Marriott International (Nasdaq: MAR) lifts 2026 outlook on Q2 growth

Q: How did Marriott (MAR) perform financially in the second quarter of 2026?

Marriott reported net income of $766 million and diluted EPS of $2.90 for Q2 2026. Adjusted net income was $844 million and Adjusted diluted EPS $3.19 , with Adjusted EBITDA rising to $1,592 million from $1,415 million a year earlier.

Q: What were Marriott (MAR) RevPAR trends in Q2 2026 by region?

In Q2 2026, worldwide RevPAR increased 3.4% . RevPAR in the U.S. & Canada rose 5.0% , while international RevPAR declined 0.5% . EMEA RevPAR fell over 5%, including a 43% decline in the Middle East , partly offset by growth in Asia-Pacific and Greater China.

Q: What guidance did Marriott (MAR) provide for full year 2026?

For 2026, Marriott expects worldwide RevPAR growth of 3.0% to 3.5% , Adjusted EBITDA of $5,965 to $6,025 million , and Adjusted diluted EPS of $11.64 to $11.81 . The company also targets capital returns to shareholders of over $4,500 million for the year.

Q: How large is Marriott’s (MAR) hotel pipeline and system as of June 30, 2026?

At quarter-end, Marriott’s global system comprised over 10,000 properties with nearly 1,814,000 rooms . The worldwide development pipeline reached 4,186 properties and approximately 629,000 rooms , with 44% of pipeline rooms under construction and over half located in international markets.

Q: What capital return activities did Marriott (MAR) undertake in Q2 2026?

In the second quarter of 2026, Marriott repurchased 3.0 million shares of common stock for $1.1 billion . Year-to-date through July 29, the company has returned approximately $2.6 billion to shareholders through a combination of dividends and share repurchases.

Q: What is Marriott’s (MAR) debt and cash position after Q2 2026?

At the end of Q2 2026, Marriott had total debt of $16.9 billion and cash and equivalents of $0.5 billion . This compares with $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Marriott International reported second quarter 2026 results showing higher fee-based earnings and continued global expansion. Worldwide RevPAR rose 3.4 percent, with the U.S. & Canada up 5.0 percent and international markets down 0.5 percent, reflecting weakness in the Middle East offset by growth in other regions.

Reported net income was $766 million with diluted EPS of $2.90, compared with $763 million and $2.78 a year earlier. Adjusted net income increased to $844 million and Adjusted diluted EPS to $3.19, while Adjusted EBITDA grew 13 percent to $1,592 million, driven by higher co-branded credit card fees, rooms growth, and higher RevPAR. Results included a $27 million property-related litigation accrual and a $68 million impairment tied to the sale of a U.S. & Canada hotel.

The company added roughly 17,900 net rooms in the quarter, bringing its global system to over 10,000 properties and nearly 1,814,000 rooms. The development pipeline reached a record 4,186 properties with about 629,000 rooms, with 44 percent of rooms under construction. Marriott repurchased 3.0 million shares for $1.1 billion in the quarter and, year-to-date through July 29, returned approximately $2.6 billion to shareholders. For full year 2026, Marriott expects worldwide RevPAR growth of 3.0 to 3.5 percent, Adjusted EBITDA of $5.97 billion to $6.03 billion, and Adjusted diluted EPS of $11.64 to $11.81, and plans capital returns of over $4.5 billion.

Positive

Adjusted profitability accelerated: Adjusted net income rose to $844 million and Adjusted diluted EPS to $3.19, while Adjusted EBITDA grew 13 percent to $1,592 million versus the prior-year quarter.
Record development pipeline: Marriott’s worldwide pipeline reached 4,186 properties and about 629,000 rooms, up nearly 7 percent year-over-year, with 44 percent of rooms under construction.
Robust capital return: The company repurchased 3.0 million shares for $1.1 billion in Q2 and has returned approximately $2.6 billion to shareholders year-to-date through July 29, 2026.

Negative

International softness: International RevPAR declined 0.5 percent, with EMEA RevPAR down over 5 percent and a 43 percent RevPAR drop in the Middle East, offsetting growth in other regions.
One-time charges weighed on owned/leased results: Owned, leased, and other revenue, net, fell to $49 million from $78 million, reflecting a $27 million property-related litigation accrual and a $68 million hotel impairment.

Filing Explained

At June 30, 2026, Marriott reported $16.9 billion of debt and $0.5 billion of cash and equivalents.

A Form 8-K reports specified material events; this filing reports Marriott International’s quarter ended June 30, 2026 results, with unaudited financial schedules attached.

The company repurchased $1.1 billion of common stock, representing 3.0 million shares.

At quarter-end, Marriott reported $16.9 billion of total debt and $0.5 billion of cash and equivalents, providing the balance-sheet context for that capital-return activity.

Read together, the filing shows completed second-quarter repurchases alongside a lower reported diluted share count, while the company continued to carry substantially more debt than cash in the disclosed quarter-end figures.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Worldwide RevPAR growth: 3.4 percent Adjusted EBITDA: $1,592 million Adjusted diluted EPS: $3.19 +5 more

8 metrics

Worldwide RevPAR growth 3.4 percent Increase in second quarter 2026 versus second quarter 2025

Adjusted EBITDA $1,592 million Second quarter 2026, up 13 percent from $1,415 million in 2025

Adjusted diluted EPS $3.19 Second quarter 2026 versus $2.65 in the prior-year quarter

Reported net income $766 million Second quarter 2026 net income, compared to $763 million in 2025

Net rooms added 17,900 rooms Approximate net room additions globally during second quarter 2026

Development pipeline rooms approximately 629,000 rooms Worldwide pipeline at June 30, 2026 across 4,186 properties

Share repurchases in Q2 2026 $1.1 billion Repurchase of 3.0 million common shares in the second quarter 2026

Total debt $16.9 billion Debt balance at the end of second quarter 2026; cash was $0.5 billion

Key Terms

RevPAR, Adjusted EBITDA, cost reimbursement revenue, development pipeline, +2 more

6 terms

RevPAR financial

"Second quarter 2026 RevPAR1 increased 3.4 percent worldwide"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

Adjusted EBITDA financial

"Second quarter Adjusted EBITDA totaled $1,592 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

cost reimbursement revenue financial

"Cost reimbursement revenue includes reimbursements from hotel owners"

development pipeline market

"worldwide development pipeline reached a new record and totaled nearly 4,200 properties"

