Marriott Earnings Show US and Canada RevPAR Growing Faster Each Quarter
Marriott earnings show US and Canada revenue per available room growing faster each quarter this year, reaching 7.4% in the third quarter. In its November 2 release, Marriott also raised its 2026 forecast for that growth worldwide for the third time, to 4.5% to 5%.
The short answer. Yes, growth is speeding up. Revenue per available room in the US and Canada grew 4% in the first quarter, 5% in the second and 7.4% in the third, each against a year earlier. For travelers, that meant fuller hotels and higher prices. In the third quarter, US and Canada hotels filled more of their rooms and charged 4.9% more a night. Marriott has raised its 2026 forecast three times since February.
Marriott third quarter 2026 at a glance
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
On this page
- Marriott earnings: how much did revenue per room grow?
- Is Marriott's US and Canada RevPAR growth speeding up?
- Marriott 2026 outlook raised for the third time
- Marriott third quarter profit and fees
- Marriott RevPAR by region: where hotels did best and worst
- Marriott new hotels, buybacks and debt
- Frequently asked questions
Marriott earnings: how much did revenue per room grow?
Marriott hotels around the world took in 6.5% more room revenue for each room they had than a year earlier. More rooms were filled, and each one sold for more.
The hotel industry measures this with revenue per available room, or RevPAR. It is the room revenue a hotel takes in, divided by all the rooms it has, booked or empty. So it rises when a hotel fills more rooms, when it charges more, or both.
In the third quarter of 2026, worldwide RevPAR rose 6.5% from the same quarter of 2025. Marriott counts these changes at fixed exchange rates, so swings in currencies do not change the result. In actual dollars, the rise was 6.4%.
Both parts of the measure moved up. Across all Marriott brands worldwide, 72.5% of rooms were filled, 1.1 points more than a year earlier. The average room sold for $190.33 a night, up 4.8%.
Chief executive Anthony Capuano called them "excellent third quarter results" in the release. He said RevPAR grew "on higher ADR and occupancy," meaning a higher average daily rate and more rooms filled.
| Comparable hotels, all brands | RevPAR | Change | Rooms filled | Change | Average rate | Change |
|---|---|---|---|---|---|---|
| Worldwide | $137.91 | +6.5% | 72.5% | +1.1 pts | $190.33 | +4.8% |
| US & Canada | $146.29 | +7.4% | 73.9% | +1.7 pts | $197.93 | +4.9% |
| International | $121.74 | +4.4% | 69.7% | 0.0 pts | $174.76 | +4.4% |
Source: Marriott International third quarter 2026 results release, comparable systemwide properties, three months ended September 30, 2026, constant dollars, changes against the same quarter of 2025.
Is Marriott's US and Canada RevPAR growth speeding up?
Yes. US and Canada RevPAR grew 7.4% in the third quarter, up from 5% in the second. Growth has picked up in every quarter of 2026.
The turn came this year. In late 2025, US and Canada RevPAR slipped. It fell 0.4% in the third quarter of 2025, which Marriott tied to less government travel in its release for that quarter. It fell 0.1% in the fourth, which its fourth quarter release tied to the long US government shutdown.
Then growth came back and kept rising. US and Canada RevPAR grew 4.0% in the first quarter of 2026, as Marriott's first quarter release shows. It grew 5.0% in the second, in its second quarter release, and now 7.4%.
Show the data
| Category | Value |
|---|---|
| Q3 2025 | -0.4% |
| Q4 2025 | -0.1% |
| Q1 2026 | 4.0% |
| Q2 2026 | 5.0% |
| Q3 2026 | 7.4% |
A weak quarter a year ago makes this one look bigger. US and Canada RevPAR had fallen in the third quarter of 2025, the base for the 7.4% gain. Still, the growth rate went up in each of the three quarters of 2026.
Prices led the gain. US and Canada hotels filled 73.9% of their rooms, 1.7 points more than a year earlier. The average rate rose 4.9% to $197.93 a night.
The US and Canada also did better than the rest of the world this time. Their RevPAR rose 7.4%, against 4.4% in Marriott's international markets.
Marriott is not alone. Hilton's RevPAR in the US alone, without Canada, rose 7.0% in the same quarter, its third quarter release shows. Hyatt's US figure rose 8.2%, and its release said the FIFA World Cup and the timing of Jewish holidays helped. Marriott's release does not say how much those events added to its own figure.
Capuano said the US growth was "broad-based" across "customer segments and chain scales." In plain words, growth spread across types of guests and hotel price levels.
