Worldwide systemwide RevPAR rose 3.4% in Q2 2026 (ADR +3.5%, occupancy −0.1 pt), with U.S. & Canada systemwide RevPAR up 5.0% aided by June 2026 World Cup demand. International systemwide RevPAR declined 0.5% in Q2, driven almost entirely by the Middle East conflict: Middle East & Africa systemwide RevPAR fell 33.1% (occupancy −15.8 pts, ADR −12.1%), with the filing stating the conflict's operational and financial impact continued into Q3 2026 and depends on the duration and extent of travel disruption.
During 2026 Marriott executed new multi-year co-branded credit card agreements in the U.S. with JPMorgan Chase and American Express. The company expects these agreements to favorably impact total revenues in future periods, primarily in the cost-reimbursement and franchise-fee captions; co-branded credit card fees already contributed $73M of the $163M year-over-year increase in Q2 2026 franchise fees.
At June 30, 2026 the system comprised 10,082 properties and 1,813,698 rooms, up 4% year-over-year, with roughly 33,800 net rooms added in H1 2026. The development pipeline held ~4,200 properties and ~629,000 rooms, of which 279,000+ rooms (44%) were under construction and over half were outside U.S. & Canada. Management guided full-year 2026 net rooms growth toward the low end of its 4.5–5.0% range.
In April 2026 a U.S. & Canada hotel was designated held-for-sale and a $68M impairment charge was recorded; the sale to a third-party buyer was completed in May 2026 and Marriott entered into a long-term management agreement to continue operating the property. The impairment was the primary driver of the $62M year-over-year increase in Q2 depreciation, amortization, and other expenses.
Marriott repurchased 3.0 million shares for $1.1 billion in Q2 2026 (average $368.49/share), leaving 21.5 million shares available under its open-ended buyback authorization. The quarterly dividend was raised to $0.73 per share, paid June 30, 2026, from $0.67 in the prior quarter. In February 2026 the company issued $600M of 4.500% Series WW notes due 2033 and $850M of 5.100% Series XX notes due 2038 (net proceeds ~$1.425B), while $750M of Series R notes matured on June 15, 2026.
(Filed on May 6, 2026)
+6.2%
—
$454M
Worldwide comparable systemwide RevPAR rose 4.2% in Q1 2026 (ADR +3.1%, occupancy +0.7 pts), with U.S. & Canada RevPAR up 4.0% led by luxury and International up 4.6%; however, a Middle East conflict beginning in March 2026 drove a sharp RevPAR decline in the Middle East & Africa region (-1.9% systemwide, -6.3 pt occupancy) and negatively impacted demand in certain APEC countries, with continued operational and financial impact into Q2 2026 depending on travel disruption duration.
System grew to 9,926 properties (1,795,808 rooms) at Q1 2026 year-end, adding ~15,900 net rooms in the quarter (vs. 77,266 net rooms YoY); the development pipeline comprised over 4,100 properties and ~618,000 rooms (including ~34,000 rooms approved but not yet under signed contracts), with over 268,000 rooms (43%) under construction and over half of pipeline rooms outside U.S. & Canada; full-year 2026 net rooms growth is guided at approximately 4.5–5.0%.
In February 2026, Marriott completed a $1.45 billion senior notes offering ($600M 4.500% Series WW due 2033 and $850M 5.100% Series XX due 2038), entering interest rate swaps converting $500M of the Series XX notes to floating rate (SOFR + ~1.33–1.35%); net proceeds of ~$1.425 billion were designated for general corporate purposes including working capital, capex, acquisitions, buybacks, and debt repayment.
Full-year 2026 capital and technology expenditures are expected to total ~$1,050–$1,150 million (including loan advances, contract acquisition costs, and a planned investment in the Lefay brand expected later in 2026), reflecting higher-than-typical spending on a worldwide technology systems transformation (overwhelmingly expected to be reimbursed over time) and renovations of the owned/leased portfolio; Q1 capex was $130 million.
A U.S. & Canada hotel met held-for-sale accounting criteria in Q2 2026 based on a purchase-and-sale agreement with a third-party buyer; an impairment charge of approximately $65–70 million is expected in Q2 2026, with the sale anticipated to close later in Q2 2026 and the hotel to continue operating under a long-term management agreement.
On the 2018 Starwood data security incident, the Fourth Circuit's 2025 second reversal of class certification prompted some plaintiffs to file individual lawsuits in New York state court; the company reports it is progressing in mediation discussions with U.S. consumer plaintiffs, believes a loss is probable, and has recorded an immaterial accrual as of March 31, 2026, while Canadian cases remain pending and it cannot reasonably estimate losses in excess of amounts recorded.
(Filed on February 10, 2026)
+4.1%
—
$358M
Q4 2025: Marriott completed the integration of the citizenM portfolio—37 open select-service hotels (8,789 rooms)—into its system and platforms, following the acquisition of the citizenM brand and related IP for $355 million (closed Q3 2025). Potential earn-out payments of up to $110 million are tied to multi-year brand growth and would not begin until the fourth year post-closing. Annual context: this was one of three new brands added to the portfolio in 2025 alongside Series by Marriott and the Outdoor Collection by Marriott Bonvoy, and all Sonder properties were removed following termination of the Sonder licensing agreement.
