Marriott International Reports Second Quarter 2026 Results

Second quarter 2026 RevPAR1 increased 3.4 percent worldwide, with 5.0 percent growth in the U.S. & Canada and a 0.5 percent decline in international markets Second quarter reported diluted EPS totaled $2.90 and Adjusted diluted EPS totaled $3.19 Second quarter reported net income totaled $766 million and Adjusted net income totaled $844 million Second quarter Adjusted EBITDA totaled $1,592 million The company added roughly 17,900 net rooms globally during the quarter and net rooms grew 4.5 percent from the end of the second quarter of 2025 At the end of the quarter, Marriott's worldwide development pipeline reached a new record and totaled nearly 4,200 properties and approximately 629,000 rooms, with 44 percent of pipeline rooms under construction including hotels that are pending conversion The company repurchased 3.0 million shares of common stock for $1.1 billion in the 2026 second quarter. Year-to-date through July 29, the company has returned approximately $2.6 billion to shareholders through dividends and share repurchases For a summary of second quarter 2026 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2026/2026-q2-earnings-infographic.pdf. , /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported second quarter 2026 results. Anthony Capuano, President and Chief Executive Officer, said, "We delivered another quarter of excellent results, reflecting strong travel demand, the power of our brands, and sustained development momentum. Global RevPAR increased 3.4 percent in the second quarter, with continued ADR strength. In the U.S. & Canada, RevPAR rose 5 percent, driven by broad-based increases across chain scales and customer segments. "International RevPAR declined 0.5 percent in the quarter, as headwinds from the conflict in the Middle East more than offset solid RevPAR growth across our other international regions. In EMEA, RevPAR declined over 5 percent, with an increase in Europe outweighed by a 43 percent decline in the Middle East. APEC RevPAR increased over 5 percent, supported by solid leisure demand and robust intra-regional travel, while Greater China RevPAR increased over 3 percent, driven by strong performance across our luxury portfolio and key markets like Hong Kong, Taiwan and Hainan. With the outperformance in the second quarter and strong broad-based demand generally expected to continue, we are raising our full year expectation to 3 to 3.5 percent global RevPAR growth. "Development activity remained strong, with record global signings in the first six months of the year. Our industry-leading global pipeline grew to approximately 629,000 rooms at quarter-end, up nearly 7 percent from the year-ago quarter. Conversions remained an important driver of growth, representing over a third of signings and 40 percent of openings in the first half of the year. "The Marriott Bonvoy loyalty program, which grew to more than 295 million members at quarter-end, continues to drive demand, deepen member engagement and create value across our global portfolio. We recently executed new long-term agreements for our co-branded credit card program in the U.S. with JPMorgan Chase and American Express. These agreements further strengthen Marriott Bonvoy and deliver incremental value to our hotel owners, our cardholders and loyalty program members, and our shareholders. "With our global scale, powerful portfolio of brands, industry-leading Marriott Bonvoy loyalty program, and dedicated associates, we are well positioned to meet the evolving needs of travelers seeking exceptional stays and memorable experiences. Supported by our robust pipeline and disciplined execution, we remain confident in our ability to deliver sustainable, long-term growth." Second Quarter 2026 Results Franchise and base management fees totaled $1,366 million in the 2026 second quarter, a 14 percent increase compared to franchise and base management fees of $1,200 million in the year-ago quarter. The increase was primarily driven by higher co-branded credit card fees, rooms growth and higher RevPAR. Incentive management fees totaled $212 million in the 2026 second quarter, compared to $200 million in the 2025 second quarter, driven by strong year-over-year growth in the U.S. & Canada, partially offset by declines in EMEA. Managed hotels in international markets contributed over half of the incentive fees earned in the quarter. Owned, leased, and other revenue, net of owned, leased, and other expense2, totaled $49 million in the 2026 second quarter, compared to $78 million in the 2025 second quarter. The decline primarily reflected a $27 million property-related litigation accrual ($20 million after-tax impact and $0.08 per share after-tax) as well as lower termination fees. Depreciation, amortization, and other expenses totaled $115 million in the 2026 second quarter, compared to $53 million in the year-ago quarter. The increase was driven by a $68 million impairment charge recorded in connection with our sale of a U.S. & Canada hotel, which is excluded from our Adjusted results. General and administrative expenses2 for the 2026 second quarter totaled $220 million, compared to $210 million in the year-ago quarter, reflecting higher compensation costs, driven in part by timing. Interest expense, net, totaled $201 million in the 2026 second quarter, compared to $191 million in the year-ago quarter. The increase was primarily due to higher interest expense associated with higher debt balances, partially offset by higher interest income. In the 2026 second quarter, the provision for income taxes totaled $278 million, compared to $291 million in the 2025 second quarter. Marriott's reported operating income totaled $1,229 million in the 2026 second quarter, compared to 2025 second quarter reported