Marriott International Reports Third Quarter 2025 Results

Third quarter 2025 RevPAR 1 increased 0.5 percent worldwide, with 2.6 percent growth in international markets and a 0.4 percent decline in U.S. & Canada Third quarter reported diluted EPS totaled $2.67 and adjusted diluted EPS totaled $2.47 Third quarter reported net income totaled $728 million and adjusted net income totaled $674 million Third quarter adjusted EBITDA totaled $1,349 million The company added roughly 17,900 net rooms during the quarter and net rooms grew 4.7 percent from the end of the third quarter of 2024 At the end of the quarter, Marriott's worldwide development pipeline reached a new record and totaled approximately 3,900 properties and over 596,000 rooms The company repurchased 3.0 million shares of common stock for $0.8 billion in the 2025 third quarter. Year-to-date through October 30, the company has return ed approximately $3.1 billion to shareholders through dividends and share repurchases For a summary of quarterly highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/2025-q3-earnings-infographic.pdf. , /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported third quarter 2025 results. Anthony Capuano, President and Chief Executive Officer, said, "Our third quarter results demonstrated continued strong execution of our growth strategy, the power of our brands, and the cash flow benefits of our asset-light business model. We delivered another quarter of strong rooms growth, robust development signings and profit gains. "Global RevPAR rose 0.5 percent in the third quarter, impacted by calendar shifts and ongoing macroeconomic uncertainty. International RevPAR increased 2.6 percent, led by APEC, which delivered nearly 5 percent growth fueled by strong performance in key markets like Japan, Australia and Vietnam. In the U.S. & Canada, RevPAR declined 0.4 percent due to weaker demand in the lower chain scales, largely reflecting reduced government travel. Globally, our luxury hotels continued to outperform, driven by robust demand and strong rate performance, with luxury RevPAR rising 4 percent in the quarter. "Our diverse portfolio of brands, that range from midscale to luxury, and include traditional, extended stay, and unique lodging options like cabins and safari lodges, continues to drive strong owner preference. During the first nine months of the year, we had record year-to-date signings, and our momentum on conversions continued, comprising around one third of our signings and openings. We still expect net rooms growth to approach 5 percent for full year 2025 and be in the mid-single-digit range over the next few years. "The power of Marriott Bonvoy has continued to grow. The platform has meaningfully evolved and expanded over the last several years to offer travelers exceptional hotel stays as well as a wide range of experiences, benefits, and services across their travel journeys. During the third quarter, we added another 12 million members, bringing total global membership to nearly 260 million. Member penetration remained strong at 75 percent in the U.S. & Canada and 68 percent globally, reflecting deep engagement with our expanding global member base. "Our solid financial performance and strong cash generation allowed us to return approximately $3.1 billion to our shareholders year-to-date through October 30 through share repurchases and dividends. We continue to expect to return approximately $4.0 billion to our shareholders in 2025." Third Quarter 2025 Results Base management and franchise fees totaled $1,190 million in the 2025 third quarter, a nearly 6 percent increase compared to base management and franchise fees of $1,124 million in the year-ago quarter. The increase was primarily driven by rooms growth and higher co-branded credit card fees. Incentive management fees totaled $148 million in the 2025 third quarter, compared to $159 million in the 2024 third quarter, primarily reflecting declines in the U.S. & Canada. Managed hotels in international markets contributed roughly three-quarters of the incentive fees earned in the quarter. Owned, leased, and other revenue, net of direct expenses, totaled $94 million in the 2025 third quarter, compared to $81 million in the 2024 third quarter. The increase was mainly driven by the addition of the Sheraton Grand Chicago to our portfolio of owned hotels in the 2024 fourth quarter. General, administrative, and other expenses for the 2025 third quarter totaled $234 million, compared to $276 million in the year-ago quarter. The year-over-year change largely reflects a $19 million operating guarantee reserve for a U.S. hotel in the 2024 third quarter, as well as lower compensation costs. In the 2025 third quarter, restructuring and merger-related recoveries/charges, and other expenses totaled a $40 million benefit compared to a $9 million expense in the year-ago quarter. The year-over-year change was primarily driven by insurance recoveries related to the 2018 Starwood guest reservations database security incident. Interest expense, net, totaled $194 million in the 2025 third quarter, compared to $168 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances. In the 2025 third quarter, the provision for income taxes totaled $266 million compared to $202 million in the 2024 third quarter. Marriott's reported operating income totaled $1,180 million in the 2025 third quarter, compared to 2024 third quarter reported operating income of $944 million. Reported net income totaled $728 million in the 2025 third quarter, a 25 percent increase compared to 2024 third quarter reported net income of $584 million. Reported diluted earnings per share (EPS) totaled $2.67 in the quarter, compared to reported diluted EPS of $2.07 in the year-ago quarter. Adjusted operating income in the 2025 third quarter totaled $1,119 million, compared to 2024 third quarter adjusted operating income of $1,017 million. Third quarter 2025 adjusted net income totaled $674 million, compared to 2024 third quarter adjusted net income of $638 million. Adjusted diluted EPS in the 2025 third quarter totaled $2.47, compared to adjusted diluted EPS of $2.26 in the year-ago quarter. Adjusted results excluded cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses. 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 $1,349 million in the 2025 third quarter, a 10 percent increase compared to third quarter 2024 adjusted EBITDA of $1,229 million. See the press release schedules for the adjusted EBITDA calculation. Selected Performance Information The company added roughly 17,900 net rooms during the quarter, including nearly 13,900 net rooms in international markets. At the end of the quarter, Marriott's global system totaled over 9,700 properties, with approximately 1,754,000 rooms. At the end of the quarter, the company's worldwide development pipeline totaled 3,923 properties with more than 596,000 rooms, including 229 properties with nearly 36,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,536 properties with over 250,000 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 are in international markets. The quarter-end system size and pipeline do not reflect any rooms from our acquisition of the citizenM brand, which we expect to integrate into our system and platforms in the 2025 fourth quarter. In the 2025 third quarter, worldwide RevPAR increased 0.5 percent (a 1.3 percent increase using actual dollars) compared to the 2024 third quarter. RevPAR in the U.S. & Canada declined 0.4 percent (a 0.4 percent decrease using actual dollars) year-over-year, and RevPAR in international markets increased 2.6 percent (a 5.3 percent increase using actual dollars) year-over-year. Balance Sheet & Common Stock At the end of the quarter, Marriott's total debt was $16.0 billion and cash and equivalents totaled $0.7 billion, compared to $14.4 billion in debt and $0.4 billion of cash and equivalents at year-end 2024. The company repurchased 3.0 million shares of common stock in the 2025 third quarter for $0.8 billion. Year-to-date through October 30, the company has repurchased 9.7 million shares for $2.6 billion. In the 2025 third quarter, the company issued $400 million of Series TT Senior Notes due in 2027 with a 4.20 percent interest rate coupon, $500 million of Series UU Senior Notes due in 2031 with a 4.50 