Marriott International (MAR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Marriott International published the results on November 2, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Marriott International reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Cost reimbursement revenue ($5,080 million in Q3 2026) is money hotel owners pay Marriott International back for property-level and centralized services, and is matched by reimbursed expenses ($5,067 million). Marriott's Adjusted results exclude both.
• In Q4 2025 Marriott International reclassified certain costs from General, administrative, and other to Owned, leased, and other expense. Q3 2025 reflects $24 million moved on that basis.

Source: Marriott International Q3 2026 results, November 2, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Marriott International splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Marriott International's Gross fee revenues revenue was $1.5 billion in Q3 2026, up 14% from $1.3 billion in Q3 2025, 22% of total revenue.
• Marriott International's Owned, leased, and other revenue revenue was $436 million in Q3 2026, up 4% from $420 million in Q3 2025, 6% of total revenue.
• Marriott International's Cost reimbursement revenue revenue was $5.1 billion in Q3 2026, up 7% from $4.8 billion in Q3 2025, 73% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Marriott International's outlook table in the release also gives Q4 2026 Adjusted diluted EPS of $3.14 to $3.21 and full year 2026 Adjusted diluted EPS of $12.07 to $12.14.

In its Q3 2026 release, Marriott International said:

“For full year 2026, given our strong third quarter performance and expectations for continued healthy demand, we are raising our global RevPAR outlook and now expect growth of 4.5 to 5 percent.”

“The company's updated outlook generally assumes the continuation of the current macroeconomic environment.”

“Our outlook includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter, and our planned sale of a U.S. & Canada hotel, which we assume will occur in the 2026 fourth quarter.”

Source: Marriott International Q3 2026 earnings release, Nov 2, 2026.

This is the company's own guidance as of Nov 2, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the MAR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues (including cost reimbursement revenue) and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Marriott International's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 2, 2026

Most of Marriott International's $7,005 million of Q3 2026 revenue is cost reimbursement revenue: $5,080 million that hotel owners pay back for property-level and centralized programs Marriott runs for them, matched by $5,067 million of reimbursed expenses. The fee business is $1,522 million of gross fee revenues, made up of franchise fees ($1,007 million), base management fees ($334 million) and incentive management fees ($181 million). (Marriott International Q3 2026 earnings release, Nov 2, 2026)

Marriott International said franchise and base management fees rose 13% to $1,341 million from $1,190 million, driven by higher co-branded credit card fees, higher RevPAR and rooms growth. Incentive management fees rose 22% to $181 million from $148 million. Owned, leased, and other revenue net of expense fell to $41 million from $70 million, on renovations, the Q2 2026 sale of a U.S. & Canada hotel and higher costs from a third-party agreement. (Marriott International Q3 2026 earnings release, Nov 2, 2026)

U.S. & Canada is the largest segment: $831 million of gross fee revenues in Q3 2026, against $190 million for EMEA, $92 million for APEC and $71 million for Greater China. Fees from the credit card programs and timeshare licensing sit in Unallocated corporate and other, not in a segment. Worldwide RevPAR rose 6.5%, with U.S. & Canada up 7.4% and international markets up 4.4%; APEC rose 9.3%, while Middle East & Africa fell 5.3% and Greater China fell 0.3%. (Marriott International Form 10-Q, Q3 2026, Nov 2, 2026; Marriott International Q3 2026 earnings release, Nov 2, 2026)

Most of Marriott International's hotels are franchised: at year-end 2025 it had 7,644 franchised, licensed, and other properties and 2,017 company-operated properties. At the end of Q3 2026 the system totaled over 10,200 properties with nearly 1,834,000 rooms. During 2026 Marriott signed new multi-year U.S. co-branded credit card agreements with JPMorgan Chase and American Express. (Marriott International Form 10-K, 2025, Feb 10, 2026; Marriott International Q3 2026 earnings release, Nov 2, 2026; Marriott International Form 10-Q, Q3 2026, Nov 2, 2026)

Marriott International's GAAP diluted EPS of $3.04 was slightly above Adjusted diluted EPS of $3.02 in Q3 2026. Adjusted results exclude cost reimbursement revenue, reimbursed expenses and $6 million of asset impairment charges tied to the sale and planned sale of two U.S. & Canada hotels. A year earlier GAAP EPS of $2.67 included $40 million of restructuring and merger-related recoveries, and Adjusted EPS was $2.47. (Marriott International Q3 2026 earnings release, Nov 2, 2026)

Buybacks cut the diluted share count to 261.2 million from 272.5 million. Marriott International repurchased 3.5 million shares for $1.3 billion in Q3 2026 and 9.6 million shares for $3.4 billion year to date through October 28. Net income rose 9% while diluted EPS rose 14%. (Marriott International Q3 2026 earnings release, Nov 2, 2026)

Interest expense, net, rose to $219 million from $194 million on higher debt balances; total debt was $16.8 billion at quarter-end. The provision for income taxes was $266 million, flat with a year earlier. (Marriott International Q3 2026 earnings release, Nov 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Marriott International gives a numeric outlook in its release. For Q4 2026 it expects worldwide RevPAR growth of 4.5% to 5.0%, gross fee revenues of $1,604 to $1,612 million and Adjusted EPS of $3.14 to $3.21. For full year 2026 it raised its RevPAR outlook to 4.5% to 5.0% and expects Adjusted EPS of $12.07 to $12.14, Adjusted EBITDA of $6,075 to $6,098 million and net rooms growth at the low end of 4.5% to 5%. (Marriott International Q3 2026 earnings release, Nov 2, 2026)

Marriott International expects capital return to shareholders of at least $4,800 million in 2026 and investment spending of $1,250 to $1,350 million. The outlook excludes cost reimbursement revenue, reimbursed expenses and any asset sales beyond one planned U.S. & Canada hotel sale in Q4 2026. (Marriott International Q3 2026 earnings release, Nov 2, 2026)

A consensus figure is the average of the models published by the analysts who cover Marriott International, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Marriott International's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MAR is on is MAR a buy or a sell?, what analysts expect next is on the MAR forecast, and what the company does is on the Marriott International (MAR) stock page.

Every number on this page can be traced to a document Marriott International published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.