Marriott International reported stronger-than-expected operating momentum in the third quarter of 2026, with global revenue per available room (RevPAR) increasing 6.5% year over year. Following the October 2 release of its Q3 results, Marriott raised its full-year 2026 RevPAR outlook to a range of 4.5% to 5%, up from a prior expectation of 3% to 3.5%.
Regional Performance Highlights
RevPAR growth in the United States and Canada reached 7.4% during the quarter, supported by higher room rates and occupancy. In international markets, RevPAR rose 4.4%, with the Asia-Pacific Economic Cooperation (APEC) region posting growth above 9%. Meanwhile, conditions in the Middle East continued
to dampen results but improved significantly compared to the second quarter.
Financial Results and Fee Revenue
Marriott’s asset-light fee model contributed to earnings growth, with franchise and base management fees increasing 13% to $1.341 billion. Incentive management fees rose 22% to $181 million, driving gross fee revenue 14% higher year over year to $1.52 billion. Reported net income for Q3 2026 grew 9% to $794 million from $728 million in the previous year.
Diluted earnings per share reached $3.04, up from $2.67 year over year. Adjusted diluted earnings per share increased to $3.02 from $2.47, while adjusted EBITDA climbed 12% to $1.512 billion. Adjusted figures
exclude certain cost reimbursements and impairment charges.
Development and Loyalty Program Growth
The company added approximately 20,100 net rooms in Q3, including more than 13,400 rooms internationally. Marriott’s development pipeline comprised 4,209 properties with over 634,000 rooms at quarter-end, with more than half located outside the US and Canada. Marriott Bonvoy membership expanded to roughly 309 million members at the close of the quarter.
Shareholder Returns and Market Activity
Marriott repurchased 3.5 million shares during Q3 for $1.3 billion. Through October 28, 2026, the company returned around $4.0 billion to shareholders via dividends and share buybacks. On November 9 at 1:41:31 p.m. CET, Marriott shares traded at 374.60 euros on
the Lang & Schwarz exchange.
Business Drivers and Market Risks
Chief Executive Officer Anthony Capuano attributed the quarter’s strong results to Marriott’s global scale, diverse brands, and revenue engines. He pointed to high international demand, especially in the Asia-Pacific region. Marriott’s outlook reflects increasing occupancy and rate trends alongside ongoing geopolitical uncertainties, especially in the Middle East, which remain key variables for investors.
Growth in fee revenue, expansion of room count, and a reduced share base underpin Marriott’s earnings outlook heading into 2027.
