NEWS Marriott International Reports Fourth Quarter and Full Year 2024 Results • Fourth quarter 2024 RevPAR 1 increased 5.0 percent worldwide, with 4.1 percent growth in the U.S. & Canada and 7.2 percent growth in international markets • Fourth quarter reported diluted EPS totaled $1.63 and adjusted diluted EPS totaled $2.45 • Fourth quarter reported net income totaled $455 million and adjusted net income totaled $686 million • Fourth quarter adjusted EBITDA totaled $1,286 million • With record gross room additions of over 123,000 in 2024, net rooms grew 6.8 percent from year-end 2023 • At the end of the year, Marriott’s worldwide development pipeline totaled nearly 3,800 properties and over 577,000 rooms • The company returned over $4.4 billion to shareholders through dividends and share repurchases in 2024 For a summary of fourth quarter and full year 2024 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/ce86e15d-fd4c-48b1-8ce5-44ad6a468787.pdf BETHESDA, MD – February 11, 2025 - Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2024 resul ts. Anthony Capuano, President and Chief Executive Officer, said, “Marriott achieved excellent results in 2024, as we delivered best-in-class experiences that helped drive strong demand for our industry-leading portfolio of brands. Full year global RevPAR rose 4.3 percent and, with record gross room additions of over 123,000, net rooms grew 6.8 percent to over 1.7 million rooms worldwide at year-end. “In the fourth quarter, worldwide RevPAR rose 5 percent, driven by gains in both ADR and occupancy. International RevPAR increased by more than 7 percent, with APEC and EMEA leading the way 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 benefiting from strong leisure demand. RevPAR in the U.S. & Canada rose more than 4 percent, the region’s highest RevPAR increase of the year, with all customer segments growing versus the prior-year quarter. “2024 was a terrific year for our development team. The company signed a record number of new deals, and our industry-leading development pipeline reached over 577,000 rooms at the end of the year. For the full year, conversions represented more than one-third of our rooms signings and over half of our room additions. “We continued to enhance our portfolio to deliver new travel experiences to our guests around the world. We advanced our presence in the midscale segment with the opening of 28 Four Points Flex hotels across EMEA and APEC and the debut of the City Express by Marriott brand in the U.S. & Canada. We also strengthened our non-traditional offerings with founding deals in the outdoor lodging segment with key players Postcard Cabins and Trailborn. “Looking ahead, I am incredibly optimistic about Marriott’s future. With our unparalleled global rooms distribution and brand portfolio, leading loyalty program with nearly 228 million Marriott Bonvoy members and our dedicated associates, I believe Marriott is well-positioned to take advantage of the continued momentum in travel. With our powerful, cash-generating asset-light business model, we look forward to delivering strong, valuable growth as we continue to connect people around the world through the power of travel.” Fourth Quarter 2024 Results Base management and franchise fees totaled $1,128 million in the 2024 fourth quarter, a 10 percent increase compared to base management and franchise fees of $1,026 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. Incentive management fees totaled $206 million in the 2024 fourth quarter, compared to $218 million in the 2023 fourth quarter, with growth in APEC offset by declines in U.S. & Canada and Greater China . Owned, leased, and other revenue, net of direct expenses, totaled $100 million in the 2024 fourth quarter, compared to $151 million in the 2023 fourth quarter. The decrease was primarily driven by a $63 million termination fee related to a development project in the year-ago quarter. General, administrative, and other expenses for the 2024 fourth quarter totaled $289 million, compared to $330 million in the year-ago quarter. The year-over-year decline largely reflects lower administrative, bad debt and litigation expenses. 