Marriott International 8-K

Summary

Q3 2026 results with Q4 and FY2026 guidance. Higher room rates and occupancy lifted worldwide revenue per available room (RevPAR) 6.5% Y/Y; U.S. & Canada growth led, while the Middle East remained affected by conflict, with trends improving from Q2.

Worldwide RevPAR growth is guided to 4.5%-5.0% Y/Y in Q4 vs 6.5% in Q3; Q4 adjusted diluted EPS midpoint is +5.1% Q/Q vs $3.02, and adjusted EBITDA midpoint is +4.8% Q/Q vs $1.512B. Marriott raised its FY2026 worldwide RevPAR outlook to 4.5%-5.0%, citing Q3 performance and expected continued healthy demand.

Key Figures

• Gross fee revenue rose 14% Y/Y to $1.522B: franchise and base management fees increased with higher co-branded credit card fees, RevPAR and room growth; incentive management fees grew across all regions. Adjusted results excluded a $6M Q3 impairment charge; the year-earlier quarter included a $40M restructuring and merger-related recovery.
• Marriott added about 20,100 net rooms in Q3, including more than 13,400 internationally. Its record development pipeline totaled 4,209 properties and more than 634,000 rooms, with 44% of pipeline rooms under construction. Conversions accounted for over a third of signings and over 40% of openings in the first nine months; Marriott Bonvoy had approximately 309 million members.
• Q3 share repurchases were 3.5 million shares for $1.3B; diluted weighted-average shares were 261.2 million vs 272.5 million Y/Y. At quarter-end, total debt was $16.8B and cash and equivalents were $0.5B. Marriott issued $250M of 4.875% Series NN Senior Notes due 2029 and $1.0B of 5.650% Series YY Senior Notes due 2036; it also extended its credit facility to September 2031 and increased its size from $4.5B to $5.0B.

Against earlier guidance (derived from earlier filings)

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Worldwide RevPAR growth	FY2026 vs FY2025	3.0%-3.5%	4.5%-5.0%	raised
Net rooms growth	Year-end 2026 vs year-end 2025	Low end of 4.5%-5%	Low end of 4.5%-5%	reaffirmed
Gross fee revenues	FY2026	$6.025B-$6.055B	$6.137B-$6.145B	raised
Owned, leased, and other revenue, net of expense	FY2026	$175M-$185M	$170M-$175M	lowered
General and administrative expenses	FY2026	$875M-$895M	$880M-$890M	narrowed (raised low end, lowered high end)
Adjusted EBITDA, non-GAAP	FY2026	$5.965B-$6.025B	$6.075B-$6.098B	raised
Adjusted diluted EPS, non-GAAP	FY2026	$11.64-$11.81	$12.07-$12.14	raised
Adjusted effective tax rate, non-GAAP	FY2026	26.0%-26.5%	≈26.0%	narrowed (lowered high end)
Investment spending	FY2026	$1.25B-$1.35B	$1.250B-$1.350B	reaffirmed
Capital return to shareholders	FY2026	Over $4.5B	At least $4.800B	raised

Investor Takeaways

• Watch regional RevPAR, particularly whether the Middle East’s improvement continues and Asia Pacific excluding China sustains its Q3 growth; those trends will test the outlook for continued healthy demand.
• Track pipeline signings converting into openings and net rooms growth; continued conversion activity would support Marriott’s development-led expansion.