percent interest rate coupon, and $600 million of Series VV Senior Notes due in 2035 with a 5.25 percent interest rate coupon. Company Outlook The Company's updated outlook generally assumes the continuation of the current macro-economic environment. Fourth Quarter 2025 vs. Fourth Quarter 2024 Full Year 2025 vs. Full Year 2024 Comparable systemwide constant $ RevPAR growth Worldwide 1.0% to 2.0% 1.5% to 2.5% Year-End 2025 vs. Year-End 2024 Net rooms growth Approaching 5% ($ in millions, except EPS) Fourth Quarter 2025 Full Year 2025 Gross fee revenues $1,382 to $1,402 $5,395 to $5,415 Owned, leased, and other revenue, net of direct expenses Approx. $98 Approx. $370 General, administrative, and other expenses $261 to $251 $985 to $975 Adjusted EBITDA1,2 $1,371 to $1,401 $5,352 to $5,382 Adjusted EPS – diluted2,3 $2.54 to $2.62 $9.98 to $10.06 Investment spending (including $349 million for citizenM)4 Approx. $1,450 Capital return to shareholders5 Approx. $4,000 1See the press release schedules for the adjusted EBITDA calculations. 2Adjusted EBITDA and Adjusted EPS – diluted for fourth quarter and full year 2025 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 (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Adjusted EPS – diluted for full year 2025 excludes the benefit of income tax special items of $74 million. 3Assumes the level of capital return to shareholders noted above. 4This outlook includes $349 million of funding related to our acquisition of the citizenM brand. Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any other 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 additional 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 Tuesday, November 4, 2025, 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 November 4, 2026. The telephone dial-in number for the conference call is US Toll Free: 800-445-7795, or Global: +1 785-424-1699. The conference ID is MAR3Q25. NOTE ON FORWARD-LOOKING STATEMENTS: All statements in this press release and the accompanying schedules are made as of November 4, 2025. 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 and shareholder returns; our growth prospects; our development pipeline; owner preference; our Marriott Bonvoy travel platform; integration of the citizenM rooms into our system and platforms; 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 uncertainty resulting from economic, political or other global, national, and regional conditions and events, including related to tariffs, trade, travel and other policies; and 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 over 9,700 properties across more than 30 leading brands in 143 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties 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. IRPR#1 Tables follow 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. MARRIOTT INTERNATIONAL, INC. PRESS RELEASE SCHEDULES TABLE OF CONTENTS QUARTER 3, 2025 Consolidated Statements of Income - As Reported A- 2 Non-GAAP Financial Measures A- 4 Total Lodging Products by Ownership Type A- 5 Total Lodging Products by Tier A- 7 Key Lodging Statistics A- 10 Adjusted EBITDA A- 14 Adjusted EBITDA Forecast - Fourth Quarter 2025 A- 15 Adjusted EBITDA Forecast - Full Year 2025 A- 16 Explanation of Non-GAAP Financial and Performance Measures A- 17 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED THIRD QUARTER 2025 AND 2024 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) September 30, 2025 September 30, 2024 Reported 2025 vs. 2024 REVENUES Base management fees $ 314 $ 312 1 Franchise fees1 876 812 8 Incentive management fees 148 159 (7) Gross fee revenues 1,338 1,283 4 Contract investment amortization2 (29) (26) (12) Net fee revenues 1,309 1,257 4 Owned, leased, and other revenue3 420 381 10 Cost reimbursement revenue4 4,760 4,617 3 6,489 6,255 4 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct5 326 300 (9) Depreciation, amortization, and other6 50 45 (11) General, administrative, and other7 234 276 15 Restructuring and merger-related (recoveries)charges, and other (40) 9 544 Reimbursed expenses4 4,739 4,681 (1) 5,309 5,311 0 OPERATING INCOME 1,180 944 25 Gains and other