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Marriott International
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Latest analysis
Updated Nov 2, 2026
Marriott raises FY2026 global RevPAR guidance to 4.5%-5% after Q3 outperformance, with luxury and select service both accelerating and pipeline hitting a record 634,000 rooms.
Marriott delivered Q3 2026 global RevPAR growth of 6.5% — above prior expectations — with U.S. and Canada rising 7.4% and luxury RevPAR up 12%, driving adjusted EBITDA up 12% to $1.51 billion and adjusted diluted EPS up 22% to $3.02. The company raised full-year 2026 global RevPAR guidance from the original 1.5%-2.5% range to 4.5%-5%, a 300-basis-point uplift that reflects sustained demand across all customer segments. The Middle East remains the single material drag, with Q3 RevPAR down 12% and a more severe Q4 decline expected due to event cancellations and difficult prior-year comparisons, but the region represents only 3% of open rooms and 3% of gross fees globally.
Tone: bullishRevenue
$26.2B
MAR 10-K · FY 2025
Employees
414,000
Revenue FY2024
$25.1B
Founded
1927
Profile
MAR 10-K Item 1 · Feb 10, 2026Marriott International is a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties operating under 30-plus brands across four quality tiers — Luxury, Premium, Select, and Midscale. The company's asset-light model generates fee revenue through franchise royalties, management fees, and licensing agreements rather than hotel ownership. At year-end 2025, the system encompassed 9,805 properties with 1,779,936 rooms across 145 countries and territories.
Read filing description ↓ Collapse description ↑
We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. Consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties (less than one percent of our system). As of year-end 2025, our system included 9,805 properties (1,779,936 rooms) in 145 countries and territories, and we also had approximately 4,100 properties (nearly 610,000 rooms) in our development pipeline. Our brands are categorized by style of offering - Classic and Distinctive. Our Classic brands offer time-honored hospitality for the modern traveler, and our Distinctive brands offer memorable experiences with a unique perspective - each of which we group into four quality tiers: Luxury, Premium, Select, and Midscale. Luxury offers bespoke and superb amenities and services. Premium offers sophisticated and thoughtful amenities and services. Select offers smart and easy amenities and services. Midscale offers limited services and essential amenities at a more affordable price point. Longer stay brands, which are classified under multiple quality tiers, offer amenities suggestive of the comforts of home. We have franchise, license, and other arrangements that permit hotel owners and certain other third parties to use many of our lodging brand names and systems. Under our hotel franchising arrangements, we generally receive an initial application fee and continuing royalty fees, which typically range from four to seven percent of room revenues, plus for certain brands, up to four percent of food and beverage revenues, as well as reimbursement for centralized programs and services. Marriott Bonvoy is central to our business strategy, encompassing our portfolio of compelling brands and other travel offerings, our direct channels, and our award-winning travel loyalty program.
Primary products
- JW Marriott
- The Ritz-Carlton
- The Luxury Collection
- W Hotels
- St. Regis
- EDITION
Business segments
End markets
Geographies
Named customers
Named competitors
“Based on lodging industry data, we have an approximately 17 percent share of the U.S. hotel market and a four percent share of the hotel market outside the U.S. (based on number of rooms).” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $25.1 billion in 2024 to $26.2 billion in 2025, driven by growth in franchise fees, cost reimbursement revenue, and owned, leased, and other revenue.
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