NEWS Marriott International Reports Third Quarter 2024 Results • Third quarter 2024 comparable systemwide constant dollar RevPAR increased 3.0 percent worldwide, 2.1 percent in the U.S. & Canada, and 5.4 percent in international markets, compared to the 2023 third quarter; • Third quarter reported diluted EPS totaled $2.07 , compared to reported diluted EPS of $2.51 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $2.26 , compared to third quarter 2023 adjusted diluted EPS of $2.11; • Third quarter reported net income totaled $584 million , compared to reported net income of $752 million in the year-ago quarter. Third quarter adjusted net income totaled $638 million , compared to third quarter 2023 adjusted net income of $634 million; • Adjusted EBITDA totaled $1,229 million in the 2024 third quarter, compared to third quarter 2023 adjusted EBITDA of $1,142 million ; • The company added roughly 16,000 net rooms during the quarter; • At the end of the quarter, Marriott’s worldwide development pipeline totaled approximately 3,800 properties and 585,000 rooms, including roughly 34,000 pipeline rooms approved, but not yet subject to signed contracts. More than 220,000 rooms in the pipeline were under construction as of the end of the third quarter; • Marriott repurchased 4.5 million shares of common stock for $1.0 billion in the third quarter. Year to date through October 31, the company has returned $3.9 billion to shareholders through dividends and share repurchases. For a summary of third quarter highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2024/20241104-q3-2024-infographic.pdf BETHESDA, MD – November 4, 2024 - Marriott International, Inc. (Nasdaq: MAR) today reported third quarter 2024 resul ts. Anthony Capuano, President and Chief Executive Officer, said, “Marriott had another solid quarter, highlighted by strong net rooms and fee growth, robust development activity and a 3 percent increase in global RevPAR 1 . Third quarter international RevPAR rose 5.4 percent, led by meaningful gains in APEC and 1 All occupancy, Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2024 and 2023 reflect properties that are comparable in both years. 1 EMEA with resilient domestic and cross-border demand, as well as solid ADR growth. RevPAR in the U.S. & Canada increased more than 2 percent compared to the year-ago quarter, with ADR up 2.3 percent. “Group remained the standout customer segment, with global group RevPAR rising 10 percent in the quarter and on pace to rise 8 percent for full year 2024. RevPAR for the business transient segment continued to grow nicely in the quarter, while leisure transient RevPAR was flat year over year, but still well ahead of pre-pandemic levels. “Given the breadth and depth of our portfolio and the meaningful benefits we deliver to owners and franchisees, demand for our brands remains strong. Through the first three quarters of 2024, we signed over 95,000 organic rooms, more than half of which are outside the U.S. & Canada. More than 40 percent of signed rooms are conversions, where we continue to have a lot of momentum, particularly with multi-unit opportunities. “Net rooms grew nearly 6 percent over the last four quarters, and our development pipeline reached a record 585,000 rooms at the end of September. Our teams remain keenly focused on expanding our industry leading global portfolio, and we now expect full year 2024 net rooms growth to be around 6.5 percent. “Our business momentum is excellent, and we continue to evolve our business to support our numerous global growth opportunities. To that end, we have undertaken a comprehensive initiative to enhance our effectiveness and efficiency across the company. At this point in the process, we expect this initiative to yield $80 million to $90 million of annual general and administrative cost reductions beginning in 2025. In addition, we expect this work to deliver cost savings to our owners and franchisees. “With our asset light business model generating meaningful cash and our solid financial performance, we returned $3.7 billion to shareholders through share repurchases and dividends in the first nine months of the year, and now expect to return approximately $4.4 billion for the full year 2024.” Third Quarter 2024 Results Base management and franchise fees totaled $1,124 million in the 2024 third quarter, a 7 percent increase compared to base management and franchise fees of $1,054 million in the year-ago quarter. The increase is primarily attributable to RevPAR increases and unit growth, as well as higher residential and co-branded credit card fees. 2 Incentive management fees totaled $159 million in the 2024 third quarter, an 