NEWS Marriott International Reports First Quarter 2025 Results • First quarter 2025 RevPAR 1 increased 4.1 percent worldwide, with 3.3 percent growth in the U.S. & Canada and 5.9 percent growth in international markets • First quarter reported diluted EPS totaled $2.39 and adjusted diluted EPS totaled $2.32 • First quarter reported net income totaled $665 million and adjusted net income totaled $645 million • First quarter adjusted EBITDA totaled $1,217 million • The company added roughly 12,200 net rooms during the quarter and net rooms grew 4.6% from the end of the first quarter of 2024 • At the end of the quarter, Marriott’s worldwide development pipeline totaled approximately 3,800 properties and over 587,000 rooms, up 7.4% year-over-year • The company repurchased 2.8 million shares of common stock for $0.8 billion in the 2025 first quarter. Year to date through April 29, the company has returned over $1.2 billion to shareholders through dividends and share repurchases Fo r a summary of quarterly highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/2025-q1-earnings-infographic.pdf BE THESDA, MD – May 6, 2025 - Marriott International, Inc. (Nasdaq: MAR) today reported first quarter 2025 resul ts. Anthony Capuano, President and Chief Executive Officer, said, “The combination of continued travel demand, the strength of our brands and our fee driven business model drove strong financial results in the first quarter. Despite heightened macro-economic uncertainty, global RevPAR rose over 4 percent, primarily driven by higher ADR, and our development momentum remained positive. Our international markets experienced particularly robust growth, with RevPAR increasing nearly 6 percent, led by double-digit gains in APEC. RevPAR in the U.S. & Canada rose over 3 percent in the first quarter, although we did see slower growth in March. 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 2025 and 2024 reflect properties that are comparable in both years. 1 “The strong momentum in our development activity continued, with record first quarter signings of over 34,000 rooms, of which two-thirds were in international markets. Conversions remained a key driver of growth, representing around a third of our room signings and openings. “We are committed to growing our global portfolio and enhancing offerings for our guests, Marriott Bonvoy members and hotel owners. Last week, we announced that we have reached an agreement to acquire the citizenM brand, an innovative lifestyle lodging offering in the select-service segment. We are excited about the global growth prospects for this brand, given the unique and differentiated nature of the offering and our successful track record with other acquired brands like AC Hotels. Our net rooms growth outlook remains strong, and we now expect our full year 2025 net rooms growth to approach 5 percent, assuming the purchase closes before year end. “We remain focused on expanding our industry-leading Marriott Bonvoy travel platform and loyalty program membership and on deepening engagement through numerous unique experiences and collaborations. By the end of March, our loyalty program membership base had grown to nearly 237 million members worldwide. “Despite uncertainty about the macro-economic outlook, we are confident that the power of our industry-leading global portfolio, the strength of our Marriott Bonvoy travel platform and loyalty program, our dedicated associates, and resilient asset-light business model, position us very well for sustainable, long-term growth.” First Quarter 2025 Results Base management and franchise fees totaled $1,071 million in the 2025 first quarter, a 7 percent increase compared to base management and franchise fees of $1,001 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 $204 million in the 2025 first quarter, compared to $209 million in the 2024 first quarter. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter. Own ed, leased, and other revenue, net of direct expenses, totaled $65 million in the 2025 first quarter, compared to $71 million in the 2024 first quarter. The decrease was primarily driven by lower termination fees. Gen eral, administrative, and other expenses for the 2025 first quarter totaled $245 million, compared to $261 million in the year-ago quarter. The year-over-year decline largely reflects lower compensation costs primarily resulting from our enterprise-wide initiative to enhance effectiveness and efficiency across the company. 2 Interest expense, net, totaled $183 million in the 2025 first quarter, compared to $153 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances. In the 2025 first quarter, the provision for income taxes totaled $99 million compared to $163 million in the 2024 first quarter. The year-over-year change primarily reflects an $86 million favorable impact from the release of certain tax reserves. Ma rriott’s reported operating income totaled $948 million in the 2025 first quarter, compared to 2024 first quarter reported operating income of $876 million . Reported net income totaled $665 million in the 2025 first quarter, an 18 percent increase compared to 2024 first quarter reported net income of $564 million. Reported diluted earnings per share (EPS) totaled $2.39 in the quarter, compared to reported diluted EPS of $1.93 in the year-ago quarter. Adjusted operating income in the 2025 first quarter totaled $1,016 million, compared to 2024 first quarter adjusted operating income of $952 million. First quarter 2025 adjusted net income totaled $645 million, compared to 2024 first quarter adjusted net income of $620 million. Adjusted diluted EPS in the 2025 first quarter totaled $2.32, compared to adjusted diluted EPS of $2.13 in the year-ago quarter. The 2025 first quarter adjusted results excluded the benefit of an income tax special item of $71 million ($0.25 per share). Adjusted results also 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 $1,217 million in the 2025 first quarter, a 7 percent increase compared to first quarter 2024 adjusted EBITDA of $1,142 million. S ee the press release schedules for the adjusted EBITDA calculation. Selected Performance Information The company added roughly 12,200 net rooms during the quarter, including more than 7,300 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled nearly 9,500 properties, with approximately 1,719,000 rooms. At the end of the quarter , the company’s worldwide development pipeline totale d 3,808 properties with more than 587,000 rooms, including 171 properties with over 27,000 room s approved for development, but not yet subject to signed contracts. The quarter-end pipeline included 1,447 properties wit h nearly 244,000 rooms under construction, including hotels that are in the process of 3 converting to our system. Over half of the rooms in the quarter-end pipeline are in international markets. W e also expect additional properties to join our system upon closing of our planned acquisition of the citizenM brand. The citizenM portfolio currently includes 36 open hotels with 8,544 rooms and 3 pipeline hotels with over 600 rooms. In the 2025 first quarter , worldwide RevPAR increased 4.1 percent (a 2.7 percent increase using actual dollars) compared to the 2024 first quarter. RevPAR in the U.S. & Canada increased 3.3 percent (a 3.0 percent increase using actual dollars), and RevPAR in international markets increased 5.9 percent (a 2.2 percent increase using actual dollars). Balance S heet & Common Stock At the end of the quarter, Marriott’s total debt was $15.1 billion and cash and equivalents totaled $0.5 billion, compared to $14.4 billion in d ebt and $0.4 billion of cash and equivalents at year-end 2024. The company repurchased 2.8 million shares of common stock in the 2025 first quarter for $0.8 billion. Year to date through April 29, the company has repurchased 3.9 million shares for $1.0 billion. 