Marriott International Inc 8-K, filed Nov 2, 2026

Marriott International Inc (MAR)

8-K 2026-11-02 For: 2026-11-02

Added on November 02, 2026

About this 8-K

Marriott International Inc filed this 8-K on November 2, 2026.

Marriott International reported third-quarter 2026 worldwide RevPAR growth of 6.5 percent, net income of $794 million, diluted EPS of $3.04 and Adjusted EBITDA of $1,512 million; it raised full-year global RevPAR growth outlook to 4.5 to 5 percent. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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


99			Press release dated November 2 , 2026, reporting financial results for the quarter ended September 30, 2026.

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


	Fourth Quarter 2026 vs. Fourth Quarter 2025	Full Year 2026 vs. Full Year 2025
Worldwide RevPAR growth	4.5% to 5.0%	4.5% to 5.0%


($ in millions, except EPS)	Fourth Quarter 2026	Full Year 2026
Gross fee revenues	$1,604 to $1,612	$6,137 to $6,145
Owned, leased, and other revenue, net of owned, leased, and other expense	$47 to $52	$170 to $175
General and administrative expenses	$237 to $227	$890 to $880
Adjusted EBITDA1,2	$1,573 to $1,596	$6,075 to $6,098
Adjusted EPS – diluted2,3	$3.14 to $3.21	$12.07 to $12.14
Adjusted effective tax rate2	Approx. 26.5%	Approx. 26.0%
Investment spending4		$1,250 to $1,350
Capital return to shareholders5		At least $4,800


MEDIA & INVESTOR RELATIONS CONTACTS:
Melissa Froehlich Flood
Senior Vice President, Global Corporate Communications & Public Policy
Marriott International
newsroom@marriott.com

Jackie Burka McConagha
Senior Vice President, Investor Relations
Marriott International
jackie.mcconagha@marriott.com

Pilar Fernandez
Senior Director, Investor Relations
Marriott International
pilar.fernandez@marriott.com


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


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


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


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


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


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


MARRIOTT INTERNATIONAL, INC.
PRESS RELEASE SCHEDULES
TABLE OF CONTENTS
QUARTER 3, 2026

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

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


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

					Percent
	Three Months Ended		Three Months Ended		Better/(Worse)
	September 30, 2026		September 30, 2025		2026 vs. 2025
REVENUES
Franchise fees1	$	1,007	$	876	15
Base management fees	334		314		6
Incentive management fees	181		148		22
Gross fee revenues	1,522		1,338		14
Contract investment amortization2	(33)		(29)		(14)
Net fee revenues	1,489		1,309		14
Owned, leased, and other revenue3	436		420		4
Cost reimbursement revenue4	5,080		4,760		7
	7,005		6,489		8

OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*	395		350		(13)
Depreciation, amortization, and other6	55		50		(10)
General and administrative7*	214		210		(2)
Restructuring and merger-related recoveries, and other	—		(40)		(100)
Reimbursed expenses4	5,067		4,739		(7)
	5,731		5,309		(8)

OPERATING INCOME	1,274		1,180		8

Gains and other income, net8	4		3		33
Interest expense	(227)		(206)		(10)
Interest income	8		12		(33)
Equity in earnings9	1		5		(80)

INCOME BEFORE INCOME TAXES	1,060		994		7

Provision for income taxes	(266)		(266)		0

NET INCOME	$	794	$	728	9

EARNINGS PER SHARE
Earnings per share - basic	$	3.05	$	2.68	14
Earnings per share - diluted	$	3.04	$	2.67	14

Basic shares (in millions)	260.6		271.8
Diluted shares (in millions)	261.2		272.5

* The 2025 third quarter reflects the reclassification of $24 million of other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements to conform to our current presentation.

1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees.
2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.
5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.
7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.
9 Equity in earnings includes our equity in earnings or losses of unconsolidated equity method investments.