11 percent increase compared to $143 million in the 2023 third quarter . Managed hotels in international markets contributed roughly 70 percent of the incentive fees earned in the quarter. General, administrative, and other expenses for the 2024 third quarter totaled $276 million, compared to $239 million in the year-ago quarter. The year-over-year change largely reflects a $19 million operating guarantee reserve for a U.S. hotel, which was negotiated in connection with the company’s acquisition of Starwood, and an $11 million litigation reserve. Interest expense, net, totaled $168 million in the 2024 third quarter, compared to $139 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances. Marriott’s reported operating income totaled $944 million in the 2024 third quarter, compared to 2023 third quarter reported operating income of $1,099 million . Reported net income totaled $584 million in the 2024 third quarter, compared to 2023 third quarter reported net income of $752 million. Reported diluted earnings per share (EPS) totaled $2.07 in the quarter, compared to reported diluted EPS of $2.51 in the year-ago quarter. Adjusted operating income in the 2024 third quarter totaled $1,017 million, compared to 2023 third quarter adjusted operating income of $959 million. Third quarter 2024 adjusted net income totaled $638 million, compared to 2023 third quarter adjusted net income of $634 million. Adjusted diluted EPS in the 2024 third quarter totaled $2.26, compared to adjusted diluted EPS of $2.11 in the year-ago quarter. Adjusted results excluded cost reimbursement revenue, reimbursed expenses and restructuring and merger-related 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 $1,229 million in the 2024 third quarter, compared to third quarter 2023 adjusted EBITDA of $1,142 million. S ee the press release schedules for the adjusted EBITDA calculation. Selected Performance Information The company added roughly 16,000 net rooms during the quarter. At the end of the quarter, Marriott’s global system totaled nearly 9,100 properties, with roughly 1,675,000 rooms. 3 At the end of the quarter, the company’s worldwide development pipeline totaled 3,802 properties with approximately 585,000 rooms, including 232 properties with roughly 34,000 rooms approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,320 properties with more than 220,000 rooms under construction. Fifty-six percent of rooms in the quarter-end pipeline are in international markets. In the 2024 third quarter, worldwide RevPAR increased 3.0 percent (a 2.3 percent increase using actual dollars) compared to the 2023 third quarter. RevPAR in the U.S. & Canada increased 2.1 percent (a 1.9 percent increase using actual dollars), and RevPAR in international markets increased 5.4 percent (a 3.3 percent increase using actual dollars). Balance S heet & Common Stock At the end of the quarter, Marriott’s total debt was $13.6 billion and cash and equivalents totaled $0.4 billion, compared to $11.9 billion in d ebt and $0.3 billion of cash and equivalents at year-end 2023. Year to date through October 31, the company has repurchased 14.2 million shares for $3.4 billion. In the third quarter, the company issued $500 million of Series PP Senior Notes due in 2030 with a 4.80 percent interest rate coupon and $1.0 billion of Series QQ Senior Notes due in 2035 with a 5.35 percent interest rate coupon. Company Outlook Fourth Quarter 2024 vs Fourth Quarter 2023 Full Year 2024 vs Full Year 2023 Comparable systemwide constant $ RevPAR growth Worldwide 2% to 3% 3% to 4% Year-End 2024 vs Year-End 2023 Net rooms growth Approx. 6.5% 4 ($ in millions, except EPS) Fourth Quarter 2024 Full Year 2024 Gross fee revenues $1,290 to $1,310 $5,126 to $5,146 Owned, leased, and other revenue, net of direct expenses Approx. $95 Approx. $346 General, administrative, and other expenses $275 to $265 $1,060 to $1,050 Adjusted EBITDA 1,2 $1,235 to $1,265 $4,930 to $4,960 Adjusted EPS – diluted 2,3 $2.31 to $2.39 $9.19 to $9.27 Investment spending 4 $1,100 to $1,200 Capital return to shareholders 5 Approx. $4,400 1 See the press release schedules for the adjusted EBITDA calculations. 2 Adjusted EBITDA and Adjusted EPS – dil uted for fourth quarter and full year 2024 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, or any asset sales 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. 3 Assumes the level of capital return to shareholders noted above. 4 Includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities. 5 Factors in the purchase of the Sheraton Grand Chicago and underlying land for $500 million, $200 million of which is included in investment spending. Assumes the level of investment spending noted above and that no asset sales occur during the year. Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Monday, November 4, 2024, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at http://www.marriott.com/investor , click on “Events & Presentations” and click on the quarterly conference call link. A replay will be available at that same website until November 4, 2025. The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global: +1 203-518-9843. The conference ID is MAR3Q24. A telephone replay of the conference call will be available from 1:00 p.m. ET, Monday, November 4, 2024, until 8:00 p.m. ET, Monday, November 11, 2024. To access the replay, call US Toll Free: 800-688-4915 or Global: +1 402-220-1319. Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of November 4, 2024. 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 and our development pipeline; owner and franchisee demand for our brands; our comprehensive initiative to enhance our effectiveness and efficiency across the company, including related plans and goals, anticipated charges and cost reductions, and other expected or potential benefits and outcomes ; 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 Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and risks related to the comprehensive initiative referenced above. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. 5 Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,100 properties across more than 30 leading brands in 142 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company o ffers Marriott Bonvoy®, its highly awarded travel program. 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 SEC, and any references to the websites are intended to be inactive textual references only. MEDIA & INVESTOR RELATIONS CONTACTS: Melissa Froehlich Flood Senior Vice President, Global Corporate Communications & Public Policy Marriott International newsroom@marriott.com Jackie Burka McConagha Senior Vice President, Investor Relations Marriott International jackie.mcconagha@marriott.com Betsy Dahm Vice President, Investor Relations Marriott International betsy.dahm@marriott.com IRPR#1 Tables follow 6 MARRIOTT INTERNATIONAL, INC. PRESS RELEASE SCHEDULES TABLE OF CONTENTS QUARTER 3, 2024 Consolidated Statements of Income - As Reported A- 2 Non-GAAP Financial Measures A- 4 Total Lodging Products by Ownership Type A- 5 Total Lodging Products by Tier A- 7 Key Lodging Statistics A- 8 Adjusted EBITDA A- 12 Adjusted EBITDA Forecast - Fourth Quarter 2024 A- 13 Adjusted EBITDA Forecast - Full Year 2024 A- 14 Explanation of Non-GAAP Financial and Performance Measures A- 15 A-1 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED THIRD QUARTER 2024 AND 2023 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) September 30, 2024 September 30, 2023 Reported 2024 vs. 2023 REVENUES Base management fees $ 312 $ 306 2 Franchise fees 1 812 748 9 Incentive management fees 159 143 11 Gross Fee Revenues 1,283 1,197 7 Contract investment amortization 2 (26) (23) (13) Net Fee Revenues 1,257 1,174 7 Owned, leased, and other revenue 3 381 363 5 Cost reimbursement revenue 4 4,617 4,391 5 Total Revenues 6,255 5,928 6 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 300 293 (2) Depreciation, amortization, and other 6 45 46 2 General, administrative, and other 7 276 239 (15) Restructuring and merger-related charges 9 13 31 Reimbursed expenses 4 4,681 4,238 (10) Total Expenses 5,311 4,829 (10) OPERATING INCOME 944 1,099 (14) Gains and other income, net 8 7 28 (75) Interest expense (179) (146) (23) Interest income 11 7 57 Equity in earnings 9 3 1 200 INCOME BEFORE INCOME TAXES 786 989 (21) Provision for income taxes (202) (237) 15 NET INCOME $ 584 $ 752 (22) EARNINGS PER SHARE Earnings per share - basic $ 2.08 $ 2.52 (17) Earnings per share - diluted $ 2.07 $ 2.51 (18) Basic Shares 281.5 298.6 Diluted Shares 282.4 300.1 1 Franchise fees include fees from our franchise and license agreements, application and relicensing fees, timeshare and yacht fees, co-branded credit card fees, and residential branding fees. 2 Contract investment amortization includes amortization of capitalized costs to obtain management, franchise, and license contracts 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 properties for property-level and centralized programs and services that we operate for the benefit of our property owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services. 