Marriott International Reports Second Quarter 2025 Results

— Second quarter 2025 RevPAR1 increased 1.5 percent worldwide, with 5.3 percent growth in international markets and U.S. & Canada RevPAR in line with the year-ago quarter

— Second quarter reported diluted EPS totaled $2.78 and adjusted diluted EPS totaled $2.65

— Second quarter reported net income totaled $763 million and adjusted net income totaled $728 million

— Second quarter adjusted EBITDA totaled $1,415 million

— The company added roughly 17,300 net rooms during the quarter and net rooms grew 4.7% from the end of the second quarter of 2024

— At the end of the quarter, Marriott's worldwide development pipeline reached a new record and totaled approximately 3,900 properties and over 590,000 rooms

— The company repurchased 2.8 million shares of common stock for $0.7 billion in the 2025 second quarter. Year to date through July 30, the company has returned approximately $2.1 billion to shareholders through dividends and share repurchases

For a summary of quarterly highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/2025-q2-earnings-infographic.pdf.

Marriott International, Inc. (Nasdaq: MAR) today reported second quarter 2025 results.

Anthony Capuano, President and Chief Executive Officer, said, “Marriott delivered another solid quarter, highlighted by strong financial results and robust net rooms growth despite heightened macro-economic uncertainty. Global RevPAR increased 1.5 percent in the second quarter primarily driven by the leisure segment. International RevPAR rose over 5 percent, with strong growth in APEC and EMEA. In the U.S. & Canada, RevPAR was flat year over year with continued strength in the luxury segment offset by a decline in select service demand, largely reflecting reduced government travel and weaker business transient demand. Adjusting for the Easter holiday shift, U.S. & Canada RevPAR increased by nearly 1 percent.

“Development activity remained robust. We signed nearly 32,000 rooms, over 70 percent of which were in international markets, and our quarter-end pipeline stood at a record of more than 590,000 rooms. Conversions continued to be a key driver of growth, representing approximately 30 percent of our room signings and openings in the first half of this year. We still expect full year net rooms growth to approach 5 percent this year.

“With our strategy to be everywhere our guests want us to be, we expanded our industry leading global brand portfolio with the launch of Series by Marriott™, a new regional collection brand targeting the midscale and upscale segments. We are excited about our founding deal to affiliate the Fern portfolio of brands in India with Series by Marriott, and by the strong interest from owners around the world in this extension of our successful soft brand model. We also recently completed the acquisition of the innovative lifestyle brand citizenM, further broadening offerings for our guests, Marriott Bonvoy members and owners. We believe both of these new brands have meaningful global growth potential.

“We continue to enhance our powerful Marriott Bonvoy travel platform. Membership reached nearly 248 million members at the end of June, and we are deepening engagement through unique experiences and strategic collaborations.

“Our results in the second quarter underscore the resiliency of our cash-generating, asset-light business model and the strength of our brands. Year to date through July 30, we have returned approximately $2.1 billion to our shareholders through share repurchases and dividends, and we remain on track to return approximately $4 billion for full year 2025.”

Second Quarter 2025 Results

Base management and franchise fees totaled $1,200 million in the 2025 second quarter, a nearly 5 percent increase compared to base management and franchise fees of $1,148 million in the year-ago quarter. Higher RevPAR, rooms growth and co-branded credit card fees were key contributors to the increase.

Incentive management fees totaled $200 million in the 2025 second quarter, compared to $195 million in the 2024 second quarter, driven by strong international hotel results. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter.

Owned, leased, and other revenue, net of direct expenses, totaled $113 million in the 2025 second quarter, compared to $99 million in the 2024 second quarter. The increase was mainly driven by the addition of the Sheraton Grand Chicago to our portfolio of owned hotels.

General, administrative, and other expenses for the 2025 second quarter totaled $245 million, compared to $248 million in the year-ago quarter. The year-over-year change largely reflects lower compensation costs.

Interest expense, net, totaled $191 million in the 2025 second quarter, compared to $164 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.

In the 2025 second quarter, the provision for income taxes totaled $291 million compared to $268 million in the 2024 second quarter.

Marriott's reported operating income totaled $1,236 million in the 2025 second quarter, compared to 2024 second quarter reported operating income of $1,195 million. Reported net income totaled $763 million in the 2025 second quarter, a 1 percent decreasecompared to 2024 second quarter reported net income of $772 million. Reported diluted earnings per share (EPS) totaled $2.78 in the quarter, compared to reported diluted EPS of $2.69 in the year-ago quarter.

Adjusted operating income in the 2025 second quarter totaled $1,186 million, compared to 2024 second quarter adjusted operating income of $1,120 million. Second quarter 2025 adjusted net income totaled $728 million, compared to 2024 second quarter adjusted net income of $716 million. Adjusted diluted EPS in the 2025 second quarter totaled $2.65, compared to adjusted diluted EPS of $2.50 in the year-ago quarter.

Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and, for the 2025 second quarter, income tax special items. 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 $1,415 million in the 2025 second quarter, a 7 percent increase compared to second quarter 2024 adjusted EBITDA of $1,324 million. See the press release schedules for the adjusted EBITDA calculation.

Selected Performance Information

The company added roughly 17,300 net rooms during the quarter, including more than 8,500 net rooms in international markets. At the end of the quarter, Marriott's global system totaled over 9,600 properties, with approximately 1,736,000 rooms.

At the end of the quarter, the company's worldwide development pipeline totaled 3,858 properties with more than 590,000 rooms, including 234 properties with over 37,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,447 properties with over 238,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline are in international markets. The quarter-end pipeline does not reflect any rooms from our acquisition of the citizenM brand or from the launch of Series by Marriott.

In the 2025 second quarter, worldwide RevPAR increased 1.5 percent (a 1.7 percent increase using actual dollars) compared to the 2024 second quarter. RevPAR in the U.S. & Canada was flat (a 0.1 percent decrease using actual dollars) year-over-year, and RevPAR in international markets increased 5.3 percent (a 6.1 percent increase using actual dollars) year-over-year.

Balance Sheet & Common Stock

At the end of the quarter, Marriott's total debt was $15.7 billion and cash and equivalents totaled $0.7 billion, compared to $14.4 billion in debt and $0.4 billion of cash and equivalents at year-end 2024.

The company repurchased 2.8 million shares of common stock in the 2025 second quarter for $0.7 billion. Year to date through July 30, the company has repurchased 6.4million shares for $1.7billion.

Company Outlook

The Company's updated outlook generally assumes the continuation of the current macro-economic environment.

Third Quarter 2025 Full Year 2025 vs. Third Quarter 2024 vs. Full Year 2024Comparable systemwide constant $ RevPAR growthWorldwide flat to 1.0% 1.5% to 2.5%‌ Year-End 2025 vs. Year-End 2024Net rooms growth Approaching 5%‌($ in millions, except EPS) Third Quarter 2025 Full Year 2025Gross fee revenues $1,310 to $1,325 $5,365 to $5,420Owned, leased, and other revenue, net of direct expenses $80 to $90 $360 to $370General, administrative, and other expenses $245 to $240 $985 to $965Adjusted EBITDA1,2 $1,288 to $1,318 $5,310 to $5,395Adjusted EPS – diluted2,3 $2.31 to $2.39 $9.85 to $10.08Investment spending (including $355 million for citizenM)4 $1,355 to $1,455Capital return to shareholders5 Approx. $4,000

‌1See the press release schedulesfor the adjusted EBITDA calculations.2Adjusted EBITDA andAdjusted EPS – diluted for third quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Adjusted EPS – diluted for full year 2025 excludes the benefit of income tax special items of $74 million.3Assumes the level of capital return to shareholders noted above.4This outlook includes $355 million of funding related to our acquisition of the citizenM brand. Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any other potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.5Assumes the level and types of investment spending noted above and that no asset sales, property acquisitions or additional brand acquisitions occur during the year.

Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, August5, 2025, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott's investor relations website at www.marriott.com/investor (click on “Events & Presentations” and click on the quarterly conference call link). A replay will be available at that same website until August5, 2026.

The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global: +1 203-518-9814. The conference ID is MAR2Q25. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, August5, 2025, until 8:00 p.m. ET, Tuesday, August12, 2025. To access the replay, call US Toll Free: 800-723-0389 or Global: +1 402-220-2647 using conference ID MAR2Q25.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of August5, 2025. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain “forward-looking statements” within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; cash generation and shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy travel platform; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including uncertainty resulting from economic, political or other global, national, and regional conditions and events, including related to tariffs, trade, travel and other policies; and the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on Form10-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 over 9,600 properties across more than 30 leading brands in 143 countries and territories. Marriott operates, franchises, and licenses hotel, residential, timeshare, and other lodging properties all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

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

1All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2025 and 2024 reflect properties that are comparable in both years.

