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Sep 30, 2023
Marriott Q3 2023 Earnings Report
Marriott's Q3 2023 earnings were released, showcasing strong RevPAR growth and increased profitability.
Key Takeaways
Marriott International reported a strong third quarter in 2023, with significant growth in RevPAR, net income, and adjusted EBITDA. The company raised its full-year RevPAR growth guidance and expects to return substantial capital to shareholders.
Worldwide RevPAR increased by 8.8 percent, with international markets showing a 21.8 percent increase.
Reported diluted EPS was $2.51, compared to $1.94 in the previous year.
Net income reached $752 million, up from $630 million in the third quarter of 2022.
Adjusted EBITDA totaled $1,142 million, compared to $985 million in the prior year.
Revenue by Segment
Forward Guidance
Marriott anticipates full year 2023 net rooms growth of 4.2 to 4.5 percent. The company expects full year 2023 worldwide RevPAR growth guidance to 14 to 15 percent year over year and expects to return $4.3 billion to $4.5 billion to shareholders through share repurchases and dividends.
Positive Outlook
- Worldwide RevPAR growth of 6% to 7.5% for Q4 2023.
- U.S. & Canada RevPAR growth of 3% to 4% for Q4 2023.
- International RevPAR growth of 14% to 16% for Q4 2023.
- Gross fee revenues of $1,185 to $1,215 million for Q4 2023.
- Adjusted EBITDA of $1,115 to $1,150 million for Q4 2023.
Challenges Ahead
- General, administrative, and other expenses of approximately $255 million for Q4 2023.
- Investment spending of $900 to $950 million.
- Guidance excludes cost reimbursement revenue.
- Guidance excludes reimbursed expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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