Marriott (Nasdaq: MAR) grows earnings in 2025 and guides higher EBITDA, cash returns for 2026

Rhea-AI Filing Summary

Marriott International reported steady growth for the fourth quarter and full year 2025, supported by room expansion, higher fees and solid travel demand. Worldwide RevPAR rose 1.9 percent in the quarter and 2.0 percent for the year, with international markets growing faster than the U.S. & Canada.

Fourth quarter reported diluted EPS was $1.65, while adjusted diluted EPS reached $2.58. For 2025, reported diluted EPS was $9.51 and adjusted diluted EPS $10.02, on reported net income of $2,601 million and adjusted net income of $2,742 million. Full-year adjusted EBITDA totaled $5,383 million, up from 2024, and Marriott added roughly 73,600 net rooms, growing net rooms over 4.3 percent to more than 9,800 properties and nearly 1,780,000 rooms. The development pipeline hit a record of about 4,100 properties and nearly 610,000 rooms, and the company returned over $4.0 billion to shareholders via dividends and buybacks in 2025.

For 2026, Marriott expects worldwide RevPAR to increase 1.5 to 2.5 percent, net rooms growth of 4.5 to 5 percent, adjusted EBITDA of $5,840 to $5,930 million, and more than $4,300 million of capital returns to shareholders.

Insights

Lodging & Leisure Equity Analyst

Marriott posts moderate 2025 growth, expands its footprint, and guides to further earnings and cash return increases in 2026.

Marriott International delivered 2025 growth driven mainly by its fee-based model and room expansion. Gross fee revenues reached $5,438 million, up 5 percent year over year, while worldwide RevPAR increased 2.0%, with stronger growth in international markets offsetting flatter trends in the U.S. & Canada.

Profitability improved as reported net income rose to $2,601 million and adjusted net income to $2,742 million. Adjusted EBITDA grew 8 percent to $5,383 million, indicating the asset-light, fee-driven structure is scaling as the system expands. Net rooms grew over 4.3%, and the development pipeline reached about 610,000 rooms.

For full year 2026, management projects worldwide RevPAR growth of 1.5 to 2.5 percent, adjusted EBITDA of $5,840–$5,930 million and capital returns over $4.3 billion. Actual outcomes will depend on macroeconomic conditions, travel demand by region, execution on the record pipeline and the expected step-up in co-branded credit card fees.

falseMARRIOTT INTERNATIONAL INC /MD/000104828600010482862026-02-102026-02-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________ 

FORM 8-K

_______________________________________ 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 10, 2026

 _______________________________________ 

MARRIOTT INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

 _______________________________________ 

Delaware

1-13881

52-2055918

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

7750 Wisconsin Avenue

Bethesda

Maryland

20814

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (301) 380-3000

 _______________________________________ 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Class A Common Stock, $0.01 par value

MAR

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

			Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.						☐

Item 2.02.    Results of Operations and Financial Condition.

Financial Results for the Quarter and Year Ended December 31, 2025

On February 10, 2026, Marriott International, Inc. (“Marriott”) is issuing a press release reporting financial results for the quarter and year ended December 31, 2025.

A copy of Marriott’s press release is attached as Exhibit 99 and incorporated by reference.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are furnished with this report:

99			Press release dated February 10, 2026, reporting financial results for the quarter and year ended December 31, 2025.
104			The cover page to this Current Report on Form 8-K, formatted in inline XBRL.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MARRIOTT INTERNATIONAL, INC.

Date: February 10, 2026

By:

/s/ Felitia O. Lee

Felitia O. Lee

Controller and Chief Accounting Officer

3

NEWS

Marriott International Reports Fourth Quarter and Full Year 2025 Results

•Fourth quarter 2025 RevPAR1 increased 1.9 percent worldwide, with 6.1 percent growth in international markets and a 0.1 percent decline in U.S. & Canada. For full year 2025, RevPAR increased 2.0 percent worldwide, with 5.1 percent growth in international markets and 0.7 percent increase in U.S. & Canada

•Fourth quarter reported diluted EPS totaled $1.65 and adjusted diluted EPS totaled $2.58. For the full year, reported diluted EPS totaled $9.51 and adjusted diluted EPS totaled $10.02

•Fourth quarter reported net income totaled $445 million and adjusted net income totaled $695 million. For the full year, reported net income totaled $2,601 million and adjusted net income totaled $2,742 million

•Fourth quarter adjusted EBITDA totaled $1,402 million. For the full year, adjusted EBITDA totaled $5,383 million

•With gross rooms additions of nearly 100,000 rooms globally during 2025, net rooms grew over 4.3 percent from year-end 2024

•At the end of the year, Marriott’s worldwide development pipeline reached a new record and totaled approximately 4,100 properties and nearly 610,000 rooms, with 43 percent of pipeline rooms under construction including rooms that are pending conversion

•The company returned over $4.0 billion to shareholders through dividends and share repurchases in 2025

•For full year 2026, we expect worldwide RevPAR to rise 1.5 to 2.5 percent, net rooms growth of 4.5 to 5 percent, adjusted EBITDA2 growth of 8 to 10 percent and more than $4.3 billion of capital returns to shareholders

For a summary of fourth quarter and full year 2025 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/2025-q4-earnings-infographic.pdf

1All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2025 and 2024 reflect properties that are comparable in both years.

2Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for full year 2026 does not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. See the press release schedules for the adjusted EBITDA calculation.

1

BETHESDA, MD – February 10, 2026 - Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2025 results.

Anthony Capuano, President and Chief Executive Officer, said, “Marriott delivered excellent results in 2025, reflecting the strength of our brands, delivery of great experiences to our customers and continued momentum in development activity. For the full year, net rooms grew over 4.3 percent, worldwide RevPAR increased 2 percent, and our fee‑driven, asset‑light business model continued to generate substantial cash, enabling over $4.0 billion of capital returns to shareholders.

“In the fourth quarter, worldwide RevPAR rose 1.9 percent, driven by ADR gains. International RevPAR increased 6 percent, led by EMEA and APEC, benefiting from solid leisure transient and cross-border travel. In the U.S. & Canada, RevPAR was roughly flat, reflecting the impact of the extended government shutdown primarily on the business transient segment. Globally, our luxury hotels continued to outperform during the quarter, with RevPAR rising over 6 percent, and performance moderating down the chain scales. Our global RevPAR index, which remains at a significant premium to peers, rose in the fourth quarter and for the full year.

“Our development team signed approximately 163,000 organic rooms during the year, and our global pipeline expanded to nearly 610,000 rooms at the end of December, up roughly 6 percent from year-end 2024. Conversions contributed about one‑third of organic room signings and gross room additions, underscoring the continued attractiveness of our brands to owners around the world.

“We continue to enhance our portfolio to meet the evolving needs of our guests. During the fourth quarter, we completed the integration of the citizenM portfolio, adding 37 hotels and nearly 8,800 rooms to our system. We marked the opening of the first 37 Series by Marriott hotels in India and expanded the brand into the U.S. and Canada, with its first two properties opening just months after the brand’s regional debut.

“In 2025, we added approximately 43 million members to Marriott Bonvoy, bringing total membership to nearly 271 million at year‑end. By delivering unique travel and related experiences across hotel stays and beyond, Marriott Bonvoy continued to drive strong engagement. Member stays in 2025 accounted for 75 percent of room nights in the U.S. & Canada and 68 percent globally.

