Marriott International, Inc.

Marriott International (Nasdaq: MAR) franchises and manages hotels and licenses its brands. Marriott Bonvoy connects that hotel network with loyalty and co-branded credit-card partnerships.

Performance versus the August outlook

Worldwide comparable revenue per available room, or RevPAR, grew 6.5% in Q3 2026, above August’s 3.5% to 4% forecast. The measure combines room prices and occupancy and is stated at constant exchange rates. Adjusted EPS was $3.02 versus the earlier $2.74 to $2.82 target.

The table covers the three months ended September 30. Amounts are USD millions except EPS. Gross fees combine franchise, base management and incentive management fees.

Credit-card fees added $68 million to franchise-fee growth, compared with $36 million from higher RevPAR and room additions. New U.S. card terms were already included in August’s outlook. An expected insurance recovery added $12 million to quarterly pretax earnings.

Annual forecasts

The November annual RevPAR target is 4.5% to 5% growth, versus 3% to 3.5% in August. Adjusted EPS guidance is $12.07 to $12.14, up from $11.64 to $11.81. Adjusted results remove reimbursed revenue and expenses and certain property charges.

Marriott completed a U.S. and Canada hotel sale in May and retained a long-term management agreement. Another hotel was classified as held for sale in September, with a sale expected in Q4 and continued management afterward.

Cash returns and borrowing

Operating cash flow for the first nine months was $3.239 billion, compared with $2.383 billion a year earlier. Over that same period, share repurchases used $3.081 billion and dividends $559 million. Employee share tax withholding is separate.

At September 30, cash was $453 million and the carrying amount of debt was $16.843 billion, up from $16.204 billion at December 31. Higher debt contributed to an increase in quarterly net interest expense. The September refinancing extended its $5 billion bank facility to 2031.