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Marriott International delivered solid Q1 2026 revenue growth of 6.2% to $6.65B with operating income up 12.2%, though net income dipped 2.6% to $648M and the company continues to carry a deeply negative stockholders' equity driven by aggressive share buybacks.
营业收入
$6.65B
同比 ++6.24%
每股收益（基本）
$2.44
同比 ++1.67%
营业利润
$1.06B
同比 ++12.24%
提交于 · 来源: SEC EDGAR 10-Q 原文
Marriott International (MAR) Q1 FY2026 营收 $6.65B，同比增长 6.2%。 净利润 $648M，同比下降 2.6%，稀释每股收益 $2.43。
Revenue grew 6.2% year-over-year to $6.65B in Q1 2026 (from $6.26B in Q1 2025), while operating income surged 12.2% to $1.06B, reflecting improved operating leverage and cost discipline. Operating margin expanded approximately 85 basis points to 16.0%.
来源: Source: 10-Q Income Statement Data
Net income fell 2.6% to $648M despite strong operating performance, suggesting higher below-the-line costs such as interest expense or tax provisions offset operational gains. EPS (diluted) still grew modestly by 1.7% to $2.43, aided by share count reduction from buybacks.
来源: Source: 10-Q Income Statement Data
Operating cash flow jumped 32.6% year-over-year to $858M in Q1 2026 from $647M in Q1 2025, demonstrating strong cash conversion from operations and supporting the company's capital return program.
来源: Source: 10-Q Cash Flow Statement Data
Marriott repurchased $700M in shares during Q1 2026 (vs. $751M in Q1 2025), contributing to a financing cash outflow of $612M. This buyback activity is a primary driver of the deeply negative stockholders' equity of -$4.09B.
来源: Source: 10-Q Cash Flow & Balance Sheet Data
Stockholders' equity deteriorated further to -$4.09B from -$3.17B a year ago, a 29.2% decline, reflecting the cumulative effect of share repurchases exceeding retained earnings. Total assets grew 4.5% to $27.86B, underpinning the asset-light franchise model.
来源: Source: 10-Q Balance Sheet Data
Marriott's stockholders' equity stands at -$4.09B, worsening from -$3.17B a year ago. This is primarily driven by sustained share buybacks exceeding cumulative retained earnings, which could limit financial flexibility and raise concerns among lenders or counterparties in a downturn.
来源: Source: 10-Q Balance Sheet Data
The current ratio of 0.46 indicates current liabilities of $8.52B significantly exceed current assets of $3.91B, meaning Marriott relies heavily on operating cash flows and credit facilities to meet near-term obligations. Any disruption to cash generation could create liquidity pressure.
来源: Source: 10-Q Balance Sheet Data
While operating income grew 12.2%, net income declined 2.6%, suggesting significant below-the-line headwinds such as rising interest expense or unfavorable tax items. If interest rates remain elevated, debt servicing costs could continue to compress net profitability.
来源: Source: 10-Q Income Statement Data
Financing cash outflows increased 59.8% year-over-year to -$612M in Q1 2026, driven by share repurchases and potentially debt-related payments. Sustained capital returns at this pace could strain liquidity if operating cash flows moderate.
来源: Source: 10-Q Cash Flow Statement Data
Cash and equivalents fell 13.2% year-over-year to $454M, a relatively thin cash cushion given the scale of the business and the company's current liabilities of $8.52B. This leaves limited buffer against unexpected operational or macroeconomic shocks.
来源: Source: 10-Q Balance Sheet Data
Q1 FY2026 实际 EPS $2.72，分析师一致预期 $2.58，超预期 +5.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $6.65B | $6.26B | +6.24% |
营业利润 | $1.06B | $948M | +12.24% |
净利润 | $648M | $665M | -2.56% |
每股收益（基本） | $2.44 | $2.40 | +1.67% |
每股收益（稀释） | $2.43 | $2.39 | +1.67% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $27.86B | $26.65B | +4.53% |
流动资产 | $3.91B | $3.75B | +4.48% |
流动负债 | $8.52B | $8.28B | +2.80% |
股东权益 | $-4.09B | $-3.17B | -29.17% |
现金及等价物 | $454M | $523M | -13.19% |
长期债务 | $23M | $23M | 0.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $858M | $647M | +32.61% |
投资活动现金流 | $-149M | $-143M | -4.20% |
筹资活动现金流 | $-612M | $-383M | -59.79% |
股票回购 | $700M | $751M | -6.79% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 16.0% | 15.1% | +0.85% |
净利率 | 9.7% | — | — |
净资产收益率 | -15.8% | — | — |
总资产收益率 | 2.3% | — | — |
流动比率 | $0.46 | — | — |
Marriott's revenue grew 6.2% year-over-year to $6.65B in Q1 2026, up from $6.26B in Q1 2025. This growth reflects continued demand strength across Marriott's global hotel portfolio and its fee-based business model.
The key takeaways from Marriott's Q1 2026 results are strong revenue growth of 6.2% and a 12.2% jump in operating income to $1.06B, though net income dipped 2.6% to $648M due to below-the-line cost pressures. Operating cash flow was a standout, rising 32.6% to $858M, and the company repurchased $700M in shares during the quarter.
Marriott's net income declined 2.6% to $648M even as revenue grew 6.2% and operating income rose 12.2%, suggesting significant below-the-line costs — likely interest expense on its substantial debt load — offset operational gains. This divergence between operating and net income is a key area for investors to monitor.
Marriott's financial health shows a mixed picture: operating performance is strong with a 16% operating margin and $858M in operating cash flow, but the balance sheet is strained with a current ratio of just 0.46 and deeply negative stockholders' equity of -$4.09B driven by years of share buybacks. Cash on hand declined 13.2% to $454M, leaving a thin liquidity buffer.
Marriott repurchased $700M in shares during Q1 2026, slightly less than the $751M spent in Q1 2025. These buybacks are a primary driver of the company's negative stockholders' equity of -$4.09B and contributed to diluted EPS growth of 1.7% to $2.43 despite a slight decline in net income.