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

					Percent
	Nine Months Ended		Nine Months Ended		Better/(Worse)
	September 30, 2026		September 30, 2025		2026 vs. 2025
REVENUES
Franchise fees1	$	2,902	$	2,482	17
Base management fees	1,016		979		4
Incentive management fees	615		552		11
Gross fee revenues	4,533		4,013		13
Contract investment amortization2	(99)		(86)		(15)
Net fee revenues	4,434		3,927		13
Owned, leased, and other revenue3	1,314		1,222		8
Cost reimbursement revenue4	14,982		14,347		4
	20,730		19,496		6

OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*	1,189		1,045		(14)
Depreciation, amortization, and other6	224		154		(45)
General and administrative7*	653		629		(4)
Restructuring and merger-related recoveries, and other	(6)		(31)		(81)
Reimbursed expenses4	15,103		14,335		(5)
	17,163		16,132		(6)

OPERATING INCOME	3,567		3,364		6

Gains and other income, net8	18		6		200
Interest expense	(662)		(601)		(10)
Interest income	38		33		15
Equity in earnings9	1		10		(90)

INCOME BEFORE INCOME TAXES	2,962		2,812		5

Provision for income taxes	(754)		(656)		(15)

NET INCOME	$	2,208	$	2,156	2

EARNINGS PER SHARE
Earnings per share - basic	$	8.38	$	7.86	7
Earnings per share - diluted	$	8.36	$	7.84	7

Basic shares (in millions)	263.5		274.3
Diluted shares (in millions)	264.2		275.0

* The 2025 first three quarters reflects the reclassification of $95 million of other expenses previously reported under the “General, administrative, and other” caption to the “Owned, leased, and other expense” caption of our Income Statements to conform to our current presentation.
1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees.
2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.
3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.
5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.
6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.
7 General and administrative expenses include our corporate and business segments overhead costs and general expenses.
8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.
9 Equity in earnings includes our equity in earnings or losses of unconsolidated equity method investments.


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/
	2026			2025			(Worse)	2026			2025			(Worse)
Total revenues, as reported	$	7,005		$	6,489			$	20,730		$	19,496
Less: Cost reimbursement revenue	(5,080)			(4,760)				(14,982)			(14,347)

Adjusted total revenues†	1,925			1,729				5,748			5,149


Operating income, as reported	1,274			1,180				3,567			3,364
Less: Cost reimbursement revenue	(5,080)			(4,760)				(14,982)			(14,347)
Add: Reimbursed expenses	5,067			4,739				15,103			14,335
Less: Restructuring and merger-related recoveries, and other	—			(40)				(6)			(31)

Add: Asset impairment charges1	6			—				74			—
Less: Adjustments related to Sonder Termination2	—			—				(2)			—
Adjusted operating income†	1,267			1,119			13	3,754			3,321			13


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


Net income, as reported	794			728				2,208			2,156
Less: Cost reimbursement revenue	(5,080)			(4,760)				(14,982)			(14,347)
Add: Reimbursed expenses	5,067			4,739				15,103			14,335
Less: Restructuring and merger-related recoveries, and other	—			(40)				(6)			(31)

Add: Asset impairment charges1	6			—				74			—
Less: Adjustments related to Sonder Termination2	—			—				(2)			—
Add: Adjustment to gain on investee’s asset disposition3	—			—				8			—
Income tax effect of above adjustments	3			7				(43)			8
Less: Income tax special items	—			—				—			(74)
Adjusted net income†	$	790		$	674		17	$	2,360		$	2,047		15


Diluted earnings per share, as reported	$	3.04		$	2.67			$	8.36		$	7.84
Adjusted diluted earnings per share†	$	3.02		$	2.47		22	$	8.93		$	7.44		20

† 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 Asset Impairment charges related to the sale and planned sale of two U.S. & Canada hotels reported in Depreciation, amortization, and other.

