Marriott International Reports Fourth Quarter and Full Year 2025 Results

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

BETHESDA, Md., Feb. 10, 2026 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2025 results.

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

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

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

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

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

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

Fourth Quarter 2025 Results

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

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

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

General and administrative expenses 3 for the 2025 fourth quarter totaled $241 million, compared to $261 million in the year-ago quarter, primarily driven by lower compensation costs and litigation expenses. Had we not undertaken the reclassification, general, administrative, and other expenses would have totaled $306 million in the 2025 fourth quarter, and would have included $23 million of expenses related to the Sonder termination, compared to $289 million in the year-ago quarter.

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

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

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

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

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

Income Statement Reclassification

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

Selected Performance Information

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

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

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

Balance Sheet & Common Stock

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

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

Company Outlook

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

First Quarter 2026

vs. First Quarter 2025

Full Year 2026

vs. Full Year 2025

Comparable systemwide constant $ RevPAR growth

Worldwide

1.0% to 2.0%

1.5% to 2.5%

Year-End 2026

vs. Year-End 2025

Net rooms growth

4.5% to 5%

($ in millions, except EPS)

First Quarter 2026

Full Year 2026

Gross fee revenues

$1,365 to $1,380

$5,895 to $5,955

Owned, leased, and other revenue, net of owned,

leased, and other expense

Approx. $15

$230 to $240

General and administrative expenses

$215 to $210

$895 to $875

Adjusted EBITDA 1,2

$1,305 to $1,325

$5,840 to $5,930

Adjusted EPS – diluted 2,3

$2.50 to $2.55

$11.32 to $11.57

Adjusted effective tax rate 2

Approx. 24.5%

26.0% to 26.5%

Investment spending 4

$1,000 to $1,100

Capital return to shareholders 5

Over $4,300

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

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

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

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

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

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

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

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

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

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

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.

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

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

MARRIOTT INTERNATIONAL, INC.

PRESS RELEASE SCHEDULES

TABLE OF CONTENTS

QUARTER 4, 2025

Consolidated Statements of Income

A-2

Non-GAAP Financial Measures

A-5

Consolidated Operating Income - As Reclassified

A-5

Expense Captions - As Reclassified

A-7

Total Lodging Products by Ownership Type

A-8

Total Lodging Products by Tier

A-10

Key Lodging Statistics

A-12

Adjusted EBITDA

A-16

Adjusted EBITDA Forecast - First Quarter 2026

A-17

Adjusted EBITDA Forecast - Full Year 2026

A-18

Explanation of Non-GAAP Financial and Performance Measures

A-19

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

FOURTH QUARTER 2025 AND 2024

($ in millions except per share amounts, unaudited)

Percent

Three Months Ended

Better/(Worse)

December 31, 2025

December 31, 2024

2025 vs. 2024

REVENUES

Franchise fees 1

$ 843

$ 795

Base management fees

343

333

Incentive management fees

239

206

Gross fee revenues

1,425

1,334

Contract investment amortization 2

(49)

(27)

(81)

Net fee revenues

1,376

1,307

Owned, leased, and other revenue 3

457

418

Cost reimbursement revenue 4

4,857

4,704

6,690

6,429

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense 5*

416

346

(20)

Depreciation, amortization, and other 6

(28)

General and administrative 7*

241

261

Restructuring and merger-related charges, and other

Reimbursed expenses 4

5,168

4,972

(4)

5,913

5,677

(4)

OPERATING INCOME

777

752

Gains and other income, net 8

(81)

Interest expense

(208)

(180)

(16)

Interest income

(10)

Equity in earnings 9

—

INCOME BEFORE INCOME TAXES

582

598

(3)

Provision for income taxes

(137)

(143)

NET INCOME

$ 445

$ 455

(2)

EARNINGS PER SHARE

Earnings per share - basic

$ 1.66

$ 1.63

Earnings per share - diluted

$ 1.65

$ 1.63

Basic shares (in millions)

268.5

278.9

Diluted shares (in millions)

269.4

280.1

* In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. Please see the Consolidated Operating Income - As Reclassified section in these press release schedules for information about the effects of the reclassification.

** Calculated Percentage is not meaningful.

1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees.

2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.

3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.

4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.

5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.

6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.

7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.

8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.

9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments.

