Marriott International Reports Third Quarter 2026 Results

Third quarter 2026 RevPAR 1 increased 6.5 percent worldwide, with 7.4 percent growth in the U.S. & Canada and 4.4 percent growth in international markets Third quarter reported diluted EPS totaled $3.04 and Adjusted diluted EPS totaled $3.02 Third quarter reported net income totaled $794 million and Adjusted net income totaled $790 million Third quarter Adjusted EBITDA totaled $1,512 million The company added roughly 20,100 net rooms globally during the quarter and net rooms grew 4.6 percent from the end of the third quarter of 2025 At the end of the quarter, Marriott's worldwide development pipeline reached a new record and totaled over 4,200 properties and more than 634,000 rooms, with 44 percent of pipeline rooms under construction including hotels that are pending conversion The company repurchased 3.5 million shares of common stock for $1.3 billion in the 2026 third quarter. Year-to-date through October 28, the company has returned approximately $4.0 billion to shareholders through dividends and share repurchases For a summary of third quarter 2026 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2026/2026-q3-earnings-infographic.pdf. , /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported third quarter 2026 results. Anthony Capuano, President and Chief Executive Officer, said, "Our excellent third quarter results reflected continued momentum across our business, the benefits of our global scale, and the power of our brands and revenue engines. Global RevPAR increased 6.5 percent in the third quarter, on higher ADR and occupancy. In the U.S. & Canada, RevPAR rose over 7 percent, with broad-based growth across customer segments and chain scales. "International RevPAR increased over 4 percent in the quarter, led by APEC, which delivered over 9 percent RevPAR growth, supported by robust international inbound demand. EMEA RevPAR rose over 4 percent, thanks to solid growth in Europe. While the ongoing conflict in the Middle East continued to impact results in that region, trends improved meaningfully from the second quarter. For full year 2026, given our strong third quarter performance and expectations for continued healthy demand, we are raising our global RevPAR outlook and now expect growth of 4.5 to 5 percent. "Our development activity remained strong, and we had record global organic signings year to date through September. Conversions continued to be an important driver of growth, representing over a third of signings and over 40 percent of openings during the first nine months of the year. "Marriott Bonvoy continued to expand its reach and deliver value to our owners and properties and across the enterprise. Our broad portfolio of brands and experiences and powerful collaborations with Uber, Starbucks and others helped drive membership to approximately 309 million members around the world at quarter-end. "Our global scale, compelling portfolio of brands, industry-leading Marriott Bonvoy loyalty program and dedicated associates, together with our robust development pipeline and disciplined execution, give us confidence in our ability to deliver sustainable, long-term growth." Third Quarter 2026 Results Franchise and base management fees totaled $1,341 million in the 2026 third quarter, a 13 percent increase compared to franchise and base management fees of $1,190 million in the year-ago quarter. The increase was primarily driven by higher co-branded credit card fees, higher RevPAR and rooms growth. Incentive management fees totaled $181 million in the 2026 third quarter, a 22 percent increase over $148 million in the 2025 third quarter. All regions posted positive growth year over year, with incentive fees in the U.S. & Canada up meaningfully. Owned, leased, and other revenue, net of owned, leased, and other expense 2 , totaled $41 million in the 2026 third quarter, compared to $70 million in the 2025 third quarter. The decline reflected lower owned and leased hotel results, including the impact of renovations and our 2026 second quarter sale of a U.S. & Canada hotel, and higher costs associated with a third-party agreement, partially offset by a $12 million expected insurance recovery associated with the 2026 second quarter property-related litigation matter ($9 million after-tax impact and $0.03 per share after-tax). General and administrative expenses 2 for the 2026 third quarter totaled $214 million, compared to $210 million in the year-ago quarter. Interest expense, net, totaled $219 million in the 2026 third quarter, compared to $194 million in the year-ago quarter. The increase was primarily due to higher interest expense associated with higher debt balances. In the 2026 third quarter, the