2 Interest expense, net, totaled $170 million in the 2024 fourth quarter, compared to $144 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances. In the 2024 fourth quarter, the provision for income taxes totaled a $143 million expense compared to a $267 million benefit in the 2023 fourth quarter. The unfavorable year-over-year change is primarily due to 2023 fourth quarter international intellectual property transactions resulting in $228 million of benefits and a $223 million release of a tax valuation allowance in the year-ago quarter. Marriott’s reported operating income totaled $752 million in the 2024 fourth quarter, compared to 2023 fourth quarter reported operating income of $718 million . Reported net income totaled $455 million in the 2024 fourth quarter, compared to 2023 fourth quarter reported net income of $848 million. Reported diluted earnings per share (EPS) totaled $1.63 in the quarter, compared to reported diluted EPS of $2.87 in the year-ago quarter. Adjusted operating income in the 2024 fourth quarter totaled $1,072 million, compared to 2023 fourth quarter adjusted operating income of $992 million. Fourth quarter 2024 adjusted net income totaled $686 million, compared to 2023 fourth quarter adjusted net income of $1,055 million. Adjusted diluted EPS in the 2024 fourth quarter totaled $2.45, compared to adjusted diluted EPS of $3.57 in the year-ago quarter. Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges and gain on asset dispositions. 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 $1,286 million in the 2024 fourth quarter, a 7 percent increase compared to fourth quarter 2023 adjusted EBITDA of $1,197 million. S ee the press release schedules for the adjusted EBITDA calculation. Full Year 2024 EPS Results F ull year 2024 reported diluted EPS totaled $8.33, compared to reported diluted EPS of $10.18 in 2023. Full year 2024 adjusted diluted EPS totaled $9.33, compared to adjusted diluted EPS of $9.99 in 2023. Reported and adjusted results in 2024 included a $19 million ($14 million after-tax and $0.05 per share) guarantee reserve for a U.S. hotel, which was negotiated in connection with the Starwood acquisition. Reported and adjusted results in 2023 included a $63 million ($47 million after‐tax and $0.15 per share) termination fee related to a development project, $228 million ($0.75 per share) of tax benefits from international intellectual property transactions and a $223 million ($0.73 per share) favorable impact from the release of a tax valuation allowance. 3 Selected Performance Information Net rooms grew 6.8 percent from year-end 2023 , as the company added roughly 109,000 net rooms globally during 2024, including more than 45,000 net rooms in international markets. A t the end of the year, Marriott’s global system totaled over 9,300 properties, with roughly 1,706,000 rooms. At the end of the year , the company’s worldwide development pipeline totaled 3,766 properties with over 577,000 rooms, including 175 properties with roughly 29,000 room s approved for development, but not yet subject to signed contracts. The year-end pipeline included 1,381 properties with over 229,000 rooms under construction, including hotels that are in the process of converting to our system. Fifty-five percent of rooms in the year-end pipeline are in international markets. In the 2024 fourth quarter, worldwide RevPAR increased 5.0 percent (a 5.0 percent increase using actual dollars) compared to the 2023 fourth quarter. RevPAR in the U.S. & Canada increased 4.1 percent (a 4.0 percent increase using actual dollars), and RevPAR in international