“I am proud of the results we delivered this year and am incredibly optimistic about the future, given our unmatched global distribution, compelling brand portfolio and Marriott Bonvoy loyalty platform, combined with our powerful cash generating, asset‑light business model. As we look ahead, we remain focused on the disciplined execution of our growth strategy, delivering exceptional experiences for our guests, strong performance for our owners, and long‑term value for our shareholders.”

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Fourth Quarter 2025 Results

Franchise and base management fees totaled $1,186 million in the 2025 fourth quarter, a 5 percent increase compared to franchise and base management fees of $1,128 million in the year-ago quarter. The increase was primarily driven by rooms growth, RevPAR increases and higher co-branded credit card fees.

Incentive management fees totaled $239 million in the 2025 fourth quarter, compared to $206 million in the 2024 fourth quarter, driven by significant year-over-year increases in the U.S. & Canada, as well as growth in the APEC, EMEA and Greater China regions. Managed hotels in international markets contributed roughly two-thirds of the incentive fees earned in the quarter.

Owned, leased, and other revenue, net of owned, leased, and other expense3, totaled $41 million in the 2025 fourth quarter, compared to $72 million in the 2024 fourth quarter. Owned, leased, and other expense in the 2025 fourth quarter included $23 million of expenses related to the termination of our licensing agreement with Sonder Holdings Inc., which are excluded from our adjusted results. Owned, leased, and other revenue, net of direct expenses, excluding the impact of the reclassification discussed in footnote 3 below, would have totaled $106 million in the 2025 fourth quarter, compared to $100 million in the 2024 fourth quarter.

General and administrative expenses3 for the 2025 fourth quarter totaled $241 million, compared to $261 million in the year-ago quarter, primarily driven by lower compensation costs and litigation expenses. Had we not undertaken the reclassification, general, administrative, and other expenses would have totaled $306 million in the 2025 fourth quarter, and would have included $23 million of expenses related to the Sonder termination, compared to $289 million in the year-ago quarter.

Interest expense, net, totaled $199 million in the 2025 fourth quarter, compared to $170 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.

Marriott’s reported operating income totaled $777 million in the 2025 fourth quarter, compared to 2024 fourth quarter reported operating income of $752 million. Reported net income totaled $445 million in the 2025 fourth quarter, a 2 percent decrease compared to 2024 fourth quarter reported net income of $455 million. Reported diluted earnings per share (EPS) totaled $1.65 in the quarter, compared to reported diluted EPS of $1.63 in the year-ago quarter.

3In the 2025 fourth quarter, to enhance understanding of the Company’s general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. Please see the Income Statement Reclassification section of this press release for additional information. We refer to this reclassification as “the reclassification” in this press release.

3

Adjusted operating income in the 2025 fourth quarter totaled $1,155 million, compared to 2024 fourth quarter adjusted operating income of $1,072 million. Fourth quarter 2025 adjusted net income totaled $695 million, compared to 2024 fourth quarter adjusted net income of $686 million. Adjusted diluted EPS in the 2025 fourth quarter totaled $2.58, compared to adjusted diluted EPS of $2.45 in the year-ago quarter.

Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and impairment charges and expenses related to the Sonder termination. See the press release schedules for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,402 million in the 2025 fourth quarter, a 9 percent increase compared to fourth quarter 2024 adjusted EBITDA of $1,286 million. See the press release schedules for the adjusted EBITDA calculation.

Income Statement Reclassification

In the 2025 fourth quarter, to enhance understanding of the Company’s general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. The expenses that were reclassified from “General, administrative, and other” are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. Please refer to the Consolidated Operating Income - As Reclassified section in the press release schedules for information about the effects of the reclassification on the three and twelve months ended December 31, 2025 and December 31, 2024 consolidated operating costs and expenses, and to the Expense Captions - As Reclassified section for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.

Selected Performance Information

Net rooms grew over 4.3 percent from year-end 2024, as the company added roughly 73,600 net rooms during the year, including approximately 51,600 net rooms in international markets. At the end of the year, Marriott’s global system totaled over 9,800 properties, with nearly 1,780,000 rooms.

At year-end, the company’s worldwide development pipeline totaled 4,056 properties with nearly 610,000 rooms, including 234 properties with over 35,000 rooms approved for development, but not yet subject to signed contracts. The year-end pipeline included 1,648 properties with nearly 265,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the year-end pipeline are in international markets.

4

In the 2025 fourth quarter, worldwide RevPAR increased 1.9 percent (a 2.4 percent increase using actual dollars) compared to the 2024 fourth quarter. RevPAR in the U.S. & Canada declined 0.1 percent (a 0.1 percent decrease using actual dollars) year-over-year, and RevPAR in international markets increased 6.1 percent (a 7.6 percent increase using actual dollars) year-over-year.

Balance Sheet & Common Stock

At year-end 2025, Marriott’s total debt was $16.2 billion and cash and equivalents totaled $0.4 billion, compared to $14.4 billion in debt and $0.4 billion of cash and equivalents at year-end 2024.

The company repurchased 3.5 million shares of common stock in the 2025 fourth quarter for $1.0 billion. For full year 2025, Marriott repurchased 12.1 million shares for $3.3 billion. Year-to-date through February 6, the company has repurchased 1.1 million shares for $350 million.

Company Outlook

The Company's updated outlook generally assumes the continuation of the current macro-economic environment. The outlook includes around a 35 percent increase in the co-branded credit card fees that Marriott recognizes in franchise fees, primarily reflecting expected strong growth in spending across our global co-branded card portfolio and an increase in the royalty rate associated with the payments received from the credit card companies that Marriott recognizes in franchise fees. The outlook does not include any impact from the renegotiation of our U.S. co-branded cards, as those discussions are still ongoing.

			First Quarter 2026 vs. First Quarter 2025			Full Year 2026 vs. Full Year 2025
Comparable systemwide constant $ RevPAR growth
Worldwide			1.0% to 2.0%			1.5% to 2.5%

						Year-End 2026 vs. Year-End 2025
Net rooms growth						4.5% to 5%

($ in millions, except EPS)			First Quarter 2026			Full Year 2026
Gross fee revenues			$1,365 to $1,380			$5,895 to $5,955
Owned, leased, and other revenue, net of owned, leased, and other expense			Approx. $15			$230 to $240
General and administrative expenses			$215 to $210			$895 to $875
Adjusted EBITDA1,2			$1,305 to $1,325			$5,840 to $5,930
Adjusted EPS – diluted2,3			$2.50 to $2.55			$11.32 to $11.57
Adjusted effective tax rate2			Approx. 24.5%			26.0% to 26.5%
Investment spending4						$1,000 to $1,100
Capital return to shareholders5						Over $4,300

1See the press release schedules for the adjusted EBITDA calculations.

5

2Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for first quarter and full year 2026 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.

3Assumes the level of capital return to shareholders noted above.

4Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.

5Assumes the level and types of investment spending noted above and that no asset sales, property acquisitions or brand acquisitions occur during the year.

6

Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, February 10, 2026, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at www.marriott.com/investor (click on “Events & Presentations” and click on the quarterly conference call link). A replay will be available at that same website until February 10, 2027.

The telephone dial-in number for the conference call is US Toll Free: 800-245-3047, or Global: +1 203-518-9765. The conference ID is MAR4Q25.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of February 10, 2026. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; cash generation, shareholder returns, and shareholder value; our growth prospects and growth strategy; our development pipeline; owner preference and property performance; our co-branded credit card program; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 9,800 properties in 145 countries and territories, as of December 31, 2025. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott’s news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.