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

FULL YEAR 2025 AND 2024

($ in millions except per share amounts, unaudited)

Percent

Twelve Months Ended

Better/(Worse)

December 31, 2025

December 31, 2024

2025 vs. 2024

REVENUES

Franchise fees 1

$ 3,325

$ 3,113

Base management fees

1,322

1,288

Incentive management fees

791

769

Gross fee revenues

5,438

5,170

Contract investment amortization 2

(135)

(103)

(31)

Net fee revenues

5,303

5,067

Owned, leased, and other revenue 3

1,679

1,551

Cost reimbursement revenue 4

19,204

18,482

26,186

25,100

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense 5*

1,461

1,329

(10)

Depreciation, amortization, and other 6

213

183

(16)

General and administrative 7*

870

945

Restructuring and merger-related (recoveries)

charges, and other

(2)

103

Reimbursed expenses 4

19,503

18,799

(4)

22,045

21,333

(3)

OPERATING INCOME

4,141

3,767

Gains and other income, net 8

(71)

Interest expense

(809)

(695)

(16)

Interest income

Equity in earnings 9

INCOME BEFORE INCOME TAXES

3,394

3,151

Provision for income taxes

(793)

(776)

(2)

NET INCOME

$ 2,601

$ 2,375

EARNINGS PER SHARE

Earnings per share - basic

$ 9.53

$ 8.36

Earnings per share - diluted

$ 9.51

$ 8.33

Basic shares (in millions)

272.9

284.2

Diluted shares (in millions)

273.6

285.2

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.

7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.

8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.

9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments.

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

($ in millions except per share amounts)

The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share

to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin.

Three Months Ended

Twelve Months Ended

Percent

December 31,

Better/

December 31,

Better/

2025

2024

(Worse)

2025

2024

(Worse)

Total revenues, as reported

$ 6,690

$ 6,429

$ 26,186

$ 25,100

Less: Cost reimbursement revenue

(4,857)

(4,704)

(19,204)

(18,482)

Add: Impairments related to Sonder

Termination 1

—

Adjusted total revenues †

1,848

1,725

6,997

6,618

Operating income, as reported

777

752

4,141

3,767

Less: Cost reimbursement revenue

(4,857)

(4,704)

(19,204)

(18,482)

Add: Reimbursed expenses

5,168

4,972

19,503

18,799

Add (Less): Restructuring and merger-related

charges (recoveries), and other

(2)

Add: Impairments related to Sonder Termination 1

—

Add: Expenses related to Sonder Termination 2

—

Adjusted operating income †

1,155

1,072

4,476

4,161

Operating income margin

12 %

16 %

15 %

Adjusted operating income margin †

63 %

62 %

64 %

63 %

Net income, as reported

445

455

2,601

2,375

Less: Cost reimbursement revenue

(4,857)

(4,704)

(19,204)

(18,482)

Add: Reimbursed expenses

5,168

4,972

19,503

18,799

Add (Less): Restructuring and merger-related

charges (recoveries), and other

(2)

Add: Impairments related to Sonder Termination 1

—

Add: Expenses related to Sonder Termination 2

—

Less: Gain on asset dispositions 3

—

(11)

—

(11)

Income tax effect of above adjustments

(106)

(78)

(98)

Less: Income tax special items

(22)

—

(96)

—

Adjusted net income †

$ 695

$ 686

$ 2,742

$ 2,660

Diluted earnings per share, as reported

$ 1.65

$ 1.63

$ 9.51

$ 8.33

Adjusted diluted earnings per share †

$ 2.58

$ 2.45

$ 10.02

$ 9.33

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

1 Impairments related to the termination of our licensing agreement with Sonder Holdings Inc. (the "Sonder Termination") reported in Contract investment amortization.

2 Expenses related to Sonder Termination reported in Owned, leased, and other expense.

3 Gain on asset dispositions reported in Gains and other income, net.

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED OPERATING INCOME - AS RECLASSIFIED

FOURTH QUARTER AND FULL YEAR 2025 AND 2024

($ in millions)

In the 2025 fourth quarter, to enhance understanding of the Company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported

under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from

"General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain

brand-related or property-related expenses, as well as costs associated with certain third-party agreements. The following tables present the effects of the reclassification (also

referred to in these schedules as the "reclass") on the three and twelve months ended December 31, 2025 and December 31, 2024 consolidated operating costs and expenses.

