Jun 2026 (Q2 FY26) — Aug 3, 2026
Marriott International Q2 FY26 — Strong RevPAR Growth and Raised Full-Year Guidance
Read the full callMarriott International (MAR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Marriott International earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,071 | +4.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.4 | −0.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 766 | +0.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
32 of 34 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Natural language / conversational search launch on marriott.com and Bonvoy app | begin phased rollout in the first half of 2026 | Dec 2025 | In June, we began our phased rollout of -- our AI-powered conversational search experience on marriott.com and the Marriott Bonvoy app | Achieved |
| Full-year adjusted EBITDA | $5.8 billion to $5.9 billion, 8% to 10% increase | Dec 2025 | Full year adjusted EBITDA could increase between 11% and 12% to $5.97 billion to $6.03 billion. | Revised Up |
| Full-year adjusted effective tax rate | 26% to 26.5% | Dec 2025 | Our 2026 adjusted effective tax rate is expected to remain between 26% and 26.5%. | On Track |
2 of MARRIOTT INTERNATIONAL INC /MD/'s 59 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 56 more targets are in the full ledger.
Claimed
- Global RevPAR rose 3.4% in Q2 FY26, with U.S. and Canada RevPAR up 5%, marking its highest quarterly increase in 13 quarters.
- Adjusted diluted EPS increased 20% year-over-year to $3.19 in Q2 FY26.
- Adjusted EBITDA grew 13% year-over-year to $1.59 billion in Q2 FY26.
- The global development pipeline expanded nearly 7% year-over-year to a new record of approximately 629,000 rooms at the end of June.
- New long-term co-branded credit card agreements in the U.S. are expected to drive significant value, with an incremental $30 million impact to 2026 fees and $100 million to $125 million by FY28.
Qualified
- Middle East RevPAR declined 43% in Q2 FY26 due to regional conflict, contributing to a 5% decline in EMEA RevPAR.
- Full-year net rooms growth is now expected towards the low end of the 4.5% to 5% range, primarily due to construction delays in the Middle East.
- Owned, leased, and other revenue, net of expenses, decreased to $49 million in Q2 FY26 from $78 million in the prior year, impacted by a $27 million property-related litigation accrual.
- Lower expectations for fees in Japan due to the decline in the yen partially offset gains from new co-branded credit card deals.
Price
$390.7 +0.68% · +$2.65
Performance +49.8% 1Y
1Y: $260.85 on 17 Oct 2025 → $390.7. High $402.54 (12 Jun 2026), low $260 (20 Oct 2025).
- Previous close
- $388.05
- 52-week range
- $260 – $402.54
- One year
- +50.27%
Overview
- Symbol
- MAR
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
32 of 34 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Natural language / conversational search launch on marriott.com and Bonvoy app | begin phased rollout in the first half of 2026 | Dec 2025 | In June, we began our phased rollout of -- our AI-powered conversational search experience on marriott.com and the Marriott Bonvoy app | Achieved |
| Full-year adjusted EBITDA | $5.8 billion to $5.9 billion, 8% to 10% increase | Dec 2025 | Full year adjusted EBITDA could increase between 11% and 12% to $5.97 billion to $6.03 billion. | Revised Up |
| Full-year adjusted effective tax rate | 26% to 26.5% | Dec 2025 | Our 2026 adjusted effective tax rate is expected to remain between 26% and 26.5%. | On Track |
Claimed
- Global RevPAR rose 3.4% in Q2 FY26, with U.S. and Canada RevPAR up 5%, marking its highest quarterly increase in 13 quarters.
- Adjusted diluted EPS increased 20% year-over-year to $3.19 in Q2 FY26.
- Adjusted EBITDA grew 13% year-over-year to $1.59 billion in Q2 FY26.
- The global development pipeline expanded nearly 7% year-over-year to a new record of approximately 629,000 rooms at the end of June.
- New long-term co-branded credit card agreements in the U.S. are expected to drive significant value, with an incremental $30 million impact to 2026 fees and $100 million to $125 million by FY28.
Qualified
- Middle East RevPAR declined 43% in Q2 FY26 due to regional conflict, contributing to a 5% decline in EMEA RevPAR.
- Full-year net rooms growth is now expected towards the low end of the 4.5% to 5% range, primarily due to construction delays in the Middle East.