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

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


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

	US & Canada		Total International1		Total Worldwide
	Properties	Rooms	Properties	Rooms	Properties	Rooms
Franchised, Licensed, and Other	6,002	891,906	2,090	349,296	8,092	1,241,202
Courtyard by Marriott	943	127,185	150	27,751	1,093	154,936
Fairfield by Marriott	1,219	115,212	154	22,193	1,373	137,405
Residence Inn by Marriott	845	100,955	43	5,289	888	106,244
Marriott Hotels	239	76,025	88	24,284	327	100,309
Autograph Collection	168	37,661	181	35,640	349	73,301
SpringHill Suites by Marriott	577	67,950	—	—	577	67,950
Sheraton	133	41,181	92	25,775	225	66,956
TownePlace Suites by Marriott	603	60,434	—	—	603	60,434
Four Points by Sheraton	146	20,926	193	33,955	339	54,881
Westin	97	33,215	34	10,182	131	43,397
AC Hotels by Marriott	140	23,191	111	16,373	251	39,564
Tribute Portfolio	113	20,861	81	12,003	194	32,864
Moxy Hotels	50	8,539	118	22,268	168	30,807
Aloft by Marriott	167	23,913	33	6,357	200	30,270
Renaissance Hotels	72	19,853	33	8,594	105	28,447
MGM Collection with Marriott Bonvoy	12	26,210	—	—	12	26,210
Delta Hotels by Marriott	71	15,986	42	7,980	113	23,966
Timeshare*	73	18,949	22	3,963	95	22,912
The Luxury Collection	17	8,245	68	14,474	85	22,719
City Express by Marriott	40	3,447	154	18,202	194	21,649
Design Hotels*	49	3,937	227	14,548	276	18,485
Element by Marriott	106	14,224	7	1,043	113	15,267
Le Méridien	23	5,123	32	8,914	55	14,037
JW Marriott	15	7,099	18	4,715	33	11,814
Four Points Flex by Sheraton	—	—	61	8,625	61	8,625
citizenM	17	4,604	19	3,938	36	8,542
Series by Marriott	9	911	66	4,919	75	5,830
Protea Hotels by Marriott	—	—	38	3,332	38	3,332
StudioRes by Marriott	18	2,232	—	—	18	2,232
Marriott Executive Apartments	—	—	10	1,947	10	1,947
Outdoor Collection by Marriott Bonvoy	36	1,879	—	—	36	1,879
W Hotels	1	1,117	2	464	3	1,581


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

	US & Canada		Total International1		Total Worldwide
	Properties	Rooms	Properties	Rooms	Properties	Rooms
Managed	554	201,778	1,398	360,683	1,952	562,461
Marriott Hotels	97	55,403	198	62,523	295	117,926
Sheraton	23	18,928	179	57,616	202	76,544
Courtyard by Marriott	133	21,742	138	30,011	271	51,753
Westin	40	22,354	81	24,409	121	46,763
JW Marriott	22	12,725	78	26,888	100	39,613
The Ritz-Carlton	42	12,797	80	18,443	122	31,240
Four Points by Sheraton	1	134	96	25,337	97	25,471
Renaissance Hotels	20	8,657	53	16,531	73	25,188
Le Méridien	—	—	68	18,348	68	18,348
W Hotels	18	4,756	46	12,023	64	16,779
St. Regis	13	2,564	53	11,506	66	14,070
Gaylord Hotels	7	11,820	—	—	7	11,820
Residence Inn by Marriott	62	10,468	9	1,102	71	11,570
The Luxury Collection	6	2,316	42	8,335	48	10,651
Aloft by Marriott	2	505	42	9,591	44	10,096
Fairfield by Marriott	4	799	56	8,625	60	9,424
Delta Hotels by Marriott	24	6,623	5	1,179	29	7,802
Autograph Collection	12	3,418	19	3,379	31	6,797
Marriott Executive Apartments	—	—	43	6,278	43	6,278
AC Hotels by Marriott	8	1,512	18	3,328	26	4,840
EDITION	5	1,379	18	3,389	23	4,768
Moxy Hotels	1	380	17	3,595	18	3,975
Element by Marriott	3	810	14	2,712	17	3,522
Protea Hotels by Marriott	—	—	22	2,738	22	2,738
Tribute Portfolio	—	—	13	1,595	13	1,595
SpringHill Suites by Marriott	8	1,217	—	—	8	1,217
Bvlgari	—	—	7	645	7	645
citizenM	—	—	2	477	2	477
TownePlace Suites by Marriott	3	471	—	—	3	471
Apartments by Marriott Bonvoy	—	—	1	80	1	80
Residences	74	7,866	73	8,932	147	16,798
The Ritz-Carlton Residences	46	5,150	23	1,928	69	7,078