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MEDIA & INVESTOR RELATIONS CONTACTS:

Melissa Froehlich Flood

Senior Vice President, Global Corporate Communications & Public Policy

Marriott International

newsroom@marriott.com

Jackie Burka McConagha

Senior Vice President, Investor Relations

Marriott International

jackie.mcconagha@marriott.com

Pilar Fernandez

Senior Director, Investor Relations

Marriott International

pilar.fernandez@marriott.com

IRPR#1

Tables follow

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MARRIOTT INTERNATIONAL, INC.
PRESS RELEASE SCHEDULES
TABLE OF CONTENTS
QUARTER 4, 2025
Consolidated Statements of Income			A-2
Non-GAAP Financial Measures			A-4
Consolidated Operating Income - As Reclassified			A-5
Expense Captions - As Reclassified			A-6
Total Lodging Products by Ownership Type			A-7
Total Lodging Products by Tier			A-9
Key Lodging Statistics			A-11
Adjusted EBITDA			A-15
Adjusted EBITDA Forecast - First Quarter 2026			A-16
Adjusted EBITDA Forecast - Full Year 2026			A-17
Explanation of Non-GAAP Financial and Performance Measures			A-18

A-1

MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOURTH QUARTER 2025 AND 2024
($ in millions except per share amounts, unaudited)
																		Percent
						Three Months Ended						Three Months Ended						Better/(Worse)
						December 31, 2025						December 31, 2024						2025 vs. 2024
REVENUES
Franchise fees1						$	843					$	795					6
Base management fees						343						333						3
Incentive management fees						239						206						16
Gross fee revenues						1,425						1,334						7
Contract investment amortization2						(49)						(27)						(81)
Net fee revenues						1,376						1,307						5
Owned, leased, and other revenue3						457						418						9
Cost reimbursement revenue4						4,857						4,704						3
						6,690						6,429						4
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*						416						346						(20)
Depreciation, amortization, and other6						59						46						(28)
General and administrative7*						241						261						8
Restructuring and merger-related charges, and other						29						52						44
Reimbursed expenses4						5,168						4,972						(4)
						5,913						5,677						(4)
OPERATING INCOME						777						752						3
Gains and other income, net8						3						16						(81)
Interest expense						(208)						(180)						(16)
Interest income						9						10						(10)
Equity in earnings9						1						—						**
INCOME BEFORE INCOME TAXES						582						598						(3)
Provision for income taxes						(137)						(143)						4
NET INCOME						$	445					$	455					(2)
EARNINGS PER SHARE
Earnings per share - basic						$	1.66					$	1.63					2
Earnings per share - diluted						$	1.65					$	1.63					1
Basic shares (in millions)						268.5						278.9
Diluted shares (in millions)						269.4						280.1
* In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. Please see the Consolidated Operating Income - As Reclassified section in these press release schedules for information about the effects of the reclassification.
** Calculated Percentage is not meaningful.
1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees.
2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.
5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.
7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.
9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments.

A-2

MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
FULL YEAR 2025 AND 2024
($ in millions except per share amounts, unaudited)
																		Percent
						Twelve Months Ended						Twelve Months Ended						Better/(Worse)
						December 31, 2025						December 31, 2024						2025 vs. 2024
REVENUES
Franchise fees1						$	3,325					$	3,113					7
Base management fees						1,322						1,288						3
Incentive management fees						791						769						3
Gross fee revenues						5,438						5,170						5
Contract investment amortization2						(135)						(103)						(31)
Net fee revenues						5,303						5,067						5
Owned, leased, and other revenue3						1,679						1,551						8
Cost reimbursement revenue4						19,204						18,482						4
						26,186						25,100						4
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*						1,461						1,329						(10)
Depreciation, amortization, and other6						213						183						(16)
General and administrative7*						870						945						8
Restructuring and merger-related (recoveries) charges, and other						(2)						77						103
Reimbursed expenses4						19,503						18,799						(4)
						22,045						21,333						(3)
OPERATING INCOME						4,141						3,767						10
Gains and other income, net8						9						31						(71)
Interest expense						(809)						(695)						(16)
Interest income						42						40						5
Equity in earnings9						11						8						38
INCOME BEFORE INCOME TAXES						3,394						3,151						8
Provision for income taxes						(793)						(776)						(2)
NET INCOME						$	2,601					$	2,375					10
EARNINGS PER SHARE
Earnings per share - basic						$	9.53					$	8.36					14
Earnings per share - diluted						$	9.51					$	8.33					14
Basic shares (in millions)						272.9						284.2
Diluted shares (in millions)						273.6						285.2
* In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. Please see the Consolidated Operating Income - As Reclassified section in these press release schedules for information about the effects of the reclassification.
1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees.
2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.
5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.
7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.
9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments.

A-3

MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
($ in millions except per share amounts)
The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin.
			Three Months Ended																		Twelve Months Ended
															Percent																		Percent
			December 31,						December 31,						Better/						December 31,						December 31,						Better/
			2025						2024						(Worse)						2025						2024						(Worse)
Total revenues, as reported			$	6,690					$	6,429											$	26,186					$	25,100
Less: Cost reimbursement revenue			(4,857)						(4,704)												(19,204)						(18,482)
Add: Impairments related to Sonder Termination1			15						—												15						—
Adjusted total revenues†			1,848						1,725												6,997						6,618
Operating income, as reported			777						752												4,141						3,767
Less: Cost reimbursement revenue			(4,857)						(4,704)												(19,204)						(18,482)
Add: Reimbursed expenses			5,168						4,972												19,503						18,799
Add (Less): Restructuring and merger-related charges (recoveries), and other			29						52												(2)						77
Add: Impairments related to Sonder Termination1			15						—												15						—
Add: Expenses related to Sonder Termination2			23						—												23						—
Adjusted operating income†			1,155						1,072						8						4,476						4,161						8
Operating income margin			12		%				12		%										16		%				15		%
Adjusted operating income margin†			63		%				62		%										64		%				63		%
Net income, as reported			445						455												2,601						2,375
Less: Cost reimbursement revenue			(4,857)						(4,704)												(19,204)						(18,482)
Add: Reimbursed expenses			5,168						4,972												19,503						18,799
Add (Less): Restructuring and merger-related charges (recoveries), and other			29						52												(2)						77
Add: Impairments related to Sonder Termination1			15						—												15						—
Add: Expenses related to Sonder Termination2			23						—												23						—
Less: Gain on asset dispositions3			—						(11)												—						(11)
Income tax effect of above adjustments			(106)						(78)												(98)						(98)
Less: Income tax special items			(22)						—												(96)						—
Adjusted net income†			$	695					$	686					1						$	2,742					$	2,660					3
Diluted earnings per share, as reported			$	1.65					$	1.63											$	9.51					$	8.33
Adjusted diluted earnings per share†			$	2.58					$	2.45					5						$	10.02					$	9.33					7
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.
1 Impairments related to the termination of our licensing agreement with Sonder Holdings Inc. (the “Sonder Termination”) reported in Contract investment amortization.
2 Expenses related to Sonder Termination reported in Owned, leased, and other expense.
3 Gain on asset dispositions reported in Gains and other income, net.