IRPR#1 Tables follow

MARRIOTT INTERNATIONAL, INC.PRESS RELEASE SCHEDULESTABLE OF CONTENTSQUARTER 2, 2025‌Consolidated Statements of Income – As Reported A-2Non-GAAP Financial Measures A-4Total Lodging Products by Ownership Type A-5Total Lodging Products by Tier A-7Key Lodging Statistics A-10Adjusted EBITDA A-14Adjusted EBITDA Forecast – Third Quarter 2025 A-15Adjusted EBITDA Forecast – Full Year 2025 A-16Explanation of Non-GAAP Financial and Performance Measures A-17

MARRIOTT INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF INCOME – AS REPORTEDSECOND QUARTER 2025 AND 2024($ in millions except per share amounts, unaudited)‌ As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) June 30, 2025 June 30, 2024 Reported 2025 vs. 2024REVENUESBase management fees $ 340 $ 330 3Franchise fees1 860 818 5Incentive management fees 200 195 3Gross fee revenues 1,400 1,343 4Contract investment amortization2 (29) (27) (7)Net fee revenues 1,371 1,316 4Owned, leased, and other revenue3 441 395 12Cost reimbursement revenue4 4,932 4,728 4 6,744 6,439 5‌OPERATING COSTS AND EXPENSESOwned, leased, and other – direct5 328 296 (11)Depreciation, amortization, and other6 53 47 (13)General, administrative, and other7 245 248 1Restructuring and merger-related charges 8 8 -Reimbursed expenses4 4,874 4,645 (5) 5,508 5,244 (5)‌OPERATING INCOME 1,236 1,195 3‌Gains and other income, net8 5 4 25Interest expense (203) (173) (17)Interest income 12 9 33Equity in earnings9 4 5 (20)‌INCOME BEFORE INCOME TAXES 1,054 1,040 1‌Provision for income taxes (291) (268) (9)‌NET INCOME $ 763 $ 772 (1)‌EARNINGS PER SHAREEarnings per share – basic $ 2.78 $ 2.70 3Earnings per share – diluted $ 2.78 $ 2.69 3‌Basic shares 274.2 285.8Diluted shares 274.7 286.7

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, and residential branding fees.2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments.3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties.5 Owned, leased, and other – direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses.6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs.7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses.8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments.9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments.

MARRIOTT INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF INCOME – AS REPORTEDSECOND QUARTER YEAR-TO-DATE 2025 AND 2024($ in millions except per share amounts, unaudited)‌ As Reported As Reported Percent Six Months Ended Six Months Ended Better/(Worse) June 30, 2025 June 30, 2024 Reported 2025 vs. 2024REVENUESBase management fees $ 665 $ 643 3Franchise fees1 1,606 1,506 7Incentive management fees 404 404 -Gross fee revenues 2,675 2,553 5Contract investment amortization2 (57) (50) (14)Net fee revenues 2,618 2,503 5Owned, leased, and other revenue3 802 752 7Cost reimbursement revenue4 9,587 9,161 5 13,007 12,416 5‌OPERATING COSTS AND EXPENSESOwned, leased, and other – direct5 624 582 (7)Depreciation, amortization, and other6 104 92 (13)General, administrative, and other7 490 509 4Restructuring and merger-related charges 9 16 44Reimbursed expenses4 9,596 9,146 (5) 10,823 10,345 (5)‌OPERATING INCOME 2,184 2,071 5‌Gains and other income, net8 3 8 (63)Interest expense (395) (336) (18)Interest income 21 19 11Equity in earnings9 5 5 -‌INCOME BEFORE INCOME TAXES 1,818 1,767 3‌Provision for income taxes (390) (431) 10‌NET INCOME $ 1,428 $ 1,336 7‌EARNINGS PER SHAREEarnings per share – basic $ 5.18 $ 4.64 12Earnings per share – diluted $ 5.17 $ 4.62 12‌Basic shares 275.5 288.1Diluted shares 276.2 289.1

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, andAdjusted diluted earnings per share to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination ofAdjusted operating income margin.‌ Three Months Ended Six Months Ended Percent Percent June 30, June 30, Better/ June 30, June 30, Better/ 2025 2024 (Worse) 2025 2024 (Worse)Total revenues, as reported $ 6,744 $ 6,439 $ 13,007 $ 12,416Less: Cost reimbursement revenue (4,932) (4,728) (9,587) (9,161)Adjusted total revenues† 1,812 1,711 3,420 3,255‌‌Operating income, as reported 1,236 1,195 2,184 2,071Less: Cost reimbursement revenue (4,932) (4,728) (9,587) (9,161)Add: Reimbursed expenses 4,874 4,645 9,596 9,146Add: Restructuring and merger-related charges 8 8 9 16Adjusted operating income† 1,186 1,120 6 2,202 2,072 6‌‌Operating income margin 18% 19% 17% 17%Adjusted operating income margin† 65% 65% 64% 64%‌‌Net income, as reported 763 772 1,428 1,336Less: Cost reimbursement revenue (4,932) (4,728) (9,587) (9,161)Add: Reimbursed expenses 4,874 4,645 9,596 9,146Add: Restructuring and merger-related charges 8 8 9 16Income tax effect of above adjustments 18 19 1 (1)Less: Income tax special items (3) – (74) -Adjusted net income† $ 728 $ 716 2 $ 1,373 $ 1,336 3‌‌Diluted earnings per share, as reported $ 2.78 $ 2.69 $ 5.17 $ 4.62Adjusted diluted earnings per share† $ 2.65 $ 2.50 6 $ 4.97 $ 4.62 8