markets increased 7.2 percent (a 7.1 percent increase using actual dollars). Balance S heet & Common Stock At year-end 2024, Marriott’s total debt was $14.4 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. The company repurchased 2.0 million shares of common stock in the 2024 fourth quarter for $0.5 billion. For full year 2024, Marriott repurchased 15.4 million shares for $3.7 billion. Year to date through February 7, the company has repurchased 1.2 million shares for $350 million. Company Outlook First Quarter 2025 vs First Quarter 2024 Full Year 2025 vs Full Year 2024 Comparable systemwide constant $ RevPAR growth Worldwide 3% to 4% 2% to 4% Year-End 2025 vs Year-End 2024 Net rooms growth 4% to 5% 4 ($ in millions, except EPS) First Quarter 2025 Full Year 2025 Gross fee revenues $1,240 to $1,255 $5,370 to $5,480 Owned, leased, and other revenue, net of direct expenses Approx. $55 $345 to $355 General, administrative, and other expenses $255 to $245 $985 to $965 Adjusted EBITDA 1,2 $1,170 to $1,195 $5,295 to $5,435 Adjusted EPS – diluted 2,3 $2.20 to $2.26 $9.82 to $10.19 Effective tax rate Approx. 22% Approx. 26% Investment spending 4 $1,000 to $1,100 Capital return to shareholders 5 Approx. $4,000 1 See the press release schedules for the adjusted EBITDA calculations. 2 Adjusted EBITDA and Adjusted EPS – dil uted for first quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, or any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. 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, but excludes any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. 5 Assumes the level and types of investment spending noted above and that no asset sales or property or brand acquisitions occur during the year. Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, February 11, 2025, 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 February 11, 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 MAR4Q24. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, February 11, 2025, until 8:00 p.m. ET, Tuesday, February 18, 2025. To access the replay, call US Toll Free: 800-753-0348 or Global: +1 402-220-2672 using conference ID MAR4Q24. Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of February 11, 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 expectations regarding new brands, offerings and growth opportunities; our Marriott Bonvoy loyalty program; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. 5 Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of over 9,300 properties across more than 30 leading brands in 144 countries and territories. M arriott 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. Fo r 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 Pilar Fernandez Senior Director, Investor Relations Marriott International pilar.fernandez@marriott.com IRPR#1 Tables follow 6 MARRIOTT INTERNATIONAL, INC. PRESS RELEASE SCHEDULES TABLE OF CONTENTS QUARTER 4, 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 - First Quarter 2025 A- 13 Adjusted EBITDA Forecast - Full Year 2025 A- 14 Explanation of Non-GAAP Financial and Performance Measures A- 15 A-1 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED FOURTH QUARTER 2024 AND 2023 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) December 31, 2024 December 31, 2023 Reported 2024 vs. 2023 REVENUES Base management fees $ 333 $ 321 4 Franchise fees 1 795 705 13 Incentive management fees 206 218 (6) Gross Fee Revenues 1,334 1,244 7 Contract investment amortization 2 (27) (22) (23) Net Fee Revenues 1,307 1,222 7 Owned, leased, and other revenue 3 418 455 (8) Cost reimbursement revenue 4 4,704 4,418 6 Total Revenues 6,429 6,095 5 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 318 304 (5) Depreciation, amortization, and other 6 46 51 10 General, administrative, and other 7 289 330 12 Restructuring and merger-related charges 52 8 (550) Reimbursed