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
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
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