income, net8 3 7 (57) Interest expense (206) (179) (15) Interest income 12 11 9 Equity in earnings9 5 3 67 INCOME BEFORE INCOME TAXES 994 786 26 Provision for income taxes (266) (202) (32) NET INCOME $ 728 $ 584 25 EARNINGS PER SHARE Earnings per share - basic $ 2.68 $ 2.08 29 Earnings per share - diluted $ 2.67 $ 2.07 29 Basic shares 271.8 281.5 Diluted shares 272.5 282.4 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 - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 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, administrative, and other 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. MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED THIRD QUARTER YEAR-TO-DATE 2025 AND 2024 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Nine Months Ended Nine Months Ended Better/(Worse) September 30, 2025 September 30, 2024 Reported 2025 vs. 2024 REVENUES Base management fees $ 979 $ 955 3 Franchise fees1 2,482 2,318 7 Incentive management fees 552 563 (2) Gross fee revenues 4,013 3,836 5 Contract investment amortization2 (86) (76) (13) Net fee revenues 3,927 3,760 4 Owned, leased, and other revenue3 1,222 1,133 8 Cost reimbursement revenue4 14,347 13,778 4 19,496 18,671 4 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct5 950 882 (8) Depreciation, amortization, and other6 154 137 (12) General, administrative, and other7 724 785 8 Restructuring and merger-related (recoveries)charges, and other (31) 25 224 Reimbursed expenses4 14,335 13,827 (4) 16,132 15,656 (3) OPERATING INCOME 3,364 3,015 12 Gains and other income, net8 6 15 (60) Interest expense (601) (515) (17) Interest income 33 30 10 Equity in earnings9 10 8 25 INCOME BEFORE INCOME TAXES 2,812 2,553 10 Provision for income taxes (656) (633) (4) NET INCOME $ 2,156 $ 1,920 12 EARNINGS PER SHARE Earnings per share - basic $ 7.86 $ 6.71 17 Earnings per share - diluted $ 7.84 $ 6.69 17 Basic shares 274.3 285.9 Diluted shares 275.0 286.9 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 - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 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, administrative, and other 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. 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 Nine Months Ended Percent Percent September 30, September 30, Better/ September 30, September 30, Better/ 2025 2024 (Worse) 2025 2024 (Worse) Total revenues, as reported $ 6,489 $ 6,255 $ 19,496 $ 18,671 Less: Cost reimbursement revenue (4,760) (4,617) (14,347) (13,778) Adjusted total revenues† 1,729 1,638 5,149 4,893 Operating income, as reported 1,180 944 3,364 3,015 Less: Cost reimbursement revenue (4,760) (4,617) (14,347) (13,778) Add: Reimbursed expenses 4,739 4,681 14,335 13,827 (Less) Add: Restructuring and merger-related (recoveries) charges, and other (40) 9 (31) 25 Adjusted operating income† 1,119 1,017 10 3,321 3,089 8 Operating income margin 18 % 15 % 17 % 16 % Adjusted operating income margin† 65 % 62 % 64 % 63 % Net income, as reported 728 584 2,156 1,920 Less: Cost reimbursement revenue (4,760) (4,617) (14,347) (13,778) Add: Reimbursed expenses 4,739 4,681 14,335 13,827 (Less) Add: Restructuring and merger-related (recoveries)charges, and other (40) 9 (31) 25 Income tax effect of above adjustments 7 (19) 8 (20) Less: Income tax special items — — (74) — Adjusted net income† $ 674 $ 638 6 $ 2,047 $ 1,974 4 Diluted earnings per share, as reported $ 2.67 $ 2.07 $ 7.84 $ 6.69 Adjusted diluted earnings per share† $ 2.47 $ 2.26 9 $ 7.44 $ 6.88 8 † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of September 30, 2025 US & Canada Total International1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Managed 605 212,036 1,356 353,446 1,961 565,482 Marriott Hotels 98 55,831 189 59,832 287 115,663 Sheraton 25 19,752 177 57,032 202 76,784 Courtyard by Marriott 153 24,955 131 28,795 284 53,750 Westin 41 22,486 77 23,417 118 45,903 JW Marriott 23 13,191 76 27,227 99 40,418 The Ritz-Carlton 42 12,801 79 18,394 121 31,195 Four Points by Sheraton 1 134 97 25,867 98 26,001 Renaissance Hotels 21 9,065 53 16,514 74 25,579 Le Méridien — — 68 18,449 68 18,449 W Hotels 20 5,400 47 12,738 67 18,138 St. Regis 13 