The most expensive hotels grew fastest. Marriott's US and Canada luxury brands posted an 11.9% rise in RevPAR, led by The Ritz-Carlton at 14.6%. Marriott's lower priced US and Canada brands, such as Courtyard, Residence Inn and Fairfield, rose 6.4% as a group.
| US & Canada, all brands | RevPAR | Change | Rooms filled | Average rate | Change |
|---|---|---|---|---|---|
| Third quarter 2026 | $146.29 | +7.4% | 73.9% | $197.93 | +4.9% |
| First nine months of 2026 | $141.86 | +5.5% | 71.5% | $198.39 | +4.2% |
Source: Marriott International third quarter 2026 results release, comparable systemwide US & Canada properties, constant dollars, changes against the same periods of 2025.
Marriott 2026 outlook raised for the third time
Marriott now expects worldwide RevPAR to grow 4.5% to 5% in 2026. That is its third raise since February.
Capuano tied the latest change to the quarter. "Given our strong third quarter performance and expectations for continued healthy demand, we are raising our global RevPAR outlook," he said.
Marriott set its first range for 2026 at 1.5% to 2.5% in February, in its fourth quarter 2025 release. It raised the range in May and again in August, to 3% to 3.5%.
Show the data
| Item | Low | High | Value |
|---|---|---|---|
| February 10, 2026 | 1.5% | 2.5% | |
| May 6, 2026 | 2.0% | 3.0% | |
| August 3, 2026 | 3.0% | 3.5% | |
| November 2, 2026 | 4.5% | 5.0% |
Each raise came after a quarter that beat Marriott's own forecast. In all three quarters of 2026, RevPAR grew faster than the top of the range Marriott gave beforehand. For the third quarter, it had expected 3.5% to 4%. Growth came in at 6.5%.
Show the data
| Item | Low | High | Value |
|---|---|---|---|
| Q1 2026 | 1.0% | 2.0% | 4.2% |
| Q2 2026 | 1.5% | 2.5% | 3.4% |
| Q3 2026 | 3.5% | 4.0% | 6.5% |
For the fourth quarter, Marriott expects 4.5% to 5%, below the 6.5% it just posted for the third.
Marriott also raised its profit forecast. It uses adjusted earnings, which leave out some items, such as hotel costs that owners pay back and the matching revenue. It now expects $12.07 to $12.14 a share for 2026, up from $11.64 to $11.81 in August.
Marriott now plans to return at least $4.8 billion to shareholders in 2026 through dividends and buybacks. In August, it planned over $4.5 billion.
Marriott says the outlook assumes the economy stays about where it is now. It includes a hotel sale it plans for the fourth quarter.
Show the data
| Marriott outlook | Fourth quarter 2026 | Full year 2026 |
|---|---|---|
| Worldwide RevPAR growth | 4.5% to 5.0% | 4.5% to 5.0% |
| Gross fee revenues | $1,604M to $1,612M | $6,137M to $6,145M |
| Adjusted EBITDA | $1,573M to $1,596M | $6,075M to $6,098M |
| Adjusted EPS, diluted | $3.14 to $3.21 | $12.07 to $12.14 |
| Net rooms growth, year end | Low end of 4.5% to 5% | |
| Capital return to shareholders | At least $4,800M |
Source: Marriott International third quarter 2026 results release, Company Outlook. RevPAR growth is against the same periods of 2025.
Marriott third quarter profit and fees
Marriott earned $794 million in the quarter, 9% more than a year earlier. The fees that hotel owners pay to use its brands grew faster than that.
Marriott earns fees from owners who run hotels under its names or pay it to manage them. Those franchise and base management fees rose 13% to $1,341 million. The company named three reasons: higher fees from co-branded credit cards, higher RevPAR and more rooms.
Incentive management fees, which owners pay when their hotels hit profit targets, rose 22% to $181 million. Marriott said every region grew these fees.
One line went the other way. Owned, leased and other revenue, after its costs, fell to $41 million from $70 million. That line covers hotels Marriott owns or leases and some other items. Marriott said its own hotels earned less, because of renovations and a hotel it sold in the second quarter, and some other costs rose.
Reported earnings per share were $3.04, up from $2.67 a year earlier. Adjusted earnings per share were $3.02, up from $2.47.
That adjusted figure beat Marriott's own forecast. In its August release, it expected $2.74 to $2.82 a share for the quarter.
| Third quarter | 2026 | 2025 |
|---|---|---|
| Franchise and base management fees | $1,341M | $1,190M |
| Incentive management fees | $181M | $148M |
| Owned, leased and other revenue, net of expense | $41M | $70M |
| Operating income, reported | $1,274M | $1,180M |
| Net income, reported | $794M | $728M |
| Diluted EPS, reported | $3.04 | $2.67 |
| Net income, adjusted | $790M | $674M |
| Diluted EPS, adjusted | $3.02 | $2.47 |
| Adjusted EBITDA | $1,512M | $1,349M |
Source: Marriott International third quarter 2026 results release. Adjusted figures are the company's own measures, outside standard accounting rules.
