Marriott International

Marriott International is one of the largest hotel companies in the world. It manages and franchises hotels and licenses its brands, and it owns or leases only a few hotels. Its brands include The Ritz-Carlton, St. Regis, JW Marriott, Marriott, Sheraton, Westin and Courtyard.

At the end of Q3 2026, its system had more than 10,200 properties with nearly 1,834,000 rooms, and its development pipeline had 4,209 properties with more than 634,000 rooms. Its Marriott Bonvoy loyalty program had about 309 million members. Most of its profit comes from fees: franchise and base management fees were $1,341 million in Q3 2026. It reports two segments, U.S. & Canada and International.

Marriott trades at a premium because investors pay for a fee business that needs little capital and grows as new hotels open. Marriott expects gross fee revenues of $6,137 million to $6,145 million for 2026. Net rooms grew 4.6% in the year to Q3 2026, and the pipeline reached a record of more than 634,000 rooms. The Marriott Bonvoy program, with about 309 million members, brings direct bookings and higher co-branded credit card fees.

Marriott also returns most of its cash, with at least $4.8 billion of capital returns planned for 2026. The price assumes that fees grow faster than the economy for many years. For the premium to be earned, three things must be true. Net rooms must grow 4.5% to 5% a year as the pipeline opens.

RevPAR must keep growing after the strong 2026, also in the U.S. and Canada, where it fell 0.1% in Q4 2025. Debt must stay near its present level compared with adjusted EBITDA while buybacks continue, because debt rose to $16.8 billion. The Q4 2026 report with the 2027 outlook, expected in February 2027, gives the next test. If RevPAR growth stops or room growth slows, the premium can shrink within one to two years.

1. Nov 2, 2026Passed

   Q3 2026 results: RevPAR and room growthRevPAR growth above the full-year outlook and net rooms growth near 4.5% pass; falling RevPAR or a lower outlook fail.Outcome: Worldwide RevPAR rose 6.5%, net rooms grew 4.6% and Marriott raised its 2026 RevPAR outlook to 4.5% to 5.0% growth.
2. Feb 9, 2027 · est.Pending

   Q4 2026 results and 2027 outlookA 2027 outlook with RevPAR growth, net rooms growth near 4.5% to 5% and higher capital returns pass; flat RevPAR or slower room growth fail.

Every passed and failed checkpoint across all picks

• November 2, 2026Marriott reported Q3 2026 results. Worldwide RevPAR rose 6.5%, with 7.4% growth in the U.S. & Canada and 4.4% growth in international markets. Adjusted diluted EPS rose to $3.02 from $2.47, and adjusted EBITDA rose 12% to $1,512 million. Net rooms grew 4.6% in a year. Marriott raised its 2026 RevPAR outlook to 4.5% to 5.0% growth and expects adjusted EPS of $12.07 to $12.14 and capital returns of at least $4.8 billion.
• September 23, 2026Marriott refinanced its credit facility. It extended the maturity to September 2031 and raised the facility to $5.0 billion from $4.5 billion. In Q3 2026, it also sold $250 million of 4.875% notes due 2029 and $1.0 billion of 5.650% notes due 2036.
• August 3, 2026Marriott reported Q2 2026 results. Worldwide RevPAR rose 3.4%, but international RevPAR fell 0.5% because RevPAR in the Middle East fell 43% during the conflict there. Adjusted diluted EPS was $3.19, and Marriott raised its full-year outlook.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 2, 2026 · mar-20260930
• 8-KEarnings releaseFiled November 2, 2026 · mar-20261102
• 8-KNew material agreement and New debt or financial obligationFiled September 24, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 3, 2026 · mar-20260630
• 8-KEarnings releaseFiled August 3, 2026 · mar-20260803
• 8-KShareholder vote resultsFiled May 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · mar-20260331
• 8-KEarnings releaseFiled May 6, 2026 · mar-20260506
• 8-KOther company newsFiled February 20, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1048286)

• Hotel demand depends on the economy and on travel. U.S. & Canada RevPAR fell 0.1% in Q4 2025 before it grew again in 2026. A recession can lower RevPAR, fees and incentive management fees quickly.
• Conflicts and other world events can stop travel to a region. RevPAR in the Middle East fell 43% in Q2 2026 during the conflict there, and the conflict still hurt the region in Q3 2026.
• Debt rose to $16.8 billion at September 30, 2026 from $16.2 billion at the end of 2025, while Marriott bought back shares. Net interest expense rose to $219 million in Q3 2026 from $194 million. Higher debt leaves less room in a downturn.
• Online travel agencies, home-sharing platforms and AI booking tools compete for travelers. If they win more direct bookings, the value of Marriott's brands and loyalty program to hotel owners can fall.
• Results of owned and leased hotels fell to $41 million in Q3 2026 from $70 million because of renovations, a hotel sale and higher costs. This part of the business is small, but it can still lower earnings.

Marriott funds itself with senior notes, commercial paper and a revolving credit facility. Total debt was $16,843 million and cash was $453 million at September 30, 2026, against $16.2 billion of debt and $358 million of cash at the end of 2025. Read more

Dividend yield

0.7% (last 12 months, at today’s price of $417.16)

Paid per share

$2.80 in the last 12 months (4 payments)

Current annual rate

$2.92 ($0.73 × 4 a year)

Payout ratio

28% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 20, 2026, $0.73 per share

Dividends per share by year

Over the last 10 years, the dividend grew by about 9.8% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.