MAR · 10-Q · 2026Q3 · Full report
Liquidity and Cash Position
MARRIOTT INTERNATIONAL INC /MD/ · 2026-11-02 · Importance 38 · Surprise 24 · From source text
Cash, cash equivalents, and restricted cash totaled $463 million at September 30, 2026, up $92 million from December 31, 2025. Marriott reported $3.239 billion of operating cash flow and $1.451 billion of long-term debt issuances net of repayments, while share repurchases used $3.081 billion and dividends used $559 million. The amended revolving Credit Facility has $5.0 billion of commitments, an option to increase commitments to $5.5 billion, and matures September 23, 2031. Long-term debt had a 4.7% weighted-average interest rate and approximately 5.9-year weighted-average maturity; the company reported compliance with the facility’s maximum leverage covenant of 4.5 to 1.0.
Key facts
- Marriott generated $3.239 billion of net cash from operating activities in the first nine months of 2026, compared with $2.383 billion in the same 2025 period. source
- Marriott issued $1.0 billion of 5.650% Series YY Notes due September 15, 2036 in August 2026. source
- Net proceeds from Marriott’s August 2026 offering of New Series NN and Series YY Notes were approximately $1.234 billion and were available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or debt repayment. source
- Marriott issued long-term debt, net of repayments, of $1,451 million in the 2026 first three quarters. source
- Marriott had net commercial paper repayments of $646 million in the 2026 first three quarters. source
- Marriott's 2026 first-three-quarter operating activities provided $3,239 million in cash. source
- Marriott received $96 million from dispositions in the 2026 first three quarters, primarily from the sale of a U.S. & Canada hotel in the 2026 second quarter. source
- Marriott believes its Credit Facility, capital-markets access, and expected operating cash generation are adequate to meet liquidity requirements over the next 12 months and thereafter for the foreseeable future. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +5.2% | Marriott issued long-term debt, net of repayments, of $1,451 million in the 2026 first three quarters. |
| liability | negative | realized | -5.2% | Marriott issued long-term debt, net of repayments, of $1,451 million in the 2026 first three quarters. |
| cash | positive | realized | +3.0% | Marriott generated $3.239 billion of net cash from operating activities in the first nine months of 2026, compared with $2.383 billion in… |