A-4

			MARRIOTT INTERNATIONAL, INC.
			CONSOLIDATED OPERATING INCOME - AS RECLASSIFIED
			FOURTH QUARTER AND FULL YEAR 2025 AND 2024
			($ in millions)
			In the 2025 fourth quarter, to enhance understanding of the Company’s general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. The expenses that were reclassified from “General, administrative, and other” are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. The following tables present the effects of the reclassification (also referred to in these schedules as the "reclass") on the three and twelve months ended December 31, 2025 and December 31, 2024 consolidated operating costs and expenses.
						Three Months Ended																		Three Months Ended																		Percent Better/(Worse) Before Reclass 2025 vs. 2024
						December 31, 2025																		December 31, 2024
						Before Reclass						Reclass						As Reclassified						As Previously Reported						Reclass						As Reclassified
			REVENUES
			Franchise fees			$	843					$	—					$	843					$	795					$	—					$	795
			Base management fees			343						—						343						333						—						333
			Incentive management fees			239						—						239						206						—						206
			Gross fee revenues			1,425						—						1,425						1,334						—						1,334
			Contract investment amortization			(49)						—						(49)						(27)						—						(27)
			Net fee revenues			1,376						—						1,376						1,307						—						1,307
			Owned, leased, and other revenue			457						—						457						418						—						418
			Cost reimbursement revenue			4,857						—						4,857						4,704						—						4,704
						6,690						—						6,690						6,429						—						6,429
			OPERATING COSTS AND EXPENSES
			Owned, leased, and other expense1			351						65						416						318						28						346						(10)
			Depreciation, amortization, and other			59						—						59						46						—						46
			General and administrative2			306						(65)						241						289						(28)						261						(6)
			Restructuring and merger-related charges, and other			29						—						29						52						—						52
			Reimbursed expenses			5,168						—						5,168						4,972						—						4,972
						5,913						—						5,913						5,677						—						5,677
			OPERATING INCOME			$	777					$	—					$	777					$	752					$	—					$	752

			Twelve Months Ended																		Twelve Months Ended																		Percent Better/(Worse) Before Reclass 2025 vs. 2024
			December 31, 2025																		December 31, 2024
			Before Reclass						Reclass						As Reclassified						As Previously Reported						Reclass						As Reclassified
REVENUES
Franchise fees			$	3,325					$	—					$	3,325					$	3,113					$	—					$	3,113
Base management fees			1,322						—						1,322						1,288						—						1,288
Incentive management fees			791						—						791						769						—						769
Gross fee revenues			5,438						—						5,438						5,170						—						5,170
Contract investment amortization			(135)						—						(135)						(103)						—						(103)
Net fee revenues			5,303						—						5,303						5,067						—						5,067
Owned, leased, and other revenue			1,679						—						1,679						1,551						—						1,551
Cost reimbursement revenue			19,204						—						19,204						18,482						—						18,482
			26,186						—						26,186						25,100						—						25,100
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense1			1,301						160						1,461						1,200						129						1,329						(8)
Depreciation, amortization, and other			213						—						213						183						—						183
General and administrative2			1,030						(160)						870						1,074						(129)						945						4
Restructuring and merger-related (recoveries) charges, and other			(2)						—						(2)						77						—						77
Reimbursed expenses			19,503						—						19,503						18,799						—						18,799
			22,045						—						22,045						21,333						—						21,333
OPERATING INCOME			$	4,141					$	—					$	4,141					$	3,767					$	—					$	3,767
1 Previously titled “Owned, leased, and other - direct.” The as reclassified amount includes $23 million of expenses related to the Sonder Termination.
2 Previously titled “General, administrative, and other.” The amount before reclass includes $23 million of expenses related to the Sonder Termination.

A-5

MARRIOTT INTERNATIONAL, INC.

EXPENSE CAPTIONS - AS RECLASSIFIED

QUARTERLY AND FULL YEAR 2025

($ in millions)

As discussed in the Consolidated Operating Income - As Reclassified section of these press release schedules, we reclassified amounts attributable to other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements. The following table includes the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.

			Fiscal Year 2025
			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total
Owned, leased, and other revenue			$	361					$	441					$	420					$	457					$	1,679
Owned, leased, and other expense			332						363						350						416						1,461
Owned, leased, and other revenue, net of owned, leased, and other expense			$	29					$	78					$	70					$	41					$	218
General and administrative			$	209					$	210					$	210					$	241					$	870

A-6

MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE
As of December 31, 2025
			US & Canada						Total International1						Total Worldwide
			Properties			Rooms			Properties			Rooms			Properties			Rooms
Franchised, Licensed, and Other			5,765			864,427			1,879			319,086			7,644			1,183,513
Courtyard by Marriott			931			125,431			143			26,350			1,074			151,781
Fairfield by Marriott			1,186			111,988			132			18,760			1,318			130,748
Residence Inn by Marriott			820			97,864			39			4,837			859			102,701
Marriott Hotels			237			75,161			85			23,610			322			98,771
Autograph Collection			158			35,468			170			33,958			328			69,426
Sheraton			141			43,708			86			23,780			227			67,488
SpringHill Suites by Marriott			566			66,200			—			—			566			66,200
TownePlace Suites by Marriott			567			56,962			—			—			567			56,962
Four Points by Sheraton			144			20,714			139			25,092			283			45,806
Westin			96			32,762			34			10,180			130			42,942
AC Hotels by Marriott			134			22,319			108			15,881			242			38,200
Moxy Hotels			48			8,224			117			22,339			165			30,563
Aloft Hotels			167			23,903			32			6,066			199			29,969
Tribute Portfolio			102			19,080			70			10,033			172			29,113
Renaissance Hotels			71			19,545			33			8,429			104			27,974
MGM Collection with Marriott Bonvoy			12			26,210			—			—			12			26,210
Delta Hotels by Marriott			67			15,076			41			7,926			108			23,002
Timeshare*			73			18,949			22			3,963			95			22,912
The Luxury Collection			15			7,812			66			14,203			81			22,015
City Express by Marriott			11			1,129			147			17,781			158			18,910
Design Hotels*			25			2,693			198			12,795			223			15,488
Element Hotels			99			13,110			6			936			105			14,046
Le Méridien			24			5,299			28			7,931			52			13,230
JW Marriott			13			6,327			15			3,264			28			9,591
citizenM			16			4,374			19			3,938			35			8,312
Four Points Flex by Sheraton			—			—			54			7,806			54			7,806
Protea Hotels by Marriott			—			—			38			3,371			38			3,371
Series by Marriott			2			164			37			2,597			39			2,761
Marriott Executive Apartments			—			—			9			1,803			9			1,803
Outdoor Collection by Marriott Bonvoy			32			1,532			—			—			32			1,532
W Hotels			1			1,117			1			226			2			1,343
Apartments by Marriott Bonvoy			2			381			3			275			5			656
The Ritz-Carlton Yacht Collection*			—			—			3			603			3			603
StudioRes			4			496			—			—			4			496
The Ritz-Carlton			1			429			1			20			2			449
St. Regis			—			—			1			172			1			172
Bvlgari			—			—			2			161			2			161
Owned/Leased			14			5,539			37			8,867			51			14,406
Sheraton			1			1,218			3			1,724			4			2,942
Marriott Hotels			2			1,304			5			1,631			7			2,935
Courtyard by Marriott			7			987			4			894			11			1,881
W Hotels			2			765			2			665			4			1,430
Westin			1			1,073			—			—			1			1,073
Protea Hotels by Marriott			—			—			5			912			5			912
JW Marriott			—			—			2			696			2			696
The Ritz-Carlton			—			—			2			548			2			548
Renaissance Hotels			—			—			2			505			2			505
The Luxury Collection			—			—			3			383			3			383
Autograph Collection			—			—			5			360			5			360
Residence Inn by Marriott			1			192			1			140			2			332
Tribute Portfolio			—			—			2			249			2			249
St. Regis			—			—			1			160			1			160

