Marriott earnings: guidance and results
Marriott's next results are expected on November 2, 2026. The one thing to watch is whether Marriott separates hotel-related fee growth from the contribution of credit cards.
What has Marriott guided for 2026?
For 2026, management guides to worldwide RevPAR growth of 3.0%–3.5%. It expects net rooms growth of 4.5%–5.0%. Adjusted EBITDA guidance is $5,965–$6,025 million. Capital returns should reach at least $4,500 million.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Worldwide RevPAR growth | Year to Dec 2026 | 3.0% | 3.5% | Aug 3, 2026 |
| Net rooms growth | Year to Dec 2026 | 4.5% | 5.0% | Aug 3, 2026 |
| Adjusted EBITDA | Year to Dec 2026 | 5,965 | 6,025 | Aug 3, 2026 |
| Capital return to shareholders | Year to Dec 2026 | 4,500 | Aug 3, 2026 |
What this means. Capital return to shareholders means the company expects to give shareholders more than 4.5 billion dollars, but it does not give a maximum amount.
Has Marriott kept its past promises?
Management expected approximately US$4 billion of shareholder distributions on August 5, 2025, and ultimately reported more than US$4 billion. A September 2023 presentation modeled 2025 adjusted EBITDA of US$5.2–5.7 billion; the eventual result was US$5.38 billion. Marriott therefore delivered on those stated targets, but shareholders still must judge the prices paid for buybacks, the cost of equity awards and the debt used to support distributions. The fairest conclusion is conditional: Marriott’s managers have reasons to align with shareholders, while the board and investors must keep testing how well that alignment survives financing and succession decisions.
What is Marriott's revenue and profit trend?
Revenue rose to $7,071 million from $6,744 million. Operating income slipped from $1,236 million to $1,229 million, while net income edged from $763 million to $766 million. EPS rose from $2.78 to $2.90 because fewer shares gave each remaining share a larger claim on earnings.
Cash improved as well. Operating cash flow reached $948 million from $643 million. Free cash flow was $796 million from $488 million. The eight-quarter record remains uneven, so the strongest reading is stronger underlying fees and cash, not yet a completely settled profit trend.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,071 | 6,654 | 6,690 | 6,489 | 6,744 | 6,263 | 6,429 | 6,255 |
| Operating income | 1,229 | 1,064 | 777 | 1,180 | 1,236 | 948 | 752 | 944 |
| Net income | 766 | 648 | 445 | 728 | 763 | 665 | 455 | 584 |
| EPS, diluted | 2.90 | 2.43 | 1.65 | 2.67 | 2.78 | 2.39 | 1.63 | 2.07 |
| = Free cash flow | 796 | 728 | 656 | 602 | 488 | 512 | -50 | 706 |
What this means. September 2025 free cash flow looks unusually low because capital spending also includes 349 million dollars used to buy assets, not just normal equipment, buildings, and software.
What should investors watch in Marriott's next release?
Marriott will report third-quarter results on November 2, 2026. The release is scheduled for approximately 7 a.m. Eastern, followed by an 8 a.m. conference call. Investors will test the RevPAR and adjusted-EPS ranges shown above, while separating hotel-related fee growth from the contribution of credit cards.