A development pipeline is the collection of products, drugs, or projects a company is actively creating, shown by the stage each one is in from early research to final approval or launch. For investors it acts like a roadmap of future revenue potential and risk—similar to a restaurant’s planned menu items at different stages of testing—because items farther along are likelier to generate sales while earlier-stage projects carry more uncertainty and longer timelines.

non-GAAP financial measures financial

"we report certain financial measures that are not required by GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Total revenues: $7,071 million · Guidance included

Second quarter 2026

Total revenues $7,071 million Up from $6,744 million in second quarter 2025

Net income $766 million Flat versus $763 million in second quarter 2025

Adjusted EBITDA $1,592 million Increase of 13 percent from $1,415 million a year earlier

Adjusted diluted EPS $3.19 Up from $2.65 in the prior-year quarter

Worldwide RevPAR growth 3.4 percent U.S. & Canada +5.0 percent; international -0.5 percent

Guidance

For full year 2026, the company projects worldwide RevPAR growth of 3.0% to 3.5%, Adjusted EBITDA of $5,965 to $6,025 million, and Adjusted diluted EPS of $11.64 to $11.81, with planned capital returns to shareholders of over $4,500 million.

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Available on EDGAR 08/03/2026 - 07:00 AM Accepted by SEC EDGAR 08/03/2026 - 07:00 AM

FAQ

How did Marriott (MAR) perform financially in the second quarter of 2026?

Marriott reported net income of $766 million and diluted EPS of $2.90 for Q2 2026. Adjusted net income was $844 million and Adjusted diluted EPS $3.19, with Adjusted EBITDA rising to $1,592 million from $1,415 million a year earlier.

What were Marriott (MAR) RevPAR trends in Q2 2026 by region?

In Q2 2026, worldwide RevPAR increased 3.4%. RevPAR in the U.S. & Canada rose 5.0%, while international RevPAR declined 0.5%. EMEA RevPAR fell over 5%, including a 43% decline in the Middle East, partly offset by growth in Asia-Pacific and Greater China.

What guidance did Marriott (MAR) provide for full year 2026?

For 2026, Marriott expects worldwide RevPAR growth of 3.0% to 3.5%, Adjusted EBITDA of $5,965 to $6,025 million, and Adjusted diluted EPS of $11.64 to $11.81. The company also targets capital returns to shareholders of over $4,500 million for the year.

How large is Marriott’s (MAR) hotel pipeline and system as of June 30, 2026?

At quarter-end, Marriott’s global system comprised over 10,000 properties with nearly 1,814,000 rooms. The worldwide development pipeline reached 4,186 properties and approximately 629,000 rooms, with 44% of pipeline rooms under construction and over half located in international markets.

What capital return activities did Marriott (MAR) undertake in Q2 2026?

In the second quarter of 2026, Marriott repurchased 3.0 million shares of common stock for $1.1 billion. Year-to-date through July 29, the company has returned approximately $2.6 billion to shareholders through a combination of dividends and share repurchases.

How did Marriott’s (MAR) fee revenues change in Q2 2026?

Franchise and base management fees totaled $1,366 million in Q2 2026, up from $1,200 million a year earlier. The 14% increase was driven by higher co-branded credit card fees, rooms growth, and higher RevPAR across the portfolio.

What is Marriott’s (MAR) debt and cash position after Q2 2026?

At the end of Q2 2026, Marriott had total debt of $16.9 billion and cash and equivalents of $0.5 billion. This compares with $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025.

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): August 3, 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 Ended June 30, 2026

On August 3, 2026, Marriott International, Inc. (“Marriott”) is issuing a press release reporting financial results for the quarter ended June 30, 2026.

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 August 3, 2026, reporting financial results for the quarter ended June 30, 2026.

104			The cover page to this Current Report on Form 8-K, formatted in inline XBRL.

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: August 3, 2026

By:

/s/ Felitia O. Lee

Felitia O. Lee

Controller and Chief Accounting Officer

NEWS

Marriott International Reports Second Quarter 2026 Results

•Second quarter 2026 RevPAR1 increased 3.4 percent worldwide, with 5.0 percent growth in the U.S. & Canada and a 0.5 percent decline in international markets

•Second quarter reported diluted EPS totaled $2.90 and Adjusted diluted EPS totaled $3.19

•Second quarter reported net income totaled $766 million and Adjusted net income totaled $844 million

•Second quarter Adjusted EBITDA totaled $1,592 million

•The company added roughly 17,900 net rooms globally during the quarter and net rooms grew 4.5 percent from the end of the second quarter of 2025

•At the end of the quarter, Marriott’s worldwide development pipeline reached a new record and totaled nearly 4,200 properties and approximately 629,000 rooms, with 44 percent of pipeline rooms under construction including hotels that are pending conversion

•The company repurchased 3.0 million shares of common stock for $1.1 billion in the 2026 second quarter. Year-to-date through July 29, the company has returned approximately $2.6 billion to shareholders through dividends and share repurchases

For a summary of second quarter 2026 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2026/2026-q2-earnings-infographic.pdf

BETHESDA, MD – August 3, 2026 - Marriott International, Inc. (Nasdaq: MAR) today reported second quarter 2026 results.

Anthony Capuano, President and Chief Executive Officer, said, “We delivered another quarter of excellent results, reflecting strong travel demand, the power of our brands, and sustained development momentum. Global RevPAR increased 3.4 percent in the second quarter, with continued ADR strength. In the U.S. & Canada, RevPAR rose 5 percent, driven by broad-based increases across chain scales and customer segments.

“International RevPAR declined 0.5 percent in the quarter, as headwinds from the conflict in the

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 2026 and 2025 reflect properties that are comparable in both years.

Middle East more than offset solid RevPAR growth across our other international regions. In EMEA, RevPAR declined over 5 percent, with an increase in Europe outweighed by a 43 percent decline in the Middle East. APEC RevPAR increased over 5 percent, supported by solid leisure demand and robust intra-regional travel, while Greater China RevPAR increased over 3 percent, driven by strong performance across our luxury portfolio and key markets like Hong Kong, Taiwan and Hainan. With the outperformance in the second quarter and strong broad-based demand generally expected to continue, we are raising our full year expectation to 3 to 3.5 percent global RevPAR growth.

