olivLaw · US equity research
MAR MAR
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Marriott International (MAR) is a worldwide franchisor, operator and licensor of hotel properties, with 9,805 properties and 1,779,936 rooms in 145 countries and territories at year-end 2025. By June 30, 2026 the system had grown to 10,082 properties, and worldwide RevPAR rose 3.4 percent in the second quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, MAR (MAR) stock was 424.87 USD (+2.04% on the day), with market capitalisation 109.4 bn USD, P/E 42.4 on diluted EPS of 10.02 USD over the last 12 months, dividend yield 0.66%, beta 0.98, 52-week range 281.14–424.87 USD. Latest reported quarter (Q3 2026): revenue of 7.0 bn USD (+8.0% YoY), net income of 794.0 m USD (+9.1% YoY), diluted EPS 3.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 78.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 357.90 – 424.97
- in the upper half of the band · %B 1.00 · band width 17.1%
- SMA 50 / 200
- 363.87 / 357.49
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 14.47 / 12.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.4% | −1.1% | +20.5 pp | — |
| 3 months | +17.6% | −0.5% | +18.0 pp | — |
| 6 months | +18.3% | +4.4% | +13.9 pp | — |
| Year to date | +36.9% | +12.3% | +24.6 pp | — |
| 1 year | +56.1% | +13.5% | +42.5 pp | +1.1% |
| 3 years | +122.1% | +76.4% | +45.7 pp | +9.1% |
| 5 years | +153.5% | +63.7% | +89.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.4 bn | 6.3 bn | 6.7 bn | 6.5 bn | 6.7 bn | 6.7 bn | 7.1 bn | 7.0 bn |
| Operating income | 752.0 m | 948.0 m | 1.2 bn | 1.2 bn | 777.0 m | 1.1 bn | 1.2 bn | 1.3 bn |
| Interest expense | 180.0 m | 192.0 m | 203.0 m | 206.0 m | 208.0 m | 214.0 m | 221.0 m | 227.0 m |
| Pre-tax income | 598.0 m | 764.0 m | 1.1 bn | 994.0 m | 582.0 m | 858.0 m | 1.0 bn | 1.1 bn |
| Income tax | 143.0 m | 99.0 m | 291.0 m | 266.0 m | 137.0 m | 210.0 m | 278.0 m | 266.0 m |
| Net income | 455.0 m | 665.0 m | 763.0 m | 728.0 m | 445.0 m | 648.0 m | 766.0 m | 794.0 m |
| Diluted EPS | 1.62 ≈ | 2.39 | 2.78 | 2.67 | 1.65 ≈ | 2.43 | 2.90 | 3.04 |
| Operating cash flow | 318.0 m | 647.0 m | 643.0 m ≈ | 1.1 bn ≈ | 829.0 m | 858.0 m | 948.0 m ≈ | 1.4 bn ≈ |
| Capex | 342.0 m | 135.0 m | 155.0 m ≈ | 142.0 m ≈ | 172.0 m | 130.0 m | 152.0 m ≈ | 129.0 m ≈ |
| Dividends paid | 176.0 m | 174.0 m | 183.0 m ≈ | 182.0 m ≈ | 179.0 m | 178.0 m | 192.0 m ≈ | 189.0 m ≈ |
| Share repurchases | 586.0 m | 751.0 m | 749.0 m ≈ | 800.0 m ≈ | 1.0 bn | 700.0 m | 1.1 bn ≈ | 1.3 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 42-quarter history (min 19.4, median 27.6, max 174.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20.8 bn | 21.0 bn | 10.6 bn | 13.9 bn | 20.8 bn | 23.7 bn | 25.1 bn | 26.2 bn |
| Revenue YoY | +1.5% | +1.0% | −49.6% | +31.1% | +49.9% | +14.2% | +5.8% | +4.3% |
| Net income | 1.9 bn | 1.3 bn | -267.0 m | 1.1 bn | 2.4 bn | 3.1 bn | 2.4 bn | 2.6 bn |
| Net income YoY | +30.7% | −33.2% | −121.0% | unavailable | +114.6% | +30.7% | −23.0% | +9.5% |
| Diluted EPS | 5.38 | 3.80 | -0.82 | 3.34 | 7.24 | 10.18 | 8.33 | 9.51 |
| Diluted EPS YoY | +40.1% | −29.4% | −121.6% | unavailable | +116.8% | +40.6% | −18.2% | +14.2% |
| net % | 9.2% | 6.1% | -2.5% | 7.9% | 11.4% | 13.0% | 9.5% | 9.9% |
| Free cash flow | 1.8 bn | 1.0 bn | 1.5 bn | 994.0 m | 2.0 bn | 2.7 bn | 2.0 bn | 2.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 358.0 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 874.0 m USD
- Equity
- -3.8 bn USD
- Total assets
- 27.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.43x
- ROE
- unavailable
- ROA
- 9.7%
- FCF margin
- 10.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.6 bn | 13.9 bn | 20.8 bn | 23.7 bn | 25.1 bn | 26.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Operating income | 84.0 m | 1.8 bn | 3.5 bn | 3.9 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| Interest expense | 445.0 m | 420.0 m | 403.0 m | 565.0 m | 695.0 m | 809.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Pre-tax income | -466.0 m | 1.2 bn | 3.1 bn | 3.4 bn | 3.2 bn | 3.4 bn | SEC (XBRL)· 10 Feb 2026verified |