Annual context (fiscal 2025): The system grew from 9,361 to 9,805 properties (1,779,936 rooms) across 145 countries, with gross additions of 703 properties (99,459 rooms) including ~33,400 rooms converted from competitor brands. The development pipeline stood at approximately 4,100 properties (~610,000 rooms), of which nearly 265,000 rooms (43%) were under construction. Marriott signed nearly 1,200 development deals (~163,000 rooms) and 55 residential agreements in 2025. The company expects 2026 net rooms growth of 4.5–5.0% and capital/technology spending of $1.0–$1.1 billion, with higher-than-typical outlays on its worldwide technology systems transformation (reservations, property management, and loyalty platforms).
Annual context (fiscal 2025): Systemwide comparable RevPAR rose 2.0% (ADR +2.1%, occupancy flat), driven by International RevPAR growth of 5.1% (Middle East & Africa +10.4%, APEC ex-China +8.4%, Europe +3.3%) while U.S. & Canada RevPAR increased only 0.7% on weaker select-service business transient demand partly attributable to declines in government travel, and Greater China RevPAR edged up 0.4% amid soft macro-economic conditions. Loyalty Program members booked approximately 75% of U.S. and 68% of global room nights. Net income for the year was $2,601 million (diluted EPS $9.51); 12.1 million shares were repurchased for $3.3 billion.
Q4 2025: The company reclassified certain property-related and third-party agreement expenses from the 'General, administrative, and other' caption to 'Owned, leased, and other expense' on the income statement (prior-year reclassifications: $129M in 2024, $144M in 2023) to better reflect G&A costs. The annual goodwill impairment test, conducted in Q4, resulted in no charges; estimated fair values of all reporting units significantly exceeded carrying amounts. Q4 share repurchases totaled 3.5 million shares at an average price of $284.25, leaving 26.6 million shares available under the Board's open-ended authorization (last increased by 25 million shares on August 7, 2025).
Leadership and governance changes disclosed in the filing: Jennifer Mason (Global Officer, Treasurer and Risk Management) was appointed Executive Vice President and Chief Financial Officer effective immediately after the 10-K filing date; outgoing CFO Kathleen Oberg will retire March 31, 2026. Group President U.S. & Canada Liam Brown will step down March 28, 2026 and retire June 30, 2026, with Satya Anand (current President, EMEA) succeeding him in that role effective March 28, 2026, and Neal Jones (COO Europe & Africa) becoming President, EMEA the same date. Shawn Hill was appointed EVP and Chief Development Officer effective January 1, 2026. The current Chief Information Security Officer is voluntarily departing in late February 2026; the company is searching for a permanent replacement and will appoint an interim CISO in the interim.
(Filed on November 4, 2025)
+3.7%
—
$678M
Completed the citizenM brand acquisition in Q3 2025 for $355 million (plus potential earn-out of up to $110 million tied to multi-year brand growth beginning in year four post-closing). The portfolio comprised 37 open select-service hotels with 8,789 rooms; Marriott expects to integrate the properties into its system and platforms in Q4 2025. The purchase was accounted for as an asset acquisition, allocated to an indefinite-lived brand asset of ~$289 million and contract assets (weighted-average 20-year term) totaling $60 million.
Systemwide comparable RevPAR in Q3 2025 rose 0.5% year-over-year, driven by ADR growth of 0.9% and a 0.3-point occupancy decline. U.S. & Canada systemwide RevPAR fell 0.4% on weaker group demand and softness in government travel affecting select-service properties, while International systemwide RevPAR grew 2.6% and Greater China was flat. At quarter-end the system totaled 9,721 properties / 1,753,722 rooms (vs. 9,068 / 1,674,600 a year earlier); the development pipeline held ~3,900 properties and over 596,000 rooms, with 42% under construction or in conversion. Management expects full-year 2025 net rooms growth to approach 5 percent.
In August 2025, Marriott issued $1.5 billion of senior notes: $400 million at 4.200% due July 2027, $500 million at 4.500% due October 2031, and $600 million at 5.250% due October 2035, with net proceeds of approximately $1.477 billion earmarked for general corporate purposes. Interest-rate swaps converted $500 million of the Series VV Notes to floating rate (SOFR + ~1.44%). Combined with February 2025 issuances of $2 billion (Series RR and SS), the company's weighted-average long-term debt rate was 4.6% with a ~5.6-year weighted-average maturity at quarter-end.
On the Starwood Data Security Incident litigation, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's class certification in June 2025, holding that a class-action waiver signed by putative class members was enforceable. In Q3 2025, Marriott reached a non-material settlement with the City of Chicago (consolidated in the MDL) and recorded non-material insurance recoveries for incident-related costs. Mediation with remaining consumer plaintiffs is expected in Q4 2025; most government inquiries and investigations have been resolved or are no longer active.
Marriott repurchased 3.0 million shares for approximately $0.8 billion in Q3 2025 (average price ~$268.18) after the Board increased the buyback authorization by 25 million shares on August 7, 2025, leaving 30.1 million shares available. Capital and technology expenditures for the first three quarters totaled $432 million; full-year 2025 investment spending is guided to approximately $1,450 million, which includes $349 million for the citizenM acquisition and higher-than-typical worldwide technology-systems transformation costs expected to be largely reimbursed over time.