operating income of $1,236 million. Reported net income totaled $766 million in the 2026 second quarter, flat compared to 2025 second quarter reported net income of $763 million. Reported diluted earnings per share (EPS) totaled $2.90 in the quarter, compared to reported diluted EPS of $2.78 in the year-ago quarter. Adjusted operating income in the 2026 second quarter totaled $1,329 million, compared to 2025 second quarter Adjusted operating income of $1,186 million. Second quarter 2026 Adjusted net income totaled $844 million, compared to 2025 second quarter Adjusted net income of $728 million. Adjusted diluted EPS in the 2026 second quarter totaled $3.19, compared to Adjusted diluted EPS of $2.65 in the year-ago quarter. Second quarter 2026 Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and certain impairment charges. See the press release schedules for the calculation of Adjusted results and the manner in which the Adjusted measures are determined in this press release. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,592 million in the 2026 second quarter, a 13 percent increase compared to second quarter 2025 Adjusted EBITDA of $1,415 million. See the press release schedules for the Adjusted EBITDA calculation. Income Statement Reclassification In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from "General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. Please refer to the Expense Captions - As Reclassified section in the press release schedules for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025. Selected Performance Information The company added roughly 17,900 net rooms during the quarter, including approximately 11,000 net rooms in international markets. At the end of the quarter, Marriott's global system totaled over 10,000 properties, with nearly 1,814,000 rooms. At the end of the quarter, the company's worldwide development pipeline totaled 4,186 properties with approximately 629,000 rooms, including 253 properties with over 34,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,757 properties with over 279,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline were located in international markets. In the 2026 second quarter, worldwide RevPAR increased 3.4 percent (a 3.9 percent increase using actual dollars) compared to the 2025 second quarter. RevPAR in the U.S. & Canada increased 5.0 percent (a 5.1 percent increase using actual dollars), and RevPAR in international markets declined 0.5 percent (a 1.0 percent increase using actual dollars) compared to the 2025 second quarter. Balance Sheet & Common Stock At the end of the quarter, Marriott's total debt was $16.9 billion and cash and equivalents totaled $0.5 billion, compared to $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025. The company repurchased 3.0 million shares of common stock in the 2026 second quarter for $1.1 billion. Year-to-date through July 29, the company has repurchased 6.2 million shares for $2.2 billion. Company Outlook The company's updated outlook generally assumes the continuation of the current macroeconomic environment. The outlook includes the expected partial year incremental impact of the new terms of our recently executed agreements with JPMorgan Chase and American Express for our U.S. co-branded credit card program. Third Quarter 2026 vs. Third Quarter 2025 Full Year 2026 vs. Full Year 2025 Worldwide RevPAR growth 3.5% to 4.0% 3.0% to 3.5% Year-End 2026 vs. Year-End 2025 Net rooms growth Low end of 4.5% to 5% ($ in millions, except EPS) Third Quarter 2026 Full Year 2026 Gross fee revenues $1,474 to $1,483 $6,025 to $6,055 Owned, leased, and other revenue, net of owned, leased, and other expense $30 to $40 $175 to $185 General and administrative expenses $220 to $210 $895 to $875 Adjusted EBITDA1,2 $1,439 to $1,468 $5,965 to $6,025 Adjusted EPS – diluted2,3 $2.74 to $2.82 $11.64 to $11.81 Adjusted effective tax rate2 Approx. 26.7% 26.0% to 26.5% Investment spending4 $1,250 to $1,350 Capital return to shareholders5 Over $4,500 1See the press release schedules for the Adjusted EBITDA calculations. 2Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for third quarter and full year 2026 do not include cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Our outlook includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. Our outlook excludes any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. In addition, our full year 2026 outlook excludes the 2026 first half adjustments related to the Sonder termination of $2 million, an adjustment to a gain on an asset disposition of $(8) million, and an impairment charge of $(68) million recorded in connection with our sale of a U.S. & Canada hotel. 3Assumes the level of capital return to shareholders noted above. 4Investment spending includes contract acquisition costs, capital and technology expenditures, renovations at owned and leased hotels, loan advances, and other investing activities (including our investment in Lefay, which occurred in the 2026 second quarter), but excluding any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. 5Assumes the level of investment spending noted above and that no other asset sales, property acquisitions or brand acquisitions occur during the year. Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Monday, August 3, 2026, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at www.marriott.com/investor (click on "Events & Presentations" and click on the quarterly conference call link). A replay will be available at that same website until August 3, 2027. The telephone dial-in number for the conference call is US Toll Free: 800-267-6316, or Global: +1 203-518-9783. The conference ID is MAR2Q26. Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of August 3, 2026. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy loyalty program; property performance; our expectations about the current macroeconomic environment; our expectations about our co-branded credit card program; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. 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 10,000 properties in 148 countries and territories, as of June 30, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram. Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. IRPR#1 Tables follow __________________________________ 1All occupancy, Average Daily Rate (ADR) and Revenue per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2026 and 2025 reflect properties that are comparable in both years. 2In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. Please see the Income Statement Reclassification section of this press release for additional information. MARRIOTT INTERNATIONAL, INC. PRESS RELEASE SCHEDULES TABLE OF CONTENTS QUARTER 2, 2026 Consolidated Statements of Income A-2 Non-GAAP Financial Measures A-4 Expense Captions - As Reclassified A-5 Total Lodging Products by Ownership Type A-6 Total Lodging Products by Tier A-8 Key Lodging Statistics A-10 Adjusted EBITDA A-14 Adjusted EBITDA Forecast - Third Quarter 2026 A-15 Adjusted EBITDA Forecast - Full Year 2026 A-16 Explanation of Non-GAAP Financial and Performance Measures A-17 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME SECOND QUARTER 2026 AND 2025 ($ in millions except per share amounts, unaudited) Percent Three Months Ended Three Months Ended Better/(Worse) June 30, 2026 June 30, 2025 2026 vs. 2025 REVENUES Franchise fees1 $ 1,023 $ 860 19 Base management fees 343 340 1 Incentive management fees 212 200 6 Gross fee revenues 1,578 1,400 13 Contract investment amortization2 (31) (29) (7) Net fee revenues 1,547 1,371 13 Owned, leased, and other revenue3 466 441 6 Cost reimbursement revenue4 5,058 4,932 3 7,071 6,744 5 OPERATING COSTS AND EXPENSES Owned, leased, and other expense5* 417 363 (15) Depreciation, amortization, and other6 115 53 (117) General and administrative7* 220 210 (5) Restructuring and merger-related (recoveries) charges, and other (10) 8 225 Reimbursed expenses4 5,100 4,874 (5) 5,842 5,508 (6) OPERATING INCOME 1,229 1,236 (1) Gains and other income, net8 11 5 120 Interest expense (221) (203) (9) Interest income 20 12 67 Equity in earnings9 5 4 25 INCOME BEFORE INCOME TAXES 1,044 1,054 (1) Provision for income taxes (278) (291) 4 NET INCOME $ 766 $ 763 0 EARNINGS PER SHARE Earnings per share - basic $ 2.90 $ 2.78 4 Earnings per share - diluted $ 2.90 $ 2.78 4 Basic shares (in millions) 263.9 274.2 Diluted shares (in millions) 264.5 274.7 * The 2025 second quarter reflects the reclassification of $35 million of other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements to conform to our current presentation. 1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees. 2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments. 3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. 4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. 5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements. 6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs. 7 General and administrative expenses include our corporate and business segments overhead costs and general expenses. 8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. 9 Equity in earnings includes our equity in earnings or losses of unconsolidated equity method investments. MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME SECOND QUARTER YEAR-TO-DATE 2026 AND 2025 ($ in millions except per share amounts, unaudited) Percent Six Months Ended Six Months Ended Better/(Worse) June 30, 2026 June 30, 2025 2026 vs. 2025 REVENUES Franchise fees1 $ 1,895 $ 1,606 18 Base management fees 682 665 3 Incentive management fees 434 404 7 Gross fee revenues 3,011 2,675 13 Contract investment amortization2 (66) (57) (16) Net fee revenues 2,945 2,618 12 Owned, leased, and other revenue3 878 802 9 Cost reimbursement revenue4 9,902 9,587 3 13,725 13,007 6 OPERATING COSTS AND EXPENSES Owned, leased, and other expense5* 794 695 (14) Depreciation, amortization, and other6 169 104 (63) General and administrative7* 439 419 (5) Restructuring and merger-related (recoveries) charges, and other (6) 9 167 Reimbursed expenses4 10,036 9,596 (5) 11,432 10,823 (6) OPERATING INCOME 2,293 2,184 5 Gains and other income, net8 14 3 367 Interest expense (435) (395) (10) Interest income 30 21 43 Equity in earnings9 — 5 (100) INCOME BEFORE INCOME TAXES 1,902 1,818 5 Provision for income taxes (488) (390) (25) NET INCOME $ 1,414 $ 1,428 (1) EARNINGS PER SHARE Earnings per share - basic $ 5.34 $ 5.18 3 Earnings per share - diluted $ 5.32 $ 5.17 3 Basic shares (in millions) 265.0 275.5 Diluted shares (in millions) 265.7 276.2 * The 2025 first half reflects the reclassification of $71 million of other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements to conform to our current presentation. 1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, residential branding fees, and other brand-related fees. 2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments. 3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. 4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. 5 Owned, leased, and other expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements. 6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs. 7 General and administrative expenses include our corporate and business segments overhead costs and general expenses. 8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. 9 Equity in earnings includes our equity in earnings or losses of unconsolidated equity method investments. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ($ in millions except per share amounts) The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin. Three Months Ended Six Months Ended Percent Percent June 30, June 30, Better/ June 30, June 30, Better/ 2026 2025 (Worse) 2026 2025 (Worse) Total revenues, as reported $ 7,071 $ 6,744 $ 13,725 $ 13,007 Less: Cost reimbursement revenue (5,058) (4,932) (9,902) (9,587) Adjusted total revenues† 2,013 1,812 3,823 3,420 Operating income, as reported 1,229 1,236 2,293 2,184 Less: Cost reimbursement revenue (5,058) (4,932) (9,902) (9,587) Add: Reimbursed expenses 5,100 4,874 10,036 9,596 Add (Less): Restructuring and merger-related (recoveries) charges, and other (10) 8 (6) 9 Add: Asset impairment charge1 68 — 68 — Less: Adjustments related to Sonder Termination2 — — (2) — Adjusted operating income† 1,329 1,186 12 2,487 2,202 13 Operating income margin 17 % 18 % 17 % 17 % Adjusted operating income margin† 66 % 65 % 65 % 64 % Net income, as reported 766 763 1,414 1,428 Less: Cost reimbursement revenue (5,058) (4,932) (9,902) (9,587) Add: Reimbursed expenses 5,100 4,874 10,036 9,596 Add (Less): Restructuring and merger-related (recoveries) charges, and other (10) 8 (6) 9 Add: Asset impairment charge1 68 — 68 — Less: Adjustments related to Sonder Termination2 — — (2) — Add: Adjustment to gain on investee's asset disposition3 — — 8 — Income tax effect of above adjustments (22) 18 (46) 1 Less: Income tax special items — (3) — (74) Adjusted net income† $ 844 $ 728 16 $ 1,570 $ 1,373 14 Diluted earnings per share, as reported $ 2.90 $ 2.78 $ 5.32 $ 5.17 Adjusted diluted earnings per share† $ 3.19 $ 2.65 20 $ 5.91 $ 4.97 19 † Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Impairment related to our sale of a U.S. & Canada hotel reported in Depreciation, amortization, and other. 2 Adjustments related to the termination of our licensing agreement with Sonder Holdings Inc. (the "Sonder Termination") reported in Owned, leased, and other expense. 3 Adjustment to gain on investee's asset disposition reported in Equity in earnings. 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 June 30, 2026 US & Canada Total International1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Franchised, Licensed, and Other 5,921 884,304 2,018 339,046 7,939 1,223,350 Courtyard by Marriott 943 127,158 146 27,070 1,089 154,228 Fairfield by Marriott 1,202 113,564 141 20,448 1,343 134,012 Residence Inn by Marriott 839 100,238 43 5,289 882 105,527 Marriott Hotels 240 76,464 87 24,026 327 100,490 Autograph Collection 165 36,970 178 34,770 343 71,740 SpringHill Suites by Marriott 577 67,779 — — 577 67,779 Sheraton 134 41,433 90 25,141 224 66,574 TownePlace Suites by Marriott 590 59,212 — — 590 59,212 Four Points by Sheraton 147 21,020 173 31,015 320 52,035 Westin 97 33,215 34 10,182 131 43,397 AC Hotels by Marriott 139 23,059 109 16,055 248 39,114 Tribute Portfolio 112 20,761 76 11,231 188 31,992 Moxy Hotels 49 8,408 118 22,268 167 30,676 Aloft by Marriott 167 23,905 33 6,357 200 30,262 Renaissance Hotels 72 19,853 33 8,594 105 28,447 MGM Collection with Marriott Bonvoy 12 26,210 — — 12 26,210 Delta Hotels by Marriott 70 15,864 43 8,123 113 23,987 Timeshare* 73 18,949 22 3,963 95 22,912 The Luxury Collection 17 8,245 68 14,458 85 22,703 City Express by Marriott 28 2,460 155 18,335 183 20,795 Design Hotels* 34 3,179 221 14,075 255 17,254 Element by Marriott 105 14,066 7 1,043 112 15,109 Le Méridien 23 5,123 31 8,636 54 13,759 JW Marriott 14 6,797 16 4,279 30 11,076 citizenM 17 4,604 19 3,938 36 8,542 Four Points Flex by Sheraton — — 60 8,536 60 8,536 Series by Marriott 5 550 53 3,932 58 4,482 Protea Hotels by Marriott — — 38 3,371 38 3,371 Marriott Executive Apartments — — 10 1,947 10 1,947 Outdoor Collection by Marriott Bonvoy 34 1,771 — — 34 1,771 W Hotels 1 1,117 2 464 3 1,581 StudioRes by Marriott 12 1,488 — — 12 1,488 Apartments by Marriott Bonvoy 2 413 4 302 6 715 The Ritz-Carlton 1 429 2 262 3 691 The Ritz-Carlton Yacht Collection* — — 3 603 3 603 St. Regis — — 1 172 1 172 Bvlgari — — 2 161 2 161 Owned/Leased 13 4,466 37 8,867 50 13,333 Sheraton 1 1,218 3 1,724 4 2,942 Marriott Hotels 2 1,304 5 1,631 7 2,935 Courtyard by Marriott 7 987 4 894 11 1,881 W Hotels 2 765 2 665 4 1,430 Protea Hotels by Marriott — — 5 912 5 912 JW Marriott — — 2 696 2 696 The Ritz-Carlton — — 2 548 2 548 Renaissance Hotels — — 2 505 2 505 The Luxury Collection — — 3 383 3 383 Autograph Collection — — 5 360 5 360 Residence Inn by Marriott 1 192 1 140 2 332 Tribute Portfolio — — 2 249 2 249 St. Regis — — 1 160 1 160 Managed 558 202,722 1,389 357,727 1,947 560,449 Marriott Hotels 97 55,403 194 61,179 291 116,582 Sheraton 23 18,928 178 57,080 201 76,008 Courtyard by Marriott 134 21,936 137 29,941 271 51,877 Westin 40 22,354 80 24,174 120 46,528 JW Marriott 22 12,725 77 26,525 99 39,250 The Ritz-Carlton 42 12,797 80 18,443 122 31,240 Four Points by Sheraton 1 134 96 25,337 97 25,471 Renaissance Hotels 20 8,657 53 16,533 73 25,190 Le Méridien — — 70 18,646 70 18,646 W Hotels 19 5,163 46 12,023 65 17,186 St. Regis 13 2,564 53 11,503 66 14,067 Gaylord Hotels 7 11,820 — — 7 11,820 Residence Inn by Marriott 63 10,604 9 1,102 72 11,706 The Luxury Collection 6 2,316 42 8,335 48 10,651 Aloft by Marriott 2 505 42 9,591 44 10,096 Fairfield by Marriott 3 698 57 8,761 60 9,459 Delta Hotels by Marriott 24 6,623 5 1,179 29 7,802 Autograph Collection 12 3,418 19 3,379 31 6,797 Marriott Executive Apartments — — 41 5,932 41 5,932 AC Hotels by Marriott 8 1,512 18 3,328 26 4,840 EDITION 5 1,379 18 3,389 23 4,768 Element by Marriott 3 810 14 2,712 17 3,522 Moxy Hotels 1 380 15 3,099 16 3,479 Protea Hotels by Marriott — — 22 2,738 22 2,738 Tribute Portfolio — — 13 1,595 13 1,595 SpringHill Suites by Marriott 9 1,381 — — 9 1,381 Bvlgari — — 7 646 7 646 TownePlace Suites by Marriott 4 615 — — 4 615 citizenM — — 2 477 2 477 Apartments by Marriott Bonvoy — — 1 80 1 80 Residences 74 7,866 72 8,700 146 16,566 The Ritz-Carlton Residences 46 5,150 23 1,928 69 7,078 St. Regis Residences 11 1,279 14 1,916 25 3,195 W Residences 8 795 8 768 16 1,563 Marriott Residences — — 5 1,283 5 1,283 JW Marriott Residences 1 91 4 1,055 5 1,146 Westin Residences 3 266 3 413 6 679 Bvlgari Residences — — 5 526 5 526 Sheraton Residences — — 3 472 3 472 The Luxury Collection Residences 1 91 2 85 3 176 Tribute Portfolio Residences — — 1 137 1 137 Renaissance Residences 1 112 — — 1 112 EDITION Residences 3 82 1 10 4 92 Le Méridien Residences — — 1 62 1 62 Autograph Collection Residences — — 2 45 2 45 Grand Total 6,566 1,099,358 3,516 714,340 10,082 1,813,698 1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other." Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of June 30, 2026 US & Canada Total International1 Total Worldwide Total Systemwide Properties Rooms Properties Rooms Properties Rooms Luxury 212 61,785 484 110,003 696 171,788 JW Marriott 36 19,522 95 31,500 131 51,022 JW Marriott Residences 1 91 4 1,055 5 1,146 The Luxury Collection 23 10,561 113 23,176 136 33,737 The Luxury Collection Residences 1 91 2 85 3 176 The Ritz-Carlton 43 13,226 84 19,253 127 32,479 The Ritz-Carlton Residences 46 5,150 23 1,928 69 7,078 The Ritz-Carlton Yacht Collection* — — 3 603 3 603 W Hotels 22 7,045 50 13,152 72 20,197 W Residences 8 795 8 768 16 1,563 St. Regis 13 2,564 55 11,835 68 14,399 St. Regis Residences 11 1,279 14 1,916 25 3,195 EDITION 5 1,379 18 3,389 23 4,768 EDITION Residences 3 82 1 10 4 92 Bvlgari — — 9 807 9 807 Bvlgari Residences — — 5 526 5 526 Premium 1,225 411,359 1,493 343,685 2,718 755,044 Marriott Hotels 339 133,171 286 86,836 625 220,007 Marriott Residences — — 5 1,283 5 1,283 Sheraton 158 61,579 271 83,945 429 145,524 Sheraton Residences — — 3 472 3 472 Westin 137 55,569 114 34,356 251 89,925 Westin Residences 3 266 3 413 6 679 Autograph Collection 177 40,388 202 38,509 379 78,897 Autograph Collection Residences — — 2 45 2 45 Renaissance Hotels 92 28,510 88 25,632 180 54,142 Renaissance Residences 1 112 — — 1 112 Tribute Portfolio 112 20,761 91 13,075 203 33,836 Tribute Portfolio Residences — — 1 137 1 137 Le Méridien 23 5,123 101 27,282 124 32,405 Le Méridien Residences — — 1 62 1 62 Delta Hotels by Marriott 94 22,487 48 9,302 142 31,789 MGM Collection with Marriott Bonvoy 12 26,210 — — 12 26,210 Design Hotels* 34 3,179 221 14,075 255 17,254 Gaylord Hotels 7 11,820 — — 7 11,820 Marriott Executive Apartments — — 51 7,879 51 7,879 Outdoor Collection by Marriott Bonvoy ** 34 1,771 — — 34 1,771 Apartments by Marriott Bonvoy 2 413 5 382 7 795 Select 5,011 602,767 1,249 225,886 6,260 828,653 Courtyard by Marriott 1,084 150,081 287 57,905 1,371 207,986 Fairfield by Marriott 1,205 114,262 198 29,209 1,403 143,471 Residence Inn by Marriott 903 111,034 53 6,531 956 117,565 Four Points by Sheraton 148 21,154 269 56,352 417 77,506 SpringHill Suites by Marriott 586 69,160 — — 586 69,160 TownePlace Suites by Marriott 594 59,827 — — 594 59,827 AC Hotels by Marriott 147 24,571 127 19,383 274 43,954 Aloft by Marriott 169 24,410 75 15,948 244 40,358 Moxy Hotels 50 8,788 133 25,367 183 34,155 Element by Marriott 108 14,876 21 3,755 129 18,631 citizenM 17 4,604 21 4,415 38 9,019 Protea Hotels by Marriott — — 65 7,021 65 7,021 Midscale 45 4,498 268 30,803 313 35,301 City Express by Marriott 28 2,460 155 18,335 183 20,795 Four Points Flex by Sheraton — — 60 8,536 60 8,536 Series by Marriott ** 5 550 53 3,932 58 4,482 StudioRes by Marriott 12 1,488 — — 12 1,488 Timeshare* 73 18,949 22 3,963 95 22,912 Grand Total 6,566 1,099,358 3,516 714,340 10,082 1,813,698 1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other." ** The Outdoor Collection by Marriott Bonvoy includes properties under both the Premium and Select quality tiers. Series by Marriott includes properties under both the Select and Midscale quality tiers. Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Three Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Brand 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 JW Marriott $ 278.37 7.1 % 74.6 % 1.5 % pts. $ 373.15 4.9 % The Ritz-Carlton $ 418.33 9.8 % 69.6 % 1.4 % pts. $ 601.00 7.5 % W Hotels $ 295.67 8.9 % 71.7 % -0.2 % pts. $ 412.25 9.2 % Composite US & Canada Luxury1 $ 357.49 9.5 % 72.0 % 0.9 % pts. $ 496.46 8.1 % Marriott Hotels $ 200.38 5.9 % 74.0 % 0.8 % pts. $ 270.77 4.7 % Sheraton $ 186.20 5.3 % 72.2 % 1.0 % pts. $ 258.04 3.9 % Westin $ 215.44 4.2 % 73.8 % -0.1 % pts. $ 292.01 4.4 % Composite US & Canada Premium2 $ 198.56 5.8 % 73.5 % 0.6 % pts. $ 270.14 5.0 % US & Canada Full-Service3 $ 232.94 7.0 % 73.2 % 0.6 % pts. $ 318.31 6.1 % Courtyard by Marriott $ 127.84 4.8 % 71.3 % -0.1 % pts. $ 179.30 5.0 % Residence Inn by Marriott  $ 167.76 4.7 % 79.7 % 0.0 % pts. $ 210.42 4.6 % Composite US & Canada Select4 $ 146.22 5.1 % 74.7 % 0.0 % pts. $ 195.84 5.1 % US & Canada - All5 $ 214.20 6.7 % 73.5 % 0.5 % pts. $ 291.43 6.0 % Comparable Systemwide US & Canada Properties Three Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Brand 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 JW Marriott $ 264.85 6.9 % 75.2 % 1.0 % pts. $ 352.00 5.5 % The Ritz-Carlton $ 418.33 9.9 % 70.3 % 1.5 % pts. $ 595.47 7.5 % W Hotels $ 295.67 8.9 % 71.7 % -0.2 % pts. $ 412.25 9.2 % Composite US & Canada Luxury1 $ 335.56 9.1 % 73.1 % 0.8 % pts. $ 458.89 7.9 % Marriott Hotels $ 164.72 4.7 % 72.2 % 0.1 % pts. $ 228.28 4.5 % Sheraton $ 152.12 4.5 % 72.2 % 0.3 % pts. $ 210.82 4.1 % Westin $ 185.44 3.6 % 73.6 % -0.2 % pts. $ 251.80 3.8 % Composite US & Canada Premium2 $ 168.22 5.0 % 72.3 % 0.2 % pts. $ 232.71 4.7 % US & Canada Full-Service3 $ 186.44 5.8 % 72.4 % 0.3 % pts. $ 257.60 5.4 % Courtyard by Marriott $ 125.12 4.3 % 72.2 % -0.1 % pts. $ 173.30 4.4 % Residence Inn by Marriott $ 145.22 4.6 % 80.1 % 0.6 % pts. $ 181.32 3.9 % Fairfield by Marriott $ 105.40 3.9 % 72.8 % 0.1 % pts. $ 144.68 3.7 % Composite US & Canada Select4 $ 125.86 4.4 % 75.1 % 0.2 % pts. $ 167.61 4.1 % US & Canada - All5 $ 150.10 5.0 % 74.0 % 0.2 % pts. $ 202.82 4.7 % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. 