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 capitalized costs incurred to acquire management, franchise, and license agreements, 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. A-2 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED THIRD QUARTER YEAR-TO-DATE 2024 AND 2023 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Nine Months Ended Nine Months Ended Better/(Worse) September 30, 2024 September 30, 2023 Reported 2024 vs. 2023 REVENUES Base management fees $ 955 $ 917 4 Franchise fees 1 2,318 2,126 9 Incentive management fees 563 537 5 Gross Fee Revenues 3,836 3,580 7 Contract investment amortization 2 (76) (66) (15) Net Fee Revenues 3,760 3,514 7 Owned, leased, and other revenue 3 1,133 1,109 2 Cost reimbursement revenue 4 13,778 12,995 6 Total Revenues 18,671 17,618 6 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 882 861 (2) Depreciation, amortization, and other 6 137 138 1 General, administrative, and other 7 785 681 (15) Restructuring and merger-related charges 25 52 52 Reimbursed expenses 4 13,827 12,740 (9) Total Expenses 15,656 14,472 (8) OPERATING INCOME 3,015 3,146 (4) Gains and other income, net 8 15 33 (55) Interest expense (515) (412) (25) Interest income 30 21 43 Equity in earnings 9 8 9 (11) INCOME BEFORE INCOME TAXES 2,553 2,797 (9) Provision for income taxes (633) (562) (13) NET INCOME $ 1,920 $ 2,235 (14) EARNINGS PER SHARE Earnings per share - basic $ 6.71 $ 7.36 (9) Earnings per share - diluted $ 6.69 $ 7.32 (9) Basic Shares 285.9 303.9 Diluted Shares 286.9 305.3 1 Franchise fees include fees from our franchise and license agreements, application and relicensing fees, timeshare and yacht fees, co-branded credit card fees, and residential branding fees. 2 Contract investment amortization includes amortization of capitalized costs to obtain management, franchise, and license contracts 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 properties for property-level and centralized programs and services that we operate for the benefit of our property owners. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services. 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 capitalized costs incurred to acquire management, franchise, and license agreements, 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. A-3 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ($ in millions except per share amounts) The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share, to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin. Three Months Ended Nine Months Ended Percent Percent September 30, September 30, Better/ September 30, September 30, Better/ 2024 2023 (Worse) 2024 2023 (Worse) Total revenues, as reported $ 6,255 $ 5,928 $ 18,671 $ 17,618 Less: Cost reimbursement revenue (4,617) (4,391) (13,778) (12,995) Adjusted total revenues † 1,638 1,537 4,893 4,623 Operating income, as reported 944 1,099 3,015 3,146 Less: Cost reimbursement revenue (4,617) (4,391) (13,778) (12,995) Add: Reimbursed expenses 4,681 4,238 13,827 12,740 Add: Restructuring and merger-related charges 9 13 25 52 Adjusted operating income † 1,017 959 6% 3,089 2,943 5% Operating income margin 15 % 19 % 16 % 18 % Adjusted operating income margin † 62 % 62 % 63 % 64 % Net income, as reported 584 752 1,920 2,235 Less: Cost reimbursement revenue (4,617) (4,391) (13,778) (12,995) Add: Reimbursed expenses 4,681 4,238 13,827 12,740 Add: Restructuring and merger-related charges 9 13 25 52 Less: Gain on asset dispositions 1 — (24) — (24) Income tax effect of above adjustments (19) 46 (20) 64 Less: Income tax special items — — — (100) Adjusted net income † $ 638 $ 634 1% $ 1,974 $ 1,972 0% Diluted earnings per share, as reported $ 2.07 $ 2.51 $ 6.69 $ 7.32 Adjusted diluted earnings per share † $ 2.26 $ 2.11 7% $ 6.88 $ 6.46 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 Gain on asset dispositions reported in Gains and other income, net. A-4 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of September 30, 2024 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Managed 619 214,577 1,380 358,154 1,999 572,731 Marriott Hotels 101 56,736 188 58,827 289 115,563 Sheraton 26 20,860 181 61,342 207 82,202 Courtyard 156 25,372 129 28,189 285 53,561 Westin 41 22,486 78 23,727 119 46,213 JW Marriott 23 13,189 75 27,073 98 40,262 The Ritz-Carlton 42 12,798 77 18,047 119 30,845 Renaissance 21 9,065 53 16,391 74 25,456 Four Points 1 134 90 24,885 91 25,019 Le Méridien — — 71 19,841 71 19,841 W Hotels 23 6,521 42 11,805 65 18,326 Residence Inn 73 12,002 9 1,116 82 13,118 St. Regis 13 2,669 47 10,289 60 12,958 Delta Hotels by Marriott 25 6,770 26 4,925 51 11,695 Fairfield by Marriott 6 1,431 81 10,229 87 11,660 Gaylord Hotels 6 10,220 — — 6 10,220 Aloft 2 505 44 9,691 46 10,196 The Luxury Collection 6 2,296 40 7,871 46 10,167 Autograph Collection 9 2,862 17 3,167 26 6,029 Marriott Executive Apartments — — 38 5,304 38 5,304 EDITION 