Three Months Ended

Percent

Better/(Worse)

Before

Reclass 2025

vs. 2024

December 31, 2025

December 31, 2024

Before

Reclass

Reclassified

Previously

Reported

Reclass

Reclassified

REVENUES

Franchise fees

$ 843

$ —

$ 843

$ 795

$ —

$ 795

Base management fees

343

—

343

333

—

333

Incentive management fees

239

—

239

206

—

206

Gross fee revenues

1,425

—

1,425

1,334

—

1,334

Contract investment amortization

(49)

—

(49)

(27)

—

(27)

Net fee revenues

1,376

—

1,376

1,307

—

1,307

Owned, leased, and other revenue

457

—

457

418

—

418

Cost reimbursement revenue

4,857

—

4,857

4,704

—

4,704

6,690

—

6,690

6,429

—

6,429

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense 1

351

416

318

346

(10)

Depreciation, amortization, and other

—

General and administrative 2

306

(65)

241

289

(28)

261

(6)

Restructuring and merger-related

charges, and other

—

Reimbursed expenses

5,168

—

5,168

4,972

—

4,972

5,913

—

5,913

5,677

—

5,677

OPERATING INCOME

$ 777

$ —

$ 777

$ 752

$ —

$ 752

Twelve Months Ended

Percent

Better/(Worse)

Before

Reclass 2025

vs. 2024

December 31, 2025

December 31, 2024

Before

Reclass

Reclassified

Previously

Reported

Reclass

Reclassified

REVENUES

Franchise fees

$ 3,325

$ —

$ 3,325

$ 3,113

$ —

$ 3,113

Base management fees

1,322

—

1,322

1,288

—

1,288

Incentive management fees

791

—

791

769

—

769

Gross fee revenues

5,438

—

5,438

5,170

—

5,170

Contract investment amortization

(135)

—

(135)

(103)

—

(103)

Net fee revenues

5,303

—

5,303

5,067

—

5,067

Owned, leased, and other revenue

1,679

—

1,679

1,551

—

1,551

Cost reimbursement revenue

19,204

—

19,204

18,482

—

18,482

26,186

—

26,186

25,100

—

25,100

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense 1

1,301

160

1,461

1,200

129

1,329

(8)

Depreciation, amortization, and other

213

—

213

183

—

183

General and administrative 2

1,030

(160)

870

1,074

(129)

945

Restructuring and merger-related (recoveries)

charges, and other

(2)

—

(2)

—

Reimbursed expenses

19,503

—

19,503

18,799

—

18,799

22,045

—

22,045

21,333

—

21,333

OPERATING INCOME

$ 4,141

$ —

$ 4,141

$ 3,767

$ —

$ 3,767

1 Previously titled "Owned, leased, and other - direct." The as reclassified amount includes $23 million of expenses related to the Sonder Termination.

2 Previously titled "General, administrative, and other." The amount before reclass includes $23 million of expenses related to the Sonder Termination.

MARRIOTT INTERNATIONAL, INC.

EXPENSE CAPTIONS - AS RECLASSIFIED

QUARTERLY AND FULL YEAR 2025

($ in millions)

As discussed in the Consolidated Operating Income - As Reclassified section of these press release schedules, we reclassified amounts attributable to

other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our

Income Statements. The following table includes the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.

