BETHESDA, Maryland—Marriott International, Inc. reported its second-quarter 2026 results. Highlights include:
- Second-quarter 2026 RevPAR increased 3.4 percent worldwide, with 5.0 percent growth in the United States & Canada and a 0.5 percent decline in international markets
- Second-quarter reported diluted EPS totaled $2.90 and adjusted diluted EPS totaled $3.19
- Second-quarter reported net income totaled $766 million and adjusted net income totaled $844 million
- Second-quarter Adjusted EBITDA totaled $1,592 million
- The company added roughly 17,900 net rooms globally during the quarter, and net rooms grew 4.5 percent from the end of the second quarter of 2025
- At the end of the quarter, Marriott’s worldwide development pipeline reached a new record and totaled nearly 4,200 properties and approximately 629,000 rooms, with 44 percent of pipeline rooms under construction, including hotels that are pending conversion
- The company repurchased 3.0 million shares of common stock for $1.1 billion in the 2026 second quarter. Year-to-date through July 29, the company has returned approximately $2.6 billion to shareholders through dividends and share repurchases
Statement From Leadership
Anthony Capuano, president and chief executive officer, said, “We delivered another quarter of excellent results, reflecting strong travel demand, the power of our brands, and sustained development momentum. Global RevPAR increased 3.4 percent in the second quarter, with continued ADR strength. In the U.S. & Canada, RevPAR rose 5 percent, driven by broad-based increases across chain scales and customer segments.
“International RevPAR declined 0.5 percent in the quarter, as headwinds from the conflict in the Middle East more than offset solid RevPAR growth across our other international regions. In EMEA, RevPAR declined over 5 percent, with an increase in Europe outweighed by a 43 percent decline in the Middle East. APEC RevPAR increased over 5 percent, supported by solid leisure demand and robust intra-regional travel, while Greater China RevPAR increased over 3 percent, driven by strong performance across our luxury portfolio and key markets like Hong Kong, Taiwan and Hainan. With the outperformance in the second quarter and strong broad-based demand generally expected to continue, we are raising our full-year expectation to 3 to 3.5 percent global RevPAR growth.
“Development activity remained strong, with record global signings in the first six months of the year. Our industry-leading global pipeline grew to approximately 629,000 rooms at quarter-end, up nearly 7 percent from the year-ago quarter. Conversions remained an important driver of growth, representing over a third of signings and 40 percent of openings in the first half of the year.
“The Marriott Bonvoy loyalty program, which grew to more than 295 million members at quarter-end, continues to drive demand, deepen member engagement and create value across our global portfolio. We recently executed new long-term agreements for our co-branded credit card program in the U.S. with JPMorgan Chase and American Express. These agreements further strengthen Marriott Bonvoy and deliver incremental value to our hotel owners, our cardholders and loyalty program members, and our shareholders.
“With our global scale, powerful portfolio of brands, industry-leading Marriott Bonvoy loyalty program, and dedicated associates, we are well positioned to meet the evolving needs of travelers seeking exceptional stays and memorable experiences. Supported by our robust pipeline and disciplined execution, we remain confident in our ability to deliver sustainable, long-term growth.”
Second-Quarter 2026 Results
Franchise and base management fees totaled $1,366 million in the 2026 second quarter, a 14 percent increase compared to franchise and base management fees of $1,200 million in the year-ago quarter. The increase was primarily driven by higher co-branded credit card fees, rooms growth, and higher RevPAR.
Incentive management fees totaled $212 million in the 2026 second quarter, compared to $200 million in the 2025 second quarter, driven by strong year-over-year growth in the United States & Canada, partially offset by declines in EMEA. Managed hotels in international markets contributed over half of the incentive fees earned in the quarter.
Owned, leased, and other revenue, net of owned, leased, and other expense, totaled $49 million in the 2026 second quarter, compared to $78 million in the 2025 second quarter. The decline primarily reflected a $27 million property-related litigation accrual ($20 million after-tax impact and $0.08 per share after-tax) as well as lower termination fees.
Depreciation, amortization, and other expenses totaled $115 million in the 2026 second quarter, compared to $53 million in the year-ago quarter. The increase was driven by a $68 million impairment charge recorded in connection with our sale of a U.S. & Canada hotel, which is excluded from our Adjusted results.
General and administrative expenses2 for the 2026 second quarter totaled $220 million, compared to $210 million in the year-ago quarter, reflecting higher compensation costs, driven in part by timing.
Interest expense, net, totaled $201 million in the 2026 second quarter, compared to $191 million in the year-ago quarter. The increase was primarily due to higher interest expense associated with higher debt balances, partially offset by higher interest income.
In the 2026 second quarter, the provision for income taxes totaled $278 million, compared to $291 million in the 2025 second quarter.
Marriott’s reported operating income totaled $1,229 million in the 2026 second quarter, compared to 2025 second-quarter reported operating income of $1,236 million. Reported net income totaled $766 million in the 2026 second quarter, flat compared to 2025 second-quarter reported net income of $763 million. Reported diluted earnings per share (EPS) totaled $2.90 in the quarter, compared to reported diluted EPS of $2.78 in the year-ago quarter.
Adjusted operating income in the 2026 second quarter totaled $1,329 million, compared to 2025 second quarter adjusted operating income of $1,186 million. Second-quarter 2026 adjusted net income totaled $844 million, compared to 2025 second-quarter adjusted net income of $728 million. Adjusted diluted EPS in the 2026 second quarter totaled $3.19, compared to adjusted diluted EPS of $2.65 in the year-ago quarter.
Second-quarter 2026 Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and certain impairment charges.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,592 million in the 2026 second quarter, a 13 percent increase compared to second quarter 2025 Adjusted EBITDA of $1,415 million.
Income Statement Reclassification
In the 2025 fourth quarter, to enhance understanding of the company’s general and administrative costs, Marriott reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of its Income Statements. The expenses that were reclassified from “General, administrative, and other” are certain costs associated with its property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements.
Selected Performance Information
The company added roughly 17,900 net rooms during the quarter, including approximately 11,000 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled over 10,000 properties, with nearly 1,814,000 rooms.
At the end of the quarter, the company’s worldwide development pipeline totaled 4,186 properties with approximately 629,000 rooms, including 253 properties with over 34,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,757 properties with over 279,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline were located in international markets.
In the 2026 second quarter, worldwide RevPAR increased 3.4 percent (a 3.9 percent increase using actual dollars) compared to the 2025 second quarter. RevPAR in the United States & Canada increased 5.0 percent (a 5.1 percent increase using actual dollars), and RevPAR in international markets declined 0.5 percent (a 1.0 percent increase using actual dollars) compared to the 2025 second quarter.
Balance Sheet & Common Stock
At the end of the quarter, Marriott’s total debt was $16.9 billion and cash and equivalents totaled $0.5 billion, compared to $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025.
The company repurchased 3.0 million shares of common stock in the 2026 second quarter for $1.1 billion. Year-to-date through July 29, the company has repurchased 6.2 million shares for $2.2 billion.
