Marriott International beat third-quarter profit forecasts by $0.15 a share and raised its 2026 sales outlook, but the lift comes from higher prices and fuller hotels, not from more rooms. Earnings per share were $3.02. Revenue of $7.00bn was barely ahead of the $6.99bn expected, so the profit beat is the stronger half of the quarter.

The company now expects worldwide revenue per available room, known as RevPAR, to grow 4.5 per cent to 5 per cent this year. Chief Executive Anthony Capuano said growth was broad-based, with higher average daily rates and higher occupancy, and that international demand was led by APEC. The Middle East conflict kept disrupting results and partly offset that strength.

Unit growth is not doing the work. Marriott expects net rooms to grow at the low end of its 4.5 per cent to 5 per cent range by the end of 2026, which leaves the higher outlook resting on pricing and on demand abroad continuing to outrun the Middle East disruption.

The profit guidance is firm. Full-year adjusted EPS is guided to $12.07 to $12.14 and adjusted EBITDA to $6,075m to $6,098m. Marriott also plans to return at least $4.8bn to shareholders this year through dividends and share repurchases.

Whether the revenue strength reaches profit will show first in fourth-quarter adjusted EPS, which Marriott guides to $3.14 to $3.21.

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