“Development activity remained strong, with record global signings in the first six months of the year. Our industry-leading global pipeline grew to approximately 629,000 rooms at quarter-end, up nearly 7 percent from the year-ago quarter. Conversions remained an important driver of growth, representing over a third of signings and 40 percent of openings in the first half of the year.

“The Marriott Bonvoy loyalty program, which grew to more than 295 million members at quarter-end, continues to drive demand, deepen member engagement and create value across our global portfolio. We recently executed new long-term agreements for our co-branded credit card program in the U.S. with JPMorgan Chase and American Express. These agreements further strengthen Marriott Bonvoy and deliver incremental value to our hotel owners, our cardholders and loyalty program members, and our shareholders.

“With our global scale, powerful portfolio of brands, industry-leading Marriott Bonvoy loyalty program, and dedicated associates, we are well positioned to meet the evolving needs of travelers seeking exceptional stays and memorable experiences. Supported by our robust pipeline and disciplined execution, we remain confident in our ability to deliver sustainable, long-term growth.”

Second Quarter 2026 Results

Franchise and base management fees totaled $1,366 million in the 2026 second quarter, a 14 percent increase compared to franchise and base management fees of $1,200 million in the year-ago quarter. The increase was primarily driven by higher co-branded credit card fees, rooms growth and higher RevPAR.

Incentive management fees totaled $212 million in the 2026 second quarter, compared to $200 million in the 2025 second quarter, driven by strong year-over-year growth in the U.S. & Canada, partially offset by declines in EMEA. Managed hotels in international markets contributed over half of the incentive fees earned in the quarter.

Owned, leased, and other revenue, net of owned, leased, and other expense2, totaled $49 million in the 2026 second quarter, compared to $78 million in the 2025 second quarter. The decline primarily reflected a $27 million property-related litigation accrual ($20 million after-tax impact and $0.08 per share after-tax) as well as lower termination fees.

Depreciation, amortization, and other expenses totaled $115 million in the 2026 second quarter, compared to $53 million in the year-ago quarter. The increase was driven by a $68 million impairment charge recorded in connection with our sale of a U.S. & Canada hotel, which is excluded from our Adjusted results.

General and administrative expenses2 for the 2026 second quarter totaled $220 million, compared to $210 million in the year-ago quarter, reflecting higher compensation costs, driven in part by timing.

Interest expense, net, totaled $201 million in the 2026 second quarter, compared to $191 million in the year-ago quarter. The increase was primarily due to higher interest expense associated with higher debt balances, partially offset by higher interest income.

In the 2026 second quarter, the provision for income taxes totaled $278 million, compared to $291 million in the 2025 second quarter.

Marriott’s reported operating income totaled $1,229 million in the 2026 second quarter, compared to 2025 second quarter reported operating income of $1,236 million. Reported net income totaled $766 million in the 2026 second quarter, flat compared to 2025 second quarter reported net income of $763 million. Reported diluted earnings per share (EPS) totaled $2.90 in the quarter, compared to reported diluted EPS of $2.78 in the year-ago quarter.

Adjusted operating income in the 2026 second quarter totaled $1,329 million, compared to 2025 second quarter Adjusted operating income of $1,186 million. Second quarter 2026 Adjusted net income totaled $844 million, compared to 2025 second quarter Adjusted net income of $728 million. Adjusted diluted EPS in the 2026 second quarter totaled $3.19, compared to Adjusted diluted EPS of $2.65 in the year-ago quarter.

Second quarter 2026 Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and certain impairment charges. 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.

2In 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.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,592 million in the 2026 second quarter, a 13 percent increase compared to second quarter 2025 Adjusted EBITDA of $1,415 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 Expense Captions - As Reclassified section in the press release schedules for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.

Selected Performance Information

The company added roughly 17,900 net rooms during the quarter, including approximately 11,000 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled over 10,000 properties, with nearly 1,814,000 rooms.

At the end of the quarter, the company’s worldwide development pipeline totaled 4,186 properties with approximately 629,000 rooms, including 253 properties with over 34,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,757 properties with over 279,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline were located in international markets.

In the 2026 second quarter, worldwide RevPAR increased 3.4 percent (a 3.9 percent increase using actual dollars) compared to the 2025 second quarter. RevPAR in the U.S. & Canada increased 5.0 percent (a 5.1 percent increase using actual dollars), and RevPAR in international markets declined 0.5 percent (a 1.0 percent increase using actual dollars) compared to the 2025 second quarter.

Balance Sheet & Common Stock

At the end of the quarter, Marriott’s total debt was $16.9 billion and cash and equivalents totaled $0.5 billion, compared to $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025.

The company repurchased 3.0 million shares of common stock in the 2026 second quarter for $1.1 billion. Year-to-date through July 29, the company has repurchased 6.2 million shares for $2.2 billion.

Company Outlook

The company's updated outlook generally assumes the continuation of the current macroeconomic environment. The outlook includes the expected partial year incremental impact of the new terms of our recently executed agreements with JPMorgan Chase and American Express for our U.S. co-branded credit card program.


	Third Quarter 2026 vs. Third Quarter 2025	Full Year 2026 vs. Full Year 2025
Worldwide RevPAR growth	3.5% to 4.0%	3.0% to 3.5%


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


($ in millions, except EPS)	Third Quarter 2026	Full Year 2026
Gross fee revenues	$1,474 to $1,483	$6,025 to $6,055
Owned, leased, and other revenue, net of owned, leased, and other expense	$30 to $40	$175 to $185
General and administrative expenses	$220 to $210	$895 to $875
Adjusted EBITDA1,2	$1,439 to $1,468	$5,965 to $6,025
Adjusted EPS – diluted2,3	$2.74 to $2.82	$11.64 to $11.81
Adjusted effective tax rate2	Approx. 26.7%	26.0% to 26.5%
Investment spending4		$1,250 to $1,350
Capital return to shareholders5		Over $4,500

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

2Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for third quarter and full year 2026 do not include 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. Our outlook includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. Our outlook excludes any other 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. In addition, our full year 2026 outlook excludes the 2026 first half adjustments related to the Sonder termination of $2 million, an adjustment to a gain on an asset disposition of $(8) million, and an impairment charge of $(68) million recorded in connection with our sale of a U.S. & Canada hotel.

