$MAR · MARRIOTT INTERNATIONAL INC /MD/
Marriott International filed its Q3 2026 10-Q, reporting net income of $794M ($3.04 diluted EPS) on total revenue of $7.005B, up 8% YoY. Gross fee revenues surged 14% to $1.522B, led by franchise fees (+$131M, including +$68M in co-branded credit card fees). Operating income reached $1.274B with an 18.2% margin. The company repurchased $3.081B in stock over nine months.
- Q3 diluted EPS of $3.04, up 13.9% from $2.67 in Q3 2025
- Gross fee revenues hit $1.522B, +14% YoY, driven by co-branded credit card fees (+$68M) and higher RevPAR
- Worldwide RevPAR rose 4.8% to $133.36; International RevPAR up 3.1% to $116.87
- Share buybacks accelerated: $3.081B in treasury stock purchases over nine months vs. $2.300B in prior year
- Operating income grew 8% to $1.274B; operating margin of 18.2%
Extended-hours trading shows MAR at $413.52, +3.56% vs the regular close of $399.62, indicating a positive initial reaction to the Q3 beat and strong fee revenue growth.
Marriott's asset-light model is firing on all cylinders: fee revenue growth far outpaces owned/leased revenue, while $3B+ in buybacks amplifies per-share returns.
Marriott's 14% gross fee revenue growth and 4.8% worldwide RevPAR increase outpace typical hotel sector trends, with co-branded credit card fees emerging as a significant growth driver alongside traditional RevPAR gains.
Interest expense rose to $227M in Q3 (vs. $206M prior year) and $662M for nine months (vs. $601M), reflecting higher debt levels. Long-term debt increased to $16.434B from $14.995B at year-end 2025. Foreign currency translation losses of $60M over nine months vs. a $414M gain in the prior year period.