Marriott Lifts 2026 RevPAR Outlook After Third-Quarter Rebound

The Tip Desk · November 2, 2026 · 3 min read

Worldwide RevPAR rose 6.5% in the third quarter and the company now expects 4.5% to 5.0% full-year growth, versus the 3% to 3.5% range set after the second quarter.

Marriott International (MAR) raised its full-year 2026 global RevPAR outlook to 4.5% to 5.0% after worldwide RevPAR growth accelerated to 6.5% in the third quarter, from 3.4% in the second quarter.

The hotel company said the lift reflected strong third-quarter performance and expectations for continued healthy demand. President and Chief Executive Officer Anthony Capuano said global RevPAR increased on higher ADR and occupancy.

U.S. & Canada RevPAR rose 7.4%. International RevPAR swung to a 4.4% increase after a 0.5% decline in the second quarter. APEC RevPAR delivered over 9% growth, which the company said was supported by robust international inbound demand. EMEA RevPAR rose over 4%, thanks to solid growth in Europe. The company said the ongoing conflict in the Middle East continued to impact results in that region, but that trends improved meaningfully from the second quarter.

Reported net income was $794 million, compared with $728 million a year earlier. Reported diluted earnings were $3.04 a share, versus $2.67 a year earlier. Adjusted diluted EPS was $3.02, compared with $2.47 a year earlier. Adjusted net income was $790 million. Adjusted EBITDA was $1,512 million, up 12% from $1,349 million a year earlier.

Franchise and base management fees totaled $1,341 million, a 13% increase from $1,190 million in the year-ago quarter. The company said the increase was primarily driven by higher co-branded credit card fees, higher RevPAR and rooms growth. Incentive management fees were $181 million, up 22% from $148 million a year earlier; all regions posted positive growth year over year, with incentive fees in the U.S. & Canada up meaningfully.

Owned, leased, and other revenue, net of owned, leased, and other expense, totaled $41 million, compared with $70 million a year earlier. The company said the decline reflected lower owned and leased hotel results, including renovations and the second-quarter sale of a U.S. & Canada hotel, and higher costs associated with a third-party agreement, partially offset by a $12 million expected insurance recovery tied to a second-quarter property-related litigation matter. Reported operating income was $1,274 million, versus $1,180 million a year earlier. Adjusted operating income was $1,267 million, with an adjusted operating income margin of 66%. Interest expense, net, was $219 million, primarily due to higher debt balances.

The company added roughly 20,100 net rooms globally during the quarter, including over 13,400 internationally. Net rooms grew 4.6% from the end of the third quarter of 2025. At quarter-end the global system totaled over 10,200 properties and nearly 1,834,000 rooms. The worldwide development pipeline reached a new record of 4,209 properties and more than 634,000 rooms, with 44% of pipeline rooms under construction including hotels pending conversion. Over half of pipeline rooms were in international markets. Marriott Bonvoy membership reached approximately 309 million.

Marriott repurchased 3.5 million shares for $1.3 billion in the quarter. Year-to-date through October 28, it has returned approximately $4.0 billion through dividends and share repurchases. Total debt was $16.8 billion and cash and equivalents $0.5 billion. The company issued $250 million of Series NN Senior Notes due 2029 and $1.0 billion of Series YY Senior Notes due 2036, and refinanced its credit facility to September 2031, increasing the size from $4.5 billion to $5.0 billion.

For the fourth quarter of 2026, the company expects worldwide RevPAR growth of 4.5% to 5.0%, Adjusted EBITDA of $1,573 million to $1,596 million, and Adjusted diluted EPS of $3.14 to $3.21. Full-year 2026 outlook is worldwide RevPAR growth of 4.5% to 5.0%, Adjusted EBITDA of $6,075 million to $6,098 million, and Adjusted diluted EPS of $12.07 to $12.14. The outlook includes the second-quarter sale of a U.S. & Canada hotel and a planned fourth-quarter sale of another U.S. & Canada hotel.