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

4Investment spending includes contract acquisition costs, capital and technology expenditures, renovations at owned and leased hotels, loan advances, and other investing activities (including our investment in Lefay, which occurred in the 2026 second quarter), but excluding any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.

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

Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Monday, August 3, 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 August 3, 2027.

The telephone dial-in number for the conference call is US Toll Free: 800-267-6316, or Global: +1 203-518-9783. The conference ID is MAR2Q26.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of August 3, 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; shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy loyalty program; property performance; our expectations about the current macroeconomic environment; our expectations about 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 10,000 properties in 148 countries and territories, as of June 30, 2026. 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.


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


MARRIOTT INTERNATIONAL, INC.
PRESS RELEASE SCHEDULES
TABLE OF CONTENTS
QUARTER 2, 2026

Consolidated Statements of Income			A-2
Non-GAAP Financial Measures			A-4

Expense Captions - As Reclassified			A-5
Total Lodging Products by Ownership Type			A-6
Total Lodging Products by Tier			A-8
Key Lodging Statistics			A-10
Adjusted EBITDA			A-14
Adjusted EBITDA Forecast - Third Quarter 2026			A-15
Adjusted EBITDA Forecast - Full Year 2026			A-16
Explanation of Non-GAAP Financial and Performance Measures			A-17

A-1


MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
SECOND QUARTER 2026 AND 2025
($ in millions except per share amounts, unaudited)

					Percent
	Three Months Ended		Three Months Ended		Better/(Worse)
	June 30, 2026		June 30, 2025		2026 vs. 2025
REVENUES
Franchise fees1	$	1,023	$	860	19
Base management fees	343		340		1
Incentive management fees	212		200		6
Gross fee revenues	1,578		1,400		13
Contract investment amortization2	(31)		(29)		(7)
Net fee revenues	1,547		1,371		13
Owned, leased, and other revenue3	466		441		6
Cost reimbursement revenue4	5,058		4,932		3
	7,071		6,744		5

OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*	417		363		(15)
Depreciation, amortization, and other6	115		53		(117)
General and administrative7*	220		210		(5)
Restructuring and merger-related (recoveries) charges, and other	(10)		8		225
Reimbursed expenses4	5,100		4,874		(5)
	5,842		5,508		(6)

OPERATING INCOME	1,229		1,236		(1)

Gains and other income, net8	11		5		120
Interest expense	(221)		(203)		(9)
Interest income	20		12		67
Equity in earnings9	5		4		25

INCOME BEFORE INCOME TAXES	1,044		1,054		(1)

Provision for income taxes	(278)		(291)		4

NET INCOME	$	766	$	763	0

EARNINGS PER SHARE
Earnings per share - basic	$	2.90	$	2.78	4
Earnings per share - diluted	$	2.90	$	2.78	4

Basic shares (in millions)	263.9		274.2
Diluted shares (in millions)	264.5		274.7

* The 2025 second quarter reflects the reclassification of $35 million of other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements to conform to our current presentation.

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 includes our equity in earnings or losses of unconsolidated equity method investments.

A-2


MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
SECOND QUARTER YEAR-TO-DATE 2026 AND 2025
($ in millions except per share amounts, unaudited)

					Percent
	Six Months Ended		Six Months Ended		Better/(Worse)
	June 30, 2026		June 30, 2025		2026 vs. 2025
REVENUES
Franchise fees1	$	1,895	$	1,606	18
Base management fees	682		665		3
Incentive management fees	434		404		7
Gross fee revenues	3,011		2,675		13
Contract investment amortization2	(66)		(57)		(16)
Net fee revenues	2,945		2,618		12
Owned, leased, and other revenue3	878		802		9
Cost reimbursement revenue4	9,902		9,587		3
	13,725		13,007		6

OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*	794		695		(14)
Depreciation, amortization, and other6	169		104		(63)
General and administrative7*	439		419		(5)
Restructuring and merger-related (recoveries) charges, and other	(6)		9		167
Reimbursed expenses4	10,036		9,596		(5)
	11,432		10,823		(6)

OPERATING INCOME	2,293		2,184		5

Gains and other income, net8	14		3		367
Interest expense	(435)		(395)		(10)
Interest income	30		21		43
Equity in earnings9	—		5		(100)

INCOME BEFORE INCOME TAXES	1,902		1,818		5

Provision for income taxes	(488)		(390)		(25)

NET INCOME	$	1,414	$	1,428	(1)

EARNINGS PER SHARE
Earnings per share - basic	$	5.34	$	5.18	3
Earnings per share - diluted	$	5.32	$	5.17	3

Basic shares (in millions)	265.0		275.5
Diluted shares (in millions)	265.7		276.2

* The 2025 first half reflects the reclassification of $71 million of other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements to conform to our current presentation.
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 includes 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							Six Months Ended
							Percent							Percent
	June 30,			June 30,			Better/	June 30,			June 30,			Better/
	2026			2025			(Worse)	2026			2025			(Worse)
Total revenues, as reported	$	7,071		$	6,744			$	13,725		$	13,007
Less: Cost reimbursement revenue	(5,058)			(4,932)				(9,902)			(9,587)

Adjusted total revenues†	2,013			1,812				3,823			3,420


Operating income, as reported	1,229			1,236				2,293			2,184
Less: Cost reimbursement revenue	(5,058)			(4,932)				(9,902)			(9,587)
Add: Reimbursed expenses	5,100			4,874				10,036			9,596
Add (Less): Restructuring and merger-related (recoveries) charges, and other	(10)			8				(6)			9

Add: Asset impairment charge1	68			—				68			—
Less: Adjustments related to Sonder Termination2	—			—				(2)			—
Adjusted operating income†	1,329			1,186			12	2,487			2,202			13


Operating income margin	17		%	18		%		17		%	17		%
Adjusted operating income margin†	66		%	65		%		65		%	64		%


Net income, as reported	766			763				1,414			1,428
Less: Cost reimbursement revenue	(5,058)			(4,932)				(9,902)			(9,587)
Add: Reimbursed expenses	5,100			4,874				10,036			9,596
Add (Less): Restructuring and merger-related (recoveries) charges, and other	(10)			8				(6)			9

Add: Asset impairment charge1	68			—				68			—
Less: Adjustments related to Sonder Termination2	—			—				(2)			—
Add: Adjustment to gain on investee’s asset disposition3	—			—				8			—
Income tax effect of above adjustments	(22)			18				(46)			1
Less: Income tax special items	—			(3)				—			(74)
Adjusted net income†	$	844		$	728		16	$	1,570		$	1,373		14


Diluted earnings per share, as reported	$	2.90		$	2.78			$	5.32		$	5.17
Adjusted diluted earnings per share†	$	3.19		$	2.65		20	$	5.91		$	4.97		19

† 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 Impairment related to our sale of a U.S. & Canada hotel reported in Depreciation, amortization, and other.

