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Marriott International (MAR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Marriott International (MAR) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $7.0B · 11¢ of every $1 of revenue kept as net profit · operating margin 18.2%

Marriott International made $7.0B in Q3 2026 (+8% Y/Y): Reimbursements $5.1B, Net fee revenues $1.5B, Owned, leased, and other $436M. Operating margin 18.2%, net earnings $794M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.

Revenue$7.0B
Year over year+8%
Operating margin18.2%
Net earnings$794M
Operating cash flow$1.4B

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Marriott International Q3 2026 revenue breakdown: Sankey diagram of revenue (Reimbursements, Net fee revenues, Owned, leased, and other), costs, profit and cash flow
Marriott International Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $7.0B in Q3 2026, up 8% year over year and down 1% from the previous quarter. Reimbursements was the largest line at 73% of revenue. Reimbursements added $0.32B year over year (up 7%), 62% of the total change.

Operating profit was $1.3B, a 18.2% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 18% reached operating profit, above the 18% margin then. Total costs grew 8% against revenue growth of 8%. Net earnings were $0.79B, up 9% year over year. The effective tax rate was 25.1%.

Operating cash flow was $1.4B (up 31% year over year), 180% of net earnings. Non-cash charges added back $0.07B of share-based compensation. Working capital and other items added $0.57B. Capital expenditures of $0.13B left free cash flow of $1.3B.

Quarterly history

Marriott International revenue by quarterMarriott International revenue by quarter$6.3BQ1 2025$6.7BQ2 2025$6.5BQ3 2025$6.7BQ4 2025$6.7BQ1 2026$7.1BQ2 2026$7.0BQ3 2026
Marriott International net earnings by quarterMarriott International net earnings by quarter$665MQ1 2025$763MQ2 2025$728MQ3 2025$445MQ4 2025$648MQ1 2026$766MQ2 2026$794MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 2, 2026$7.0B+8%18.2%$794M$1.4B
Q2 202610-QAug 3, 2026$7.1B+5%17.4%$766M$948M
Q1 202610-QMay 6, 2026$6.7B+6%16.0%$648M$858M
Q4 202510-KFeb 10, 2026$6.7B+4%11.6%$445M$829M
Q3 202510-QNov 4, 2025$6.5B+4%18.2%$728M$1.1B
Q2 202510-QAug 5, 2025$6.7B+5%18.3%$763M$643M
Q1 202510-QMay 6, 2025$6.3B+5%15.1%$665M$647M

Charts

Marriott International: revenue growth, year over year and quarter over quarterMarriott International: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q1 2025+5%+8%Q2 2025+4%-4%Q3 2025+4%+3%Q4 2025+6%-1%Q1 2026+5%+6%Q2 2026+8%-1%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q -1%.
Marriott International: where the cash came from (+) and went (−), TTM to Q3 2026Marriott International: where the cash came from (+) and went (−), TTM to Q3 2026Buybacks−$4.1BOperating cash flow$4.1BNet borrowing (+) / repaid (−)$1.1BDividends−$738MOther investing−$554MCash drawn (+) / kept (−)$231MTaxes on employees’ shares−$132MShares issued$108MOther financing−$97.0MAsset & business sales$96.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Marriott International: profit against cash, quarter by quarterMarriott International: profit against cash, quarter by quarterNet incomeOperating cash flow$455M$318MQ4 2024$665M$647MQ1 2025$763M$643MQ2 2025$728M$1.1BQ3 2025$445M$829MQ4 2025$648M$858MQ1 2026$766M$948MQ2 2026$794M$1.4BQ3 2026
Latest (Q3 2026): Net income $794M, Operating cash flow $1.4B.
Marriott International: diluted shares by fiscal yearMarriott International: diluted shares by fiscal year326MFY2020329MFY2021326MFY2022303MFY2023285MFY2024274MFY2025
-16.0% since FY2020: buybacks shrank the count.
Marriott International: long-term debt falling due (FY2025)Marriott International: long-term debt falling due (FY2025)$1.2B2026$2.6B2027$1.5B2028$1.3B2029$1.5B2030$8.2BLater
Cash $358M, short-term investments —, long-term debt $23.0M at 2025-12-31.
Marriott International in its industry: growth against margin (22 companies, SIC 7011)Marriott International in its industry: growth against margin (22 companies, SIC 7011)revenue growth, year over year →↑ operating marginmedian +2%median 11%MGMHLTLVSCZRPENNHWYNNTNLBYDBALYPKRRRCHHWHXHRSHOCNTYMCRIFLLBally's Chicago, Inc.HIGRMAR (+8%, 18%)
Hotels & Motels; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Marriott International

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.

In its own words, from its 10-K, filed Feb 10, 2026.

Marriott International against its Hotels & Motels peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +2%. Operating margin: 18.2% against the peers' median 15.5%.

CompanyQuarterRevenueY/YOp. margin
MAR Marriott InternationalQ3 2026$7.0B+8%18.2%
MGM MGM Resorts InternationalQ3 2026$4.2B-0.9%2.8%
HLT Hilton Worldwide HoldingsQ3 2026$3.3B+7%27.3%
LVS Las Vegas SandsQ3 2026$3.2B-4%19.2%
CZR Caesars EntertainmentQ3 2026$2.9B+2%15.5%
PENN Penn EntertainmentQ3 2026$1.8B+7%6.9%
H Hyatt HotelsQ3 2026$1.7B-2%4.5%
WYNN Wynn ResortsQ3 2026$1.7B-8%10.6%
TNL Travel & LeisureQ3 2026$1.1B+6%17.7%

Source: Marriott International 10-Q on SEC EDGAR · CIK 1048286 · Hotels & Motels

Guidance and outlook

Marriott International: what its forward-looking statements are about (10-Q filed 2026-11-02)Marriott International: what its forward-looking statements are about (10-Q filed 2026-11-02)Other3Financing3Demand1Costs1Deals1Buybacks & dividends1
10 statements; tone +0.30 (−1 all cautious, +1 all confident); 1 hedged.
Marriott International: outlook statements against the filing beforeMarriott International: outlook statements against the filing beforeConfident3

13F: who owns MAR and who is buying

Largest holders of MAR (13F)Largest holders of MAR (13F)Vanguard Group$6.4BBlackRock$5.9BVanguard Capital Management LLC$5.2BState Street$3.6BInvesco$3.6BFMR LLC$2.5BWellington Management Group LLP$2.0BGeode Capital Management, LLC$2.0BMorgan Stanley$1.8BVanguard Portfolio Management LLC$1.5B
Funds' net buying of MAR by quarter (13F)Funds' net buying of MAR by quarter (13F)$184M2024-09−$174M2024-12−$824M2025-03$311M2025-06$555M2025-09$2.0B2025-12−$1.2B2026-03−$1.7B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MAR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：万豪（MAR）财报

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