| Income tax | -199.0 m | 81.0 m | 756.0 m | 295.0 m | 776.0 m | 793.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Net income | -267.0 m | 1.1 bn | 2.4 bn | 3.1 bn | 2.4 bn | 2.6 bn | SEC (XBRL)· 10 Feb 2026verified |
| Diluted EPS | -0.82 | 3.34 | 7.24 | 10.18 | 8.33 | 9.51 | SEC (XBRL)· 10 Feb 2026verified |
| Weighted average diluted shares | 325.8 m | 329.3 m | 325.8 m | 302.9 m | 285.2 m | 273.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Dividend per share | 0.48 | — | 1.00 | 1.96 | 2.41 | 2.64 | SEC (XBRL)· 10 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 877.0 m | 1.4 bn | 507.0 m | 338.0 m | 396.0 m | 358.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Current assets | 2.8 bn | 3.6 bn | 3.3 bn | 3.3 bn | 3.5 bn | 3.6 bn | SEC (XBRL)· 10 Feb 2026verified |
| Property, plant & equipment, net | 1.5 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 10 Feb 2026verified |
| Goodwill | 9.2 bn | 9.1 bn | 8.9 bn | 8.9 bn | 8.7 bn | 8.9 bn | SEC (XBRL)· 10 Feb 2026verified |
| Intangibles (excl. goodwill) | 9.0 bn | 8.9 bn | 8.7 bn | 9.2 bn | 9.5 bn | 10.3 bn | SEC (XBRL)· 10 Feb 2026verified |
| Total assets | 24.7 bn | 25.6 bn | 24.8 bn | 25.7 bn | 26.2 bn | 27.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Short-term debt | 1.2 bn | 805.0 m | 684.0 m | 553.0 m | 1.3 bn | 1.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Long-term debt | 143.0 m | 135.0 m | 92.0 m | 56.0 m | 55.0 m | 23.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Current liabilities | 5.8 bn | 6.4 bn | 7.3 bn | 7.8 bn | 8.6 bn | 8.4 bn | SEC (XBRL)· 10 Feb 2026verified |
| Equity | 430.0 m | 1.4 bn | 568.0 m | -682.0 m † | -3.0 bn † | -3.8 bn † | SEC (XBRL)· 10 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.2 bn | 2.4 bn | 3.2 bn | 2.7 bn | 3.2 bn | SEC (XBRL)· 10 Feb 2026verified |
| Capex | 135.0 m | 183.0 m | 332.0 m | 452.0 m | 750.0 m | 604.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Free cash flow | 1.5 bn ≈ | 994.0 m ≈ | 2.0 bn ≈ | 2.7 bn ≈ | 2.0 bn ≈ | 2.6 bn ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Investing cash flow | 35.0 m | -187.0 m | -297.0 m | -465.0 m | -734.0 m | -948.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Financing cash flow | -1.0 bn | -463.0 m | -3.0 bn | -2.9 bn | -2.0 bn | -2.3 bn | SEC (XBRL)· 10 Feb 2026verified |
| Dividends paid | 156.0 m | 0 | 321.0 m | 587.0 m | 682.0 m | 718.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Share repurchases | 150.0 m | 0 | 2.6 bn | 4.0 bn | 3.8 bn | 3.3 bn | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 109.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation37
- Balance sheet32
- Quality80
- Growth65
- Returns78
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 34.69 – 347.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)228.56 – 347.63 (Mid 275.02)WACC 9.3% · starting FCFF 4.1 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 29.0%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E179.73 – 306.50 (Mid 267.40)13 companies used · median multiple 26.7x · quartiles 17.9x – 30.6xBYD, CHH, HLT, IHG, LVS, MCRI, MGM, MLCO, RRR, SHO, TNL, WH, WYNN
- Dividend discount (DDM)34.69 – 46.66 (Mid 39.79)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.7% | 60 (vs peers) | 9% |
| FCF conversion · Quality | 131.4% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 8.0% | 67 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 9.5% | 63 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.0x | 54 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 42.4x | 35 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.2% | 40 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 4.4% | 63 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 21.2% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 2/3 factors with a value
- Growth65/100 · 2/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns78/100 · 2/2 factors with a value
- Valuation37/100 · 2/3 factors with a value
Memo
MARRIOTT INTERNATIONAL INC /MD/ (MAR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 26.2 bn USD in 2025; YoY growth 4.3%; net margin 9.7%.
