Marriott Hits All-Time High After Q3 Earnings Beat and Raised Full-Year Outlook

Marriott International reported stronger-than-expected third-quarter 2026 results on November 2, sending its shares to an all-time high of $423.53 and lifting the Dow Jones index more than 400 points. Revenue rose 8% year over year to $7.01 billion, topping the $6.92 billion consensus estimate, while adjusted earnings per share climbed 22% to $3.02, beating the $2.84 analyst expectation by $0.19. Worldwide revenue per available room grew 6.5%, and gross fee revenues expanded 14% to $1.52 billion against estimates of $1.49 billion.

The company cited broad-based demand in the U.S. and Canada and improving travel trends in the Middle East as the drivers of the quarter's strength. Marriott's development pipeline reached 4,209 properties representing more than 634,000 rooms, supported by net rooms growth of 4.6%, while Marriott Bonvoy membership crossed 309 million. The asset-light, fee-driven model continued to generate strong cash flow, with approximately $4.0 billion returned to shareholders year-to-date through October 28, including the repurchase of 3.5 million shares for $1.3 billion.

Management raised full-year 2026 adjusted EPS guidance to $12.07 to $12.14, well above the prior consensus of $11.73, and lifted the worldwide RevPAR growth outlook to 4.5% to 5.0%. Adjusted EBITDA guidance was set at $6.08 billion to $6.10 billion. For the fourth quarter, Marriott projected adjusted EPS of $3.14 to $3.21, ahead of the $3.02 estimate, with RevPAR growth again targeted at 4.5% to 5.0%. The company also offered an initial 2027 outlook, projecting global RevPAR growth of 3.5% to 4.5%. Stifel raised its price target on the stock to $402 following the results.