2 Adjustments related to the termination of our licensing agreement with Sonder Holdings Inc. (the “Sonder Termination”) reported in Owned, leased, and other expense.

3 Adjustment to gain on investee’s asset disposition reported in Equity in earnings.

A-4

MARRIOTT INTERNATIONAL, INC.

EXPENSE CAPTIONS - AS RECLASSIFIED

QUARTERLY AND FULL YEAR 2025

($ 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 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-5


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE
As of June 30, 2026

	US & Canada		Total International1		Total Worldwide
	Properties	Rooms	Properties	Rooms	Properties	Rooms
Franchised, Licensed, and Other	5,921	884,304	2,018	339,046	7,939	1,223,350
Courtyard by Marriott	943	127,158	146	27,070	1,089	154,228
Fairfield by Marriott	1,202	113,564	141	20,448	1,343	134,012
Residence Inn by Marriott	839	100,238	43	5,289	882	105,527
Marriott Hotels	240	76,464	87	24,026	327	100,490
Autograph Collection	165	36,970	178	34,770	343	71,740
SpringHill Suites by Marriott	577	67,779	—	—	577	67,779
Sheraton	134	41,433	90	25,141	224	66,574
TownePlace Suites by Marriott	590	59,212	—	—	590	59,212
Four Points by Sheraton	147	21,020	173	31,015	320	52,035
Westin	97	33,215	34	10,182	131	43,397
AC Hotels by Marriott	139	23,059	109	16,055	248	39,114
Tribute Portfolio	112	20,761	76	11,231	188	31,992
Moxy Hotels	49	8,408	118	22,268	167	30,676
Aloft by Marriott	167	23,905	33	6,357	200	30,262
Renaissance Hotels	72	19,853	33	8,594	105	28,447
MGM Collection with Marriott Bonvoy	12	26,210	—	—	12	26,210
Delta Hotels by Marriott	70	15,864	43	8,123	113	23,987
Timeshare*	73	18,949	22	3,963	95	22,912
The Luxury Collection	17	8,245	68	14,458	85	22,703
City Express by Marriott	28	2,460	155	18,335	183	20,795
Design Hotels*	34	3,179	221	14,075	255	17,254
Element by Marriott	105	14,066	7	1,043	112	15,109
Le Méridien	23	5,123	31	8,636	54	13,759
JW Marriott	14	6,797	16	4,279	30	11,076
citizenM	17	4,604	19	3,938	36	8,542
Four Points Flex by Sheraton	—	—	60	8,536	60	8,536
Series by Marriott	5	550	53	3,932	58	4,482
Protea Hotels by Marriott	—	—	38	3,371	38	3,371
Marriott Executive Apartments	—	—	10	1,947	10	1,947
Outdoor Collection by Marriott Bonvoy	34	1,771	—	—	34	1,771
W Hotels	1	1,117	2	464	3	1,581
StudioRes by Marriott	12	1,488	—	—	12	1,488
Apartments by Marriott Bonvoy	2	413	4	302	6	715
The Ritz-Carlton	1	429	2	262	3	691
The Ritz-Carlton Yacht Collection*	—	—	3	603	3	603
St. Regis	—	—	1	172	1	172
Bvlgari	—	—	2	161	2	161
Owned/Leased	13	4,466	37	8,867	50	13,333
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
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-6


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE
As of June 30, 2026

	US & Canada		Total International1		Total Worldwide
	Properties	Rooms	Properties	Rooms	Properties	Rooms
Managed	558	202,722	1,389	357,727	1,947	560,449
Marriott Hotels	97	55,403	194	61,179	291	116,582
Sheraton	23	18,928	178	57,080	201	76,008
Courtyard by Marriott	134	21,936	137	29,941	271	51,877
Westin	40	22,354	80	24,174	120	46,528
JW Marriott	22	12,725	77	26,525	99	39,250
The Ritz-Carlton	42	12,797	80	18,443	122	31,240
Four Points by Sheraton	1	134	96	25,337	97	25,471
Renaissance Hotels	20	8,657	53	16,533	73	25,190
Le Méridien	—	—	70	18,646	70	18,646
W Hotels	19	5,163	46	12,023	65	17,186
St. Regis	13	2,564	53	11,503	66	14,067
Gaylord Hotels	7	11,820	—	—	7	11,820
Residence Inn by Marriott	63	10,604	9	1,102	72	11,706
The Luxury Collection	6	2,316	42	8,335	48	10,651
Aloft by Marriott	2	505	42	9,591	44	10,096
Fairfield by Marriott	3	698	57	8,761	60	9,459
Delta Hotels by Marriott	24	6,623	5	1,179	29	7,802
Autograph Collection	12	3,418	19	3,379	31	6,797
Marriott Executive Apartments	—	—	41	5,932	41	5,932
AC Hotels by Marriott	8	1,512	18	3,328	26	4,840
EDITION	5	1,379	18	3,389	23	4,768
Element by Marriott	3	810	14	2,712	17	3,522
Moxy Hotels	1	380	15	3,099	16	3,479
Protea Hotels by Marriott	—	—	22	2,738	22	2,738
Tribute Portfolio	—	—	13	1,595	13	1,595
SpringHill Suites by Marriott	9	1,381	—	—	9	1,381
Bvlgari	—	—	7	646	7	646
TownePlace Suites by Marriott	4	615	—	—	4	615
citizenM	—	—	2	477	2	477
Apartments by Marriott Bonvoy	—	—	1	80	1	80
Residences	74	7,866	72	8,700	146	16,566
The Ritz-Carlton Residences	46	5,150	23	1,928	69	7,078
St. Regis Residences	11	1,279	14	1,916	25	3,195
W Residences	8	795	8	768	16	1,563
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	6,566	1,099,358	3,516	714,340	10,082	1,813,698