MARRIOTT INTERNATIONAL, INC.TOTAL LODGING PRODUCTS BY OWNERSHIP TYPEAs of June 30, 2025 US & Canada Total International1 Total Worldwide Properties Rooms Properties Rooms Properties RoomsManaged 612 213,382 1,360 353,456 1,972 566,838Marriott Hotels 99 56,180 187 59,155 286 115,335Sheraton 25 19,769 180 57,877 205 77,646Courtyard by Marriott 155 25,227 132 28,912 287 54,139Westin 41 22,486 79 23,888 120 46,374JW Marriott 23 13,191 76 27,076 99 40,267The Ritz-Carlton 42 12,798 79 18,394 121 31,192Four Points by Sheraton 1 134 96 25,583 97 25,717Renaissance Hotels 21 9,065 51 16,054 72 25,119Le Méridien – – 67 18,286 67 18,286W Hotels 20 5,513 45 12,460 65 17,973St. Regis 13 2,669 52 11,380 65 14,049Residence Inn by Marriott 73 12,002 9 1,116 82 13,118Gaylord Hotels 7 11,820 – – 7 11,820The Luxury Collection 6 2,296 41 7,859 47 10,155Delta Hotels by Marriott 24 6,622 19 3,329 43 9,951Fairfield by Marriott 6 1,431 55 8,450 61 9,881Aloft Hotels 2 505 40 8,777 42 9,282Autograph Collection 11 3,269 16 3,209 27 6,478Marriott Executive Apartments – – 39 5,489 39 5,489EDITION 5 1,379 15 2,844 20 4,223AC Hotels by Marriott 8 1,512 14 2,680 22 4,192Element Hotels 3 810 15 2,964 18 3,774SpringHill Suites by Marriott 20 3,499 – – 20 3,499Moxy Hotels 1 380 13 2,876 14 3,256Protea Hotels by Marriott – – 22 2,737 22 2,737Tribute Portfolio – – 11 1,415 11 1,415TownePlace Suites by Marriott 6 825 – – 6 825Bvlgari – – 7 646 7 646Owned/Leased 14 5,539 36 8,667 50 14,206Sheraton 1 1,218 3 1,724 4 2,942Marriott Hotels 2 1,304 5 1,631 7 2,935Courtyard by Marriott 7 987 4 894 11 1,881W Hotels 2 765 2 665 4 1,430Westin 1 1,073 – – 1 1,073Protea Hotels by Marriott – – 5 912 5 912The Ritz-Carlton – – 2 548 2 548Renaissance Hotels – – 2 505 2 505JW Marriott – – 1 496 1 496The Luxury Collection – – 3 383 3 383Autograph Collection – – 5 360 5 360Residence Inn by Marriott 1 192 1 140 2 332Tribute Portfolio – – 2 249 2 249St. Regis – – 1 160 1 160Franchised, Licensed, and Other 5,725 849,133 1,714 289,705 7,439 1,138,838Courtyard by Marriott 920 123,572 137 25,379 1,057 148,951Fairfield by Marriott 1,179 111,061 114 15,993 1,293 127,054Residence Inn by Marriott 810 96,464 38 4,766 848 101,230Marriott Hotels 234 74,162 78 22,034 312 96,196Autograph Collection 153 34,504 159 32,171 312 66,675Sheraton 141 43,631 81 22,628 222 66,259SpringHill Suites by Marriott 552 64,189 – – 552 64,189TownePlace Suites by Marriott 541 54,487 – – 541 54,487Westin 95 32,010 33 9,615 128 41,625Four Points by Sheraton 148 21,350 108 19,600 256 40,950AC Hotels by Marriott 127 21,145 106 15,615 233 36,760Aloft Hotels 167 23,904 30 5,782 197 29,686Moxy Hotels 47 8,093 111 20,848 158 28,941Renaissance Hotels 71 19,545 33 8,347 104 27,892MGM Collection with Marriott Bonvoy** 12 26,210 – – 12 26,210Tribute Portfolio 93 17,646 60 8,269 153 25,915Timeshare* 73 18,949 21 3,911 94 22,860Delta Hotels by Marriott 68 15,195 29 6,283 97 21,478The Luxury Collection 15 7,812 62 13,560 77 21,372City Express by Marriott 2 258 153 17,781 155 18,039Design Hotels* 24 2,573 165 11,355 189 13,928Element Hotels 93 12,404 6 827 99 13,231Le Méridien 23 5,060 25 7,184 48 12,244JW Marriott 12 6,080 15 3,261 27 9,341Sonder by Marriott Bonvoy 88 5,374 58 2,695 146 8,069Four Points Flex by Sheraton – – 41 6,234 41 6,234Protea Hotels by Marriott – – 37 3,283 37 3,283Outdoor-Focused Collection 32 1,532 – – 32 1,532W Hotels 1 1,117 1 226 2 1,343Marriott Executive Apartments – – 6 1,117 6 1,117Apartments by Marriott Bonvoy 2 253 2 231 4 484The Ritz-Carlton 1 429 – – 1 429The Ritz-Carlton Yacht Collection* – – 2 377 2 377St. Regis – – 1 172 1 172Bvlgari – – 2 161 2 161StudioRes 1 124 – – 1 124Residences 72 7,670 68 8,267 140 15,937The Ritz-Carlton Residences 43 4,760 22 1,866 65 6,626St. Regis Residences 11 1,267 14 1,947 25 3,214W Residences 10 1,092 8 768 18 1,860Marriott Residences – – 5 1,337 5 1,337JW Marriott Residences – – 3 767 3 767Westin Residences 3 266 3 413 6 679Bvlgari Residences – – 5 526 5 526Sheraton Residences – – 3 472 3 472The Luxury Collection Residences 1 91 2 85 3 176Renaissance Residences 1 112 – – 1 112EDITION Residences 3 82 1 10 4 92Le Méridien Residences – – 1 62 1 62Autograph Collection Residences – – 1 14 1 14Grand Total 6,423 1,075,724 3,178 660,095 9,601 1,735,819