Fiscal Year 2025

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Total

Owned, leased, and other revenue

$ 361

$ 441

$ 420

$ 457

$ 1,679

Owned, leased, and other expense

332

363

350

416

1,461

Owned, leased, and other revenue, net of owned, leased, and other

expense

$ 29

$ 78

$ 70

$ 41

$ 218

General and administrative

$ 209

$ 210

$ 241

$ 870

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE

As of December 31, 2025

US & Canada

Total International 1

Total Worldwide

Properties

Rooms

Properties

Rooms

Properties

Rooms

Franchised, Licensed, and Other

5,765

864,427

1,879

319,086

7,644

1,183,513

Courtyard by Marriott

931

125,431

143

26,350

1,074

151,781

Fairfield by Marriott

1,186

111,988

132

18,760

1,318

130,748

Residence Inn by Marriott

820

97,864

4,837

859

102,701

Marriott Hotels

237

75,161

23,610

322

98,771

Autograph Collection

158

35,468

170

33,958

328

69,426

Sheraton

141

43,708

23,780

227

67,488

SpringHill Suites by Marriott

566

66,200

—

566

66,200

TownePlace Suites by Marriott

567

56,962

—

567

56,962

Four Points by Sheraton

144

20,714

139

25,092

283

45,806

Westin

32,762

10,180

130

42,942

AC Hotels by Marriott

134

22,319

108

15,881

242

38,200

Moxy Hotels

8,224

117

22,339

165

30,563

Aloft Hotels

167

23,903

6,066

199

29,969

Tribute Portfolio

102

19,080

10,033

172

29,113

Renaissance Hotels

19,545

8,429

104

27,974

MGM Collection with Marriott Bonvoy

26,210

—

26,210

Delta Hotels by Marriott

15,076

7,926

108

23,002

Timeshare*

18,949

3,963

22,912

The Luxury Collection

7,812

14,203

22,015

City Express by Marriott

1,129

147

17,781

158

18,910

Design Hotels*

2,693

198

12,795

223

15,488

Element Hotels

13,110

936

105

14,046

Le Méridien

5,299

7,931

13,230

JW Marriott

6,327

3,264

9,591

citizenM

4,374

3,938

8,312

Four Points Flex by Sheraton

—

7,806

Protea Hotels by Marriott

—

3,371

Series by Marriott

164

2,597

2,761

Marriott Executive Apartments

—

1,803

Outdoor Collection by Marriott Bonvoy

1,532

—

1,532

W Hotels

1,117

226

1,343

Apartments by Marriott Bonvoy

381

275

656

The Ritz-Carlton Yacht Collection*

—

603

StudioRes

496

—

496

The Ritz-Carlton

429

449

St. Regis

—

172

Bvlgari

—

161

Owned/Leased

5,539

8,867

14,406

Sheraton

1,218

1,724

2,942

Marriott Hotels

1,304

1,631

2,935

Courtyard by Marriott

987

894

1,881

W Hotels

765

665

1,430

Westin

1,073

—

1,073

Protea Hotels by Marriott

—

912

JW Marriott

—

696

The Ritz-Carlton

—

548

Renaissance Hotels

—

505

The Luxury Collection

—

383

Autograph Collection

—

360

Residence Inn by Marriott

192

140

332

Tribute Portfolio

—

249

St. Regis

—

160

Managed

582

206,538

1,384

359,226

1,966

565,764

Marriott Hotels

55,394

193

61,137

290

116,531

Sheraton

18,928

182

58,600

205

77,528

Courtyard by Marriott

145

23,483

132

28,945

277

52,428

Westin

21,734

24,235

120

45,969

JW Marriott

13,191

27,413

100

40,604

The Ritz-Carlton

12,801

18,481

122

31,282

Four Points by Sheraton

134

100

26,468

101

26,602

Renaissance Hotels

9,065

16,533

25,598

Le Méridien

—

18,766

W Hotels

5,400

12,060

17,460

St. Regis

2,669

11,240

13,909

Residence Inn by Marriott

11,318

982

12,300

Gaylord Hotels

11,820

—

11,820

The Luxury Collection

2,296

8,030

10,326

Fairfield by Marriott

1,043

8,957

10,000

Aloft Hotels

505

9,342

9,847

Delta Hotels by Marriott

6,622

1,179

7,801

Autograph Collection

3,269

3,344

6,613

Marriott Executive Apartments

—

5,932

AC Hotels by Marriott

1,512

3,116

4,628

EDITION

1,379

3,238

4,617

Element Hotels

810

2,712

3,522

Moxy Hotels

380

3,099

3,479

Protea Hotels by Marriott

—

2,737

SpringHill Suites by Marriott

2,170

—

2,170

Tribute Portfolio

—

1,557

Bvlgari

—

646

TownePlace Suites by Marriott

615

—

615

citizenM

—

477

Residences

7,553

8,700

144

16,253

The Ritz-Carlton Residences

4,763

1,928

6,691

St. Regis Residences

1,279

1,916

3,195

W Residences

869

768

1,637

Marriott Residences

—

1,283

JW Marriott Residences

1,055

1,146

Westin Residences

266

413

679

Bvlgari Residences

—

526

Sheraton Residences

—

472

The Luxury Collection Residences

176

Tribute Portfolio Residences

—

137

Renaissance Residences

112

—

112

EDITION Residences

Le Méridien Residences

—

Autograph Collection Residences

—

Grand Total

6,433

1,084,057

3,372

695,879

9,805

1,779,936

1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.

* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other."

Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations.