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-7


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY TIER
As of June 30, 2026

	US & Canada		Total International1		Total Worldwide
Total Systemwide	Properties	Rooms	Properties	Rooms	Properties	Rooms
Luxury	212	61,785	484	110,003	696	171,788
JW Marriott	36	19,522	95	31,500	131	51,022
JW Marriott Residences	1	91	4	1,055	5	1,146
The Luxury Collection	23	10,561	113	23,176	136	33,737
The Luxury Collection Residences	1	91	2	85	3	176
The Ritz-Carlton	43	13,226	84	19,253	127	32,479
The Ritz-Carlton Residences	46	5,150	23	1,928	69	7,078
The Ritz-Carlton Yacht Collection*	—	—	3	603	3	603
W Hotels	22	7,045	50	13,152	72	20,197
W Residences	8	795	8	768	16	1,563
St. Regis	13	2,564	55	11,835	68	14,399
St. Regis Residences	11	1,279	14	1,916	25	3,195
EDITION	5	1,379	18	3,389	23	4,768
EDITION Residences	3	82	1	10	4	92
Bvlgari	—	—	9	807	9	807
Bvlgari Residences	—	—	5	526	5	526
Premium	1,225	411,359	1,493	343,685	2,718	755,044
Marriott Hotels	339	133,171	286	86,836	625	220,007
Marriott Residences	—	—	5	1,283	5	1,283
Sheraton	158	61,579	271	83,945	429	145,524
Sheraton Residences	—	—	3	472	3	472
Westin	137	55,569	114	34,356	251	89,925
Westin Residences	3	266	3	413	6	679
Autograph Collection	177	40,388	202	38,509	379	78,897
Autograph Collection Residences	—	—	2	45	2	45
Renaissance Hotels	92	28,510	88	25,632	180	54,142
Renaissance Residences	1	112	—	—	1	112
Tribute Portfolio	112	20,761	91	13,075	203	33,836
Tribute Portfolio Residences	—	—	1	137	1	137
Le Méridien	23	5,123	101	27,282	124	32,405
Le Méridien Residences	—	—	1	62	1	62
Delta Hotels by Marriott	94	22,487	48	9,302	142	31,789
MGM Collection with Marriott Bonvoy	12	26,210	—	—	12	26,210
Design Hotels*	34	3,179	221	14,075	255	17,254
Gaylord Hotels	7	11,820	—	—	7	11,820
Marriott Executive Apartments	—	—	51	7,879	51	7,879
Outdoor Collection by Marriott Bonvoy **	34	1,771	—	—	34	1,771
Apartments by Marriott Bonvoy	2	413	5	382	7	795
Select	5,011	602,767	1,249	225,886	6,260	828,653
Courtyard by Marriott	1,084	150,081	287	57,905	1,371	207,986
Fairfield by Marriott	1,205	114,262	198	29,209	1,403	143,471
Residence Inn by Marriott	903	111,034	53	6,531	956	117,565
Four Points by Sheraton	148	21,154	269	56,352	417	77,506
SpringHill Suites by Marriott	586	69,160	—	—	586	69,160
TownePlace Suites by Marriott	594	59,827	—	—	594	59,827
AC Hotels by Marriott	147	24,571	127	19,383	274	43,954
Aloft by Marriott	169	24,410	75	15,948	244	40,358
Moxy Hotels	50	8,788	133	25,367	183	34,155
Element by Marriott	108	14,876	21	3,755	129	18,631
citizenM	17	4,604	21	4,415	38	9,019
Protea Hotels by Marriott	—	—	65	7,021	65	7,021

A-8


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY TIER
As of June 30, 2026

	US & Canada		Total International1		Total Worldwide
Total Systemwide	Properties	Rooms	Properties	Rooms	Properties	Rooms
Midscale	45	4,498	268	30,803	313	35,301
City Express by Marriott	28	2,460	155	18,335	183	20,795
Four Points Flex by Sheraton	—	—	60	8,536	60	8,536
Series by Marriott **	5	550	53	3,932	58	4,482
StudioRes by Marriott	12	1,488	—	—	12	1,488
Timeshare*	73	18,949	22	3,963	95	22,912
Grand Total	6,566	1,099,358	3,516	714,340	10,082	1,813,698

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-9


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $

Comparable Company-Operated US & Canada Properties
	Three Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Brand	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
JW Marriott	$	278.37	7.1	%	74.6	%	1.5	%	pts.	$	373.15	4.9	%
The Ritz-Carlton	$	418.33	9.8	%	69.6	%	1.4	%	pts.	$	601.00	7.5	%
W Hotels	$	295.67	8.9	%	71.7	%	-0.2	%	pts.	$	412.25	9.2	%
Composite US & Canada Luxury1	$	357.49	9.5	%	72.0	%	0.9	%	pts.	$	496.46	8.1	%
Marriott Hotels	$	200.38	5.9	%	74.0	%	0.8	%	pts.	$	270.77	4.7	%
Sheraton	$	186.20	5.3	%	72.2	%	1.0	%	pts.	$	258.04	3.9	%
Westin	$	215.44	4.2	%	73.8	%	-0.1	%	pts.	$	292.01	4.4	%
Composite US & Canada Premium2	$	198.56	5.8	%	73.5	%	0.6	%	pts.	$	270.14	5.0	%
US & Canada Full-Service3	$	232.94	7.0	%	73.2	%	0.6	%	pts.	$	318.31	6.1	%
Courtyard by Marriott	$	127.84	4.8	%	71.3	%	-0.1	%	pts.	$	179.30	5.0	%
Residence Inn by Marriott	$	167.76	4.7	%	79.7	%	0.0	%	pts.	$	210.42	4.6	%
Composite US & Canada Select4	$	146.22	5.1	%	74.7	%	0.0	%	pts.	$	195.84	5.1	%
US & Canada - All5	$	214.20	6.7	%	73.5	%	0.5	%	pts.	$	291.43	6.0	%