- Owned, leased, and other revenue, net of expenses, decreased to $49 million in Q2 FY26 from $78 million in the prior year, impacted by a $27 million property-related litigation accrual.
- Lower expectations for fees in Japan due to the decline in the yen partially offset gains from new co-branded credit card deals.
The full ledger
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Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Marriott International Q1 FY26 — Strong RevPAR and Raised Full-Year Guidance
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
Marriott Q4 FY25 — Record Pipeline Growth and Strong Shareholder Returns
Read the full callEvery analysed call
Marriott International earnings calls (MAR)
Financials
What the filings say
Net profit, year on year: 0% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,255 | 6,429 | 6,263 | 6,744 | 6,489 | 6,690 | 6,654 | 7,071 |
| Expenses | 5,311 | 5,677 | 5,315 | 5,508 | 5,309 | 5,913 | 5,590 | 5,842 |
| Operating profit | 944 | 752 | 948 | 1,236 | 1,180 | 777 | 1,064 | 1,229 |
| Operating margin | 15.1% | 11.7% | 15.1% | 18.3% | 18.2% | 11.6% | 16.0% | 17.4% |
| Interest | 179 | 180 | 192 | 203 | 206 | 208 | 214 | 221 |
| Profit before tax | 786 | 598 | 764 | 1,054 | 994 | 582 | 858 | 1,044 |
| Tax rate | 25.7% | 23.9% | 13.0% | 27.6% | 26.8% | 23.5% | 24.5% | 26.6% |
| Net profit | 584 | 455 | 665 | 763 | 728 | 445 | 648 | 766 |
| EPS ($ per share) | 2.08 | — | 2.40 | 2.78 | 2.68 | — | 2.44 | 2.90 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 8,982 | 9,644 | 9,206 | 10,305 | 12,342 | 14,838 | 16,531 | 18,414 |
| Total liabilities | 21,471 | 24,348 | 24,271 | 24,139 | 24,247 | 26,356 | 29,174 | 31,311 |
| Fixed assets | 1,956 | 1,904 | 1,514 | 1,503 | 1,585 | 1,581 | 1,833 | 1,954 |
| Total assets | 23,696 | 25,051 | 24,701 | 25,553 | 24,815 | 25,674 | 26,182 | 27,540 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,357 | 1,685 | 1,639 | 1,177 | 2,363 | 3,170 | 2,749 | 3,212 |
| Cash from investing | -52 | -284 | 35 | -187 | -297 | -465 | -734 | -948 |
| Cash from financing | -2,374 | -1,508 | -1,033 | -463 | -2,962 | -2,864 | -1,956 | -2,318 |
| Net cash flow | -69 | -107 | 641 | 527 | -896 | -159 | 59 | -54 |
| Capital expenditure | -556 | -653 | -135 | -183 | -332 | -452 | -750 | -604 |
| Free cash flow | 1,801 | 1,032 | 1,504 | 994 | 2,031 | 2,718 | 1,999 | 2,608 |
MAR revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| US and Canada | 73% | 74% | 75% | 74% | 73% | 74% | 74% | 74% | +6.1% |
| EMEA | 10% | 10% | 8% | 10% | 9% | 9% | 8% | 9% | -6.9% |
| APEC | 4% | 4% | 4% | 4% | 4% | 5% | 4% | 4% | +6.6% |
| Greater China | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | +7.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MAR operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Rooms | 1.7M+Our industry-leading global lodging portfolio now goes over 1.7 million rooms across 144 countries and territories.Source: earnings call transcript | — | 1.75M+Development activity remained strong, and we grew our industry-leading global portfolio of rooms by 4.7% year-over-year to over 1.75 million rooms across more than 9,700 properties at the end of September.Source: earnings call transcript | <1.78MWith rooms growth as one of the top company priorities, I'm proud that Marriott's industry-leading global portfolio stood at nearly 1.78 million rooms across more than 9,800 properties in 145 countries and territories at the end of December.Source: earnings call transcript | — | 1.8M+We grew net rooms by 4.5% over the 12 months ending June 30, further expanding our industry-leading global portfolio to over 1.8 million rooms across more than 10,000 properties.Source: earnings call transcript | — |