A-7

MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE
As of December 31, 2025
			US & Canada						Total International1						Total Worldwide
			Properties			Rooms			Properties			Rooms			Properties			Rooms
Managed			582			206,538			1,384			359,226			1,966			565,764
Marriott Hotels			97			55,394			193			61,137			290			116,531
Sheraton			23			18,928			182			58,600			205			77,528
Courtyard by Marriott			145			23,483			132			28,945			277			52,428
Westin			40			21,734			80			24,235			120			45,969
JW Marriott			23			13,191			77			27,413			100			40,604
The Ritz-Carlton			42			12,801			80			18,481			122			31,282
Four Points by Sheraton			1			134			100			26,468			101			26,602
Renaissance Hotels			21			9,065			53			16,533			74			25,598
Le Méridien			—			—			70			18,766			70			18,766
W Hotels			20			5,400			46			12,060			66			17,460
St. Regis			13			2,669			51			11,240			64			13,909
Residence Inn by Marriott			68			11,318			8			982			76			12,300
Gaylord Hotels			7			11,820			—			—			7			11,820
The Luxury Collection			6			2,296			42			8,030			48			10,326
Fairfield by Marriott			5			1,043			58			8,957			63			10,000
Aloft Hotels			2			505			42			9,342			44			9,847
Delta Hotels by Marriott			24			6,622			5			1,179			29			7,801
Autograph Collection			11			3,269			18			3,344			29			6,613
Marriott Executive Apartments			—			—			41			5,932			41			5,932
AC Hotels by Marriott			8			1,512			17			3,116			25			4,628
EDITION			5			1,379			17			3,238			22			4,617
Element Hotels			3			810			14			2,712			17			3,522
Moxy Hotels			1			380			15			3,099			16			3,479
Protea Hotels by Marriott			—			—			22			2,737			22			2,737
SpringHill Suites by Marriott			13			2,170			—			—			13			2,170
Tribute Portfolio			—			—			12			1,557			12			1,557
Bvlgari			—			—			7			646			7			646
TownePlace Suites by Marriott			4			615			—			—			4			615
citizenM			—			—			2			477			2			477
Residences			72			7,553			72			8,700			144			16,253
The Ritz-Carlton Residences			43			4,763			23			1,928			66			6,691
St. Regis Residences			11			1,279			14			1,916			25			3,195
W Residences			9			869			8			768			17			1,637
Marriott Residences			—			—			5			1,283			5			1,283
JW Marriott Residences			1			91			4			1,055			5			1,146
Westin Residences			3			266			3			413			6			679
Bvlgari Residences			—			—			5			526			5			526
Sheraton Residences			—			—			3			472			3			472
The Luxury Collection Residences			1			91			2			85			3			176
Tribute Portfolio Residences			—			—			1			137			1			137
Renaissance Residences			1			112			—			—			1			112
EDITION Residences			3			82			1			10			4			92
Le Méridien Residences			—			—			1			62			1			62
Autograph Collection Residences			—			—			2			45			2			45
Grand Total			6,433			1,084,057			3,372			695,879			9,805			1,779,936
1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.
* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.”
Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations.

A-8

MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY TIER
As of December 31, 2025
			US & Canada						Total International1						Total Worldwide
Total Systemwide			Properties			Rooms			Properties			Rooms			Properties			Rooms
Luxury			209			61,361			476			108,497			685			169,858
JW Marriott			36			19,518			94			31,373			130			50,891
JW Marriott Residences			1			91			4			1,055			5			1,146
The Luxury Collection			21			10,108			111			22,616			132			32,724
The Luxury Collection Residences			1			91			2			85			3			176
The Ritz-Carlton			43			13,230			83			19,049			126			32,279
The Ritz-Carlton Residences			43			4,763			23			1,928			66			6,691
The Ritz-Carlton Yacht Collection*			—			—			3			603			3			603
W Hotels			23			7,282			49			12,951			72			20,233
W Residences			9			869			8			768			17			1,637
St. Regis			13			2,669			53			11,572			66			14,241
St. Regis Residences			11			1,279			14			1,916			25			3,195
EDITION			5			1,379			17			3,238			22			4,617
EDITION Residences			3			82			1			10			4			92
Bvlgari			—			—			9			807			9			807
Bvlgari Residences			—			—			5			526			5			526
Premium			1,198			407,720			1,443			338,884			2,641			746,604
Marriott Hotels			336			131,859			283			86,378			619			218,237
Marriott Residences			—			—			5			1,283			5			1,283
Sheraton			165			63,854			271			84,104			436			147,958
Sheraton Residences			—			—			3			472			3			472
Westin			137			55,569			114			34,415			251			89,984
Westin Residences			3			266			3			413			6			679
Autograph Collection			169			38,737			193			37,662			362			76,399
Autograph Collection Residences			—			—			2			45			2			45
Renaissance Hotels			92			28,610			88			25,467			180			54,077
Renaissance Residences			1			112			—			—			1			112
Le Méridien			24			5,299			98			26,697			122			31,996
Le Méridien Residences			—			—			1			62			1			62
Tribute Portfolio			102			19,080			84			11,839			186			30,919
Tribute Portfolio Residences			—			—			1			137			1			137
Delta Hotels by Marriott			91			21,698			46			9,105			137			30,803
MGM Collection with Marriott Bonvoy			12			26,210			—			—			12			26,210
Design Hotels*			25			2,693			198			12,795			223			15,488
Gaylord Hotels			7			11,820			—			—			7			11,820
Marriott Executive Apartments			—			—			50			7,735			50			7,735
Outdoor Collection by Marriott Bonvoy **			32			1,532			—			—			32			1,532
Apartments by Marriott Bonvoy			2			381			3			275			5			656
Select			4,936			594,238			1,193			216,351			6,129			810,589
Courtyard by Marriott			1,083			149,901			279			56,189			1,362			206,090
Fairfield by Marriott			1,191			113,031			190			27,717			1,381			140,748
Residence Inn by Marriott			889			109,374			48			5,959			937			115,333
Four Points by Sheraton			145			20,848			239			51,560			384			72,408
SpringHill Suites by Marriott			579			68,370			—			—			579			68,370
TownePlace Suites by Marriott			571			57,577			—			—			571			57,577
AC Hotels by Marriott			142			23,831			125			18,997			267			42,828
Aloft Hotels			169			24,408			74			15,408			243			39,816
Moxy Hotels			49			8,604			132			25,438			181			34,042
Element Hotels			102			13,920			20			3,648			122			17,568
citizenM			16			4,374			21			4,415			37			8,789
Protea Hotels by Marriott			—			—			65			7,020			65			7,020

A-9

MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY TIER
As of December 31, 2025
			US & Canada						Total International1						Total Worldwide
Total Systemwide			Properties			Rooms			Properties			Rooms			Properties			Rooms
Midscale			17			1,789			238			28,184			255			29,973
City Express by Marriott			11			1,129			147			17,781			158			18,910
Four Points Flex by Sheraton			—			—			54			7,806			54			7,806
Series by Marriott **			2			164			37			2,597			39			2,761
StudioRes			4			496			—			—			4			496
Timeshare*			73			18,949			22			3,963			95			22,912
Grand Total			6,433			1,084,057			3,372			695,879			9,805			1,779,936
1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.
* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.”
** The Outdoor Collection by Marriott Bonvoy includes properties under both the Premium and Select quality tiers. Series by Marriott includes properties under both the Select and Midscale quality tiers.
Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations.