5 1,379 15 2,844 20 4,223 Element 3 810 15 2,961 18 3,771 SpringHill Suites 22 3,755 — — 22 3,755 AC Hotels by Marriott 8 1,512 12 2,083 20 3,595 Moxy 1 380 13 2,876 14 3,256 Protea Hotels — — 22 2,737 22 2,737 Tribute Portfolio — — 10 1,284 10 1,284 TownePlace Suites 6 825 — — 6 825 Bulgari — — 7 650 7 650 Owned/Leased 13 4,335 37 8,773 50 13,108 Marriott Hotels 2 1,304 5 1,631 7 2,935 Courtyard 7 987 4 894 11 1,881 Sheraton — — 4 1,830 4 1,830 W Hotels 2 779 2 665 4 1,444 Westin 1 1,073 — — 1 1,073 Protea Hotels — — 5 912 5 912 The Ritz-Carlton — — 2 548 2 548 Renaissance — — 2 505 2 505 JW Marriott — — 1 496 1 496 The Luxury Collection — — 3 383 3 383 Autograph Collection — — 5 360 5 360 Residence Inn 1 192 1 140 2 332 Tribute Portfolio — — 2 249 2 249 St. Regis — — 1 160 1 160 A-5 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of September 30, 2024 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Franchised, Licensed, and Other 5,458 822,299 1,430 252,062 6,888 1,074,361 Courtyard 910 121,919 130 24,186 1,040 146,105 Fairfield by Marriott 1,164 109,712 72 12,040 1,236 121,752 Residence Inn 800 95,312 37 4,723 837 100,035 Marriott Hotels 231 73,521 68 19,584 299 93,105 Sheraton 141 43,707 81 23,183 222 66,890 Autograph Collection 149 33,743 144 29,160 293 62,903 SpringHill Suites 539 62,664 — — 539 62,664 TownePlace Suites 515 51,975 — — 515 51,975 Westin 94 31,764 33 10,232 127 41,996 Four Points 149 22,258 83 14,651 232 36,909 AC Hotels by Marriott 114 18,611 106 15,420 220 34,031 Aloft 163 23,350 27 5,060 190 28,410 Renaissance 68 19,060 33 8,725 101 27,785 Moxy 42 7,297 101 18,928 143 26,225 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Timeshare* 72 18,839 21 3,911 93 22,750 Tribute Portfolio 75 14,431 46 6,382 121 20,813 Delta Hotels by Marriott 68 15,318 20 4,496 88 19,814 The Luxury Collection 13 7,607 57 10,414 70 18,021 City Express by Marriott — — 151 17,571 151 17,571 Element 84 11,262 5 722 89 11,984 Le Méridien 24 5,267 22 5,746 46 11,013 Design Hotels* 18 1,963 127 8,682 145 10,645 JW Marriott 12 6,080 15 3,273 27 9,353 Protea Hotels — — 37 3,232 37 3,232 Marriott Executive Apartments — — 4 509 4 509 The Ritz-Carlton 1 429 — — 1 429 The Ritz-Carlton Yacht Collection* — — 2 377 2 377 Four Points Flex*** — — 4 361 4 361 W Hotels — — 1 226 1 226 Bulgari — — 2 161 2 161 Apartments by Marriott Bonvoy — — 1 107 1 107 Residences 72 7,702 59 6,698 131 14,400 The Ritz-Carlton Residences 43 4,792 19 1,756 62 6,548 St. Regis Residences 11 1,267 13 1,785 24 3,052 W Residences 10 1,092 7 549 17 1,641 Marriott Hotels Residences — — 4 1,011 4 1,011 Westin Residences 3 266 2 353 5 619 Bulgari Residences — — 5 519 5 519 Sheraton Residences — — 3 472 3 472 The Luxury Collection Residences 1 91 3 115 4 206 Renaissance Residences 1 112 — — 1 112 EDITION Residences 3 82 — — 3 82 JW Marriott Residences — — 1 62 1 62 Le Méridien Residences — — 1 62 1 62 Autograph Collection Residences — — 1 14 1 14 Grand Total 6,162 1,048,913 2,906 625,687 9,068 1,674,600 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 four MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, and one The Luxury Collection) which are presented in "Franchised, Licensed and Other" within their respective brands. *** "Four Points Flex" refers to properties previously categorized as "Four Points Express." In the above table, under “Owned/Leased,” The Luxury Collection, Autograph Collection and Tribute Portfolio include seven total properties that we acquired when we purchased Elegant Hotels Group plc in December 2019, which we currently intend to re-brand under such brands after the completion of planned renovations. A-6 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of September 30, 2024 US & Canada Total International 1 Total Worldwide Total Systemwide Properties Rooms Properties Rooms Properties Rooms Luxury 208 61,071 437 100,068 645 161,139 JW Marriott 35 19,269 91 30,842 126 50,111 JW Marriott Residences — — 1 62 1 62 The Ritz-Carlton 43 13,227 79 18,595 122 31,822 The Ritz-Carlton Residences 43 4,792 19 1,756 62 6,548 The Ritz-Carlton Yacht Collection* — — 2 377 2 377 The Luxury Collection 19 9,903 100 18,668 119 28,571 The Luxury Collection Residences 1 91 3 115 4 206 W Hotels 25 7,300 45 12,696 70 19,996 W Residences 10 1,092 7 549 17 1,641 St. Regis 13 2,669 48 10,449 61 13,118 St. Regis Residences 11 1,267 13 1,785 24 3,052 EDITION 5 1,379 15 2,844 20 4,223 EDITION Residences 3 82 — — 3 82 Bulgari — — 9 811 9 811 Bulgari Residences — — 5 519 5 519 Premium 1,116 396,738 1,270 318,101 2,386 714,839 Marriott Hotels 334 131,561 261 80,042 595 211,603 Marriott Hotels Residences — — 4 1,011 4 1,011 Sheraton 167 64,567 266 86,355 