1 “International” refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.”** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented in “Franchised, Licensed and Other” within their respective brands.Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations.

MARRIOTT INTERNATIONAL, INC.TOTAL LODGING PRODUCTS BY TIERAs of June 30, 2025 US & Canada Total International1 Total WorldwideTotal Systemwide Properties Rooms Properties Rooms Properties RoomsLuxury 208 61,341 462 106,637 670 167,978JW Marriott 35 19,271 92 30,833 127 50,104JW Marriott Residences – – 3 767 3 767The Ritz-Carlton 43 13,227 81 18,942 124 32,169The Ritz-Carlton Residences 43 4,760 22 1,866 65 6,626The Ritz-Carlton Yacht Collection* – – 2 377 2 377The Luxury Collection 21 10,108 106 21,802 127 31,910The Luxury Collection Residences 1 91 2 85 3 176W Hotels 23 7,395 48 13,351 71 20,746W Residences 10 1,092 8 768 18 1,860St. Regis 13 2,669 54 11,712 67 14,381St. Regis Residences 11 1,267 14 1,947 25 3,214EDITION 5 1,379 15 2,844 20 4,223EDITION Residences 3 82 1 10 4 92Bvlgari – – 9 807 9 807Bvlgari Residences – – 5 526 5 526Premium 1,240 409,347 1,408 327,398 2,648 736,745Marriott Hotels 335 131,646 270 82,820 605 214,466Marriott Residences – – 5 1,337 5 1,337Sheraton 167 64,618 264 82,229 431 146,847Sheraton Residences – – 3 472 3 472Westin 137 55,569 112 33,503 249 89,072Westin Residences 3 266 3 413 6 679Autograph Collection 164 37,773 180 35,740 344 73,513Autograph Collection Residences – – 1 14 1 14Renaissance Hotels 92 28,610 86 24,906 178 53,516Renaissance Residences 1 112 – – 1 112Delta Hotels by Marriott 92 21,817 48 9,612 140 31,429Le Méridien 23 5,060 92 25,470 115 30,530Le Méridien Residences – – 1 62 1 62Tribute Portfolio 93 17,646 73 9,933 166 27,579MGM Collection with Marriott Bonvoy** 12 26,210 – – 12 26,210Design Hotels* 24 2,573 165 11,355 189 13,928Gaylord Hotels 7 11,820 – – 7 11,820Sonder by Marriott Bonvoy 88 5,374 58 2,695 146 8,069Marriott Executive Apartments – – 45 6,606 45 6,606Apartments by Marriott Bonvoy 2 253 2 231 4 484Select 4,899 585,705 1,093 198,134 5,992 783,839Courtyard by Marriott 1,082 149,786 273 55,185 1,355 204,971Fairfield by Marriott 1,185 112,492 169 24,443 1,354 136,935Residence Inn by Marriott 884 108,658 48 6,022 932 114,680SpringHill Suites by Marriott 572 67,688 – – 572 67,688Four Points by Sheraton 149 21,484 204 45,183 353 66,667TownePlace Suites by Marriott 547 55,312 – – 547 55,312AC Hotels by Marriott 135 22,657 120 18,295 255 40,952Aloft Hotels 169 24,409 70 14,559 239 38,968Moxy Hotels 48 8,473 124 23,724 172 32,197Element Hotels 96 13,214 21 3,791 117 17,005Protea Hotels by Marriott – – 64 6,932 64 6,932Outdoor-Focused Collection 32 1,532 – – 32 1,532Midscale 3 382 194 24,015 197 24,397City Express by Marriott 2 258 153 17,781 155 18,039Four Points Flex by Sheraton – – 41 6,234 41 6,234StudioRes 1 124 – – 1 124Timeshare* 73 18,949 21 3,911 94 22,860Grand Total 6,423 1,075,724 3,178 660,095 9,601 1,735,819