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

	US & Canada		Total International1		Total Worldwide
Total Systemwide	Properties	Rooms	Properties	Rooms	Properties	Rooms
Luxury	212	61,680	488	111,052	700	172,732
JW Marriott	37	19,824	98	32,299	135	52,123
JW Marriott Residences	1	91	4	1,055	5	1,146
The Luxury Collection	23	10,561	113	23,192	136	33,753
The Luxury Collection Residences	1	91	2	85	3	176
The Ritz-Carlton	43	13,226	84	19,253	127	32,479
The Ritz-Carlton Residences	46	5,150	23	1,928	69	7,078
The Ritz-Carlton Yacht Collection*	—	—	3	603	3	603
W Hotels	21	6,638	50	13,152	71	19,790
W Residences	8	795	8	768	16	1,563
St. Regis	13	2,564	55	11,838	68	14,402
St. Regis Residences	11	1,279	15	2,148	26	3,427
EDITION	5	1,379	18	3,389	23	4,768
EDITION Residences	3	82	1	10	4	92
Bvlgari	—	—	9	806	9	806
Bvlgari Residences	—	—	5	526	5	526
Premium	1,245	412,447	1,517	349,063	2,762	761,510
Marriott Hotels	338	132,732	291	88,438	629	221,170
Marriott Residences	—	—	5	1,283	5	1,283
Sheraton	157	61,327	274	85,115	431	146,442
Sheraton Residences	—	—	3	472	3	472
Westin	137	55,569	115	34,591	252	90,160
Westin Residences	3	266	3	413	6	679
Autograph Collection	180	41,079	205	39,386	385	80,465
Autograph Collection Residences	—	—	2	45	2	45
Renaissance Hotels	92	28,510	88	25,630	180	54,140
Renaissance Residences	1	112	—	—	1	112
Tribute Portfolio	113	20,861	96	13,847	209	34,708
Tribute Portfolio Residences	—	—	1	137	1	137
Le Méridien	23	5,123	100	27,262	123	32,385
Le Méridien Residences	—	—	1	62	1	62
Delta Hotels by Marriott	95	22,609	47	9,159	142	31,768
MGM Collection with Marriott Bonvoy	12	26,210	—	—	12	26,210


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

	US & Canada		Total International1		Total Worldwide
Total Systemwide	Properties	Rooms	Properties	Rooms	Properties	Rooms
Midscale	67	6,590	281	31,746	348	38,336
City Express by Marriott	40	3,447	154	18,202	194	21,649
Four Points Flex by Sheraton	—	—	61	8,625	61	8,625
Series by Marriott**	9	911	66	4,919	75	5,830
StudioRes by Marriott	18	2,232	—	—	18	2,232
Timeshare*	73	18,949	22	3,963	95	22,912
Grand Total	6,643	1,106,016	3,598	727,785	10,241	1,833,801

1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.
* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.”
** The Outdoor Collection by Marriott Bonvoy includes properties under both the Premium and Select quality tiers. Series by Marriott includes properties under both the Select and Midscale quality tiers.
Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations.