The estimated value range is 179.73–306.50 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 267.40 USD, the price of 424.87 USD leaves a potential of -37.1% (value / price − 1) and a margin of safety of -58.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 131.4%
- Payout ratio (FCF): 21.2%
What contradicts it
- Current ratio: 0.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +56% / +122% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
| MSCStudio City International Holdings Limited | — | — | -10.5% | -8.5% | +8.7% | −75% / −83% |
1- and 3-year price returns: for MAR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 267.33 Total return -37% · Per year -37% | 471.84 Total return 12% · Per year 12% | 709.67 Total return 68% · Per year 68% |
| 3 years | 278.15 Total return -33% · Per year -12% | 550.61 Total return 32% · Per year 10% | 906.57 Total return 116% · Per year 29% |
| 5 years | 289.42 Total return -29% · Per year -7% | 642.53 Total return 56% · Per year 9% | 1,158.11 Total return 178% · Per year 23% |
- Exit P/E± 137.65
- Net margin± 96.36
- Annual revenue growth± 76.51
- Annual dilution± 8.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Marriott International (MAR) is a worldwide franchisor, operator and licensor of hotel properties, with 9,805 properties and 1,779,936 rooms in 145 countries and territories at year-end 2025 1. By June 30, 2026 the system had grown to 10,082 properties 2, and worldwide RevPAR rose 3.4 percent in the second quarter of 2026 3.
SWOT
Strengths
- The asset-light model based on franchising and management yields recurring fee revenue and a balance sheet less burdened by real estate 1.
- The Marriott Bonvoy program drives a large share of bookings, with members booking most room nights in the company's hotels 13.
- The brand portfolio covers several price and service tiers and has grown through acquisitions and new launches 1.
Weaknesses
Opportunities
Risks
- Intense competitionmedium
The market is dominated by strong chains and online platforms, and a loss of brand appeal could affect bookings and fees 1.
- Disputes with ownersmedium
Disagreements with owners over costs and investment can lead to arbitration or litigation with possible revenue losses 1.
- Geopolitical riskshigh
Armed conflict and travel disruption can quickly reduce RevPAR in some regions, especially the Middle East 12.
- Intangible asset impairmentmedium
The large amount of goodwill and brand value could lead to impairment charges affecting results 1.
- Starwood data incidentlow
The company cannot yet fully estimate the financial impact of the Starwood data security incident, though it does not believe long-term financial health is affected 2.
Investment thesis
What would need to be true (bull case)
- If demand in the U.S. and recovery in international markets continue, RevPAR and fee growth could support results 3.
- The record pipeline and conversions could generate room growth without large capital investment by the company 3.
- The loyalty program and new co-brand card agreements could bring more stable and predictable revenue 2.
What would break the thesis
- If the Middle East conflict extends, it could weigh on international RevPAR and on the company's guidance 2.
- Rising debt and interest costs could limit the capacity to return capital to shareholders 3.
- Online platforms and AI-driven travel tools could change how guests book, raising distribution costs 1.
What to watch
- Full-year 2026 worldwide RevPAR outlookQ3 2026
- Development pipeline and net rooms growth2026
- Effect of the Middle East conflict on the EMEA segmentQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (02 Nov 2026 · results).
The business
The company follows an asset-light model built on franchising, management and licensing, owning or leasing less than one percent of its system 1. At year-end 2025, 7,644 properties were franchised, licensed or otherwise held, and 2,017 were company-operated 1. Franchise and management fees are supplemented by the Marriott Bonvoy loyalty program, co-branded credit cards and residential branding fees 1.
Trends
- Strong U.S. demandtailwind
U.S. & Canada RevPAR rose 5.0 percent in the second quarter of 2026, helped by demand from the June 2026 World Cup 23. If this pace holds, it could support fee revenues.
- Middle East disruptionheadwind
The conflict in the Middle East caused a sharp RevPAR decline in the Middle East and Africa region from March 2026, with impact continuing into the third quarter 2. The duration depends on the extent of travel disruption.
- New co-brand card agreementstailwind
New multi-year agreements with JPMorgan Chase and American Express could add revenue, mainly through cost reimbursements and then franchise fees 2. The effect depends on terms in future periods.
- Conversions and expansionmixed
Conversions represent over a third of signings in the first half of 2026 3. At the same time, pressure on owner returns can lead to disagreements with hotel owners 1.
Competitive position
Marriott competes with chains such as Hilton, IHG Hotels & Resorts, Hyatt, Wyndham Hotels & Resorts, Accor, Choice Hotels and Best Western Hotels & Resorts 1. Online platforms such as Airbnb, Vrbo, Expedia.com and Booking.com also compete for travelers and direct bookings 1.
Competition for hotel owners is as intense as for guests, and brand attractiveness depends on loyalty programs, reservation systems and service 1. Marriott says its global scale and strong brands help retain these partners 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Marriott International (MAR)’s Middle East Headwind Eases, but War Risks RemainYahoo Finance — News · 14 Sept 2026 · EN
The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report24 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report13 Aug 2026Other events · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 May 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MAR · 10 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MAR · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MAR · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.