1 “International” refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America.* Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.”** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented within their respective brands.Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations.

MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $‌Comparable Company-Operated US & Canada Properties Three Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateBrand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024JW Marriott $ 256.91 3.2% 73.5% -0.1% pts. $ 349.48 3.4%The Ritz-Carlton $ 379.22 5.8% 69.1% 0.9% pts. $ 548.82 4.5%W Hotels $ 265.40 4.8% 72.4% 2.4% pts. $ 366.32 1.3%Composite US & Canada Luxury1 $ 323.19 5.0% 71.9% 0.9% pts. $ 449.29 3.6%Marriott Hotels $ 186.65 0.6% 73.5% -1.2% pts. $ 253.89 2.2%Sheraton $ 172.43 -1.3% 70.3% -2.5% pts. $ 245.42 2.2%Westin $ 201.18 1.6% 73.8% -1.0% pts. $ 272.63 3.0%Composite US & Canada Premium2 $ 184.53 0.8% 72.9% -0.9% pts. $ 252.99 2.0%US & Canada Full-Service3 $ 214.88 2.2% 72.7% -0.5% pts. $ 295.49 2.8%Courtyard by Marriott $ 121.91 -2.2% 71.5% -0.7% pts. $ 170.39 -1.2%Residence Inn by Marriott $ 158.59 0.0% 79.4% 0.3% pts. $ 199.72 -0.4%Composite US & Canada Select4 $ 135.00 -1.0% 74.3% -0.2% pts. $ 181.64 -0.8%US & Canada – All5 $ 195.25 1.6% 73.1% -0.4% pts. $ 267.04 2.2%‌Comparable Systemwide US & Canada Properties Three Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateBrand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024JW Marriott $ 246.76 1.7% 74.4% -0.8% pts. $ 331.59 2.8%The Ritz-Carlton $ 378.95 6.0% 69.7% 0.8% pts. $ 543.79 4.7%W Hotels $ 265.40 4.8% 72.4% 2.4% pts. $ 366.32 1.3%Composite US & Canada Luxury1 $ 304.02 4.1% 72.8% 0.5% pts. $ 417.38 3.4%Marriott Hotels $ 157.02 0.6% 72.3% -0.7% pts. $ 217.09 1.5%Sheraton $ 140.24 -0.8% 70.7% -1.8% pts. $ 198.48 1.7%Westin $ 179.02 1.4% 73.9% -0.7% pts. $ 242.16 2.3%Composite US & Canada Premium2 $ 159.60 1.0% 72.2% -0.5% pts. $ 221.04 1.7%US & Canada Full-Service3 $ 175.79 1.6% 72.3% -0.4% pts. $ 243.23 2.2%Courtyard by Marriott $ 120.10 -2.6% 72.3% -1.7% pts. $ 166.11 -0.3%Residence Inn by Marriott $ 139.07 -0.8% 79.6% -0.7% pts. $ 174.62 0.0%Fairfield by Marriott $ 101.21 -1.8% 72.8% -1.5% pts. $ 139.00 0.2%Composite US & Canada Select4 $ 120.57 -1.5% 74.9% -1.2% pts. $ 160.88 0.1%US & Canada – All5 $ 142.78 0.0% 73.9% -0.9% pts. $ 193.29 1.2%

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 Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels.5 Includes US & Canada Full-Service and Composite US & Canada Select.

MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $‌Comparable Company-Operated US & Canada Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateBrand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024JW Marriott $ 262.35 4.4% 73.3% 1.1% pts. $ 358.15 2.9%The Ritz-Carlton $ 397.01 6.9% 68.9% 1.5% pts. $ 575.98 4.5%W Hotels $ 264.75 4.8% 69.2% 2.5% pts. $ 382.76 1.1%Composite US & Canada Luxury1 $ 337.22 5.3% 71.2% 1.4% pts. $ 473.60 3.2%Marriott Hotels $ 175.96 2.9% 70.3% -0.2% pts. $ 250.27 3.3%Sheraton $ 166.98 0.3% 68.0% -1.8% pts. $ 245.51 3.0%Westin $ 184.91 3.5% 69.4% 0.1% pts. $ 266.43 3.3%Composite US & Canada Premium2 $ 174.32 3.0% 69.7% 0.0% pts. $ 250.04 3.0%US & Canada Full-Service3 $ 209.98 3.8% 70.0% 0.3% pts. $ 299.80 3.3%Courtyard by Marriott $ 113.09 0.3% 67.2% 0.2% pts. $ 168.19 -0.1%Residence Inn by Marriott $ 152.98 1.4% 76.6% 0.7% pts. $ 199.76 0.5%Composite US & Canada Select4 $ 127.71 0.9% 70.7% 0.6% pts. $ 180.60 0.1%US & Canada – All5 $ 189.76 3.3% 70.2% 0.4% pts. $ 270.29 2.7%‌Comparable Systemwide US & Canada Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateBrand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024JW Marriott $ 251.03 3.3% 73.5% 0.5% pts. $ 341.34 2.6%The Ritz-Carlton $ 392.19 7.0% 69.1% 1.6% pts. $ 567.54 4.6%W Hotels $ 264.75 4.8% 69.2% 2.5% pts. $ 382.76 1.1%Composite US & Canada Luxury1 $ 312.34 4.9% 71.6% 1.2% pts. $ 436.26 3.2%Marriott Hotels $ 146.29 2.8% 68.5% 0.3% pts. $ 213.68 2.4%Sheraton $ 129.22 0.8% 66.5% -0.8% pts. $ 194.27 2.0%Westin $ 168.82 3.4% 70.4% 0.4% pts. $ 239.87 2.8%Composite US & Canada Premium2 $ 148.95 3.0% 68.5% 0.3% pts. $ 217.59 2.5%US & Canada Full-Service3 $ 167.27 3.3% 68.8% 0.4% pts. $ 243.11 2.7%Courtyard by Marriott $ 109.56 -1.1% 67.8% -1.1% pts. $ 161.61 0.4%Residence Inn by Marriott $ 129.43 0.1% 76.0% -0.2% pts. $ 170.37 0.4%Fairfield by Marriott $ 90.95 -0.5% 67.7% -0.8% pts. $ 134.28 0.7%Composite US & Canada Select4 $ 110.68 -0.2% 70.7% -0.6% pts. $ 156.58 0.7%US & Canada – All5 $ 133.45 1.6% 69.9% -0.2% pts. $ 190.83 1.9%

MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $‌‌Comparable Company-Operated International Properties Three Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateRegion 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024Europe $ 266.53 3.3% 77.1% 2.5% pts. $ 345.92 -0.1%Middle East & Africa $ 135.25 13.4% 68.8% 4.2% pts. $ 196.52 6.4%Greater China $ 80.06 -0.5% 68.6% 0.5% pts. $ 116.78 -1.2%Asia Pacific excluding China $ 122.60 7.5% 69.4% 0.9% pts. $ 176.58 6.1%Caribbean & Latin America $ 186.34 6.9% 65.0% -2.1% pts. $ 286.47 10.4%‌International – All1 $ 126.06 5.5% 69.5% 1.3% pts. $ 181.50 3.5%‌Worldwide2 $ 154.88 3.4% 71.0% 0.6% pts. $ 218.20 2.6%‌‌Comparable Systemwide International Properties Three Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateRegion 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024Europe $ 178.96 3.8% 75.3% 1.6% pts. $ 237.71 1.5%Middle East & Africa $ 125.23 14.0% 68.2% 3.8% pts. $ 183.59 7.6%Greater China $ 73.75 -0.5% 66.9% 0.3% pts. $ 110.29 -0.9%Asia Pacific excluding China $ 127.23 8.8% 70.5% 1.1% pts. $ 180.35 7.0%Caribbean & Latin America $ 121.22 3.0% 62.0% -1.7% pts. $ 195.51 5.8%‌International – All1 $ 122.49 5.3% 69.0% 0.9% pts. $ 177.52 3.9%‌Worldwide2 $ 136.00 1.5% 72.2% -0.3% pts. $ 188.25 1.9%

