10-Q · August 3, 2026
Marriott delivered Q2 revenue of $7.071 billion, up 4.8% year over year, and diluted EPS of $2.90, up from $2.78 in Q2 2025 and from $2.43 in Q1 2026. Fee-led growth and 3.4% worldwide RevPAR growth were strong,…
Earnings analysis · 10-Q
MAR earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
Marriott delivered a strong third quarter, with revenue of $7.005 billion and diluted EPS of $3.04, representing approximately 7.9% and 13.9% year-over-year growth, respectively. The filing also shows continued capital…
Read full summary
Marriott delivered a strong third quarter, with revenue of $7.005 billion and diluted EPS of $3.04, representing approximately 7.9% and 13.9% year-over-year growth, respectively. The filing also shows continued capital returns, including 3.5 million share repurchases at an average $358.10 per share, and a $5.0 billion amended credit agreement. The supplied 10-Q extract does not provide segment results, margin detail, cash flow, or quantitative guidance, while legal uncertainty and the existing risk profile remain relevant.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.04
What stood out
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Revenue and EPS grew year over year
Third-quarter revenue was $7.005 billion and diluted EPS was $3.04, up from $6.49 billion and $2.67, respectively, in 2025 Q3; revenue increased approximately 7.9% and EPS approximately 13.9% year over year.
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Continued share repurchases
Marriott repurchased 3.5 million shares during the quarter at an average price of $358.10 per share. As of September 30, 2026, 18.0 million shares remained available under the repurchase authorization.
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Updated $5 billion credit facility
The company entered into a $5.0 billion Seventh Amended and Restated Credit Agreement dated September 23, 2026, expanding or renewing its revolving liquidity capacity.
What to watch
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Legal and litigation uncertainty
The filing states that legal proceedings and claims remain inherently uncertain; the company uses a $1 million threshold for disclosing material environmental proceedings involving a governmental authority, and unfavorable rulings could materially affect results or cash flows.
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Existing risk profile unchanged
The company states that there were no material changes to the risk factors in its 2025 Form 10-K. Accordingly, the filing does not reduce the previously disclosed exposure to operating, financial, and geopolitical risks.
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Technology transformation execution
The company is updating controls as part of its worldwide technology systems transformation. Management will continue evaluating control design and implementation as the transformation continues, creating execution risk despite management concluding controls were effective at quarter-end.
Management's outlook
The provided 10-Q extract does not include quantitative revenue or EPS guidance; the quantitative outlook was provided in the November 2, 2026 earnings release rather than the supplied filing text.
Earlier filings 4
10-Q · May 6, 2026
Marriott International reported Q1 2026 earnings with revenue of $6.65 billion, missing the estimate of $6.58 billion, while EPS came in at $2.43, below the expected $2.56. Notably, the company anticipates a full-year…
10-K · February 10, 2026
Marriott International reported financial growth for 2025, with revenues reaching $26.19 billion and net income totaling $2.60 billion. Although the company faced challenges with operating margins decline and slightly…
10-Q · November 4, 2025
Marriott International, Inc. reported Q3 2025 revenues of $6.49 billion, reflecting a slight decrease from $6.74 billion in Q2 2025 but a consistent performance compared to $6.26 billion in Q3 2024. EPS increased to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.