2,669 52 11,380 65 14,049 Residence Inn by Marriott 72 11,919 9 1,116 81 13,035 Gaylord Hotels 7 11,820 — — 7 11,820 The Luxury Collection 6 2,296 42 8,030 48 10,326 Fairfield by Marriott 6 1,431 55 8,355 61 9,786 Aloft Hotels 2 505 42 9,196 44 9,701 Delta Hotels by Marriott 24 6,622 6 1,440 30 8,062 Autograph Collection 11 3,269 16 3,209 27 6,478 Marriott Executive Apartments — — 41 6,004 41 6,004 EDITION 5 1,379 16 2,992 21 4,371 AC Hotels by Marriott 8 1,512 14 2,679 22 4,191 Element Hotels 3 810 15 2,964 18 3,774 Moxy Hotels 1 380 13 2,876 14 3,256 SpringHill Suites by Marriott 17 2,984 — — 17 2,984 Protea Hotels by Marriott — — 22 2,737 22 2,737 Tribute Portfolio — — 12 1,557 12 1,557 TownePlace Suites by Marriott 6 825 — — 6 825 Bvlgari — — 7 646 7 646 Owned/Leased 14 5,539 36 8,667 50 14,206 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 The Ritz-Carlton — — 2 548 2 548 Renaissance Hotels — — 2 505 2 505 JW Marriott — — 1 496 1 496 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 Franchised, Licensed, and Other 5,766 854,727 1,803 303,276 7,569 1,158,003 Courtyard by Marriott 923 123,996 139 25,759 1,062 149,755 Fairfield by Marriott 1,182 111,323 125 17,670 1,307 128,993 Residence Inn by Marriott 815 97,069 38 4,766 853 101,835 Marriott Hotels 235 74,523 82 22,893 317 97,416 Autograph Collection 156 35,019 162 32,616 318 67,635 Sheraton 141 43,625 84 23,390 225 67,015 SpringHill Suites by Marriott 558 64,976 — — 558 64,976 TownePlace Suites by Marriott 551 55,328 — — 551 55,328 Four Points by Sheraton 148 21,350 128 22,777 276 44,127 Westin 95 32,013 34 10,179 129 42,192 AC Hotels by Marriott 130 21,746 106 15,347 236 37,093 Moxy Hotels 48 8,224 116 21,694 164 29,918 Aloft Hotels 167 23,903 31 5,889 198 29,792 Renaissance Hotels 71 19,545 33 8,425 104 27,970 Tribute Portfolio 98 18,253 64 8,760 162 27,013 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Delta Hotels by Marriott 68 15,195 41 8,028 109 23,223 Timeshare* 73 18,949 21 3,911 94 22,860 The Luxury Collection 15 7,812 64 13,816 79 21,628 City Express by Marriott 4 379 147 17,781 151 18,160 Design Hotels* 25 2,693 178 11,890 203 14,583 Element Hotels 95 12,662 6 936 101 13,598 Le Méridien 23 5,060 27 7,601 50 12,661 JW Marriott 13 6,327 15 3,264 28 9,591 Sonder by Marriott Bonvoy 82 4,909 58 2,779 140 7,688 Four Points Flex by Sheraton — — 48 6,980 48 6,980 Protea Hotels by Marriott — — 37 3,283 37 3,283 Outdoor Collection by Marriott Bonvoy 32 1,527 — — 32 1,527 Marriott Executive Apartments — — 8 1,385 8 1,385 W Hotels 1 1,117 1 226 2 1,343 The Ritz-Carlton Yacht Collection* — — 3 603 3 603 Apartments by Marriott Bonvoy 2 317 3 275 5 592 The Ritz-Carlton 1 429 1 20 2 449 StudioRes 2 248 — — 2 248 St. Regis — — 1 172 1 172 Bvlgari — — 2 161 2 161 Residences 71 7,442 70 8,589 141 16,031 The Ritz-Carlton Residences 43 4,755 22 1,870 65 6,625 St. Regis Residences 11 1,267 14 1,946 25 3,213 W Residences 9 869 8 768 17 1,637 Marriott Residences — — 5 1,337 5 1,337 JW Marriott Residences — — 4 1,055 4 1,055 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 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 6,456 1,079,744 3,265 673,978 9,721 1,753,722 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." ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented in "Franchised, Licensed and Other" within their respective brands. 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. MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of September 30, 2025 US & Canada Total International1 Total Worldwide Total Systemwide Properties Rooms Properties Rooms Properties Rooms Luxury 208 61,250 471 108,181 679 169,431 JW Marriott 36 19,518 92 30,987 128 50,505 JW Marriott Residences — — 4 1,055 4 1,055 The Luxury Collection 21 10,108 109 22,229 130 32,337 The Luxury Collection Residences 1 91 2 85 3 176 The Ritz-Carlton 43 13,230 82 18,962 125 32,192 The Ritz-Carlton Residences 43 4,755 22 1,870 65 6,625 The Ritz-Carlton Yacht Collection* — — 3 603 3 603 W Hotels 23 7,282 50 13,629 73 20,911 W Residences 9 869 8 768 17 1,637 St. Regis 13 2,669 54 11,712 67 14,381 St. Regis Residences 11 1,267 14 1,946 25 3,213 EDITION 5 1,379 16 