Marriott RevPAR by region: where hotels did best and worst
Asia outside China grew fastest, with RevPAR up 9.3%. The Middle East and Africa fell 5.3%, hurt by the conflict in the region.
Europe also did well, with RevPAR up 6.4%. Capuano said strong demand from travelers coming in from other countries helped Asia.
The Middle East and Africa was the weak spot. Capuano said "the ongoing conflict in the Middle East continued to impact results in that region." He added that trends there "improved meaningfully from the second quarter."
Greater China was about flat, with RevPAR down 0.3%. The Caribbean and Latin America rose 3.2%.
| Region, all brands | RevPAR | Change | Rooms filled | Change |
|---|---|---|---|---|
| Asia Pacific excluding China | $123.59 | +9.3% | 73.0% | +1.7 pts |
| US & Canada | $146.29 | +7.4% | 73.9% | +1.7 pts |
| Europe | $204.38 | +6.4% | 77.9% | +1.7 pts |
| Caribbean & Latin America | $98.20 | +3.2% | 60.6% | +1.6 pts |
| Greater China | $75.72 | -0.3% | 68.0% | -1.5 pts |
| Middle East & Africa | $88.60 | -5.3% | 60.3% | -5.0 pts |
Source: Marriott International third quarter 2026 results release, comparable systemwide properties, three months ended September 30, 2026, constant dollars.
Marriott new hotels, buybacks and debt
Marriott keeps adding hotels. It added about 20,100 rooms in the quarter, and its count of rooms is 4.6% larger than a year ago.
Its pipeline of hotels signed or approved but not yet open reached a record 4,209 properties with more than 634,000 rooms. Of those pipeline rooms, 44% were under construction, counting hotels being converted to Marriott brands.
Conversions matter to that growth. Capuano said they made up over a third of signings and over 40% of openings in the first nine months.
The company bought back 3.5 million of its own shares for $1.3 billion in the quarter. Through October 28, it had returned about $4.0 billion to shareholders this year through dividends and buybacks.
Fewer shares means more profit for each one. Marriott counted 261.2 million diluted shares in the quarter, down from 272.5 million a year earlier. The release does not state the quarterly dividend per share.
Debt rose too. Total debt was $16.8 billion at the end of the quarter, up from $16.2 billion at the end of 2025. Net interest expense rose to $219 million from $194 million, which Marriott tied mainly to higher debt.
What to watch
- Whether the fourth quarter lands in the 4.5% to 5% RevPAR range: Marriott's fourth quarter 2026 results release.
- Marriott's first RevPAR forecast for 2027: Marriott's fourth quarter 2026 results release, since its first forecast for 2026 came with the fourth quarter 2025 results.
Our numbers
These figures are our calculations from the sources linked above.
- A 2026 forecast raised at each release since February: the full year worldwide RevPAR range in Marriott's February, May, August and November 2026 releases.
- Above the top of its forecast in each quarter of 2026: each quarter's worldwide RevPAR growth set against the range Marriott gave in the release before it.
Frequently asked questions
How did Marriott do in its third quarter 2026 earnings?
Worldwide RevPAR rose 6.5% and net income rose 9% to $794 million. Reported earnings were $3.04 a share, and adjusted earnings were $3.02 a share.
What is RevPAR?
RevPAR means revenue per available room. It is room revenue divided by all the rooms a hotel has, booked or not, so it captures both how full hotels are and what they charge.
Did Marriott raise its outlook?
Yes. Marriott now expects 2026 worldwide RevPAR growth of 4.5% to 5%, up from 1.5% to 2.5% in February. It expects adjusted earnings of $12.07 to $12.14 a share.
How did Marriott's US and Canada hotels perform?
RevPAR in the US and Canada rose 7.4% in the third quarter. Hotels filled 73.9% of their rooms, and the average rate rose 4.9% to $197.93 a night.
What is Marriott's outlook for the fourth quarter?
Marriott expects fourth quarter 2026 worldwide RevPAR to grow 4.5% to 5% from a year earlier. It expects adjusted earnings of $3.14 to $3.21 a share for the quarter.
Sources
- Marriott International Reports Third Quarter 2026 Results, StockTitan, November 2, 2026
- Marriott International Reports Second Quarter 2026 Results, StockTitan, August 3, 2026
- Marriott International Reports First Quarter 2026 Results, StockTitan, May 6, 2026
- Marriott International Reports Fourth Quarter and Full Year 2025 Results, StockTitan, February 10, 2026
- Marriott International Reports Third Quarter 2025 Results, StockTitan, November 4, 2025
- Hilton Reports Third Quarter Results, StockTitan, October 27, 2026
- Hyatt Reports Third Quarter 2026 Results, StockTitan, October 29, 2026
- Marriott International Form 8-K with the third quarter 2026 results release as Exhibit 99, SEC EDGAR, November 2, 2026
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