provision for income taxes totaled $266 million, flat compared to the year-ago quarter. Marriott's reported operating income totaled $1,274 million in the 2026 third quarter, compared to 2025 third quarter reported operating income of $1,180 million. Reported net income totaled $794 million in the 2026 third quarter, a 9 percent increase compared to 2025 third quarter reported net income of $728 million. Reported diluted earnings per share (EPS) totaled $3.04 in the quarter, compared to reported diluted EPS of $2.67 in the year-ago quarter. Adjusted operating income in the 2026 third quarter totaled $1,267 million, compared to 2025 third quarter Adjusted operating income of $1,119 million. Third quarter 2026 Adjusted net income totaled $790 million, compared to 2025 third quarter Adjusted net income of $674 million. Adjusted diluted EPS in the 2026 third quarter totaled $3.02, compared to Adjusted diluted EPS of $2.47 in the year-ago quarter. Third quarter 2026 Adjusted results excluded cost reimbursement revenue, reimbursed expenses, and certain impairment charges. See the press release schedules for the calculation of Adjusted results and the manner in which the Adjusted measures are determined in this press release. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,512 million in the 2026 third quarter, a 12 percent increase compared to third quarter 2025 Adjusted EBITDA of $1,349 million. See the press release schedules for the Adjusted EBITDA calculation. Income Statement Reclassification In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from "General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. Please refer to the Expense Captions - As Reclassified section in the press release schedules for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025. Selected Performance Information The company added roughly 20,100 net rooms during the quarter, including over 13,400 net rooms in international markets. At the end of the quarter, Marriott's global system totaled over 10,200 properties, with nearly 1,834,000 rooms. At the end of the quarter, the company's worldwide development pipeline totaled 4,209 properties with more than 634,000 rooms, including 266 properties with over 37,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,750 properties with over 278,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline were located in international markets. In the 2026 third quarter, worldwide RevPAR increased 6.5 percent (a 6.4 percent increase using actual dollars) compared to the 2025 third quarter. RevPAR in the U.S. & Canada increased 7.4 percent (a 7.3 percent increase using actual dollars), and RevPAR in international markets increased 4.4 percent (a 4.4 percent increase using actual dollars) compared to the 2025 third quarter. Balance Sheet & Common Stock At the end of the quarter, Marriott's total debt was $16.8 billion and cash and equivalents totaled $0.5 billion, compared to $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025. The company repurchased 3.5 million shares of common stock in the 2026 third quarter for $1.3 billion. Year-to-date through October 28, the company has repurchased 9.6 million shares for $3.4 billion. During the 2026 third quarter, the company issued $250 million of Series NN Senior Notes due in 2029 with a 4.875 percent interest rate coupon and $1.0 billion of Series YY Senior Notes due in 2036 with a 5.650 percent interest rate coupon. The company also completed the refinancing of its credit facility, extending the maturity to September 2031 and increasing the facility size from $4.5 billion to $5.0 billion. Company Outlook The company's updated outlook generally assumes the continuation of the current macroeconomic environment. Fourth Quarter 2026 vs. Fourth Quarter 2025 Full Year 2026 vs. Full Year 2025 Worldwide RevPAR growth 4.5% to 5.0% 4.5% to 5.0% Year-End 2026 vs. Year-End 2025 Net rooms growth Low end of 4.5% to 5% ($ 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 EBITDA 1,2 $1,573 to $1,596 $6,075 to $6,098 Adjusted EPS – diluted 2,3 $3.14 to $3.21 $12.07 to $12.14 Adjusted effective tax rate 2 Approx. 26.5% Approx. 26.0% Investment spending 4 $1,250 to $1,350 Capital return to shareholders 5 At least $4,800 1 See the press release schedules for the Adjusted EBITDA calculations. 2 Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for fourth quarter and full year 2026 do not include cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Our outlook includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter, and our planned sale of a U.S. & Canada hotel, which we assume will occur in the 2026 fourth quarter. Our outlook excludes any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. In addition, our full year 2026 outlook excludes the adjustments from the 2026 first three quarters related to the Sonder termination of $2 million, an adjustment to a gain on an asset disposition of $(8) million, and asset impairment charges of $(74) million. 