2,992 21 4,371 EDITION Residences 3 82 1 10 4 92 Bvlgari — — 9 807 9 807 Bvlgari Residences — — 5 526 5 526 Premium 1,243 410,180 1,444 332,473 2,687 742,653 Marriott Hotels 335 131,658 276 84,356 611 216,014 Marriott Residences — — 5 1,337 5 1,337 Sheraton 167 64,595 264 82,146 431 146,741 Sheraton Residences — — 3 472 3 472 Westin 137 55,572 111 33,596 248 89,168 Westin Residences 3 266 3 413 6 679 Autograph Collection 167 38,288 183 36,185 350 74,473 Autograph Collection Residences — — 2 45 2 45 Renaissance Hotels 92 28,610 88 25,444 180 54,054 Renaissance Residences 1 112 — — 1 112 Delta Hotels by Marriott 92 21,817 47 9,468 139 31,285 Le Méridien 23 5,060 95 26,050 118 31,110 Le Méridien Residences — — 1 62 1 62 Tribute Portfolio 98 18,253 78 10,566 176 28,819 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Design Hotels* 25 2,693 178 11,890 203 14,583 Gaylord Hotels 7 11,820 — — 7 11,820 Sonder by Marriott Bonvoy 82 4,909 58 2,779 140 7,688 Marriott Executive Apartments — — 49 7,389 49 7,389 Apartments by Marriott Bonvoy 2 317 3 275 5 592 Select 4,926 588,738 1,134 204,652 6,060 793,390 Courtyard by Marriott 1,083 149,938 274 55,448 1,357 205,386 Fairfield by Marriott 1,188 112,754 180 26,025 1,368 138,779 Residence Inn by Marriott 888 109,180 48 6,022 936 115,202 Four Points by Sheraton 149 21,484 225 48,644 374 70,128 SpringHill Suites by Marriott 575 67,960 — — 575 67,960 TownePlace Suites by Marriott 557 56,153 — — 557 56,153 AC Hotels by Marriott 138 23,258 120 18,026 258 41,284 Aloft Hotels 169 24,408 73 15,085 242 39,493 Moxy Hotels 49 8,604 129 24,570 178 33,174 Element Hotels 98 13,472 21 3,900 119 17,372 Protea Hotels by Marriott — — 64 6,932 64 6,932 Outdoor Collection by Marriott Bonvoy 32 1,527 — — 32 1,527 Midscale 6 627 195 24,761 201 25,388 City Express by Marriott 4 379 147 17,781 151 18,160 Four Points Flex by Sheraton — — 48 6,980 48 6,980 StudioRes 2 248 — — 2 248 Timeshare* 73 18,949 21 3,911 94 22,860 Grand Total 6,456 1,079,744 3,265 673,978 9,721 1,753,722 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." ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented within their respective brands. 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. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Three Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 206.00 0.4 % 67.9 % -1.5 % pts. $ 303.46 2.7 % The Ritz-Carlton $ 309.08 4.3 % 62.5 % -0.1 % pts. $ 494.16 4.5 % W Hotels $ 237.67 2.1 % 70.5 % 0.0 % pts. $ 337.32 2.2 % Composite US & Canada Luxury1 $ 274.83 3.4 % 67.1 % -0.4 % pts. $ 409.32 4.0 % Marriott Hotels $ 171.64 -2.0 % 70.1 % -2.8 % pts. $ 244.98 1.8 % Sheraton $ 164.50 2.0 % 68.0 % -0.9 % pts. $ 241.95 3.4 % Westin $ 186.11 -0.1 % 71.7 % -1.5 % pts. $ 259.72 2.0 % Composite US & Canada Premium2 $ 170.98 0.0 % 69.9 % -1.5 % pts. $ 244.54 2.2 % US & Canada Full-Service3 $ 193.61 1.0 % 69.3 % -1.3 % pts. $ 279.33 2.9 % Courtyard by Marriott $ 113.18 -2.7 % 67.7 % -1.3 % pts. $ 167.07 -0.8 % Residence Inn by Marriott $ 150.60 -3.8 % 77.3 % -2.1 % pts. $ 194.92 -1.1 % Composite US & Canada Select4 $ 125.63 -3.6 % 71.0 % -1.6 % pts. $ 176.96 -1.5 % US & Canada - All5 $ 176.99 0.2 % 69.7 % -1.4 % pts. $ 253.84 2.1 % Comparable Systemwide US & Canada Properties Three Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 200.86 1.6 % 69.3 % -0.2 % pts. $ 290.04 1.9 % The Ritz-Carlton $ 313.26 4.6 % 63.6 % 0.0 % pts. $ 492.66 4.7 % W Hotels $ 237.67 2.1 % 70.5 % 0.0 % pts. $ 337.32 2.2 % Composite US & Canada Luxury1 $ 260.16 3.5 % 68.5 % 0.1 % pts. $ 379.95 3.3 % Marriott Hotels $ 147.34 -0.4 % 69.7 % -1.4 % pts. $ 211.35 1.6 % Sheraton $ 136.38 1.1 % 69.3 % -0.2 % pts. $ 196.71 1.4 % Westin $ 164.85 -0.5 % 71.2 % -1.0 % pts. $ 231.38 0.9 % Composite US & Canada Premium2 $ 150.50 0.5 % 70.0 % -0.7 % pts. $ 215.07 1.4 % US & Canada Full-Service3 $ 162.69 1.0 % 69.8 % -0.6 % pts. $ 233.06 1.9 % Courtyard by Marriott $ 115.60 -2.4 % 70.4 % -1.4 % pts. $ 164.27 -0.5 % Residence Inn by Marriott $ 138.69 -1.6 % 79.2 % -0.9 % pts. $ 175.08 -0.5 % Fairfield by Marriott $ 100.97 -1.3 % 71.9 % -1.0 % pts. $ 140.34 0.1 % Composite US & Canada Select4 $ 117.86 -1.6 % 73.7 % -1.0 % pts. $ 159.83 -0.3 % US & Canada - All5 $ 135.85 -0.4 % 72.2 % -0.8 % pts. $ 188.25 0.8 % 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. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Nine Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 243.36 3.2 % 71.4 % 0.2 % pts. $ 340.64 2.9 % The Ritz-Carlton $ 364.87 6.1 % 66.8 % 0.9 % pts. $ 546.19 4.6 % W Hotels $ 259.19 4.2 % 69.8 % 1.8 % pts. $ 371.52 1.4 % Composite US & Canada Luxury1 $ 313.56 4.8 % 69.8 % 0.8 % pts. $ 449.32 3.6 % Marriott Hotels $ 174.01 1.3 % 70.0 % -1.1 % pts. $ 248.46 3.0 % Sheraton $ 166.15 0.9 % 68.0 % -1.5 % pts. $ 244.31 3.1 % Westin $ 185.31 2.2 % 70.2 % -0.4 % pts. $ 264.12 2.9 % Composite US & Canada Premium2 $ 172.95 2.0 % 69.7 % -0.5 % pts. $ 248.17 2.8 % US & Canada Full-Service3 $ 203.60 2.9 % 69.7 % -0.2 % pts. $ 292.06 3.3 % Courtyard by Marriott $ 112.88 -0.7 % 67.3 % -0.3 % pts. $ 167.69 -0.3 % Residence Inn by Marriott $ 152.34 -0.5 % 76.8 % -0.3 % pts. $ 198.33 -0.1 % Composite US & Canada Select4 $ 127.22 -0.7 % 70.8 % -0.2 % pts. $ 179.70 -0.4 % US & Canada - All5 $ 184.92 2.3 % 70.0 % -0.2 % pts. $ 264.26 2.6 % Comparable Systemwide US & Canada Properties Nine Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 234.13 2.8 % 72.1 % 0.3 % pts. $ 324.73 2.4 % The Ritz-Carlton $ 363.16 6.3 % 67.3 % 1.0 % pts. $ 539.85 4.7 % W Hotels $ 259.19 4.2 % 69.8 % 1.8 % pts. $ 371.52 1.4 % Composite US & Canada Luxury1 $ 292.47 4.5 % 70.5 % 0.8 % pts. $ 414.79 3.3 % Marriott Hotels $ 146.10 1.8 % 68.8 % -0.3 % pts. $ 212.39 2.2 % Sheraton $ 131.82 1.0 % 67.5 % -0.5 % pts. $ 195.20 1.8 % Westin $ 167.48 2.0 % 70.7 % -0.1 % pts. $ 236.98 2.2 % Composite US & Canada Premium2 $ 149.33 2.1 % 68.9 % 0.0 % pts. $ 216.60 2.1 % US & Canada Full-Service3 $ 165.25 2.6 % 69.1 % 0.1 % pts. $ 239.09 2.4 % Courtyard by Marriott $ 111.56 -1.6 % 68.7 % -1.2 % pts. $ 162.50 0.1 % Residence Inn by Marriott $ 132.57 -0.5 % 77.1 % -0.4 % pts. $ 172.00 0.1 % Fairfield by Marriott $ 94.34 -0.7 % 69.1 % -0.9 % pts. $ 136.47 0.5 % Composite US & Canada Select4 $ 113.13 -0.7 % 71.7 % -0.7 % pts. $ 157.72 0.4 % US & Canada - All5 $ 134.04 0.9 % 70.7 % -0.4 % pts. $ 189.65 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. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Three Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 302.51 2.1 % 79.1 % 1.9 % pts. $ 382.64 -0.3 % Middle East & Africa $ 102.91 7.5 % 66.1 % 1.9 % pts. $ 155.59 4.4 % Greater China $ 83.97 0.1 % 71.2 % 0.6 % pts. $ 117.92 -0.8 % Asia Pacific excluding China $ 121.91 3.8 % 71.4 % 0.7 % pts. $ 170.66 2.9 % Caribbean & Latin America $ 150.77 2.5 % 63.0 % -0.3 % pts. $ 239.19 2.9 % International - All1 $ 122.90 2.8 % 70.6 % 0.9 % pts. $ 174.00 1.5 % Worldwide2 $ 145.14 1.5 % 70.3 % 0.0 % pts. $ 206.57 1.5 % Comparable Systemwide International Properties Three Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 201.98 0.8 % 77.2 % 0.4 % pts. $ 261.49 0.3 % Middle East & Africa $ 98.47 8.7 % 66.5 % 1.9 % pts. $ 147.98 5.5 % Greater China $ 77.24 0.0 % 69.3 % 0.3 % pts. $ 111.50 -0.4 % Asia Pacific excluding China $ 126.71 4.7 % 72.8 % 1.2 % pts. $ 174.00 3.0 % Caribbean & Latin America $ 106.99 2.8 % 61.5 % 0.7 % pts. $ 173.92 1.6 % International - All1 $ 122.66 2.6 % 70.3 % 0.8 % pts. $ 174.44 1.4 % Worldwide2 $ 131.43 0.5 % 71.5 % -0.3 % pts. $ 183.71 0.9 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Nine Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 241.03 3.4 % 72.8 % 2.4 % pts. $ 331.09 0.0 % Middle East & Africa $ 127.78 8.3 % 68.3 % 2.1 % pts. $ 187.07 4.9 % Greater China $ 81.34 -0.7 % 68.2 % 0.6 % pts. $ 119.32 -1.6 % Asia Pacific excluding China $ 125.44 7.4 % 70.7 % 1.1 % pts. $ 177.39 5.8 % Caribbean & Latin America $ 193.67 7.4 % 66.2 % 0.0 % pts. $ 292.51 7.4 % International - All1 $ 123.77 4.6 % 69.2 % 1.1 % pts. $ 178.81 2.9 % Worldwide2 $ 148.94 3.4 % 69.5 % 0.6 % pts. $ 214.22 2.5 % Comparable Systemwide International Properties Nine Months Ended September 30, 2025 and September 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 162.54 3.4 % 71.2 % 1.8 % pts. $ 228.21 0.7 % Middle East & Africa $ 118.80 9.1 % 67.9 % 2.1 % pts. $ 