4 Company Outlook The Company’s updated outlook generally assumes the continuation of current booking trends. Compared to prior expectations, it incorporates somewhat softer expectations in the U.S. & Canada region. Second Quarter 2025 vs. Second Quarter 2024 Full Year 2025 vs. Full Year 2024 Comparable systemwide constant $ RevPAR growth Worldwide 1.5% to 2.5% 1.5% to 3.5% Year-End 2025 vs. Year-End 2024 Net rooms growth Approaching 5% ($ in millions, except EPS) Second Quarter 2025 Full Year 2025 Gross fee revenues $1,380 to $1,395 $5,365 to $5,475 Owned, leased, and other revenue, net of direct expenses Approx. $100 $345 to $355 General, administrative, and other expenses $245 to $240 $985 to $965 Adjusted EBITDA 1,2 $1,370 to $1,390 $5,285 to $5,425 Adjusted EPS – diluted 2,3 $2.57 to $2.62 $9.82 to $10.19 Effective tax rate Approx. 27% Approx. 26% Investment spending (including $355 million for citizenM) 4 $1,355 to $1,455 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 second quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, income tax special items or any potential asset sales or property or brand acquisitions that may occur during the year (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Adjusted EPS – diluted for full year 2025 excludes the benefit of an income tax special item of $71 million. 3 Assumes the level of capital return to shareholders noted above. 4 This outlook assumes funding of $355 million to complete the citizenM acquisition in the second half of 2025. Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any other potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. 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 (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025). 5 Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, May 6, 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 May 6, 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 MAR1Q25. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, May 6, 2025, until 8:00 p.m. ET, Tuesday, May 13, 2025. To access the replay, call US Toll Free: 800-723-0520 or Global: +1 402-220-2653 using conference ID MAR1Q25. Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of May 6, 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 acquisition of the citizenM brand and the brand’s growth prospects; our Marriott Bonvoy travel platform and loyalty program; our expectations regarding new offerings; 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 failure to satisfy the conditions to the consummation of the citizenM transaction; uncertainty resulting from economic, political or other global, national, and regional conditions and events, including related to tariffs, trade, travel and other policies; and the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on 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. Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,500 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 . I n addition, connect with us on Facebook and @MarriottIntl on X and Instagram . Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com , which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only. 6 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 7 MARRIOTT INTERNATIONAL, INC. PRESS RELEASE SCHEDULES TABLE OF CONTENTS QUARTER 1, 2025 Consolidated Statements of Income - As Reported A- 2 Non-GAAP Financial Measures A- 3 Total Lodging Products by Ownership Type A- 4 Total Lodging Products by Tier A- 6 Key Lodging Statistics A- 7 Adjusted EBITDA A- 9 Adjusted EBITDA Forecast - Second Quarter 2025 A- 10 Adjusted EBITDA Forecast - Full Year 2025 A- 11 Explanation of Non-GAAP Financial and Performance Measures A- 12 A-1 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED FIRST QUARTER 2025 AND 2024 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) March 31, 2025 March 31, 2024 Reported 2025 vs. 2024 REVENUES Base management fees $ 325 $ 313 4 Franchise fees 1 746 688 8 Incentive management fees 204 209 (2) Gross fee revenues 1,275 1,210 5 Contract investment amortization 2 (28) (23) (22) Net fee revenues 1,247 1,187 5 Owned, leased, and other revenue 3 361 357 1 Cost