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS BY TIER

As of December 31, 2025

US & Canada

Total International 1

Total Worldwide

Total Systemwide

Properties

Rooms

Properties

Rooms

Properties

Rooms

Luxury

209

61,361

476

108,497

685

169,858

JW Marriott

19,518

31,373

130

50,891

JW Marriott Residences

1,055

1,146

The Luxury Collection

10,108

111

22,616

132

32,724

The Luxury Collection Residences

176

The Ritz-Carlton

13,230

19,049

126

32,279

The Ritz-Carlton Residences

4,763

1,928

6,691

The Ritz-Carlton Yacht Collection*

—

603

W Hotels

7,282

12,951

20,233

W Residences

869

768

1,637

St. Regis

2,669

11,572

14,241

St. Regis Residences

1,279

1,916

3,195

EDITION

1,379

3,238

4,617

EDITION Residences

Bvlgari

—

807

Bvlgari Residences

—

526

Premium

1,198

407,720

1,443

338,884

2,641

746,604

Marriott Hotels

336

131,859

283

86,378

619

218,237

Marriott Residences

—

1,283

Sheraton

165

63,854

271

84,104

436

147,958

Sheraton Residences

—

472

Westin

137

55,569

114

34,415

251

89,984

Westin Residences

266

413

679

Autograph Collection

169

38,737

193

37,662

362

76,399

Autograph Collection Residences

—

Renaissance Hotels

28,610

25,467

180

54,077

Renaissance Residences

112

—

112

Le Méridien

5,299

26,697

122

31,996

Le Méridien Residences

—

Tribute Portfolio

102

19,080

11,839

186

30,919

Tribute Portfolio Residences

—

137

Delta Hotels by Marriott

21,698

9,105

137

30,803

MGM Collection with Marriott Bonvoy

26,210

—

26,210

Design Hotels*

2,693

198

12,795

223

15,488

Gaylord Hotels

11,820

—

11,820

Marriott Executive Apartments

—

7,735

Outdoor Collection by Marriott Bonvoy **

1,532

—

1,532

Apartments by Marriott Bonvoy

381

275

656

Select

4,936

594,238

1,193

216,351

6,129

810,589

Courtyard by Marriott

1,083

149,901

279

56,189

1,362

206,090

Fairfield by Marriott

1,191

113,031

190

27,717

1,381

140,748

Residence Inn by Marriott

889

109,374

5,959

937

115,333

Four Points by Sheraton

145

20,848

239

51,560

384

72,408

SpringHill Suites by Marriott

579

68,370

—

579

68,370

TownePlace Suites by Marriott

571

57,577

—

571

57,577

AC Hotels by Marriott

142

23,831

125

18,997

267

42,828

Aloft Hotels

169

24,408

15,408

243

39,816

Moxy Hotels

8,604

132

25,438

181

34,042

Element Hotels

102

13,920

3,648

122

17,568

citizenM

4,374

4,415

8,789

Protea Hotels by Marriott

—

7,020

Midscale

1,789

238

28,184

255

29,973

City Express by Marriott

1,129

147

17,781

158

18,910

Four Points Flex by Sheraton

—

7,806

Series by Marriott **

164

2,597

2,761

StudioRes

496

—

496

Timeshare*

18,949

3,963

22,912

Grand Total

6,433

1,084,057

3,372

695,879

9,805

1,779,936

1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.

** 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.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $

Comparable Company-Operated US & Canada Properties

Three Months Ended December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Brand

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

JW Marriott

$ 240.22

2.9 %

69.2 %

-1.2 %

pts.

$ 347.04

4.7 %

The Ritz-Carlton

$ 389.85

7.1 %

65.8 %

1.4 %

pts.

$ 592.81

4.9 %

W Hotels

$ 264.64

3.8 %

66.9 %

0.0 %

pts.

$ 395.52

3.8 %

Composite US & Canada Luxury 1

$ 328.70

5.3 %

67.9 %

0.1 %

pts.

$ 483.92

5.2 %

Marriott Hotels

$ 166.03

1.3 %

65.1 %

-1.2 %

pts.

$ 255.18

3.1 %

Sheraton

$ 161.71

0.3 %

63.8 %

-1.7 %

pts.

$ 253.32

3.0 %

Westin

$ 179.70

5.0 %

66.3 %

0.5 %

pts.

$ 271.00

4.1 %

Composite US & Canada Premium 2

$ 165.23

2.2 %

65.0 %

-0.6 %

pts.

$ 254.19

3.2 %

US & Canada Full-Service 3

$ 201.25

3.3 %

65.6 %

-0.5 %

pts.

$ 306.58

4.1 %

Courtyard by Marriott

$ 105.91

-3.6 %

63.0 %

-2.2 %

pts.

$ 168.12

-0.1 %

Residence Inn by Marriott

$ 137.23

-5.4 %

71.6 %

-2.7 %

pts.

$ 191.59

-1.9 %

Composite US & Canada Select 4

$ 120.16

-3.6 %

66.5 %

-2.2 %

pts.

$ 180.65

-0.4 %

US & Canada - All 5

$ 182.43

2.2 %

65.8 %

-0.9 %

pts.