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

General and administrative	$	209	$	210	$	210	$	241	$	870


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $

Comparable Company-Operated US & Canada Properties
	Three Months Ended September 30, 2026 and September 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Brand	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
JW Marriott	$	225.97	10.7	%	71.0	%	3.6	%	pts.	$	318.24	5.1	%
The Ritz-Carlton	$	376.85	14.6	%	66.4	%	3.3	%	pts.	$	567.53	8.9	%
W Hotels	$	259.08	10.1	%	72.3	%	1.3	%	pts.	$	358.47	8.2	%
Composite US & Canada Luxury1	$	315.81	12.4	%	69.7	%	2.6	%	pts.	$	452.98	8.2	%
Marriott Hotels	$	188.77	9.9	%	72.6	%	3.0	%	pts.	$	260.08	5.4	%
Sheraton	$	179.12	5.2	%	70.6	%	1.1	%	pts.	$	253.60	3.7	%
Westin	$	220.14	10.4	%	75.1	%	3.3	%	pts.	$	293.01	5.5	%
Composite US & Canada Premium2	$	189.81	9.1	%	72.5	%	2.6	%	pts.	$	261.80	5.3	%
US & Canada Full-Service3	$	217.13	10.2	%	71.9	%	2.6	%	pts.	$	302.00	6.2	%
Courtyard by Marriott	$	122.10	8.4	%	68.9	%	1.6	%	pts.	$	177.11	5.9	%
Residence Inn by Marriott	$	161.59	7.1	%	79.2	%	2.2	%	pts.	$	204.06	4.1	%
Composite US & Canada Select4	$	140.13	8.6	%	73.1	%	1.9	%	pts.	$	191.74	5.8	%
US & Canada - All5	$	200.53	9.9	%	72.2	%	2.4	%	pts.	$	277.92	6.2	%


Comparable Systemwide US & Canada Properties
	Three Months Ended September 30, 2026 and September 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Brand	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
JW Marriott	$	218.04	9.5	%	71.7	%	2.6	%	pts.	$	304.03	5.5	%
The Ritz-Carlton	$	380.40	14.6	%	67.3	%	3.3	%	pts.	$	565.21	9.0	%
W Hotels	$	259.08	10.1	%	72.3	%	1.3	%	pts.	$	358.47	8.2	%
Composite US & Canada Luxury1	$	297.49	11.9	%	70.8	%	2.2	%	pts.	$	420.17	8.3	%
Marriott Hotels	$	158.58	7.8	%	71.5	%	2.1	%	pts.	$	221.63	4.6	%
Sheraton	$	150.13	6.0	%	71.6	%	0.8	%	pts.	$	209.71	4.8	%
Westin	$	181.22	8.9	%	73.5	%	2.5	%	pts.	$	246.69	5.2	%
Composite US & Canada Premium2	$	162.87	7.9	%	71.7	%	1.8	%	pts.	$	227.22	5.1	%
US & Canada Full-Service3	$	177.64	8.6	%	71.6	%	1.9	%	pts.	$	248.14	5.8	%
Courtyard by Marriott	$	123.10	6.9	%	72.1	%	1.6	%	pts.	$	170.83	4.4	%
Residence Inn by Marriott	$	146.98	6.4	%	80.9	%	1.8	%	pts.	$	181.76	4.1	%
Fairfield by Marriott	$	106.84	5.5	%	73.9	%	1.9	%	pts.	$	144.51	2.8	%
Composite US & Canada Select4	$	125.45	6.4	%	75.4	%	1.6	%	pts.	$	166.28	4.1	%
US & Canada - All5	$	146.29	7.4	%	73.9	%	1.7	%	pts.	$	197.93	4.9	%

1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio.
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft by Marriott, Element by Marriott, AC Hotels by Marriott, and Moxy Hotels.
5 Includes US & Canada Full-Service and Composite US & Canada Select.


Comparable Systemwide US & Canada Properties
	Nine Months Ended September 30, 2026 and September 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Brand	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
JW Marriott	$	251.08	6.8	%	73.4	%	1.4	%	pts.	$	342.09	4.8	%
The Ritz-Carlton	$	406.41	9.9	%	68.3	%	1.9	%	pts.	$	595.01	6.7	%
W Hotels	$	255.96	9.4	%	70.1	%	1.4	%	pts.	$	365.32	7.1	%
Composite US & Canada Luxury1	$	321.05	8.8	%	71.2	%	1.3	%	pts.	$	450.68	6.9	%
Marriott Hotels	$	155.60	5.5	%	69.7	%	1.0	%	pts.	$	223.40	4.1	%
Sheraton	$	143.30	4.5	%	69.5	%	0.7	%	pts.	$	206.06	3.5	%
Westin	$	177.09	5.1	%	71.5	%	0.8	%	pts.	$	247.59	4.0	%
Composite US & Canada Premium2	$	159.15	5.6	%	69.8	%	0.9	%	pts.	$	227.84	4.3	%
US & Canada Full-Service3	$	176.90	6.2	%	70.0	%	0.9	%	pts.	$	252.70	4.8	%
Courtyard by Marriott	$	116.94	5.0	%	69.3	%	0.7	%	pts.	$	168.74	3.9	%
Residence Inn by Marriott	$	138.25	4.7	%	77.9	%	1.0	%	pts.	$	177.44	3.3	%
Fairfield by Marriott	$	98.55	4.2	%	69.9	%	0.8	%	pts.	$	141.04	3.1	%
Composite US & Canada Select4	$	118.59	4.8	%	72.5	%	0.9	%	pts.	$	163.54	3.6	%
US & Canada - All5	$	141.86	5.5	%	71.5	%	0.9	%	pts.	$	198.39	4.2	%