expenses 4 4,972 4,684 (6) Total Expenses 5,677 5,377 (6) OPERATING INCOME 752 718 5 Gains and other income, net 8 16 7 129 Interest expense (180) (153) (18) Interest income 10 9 11 Equity in earnings 9 — — — INCOME BEFORE INCOME TAXES 598 581 3 (Provision) benefit for income taxes (143) 267 (154) NET INCOME $ 455 $ 848 (46) EARNINGS PER SHARE Earnings per share - basic $ 1.63 $ 2.88 (43) Earnings per share - diluted $ 1.63 $ 2.87 (43) Basic Shares 278.9 294.3 Diluted Shares 280.1 295.6 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. A-2 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED FULL YEAR 2024 AND 2023 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Twelve Months Ended Twelve Months Ended Better/(Worse) December 31, 2024 December 31, 2023 Reported 2024 vs. 2023 REVENUES Base management fees $ 1,288 $ 1,238 4 Franchise fees 1 3,113 2,831 10 Incentive management fees 769 755 2 Gross Fee Revenues 5,170 4,824 7 Contract investment amortization 2 (103) (88) (17) Net Fee Revenues 5,067 4,736 7 Owned, leased, and other revenue 3 1,551 1,564 (1) Cost reimbursement revenue 4 18,482 17,413 6 Total Revenues 25,100 23,713 6 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 1,200 1,165 (3) Depreciation, amortization, and other 6 183 189 3 General, administrative, and other 7 1,074 1,011 (6) Restructuring and merger-related charges 77 60 (28) Reimbursed expenses 4 18,799 17,424 (8) Total Expenses 21,333 19,849 (7) OPERATING INCOME 3,767 3,864 (3) Gains and other income, net 8 31 40 (23) Interest expense (695) (565) (23) Interest income 40 30 33 Equity in earnings 9 8 9 (11) INCOME BEFORE INCOME TAXES 3,151 3,378 (7) Provision for income taxes (776) (295) (163) NET INCOME $ 2,375 $ 3,083 (23) EARNINGS PER SHARE Earnings per share - basic $ 8.36 $ 10.23 (18) Earnings per share - diluted $ 8.33 $ 10.18 (18) Basic Shares 284.2 301.5 Diluted Shares 285.2 302.9 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. 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 Twelve Months Ended Percent Percent December 31, December 31, Better/ December 31, December 31, Better/ 2024 2023 (Worse) 2024 2023 (Worse) Total revenues, as reported $ 6,429 $ 6,095 $ 25,100 $ 23,713 Less: Cost reimbursement revenue (4,704) (4,418) (18,482) (17,413) Adjusted total revenues † 1,725 1,677 6,618 6,300 Operating income, as reported 752 718 3,767 3,864 Less: Cost reimbursement revenue (4,704) (4,418) (18,482) (17,413) Add: Reimbursed expenses 4,972 4,684 18,799 17,424 Add: Restructuring and merger-related charges 52 8 77 60 Adjusted operating income † 1,072 992 8% 4,161 3,935 6% Operating income margin 12 % 12 % 15 % 16 % Adjusted operating income margin † 62 % 59 % 63 % 62 % Net income, as reported 455 848 2,375 3,083 Less: Cost reimbursement revenue (4,704) (4,418) (18,482) (17,413) Add: Reimbursed expenses 4,972 4,684 18,799 17,424 Add: Restructuring and merger-related charges 52 8 77 60 Less: Gain on asset dispositions 1 (11) — (11) (24) Income tax effect of above adjustments (78) (67) (98) (3) Less: Income tax special items — — — (100) Adjusted net income † $ 686 $ 1,055 (35)% $ 2,660 $ 3,027 (12)% Diluted earnings per share, as reported $ 1.63 $ 2.87 $ 8.33 $ 10.18 Adjusted diluted earnings per share † $ 2.45 $ 3.57 (31)% $ 9.33 $ 9.99 (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 December 31, 2024 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Managed 618 213,371 1,363 358,518 1,981 571,889 Marriott Hotels 101 56,734 191 60,158 292 116,892 Sheraton 25 19,642 180 61,432 205 81,074 Courtyard 156 25,372 129 28,189 285 53,561 Westin 41 22,486 78 23,732 119 46,218 JW Marriott 23 13,189 75 26,941 98 40,130 The Ritz-Carlton 42 12,798 78 18,307 120 31,105 Renaissance 21 9,065 53 16,403 74 25,468 Four Points 1 134 94 25,241 95 25,375 Le Méridien — — 69 19,629 69 19,629 W Hotels 23 6,535 44 12,145 67 18,680 St. Regis 13 2,669 49 