Marriott Q2 2026: $7.07 billion revenue, adjusted EPS $3.19
Marriott's fee engine kept compounding: second-quarter revenue rose to $7.07 billion and adjusted diluted EPS of $3.19 beat the $3.1211 consensus, even though reported EPS of $2.90 missed it. Reported net income was flat at $766 million because a $68 million hotel-sale impairment and a $27 million litigation accrual sat outside the adjusted figures. The read is Bullish, with the caveat that headline GAAP earnings now diverge sharply from the adjusted story.
1 · Expected vs. Actual
Free preview belowReported diluted EPS of $2.90 beat last year's $2.78 but landed below the $3.1211 consensus, because reported net income was flat at $766 million. Adjusted diluted EPS of $3.19 rose 20.4% from $2.65 and cleared that same consensus, on adjusted net income of $844 million. The $0.29 gap between the two is mostly a $68 million impairment from a U.S. & Canada hotel sale and a $27 million property-related litigation accrual, both of which are real value events rather than pure accounting noise.
Revenue rose 4.8% to $7.07 billion from $6.74 billion a year earlier, but $5.06 billion of that is cost reimbursement revenue, which is owner money passing through Marriott's books. The part that matters is the fee core: net fee revenues of $1.55 billion, up 13% from $1.37 billion, and franchise plus base management fees of $1.37 billion, up 14% from $1.20 billion on co-branded card fees, rooms growth and RevPAR. Cost reimbursement revenue is matched almost exactly by $5.10 billion of reimbursed expenses, so it inflates the top line without adding profit.
Management guides third-quarter gross fee revenues of $1,474–$1,483 million, a midpoint of $1.48 billion with a 0.3% tolerance, and adjusted diluted EPS of $2.74–$2.82. Full-year adjusted diluted EPS is guided to $11.64–$11.81, against $5.91 already booked in the first six months. Full-year worldwide RevPAR growth was raised to 3.0%–3.5%, and capital return to shareholders is guided above $4.50 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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