Comparable Systemwide US & Canada Properties
	Three Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Brand	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
JW Marriott	$	264.85	6.9	%	75.2	%	1.0	%	pts.	$	352.00	5.5	%
The Ritz-Carlton	$	418.33	9.9	%	70.3	%	1.5	%	pts.	$	595.47	7.5	%
W Hotels	$	295.67	8.9	%	71.7	%	-0.2	%	pts.	$	412.25	9.2	%
Composite US & Canada Luxury1	$	335.56	9.1	%	73.1	%	0.8	%	pts.	$	458.89	7.9	%
Marriott Hotels	$	164.72	4.7	%	72.2	%	0.1	%	pts.	$	228.28	4.5	%
Sheraton	$	152.12	4.5	%	72.2	%	0.3	%	pts.	$	210.82	4.1	%
Westin	$	185.44	3.6	%	73.6	%	-0.2	%	pts.	$	251.80	3.8	%
Composite US & Canada Premium2	$	168.22	5.0	%	72.3	%	0.2	%	pts.	$	232.71	4.7	%
US & Canada Full-Service3	$	186.44	5.8	%	72.4	%	0.3	%	pts.	$	257.60	5.4	%
Courtyard by Marriott	$	125.12	4.3	%	72.2	%	-0.1	%	pts.	$	173.30	4.4	%
Residence Inn by Marriott	$	145.22	4.6	%	80.1	%	0.6	%	pts.	$	181.32	3.9	%
Fairfield by Marriott	$	105.40	3.9	%	72.8	%	0.1	%	pts.	$	144.68	3.7	%
Composite US & Canada Select4	$	125.86	4.4	%	75.1	%	0.2	%	pts.	$	167.61	4.1	%
US & Canada - All5	$	150.10	5.0	%	74.0	%	0.2	%	pts.	$	202.82	4.7	%

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 by Marriott, Element by Marriott, AC Hotels by Marriott, and Moxy Hotels.
5 Includes US & Canada Full-Service and Composite US & Canada Select.

A-10


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $

Comparable Company-Operated US & Canada Properties
	Six Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Brand	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
JW Marriott	$	283.69	5.9	%	74.2	%	1.0	%	pts.	$	382.29	4.5	%
The Ritz-Carlton	$	424.18	7.8	%	68.6	%	1.3	%	pts.	$	618.19	5.8	%
W Hotels	$	293.35	10.8	%	69.4	%	1.4	%	pts.	$	422.64	8.5	%
Composite US & Canada Luxury1	$	366.94	8.4	%	71.1	%	1.0	%	pts.	$	515.96	6.8	%
Marriott Hotels	$	189.62	5.1	%	70.8	%	0.5	%	pts.	$	267.86	4.3	%
Sheraton	$	174.71	3.2	%	69.2	%	0.5	%	pts.	$	252.55	2.4	%
Westin	$	196.61	4.4	%	70.6	%	0.5	%	pts.	$	278.41	3.6	%
Composite US & Canada Premium2	$	186.43	4.7	%	70.4	%	0.4	%	pts.	$	264.97	4.1	%
US & Canada Full-Service3	$	225.48	6.0	%	70.5	%	0.5	%	pts.	$	319.72	5.2	%
Courtyard by Marriott	$	118.26	3.6	%	67.1	%	-0.1	%	pts.	$	176.12	3.7	%
Residence Inn by Marriott	$	159.21	3.5	%	76.5	%	0.2	%	pts.	$	208.01	3.1	%
Composite US & Canada Select4	$	136.77	3.9	%	71.0	%	0.2	%	pts.	$	192.76	3.7	%
US & Canada - All5	$	206.31	5.7	%	70.6	%	0.5	%	pts.	$	292.16	5.0	%


Comparable Systemwide US & Canada Properties
	Six Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Brand	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
JW Marriott	$	267.89	5.7	%	74.2	%	0.7	%	pts.	$	360.80	4.7	%
The Ritz-Carlton	$	419.62	7.8	%	68.8	%	1.3	%	pts.	$	609.82	5.8	%
W Hotels	$	293.35	10.8	%	69.4	%	1.4	%	pts.	$	422.64	8.5	%
Composite US & Canada Luxury1	$	338.04	7.9	%	71.7	%	0.8	%	pts.	$	471.72	6.6	%
Marriott Hotels	$	153.89	4.4	%	68.6	%	0.4	%	pts.	$	224.25	3.8	%
Sheraton	$	138.80	3.7	%	68.2	%	0.6	%	pts.	$	203.42	2.8	%
Westin	$	174.33	3.3	%	70.6	%	0.0	%	pts.	$	247.08	3.3	%
Composite US & Canada Premium2	$	156.91	4.5	%	68.9	%	0.4	%	pts.	$	227.90	3.9	%
US & Canada Full-Service3	$	176.64	5.2	%	69.2	%	0.5	%	pts.	$	255.41	4.5	%
Courtyard by Marriott	$	113.68	4.0	%	67.9	%	0.2	%	pts.	$	167.52	3.7	%
Residence Inn by Marriott	$	133.75	3.7	%	76.4	%	0.7	%	pts.	$	175.06	2.8	%
Fairfield by Marriott	$	94.29	3.5	%	67.8	%	0.2	%	pts.	$	139.08	3.2	%
Composite US & Canada Select4	$	115.02	4.0	%	71.0	%	0.5	%	pts.	$	162.01	3.3	%
US & Canada - All5	$	139.67	4.6	%	70.3	%	0.5	%	pts.	$	198.79	3.9	%

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 by Marriott, Element by Marriott, 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 International Properties
	Three Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Region	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
Europe	$	285.72	5.1	%	76.6	%	0.2	%	pts.	$	373.06	4.8	%
Middle East & Africa	$	84.30	-35.1	%	49.5	%	-17.3	%	pts.	$	170.21	-12.4	%
Greater China	$	81.07	2.6	%	68.8	%	0.1	%	pts.	$	117.83	2.6	%
Asia Pacific excluding China	$	118.70	5.2	%	70.0	%	2.2	%	pts.	$	169.60	1.8	%
Caribbean & Latin America	$	193.39	0.9	%	63.7	%	0.4	%	pts.	$	303.69	0.2	%