| Development pipeline rooms | 577K+With a record of over 1,200 deals signed last year, we ended the year with over 577,000 rooms in our pipeline.Source: earnings call transcript | 587K+Our pipeline totaled a record of over 587,000 rooms at the end of the quarter with 42% of pipeline rooms under construction.Source: earnings call transcript | 596K+Our pipeline grew to a new high of more than 596,000 rooms at quarter end with over 250,000 pipeline rooms under construction.Source: earnings call transcript | 610KAt the end of December, our pipeline had grown to a record 610,000 rooms, up 2% from the prior quarter and up 6% from the prior year.Source: earnings call transcript | <618KOur global pipeline rose over 5% year-over-year to a new record of nearly 618,000 rooms at the end of the quarter, with 43% of pipeline rooms under construction, including rooms that are pending conversion.Source: earnings call transcript | ~629KOur global pipeline grew nearly 7% year-over-year to a new record of approximately 629,000 rooms at the end of June.Source: earnings call transcript | — |
| Loyalty program members | <228MWe added over 31 million new members to our loyalty program last year, growing to nearly 228 million members at year-end.Source: earnings call transcript | <237MOur powerful industry-leading Marriott Bonvoy loyalty program had nearly 237 million members at the end of March.Source: earnings call transcript | <260MMembership grew to nearly 260 million members at the end of September, up 18% year-over-year.Source: earnings call transcript | 271MLast year alone, 43 million new members joined Bonvoy, propelling the membership base to 271 million members worldwide at year-end.Source: earnings call transcript | <283MOur powerful industry-leading Marriott Bonvoy loyalty program had nearly 283 million members at the end of March.Source: earnings call transcript | 295M+the continued growth of our global lodging system and the powerful combination of scale and engagement represented by our cardholders and more than 295 million loyalty program members.Source: earnings call transcript | — |
| Properties | — | — | 9,700+Development activity remained strong, and we grew our industry-leading global portfolio of rooms by 4.7% year-over-year to over 1.75 million rooms across more than 9,700 properties at the end of September.Source: earnings call transcript | 9,800+With rooms growth as one of the top company priorities, I'm proud that Marriott's industry-leading global portfolio stood at nearly 1.78 million rooms across more than 9,800 properties in 145 countries and territories at the end of December.Source: earnings call transcript | — | 10K+We grew net rooms by 4.5% over the 12 months ending June 30, further expanding our industry-leading global portfolio to over 1.8 million rooms across more than 10,000 properties.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
135 filings between Nov 6, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$66.40M
25 sales by 12 insiders
Compensation
not trading decisions- 42
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 29
- Tax withheld — shares kept back by the company to cover tax
Also filed: 28 gifts, 4 other filings, 1 disposition to issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Capuano Anthony | — | $22.63M | Feb 17, 2026 |
| Harrison Deborah Marriott | — | $21.65M | Sep 25, 2026 |
| Brown William P | — | $5.25M | Feb 18, 2026 |
| Menon Rajeev | — | $3.49M | Feb 19, 2026 |
| Marriott David S | — | $2.94M | Sep 25, 2026 |
| Reiss Rena Hozore | — | $2.47M | Feb 13, 2026 |
| Mao Yibing | — | $1.67M | May 13, 2026 |
| Roe Peggy | — | $1.67M | May 18, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | LEWIS AYLWIN B Director | Award | 10 | $3.6K |