3 Assumes the level of capital return to shareholders noted above. 4 Investment spending includes contract acquisition costs, capital and technology expenditures (including renovations at owned and leased hotels), loan advances, and other investing activities (including our investment in Lefay, which occurred in the 2026 second quarter), but excluding any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. 5 Assumes the level of investment spending noted above and that no other asset sales, property acquisitions or brand acquisitions occur during the year. Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Monday, November 2, 2026, at 8:00 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at www.marriott.com/investor (click on "Events & Presentations" and click on the quarterly conference call link). A replay will be available at that same website until November 2, 2027. The telephone dial-in number for the conference call is US Toll Free: 833-309-3473, or Global: +1 785-838-9251. The conference ID is MAR3Q26. Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of November 2, 2026. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy loyalty program; property performance; our expectations about the current macroeconomic environment; our planned hotel sale; 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. ABOUT MARRIOTT INTERNATIONAL Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 10,200 properties in 148 countries and territories, as of September 30, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. IRPR#1 Tables follow 1 All occupancy, Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2026 and 2025 reflect properties that are comparable in both years. 2 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. Please see the Income Statement Reclassification section of this press release for additional information. 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 fees 1 $ 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 amortization 2 (33) (29) (14) Net fee revenues 1,489 1,309 14 Owned, leased, and other revenue 3 436 420 4 Cost reimbursement revenue 4 5,080 4,760 7 7,005 6,489 8 OPERATING COSTS AND EXPENSES Owned, leased, and other expense 5 * 395 350 (13) Depreciation, amortization, and other 6 55 50 (10) General and administrative 7 * 214 210 (2) Restructuring and merger-related recoveries, and other — (40) (100) Reimbursed expenses 4 5,067 4,739 (7) 5,731 5,309 (8) OPERATING INCOME 1,274 1,180 8 Gains and other income, net 8 4 3 33 Interest expense (227) (206) (10) Interest income 8 12 (33) Equity in earnings 9 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 fees 1 $ 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 amortization 2 (99) (86) (15) Net fee revenues 4,434 3,927 13 Owned, leased, and other revenue 3 1,314 1,222 8 Cost reimbursement revenue 4 14,982 14,347 4 20,730 19,496 6 OPERATING COSTS AND EXPENSES Owned, leased, and other expense 5 * 1,189 1,045 (14) Depreciation, amortization, and other 6 224 154 (45) General and administrative 7 * 653 629 (4) Restructuring and merger-related recoveries, and other (6) (31) (81) Reimbursed expenses 4 15,103 14,335 (5) 17,163 16,132 (6) OPERATING INCOME 3,567 3,364 6 Gains and other income, net 8 18 6 200 Interest expense (662) (601) (10) Interest income 38 33 15 Equity in earnings 9 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 charges 1 6 — 74 — Less: Adjustments related to Sonder Termination 2 — — (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 charges 1 6 — 74 — Less: Adjustments related to Sonder Termination 2 — — (2) — Add: Adjustment to gain on investee's asset disposition 3 — — 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. EXPENSE CAPTIONS - AS RECLASSIFIED QUARTERLY AND FULL YEAR 2025 ($ in millions) In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from "General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. The following table includes the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025. Fiscal Year 2025 First Quarter Second Quarter Third Quarter Fourth Quarter Total Owned, leased, and other revenue $ 361 $ 441 $ 420 $ 457 $ 1,679 Owned, leased, and other expense 332 363 350 416 1,461 Owned, leased, and other revenue, net of owned, leased, and other expense $ 29 $ 78 $ 70 $ 41 $ 218 General and administrative $ 209 $ 210 $ 210 $ 241 $ 870 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of September 30, 2026 US & Canada Total International 1 