10,638 62 13,307 Residence Inn 73 12,002 9 1,116 82 13,118 Delta Hotels by Marriott 25 6,770 26 4,925 51 11,695 Gaylord Hotels 6 10,220 — — 6 10,220 The Luxury Collection 6 2,296 41 7,863 47 10,159 Aloft 2 505 43 9,498 45 10,003 Fairfield by Marriott 6 1,431 53 8,124 59 9,555 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 13 2,223 21 3,735 Moxy 1 380 13 2,876 14 3,256 Protea Hotels — — 22 2,737 22 2,737 Tribute Portfolio — — 11 1,415 11 1,415 TownePlace Suites 6 825 — — 6 825 Bulgari — — 7 650 7 650 Owned/Leased 14 5,539 37 8,773 51 14,312 Sheraton 1 1,218 4 1,830 5 3,048 Marriott Hotels 2 1,304 5 1,631 7 2,935 Courtyard 7 987 4 894 11 1,881 W Hotels 2 765 2 665 4 1,430 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 December 31, 2024 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Franchised, Licensed, and Other 5,603 835,489 1,589 268,957 7,192 1,104,446 Courtyard 913 122,312 132 24,426 1,045 146,738 Fairfield by Marriott 1,168 110,064 104 14,631 1,272 124,695 Residence Inn 799 95,055 37 4,723 836 99,778 Marriott Hotels 233 73,945 70 20,066 303 94,011 Sheraton 140 43,394 81 23,124 221 66,518 Autograph Collection 153 34,542 148 29,567 301 64,109 SpringHill Suites 541 62,911 — — 541 62,911 TownePlace Suites 519 52,383 — — 519 52,383 Westin 94 31,764 33 10,232 127 41,996 Four Points 147 21,894 90 16,437 237 38,331 AC Hotels by Marriott 118 19,517 105 15,323 223 34,840 Aloft 164 23,505 28 5,253 192 28,758 Renaissance 69 19,250 33 8,726 102 27,976 Moxy 43 7,425 104 19,649 147 27,074 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Tribute Portfolio 88 16,578 53 7,493 141 24,071 Timeshare* 72 18,839 21 3,911 93 22,750 Delta Hotels by Marriott 67 15,047 21 4,627 88 19,674 The Luxury Collection 13 7,607 57 10,429 70 18,036 City Express by Marriott 1 83 152 17,694 153 17,777 Element 87 11,618 5 722 92 12,340 Design Hotels* 20 2,157 141 9,949 161 12,106 Le Méridien 24 5,262 24 6,184 48 11,446 JW Marriott 12 6,080 15 3,273 27 9,353 Sonder by Marriott Bonvoy 104 6,501 59 2,694 163 9,195 Four Points Flex by Sheraton*** — — 28 5,037 28 5,037 Protea Hotels — — 37 3,283 37 3,283 W Hotels 1 1,117 1 226 2 1,343 Marriott Executive Apartments — — 4 509 4 509 The Ritz-Carlton 1 429 — — 1 429 The Ritz-Carlton Yacht Collection* — — 2 377 2 377 Apartments by Marriott Bonvoy — — 2 231 2 231 Bulgari — — 2 161 2 161 Residences 72 7,664 65 8,020 137 15,684 The Ritz-Carlton Residences 43 4,754 21 1,854 64 6,608 St. Regis Residences 11 1,267 14 1,947 25 3,214 W Residences 10 1,092 8 765 18 1,857 Marriott Hotels Residences — — 4 1,145 4 1,145 JW Marriott Residences — — 3 767 3 767 Westin Residences 3 266 2 353 5 619 Bulgari Residences — — 5 526 5 526 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 Le Méridien Residences — — 1 62 1 62 Autograph Collection Residences — — 1 14 1 14 Grand Total 6,307 1,062,063 3,054 644,268 9,361 1,706,331 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. *** Four Points Flex by Sheraton refers to properties previously referred to as Four Points Express. 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. A-6 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of December 31, 2024 US & Canada Total International 1 Total Worldwide Total Systemwide Properties Rooms Properties Rooms Properties Rooms Luxury 209 62,150 449 102,080 658 164,230 JW Marriott 35 19,269 91 30,710 126 49,979 JW Marriott Residences — — 3 767 3 767 The Ritz-Carlton 43 13,227 80 18,855 123 32,082 The Ritz-Carlton Residences 43 4,754 21 1,854 64 6,608 The Ritz-Carlton Yacht Collection* — — 2 377 2 377 The Luxury Collection 19 9,903 101 18,675 120 28,578 The Luxury Collection Residences 1 91 3 115 4 206 W Hotels 26 8,417 47 13,036 73 21,453 W Residences 10 1,092 8 765 18 1,857 St. Regis 13 2,669 50 10,798 63 13,467 St. Regis Residences 11 1,267 14 1,947 25 3,214 EDITION 5 1,379 15 2,844 20 4,223 EDITION Residences 3 82 — — 3 82 Bulgari — — 9 811 9 811 Bulgari Residences — — 5 526 5 526 Premium 1,240 406,402 1,361 326,188 2,601 732,590 Marriott Hotels 336 131,983 266 81,855 602 213,838 Marriott Hotels Residences — — 4 1,145 4 1,145 Sheraton 166 64,254 265 86,386 431 150,640 Sheraton Residences — — 3 472 3 472 Westin 136 55,323 111 33,964 247 89,287 Westin Residences 3 266 2 353 5 619 Autograph Collection 162 37,404 170 33,094 332 70,498 Autograph Collection Residences — — 1 14 1 14 Renaissance 90 28,315 88 25,634 178 53,949 Renaissance Residences 1 112 — — 1 112 Delta Hotels by Marriott 92 21,817 47 9,552 139 31,369 Le Méridien 24 5,262 93 25,813 117 31,075 Le Méridien Residences — — 1 62 1 62 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Tribute Portfolio 88 16,578 66 9,157 154 25,735 Design Hotels* 20 2,157 141 9,949 161 12,106 Gaylord Hotels 6 10,220 — — 6 10,220 Sonder by Marriott Bonvoy 104 6,501 59 2,694 163 9,195 Marriott Executive Apartments — — 42 5,813 42 5,813 Apartments by Marriott Bonvoy — — 2 231 2 231 Select 4,785 574,589 1,043 189,358 5,828 763,947 Courtyard 1,076 148,671 265 53,509 1,341 202,180 Fairfield by Marriott 1,174 111,495 157 22,755 1,331 134,250 Residence Inn 873 107,249 47 5,979 920 113,228 SpringHill Suites 563 66,666 — — 563 66,666 Four Points 148 22,028 184 41,678 332 63,706 TownePlace Suites 525 53,208 — — 525 53,208 Aloft 166 24,010 71 14,751 237 38,761 AC Hotels by Marriott 126 21,029 118 17,546 244 38,575 Moxy 44 7,805 117 22,525 161 30,330 Element 90 12,428 20 3,683 110 16,111 Protea Hotels — — 64 6,932 64 6,932 Midscale 1 83 180 22,731 181 22,814 City Express by Marriott 1 83 152 17,694 153 17,777 Four Points Flex by Sheraton*** — — 28 5,037 28 5,037 Timeshare* 72 18,839 21 3,911 93 22,750 Grand Total 6,307 1,062,063 3,054 644,268 9,361 1,706,331 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. *** Four Points Flex by Sheraton refers to properties previously referred to as Four Points Express. 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. A-7 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Three Months Ended December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 231.25 7.1 % 69.9 % 2.7 % pts. $ 330.63 2.9 % The Ritz-Carlton $ 355.73 8.5 % 64.7 % 1.1 % pts. $ 549.45 6.6 % W Hotels $ 217.14 3.1 % 66.3 % 1.7 % pts. $ 327.53 0.4 % Composite US & Canada Luxury 1 $ 298.79 4.9 % 67.6 % 1.4 % pts. $ 441.90 2.8 % Marriott Hotels $ 163.85 4.0 % 66.3 % 0.3 % pts. $ 247.31 3.6 % Sheraton $ 155.85 9.0 % 64.6 % 1.8 % pts. $ 241.44 5.9 % Westin $ 166.27 3.3 % 66.1 % 0.3 % pts. $ 251.55 2.9 % Composite US & Canada Premium 2 $ 161.05 3.9 % 65.8 % 0.2 % pts. $ 244.78 3.6 % US & Canada Full-Service 3 $ 190.69 4.2 % 66.2 % 0.5 % pts. $ 288.11 3.5 % Courtyard $ 108.30 5.8 % 65.2 % 2.3 % pts. $ 166.06 2.1 % Residence Inn $ 142.67 3.0 % 73.8 % 0.8 % pts. $ 193.31 1.9 % Composite US & Canada Select 4 $ 120.77 4.2 % 68.6 % 2.0 % pts. $ 175.95 1.1 % US & Canada - All 5 $ 173.93 4.2 % 66.8 % 0.8 % pts. $ 260.48 2.9 % Comparable Systemwide US & Canada Properties Three Months Ended December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 221.96 6.1 % 69.5 % 1.4 % pts. $ 319.38 3.9 % The Ritz-Carlton $ 354.42 9.0 % 65.1 % 1.3 % pts. $ 544.19 6.8 % W Hotels $ 217.14 3.1 % 66.3 % 1.7 % pts. $ 327.53 0.4 % Composite US & Canada Luxury 1 $ 279.24 4.9 % 68.0 % 1.1 % pts. $ 410.79 3.2 % Marriott Hotels $ 134.64 4.4 % 64.4 % 0.7 % pts. $ 209.18 3.2 % Sheraton $ 124.37 7.7 % 63.8 % 1.6 % pts. $ 195.03 5.0 % Westin $ 154.30 4.0 % 66.1 % -0.1 % pts. $ 233.47 4.2 % Composite US & Canada Premium 2 $ 139.98 5.1 % 65.0 % 0.9 % pts. $ 215.35 3.6 % US & Canada Full-Service 3 $ 155.83 5.0 % 65.3 % 1.0 % pts. $ 238.50 3.5 % Courtyard $ 105.19 2.5 % 65.2 % 0.4 % pts. $ 161.38 2.0 % Residence Inn $ 123.91 3.3 % 73.4 % 1.0 % pts. $ 168.77 1.9 % Fairfield by Marriott $ 86.67 3.0 % 65.4 % 0.5 % pts. $ 132.56 2.2 % Composite US & Canada Select 4 $ 105.60 3.1 % 68.1 % 0.8 % pts. $ 154.96 2.0 % US & Canada - All 5 $ 126.05 4.1 % 67.0 % 0.8 % pts. $ 188.13 2.8 % 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 Twelve Months Ended December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 232.59 3.9 % 70.4 % 0.7 % pts. $ 330.26 2.8 % The Ritz-Carlton $ 343.28 4.0 % 66.0 % 1.1 % pts. $ 520.44 2.3 % W Hotels $ 214.90 1.1 % 67.0 % 1.0 % pts. $ 320.94 -0.4 % Composite US & Canada Luxury 1 $ 291.59 2.4 % 68.5 % 0.8 % pts. $ 425.71 1.2 % Marriott Hotels $ 170.12 4.3 % 70.0 % 0.6 % pts. $ 242.87 3.4 % Sheraton $ 160.07 8.0 % 68.1 % 2.3 % pts. $ 235.17 4.4 % Westin $ 173.15 4.1 % 69.5 % 0.7 % pts. $ 248.96 3.0 % Composite US & Canada Premium 2 $ 166.40 4.3 % 69.2 % 0.5 % pts. $ 240.48 3.6 % US & Canada Full-Service 3 $ 193.35 3.6 % 69.0 % 0.6 % pts. $ 280.04 2.8 % Courtyard $ 112.33 2.7 % 67.1 % 0.7 % pts. $ 167.38 1.5 % Residence Inn $ 150.27 1.5 % 76.3 % -0.3 % pts. $ 197.05 1.9 % Composite US & Canada Select 4 $ 125.41 2.2 % 70.4 % 0.5 % pts. $ 178.09 1.4 % US & Canada - All 5 $ 177.07 3.4 % 69.4 % 0.5 % pts. $ 255.23 2.6 % Comparable Systemwide US & Canada Properties Twelve Months Ended December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Brand 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 JW Marriott $ 225.02 3.7 % 70.9 % 0.3 % pts. $ 317.30 3.3 % The Ritz-Carlton $ 341.41 4.3 % 66.3 % 1.2 % pts. $ 514.56 2.4 % W Hotels $ 214.90 1.1 % 67.0 % 1.0 % pts. $ 320.94 -0.4 % Composite US & Canada Luxury 1 $ 274.18 2.5 % 69.1 % 0.7 % pts. $ 396.56 1.5 % Marriott Hotels $ 142.05 4.3 % 68.0 % 0.8 % pts. $ 208.88 3.2 % Sheraton $ 127.89 6.3 % 66.9 % 1.6 % pts. $ 191.15 3.7 % Westin $ 159.62 3.6 % 69.7 % 0.4 % pts. $ 229.17 2.9 % Composite US & Canada Premium 2 $ 144.81 4.5 % 68.1 % 0.9 % pts. $ 212.64 3.0 % US & Canada Full-Service 3 $ 159.54 4.1 % 68.2 % 0.9 % pts. $ 233.87 2.7 % Courtyard $ 111.97 1.2 % 68.8 % -0.3 % pts. $ 162.77 1.7 % Residence Inn $ 131.10 2.2 % 76.5 % 0.2 % pts. $ 171.36 2.0 % Fairfield by Marriott $ 92.86 1.1 % 68.9 % -0.4 % pts. $ 134.73 1.7 % Composite US & Canada Select 4 $ 111.84 1.9 % 71.5 % 0.0 % pts. $ 156.50 1.9 % US & Canada - All 5 $ 131.26 3.0 % 70.1 % 0.4 % pts. $ 187.14 2.4 % 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 December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 201.35 6.2 % 72.2 % 0.9 % pts. $ 278.89 4.9 % Middle East & Africa $ 164.07 8.7 % 74.1 % 3.1 % pts. $ 221.34 4.2 % Greater China $ 84.87 -1.8 % 69.1 % 1.4 % pts. $ 122.90 -3.8 % Asia Pacific excluding China $ 134.72 11.6 % 74.1 % 1.9 % pts. $ 181.85 8.8 % Caribbean & Latin America $ 188.08 9.5 % 65.9 % 0.6 % pts. $ 285.28 8.5 % International - All 1 $ 132.84 6.4 % 71.5 % 1.7 % pts. $ 185.84 3.8 % Worldwide 2 $ 150.30 5.3 % 69.5 % 1.3 % pts. $ 216.32 3.3 % Comparable Systemwide International Properties Three Months Ended December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 145.51 7.2 % 70.0 % 2.8 % pts. $ 207.80 2.9 % Middle East & Africa $ 152.57 9.7 % 73.5 % 3.3 % pts. $ 207.49 4.8 % Greater China $ 79.52 -1.7 % 68.2 % 1.2 % pts. $ 116.57 -3.3 % Asia Pacific excluding China $ 138.35 12.5 % 74.4 % 2.3 % pts. $ 186.03 9.1 % Caribbean & Latin America $ 148.88 7.3 % 65.0 % 0.0 % pts. $ 228.95 7.3 % International - All 1 $ 126.71 7.2 % 70.4 % 2.0 % pts. $ 179.92 4.2 % Worldwide 2 $ 126.26 5.0 % 68.1 % 1.2 % pts. $ 185.42 3.2 % 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 Twelve Months Ended December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 215.26 7.0 % 72.1 % 0.7 % pts. $ 298.73 6.0 % Middle East & Africa $ 132.47 11.2 % 68.6 % 2.9 % pts. $ 193.15 6.5 % Greater China $ 84.57 -2.5 % 68.7 % 1.2 % pts. $ 123.16 -4.2 % Asia Pacific excluding China $ 122.13 12.2 % 72.5 % 3.7 % pts. $ 168.45 6.5 % Caribbean & Latin America $ 182.62 8.7 % 66.0 % 2.0 % pts. $ 276.82 5.5 % International - All 1 $ 124.96 6.6 % 69.9 % 2.1 % pts. $ 178.79 