Marriott International
MAR · Nasdaq
Next quarter
Reports Nov 3, 2026.
Consensus is $2.84 EPS for Sep 2026 across 8 estimates, ranging $2.75 to $3.01.
MAR Jun 2026
- 4.25%
- -0.47%
- $3.06
- $3.19
- —
- $7.07B
Reported results
- $7.07B
- $1.23B
- 17.38%
- $766.00M
- $2.90
Highlights
- Second-quarter revenue was $7.071 billion, compared with $6.744 billion in the year-earlier quarter; net income was $766 million versus $763 million.
- Net fee revenue was $1.547 billion, including $1.023 billion of franchise fees, $343 million of base management fees, and $212 million of incentive management fees.
- Owned, leased, and other revenue was $466 million, while cost reimbursement revenue was $5.058 billion.
- Operating income was $1.229 billion versus $1.236 billion a year earlier; owned, leased, and other expense was $417 million, depreciation and amortization was $115 million, and general and administrative expense was $220 million.
- Six-month capital and technology expenditures were $282 million, compared with $290 million in the prior-year period; the supplied material contains no forward guidance ranges.
Analysis
No consensus figures are on file, so the quarter cannot be assessed against an external expectation. Revenue was $7.071 billion, up from $6.744 billion in the year-earlier quarter and above the $6.65 billion reported for the first quarter of 2026. Net income was $766 million, versus $763 million a year earlier and $650 million in the prior quarter. Fee-based activity carried the result: net fee revenue reached $1.547 billion, with franchise fees at $1.023 billion, base management fees at $343 million, and incentive management fees at $212 million. Owned, leased, and other revenue was $466 million, while cost reimbursement revenue was $5.058 billion. Operating income declined to $1.229 billion from $1.236 billion despite higher revenue, as owned, leased, and other expense rose to $417 million from $363 million and depreciation and amortization increased to $115 million from $53 million. The filing does not state a revenue growth rate or operating margin.
Guidance
The supplied filing does not provide forward revenue, earnings, margin, unit, subscriber, or capital expenditure guidance ranges. It therefore offers no numerical update to compare with a prior guide. The only capital-spending figure disclosed is $282 million of capital and technology expenditures for the six months ended June 30, 2026, compared with $290 million in the prior-year period. The material also does not identify assumptions, timing qualifications, or specific forward headwinds tied to an outlook. Any assessment of future periods would consequently require information not included in the supplied material.
What drove it
- Franchise fees — Franchise fees were $1.023 billion in the second quarter, compared with $860 million in the year-earlier quarter.
- Management fees — Base management fees were $343 million and incentive management fees were $212 million, versus $340 million and $200 million, respectively, a year earlier.
- Owned operations — Owned, leased, and other revenue was $466 million, while related expense was $417 million.
- Cost reimbursements — Cost reimbursement revenue was $5.058 billion, compared with reimbursed expenses of $5.100 billion.
- Capital spending — Capital and technology expenditures totaled $282 million for the first six months, compared with $290 million in the prior-year period.
Watch items
- Operating income fell to $1.229 billion from $1.236 billion despite revenue increasing from $6.744 billion to $7.071 billion.
- Owned, leased, and other expense increased to $417 million from $363 million, putting pressure on the contribution from those operations.
- Depreciation, amortization, and other expense rose to $115 million from $53 million, while interest expense increased to $221 million from $203 million.