| Sep 30, 2026 | Reid Grant Director | Award | 70 | $25.0K |
| Sep 25, 2026 | Marriott David S Director | Sale | 3,500 | $1.23M |
| Sep 25, 2026 | MARRIOTT J W JR 10% owner | Sale | 3,500 | $1.23M |
| Sep 25, 2026 | Harrison Deborah Marriott Director | Sale | 3,500 | $1.23M |
| Sep 8, 2026 | Marriott David S Director | Other | 2,000,000 | $0 |
| Sep 8, 2026 | Harrison Deborah Marriott Director | Other | 2,000,000 | $0 |
| Sep 8, 2026 | Juliana B. Marriott Marital Trust Insider | Other | 2,000,000 | $0 |
| Sep 8, 2026 | Marriott Juliana B. Insider | Other | 2,000,000 | $0 |
| Aug 17, 2026 | Jones Neal President, EMEA | Tax withheld | 107 | $38.0K |
| Jun 30, 2026 | LEWIS AYLWIN B Director | Award | 10 | $3.6K |
| Jun 30, 2026 | Reid Grant Director | Award | 39 | $14.5K |
| Jun 10, 2026 | MARRIOTT J W JR 10% owner | Gift | 17,500 | $0 |
| May 18, 2026 | Harrison Deborah Marriott Director | Gift | 52 | $0 |
| May 18, 2026 | MARRIOTT J W JR 10% owner | Gift | 52 | $0 |
| May 18, 2026 | Roe Peggy EVP & Chf. Customer Officer | Sale | 3,000 | $1.08M |
| May 13, 2026 | Mao Yibing Pres. Greater China | Sale | 4,816 | $1.67M |
| May 11, 2026 | ROZANSKI HORACIO Director | Award | 670 | $0 |
| May 11, 2026 | Hobart Lauren R Director | Award | 670 | $0 |
| May 11, 2026 | Tresvant Sean Director | Award | 670 | $0 |
| May 11, 2026 | LEWIS AYLWIN B Director | Award | 670 | $0 |
| May 11, 2026 | SCHWAB SUSAN C Director | Award | 670 | $0 |
| May 11, 2026 | McCarthy Margaret M Director | Award | 670 | $0 |
| May 11, 2026 | Harrison Deborah Marriott Director | Award | 670 | $0 |
| May 11, 2026 | Henderson Frederick A. Director | Award | 670 | $0 |
| May 11, 2026 | Reid Grant Director | Award | 670 | $0 |
| May 11, 2026 | Goren Isabella D Director | Award | 670 | $0 |
| May 11, 2026 | Hill David Shawn EVP & Chf. Development Officer | Award | 87 | $30.5K |
| May 11, 2026 | Hill David Shawn EVP & Chf. Development Officer | Award | 87 | $30.5K |
| May 8, 2026 | Harrison Deborah Marriott Director | Gift | 52 | $0 |
| May 8, 2026 | MARRIOTT J W JR 10% owner | Gift | 2,340 | $0 |
| May 8, 2026 | Marriott David S Director | Gift | 52 | $0 |
| May 8, 2026 | Marriott David S Director | Gift | 52 | $0 |
| May 8, 2026 | Harrison Deborah Marriott Director | Gift | 936 | $0 |
| May 8, 2026 | Harrison Deborah Marriott Director | Gift | 52 | $0 |
| Mar 31, 2026 | LEWIS AYLWIN B Director | Award | 11 | $3.6K |
| Mar 16, 2026 | Hill David Shawn EVP & Chf. Development Officer | Tax withheld | 382 | $122.3K |
| Feb 19, 2026 | Menon Rajeev President, APEC | Sale | 3,492 | $1.24M |
| Feb 18, 2026 | Menon Rajeev President, APEC | Option exercise | 2,298 | $548.9K |
| Feb 18, 2026 | Menon Rajeev President, APEC | Sale | 6,333 | $2.26M |
| Feb 18, 2026 | Menon Rajeev President, APEC | Tax withheld | 1,548 | $549.2K |
| Feb 18, 2026 | Menon Rajeev President, APEC | Tax withheld | 1,002 | $355.9K |
| Feb 18, 2026 | Menon Rajeev President, APEC | Option exercise | 1,240 | $355.7K |
| Feb 18, 2026 | Menon Rajeev President, APEC | Option exercise | 4,992 | $886.3K |
| Feb 18, 2026 | Breland Benjamin T. CHRO & EVP, Global Ops. Serv. | Sale | 2,000 | $716.1K |
| Feb 18, 2026 | Menon Rajeev President, APEC | Tax withheld | 2,488 | $886.4K |
| Feb 18, 2026 | Brown William P Group Pres., US and Canada | Sale | 9,456 | $3.39M |
| Feb 17, 2026 | Capuano Anthony President & CEO | Tax withheld | 8,071 | $2.89M |
| Feb 17, 2026 | Breland Benjamin T. CHRO & EVP, Global Ops. Serv. | Tax withheld | 5,692 | $2.04M |
| Feb 17, 2026 | Breland Benjamin T. CHRO & EVP, Global Ops. Serv. | Tax withheld | 1,861 | $666.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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