3.3 % Worldwide 2 $ 147.09 4.9 % 69.7 % 1.5 % pts. $ 211.12 2.7 % Comparable Systemwide International Properties Twelve Months Ended December 31, 2024 and December 31, 2023 REVPAR Occupancy Average Daily Rate Region 2024 vs. 2023 2024 vs. 2023 2024 vs. 2023 Europe $ 154.31 7.6 % 70.3 % 2.7 % pts. $ 219.39 3.5 % Middle East & Africa $ 123.62 12.1 % 68.0 % 2.8 % pts. $ 181.72 7.6 % Greater China $ 78.91 -2.3 % 67.7 % 1.0 % pts. $ 116.55 -3.7 % Asia Pacific excluding China $ 124.66 12.9 % 72.5 % 3.8 % pts. $ 171.98 6.9 % Caribbean & Latin America $ 151.98 8.8 % 65.8 % 1.8 % pts. $ 231.13 5.8 % International - All 1 $ 121.75 7.6 % 69.2 % 2.4 % pts. $ 175.89 3.9 % Worldwide 2 $ 128.23 4.3 % 69.8 % 1.0 % pts. $ 183.58 2.8 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. A-11 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2024 First Quarter Second Quarter Third Quarter Fourth Quarter Total Net income, as reported $ 564 $ 772 $ 584 $ 455 $ 2,375 Cost reimbursement revenue (4,433) (4,728) (4,617) (4,704) (18,482) Reimbursed expenses 4,501 4,645 4,681 4,972 18,799 Interest expense 163 173 179 180 695 Interest expense from unconsolidated joint ventures 2 2 1 3 8 Provision for income taxes 163 268 202 143 776 Depreciation and amortization 45 47 45 46 183 Contract investment amortization 23 27 26 27 103 Depreciation and amortization classified in reimbursed expenses 48 50 52 56 206 Depreciation, amortization, and impairments from unconsolidated joint ventures 5 3 4 3 15 Stock-based compensation 53 57 63 64 237 Restructuring and merger-related charges 8 8 9 52 77 Gain on asset dispositions — — — (11) (11) Adjusted EBITDA † $ 1,142 $ 1,324 $ 1,229 $ 1,286 $ 4,981 Change from 2023 Adjusted EBITDA † 4 % 9 % 8 % 7 % 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 FIRST QUARTER 2025 ($ in millions) Range Estimated First Quarter 2025 First Quarter 2024 Net income excluding certain items 1 $ 611 $ 630 Interest expense 191 191 Interest expense from unconsolidated joint ventures 2 2 Provision for income taxes 172 178 Depreciation and amortization 47 47 Contract investment amortization 28 28 Depreciation and amortization classified in reimbursed expenses 60 60 Depreciation, amortization, and impairments from unconsolidated joint ventures 4 4 Stock-based compensation 55 55 Adjusted EBITDA † $ 1,170 $ 1,195 $ 1,142 Increase over 2024 Adjusted EBITDA † 2 % 5 % † 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, each of 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 2025 ($ in millions) Range Estimated Full Year 2025 Full Year 2024 Net income excluding certain items 1 $ 2,697 $ 2,799 Interest expense 810 810 Interest expense from unconsolidated joint ventures 7 7 Provision for income taxes 950 988 Depreciation and amortization 200 200 Contract investment amortization 118 118 Depreciation and amortization classified in reimbursed expenses 270 270 Depreciation, amortization, and impairments from unconsolidated joint ventures 18 18 Stock-based compensation 225 225 Adjusted EBITDA † $ 5,295 $ 5,435 $ 4,981 Increase over 2024 Adjusted EBITDA † 6 % 9 % † 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, each of 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 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. 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 hotel owners and certain other counterparties, we do not seek a mark-up. For property-level services, we are typically reimbursed at the same time that we incur expenses. 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. 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 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, 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. 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 ® . A-16

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other guidance in this release

Text is the filed exhibit, verbatim.