reimbursement revenue 4 4,655 4,433 5 6,263 5,977 5 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 296 286 (3) Depreciation, amortization, and other 6 51 45 (13) General, administrative, and other 7 245 261 6 Restructuring and merger-related charges 1 8 88 Reimbursed expenses 4 4,722 4,501 (5) 5,315 5,101 (4) OPERATING INCOME 948 876 8 (Losses) gains and other income, net 8 (2) 4 (150) Interest expense (192) (163) (18) Interest income 9 10 (10) Equity in earnings 9 1 — * INCOME BEFORE INCOME TAXES 764 727 5 Provision for income taxes (99) (163) 39 NET INCOME $ 665 $ 564 18 EARNINGS PER SHARE Earnings per share - basic $ 2.40 $ 1.94 24 Earnings per share - diluted $ 2.39 $ 1.93 24 Basic shares 276.9 290.4 Diluted shares 277.7 291.6 * Calculated percentage is not meaningful. 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 (Losses) 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. 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 Percent March 31, March 31, Better/ 2025 2024 (Worse) Total revenues, as reported $ 6,263 $ 5,977 Less: Cost reimbursement revenue (4,655) (4,433) Adjusted total revenues † 1,608 1,544 Operating income, as reported 948 876 Less: Cost reimbursement revenue (4,655) (4,433) Add: Reimbursed expenses 4,722 4,501 Add: Restructuring and merger-related charges 1 8 Adjusted operating income † 1,016 952 7 Operating income margin 15 % 15 % Adjusted operating income margin † 63 % 62 % Net income, as reported 665 564 Less: Cost reimbursement revenue (4,655) (4,433) Add: Reimbursed expenses 4,722 4,501 Add: Restructuring and merger-related charges 1 8 Income tax effect of above adjustments (17) (20) Less: Income tax special items (71) — Adjusted net income † $ 645 $ 620 4 Diluted earnings per share, as reported $ 2.39 $ 1.93 Adjusted diluted earnings per share † $ 2.32 $ 2.13 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. A-3 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of March 31, 2025 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Managed 615 212,277 1,366 355,619 1,981 567,896 Marriott Hotels 100 56,505 192 60,300 292 116,805 Sheraton 25 19,642 180 57,875 205 77,517 Courtyard by Marriott 156 25,372 127 27,760 283 53,132 Westin 41 22,486 78 23,732 119 46,218 JW Marriott 23 13,191 76 27,038 99 40,229 The Ritz-Carlton 42 12,798 79 18,407 121 31,205 Four Points by Sheraton 1 134 97 25,853 98 25,987 Renaissance Hotels 21 9,065 52 16,299 73 25,364 Le Méridien — — 68 19,336 68 19,336 W Hotels 20 5,515 44 12,132 64 17,647 St. Regis 13 2,669 51 11,180 64 13,849 Residence Inn by Marriott 73 12,002 9 1,116 82 13,118 Delta Hotels by Marriott 25 6,770 26 4,925 51 11,695 The Luxury Collection 6 2,296 42 7,979 48 10,275 Gaylord Hotels 6 10,220 — — 6 10,220 Fairfield by Marriott 6 1,431 53 8,122 59 9,553 Aloft Hotels 2 505 41 8,949 43 9,454 Autograph Collection 10 3,015 15 2,964 25 5,979 Marriott Executive Apartments — — 39 5,489 39 5,489 EDITION 5 1,379 15 2,844 20 4,223 AC Hotels by Marriott 8 1,512 14 2,681 22 4,193 Element Hotels 3 810 15 2,964 18 3,774 SpringHill Suites by Marriott 22 3,755 — — 22 3,755 Moxy Hotels 1 380 13 2,876 14 3,256 Protea Hotels by Marriott — — 22 2,737 22 2,737 Tribute Portfolio — — 11 1,415 11 1,415 TownePlace Suites by Marriott 6 825 — — 6 825 Bvlgari — — 7 646 7 646 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 by Marriott 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 by Marriott — — 5 912 5 912 The Ritz-Carlton — — 2 548 2 548 Renaissance Hotels — — 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 by Marriott 1 192 1 140 2 332 Tribute Portfolio — — 2 249 2 249 St. Regis — — 1 160 1 160 A-4 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of March 31, 2025 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Franchised, Licensed, and Other 5,651 841,467 1,642 279,167 7,293 1,120,634 Courtyard by Marriott 916 122,880 135 24,993 1,051 147,873 Fairfield by Marriott 1,175 110,719 110 15,542 1,285 126,261 Residence Inn by Marriott 807 95,985 38 4,766 845 100,751 Marriott Hotels 