433 150,922 Sheraton Residences — — 3 472 3 472 Westin 136 55,323 111 33,959 247 89,282 Westin Residences 3 266 2 353 5 619 Autograph Collection 158 36,605 166 32,687 324 69,292 Autograph Collection Residences — — 1 14 1 14 Renaissance 89 28,125 88 25,621 177 53,746 Renaissance Residences 1 112 — — 1 112 Delta Hotels by Marriott 93 22,088 46 9,421 139 31,509 Le Méridien 24 5,267 93 25,587 117 30,854 Le Méridien Residences — — 1 62 1 62 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Tribute Portfolio 75 14,431 58 7,915 133 22,346 Design Hotels* 18 1,963 127 8,682 145 10,645 Gaylord Hotels 6 10,220 — — 6 10,220 Marriott Executive Apartments — — 42 5,813 42 5,813 Apartments by Marriott Bonvoy — — 1 107 1 107 Select 4,766 572,265 1,023 185,675 5,789 757,940 Courtyard 1,073 148,278 263 53,269 1,336 201,547 Fairfield by Marriott 1,170 111,143 153 22,269 1,323 133,412 Residence Inn 874 107,506 47 5,979 921 113,485 SpringHill Suites 561 66,419 — — 561 66,419 Four Points 150 22,392 173 39,536 323 61,928 TownePlace Suites 521 52,800 — — 521 52,800 Aloft 165 23,855 71 14,751 236 38,606 AC Hotels by Marriott 122 20,123 118 17,503 240 37,626 Moxy 43 7,677 114 21,804 157 29,481 Element 87 12,072 20 3,683 107 15,755 Protea Hotels — — 64 6,881 64 6,881 Midscale — — 155 17,932 155 17,932 City Express by Marriott — — 151 17,571 151 17,571 Four Points Flex*** — — 4 361 4 361 Timeshare* 72 18,839 21 3,911 93 22,750 Grand Total 6,162 1,048,913 2,906 625,687 9,068 1,674,600 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 four MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, and one The Luxury Collection) which are presented within their respective brands. *** "Four Points Flex" refers to properties previously categorized as "Four Points Express." In the above table, The Luxury Collection, Autograph Collection and Tribute Portfolio include seven total properties that we acquired when we purchased Elegant Hotels Group plc in December 2019, which we currently intend to re-brand under such brands after the completion of planned renovations. A-7 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Three Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 196.53 4.6 % 68.0 % 0.8 % pts. $ 289.21 3.4 % The Ritz-Carlton $ 313.99 2.9 % 65.0 % 1.4 % pts. $ 483.22 0.7 % W Hotels $ 222.40 0.4 % 72.0 % 0.4 % pts. $ 308.90 -0.1 % Composite US & Canada Luxury 1 $ 260.77 2.2 % 67.9 % 0.9 % pts. $ 384.07 0.9 % Marriott Hotels $ 176.08 4.7 % 73.1 % 0.8 % pts. $ 240.72 3.6 % Sheraton $ 157.87 3.5 % 68.8 % 0.4 % pts. $ 229.51 3.0 % Westin $ 179.99 4.0 % 72.8 % 0.3 % pts. $ 247.13 3.5 % Composite US & Canada Premium 2 $ 169.56 3.9 % 71.5 % 0.0 % pts. $ 237.14 3.8 % US & Canada Full-Service 3 $ 189.19 3.4 % 70.7 % 0.2 % pts. $ 267.50 3.0 % Courtyard $ 115.31 1.9 % 68.9 % 0.2 % pts. $ 167.34 1.6 % Residence Inn $ 156.31 2.3 % 79.4 % 0.8 % pts. $ 196.79 1.3 % Composite US & Canada Select 4 $ 128.40 2.0 % 72.5 % 0.5 % pts. $ 177.23 1.3 % US & Canada - All 5 $ 174.62 3.1 % 71.1 % 0.3 % pts. $ 245.46 2.7 % Comparable Systemwide US & Canada Properties Three Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 192.02 2.6 % 68.4 % -0.7 % pts. $ 280.56 3.7 % The Ritz-Carlton $ 316.26 3.6 % 65.8 % 1.5 % pts. $ 480.47 1.2 % W Hotels $ 222.40 0.4 % 72.0 % 0.4 % pts. $ 308.90 -0.1 % Composite US & Canada Luxury 1 $ 247.67 2.0 % 68.6 % 0.4 % pts. $ 361.09 1.5 % Marriott Hotels $ 148.62 4.4 % 71.2 % 0.8 % pts. $ 208.65 3.3 % Sheraton $ 134.43 3.7 % 70.2 % 0.9 % pts. $ 191.57 2.3 % Westin $ 162.21 3.5 % 72.1 % -0.1 % pts. $ 225.06 3.6 % Composite US & Canada Premium 2 $ 149.63 3.8 % 70.9 % 0.5 % pts. $ 211.09 3.1 % US & Canada Full-Service 3 $ 160.75 3.5 % 70.6 % 0.5 % pts. $ 227.62 2.8 % Courtyard $ 118.76 0.0 % 71.7 % -1.0 % pts. $ 165.52 1.4 % Residence Inn $ 140.50 1.6 % 79.9 % -0.2 % pts. $ 175.75 1.8 % Fairfield by Marriott $ 101.66 -0.6 % 72.8 % -1.4 % pts. $ 139.67 1.3 % Composite US & Canada Select 4 $ 119.31 0.8 % 74.6 % -0.6 % pts. $ 159.84 1.7 % US & Canada - All 5 $ 136.15 2.1 % 73.0 % -0.2 % pts. $ 186.48 2.3 % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, 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, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy. 5 Includes US & Canada Full-Service and Composite US & Canada Select. A-8 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Nine Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 233.04 2.8 % 70.6 % 0.0 % pts. $ 330.13 2.8 % The Ritz-Carlton $ 339.10 2.5 % 66.4 % 1.1 % pts. $ 510.94 0.9 % W Hotels $ 214.16 0.4 % 67.2 % 0.8 % pts. $ 318.76 -0.7 % Composite US & Canada Luxury 1 $ 289.18 1.5 % 68.8 % 0.6 % pts. $ 420.36 0.6 % Marriott Hotels $ 172.23 4.4 % 71.3 % 0.7 % pts. $ 