A-10

MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
						Three Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Brand						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
JW Marriott						$	240.22					2.9		%				69.2		%				-1.2		%	pts.						$	347.04					4.7		%
The Ritz-Carlton						$	389.85					7.1		%				65.8		%				1.4		%	pts.						$	592.81					4.9		%
W Hotels						$	264.64					3.8		%				66.9		%				0.0		%	pts.						$	395.52					3.8		%
Composite US & Canada Luxury1						$	328.70					5.3		%				67.9		%				0.1		%	pts.						$	483.92					5.2		%
Marriott Hotels						$	166.03					1.3		%				65.1		%				-1.2		%	pts.						$	255.18					3.1		%
Sheraton						$	161.71					0.3		%				63.8		%				-1.7		%	pts.						$	253.32					3.0		%
Westin						$	179.70					5.0		%				66.3		%				0.5		%	pts.						$	271.00					4.1		%
Composite US & Canada Premium2						$	165.23					2.2		%				65.0		%				-0.6		%	pts.						$	254.19					3.2		%
US & Canada Full-Service3						$	201.25					3.3		%				65.6		%				-0.5		%	pts.						$	306.58					4.1		%
Courtyard by Marriott						$	105.91					-3.6		%				63.0		%				-2.2		%	pts.						$	168.12					-0.1		%
Residence Inn by Marriott						$	137.23					-5.4		%				71.6		%				-2.7		%	pts.						$	191.59					-1.9		%
Composite US & Canada Select4						$	120.16					-3.6		%				66.5		%				-2.2		%	pts.						$	180.65					-0.4		%
US & Canada - All5						$	182.43					2.2		%				65.8		%				-0.9		%	pts.						$	277.05					3.6		%

Comparable Systemwide US & Canada Properties
						Three Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Brand						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
JW Marriott						$	229.59					2.9		%				69.8		%				0.0		%	pts.						$	328.97					2.9		%
The Ritz-Carlton						$	387.50					7.0		%				66.0		%				1.2		%	pts.						$	586.93					5.0		%
W Hotels						$	264.64					3.8		%				66.9		%				0.0		%	pts.						$	395.52					3.8		%
Composite US & Canada Luxury1						$	303.12					4.9		%				68.5		%				0.4		%	pts.						$	442.41					4.3		%
Marriott Hotels						$	134.61					0.5		%				63.4		%				-1.0		%	pts.						$	212.36					2.0		%
Sheraton						$	125.27					-0.8		%				63.0		%				-1.2		%	pts.						$	198.78					1.0		%
Westin						$	160.19					2.2		%				66.2		%				0.2		%	pts.						$	242.02					2.0		%
Composite US & Canada Premium2						$	141.26					0.8		%				64.3		%				-0.7		%	pts.						$	219.58					1.8		%
US & Canada Full-Service3						$	159.36					1.6		%				64.8		%				-0.6		%	pts.						$	245.92					2.5		%
Courtyard by Marriott						$	103.33					-1.6		%				63.7		%				-1.5		%	pts.						$	162.17					0.7		%
Residence Inn by Marriott						$	121.19					-2.4		%				72.1		%				-1.4		%	pts.						$	168.00					-0.5		%
Fairfield by Marriott						$	85.04					-2.3		%				63.7		%				-1.8		%	pts.						$	133.48					0.4		%
Composite US & Canada Select4						$	104.25					-1.8		%				66.7		%				-1.5		%	pts.						$	156.21					0.4		%
US & Canada - All5						$	126.44					-0.1		%				66.0		%				-1.1		%	pts.						$	191.71					1.6		%
1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio.
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels.
5 Includes US & Canada Full-Service and Composite US & Canada Select.

A-11

MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
						Twelve Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Brand						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
JW Marriott						$	242.57					3.1		%				70.9		%				-0.2		%	pts.						$	342.21					3.4		%
The Ritz-Carlton						$	371.17					6.4		%				66.5		%				1.0		%	pts.						$	557.81					4.7		%
W Hotels						$	260.57					4.1		%				69.0		%				1.4		%	pts.						$	377.38					2.0		%
Composite US & Canada Luxury1						$	317.38					4.9		%				69.3		%				0.6		%	pts.						$	457.86					4.0		%
Marriott Hotels						$	171.75					1.3		%				68.7		%				-1.1		%	pts.						$	249.89					3.0		%
Sheraton						$	166.37					0.8		%				67.3		%				-1.5		%	pts.						$	247.15					3.1		%
Westin						$	185.64					2.9		%				69.4		%				-0.2		%	pts.						$	267.62					3.3		%
Composite US & Canada Premium2						$	171.36					2.1		%				68.6		%				-0.6		%	pts.						$	249.89					2.9		%
US & Canada Full-Service3						$	203.53					3.0		%				68.7		%				-0.3		%	pts.						$	296.10					3.5		%
Courtyard by Marriott						$	111.66					-1.4		%				66.2		%				-0.8		%	pts.						$	168.71					-0.2		%
Residence Inn by Marriott						$	149.75					-1.4		%				75.7		%				-0.8		%	pts.						$	197.74					-0.4		%
Composite US & Canada Select4						$	127.04					-1.3		%				69.7		%				-0.7		%	pts.						$	182.15					-0.3		%
US & Canada - All5						$	185.78					2.3		%				69.0		%				-0.4		%	pts.						$	269.36					2.9		%

Comparable Systemwide US & Canada Properties
						Twelve Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Brand						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
JW Marriott						$	232.98					2.8		%				71.5		%				0.2		%	pts.						$	325.77					2.5		%
The Ritz-Carlton						$	369.30					6.5		%				67.0		%				1.1		%	pts.						$	551.56					4.8		%
W Hotels						$	260.57					4.1		%				69.0		%				1.4		%	pts.						$	377.38					2.0		%
Composite US & Canada Luxury1						$	295.15					4.6		%				70.0		%				0.7		%	pts.						$	421.61					3.5		%
Marriott Hotels						$	143.02					1.4		%				67.4		%				-0.5		%	pts.						$	212.20					2.1		%
Sheraton						$	130.43					0.6		%				66.5		%				-0.7		%	pts.						$	196.13					1.6		%
Westin						$	166.12					2.1		%				69.6		%				-0.1		%	pts.						$	238.62					2.2		%
Composite US & Canada Premium2						$	147.34					1.8		%				67.8		%				-0.2		%	pts.						$	217.29					2.1		%
US & Canada Full-Service3						$	163.87					2.4		%				68.1		%				-0.1		%	pts.						$	240.78					2.5		%
Courtyard by Marriott						$	109.72					-1.6		%				67.5		%				-1.2		%	pts.						$	162.63					0.3		%
Residence Inn by Marriott						$	129.95					-0.9		%				75.9		%				-0.6		%	pts.						$	171.19					0.0		%
Fairfield by Marriott						$	92.11					-1.1		%				67.8		%				-1.1		%	pts.						$	135.83					0.5		%
Composite US & Canada Select4						$	111.10					-0.9		%				70.5		%				-0.9		%	pts.						$	157.51					0.4		%
US & Canada - All5						$	132.35					0.7		%				69.5		%				-0.6		%	pts.						$	190.33					1.5		%
1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio.
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels.
5 Includes US & Canada Full-Service and Composite US & Canada Select.

