Marriott International (1MAR) Q3 2026 Earnings Report

The call was strongly positive, supported by third-quarter RevPAR growth across most regions and customer segments, record development activity, higher financial results, raised 2026 guidance, and substantial expected shareholder returns. The main challenges were Middle East volatility, Greater China softness, lower own-leased revenue, weaker global construction starts, and expected international deceleration in the fourth quarter. Overall, the positive operating and financial trends significantly outweighed the identified regional and property-level pressures.

Marriott raised full year 2026 global RevPAR guidance to 4.5%-5%, with fourth-quarter global RevPAR anticipated to increase 4.5%-5%; full-year gross fees are expected to increase around 13%, IMFs to rise in the high single-digit range, full-year co-branded credit card fees to rise in the high 30% range, residential branding fees to rise over 90%, timeshare fees to be relatively in line with the prior year at $110 million-$115 million, own, lease, and other revenue, net of own, lease, and other expenses, to total $170 million-$175 million, G&A expense to rise just 1%-2%, adjusted EBITDA to rise around 13%, and adjusted diluted EPS to grow 20%-21%; investment spending is still expected to be $1.25 billion-$1.35 billion, with key money anticipated to be 40%-45% of the total amount and spending on technology expected to be another 25%-30%, while full-year 2026 capital returns to shareholders are now expected to be at least $4.8 billion, net rooms growth is expected towards the low end of the prior 4.5%-5% range with between 1% and 1.5% room deletions, and net rooms growth is expected to grow in the mid-single digit range over the next several years; preliminary 2027 year-over-year global RevPAR growth could be 3.5%-4.5%, and fourth-quarter IMFs are expected to be around flat year-over-year.