175.01 5.8 % Greater China $ 74.94 -0.6 % 66.7 % 0.4 % pts. $ 112.42 -1.3 % Asia Pacific excluding China $ 128.43 8.1 % 71.6 % 1.4 % pts. $ 179.30 5.9 % Caribbean & Latin America $ 128.14 4.6 % 63.2 % -0.3 % pts. $ 202.74 5.1 % International - All1 $ 119.35 4.6 % 68.4 % 1.1 % pts. $ 174.48 3.0 % Worldwide2 $ 129.13 2.0 % 69.9 % 0.1 % pts. $ 184.69 1.9 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2025 First Quarter Second Quarter Third Quarter Total Net income, as reported $ 665 $ 763 $ 728 $ 2,156 Cost reimbursement revenue (4,655) (4,932) (4,760) (14,347) Reimbursed expenses 4,722 4,874 4,739 14,335 Interest expense 192 203 206 601 Interest expense from unconsolidated joint ventures 1 3 2 6 Provision for income taxes 99 291 266 656 Depreciation and amortization 51 53 50 154 Contract investment amortization 28 29 29 86 Depreciation and amortization classified in reimbursed expenses 57 61 64 182 Depreciation, amortization, and impairments from unconsolidated joint ventures 4 4 4 12 Stock-based compensation 52 58 61 171 Restructuring and merger-related charges (recoveries), and other 1 8 (40) (31) Adjusted EBITDA† $ 1,217 $ 1,415 $ 1,349 $ 3,981 Change from 2024 Adjusted EBITDA† 7 % 7 % 10 % 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 jointventures 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 Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FOURTH QUARTER 2025 ($ in millions) Range Estimated Fourth Quarter 2025 Fourth Quarter 2024 Net income excluding certain items1 $ 684 $ 706 Interest expense 208 208 Interest expense from unconsolidated joint ventures 1 1 Provision for income taxes 260 268 Depreciation and amortization 49 49 Contract investment amortization 32 32 Depreciation and amortization classified in reimbursed expenses 71 71 Depreciation, amortization, and impairments from unconsolidated joint ventures 6 6 Stock-based compensation 60 60 Adjusted EBITDA† $ 1,371 $ 1,401 $ 1,286 Increase over 2024 Adjusted EBITDA† 7 % 9 % † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures 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 (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FULL YEAR 2025 ($ in millions) Range Estimated Full Year 2025 Full Year 2024 Net income excluding certain items1 $ 2,805 $ 2,827 Interest expense 809 809 Interest expense from unconsolidated joint ventures 7 7 Provision for income taxes 908 916 Depreciation and amortization 203 203 Contract investment amortization 118 118 Depreciation and amortization classified in reimbursed expenses 253 253 Depreciation, amortization, and impairments from unconsolidated joint ventures 18 18 Stock-based compensation 231 231 Adjusted EBITDA† $ 5,352 $ 5,382 $ 4,981 Increase over 2024 Adjusted EBITDA† 7 % 8 % † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures 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 (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. 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). Adjusted total revenues excludes cost reimbursement revenue. 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 and Adjusted Diluted Earnings Per Share. Adjusted net income and Adjusted diluted earnings per share reflect our net income and diluted earnings per share 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). Additionally, Adjusted net income and Adjusted diluted earnings per share exclude the income tax effect of the above adjustments (calculated using an estimated tax rate applicable to each adjustment) 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 our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, 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 non-cash impairment charges (if above a specified threshold) related to our management and franchise 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 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 management agreements, franchise 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 Bonvoy® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®. SOURCE Marriott International, Inc.

Marriott International Reports Third Quarter 2025 Results

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