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

MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $‌Comparable Company-Operated International Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateRegion 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024Europe $ 208.40 4.2% 69.7% 2.6% pts. $ 299.19 0.2%Middle East & Africa $ 141.06 8.6% 69.5% 2.3% pts. $ 203.09 5.0%Greater China $ 79.55 -1.2% 66.6% 0.6% pts. $ 119.50 -2.1%Asia Pacific excluding China $ 127.75 9.1% 70.4% 1.3% pts. $ 181.54 7.1%Caribbean & Latin America $ 215.47 9.3% 67.8% 0.2% pts. $ 317.70 9.0%‌International – All1 $ 124.32 5.5% 68.5% 1.2% pts. $ 181.48 3.5%‌Worldwide2 $ 151.61 4.3% 69.2% 0.9% pts. $ 219.04 3.0%‌Comparable Systemwide International Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily RateRegion 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024Europe $ 141.66 5.0% 68.1% 2.4% pts. $ 208.14 1.3%Middle East & Africa $ 129.96 9.3% 68.6% 2.2% pts. $ 189.40 5.8%Greater China $ 73.19 -1.0% 65.1% 0.5% pts. $ 112.36 -1.7%Asia Pacific excluding China $ 129.68 9.8% 71.0% 1.6% pts. $ 182.57 7.3%Caribbean & Latin America $ 136.36 5.4% 63.6% -0.8% pts. $ 214.38 6.8%‌International – All1 $ 117.35 5.7% 67.3% 1.2% pts. $ 174.37 3.8%‌Worldwide2 $ 128.08 2.8% 69.1% 0.3% pts. $ 185.47 2.4%

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 MEASURESADJUSTED EBITDA($ in millions)‌ Fiscal Year 2025 First Second Total Quarter QuarterNet income, as reported $ 665 $ 763 $ 1,428Cost reimbursement revenue (4,655) (4,932) (9,587)Reimbursed expenses 4,722 4,874 9,596Interest expense 192 203 395Interest expense from unconsolidated joint ventures 1 3 4Provision for income taxes 99 291 390Depreciation and amortization 51 53 104Contract investment amortization 28 29 57Depreciation and amortization classified in reimbursed expenses 57 61 118Depreciation, amortization, and impairments from unconsolidated joint 4 4 8venturesStock-based compensation 52 58 110Restructuring and merger-related charges 1 8 9Adjusted EBITDA† $ 1,217 $ 1,415 $ 2,632‌Change from 2024 Adjusted EBITDA† 7% 7% 7%

Fiscal Year 2024 First Second Third Fourth Total Quarter Quarter Quarter QuarterNet income, as reported $ 564 $ 772 $ 584 $ 455 $ 2,375Cost reimbursement revenue (4,433) (4,728) (4,617) (4,704) (18,482)Reimbursed expenses 4,501 4,645 4,681 4,972 18,799Interest expense 163 173 179 180 695Interest expense from unconsolidated joint ventures 2 2 1 3 8Provision for income taxes 163 268 202 143 776Depreciation and amortization 45 47 45 46 183Contract investment amortization 23 27 26 27 103Depreciation and amortization classified in reimbursed expenses 48 50 52 56 206Depreciation, amortization, and impairments from unconsolidated joint 5 3 4 3 15venturesStock-based compensation 53 57 63 64 237Restructuring and merger-related charges 8 8 9 52 77Gain on asset dispositions – – – (11) (11)Adjusted EBITDA† $ 1,142 $ 1,324 $ 1,229 $ 1,286 $ 4,981

MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA FORECASTTHIRD QUARTER 2025($ in millions)‌ Range Estimated Third Quarter 2024 Third Quarter 2025Net income excluding certain items1 $ 629 $ 651Interest expense 207 207Interest expense from unconsolidated joint ventures 1 1Provision for income taxes 237 245Depreciation and amortization 52 52Contract investment amortization 30 30Depreciation and amortization classified in reimbursed expenses 68 68Depreciation, amortization, and impairments from unconsolidated joint 6 6venturesStock-based compensation 58 58Adjusted EBITDA† $ 1,288 $ 1,318 $ 1,229‌Increase over 2024 Adjusted EBITDA† 5% 7%

† Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.‌1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption “Depreciation and amortization classified in reimbursed expenses” above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.

MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA FORECASTFULL YEAR 2025($ in millions)‌ Range Estimated Full Year 2024 Full Year 2025Net income excluding certain items1 $ 2,771 $ 2,833Interest expense 815 815Interest expense from unconsolidated joint ventures 7 7Provision for income taxes 889 912Depreciation and amortization 205 205Contract investment amortization 120 120Depreciation and amortization classified in reimbursed expenses 260 260Depreciation, amortization, and impairments from unconsolidated joint ventures 18 18Stock-based compensation 225 225Adjusted EBITDA† $ 5,310 $ 5,395 $ 4,981‌Increase over 2024 Adjusted EBITDA† 7% 8%

MARRIOTT INTERNATIONAL, INC.EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES

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

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

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

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

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

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

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

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

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

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SOURCE Marriott International, Inc.

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