1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION.
2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio.
3 Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft by Marriott, Element by Marriott, AC Hotels by Marriott, and Moxy Hotels.
5 Includes US & Canada Full-Service and Composite US & Canada Select.


Comparable Systemwide International Properties
	Three Months Ended September 30, 2026 and September 30, 2025
	RevPAR				Occupancy					Average Daily Rate
Region	2026		vs. 2025		2026		vs. 2025			2026		vs. 2025
Europe	$	204.38	6.4	%	77.9	%	1.7	%	pts.	$	262.44	4.1	%
Middle East & Africa	$	88.60	-5.3	%	60.3	%	-5.0	%	pts.	$	146.99	2.5	%
Greater China	$	75.72	-0.3	%	68.0	%	-1.5	%	pts.	$	111.31	1.9	%
Asia Pacific excluding China	$	123.59	9.3	%	73.0	%	1.7	%	pts.	$	169.36	6.7	%
Caribbean & Latin America	$	98.20	3.2	%	60.6	%	1.6	%	pts.	$	162.17	0.6	%

International - All1	$	121.74	4.4	%	69.7	%	0.0	%	pts.	$	174.76	4.4	%

Worldwide2	$	137.91	6.5	%	72.5	%	1.1	%	pts.	$	190.33	4.8	%

1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America.
2 Includes US & Canada - All and International - All.


	Fiscal Year 2026
	First Quarter			Second Quarter			Third Quarter			Total
Net income, as reported1	$	648		$	766		$	794		$	2,208
Cost reimbursement revenue	(4,844)			(5,058)			(5,080)			(14,982)
Reimbursed expenses	4,936			5,100			5,067			15,103
Interest expense	214			221			227			662
Interest expense from unconsolidated joint ventures	2			2			1			5
Provision for income taxes	210			278			266			754
Depreciation, amortization, and other1	54			115			55			224
Contract investment amortization	35			31			33			99
Depreciation and amortization classified in reimbursed expenses	73			76			78			227
Depreciation, amortization, and impairments from unconsolidated joint ventures	3			5			6			14
Stock-based compensation	57			66			65			188
Restructuring and merger-related charges (recoveries), and other	4			(10)			—			(6)
Adjustments related to Sonder Termination	(2)			—			—			(2)
Adjustment to gain on investee’s asset disposition	8			—			—			8
Adjusted EBITDA†	$	1,398		$	1,592		$	1,512		$	4,502

Change from 2025 Adjusted EBITDA†	15		%	13		%	12		%	13		%


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

	Range
	Estimated Fourth Quarter 2026						Fourth Quarter 2025
Net income excluding certain items1	$	813		$	830
Interest expense	229			229
Interest expense from unconsolidated joint ventures	2			2
Provision for income taxes	294			300
Depreciation, amortization, and other	50			50
Contract investment amortization	37			37
Depreciation and amortization classified in reimbursed expenses	79			79
Depreciation, amortization, and impairments from unconsolidated joint ventures	5			5
Stock-based compensation	64			64
Adjusted EBITDA†	$	1,573		$	1,596		$	1,402

Increase over 2025 Adjusted EBITDA†	12		%	14		%

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

1 Forecast excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges/recoveries, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Forecast includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter, and our planned sale of a U.S. & Canada hotel, which we assume will occur in the 2026 fourth quarter. Forecast does not reflect any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.