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 Apartments by Marriott Bonvoy 2 413 5 370 7 783 The Ritz-Carlton 1 429 2 262 3 691 The Ritz-Carlton Yacht Collection* — — 3 603 3 603 St. Regis — — 1 172 1 172 Bvlgari — — 2 161 2 161 Owned/Leased 13 4,466 37 8,874 50 13,340 Sheraton 1 1,218 3 1,724 4 2,942 Marriott Hotels 2 1,304 5 1,631 7 2,935 Courtyard by Marriott 7 987 4 894 11 1,881 W Hotels 2 765 2 665 4 1,430 Protea Hotels by Marriott — — 5 912 5 912 JW Marriott — — 2 696 2 696 The Ritz-Carlton — — 2 548 2 548 Renaissance Hotels — — 2 505 2 505 The Luxury Collection — — 3 383 3 383 Autograph Collection — — 5 367 5 367 Residence Inn by Marriott 1 192 1 140 2 332 Tribute Portfolio — — 2 249 2 249 St. Regis — — 1 160 1 160 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 St. Regis Residences 11 1,279 15 2,148 26 3,427 W Residences 8 795 8 768 16 1,563 Marriott Residences — — 5 1,283 5 1,283 JW Marriott Residences 1 91 4 1,055 5 1,146 Westin Residences 3 266 3 413 6 679 Bvlgari Residences — — 5 526 5 526 Sheraton Residences — — 3 472 3 472 The Luxury Collection Residences 1 91 2 85 3 176 Tribute Portfolio Residences — — 1 137 1 137 Renaissance Residences 1 112 — — 1 112 EDITION Residences 3 82 1 10 4 92 Le Méridien Residences — — 1 62 1 62 Autograph Collection Residences — — 2 45 2 45 Grand Total 6,643 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." Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of September 30, 2026 US & Canada Total International 1 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 Design Hotels* 49 3,937 227 14,548 276 18,485 Gaylord Hotels 7 11,820 — — 7 11,820 Marriott Executive Apartments — — 53 8,225 53 8,225 Outdoor Collection by Marriott Bonvoy** 36 1,879 — — 36 1,879 Apartments by Marriott Bonvoy 2 413 6 450 8 863 Select 5,046 606,350 1,290 231,961 6,336 838,311 Courtyard by Marriott 1,083 149,914 292 58,656 1,375 208,570 Fairfield by Marriott 1,223 116,011 210 30,818 1,433 146,829 Residence Inn by Marriott 908 111,615 53 6,531 961 118,146 Four Points by Sheraton 147 21,060 289 59,292 436 80,352 SpringHill Suites by Marriott 585 69,167 — — 585 69,167 TownePlace Suites by Marriott 606 60,905 — — 606 60,905 AC Hotels by Marriott 148 24,703 129 19,701 277 44,404 Aloft by Marriott 169 24,418 75 15,948 244 40,366 Moxy Hotels 51 8,919 135 25,863 186 34,782 Element by Marriott 109 15,034 21 3,755 130 18,789 citizenM 17 4,604 21 4,415 38 9,019 Protea Hotels by Marriott — — 65 6,982 65 6,982 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. 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 Luxury 1 $ 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 Premium 2 $ 189.81 9.1 % 72.5 % 2.6 % pts. $ 261.80 5.3 % US & Canada Full-Service 3 $ 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 Select 4 $ 140.13 8.6 % 73.1 % 1.9 % pts. $ 191.74 5.8 % US & Canada - All 5 $ 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 Luxury 1 $ 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 Premium 2 $ 162.87 7.9 % 71.7 % 1.8 % pts. $ 227.22 5.1 % US & Canada Full-Service 3 $ 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 Select 4 $ 125.45 6.4 % 75.4 % 1.6 % pts. $ 166.28 4.1 % US & Canada - All 5 $ 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. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated 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 $ 264.24 7.3 % 73.1 % 1.9 % pts. $ 361.33 4.5 % The Ritz-Carlton $ 408.23 9.8 % 67.9 % 2.0 % pts. $ 601.49 6.6 % W Hotels $ 255.96 9.4 % 70.1 % 1.4 % pts. $ 365.32 7.1 % Composite US & Canada Luxury 1 $ 345.98 9.4 % 70.6 % 1.6 % pts. $ 489.99 7.0 % Marriott Hotels $ 189.33 6.7 % 71.4 % 1.4 % pts. $ 265.19 4.6 % Sheraton $ 178.16 3.8 % 70.1 % 0.7 % pts. $ 254.16 2.8 % Westin $ 206.84 6.4 % 72.1 % 1.4 % pts. $ 286.83 4.3 % Composite US & Canada Premium 2 $ 188.22 6.1 % 71.2 % 1.1 % pts. $ 264.52 4.5 % US & Canada Full-Service 3 $ 222.43 7.2 % 71.0 % 1.2 % pts. $ 313.11 5.4 % Courtyard by Marriott $ 119.83 5.2 % 67.8 % 0.5 % pts. $ 176.65 4.4 % Residence Inn by Marriott $ 160.62 4.7 % 77.5 % 0.9 % pts. $ 207.32 3.4 % Composite US & Canada Select 4 $ 138.35 5.5 % 71.7 % 0.8 % pts. $ 192.96 4.3 % US & Canada - All 5 $ 204.30 7.0 % 71.2 % 1.1 % pts. $ 287.02 5.3 % 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 Luxury 1 $ 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 Premium 2 $ 159.15 5.6 % 69.8 % 0.9 % pts. $ 227.84 4.3 % US & Canada Full-Service 3 $ 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 Select 4 $ 118.59 4.8 % 72.5 % 0.9 % pts. $ 163.54 3.6 % US & Canada - All 5 $ 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. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated 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 $ 323.12 7.4 % 79.2 % 1.0 % pts. $ 408.18 6.1 % Middle East & Africa $ 91.43 -5.3 % 59.1 % -5.1 % pts. $ 154.72 2.8 % Greater China $ 84.71 -0.8 % 70.2 % -2.0 % pts. $ 120.72 2.0 % Asia Pacific excluding China $ 124.75 9.7 % 73.0 % 2.2 % pts. $ 170.81 6.4 % Caribbean & Latin America $ 157.26 1.7 % 63.2 % 1.8 % pts. $ 248.80 -1.3 % International - All 1 $ 125.34 3.8 % 69.7 % -0.7 % pts. $ 179.80 4.8 % Worldwide 2 $ 155.19 6.9 % 70.7 % 0.5 % pts. $ 219.57 6.0 % 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 - All 1 $ 121.74 4.4 % 69.7 % 0.0 % pts. $ 174.76 4.4 % Worldwide 2 $ 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. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Nine 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 $ 263.84 6.7 % 72.1 % 0.3 % pts. $ 365.86 6.3 % Middle East & Africa $ 103.71 -13.4 % 57.3 % -9.0 % pts. $ 180.93 0.2 % Greater China $ 83.67 2.7 % 68.4 % -0.2 % pts. $ 122.30 3.0 % Asia Pacific excluding China $ 126.52 7.7 % 71.5 % 2.4 % pts. $ 176.85 4.1 % Caribbean & Latin America $ 202.83 0.4 % 65.4 % 0.7 % pts. $ 310.13 -0.7 % International - All 1 $ 124.22 2.1 % 67.7 % -0.7 % pts. $ 183.37 3.3 % Worldwide 2 $ 156.05 4.6 % 69.1 % 0.0 % pts. $ 225.81 4.6 % Comparable Systemwide International Properties Nine 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 $ 170.28 5.7 % 71.7 % 1.5 % pts. $ 237.50 3.5 % Middle East & Africa $ 98.38 -12.6 % 57.8 % -8.3 % pts. $ 170.31 -0.1 % Greater China $ 74.83 2.9 % 66.5 % 0.1 % pts. $ 112.57 2.7 % Asia Pacific excluding China $ 123.88 7.5 % 71.3 % 2.2 % pts. $ 173.81 4.1 % Caribbean & Latin America $ 116.94 2.6 % 61.4 % 1.4 % pts. $ 190.52 0.2 % International - All 1 $ 116.87 3.1 % 67.2 % 0.1 % pts. $ 174.04 2.9 % Worldwide 2 $ 133.36 4.8 % 70.0 % 0.6 % pts. $ 190.44 3.8 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2026 First Quarter Second Quarter Third Quarter Total Net income, as reported 1 $ 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 other 1 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 % Fiscal Year 2025 First Quarter Second Quarter Third Quarter Fourth Quarter Total Net income, as reported $ 665 $ 763 $ 728 $ 445 $ 2,601 Cost reimbursement revenue (4,655) (4,932) (4,760) (4,857) (19,204) Reimbursed expenses 4,722 4,874 4,739 5,168 19,503 Interest expense 192 203 206 208 809 Interest expense from unconsolidated joint ventures 1 3 2 1 7 Provision for income taxes 99 291 266 137 793 Depreciation, amortization, and other 51 53 50 59 213 Contract investment amortization 28 29 29 49 135 Depreciation and amortization classified in reimbursed expenses 57 61 64 69 251 Depreciation, amortization, and impairments from unconsolidated joint ventures 4 4 4 6 18 Stock-based compensation 52 58 61 65 236 Restructuring and merger-related charges (recoveries), and other 1 8 (40) 29 (2) Expenses related to Sonder Termination — — — 23 23 Adjusted EBITDA † $ 1,217 $ 1,415 $ 1,349 $ 1,402 $ 5,383 † Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Includes an asset impairment charge of $68 million in the 2026 second quarter and $6 million in the 2026 third quarter related to the sale and planned sale of two U.S. & Canada hotels. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FOURTH QUARTER 2026 ($ in millions) Range Estimated Fourth Quarter 2026 Fourth Quarter 2025 Net income excluding certain items 1 $ 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. 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 $ 3,112 $ 3,129 Interest expense 891 891 Interest expense from unconsolidated joint ventures 7 7 Provision for income taxes 1,072 1,078 Depreciation, amortization, and other 2 274 274 Contract investment amortization 136 136 Depreciation and amortization classified in reimbursed expenses 306 306 Depreciation, amortization, and impairments from unconsolidated joint ventures 19 19 Stock-based compensation 252 252 Adjustments related to Sonder Termination (2) (2) Adjustment to gain on investee's asset disposition 8 8 Adjusted EBITDA † $ 6,075 $ 6,098 $ 5,383 Increase over 2025 Adjusted EBITDA † 13 % 13 % † 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. 2 Includes $74 million of asset impairment charges recognized during the 2026 first three quarters related to the sale and planned sale of two U.S. & Canada hotels. MARRIOTT INTERNATIONAL, INC. EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES In our press release and schedules, on the related conference call, and in the infographic made available in connection with our press release, we report certain financial measures that are not required by, or presented in accordance with, United States generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are labeled as "Adjusted" and/or identified with the symbol "†". We discuss the manner in which the non-GAAP measures reported in this press release, schedules, and infographic are determined and management's reasons for reporting these non-GAAP measures below, and the press release schedules reconcile each to the most directly comparable GAAP measures (with respect to the forward-looking non-GAAP measures, to the extent available without unreasonable efforts). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, net income, earnings per share, or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others. Adjusted Operating Income and Adjusted Operating Income Margin. Adjusted operating income excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges/recoveries, and other expenses. When applicable, Adjusted operating income also excludes certain non-cash impairment charges as well as impairment charges and expenses/adjustments related to the Sonder Termination. Adjusted total revenues excludes cost reimbursement revenue as well as, when applicable, certain non-cash impairment charges and impairment charges related to the Sonder Termination. Adjusted operating income margin reflects Adjusted operating income divided by Adjusted total revenues. We believe that these are meaningful metrics because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Adjusted Effective Tax Rate. Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate reflect our net income, diluted earnings per share, and effective tax rate, respectively, excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges/recoveries, and other expenses, as well as, when applicable, certain non-cash impairment charges, gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold), and impairment charges and expenses/adjustments related to the Sonder Termination. Additionally, Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate exclude the income tax effect of the above items (calculated using an estimated tax rate applicable to each item) and income tax special items, which in 2025 primarily related to the release of tax reserves. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA"). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization (including non-cash impairment charges), provision for income taxes, restructuring and merger-related charges/recoveries, and other expenses, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In addition, Adjusted EBITDA excludes impairment charges and expenses/adjustments related to the Sonder Termination. In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, Adjusted effective tax rate, and Adjusted EBITDA, we exclude restructuring and merger-related charges/recoveries 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, and other" caption of our Consolidated Statements of Income (our "Income Statements"). We also exclude 2025 fourth quarter impairment charges and expenses as well as subsequent adjustments related to the Sonder Termination, which we record in the "Contract investment amortization" and "Owned, leased, and other expense" captions of our Income Statements, as they are related to the cessation of operations of an entire brand, which is a nonrecurring event. In addition, we exclude non-cash impairment charges (if above a specified threshold) related to our franchise and management contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the "Contract investment amortization," "Depreciation, amortization, and other," and "Equity in 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, 2025 for the current period) and have not, in either the current or previous year: (1) undergone significant renovations or expansions or a brand change, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, residences, timeshare, and all-inclusive properties. We use the term "hotel owners" throughout these schedules to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to franchise agreements, management agreements, license agreements, or similar arrangements, and we use the term "hotels in our system" to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms "hotel owners" and "hotels in our system" exclude Homes & Villas by Marriott BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection ® . View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-reports-third-quarter-2026-results-302925186.html SOURCE Marriott International, Inc. MEDIA & INVESTOR RELATIONS CONTACTS: Melissa Froehlich Flood, Senior Vice President, Global Corporate Communications & Public Policy, Marriott International, newsroom@marriott.com, or Jackie Burka McConagha, Senior Vice President, Investor Relations, Marriott International, jackie.mcconagha@marriott.com, or Pilar Fernandez, Senior Director, Investor Relations, Marriott International, pilar.fernandez@marriott.com