232 73,593 70 20,066 302 93,659 Sheraton 140 43,391 82 23,289 222 66,680 Autograph Collection 153 34,542 154 30,942 307 65,484 SpringHill Suites by Marriott 547 63,622 — — 547 63,622 TownePlace Suites by Marriott 530 53,336 — — 530 53,336 Westin 94 31,764 32 9,761 126 41,525 Four Points by Sheraton 146 21,674 97 17,683 243 39,357 AC Hotels by Marriott 121 20,165 106 15,615 227 35,780 Aloft Hotels 166 23,748 29 5,610 195 29,358 Renaissance Hotels 71 19,545 34 8,830 105 28,375 Moxy Hotels 44 7,558 106 19,901 150 27,459 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Tribute Portfolio 93 17,646 54 7,636 147 25,282 Timeshare* 72 18,839 21 3,911 93 22,750 The Luxury Collection 14 7,703 61 13,504 75 21,207 Delta Hotels by Marriott 67 15,047 21 4,627 88 19,674 City Express by Marriott 1 83 152 17,694 153 17,777 Design Hotels* 21 2,273 149 10,625 170 12,898 Element Hotels 89 11,848 6 827 95 12,675 Le Méridien 24 5,262 24 6,183 48 11,445 JW Marriott 12 6,080 15 3,273 27 9,353 Sonder by Marriott Bonvoy 100 6,155 58 2,659 158 8,814 Four Points Flex by Sheraton — — 40 6,443 40 6,443 Protea Hotels by Marriott — — 37 3,283 37 3,283 W Hotels 1 1,117 1 226 2 1,343 Marriott Executive Apartments — — 4 509 4 509 Apartments by Marriott Bonvoy 2 253 2 231 4 484 The Ritz-Carlton 1 429 — — 1 429 The Ritz-Carlton Yacht Collection* — — 2 377 2 377 Bvlgari — — 2 161 2 161 Residences 72 7,667 66 8,033 138 15,700 The Ritz-Carlton Residences 43 4,757 21 1,854 64 6,611 St. Regis Residences 11 1,267 14 1,947 25 3,214 W Residences 10 1,092 8 768 18 1,860 Marriott Residences — — 4 1,145 4 1,145 JW Marriott Residences — — 3 767 3 767 Westin Residences 3 266 2 353 5 619 Bvlgari 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 1 10 4 92 Le Méridien Residences — — 1 62 1 62 Autograph Collection Residences — — 1 14 1 14 Grand Total 6,352 1,066,950 3,111 651,592 9,463 1,718,542 1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented in "Franchised, Licensed and Other" within their respective brands. Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. A-5 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of March 31, 2025 US & Canada Total International 1 Total Worldwide Total Systemwide Properties Rooms Properties Rooms Properties Rooms Luxury 207 61,231 459 106,006 666 167,237 JW Marriott 35 19,271 92 30,807 127 50,078 JW Marriott Residences — — 3 767 3 767 The Ritz-Carlton 43 13,227 81 18,955 124 32,182 The Ritz-Carlton Residences 43 4,757 21 1,854 64 6,611 The Ritz-Carlton Yacht Collection* — — 2 377 2 377 The Luxury Collection 20 9,999 106 21,866 126 31,865 The Luxury Collection Residences 1 91 3 115 4 206 W Hotels 23 7,397 47 13,023 70 20,420 W Residences 10 1,092 8 768 18 1,860 St. Regis 13 2,669 52 11,340 65 14,009 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 1 10 4 92 Bvlgari — — 9 807 9 807 Bvlgari Residences — — 5 526 5 526 Premium 1,245 407,357 1,374 324,314 2,619 731,671 Marriott Hotels 334 131,402 267 81,997 601 213,399 Marriott Residences — — 4 1,145 4 1,145 Sheraton 166 64,251 266 82,994 432 147,245 Sheraton Residences — — 3 472 3 472 Westin 136 55,323 110 33,493 246 88,816 Westin Residences 3 266 2 353 5 619 Autograph Collection 163 37,557 174 34,266 337 71,823 Autograph Collection Residences — — 1 14 1 14 Renaissance Hotels 92 28,610 88 25,634 180 54,244 Renaissance Residences 1 112 — — 1 112 Delta Hotels by Marriott 92 21,817 47 9,552 139 31,369 Le Méridien 24 5,262 92 25,519 116 30,781 Le Méridien Residences — — 1 62 1 62 Tribute Portfolio 93 17,646 67 9,300 160 26,946 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Design Hotels* 21 2,273 149 10,625 170 12,898 Gaylord Hotels 6 10,220 — — 6 10,220 Sonder by Marriott Bonvoy 100 6,155 58 2,659 158 8,814 Marriott Executive Apartments — — 43 5,998 43 5,998 Apartments by Marriott Bonvoy 2 253 2 231 4 484 Select 4,827 579,440 1,065 193,224 5,892 772,664 Courtyard by Marriott 1,079 149,239 266 53,647 1,345 202,886 Fairfield by Marriott 1,181 112,150 163 23,664 1,344 135,814 Residence Inn by Marriott 881 108,179 