4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft by Marriott, Element by Marriott, AC Hotels by Marriott, and Moxy Hotels. 5 Includes US & Canada Full-Service and Composite US & Canada Select. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Six Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Brand 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 JW Marriott $ 283.69 5.9 % 74.2 % 1.0 % pts. $ 382.29 4.5 % The Ritz-Carlton $ 424.18 7.8 % 68.6 % 1.3 % pts. $ 618.19 5.8 % W Hotels $ 293.35 10.8 % 69.4 % 1.4 % pts. $ 422.64 8.5 % Composite US & Canada Luxury1 $ 366.94 8.4 % 71.1 % 1.0 % pts. $ 515.96 6.8 % Marriott Hotels $ 189.62 5.1 % 70.8 % 0.5 % pts. $ 267.86 4.3 % Sheraton $ 174.71 3.2 % 69.2 % 0.5 % pts. $ 252.55 2.4 % Westin $ 196.61 4.4 % 70.6 % 0.5 % pts. $ 278.41 3.6 % Composite US & Canada Premium2 $ 186.43 4.7 % 70.4 % 0.4 % pts. $ 264.97 4.1 % US & Canada Full-Service3 $ 225.48 6.0 % 70.5 % 0.5 % pts. $ 319.72 5.2 % Courtyard by Marriott $ 118.26 3.6 % 67.1 % -0.1 % pts. $ 176.12 3.7 % Residence Inn by Marriott  $ 159.21 3.5 % 76.5 % 0.2 % pts. $ 208.01 3.1 % Composite US & Canada Select4 $ 136.77 3.9 % 71.0 % 0.2 % pts. $ 192.76 3.7 % US & Canada - All5 $ 206.31 5.7 % 70.6 % 0.5 % pts. $ 292.16 5.0 % Comparable Systemwide US & Canada Properties Six Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Brand 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 JW Marriott $ 267.89 5.7 % 74.2 % 0.7 % pts. $ 360.80 4.7 % The Ritz-Carlton $ 419.62 7.8 % 68.8 % 1.3 % pts. $ 609.82 5.8 % W Hotels $ 293.35 10.8 % 69.4 % 1.4 % pts. $ 422.64 8.5 % Composite US & Canada Luxury1 $ 338.04 7.9 % 71.7 % 0.8 % pts. $ 471.72 6.6 % Marriott Hotels $ 153.89 4.4 % 68.6 % 0.4 % pts. $ 224.25 3.8 % Sheraton $ 138.80 3.7 % 68.2 % 0.6 % pts. $ 203.42 2.8 % Westin $ 174.33 3.3 % 70.6 % 0.0 % pts. $ 247.08 3.3 % Composite US & Canada Premium2 $ 156.91 4.5 % 68.9 % 0.4 % pts. $ 227.90 3.9 % US & Canada Full-Service3 $ 176.64 5.2 % 69.2 % 0.5 % pts. $ 255.41 4.5 % Courtyard by Marriott $ 113.68 4.0 % 67.9 % 0.2 % pts. $ 167.52 3.7 % Residence Inn by Marriott $ 133.75 3.7 % 76.4 % 0.7 % pts. $ 175.06 2.8 % Fairfield by Marriott $ 94.29 3.5 % 67.8 % 0.2 % pts. $ 139.08 3.2 % Composite US & Canada Select4 $ 115.02 4.0 % 71.0 % 0.5 % pts. $ 162.01 3.3 % US & Canada - All5 $ 139.67 4.6 % 70.3 % 0.5 % pts. $ 198.79 3.9 % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. 4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft by Marriott, Element by Marriott, AC Hotels by Marriott, and Moxy Hotels. 5 Includes US & Canada Full-Service and Composite US & Canada Select. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Three Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Region 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 Europe $ 285.72 5.1 % 76.6 % 0.2 % pts. $ 373.06 4.8 % Middle East & Africa $ 84.30 -35.1 % 49.5 % -17.3 % pts. $ 170.21 -12.4 % Greater China $ 81.07 2.6 % 68.8 % 0.1 % pts. $ 117.83 2.6 % Asia Pacific excluding China $ 118.70 5.2 % 70.0 % 2.2 % pts. $ 169.60 1.8 % Caribbean & Latin America $ 193.39 0.9 % 63.7 % 0.4 % pts. $ 303.69 0.2 % International - All1 $ 120.46 -2.9 % 66.4 % -2.1 % pts. $ 181.36 0.3 % Worldwide2 $ 158.08 2.1 % 69.3 % -1.1 % pts. $ 228.23 3.7 % Comparable Systemwide International Properties Three Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Region 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 Europe $ 185.95 4.2 % 75.6 % 1.2 % pts. $ 245.98 2.6 % Middle East & Africa $ 80.48 -33.1 % 50.5 % -15.8 % pts. $ 159.44 -12.1 % Greater China $ 72.95 3.2 % 67.3 % 0.7 % pts. $ 108.44 2.1 % Asia Pacific excluding China $ 119.46 5.3 % 70.4 % 2.3 % pts. $ 169.76 1.8 % Caribbean & Latin America $ 111.99 3.0 % 60.3 % 1.3 % pts. $ 185.85 0.7 % International - All1 $ 116.76 -0.5 % 67.1 % -0.7 % pts. $ 174.10 0.6 % Worldwide2 $ 138.74 3.4 % 71.6 % -0.1 % pts. $ 193.66 3.5 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Six Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Region 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 Europe $ 231.59 6.0 % 68.9 % -0.1 % pts. $ 335.92 6.1 % Middle East & Africa $ 111.59 -18.1 % 55.8 % -11.9 % pts. $ 199.84 -0.6 % Greater China $ 80.62 4.4 % 67.1 % 0.6 % pts. $ 120.10 3.4 % Asia Pacific excluding China $ 127.45 6.4 % 70.7 % 2.4 % pts. $ 180.21 2.9 % Caribbean & Latin America $ 224.33 0.0 % 66.3 % 0.2 % pts. $ 338.30 -0.2 % International - All1 $ 123.69 0.6 % 66.5 % -1.0 % pts. $ 186.11 2.2 % Worldwide2 $ 156.88 3.2 % 68.1 % -0.4 % pts. $ 230.27 3.9 % Comparable Systemwide International Properties Six Months Ended June 30, 2026 and June 30, 2025 RevPAR Occupancy Average Daily Rate Region 2026 vs. 2025 2026 vs. 2025 2026 vs. 2025 Europe $ 152.76 5.2 % 68.5 % 1.4 % pts. $ 223.15 3.1 % Middle East & Africa $ 104.76 -16.9 % 56.0 % -10.7 % pts. $ 187.00 -1.0 % Greater China $ 72.15 4.5 % 65.3 % 0.9 % pts. $ 110.47 3.0 % Asia Pacific excluding China $ 125.43 6.5 % 70.4 % 2.4 % pts. $ 178.12 2.9 % Caribbean & Latin America $ 125.50 2.4 % 61.6 % 1.4 % pts. $ 203.79 0.2 % International - All1 $ 114.56 2.0 % 65.7 % 0.0 % pts. $ 174.48 2.0 % Worldwide2 $ 131.14 3.8 % 68.7 % 0.3 % pts. $ 190.89 3.3 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2026 First Quarter Second Quarter Total Net income, as reported1 $ 648 $ 766 $ 1,414 Cost reimbursement revenue (4,844) (5,058) (9,902) Reimbursed expenses 4,936 5,100 10,036 Interest expense 214 221 435 Interest expense from unconsolidated joint ventures 2 2 4 Provision for income taxes 210 278 488 Depreciation, amortization, and other1 54 115 169 Contract investment amortization 