Marriott International 8-K

PositiveEarningsGuidance raisedImpairment / chargeLegal / investigation

U.S. & Canada RevPAR strength offsets international weakness; stronger Q2 performance drives a higher FY2026 global RevPAR outlook.

Filed 2026-08-03 07:00 ET

Summary

Q2 2026 results with Q3 and FY2026 guidance. Worldwide RevPAR grew 3.4%, with 5.0% growth in the U.S. & Canada offset by a 0.5% decline internationally; Marriott raised its FY2026 global RevPAR growth outlook to 3.0%-3.5% on stronger-than-expected Q2 performance and expected continued broad-based demand.

Key Figures

Metric Q2 2026 Q2 2025 Y/Y
Revenue $7.071B $6.744B 5%
Operating income $1.229B $1.236B -1%
Adjusted operating income, non-GAAP $1.329B $1.186B 12%
Net income $766M $763M 0.4%
Adjusted net income, non-GAAP $844M $728M 16%
Diluted EPS $2.90 $2.78 4%
Adjusted diluted EPS, non-GAAP $3.19 $2.65 20%
Adjusted EBITDA, non-GAAP $1.592B $1.415B 13%
  • Worldwide RevPAR growth reflected 5.0% growth in the U.S. & Canada and a 0.5% international decline, with Middle East & Africa RevPAR down 35.1% amid conflict-related headwinds.
  • Franchise and base management fees rose 14% to $1.366B, driven primarily by higher co-branded credit card fees, room growth and RevPAR. Owned, leased and other revenue, net of expense, was $49M vs $78M, including a $27M property-litigation accrual ($20M after tax; $0.08 per share); depreciation, amortization and other expenses included a $68M hotel-sale impairment excluded from adjusted results.
  • Marriott repurchased 3.0M shares for $1.1B in Q2; YTD through July 29, it repurchased 6.2M shares for $2.2B and returned ≈$2.6B through dividends and repurchases. Diluted weighted-average shares were 264.5M vs 274.7M. Quarter-end debt was $16.9B and cash and equivalents $0.5B. The development pipeline reached 4,186 properties and ≈629,000 rooms; Marriott added ≈17,900 net rooms in the quarter.

Guidance

Metric Period Guidance Prior Direction
Worldwide RevPAR growth Q3 2026 vs Q3 2025 3.5%-4.0% — —
Worldwide RevPAR growth FY2026 vs FY2025 3.0%-3.5% — Raised
Net rooms growth Year-end 2026 vs year-end 2025 Low end of 4.5%-5% — —
Gross fee revenues Q3 2026 $1.474B-$1.483B — —
Gross fee revenues FY2026 $6.025B-$6.055B — —
Owned, leased and other revenue, net of expense Q3 2026 $30M-$40M — —
Owned, leased and other revenue, net of expense FY2026 $175M-$185M — —
General and administrative expenses Q3 2026 $210M-$220M — —
General and administrative expenses FY2026 $875M-$895M — —
Adjusted EBITDA, non-GAAP Q3 2026 $1.439B-$1.468B — —
Adjusted EBITDA, non-GAAP FY2026 $5.965B-$6.025B — —
Adjusted diluted EPS, non-GAAP Q3 2026 $2.74-$2.82 — —
Adjusted diluted EPS, non-GAAP FY2026 $11.64-$11.81 — —
Adjusted effective tax rate, non-GAAP Q3 2026 ≈26.7% — —
Adjusted effective tax rate, non-GAAP FY2026 26.0%-26.5% — —
Investment spending FY2026 $1.25B-$1.35B — —
Capital return to shareholders FY2026 Over $4.5B — —

Investor Takeaways

  • Track Q3 worldwide RevPAR against the 3.5%-4.0% outlook and FY growth against the raised 3.0%-3.5% target, particularly whether international markets recover from Middle East weakness.
  • Watch continued room additions and development-pipeline conversion as indicators of progress toward year-end net rooms growth guidance.

The summary is written by an AI model reading the filing.

Model 005 · prompt 01d34d48e3

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