$ 277.05

3.6 %

Comparable Systemwide US & Canada Properties

Three Months Ended December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Brand

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

JW Marriott

$ 229.59

2.9 %

69.8 %

0.0 %

pts.

$ 328.97

2.9 %

The Ritz-Carlton

$ 387.50

7.0 %

66.0 %

1.2 %

pts.

$ 586.93

5.0 %

W Hotels

$ 264.64

3.8 %

66.9 %

0.0 %

pts.

$ 395.52

3.8 %

Composite US & Canada Luxury 1

$ 303.12

4.9 %

68.5 %

0.4 %

pts.

$ 442.41

4.3 %

Marriott Hotels

$ 134.61

0.5 %

63.4 %

-1.0 %

pts.

$ 212.36

2.0 %

Sheraton

$ 125.27

-0.8 %

63.0 %

-1.2 %

pts.

$ 198.78

1.0 %

Westin

$ 160.19

2.2 %

66.2 %

0.2 %

pts.

$ 242.02

2.0 %

Composite US & Canada Premium 2

$ 141.26

0.8 %

64.3 %

-0.7 %

pts.

$ 219.58

1.8 %

US & Canada Full-Service 3

$ 159.36

1.6 %

64.8 %

-0.6 %

pts.

$ 245.92

2.5 %

Courtyard by Marriott

$ 103.33

-1.6 %

63.7 %

-1.5 %

pts.

$ 162.17

0.7 %

Residence Inn by Marriott

$ 121.19

-2.4 %

72.1 %

-1.4 %

pts.

$ 168.00

-0.5 %

Fairfield by Marriott

$ 85.04

-2.3 %

63.7 %

-1.8 %

pts.

$ 133.48

0.4 %

Composite US & Canada Select 4

$ 104.25

-1.8 %

66.7 %

-1.5 %

pts.

$ 156.21

0.4 %

US & Canada - All 5

$ 126.44

-0.1 %

66.0 %

-1.1 %

pts.

$ 191.71

1.6 %

1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.

2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio.

3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.

4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels.

5 Includes US & Canada Full-Service and Composite US & Canada Select.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $

Comparable Company-Operated US & Canada Properties

Twelve Months Ended December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Brand

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

JW Marriott

$ 242.57

3.1 %

70.9 %

-0.2 %

pts.

$ 342.21

3.4 %

The Ritz-Carlton

$ 371.17

6.4 %

66.5 %

1.0 %

pts.

$ 557.81

4.7 %

W Hotels

$ 260.57

4.1 %

69.0 %

1.4 %

pts.

$ 377.38

2.0 %

Composite US & Canada Luxury 1

$ 317.38

4.9 %

69.3 %

0.6 %

pts.

$ 457.86

4.0 %

Marriott Hotels

$ 171.75

1.3 %

68.7 %

-1.1 %

pts.

$ 249.89

3.0 %

Sheraton

$ 166.37

0.8 %

67.3 %

-1.5 %

pts.

$ 247.15

3.1 %

Westin

$ 185.64

2.9 %

69.4 %

-0.2 %

pts.

$ 267.62

3.3 %

Composite US & Canada Premium 2

$ 171.36

2.1 %

68.6 %

-0.6 %

pts.

$ 249.89

2.9 %

US & Canada Full-Service 3

$ 203.53

3.0 %

68.7 %

-0.3 %

pts.

$ 296.10

3.5 %

Courtyard by Marriott

$ 111.66

-1.4 %

66.2 %

-0.8 %

pts.

$ 168.71

-0.2 %

Residence Inn by Marriott

$ 149.75

-1.4 %

75.7 %

-0.8 %

pts.

$ 197.74

-0.4 %

Composite US & Canada Select 4

$ 127.04

-1.3 %

69.7 %

-0.7 %

pts.

$ 182.15

-0.3 %

US & Canada - All 5

$ 185.78

2.3 %

69.0 %

-0.4 %

pts.

$ 269.36

2.9 %

Comparable Systemwide US & Canada Properties

Twelve Months Ended December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Brand

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

JW Marriott

$ 232.98

2.8 %

71.5 %

0.2 %

pts.

$ 325.77

2.5 %

The Ritz-Carlton

$ 369.30

6.5 %

67.0 %

1.1 %

pts.

$ 551.56

4.8 %

W Hotels

$ 260.57

4.1 %

69.0 %

1.4 %

pts.

$ 377.38

2.0 %

Composite US & Canada Luxury 1

$ 295.15

4.6 %

70.0 %

0.7 %

pts.

$ 421.61

3.5 %

Marriott Hotels

$ 143.02

1.4 %

67.4 %

-0.5 %

pts.

