Marriott International (MAR) reports mixed Q2 2026 results as adjusted earnings beat estimates while revenue falls short.
Stock Earnings Results
August 3, 2026
Table of Contents
August 3, 2026
Marriott International, Inc. (NASDAQ: MAR) reported second-quarter 2026 results with adjusted earnings above expectations, higher RevPAR, stronger adjusted EBITDA, record development pipeline growth, and continued capital returns, though revenue came in below analyst estimates.
Marriott International is a global hotel, lodging, and travel company with brands across luxury, premium, select, midscale, extended stay, all-inclusive, residential, timeshare, yacht, outdoor, and other lodging categories. The company also operates the Marriott Bonvoy loyalty platform.
The company reported adjusted diluted EPS of $3.19, above estimates of $3.06, representing a 4.2% earnings surprise. Revenue came in at $7.07 billion, below estimates of $7.26 billion, though revenue growth was 4.8%.
Reported diluted EPS was $2.90, compared with $2.78 in the prior-year quarter.
Adjusted diluted EPS was $3.19, compared with $2.65 a year earlier.
Reported net income was $766 million, roughly flat from $763 million in the prior-year quarter.
Adjusted net income increased to $844 million from $728 million.
Adjusted operating income increased to $1.33 billion from $1.19 billion.
Adjusted EBITDA increased 13% to $1.59 billion.
Total revenue was $7.07 billion.
That compared with $6.74 billion in the prior-year quarter.
Gross fee revenues increased 13% to $1.58 billion.
Franchise and base management fees increased 14% to $1.37 billion.
The increase was driven by higher co-branded credit card fees, rooms growth, and higher RevPAR.
Incentive management fees increased to $212 million from $200 million, helped by strong growth in the U.S. and Canada.
Worldwide RevPAR increased 3.4%.
U.S. and Canada RevPAR increased 5.0%.
International RevPAR declined 0.5%.
Marriott said international results were pressured by the Middle East conflict, which outweighed growth acrossighed growth across other international regions.
EMEA RevPAR declined more than 5%, with Europe growth offset by a 43% decline in the Middle East.
Asia Pacific excluding China RevPAR increased more than 5%.
Greater China RevPAR increased more than 3%, helped by luxury demand and strength in Hong Kong, Taiwan, and Hainan.
Marriott added roughly 17,900 net rooms during the quarter.
Net rooms grew 4.5% from the end of the prior-year quarter.
At quarter-end, Marriott’s global system included more than 10,000 properties and nearly 1.81 million rooms.
The company’s development pipeline reached a record 4,186 properties.
That represented approximately 629,000 rooms.
About 44% of pipeline rooms were under construction, including hotels pending conversion.
Conversions remained an important growth driver, representing more than one-third of signings and 40% of openings in the first half of the year.
Marriott Bonvoy grew to more than 295 million members at quarter-end.
The company said the loyalty program continues to drive demand and deepen member engagement across its global portfolio.
Marriott also executed new long-term U.S. co-branded credit card agreements with JPMorgan Chase and American Express.
Management said those agreements should add value for hotel owners, cardholders, loyalty members, and shareholders.
Marriott repurchased 3.0 million shares during the second quarter.
The repurchases totaled $1.1 billion.
Year to date through July 29, Marriott repurchased 6.2 million shares for $2.2 billion.
The company returned approximately $2.6 billion to shareholders through dividends and share repurchases over that period.
Marriott ended the quarter with $16.9 billion in total debt and $0.5 billion in cash and equivalents.
Marriott raised its full-year global RevPAR growth expectation to 3.0% to 3.5%.
For the third quarter, the company expects worldwide RevPAR growth of 3.5% to 4.0%.
Full-year net rooms growth is expected to come in at the low end of the prior 4.5% to 5.0% range.
Full-year adjusted EBITDA is expected to range from $5.97 billion to $6.03 billion.
Full-year adjusted diluted EPS is expected to range from $11.64 to $11.81.
Marriott also expects to return more than $4.5 billion to shareholders in 2026.
Marriott delivered a solid quarter despite the revenue miss.
Adjusted EPS beat estimates, adjusted EBITDA increased 13%, worldwide RevPAR grew 3.4%, and the development pipeline reached a new record. U.S. and Canada demand remained strong, while Marriott Bonvoy and new credit card agreements added support to the company’s fee-driven model.
The key issue is that international RevPAR declined, mainly due to Middle East weakness, and reported revenue came in below the dashboard estimate.
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