A-12

MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
						Three Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Region						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
Europe						$	224.10					2.2		%				72.7		%				1.2		%	pts.						$	308.30					0.6		%
Middle East & Africa						$	185.54					12.9		%				76.5		%				2.5		%	pts.						$	242.47					9.2		%
Greater China						$	87.21					3.7		%				69.1		%				0.6		%	pts.						$	126.22					2.8		%
Asia Pacific excluding China						$	144.88					8.8		%				73.8		%				1.3		%	pts.						$	196.26					6.8		%
Caribbean & Latin America						$	205.98					0.2		%				67.2		%				0.7		%	pts.						$	306.63					-0.9		%
International - All1						$	140.58					6.6		%				71.9		%				1.2		%	pts.						$	195.43					4.8		%
Worldwide2						$	157.58					4.5		%				69.5		%				0.3		%	pts.						$	226.85					3.9		%

Comparable Systemwide International Properties
						Three Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Region						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
Europe						$	154.28					3.4		%				71.2		%				1.5		%	pts.						$	216.81					1.2		%
Middle East & Africa						$	168.76					12.8		%				75.3		%				1.7		%	pts.						$	224.25					10.3		%
Greater China						$	80.63					3.4		%				67.8		%				0.3		%	pts.						$	119.01					2.9		%
Asia Pacific excluding China						$	147.58					8.8		%				74.3		%				1.0		%	pts.						$	198.67					7.3		%
Caribbean & Latin America						$	128.42					2.1		%				64.0		%				1.1		%	pts.						$	200.77					0.3		%
International - All1						$	130.02					6.1		%				70.4		%				1.0		%	pts.						$	184.71					4.5		%
Worldwide2						$	127.64					1.9		%				67.4		%				-0.4		%	pts.						$	189.27					2.5		%
1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.
2 Includes US & Canada - All and International - All.

A-13

MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
						Twelve Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Region						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
Europe						$	236.81					3.1		%				72.8		%				2.1		%	pts.						$	325.42					0.1		%
Middle East & Africa						$	142.33					9.8		%				70.4		%				2.2		%	pts.						$	202.26					6.3		%
Greater China						$	82.87					0.4		%				68.5		%				0.6		%	pts.						$	121.05					-0.5		%
Asia Pacific excluding China						$	130.17					8.0		%				71.4		%				1.3		%	pts.						$	182.35					6.0		%
Caribbean & Latin America						$	196.90					5.5		%				66.3		%				0.2		%	pts.						$	296.77					5.1		%
International - All1						$	127.93					5.2		%				69.9		%				1.2		%	pts.						$	183.05					3.4		%
Worldwide2						$	151.41					3.7		%				69.5		%				0.6		%	pts.						$	217.80					2.9		%

Comparable Systemwide International Properties
						Twelve Months Ended December 31, 2025 and December 31, 2024
						RevPAR												Occupancy															Average Daily Rate
Region						2025						vs. 2024						2025						vs. 2024									2025						vs. 2024
Europe						$	160.65					3.3		%				71.3		%				1.7		%	pts.						$	225.44					0.8		%
Middle East & Africa						$	131.32					10.4		%				69.7		%				2.0		%	pts.						$	188.33					7.2		%
Greater China						$	76.53					0.4		%				67.0		%				0.4		%	pts.						$	114.20					-0.2		%
Asia Pacific excluding China						$	133.12					8.4		%				72.2		%				1.5		%	pts.						$	184.36					6.2		%
Caribbean & Latin America						$	126.14					4.3		%				63.1		%				0.1		%	pts.						$	199.85					4.2		%
International - All1						$	121.75					5.1		%				68.9		%				1.1		%	pts.						$	176.73					3.4		%
Worldwide2						$	128.80					2.0		%				69.3		%				0.0		%	pts.						$	185.81					2.1		%
1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.
2 Includes US & Canada - All and International - All.

A-14

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

($ in millions)

			Fiscal Year 2025
			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total
Net income, as reported			$	665					$	763					$	728					$	445					$	2,601
Cost reimbursement revenue			(4,655)						(4,932)						(4,760)						(4,857)						(19,204)
Reimbursed expenses			4,722						4,874						4,739						5,168						19,503
Interest expense			192						203						206						208						809
Interest expense from unconsolidated joint ventures			1						3						2						1						7
Provision for income taxes			99						291						266						137						793
Depreciation and amortization			51						53						50						59						213
Contract investment amortization			28						29						29						49						135
Depreciation and amortization classified in reimbursed expenses			57						61						64						69						251
Depreciation, amortization, and impairments from unconsolidated joint ventures			4						4						4						6						18
Stock-based compensation			52						58						61						65						236
Restructuring and merger-related charges (recoveries), and other			1						8						(40)						29						(2)
Expenses related to Sonder Termination			—						—						—						23						23
Adjusted EBITDA†			$	1,217					$	1,415					$	1,349					$	1,402					$	5,383
Change from 2024 Adjusted EBITDA†			7		%				7		%				10		%				9		%				8		%

			Fiscal Year 2024
			First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total
Net income, as reported			$	564					$	772					$	584					$	455					$	2,375
Cost reimbursement revenue			(4,433)						(4,728)						(4,617)						(4,704)						(18,482)
Reimbursed expenses			4,501						4,645						4,681						4,972						18,799
Interest expense			163						173						179						180						695
Interest expense from unconsolidated joint ventures			2						2						1						3						8
Provision for income taxes			163						268						202						143						776
Depreciation and amortization			45						47						45						46						183
Contract investment amortization			23						27						26						27						103
Depreciation and amortization classified in reimbursed expenses			48						50						52						56						206
Depreciation, amortization, and impairments from unconsolidated joint ventures			5						3						4						3						15
Stock-based compensation			53						57						63						64						237
Restructuring and merger-related charges, and other			8						8						9						52						77
Gain on asset dispositions			—						—						—						(11)						(11)
Adjusted EBITDA†			$	1,142					$	1,324					$	1,229					$	1,286					$	4,981

† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.

A-15

MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA FORECAST
FIRST QUARTER 2026
($ in millions)
			Range
			Estimated First Quarter 2026												First Quarter 2025
Net income excluding certain items1			$	667					$	682
Interest expense			213						213
Interest expense from unconsolidated joint ventures			2						2
Provision for income taxes			215						220
Depreciation and amortization			51						51
Contract investment amortization			31						31
Depreciation and amortization classified in reimbursed expenses			68						68
Depreciation, amortization, and impairments from unconsolidated joint ventures			4						4
Stock-based compensation			54						54
Adjusted EBITDA†			$	1,305					$	1,325					$	1,217
Increase over 2025 Adjusted EBITDA†			7		%				9		%
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.
1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.

