top, because something this beautiful deserves to be seen before it’s savoured. It’s our way of saying that when the ingredient is this good, it deserves reverence, not reinvention.”
— Rohit Desai, Co-Founder

Founded by Deepa and Rohit Desai, Vanilla Beans has built a quiet following in Bandra for cakes that lean into balance and texture rather than excess. This seasonal mango collection feels like a natural extension of that approach—letting Alphonso take centre stage, without overcomplicating what people already love about it.

This one’s available for a limited time, and honestly, it’s the kind of thing you don’t overthink.

If you’re ordering, start here.

Location: Bandra West, Mumbai
Availability: Seasonal

Order here: https://orders.vanillabeanscakes.com

P.S. While we had The Aamras Mango Cheesecake, here are some other goodies they tell us to keep an eye on:

Mango Fresh Cream Cake

Mango Cheesecake

Aamrasmalai Cake

Mango fresh cream cake X vanila bear

Tried & Tasted is our series on things we’ve actually experienced and would go back for. Got something you think we should try? Send it our way—we’re always up for the next great bite.