35 31 66 Depreciation and amortization classified in reimbursed expenses 73 76 149 Depreciation, amortization, and impairments from unconsolidated joint ventures 3 5 8 Stock-based compensation 57 66 123 Restructuring and merger-related charges (recoveries), and other 4 (10) (6) Adjustments related to Sonder Termination (2) — (2) Adjustment to gain on investee's asset disposition 8 — 8 Adjusted EBITDA† $ 1,398 $ 1,592 $ 2,990 Change from 2025 Adjusted EBITDA† 15 % 13 % 14 % Fiscal Year 2025 First Quarter Second Quarter Third Quarter Fourth Quarter Total Net income, as reported $ 665 $ 763 $ 728 $ 445 $ 2,601 Cost reimbursement revenue (4,655) (4,932) (4,760) (4,857) (19,204) Reimbursed expenses 4,722 4,874 4,739 5,168 19,503 Interest expense 192 203 206 208 809 Interest expense from unconsolidated joint ventures 1 3 2 1 7 Provision for income taxes 99 291 266 137 793 Depreciation, amortization, and other 51 53 50 59 213 Contract investment amortization 28 29 29 49 135 Depreciation and amortization classified in reimbursed expenses 57 61 64 69 251 Depreciation, amortization, and impairments from unconsolidated joint ventures 4 4 4 6 18 Stock-based compensation 52 58 61 65 236 Restructuring and merger-related charges (recoveries), and other 1 8 (40) 29 (2) Expenses related to Sonder Termination — — — 23 23 Adjusted EBITDA† $ 1,217 $ 1,415 $ 1,349 $ 1,402 $ 5,383 † Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Includes our 2026 second quarter impairment charge of $68 million related to our sale of a U.S. & Canada hotel. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST THIRD QUARTER 2026 ($ in millions) Range Estimated Third Quarter 2026 Third Quarter 2025 Net income excluding certain items1 $ 718 $ 740 Interest expense 227 227 Interest expense from unconsolidated joint ventures 1 1 Provision for income taxes 262 269 Depreciation, amortization, and other 51 51 Contract investment amortization 35 35 Depreciation and amortization classified in reimbursed expenses 78 78 Depreciation, amortization, and impairments from unconsolidated joint ventures 5 5 Stock-based compensation 62 62 Adjusted EBITDA† $ 1,439 $ 1,468 $ 1,349 Increase over 2025 Adjusted EBITDA† 7 % 9 % † Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Forecast excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Forecast includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. Forecast does not reflect any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FULL YEAR 2026 ($ in millions) Range Estimated Full Year 2026 Full Year 2025 Net income excluding certain items1, 2 $ 3,007 $ 3,051 Interest expense 898 898 Interest expense from unconsolidated joint ventures 7 7 Provision for income taxes 1,057 1,073 Depreciation, amortization, and other2 275 275 Contract investment amortization 137 137 Depreciation and amortization classified in reimbursed expenses 307 307 Depreciation, amortization, and impairments from unconsolidated joint ventures 19 19 Stock-based compensation 252 252 Adjustments related to Sonder Termination (2) (2) Adjustment to gain on investee's asset disposition 8 8 Adjusted EBITDA† $ 5,965 $ 6,025 $ 5,383 Increase over 2025 Adjusted EBITDA† 11 % 12 % † Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Forecast excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Forecast includes the impact of our sale of a U.S. & Canada hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. Forecast does not reflect any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. 2 Includes our 2026 second quarter impairment charge of $68 million related to the sale of a U.S. & Canada hotel. MARRIOTT INTERNATIONAL, INC. EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES In our press release and schedules, on the related conference call, and in the infographic made available in connection with our press release, we report certain financial measures that are not required by, or presented in accordance with, United States generally accepted accounting principles ("GAAP"). These non-GAAP financial measures are labeled as "Adjusted" and/or identified with the symbol "†". We discuss the manner in which the non-GAAP measures reported in this press release, schedules, and infographic are determined and management's reasons for reporting these non-GAAP measures below, and the press release schedules reconcile each to the most directly comparable GAAP measures (with respect to the forward-looking non-GAAP measures, to the extent available without unreasonable efforts). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, net income, earnings per share, or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others. Adjusted Operating Income and Adjusted Operating Income Margin. Adjusted operating income excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/charges, and other expenses. When applicable, Adjusted operating income also excludes certain non-cash impairment charges as well as impairment charges and expenses/adjustments related to the Sonder Termination. Adjusted total revenues excludes cost reimbursement revenue as well as, when applicable, certain non-cash impairment charges and impairment charges related to the Sonder Termination. Adjusted operating income margin reflects Adjusted operating income divided by Adjusted total revenues. We believe that these are meaningful metrics because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Adjusted Effective Tax Rate. Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate reflect our net income, diluted earnings per share, and effective tax rate, respectively, excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, as well as, when applicable, certain non-cash impairment charges, gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold), and impairment charges and expenses/adjustments related to the Sonder Termination. Additionally, Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate exclude the income tax effect of the above items (calculated using an estimated tax rate applicable to each item) and income tax special items, which in 2025 primarily related to the release of tax reserves. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA"). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization (including non-cash impairment charges), provision for income taxes, restructuring and merger-related recoveries/charges, and other expenses, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In addition, Adjusted EBITDA excludes impairment charges and expenses/adjustments related to the Sonder Termination. In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, Adjusted effective tax rate, and Adjusted EBITDA, we exclude restructuring and merger-related recoveries/charges as well as charges related to legal proceedings that are outside of the ordinary course of our business, both of which we record in the "Restructuring and merger-related (recoveries) charges, and other" caption of our Consolidated Statements of Income (our "Income Statements"). We also exclude 2025 fourth quarter impairment charges and expenses as well as subsequent adjustments related to the Sonder Termination, which we record in the "Contract investment amortization" and "Owned, leased, and other expense" captions of our Income Statements, as they are related to the cessation of operations of an entire brand, which is a nonrecurring event. In addition, we exclude non-cash impairment charges (if above a specified threshold) related to our franchise and management contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the "Contract investment amortization," "Depreciation, amortization, and other," and "Equity in (losses) earnings" captions of our Income Statements. These adjustments allow for period-over-period comparisons of our ongoing operations before the impact of these items. We exclude cost reimbursement revenue and reimbursed expenses, which relate to property-level and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties, and for which we receive reimbursement under our agreements with hotel owners and certain other counterparties with no added mark-up. We do not operate these property-level and centralized programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and certain other counterparties, we do not seek a mark-up. For property-level services, we recognize cost reimbursement revenue at the same time that we incur expenses, and property-level services have no net impact on our Income Statements in the reporting period. However, for centralized programs and services, we may be reimbursed before or after we incur expenses, causing timing differences between the costs we incur and the related reimbursement from hotel owners and certain other counterparties in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Because we do not retain any such profits or losses over time, we exclude the net impact when evaluating period-over-period changes in our operating results. We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons of our ongoing operations before these items. Our use of Adjusted EBITDA also facilitates comparison with results from other lodging companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA also excludes depreciation and amortization expense, which we report under "Depreciation, amortization, and other" as well as depreciation and amortization classified in "Contract investment amortization," "Reimbursed expenses," and "Equity in earnings" of our Income Statements, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. Depreciation and amortization classified in "Reimbursed expenses" reflects depreciation and amortization of Marriott-owned assets, for which we receive cash from hotel owners and certain other counterparties to reimburse the company for its investments made for the benefit of the system. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted. RevPAR. In addition to the foregoing non-GAAP financial measures, we present Revenue per Available Room ("RevPAR") as a performance measure. We believe RevPAR, which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate ("ADR"), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property's available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period. We believe constant dollar analysis provides valuable information regarding the performance of hotels in our system as it removes currency fluctuations from the presentation of such results. We define our comparable properties as hotels in our system that were open and operating under one of our brands since the beginning of the last full calendar year (since January 1, 2025 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, residences, timeshare, and all-inclusive properties. We use the term "hotel owners" throughout these schedules to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to franchise agreements, management agreements, license agreements, or similar arrangements, and we use the term "hotels in our system" to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms "hotel owners" and "hotels in our system" exclude Homes & Villas by Marriott BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®. View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-reports-second-quarter-2026-results-302840556.html SOURCE Marriott International, Inc. Melissa Froehlich Flood, Senior Vice President, Global Corporate Communications & Public Policy, Marriott International, [email protected]; Jackie Burka McConagha, Senior Vice President, Investor Relations, Marriott International, [email protected]; Pilar Fernandez, Senior Director, Investor Relations, Marriott International, [email protected]