$ 212.20

2.1 %

Sheraton

$ 130.43

0.6 %

66.5 %

-0.7 %

pts.

$ 196.13

1.6 %

Westin

$ 166.12

2.1 %

69.6 %

-0.1 %

pts.

$ 238.62

2.2 %

Composite US & Canada Premium 2

$ 147.34

1.8 %

67.8 %

-0.2 %

pts.

$ 217.29

2.1 %

US & Canada Full-Service 3

$ 163.87

2.4 %

68.1 %

-0.1 %

pts.

$ 240.78

2.5 %

Courtyard by Marriott

$ 109.72

-1.6 %

67.5 %

-1.2 %

pts.

$ 162.63

0.3 %

Residence Inn by Marriott

$ 129.95

-0.9 %

75.9 %

-0.6 %

pts.

$ 171.19

0.0 %

Fairfield by Marriott

$ 92.11

-1.1 %

67.8 %

-1.1 %

pts.

$ 135.83

0.5 %

Composite US & Canada Select 4

$ 111.10

-0.9 %

70.5 %

-0.9 %

pts.

$ 157.51

0.4 %

US & Canada - All 5

$ 132.35

0.7 %

69.5 %

-0.6 %

pts.

$ 190.33

1.5 %

1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.

2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio.

3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.

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 December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Region

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

Europe

$ 224.10

2.2 %

72.7 %

1.2 %

pts.

$ 308.30

0.6 %

Middle East & Africa

$ 185.54

12.9 %

76.5 %

2.5 %

pts.

$ 242.47

9.2 %

Greater China

$ 87.21

3.7 %

69.1 %

0.6 %

pts.

$ 126.22

2.8 %

Asia Pacific excluding China

$ 144.88

8.8 %

73.8 %

1.3 %

pts.

$ 196.26

6.8 %

Caribbean & Latin America

$ 205.98

0.2 %

67.2 %

0.7 %

pts.

$ 306.63

-0.9 %

International - All 1

$ 140.58

6.6 %

71.9 %

1.2 %

pts.

$ 195.43

4.8 %

Worldwide 2

$ 157.58

4.5 %

69.5 %

0.3 %

pts.

$ 226.85

3.9 %

Comparable Systemwide International Properties

Three Months Ended December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Region

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

Europe

$ 154.28

3.4 %

71.2 %

1.5 %

pts.

$ 216.81

1.2 %

Middle East & Africa

$ 168.76

12.8 %

75.3 %

1.7 %

pts.

$ 224.25

10.3 %

Greater China

$ 80.63

3.4 %

67.8 %

0.3 %

pts.

$ 119.01

2.9 %

Asia Pacific excluding China

$ 147.58

8.8 %

74.3 %

1.0 %

pts.

$ 198.67

7.3 %

Caribbean & Latin America

$ 128.42

2.1 %

64.0 %

1.1 %

pts.

$ 200.77

0.3 %

International - All 1

$ 130.02

6.1 %

70.4 %

1.0 %

pts.

$ 184.71

4.5 %

Worldwide 2

$ 127.64

1.9 %

67.4 %

-0.4 %

pts.

$ 189.27

2.5 %

1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.

2 Includes US & Canada - All and International - All.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $

Comparable Company-Operated International Properties

Twelve Months Ended December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Region

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

Europe

$ 236.81

3.1 %

72.8 %

2.1 %

pts.

$ 325.42

0.1 %

Middle East & Africa

$ 142.33

9.8 %

70.4 %

2.2 %

pts.

$ 202.26

6.3 %

Greater China

$ 82.87

0.4 %

68.5 %

0.6 %

pts.

$ 121.05

-0.5 %

Asia Pacific excluding China

$ 130.17

8.0 %

71.4 %

1.3 %

pts.

$ 182.35

6.0 %

Caribbean & Latin America

$ 196.90

5.5 %

66.3 %

0.2 %

pts.

$ 296.77

5.1 %

International - All 1

$ 127.93

5.2 %

69.9 %

1.2 %

pts.

$ 183.05

3.4 %

Worldwide 2

$ 151.41

3.7 %

69.5 %

0.6 %

pts.

$ 217.80

2.9 %

Comparable Systemwide International Properties

Twelve Months Ended December 31, 2025 and December 31, 2024

RevPAR

Occupancy

Average Daily Rate

Region

2025

vs. 2024

2025

vs. 2024

2025

vs. 2024

Europe

$ 160.65

3.3 %

71.3 %

1.7 %

pts.