241.48 3.4 % Sheraton $ 161.49 7.7 % 69.3 % 2.4 % pts. $ 233.20 4.0 % Westin $ 175.46 4.3 % 70.7 % 0.8 % pts. $ 248.14 3.0 % Composite US & Canada Premium 2 $ 168.20 4.4 % 70.3 % 0.6 % pts. $ 239.14 3.6 % US & Canada Full-Service 3 $ 194.24 3.4 % 70.0 % 0.6 % pts. $ 277.47 2.6 % Courtyard $ 113.69 1.7 % 67.7 % 0.2 % pts. $ 167.81 1.4 % Residence Inn $ 152.82 1.1 % 77.1 % -0.7 % pts. $ 198.26 1.9 % Composite US & Canada Select 4 $ 126.97 1.5 % 71.0 % 0.0 % pts. $ 178.79 1.5 % US & Canada - All 5 $ 178.12 3.1 % 70.2 % 0.4 % pts. $ 253.56 2.5 % Comparable Systemwide US & Canada Properties Nine Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 226.04 2.9 % 71.4 % -0.1 % pts. $ 316.62 3.1 % The Ritz-Carlton $ 337.04 2.8 % 66.8 % 1.2 % pts. $ 504.86 1.0 % W Hotels $ 214.16 0.4 % 67.2 % 0.8 % pts. $ 318.76 -0.7 % Composite US & Canada Luxury 1 $ 272.48 1.7 % 69.5 % 0.5 % pts. $ 391.89 0.9 % Marriott Hotels $ 144.40 4.3 % 69.2 % 0.8 % pts. $ 208.69 3.1 % Sheraton $ 128.88 5.9 % 67.9 % 1.6 % pts. $ 189.86 3.3 % Westin $ 161.41 3.4 % 70.8 % 0.6 % pts. $ 227.82 2.5 % Composite US & Canada Premium 2 $ 146.25 4.2 % 69.1 % 0.9 % pts. $ 211.67 2.8 % US & Canada Full-Service 3 $ 160.57 3.7 % 69.1 % 0.9 % pts. $ 232.23 2.4 % Courtyard $ 114.06 0.8 % 70.0 % -0.6 % pts. $ 163.06 1.6 % Residence Inn $ 133.10 1.8 % 77.4 % -0.2 % pts. $ 171.94 2.0 % Fairfield by Marriott $ 94.84 0.5 % 70.0 % -0.8 % pts. $ 135.44 1.6 % Composite US & Canada Select 4 $ 113.76 1.5 % 72.5 % -0.2 % pts. $ 156.89 1.8 % US & Canada - All 5 $ 132.78 2.6 % 71.1 % 0.2 % pts. $ 186.65 2.3 % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance, 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, Residence Inn, Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four Points, Aloft, Element, and AC Hotels by Marriott. Systemwide also includes Moxy. 5 Includes US & Canada Full-Service and Composite US & Canada Select. A-9 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Three Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 265.98 9.2 % 77.7 % 0.3 % pts. $ 342.42 8.9 % Middle East & Africa $ 98.15 7.2 % 64.9 % 1.5 % pts. $ 151.29 4.7 % Greater China $ 84.71 -8.4 % 71.1 % 0.2 % pts. $ 119.09 -8.6 % Asia Pacific excluding China $ 115.85 8.9 % 72.8 % 2.7 % pts. $ 159.05 4.8 % Caribbean & Latin America $ 140.89 9.0 % 63.0 % 1.6 % pts. $ 223.53 6.2 % International - All 1 $ 120.81 3.7 % 70.7 % 1.2 % pts. $ 170.92 2.0 % Worldwide 2 $ 143.66 3.4 % 70.9 % 0.8 % pts. $ 202.69 2.2 % Comparable Systemwide International Properties Three Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 191.93 9.5 % 77.3 % 2.7 % pts. $ 248.42 5.8 % Middle East & Africa $ 94.30 8.0 % 65.0 % 1.4 % pts. $ 145.04 5.7 % Greater China $ 78.83 -7.9 % 69.9 % -0.2 % pts. $ 112.78 -7.7 % Asia Pacific excluding China $ 119.48 9.2 % 73.0 % 3.1 % pts. $ 163.77 4.6 % Caribbean & Latin America $ 123.06 6.7 % 61.8 % -0.1 % pts. $ 199.09 6.8 % International - All 1 $ 122.24 5.4 % 70.7 % 1.5 % pts. $ 172.88 3.2 % Worldwide 2 $ 131.72 3.0 % 72.3 % 0.3 % pts. $ 182.24 2.5 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. A-10 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Nine Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 218.79 7.2 % 71.9 % 0.6 % pts. $ 304.26 6.3 % Middle East & Africa $ 121.86 12.4 % 66.7 % 2.8 % pts. $ 182.63 7.6 % Greater China $ 84.08 -3.0 % 68.5 % 1.0 % pts. $ 122.81 -4.5 % Asia Pacific excluding China $ 117.01 12.9 % 71.9 % 4.3 % pts. $ 162.81 6.1 % Caribbean & Latin America $ 177.61 8.4 % 65.9 % 2.5 % pts. $ 269.56 4.4 % International - All 1 $ 121.87 6.7 % 69.3 % 2.3 % pts. $ 175.92 3.2 % Worldwide 2 $ 145.78 4.8 % 69.7 % 1.5 % pts. $ 209.19 2.6 % Comparable Systemwide International Properties Nine Months Ended September 30, 2024 and September 30, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 156.92 7.7 % 70.5 % 2.6 % pts. $ 222.73 3.7 % Middle East & Africa $ 113.59 13.3 % 66.1 % 2.6 % pts. $ 171.84 8.9 % Greater China $ 78.35 -2.7 % 67.5 % 0.8 % pts. $ 116.14 -3.9 % Asia Pacific excluding China $ 119.35 13.3 % 71.8 % 4.4 % pts. $ 166.26 6.4 % Caribbean & Latin America $ 152.15 9.3 % 66.0 % 2.4 % pts. $ 230.64 5.3 % International - All 1 $ 119.73 7.7 % 68.8 % 2.5 % pts. $ 174.12 3.8 % Worldwide 2 $ 128.63 4.0 % 70.4 % 0.9 % pts. $ 182.76 2.7 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. A-11 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2024 First Quarter Second Quarter Third Quarter Total Net income, as reported $ 564 $ 772 $ 584 $ 1,920 Cost reimbursement revenue (4,433) (4,728) (4,617) (13,778) Reimbursed expenses 4,501 4,645 4,681 13,827 Interest expense 163 173 179 515 Interest expense from unconsolidated joint ventures 2 2 