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MAR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A solid quarter with double-digit fee revenue growth (+13%) driven by co-branded card fees and RevPAR strength, but a one-off $68M impairment and a $27M litigation accrual masked underlying operating leverage, leaving reported operating income essentially flat and net income up just 0.4% y/y.
Net Income
$766M
up 0.4% y/y
Total Revenue
$7,071M
up 4.8% y/y
Operating Income
$1,229M
down 0.6% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net Fee Revenue | $1,547 · +13% |
| Owned/Leased & Other Rev | $466 · +6% |
| Cost Reimbursement Revenue | $5,058 · +3% |
| Total Revenue | $7,071 · +4.8% |
| Reimbursed & Operating Expenses | $5,842 · +6% · incl. reimbursed exp $5,100 |
| Operating Income | $1,229 · −0.6% · margin 17% |
| Net Interest, Gains & Equity Earnings, net* | $185 · flat · incl. $68M impairment* |
| Pre-Tax Income | $1,044 · −1% |
| Income Tax | $278 · −4% |
| Net Income | $766 · +0.4% · diluted EPS $2.90 |
Verdict: a solid quarter with double-digit fee revenue growth (+13%) driven by co-branded card fees and RevPAR strength, but a one-off $68M impairment and a $27M litigation accrual masked underlying operating leverage, leaving reported operating income essentially flat and net income up just 0.4% y/y.
Repurchased 3.0M shares for $1.1B in Q2; YTD-through-July-29 capital returned ≈$2.6B; raised FY26 global RevPAR growth outlook to 3–3.5%; FY26 Adjusted EBITDA guided to $5,965–$6,025M.
Source and notation
* marks non-cash / ≈ estimated. Source: Marriott International press release / 10-Q (SEC EDGAR).
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- Reported operating income (-1%) masks 12% growth in Adjusted operating income ($1,329M) once cost-reimbursement revenue/expenses, a $68M impairment on a hotel sale, and restructuring recoveries are excluded.
- A $27M property-related litigation accrual ($20M after-tax) cut Owned/leased net income contribution to $49M from $78M a year ago.
- Net non-operating expense (interest expense, interest income, gains and equity earnings) totaled $185M, essentially flat y/y, funding the gap between operating income and pre-tax income.
- Franchise fees jumped 19% y/y to $1,023M, driven by co-branded credit card fees (new JPMorgan/Amex terms) and rooms/RevPAR growth — the core engine of the quarter.
- Cost reimbursement revenue/expense (a pass-through, no-margin item) makes up ~72% of both reported revenue and reported opex, distorting headline growth; net fee revenue (+13%) is the cleaner read.
- Net income was essentially flat (+0.4%) despite Adjusted net income growing 16% to $844M, illustrating the gap created by non-cash impairment and legal charges.
What distorts the picture in this report and what to watch beyond the headlines.
MAR — Marriott International is a leading global operator and franchisor of hotels and lodging properties, operating numerous well-known hospitality brands.
The company is headquartered in Bethesda, Maryland.
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