$ 225.44

0.8 %

Middle East & Africa

$ 131.32

10.4 %

69.7 %

2.0 %

pts.

$ 188.33

7.2 %

Greater China

$ 76.53

0.4 %

67.0 %

0.4 %

pts.

$ 114.20

-0.2 %

Asia Pacific excluding China

$ 133.12

8.4 %

72.2 %

1.5 %

pts.

$ 184.36

6.2 %

Caribbean & Latin America

$ 126.14

4.3 %

63.1 %

0.1 %

pts.

$ 199.85

4.2 %

International - All 1

$ 121.75

5.1 %

68.9 %

1.1 %

pts.

$ 176.73

3.4 %

Worldwide 2

$ 128.80

2.0 %

69.3 %

0.0 %

pts.

$ 185.81

2.1 %

1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.

2 Includes US & Canada - All and International - All.

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

($ in millions)

Fiscal Year 2025

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Total

Net income, as reported

$ 665

$ 763

$ 728

$ 445

$ 2,601

Cost reimbursement revenue

(4,655)

(4,932)

(4,760)

(4,857)

(19,204)

Reimbursed expenses

4,722

4,874

4,739

5,168

19,503

Interest expense

192

203

206

208

809

Interest expense from unconsolidated joint ventures

Provision for income taxes

291

266

137

793

Depreciation and amortization

213

Contract investment amortization

135

Depreciation and amortization classified in reimbursed expenses

251

Depreciation, amortization, and impairments from unconsolidated joint

ventures

Stock-based compensation

236

Restructuring and merger-related charges (recoveries), and other

(40)

(2)

Expenses related to Sonder Termination

—

Adjusted EBITDA †

$ 1,217

$ 1,415

$ 1,349

$ 1,402

$ 5,383

Change from 2024 Adjusted EBITDA †

7 %

10 %

9 %

8 %

Fiscal Year 2024

First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

Total

Net income, as reported

$ 564

$ 772

$ 584

$ 455

$ 2,375

Cost reimbursement revenue

(4,433)

(4,728)

(4,617)

(4,704)

(18,482)

Reimbursed expenses

4,501

4,645

4,681

4,972

18,799

Interest expense

163

173

179

180

695

Interest expense from unconsolidated joint ventures

Provision for income taxes

163

268

202

143

776

Depreciation and amortization

183

Contract investment amortization

103

Depreciation and amortization classified in reimbursed expenses

206

Depreciation, amortization, and impairments from unconsolidated joint

ventures

Stock-based compensation

237

Restructuring and merger-related charges, and other

Gain on asset dispositions

—

(11)

Adjusted EBITDA †

$ 1,142

$ 1,324

$ 1,229

$ 1,286

$ 4,981

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA FORECAST

FIRST QUARTER 2026

($ in millions)

Range

Estimated

First Quarter 2026

First Quarter 2025

Net income excluding certain items 1

$ 667

$ 682

Interest expense

213

Interest expense from unconsolidated joint ventures

Provision for income taxes

215

220

Depreciation and amortization

Contract investment amortization

Depreciation and amortization classified in reimbursed expenses

Depreciation, amortization, and impairments from unconsolidated joint ventures

Stock-based compensation

Adjusted EBITDA †

$ 1,305

$ 1,325

$ 1,217

Increase over 2025 Adjusted EBITDA †

7 %

9 %

1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.

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 items 1

$ 2,985

$ 3,051

Interest expense

895

Interest expense from unconsolidated joint ventures

Provision for income taxes

1,057

1,081

Depreciation and amortization

210

Contract investment amortization

133

Depreciation and amortization classified in reimbursed expenses

295

Depreciation, amortization, and impairments from unconsolidated joint ventures

Stock-based compensation

241

Adjusted EBITDA †

$ 5,840

$ 5,930

$ 5,383

Increase over 2025 Adjusted EBITDA †

8 %

10 %

MARRIOTT INTERNATIONAL, INC.

EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES

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

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

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

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

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

We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons of our ongoing operations before these items. Our use of Adjusted EBITDA also facilitates comparison with results from other lodging companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA also excludes depreciation and amortization expense, which we report under "Depreciation, amortization, and other" as well as depreciation and amortization classified in "Contract investment amortization," "Reimbursed expenses," and "Equity in earnings" of our Income Statements, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. Depreciation and amortization classified in "Reimbursed expenses" reflects depreciation and amortization of Marriott-owned assets, for which we receive cash from hotel owners and certain other counterparties to reimburse the company for its investments made for the benefit of the system. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted.

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

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

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

SOURCE Marriott International, Inc.