1 5 Provision for income taxes 163 268 202 633 Depreciation and amortization 45 47 45 137 Contract investment amortization 23 27 26 76 Depreciation and amortization classified in reimbursed expenses 48 50 52 150 Depreciation, amortization, and impairments from unconsolidated joint ventures 5 3 4 12 Stock-based compensation 53 57 63 173 Restructuring and merger-related charges 8 8 9 25 Adjusted EBITDA † $ 1,142 $ 1,324 $ 1,229 $ 3,695 Change from 2023 Adjusted EBITDA † 4 % 9 % 8 % 7 % Fiscal Year 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Total Net income, as reported $ 757 $ 726 $ 752 $ 848 $ 3,083 Cost reimbursement revenue (4,147) (4,457) (4,391) (4,418) (17,413) Reimbursed expenses 4,136 4,366 4,238 4,684 17,424 Interest expense 126 140 146 153 565 Interest expense from unconsolidated joint ventures 1 1 3 1 6 Provision (benefit) for income taxes 87 238 237 (267) 295 Depreciation and amortization 44 48 46 51 189 Contract investment amortization 21 22 23 22 88 Depreciation and amortization classified in reimbursed expenses 31 38 39 51 159 Depreciation, amortization, and impairments from unconsolidated joint ventures 4 3 6 6 19 Stock-based compensation 37 56 54 58 205 Restructuring and merger-related charges 1 38 13 8 60 Gain on asset dispositions — — (24) — (24) Adjusted EBITDA † $ 1,098 $ 1,219 $ 1,142 $ 1,197 $ 4,656 † 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. A-12 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FOURTH QUARTER 2024 ($ in millions) Range Estimated Fourth Quarter 2024 Fourth Quarter 2023 Net income excluding certain items 1 $ 647 $ 669 Interest expense 180 180 Interest expense from unconsolidated joint ventures 1 1 Provision for income taxes 227 235 Depreciation and amortization 45 45 Contract investment amortization 25 25 Depreciation and amortization classified in reimbursed expenses 50 50 Depreciation, amortization, and impairments from unconsolidated joint ventures 5 5 Stock-based compensation 55 55 Adjusted EBITDA † $ 1,235 $ 1,265 $ 1,197 Increase over 2023 Adjusted EBITDA † 3 % 6 % † 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 asset sales that may occur during the year, which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. A-13 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FULL YEAR 2024 ($ in millions) Range Estimated Full Year 2024 Full Year 2023 Net income excluding certain items 1 $ 2,621 $ 2,643 Interest expense 695 695 Interest expense from unconsolidated joint ventures 6 6 Provision for income taxes 880 888 Depreciation and amortization 182 182 Contract investment amortization 101 101 Depreciation and amortization classified in reimbursed expenses 200 200 Depreciation, amortization, and impairments from unconsolidated joint ventures 17 17 Stock-based compensation 228 228 Adjusted EBITDA † $ 4,930 $ 4,960 $ 4,656 Increase over 2023 Adjusted EBITDA † 6 % 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 asset sales that may occur during the year, which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. A-14 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 and Adjusted operating income margin exclude cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and certain non-cash impairment charges (when applicable). 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 2023 primarily related to the resolution of tax audits. 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 Condensed 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 property owners. We do not operate these 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 property owners, we do not seek a mark-up. For property-level services, our owners typically reimburse us at the same time that we incur expenses. However, for centralized programs and services, our owners may reimburse us before or after we incur expenses, causing timing differences between the costs we incur and the related reimbursement from property owners 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 owners 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. A-15 MARRIOTT INTERNATIONAL, INC. EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES 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 our properties’ performance as it removes currency fluctuations from the presentation of such results. We define our comparable properties as our properties that were open and operating under one of our hotel brands since the beginning of the last full calendar year (since January 1, 2023 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, and timeshare properties. A-16

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other guidance in this release

Text is the filed exhibit, verbatim.