International - All1	$	120.46	-2.9	%	66.4	%	-2.1	%	pts.	$	181.36	0.3	%

Worldwide2	$	158.08	2.1	%	69.3	%	-1.1	%	pts.	$	228.23	3.7	%


Comparable Systemwide International Properties
	Three Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Region	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
Europe	$	185.95	4.2	%	75.6	%	1.2	%	pts.	$	245.98	2.6	%
Middle East & Africa	$	80.48	-33.1	%	50.5	%	-15.8	%	pts.	$	159.44	-12.1	%
Greater China	$	72.95	3.2	%	67.3	%	0.7	%	pts.	$	108.44	2.1	%
Asia Pacific excluding China	$	119.46	5.3	%	70.4	%	2.3	%	pts.	$	169.76	1.8	%
Caribbean & Latin America	$	111.99	3.0	%	60.3	%	1.3	%	pts.	$	185.85	0.7	%

International - All1	$	116.76	-0.5	%	67.1	%	-0.7	%	pts.	$	174.10	0.6	%

Worldwide2	$	138.74	3.4	%	71.6	%	-0.1	%	pts.	$	193.66	3.5	%

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-12


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $

Comparable Company-Operated International Properties
	Six Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Region	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
Europe	$	231.59	6.0	%	68.9	%	-0.1	%	pts.	$	335.92	6.1	%
Middle East & Africa	$	111.59	-18.1	%	55.8	%	-11.9	%	pts.	$	199.84	-0.6	%
Greater China	$	80.62	4.4	%	67.1	%	0.6	%	pts.	$	120.10	3.4	%
Asia Pacific excluding China	$	127.45	6.4	%	70.7	%	2.4	%	pts.	$	180.21	2.9	%
Caribbean & Latin America	$	224.33	0.0	%	66.3	%	0.2	%	pts.	$	338.30	-0.2	%

International - All1	$	123.69	0.6	%	66.5	%	-1.0	%	pts.	$	186.11	2.2	%

Worldwide2	$	156.88	3.2	%	68.1	%	-0.4	%	pts.	$	230.27	3.9	%


Comparable Systemwide International Properties
	Six Months Ended June 30, 2026 and June 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Region	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
Europe	$	152.76	5.2	%	68.5	%	1.4	%	pts.	$	223.15	3.1	%
Middle East & Africa	$	104.76	-16.9	%	56.0	%	-10.7	%	pts.	$	187.00	-1.0	%
Greater China	$	72.15	4.5	%	65.3	%	0.9	%	pts.	$	110.47	3.0	%
Asia Pacific excluding China	$	125.43	6.5	%	70.4	%	2.4	%	pts.	$	178.12	2.9	%
Caribbean & Latin America	$	125.50	2.4	%	61.6	%	1.4	%	pts.	$	203.79	0.2	%

International - All1	$	114.56	2.0	%	65.7	%	0.0	%	pts.	$	174.48	2.0	%

Worldwide2	$	131.14	3.8	%	68.7	%	0.3	%	pts.	$	190.89	3.3	%

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.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

($ in millions)


	Fiscal Year 2026
	First Quarter			Second Quarter			Total
Net income, as reported1	$	648		$	766		$	1,414
Cost reimbursement revenue	(4,844)			(5,058)			(9,902)
Reimbursed expenses	4,936			5,100			10,036
Interest expense	214			221			435
Interest expense from unconsolidated joint ventures	2			2			4
Provision for income taxes	210			278			488
Depreciation, amortization, and other1	54			115			169
Contract investment amortization	35			31			66
Depreciation and amortization classified in reimbursed expenses	73			76			149
Depreciation, amortization, and impairments from unconsolidated joint ventures	3			5			8
Stock-based compensation	57			66			123
Restructuring and merger-related charges (recoveries), and other	4			(10)			(6)
Adjustments related to Sonder Termination	(2)			—			(2)
Adjustment to gain on investee’s asset disposition	8			—			8
Adjusted EBITDA†	$	1,398		$	1,592		$	2,990

Change from 2025 Adjusted EBITDA†	15		%	13		%	14		%


	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, amortization, and other	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

† 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 Includes our 2026 second quarter impairment charge of $68 million related to our sale of a U.S. & Canada hotel.

A-14


MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA FORECAST
THIRD QUARTER 2026
($ in millions)

	Range
	Estimated Third Quarter 2026						Third Quarter 2025
Net income excluding certain items1	$	718		$	740
Interest expense	227			227
Interest expense from unconsolidated joint ventures	1			1
Provision for income taxes	262			269
Depreciation, amortization, and other	51			51
Contract investment amortization	35			35
Depreciation and amortization classified in reimbursed expenses	78			78
Depreciation, amortization, and impairments from unconsolidated joint ventures	5			5
Stock-based compensation	62			62
Adjusted EBITDA†	$	1,439		$	1,468		$	1,349

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 Forecast 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. Forecast includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. Forecast does not reflect any other 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-15


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	$	3,007		$	3,051
Interest expense	898			898
Interest expense from unconsolidated joint ventures	7			7
Provision for income taxes	1,057			1,073
Depreciation, amortization, and other2	275			275
Contract investment amortization	137			137
Depreciation and amortization classified in reimbursed expenses	307			307
Depreciation, amortization, and impairments from unconsolidated joint ventures	19			19
Stock-based compensation	252			252
Adjustments related to Sonder Termination	(2)			(2)
Adjustment to gain on investee’s asset disposition	8			8
Adjusted EBITDA†	$	5,965		$	6,025		$	5,383

Increase over 2025 Adjusted EBITDA†	11		%	12		%

† 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 Forecast 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. Forecast includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. Forecast does not reflect any other 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.
2 Includes our 2026 second quarter impairment charge of $68 million related to the sale of a U.S. & Canada hotel.

A-16

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, and restructuring and merger-related recoveries/charges, and other expenses. When applicable, Adjusted operating income also excludes certain non-cash impairment charges as well as impairment charges and expenses/adjustments related to the Sonder Termination. Adjusted total revenues excludes cost reimbursement revenue as well as, when applicable, certain non-cash impairment charges 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, as well as, when applicable, certain non-cash impairment charges, gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold), and impairment charges and expenses/adjustments 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 (including non-cash impairment charges), 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 gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In addition, Adjusted EBITDA excludes impairment charges and expenses/adjustments 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 2025 fourth quarter impairment charges and expenses as well as subsequent adjustments 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 (losses) 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

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MARRIOTT INTERNATIONAL, INC.

EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES

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 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, 2025 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, timeshare, and all-inclusive 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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Source: View Original Filing on SEC EDGAR

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