A-16

MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA FORECAST
FULL YEAR 2026
($ in millions)
			Range
			Estimated Full Year 2026												Full Year 2025
Net income excluding certain items1			$	2,985					$	3,051
Interest expense			895						895
Interest expense from unconsolidated joint ventures			7						7
Provision for income taxes			1,057						1,081
Depreciation and amortization			210						210
Contract investment amortization			133						133
Depreciation and amortization classified in reimbursed expenses			295						295
Depreciation, amortization, and impairments from unconsolidated joint ventures			17						17
Stock-based compensation			241						241
Adjusted EBITDA†			$	5,840					$	5,930					$	5,383
Increase over 2025 Adjusted EBITDA†			8		%				10		%
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.
1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.

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MARRIOTT INTERNATIONAL, INC.

EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES

In our press release and schedules, on the related conference call, and in the infographic made available in connection with our press release, we report certain financial measures that are not required by, or presented in accordance with, United States generally accepted accounting principles (“GAAP”). These non-GAAP financial measures are labeled as “adjusted” and/or identified with the symbol “†”. We discuss the manner in which the non-GAAP measures reported in this press release, schedules, and infographic are determined and management’s reasons for reporting these non-GAAP measures below, and the press release schedules reconcile each to the most directly comparable GAAP measures (with respect to the forward-looking non-GAAP measures, to the extent available without unreasonable efforts). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, net income, earnings per share, or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.

Adjusted Operating Income and Adjusted Operating Income Margin. Adjusted operating income excludes cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and certain non-cash impairment charges (when applicable), as well as impairment charges and expenses related to the Sonder Termination. Adjusted total revenues excludes cost reimbursement revenue and impairment charges related to the Sonder Termination. Adjusted operating income margin reflects Adjusted operating income divided by Adjusted total revenues. We believe that these are meaningful metrics because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below.

Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Adjusted Effective Tax Rate. Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate reflect our net income, diluted earnings per share, and effective tax rate, respectively, excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, certain non-cash impairment charges (when applicable), and gains and losses on asset dispositions made by us or by our joint venture investees (when applicable and if above a specified threshold), as well as impairment charges and expenses related to the Sonder Termination. Additionally, Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate exclude the income tax effect of the above items (calculated using an estimated tax rate applicable to each item) and income tax special items, which in 2025 primarily related to the release of tax reserves. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below.

Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization, provision for income taxes, restructuring and merger-related recoveries/charges, and other expenses, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes certain non-cash impairment charges and gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In addition, in 2025, Adjusted EBITDA excludes expenses related to the Sonder Termination.

In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, Adjusted effective tax rate, and Adjusted EBITDA, we exclude restructuring and merger-related recoveries/charges as well as charges related to legal proceedings that are outside of the ordinary course of our business, both of which we record in the “Restructuring and merger-related (recoveries) charges, and other” caption of our Consolidated Statements of Income (our “Income Statements”). We also exclude impairment charges and expenses related to the Sonder Termination, which we record in the “Contract investment amortization” and “Owned, leased, and other expense” captions of our Income Statements, as they are related to the cessation of operations of an entire brand, which is a nonrecurring event. In addition, we exclude non-cash impairment charges (if above a specified threshold) related to our franchise and management contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the “Contract investment amortization,” “Depreciation, amortization, and other,” and “Equity in earnings” captions of our Income Statements. These adjustments allow for period-over period comparisons of our ongoing operations before the impact of these items. We exclude cost reimbursement revenue and reimbursed expenses, which relate to property-level and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties, and for which we receive reimbursement under our agreements with hotel owners and certain other counterparties with no added mark-up. We do not operate these property-level and centralized programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and certain other counterparties, we do not seek a mark-up. For property-level services, we recognize cost reimbursement revenue at the same time that we incur expenses, and property-level services have no net impact on our Income Statements in the reporting period. However, for centralized programs and services, we may be reimbursed before or after we incur expenses, causing timing differences between the costs we incur and the related reimbursement from hotel owners and certain other counterparties in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Because we do not retain any such profits or losses over time, we exclude the net impact when evaluating period-over-period changes in our operating results.

We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons of our ongoing operations before these items. Our use of Adjusted EBITDA also facilitates comparison with results from other lodging companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA also excludes depreciation and amortization expense, which

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MARRIOTT INTERNATIONAL, INC.

EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES

we report under “Depreciation, amortization, and other” as well as depreciation and amortization classified in “Contract investment amortization,” “Reimbursed expenses,” and “Equity in earnings” of our Income Statements, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. Depreciation and amortization classified in “Reimbursed expenses” reflects depreciation and amortization of Marriott-owned assets, for which we receive cash from hotel owners and certain other counterparties to reimburse the company for its investments made for the benefit of the system. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted.

RevPAR. In addition to the foregoing non-GAAP financial measures, we present Revenue per Available Room (“RevPAR”) as a performance measure. We believe RevPAR, which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate (“ADR”), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property’s available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period. We believe constant dollar analysis provides valuable information regarding the performance of hotels in our system as it removes currency fluctuations from the presentation of such results.

We define our comparable properties as hotels in our system that were open and operating under one of our brands since the beginning of the last full calendar year (since January 1, 2024 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, residences, and timeshare properties.

We use the term “hotel owners” throughout these schedules to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to franchise agreements, management agreements, license agreements or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.

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FAQ

How did Marriott International (MAR) perform financially in full year 2025?

Marriott reported solid 2025 growth with higher earnings and fees. Reported net income reached $2,601 million and adjusted net income $2,742 million. Reported diluted EPS was $9.51 and adjusted diluted EPS $10.02, supported by 5 percent growth in gross fee revenues to $5,438 million.

What were Marriott International’s (MAR) key fourth quarter 2025 results?

Marriott posted modestly higher profit metrics in Q4 2025. Worldwide RevPAR increased 1.9 percent. Reported net income was $445 million, with reported diluted EPS of $1.65. Adjusted net income was $695 million and adjusted diluted EPS $2.58, while adjusted EBITDA rose to $1,402 million.

How fast is Marriott International (MAR) growing its hotel portfolio?

Marriott expanded both its room base and development pipeline in 2025. Net rooms grew over 4.3 percent, adding roughly 73,600 net rooms to exceed 9,800 properties and nearly 1,780,000 rooms. The worldwide development pipeline reached about 4,100 properties and nearly 610,000 rooms.

What 2026 financial outlook did Marriott International (MAR) provide?

Marriott expects continued moderate growth in 2026. The company projects worldwide RevPAR to rise 1.5 to 2.5 percent, net rooms growth of 4.5 to 5 percent, adjusted EBITDA between $5,840 million and $5,930 million, and more than $4,300 million of capital returns to shareholders.

How much cash did Marriott International (MAR) return to shareholders in 2025?

Marriott returned substantial capital to shareholders during 2025. The company distributed over $4.0 billion through dividends and share repurchases, including repurchasing 12.1 million shares for $3.3 billion across the year, and plans capital returns of more than $4.3 billion for full year 2026.

What happened to Marriott International’s (MAR) RevPAR by region in Q4 2025?

RevPAR trends were mixed across regions in Q4 2025. Worldwide RevPAR increased 1.9 percent. International markets grew 6.1 percent, while U.S. & Canada RevPAR declined 0.1 percent, with commentary noting the impact of an extended government shutdown on the business transient segment.

How did Marriott International’s (MAR) adjusted EBITDA change in 2025?

Adjusted EBITDA increased meaningfully in 2025. Marriott’s adjusted EBITDA rose to $5,383 million, up 8 percent from 2024. Quarterly adjusted EBITDA reached $1,402 million in the fourth quarter, and the company forecasts 2026 adjusted EBITDA of $5,840 to $5,930 million, implying further growth.

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