48 6,022 929 114,201 SpringHill Suites by Marriott 569 67,377 — — 569 67,377 Four Points by Sheraton 147 21,808 194 43,536 341 65,344 TownePlace Suites by Marriott 536 54,161 — — 536 54,161 AC Hotels by Marriott 129 21,677 120 18,296 249 39,973 Aloft Hotels 168 24,253 70 14,559 238 38,812 Moxy Hotels 45 7,938 119 22,777 164 30,715 Element Hotels 92 12,658 21 3,791 113 16,449 Protea Hotels by Marriott — — 64 6,932 64 6,932 Midscale 1 83 192 24,137 193 24,220 City Express by Marriott 1 83 152 17,694 153 17,777 Four Points Flex by Sheraton — — 40 6,443 40 6,443 Timeshare* 72 18,839 21 3,911 93 22,750 Grand Total 6,352 1,066,950 3,111 651,592 9,463 1,718,542 1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented within their respective brands. Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. A-6 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 267.85 5.5 % 73.0 % 2.2 % pts. $ 366.97 2.3 % The Ritz-Carlton $ 412.33 8.0 % 69.0 % 2.7 % pts. $ 597.40 3.9 % W Hotels $ 264.10 4.8 % 65.9 % 2.5 % pts. $ 401.05 0.8 % Composite US & Canada Luxury 1 $ 349.69 5.7 % 70.6 % 2.1 % pts. $ 495.55 2.6 % Marriott Hotels $ 164.53 5.6 % 67.0 % 0.7 % pts. $ 245.74 4.5 % Sheraton $ 156.89 2.7 % 65.6 % -0.8 % pts. $ 239.24 4.0 % Westin $ 158.98 4.9 % 64.8 % 1.2 % pts. $ 245.45 2.9 % Composite US & Canada Premium 2 $ 161.23 5.4 % 66.3 % 0.9 % pts. $ 243.03 4.0 % US & Canada Full-Service 3 $ 202.25 5.5 % 67.3 % 1.2 % pts. $ 300.68 3.7 % Courtyard by Marriott $ 103.93 3.3 % 62.8 % 1.1 % pts. $ 165.53 1.4 % Residence Inn by Marriott $ 147.30 2.9 % 73.7 % 1.0 % pts. $ 199.80 1.5 % Composite US & Canada Select 4 $ 119.93 3.1 % 67.0 % 1.3 % pts. $ 179.05 1.0 % US & Canada - All 5 $ 181.75 5.1 % 67.2 % 1.2 % pts. $ 270.49 3.2 % Comparable Systemwide US & Canada Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 255.36 5.0 % 72.7 % 1.7 % pts. $ 351.43 2.4 % The Ritz-Carlton $ 402.56 8.2 % 68.8 % 2.7 % pts. $ 585.50 3.9 % W Hotels $ 264.10 4.8 % 65.9 % 2.5 % pts. $ 401.05 0.8 % Composite US & Canada Luxury 1 $ 319.08 5.6 % 70.4 % 2.0 % pts. $ 453.15 2.7 % Marriott Hotels $ 134.95 5.4 % 64.4 % 1.1 % pts. $ 209.62 3.6 % Sheraton $ 115.40 3.1 % 61.9 % 0.4 % pts. $ 186.42 2.4 % Westin $ 154.66 5.2 % 66.7 % 1.3 % pts. $ 231.71 3.1 % Composite US & Canada Premium 2 $ 137.21 5.2 % 64.5 % 1.2 % pts. $ 212.68 3.3 % US & Canada Full-Service 3 $ 157.43 5.3 % 65.2 % 1.2 % pts. $ 241.57 3.3 % Courtyard by Marriott $ 98.81 0.5 % 63.1 % -0.5 % pts. $ 156.47 1.4 % Residence Inn by Marriott $ 119.59 1.1 % 72.2 % 0.2 % pts. $ 165.60 0.8 % Fairfield by Marriott $ 80.42 0.9 % 62.5 % -0.4 % pts. $ 128.76 1.5 % Composite US & Canada Select 4 $ 100.59 1.2 % 66.3 % -0.2 % pts. $ 151.66 1.5 % US & Canada - All 5 $ 123.40 3.3 % 65.9 % 0.4 % pts. $ 187.37 2.7 % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. 4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels. 5 Includes US & Canada Full-Service and Composite US & Canada Select. A-7 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 143.27 5.1 % 62.5 % 2.6 % pts. $ 229.10 0.8 % Middle East & Africa $ 146.94 4.5 % 70.1 % 0.3 % pts. $ 209.62 4.1 % Greater China $ 77.23 -2.1 % 64.3 % 0.6 % pts. $ 120.13 -3.1 % Asia Pacific excluding China $ 133.23 10.6 % 71.3 % 1.7 % pts. $ 186.86 8.0 % Caribbean & Latin America $ 244.14 10.8 % 70.0 % 2.0 % pts. $ 348.58 7.6 % International - All 1 $ 121.49 5.2 % 67.4 % 1.1 % pts. $ 180.32 3.5 % Worldwide 2 $ 146.49 5.2 % 67.3 % 1.2 % pts. $ 217.67 3.4 % Comparable Systemwide International Properties Three Months Ended March 31, 2025 and March 31, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 102.28 6.2 % 60.5 % 2.9 % pts. $ 169.09 1.1 % Middle East & Africa $ 134.86 5.4 % 68.9 % 0.6 % pts. $ 195.76 4.5 % Greater China $ 71.20 -1.6 % 63.2 % 0.8 % pts. $ 112.70 -2.7 % Asia Pacific excluding China $ 132.36 10.9 % 71.5 % 2.0 % pts. $ 185.08 7.7 % Caribbean & Latin America $ 150.67 7.2 % 64.8 % -0.2 % pts. $ 232.62 7.5 % International - All 1 $ 111.39 5.9 % 65.4 % 1.4 % pts. $ 170.44 3.7 % Worldwide 2 $ 119.38 4.1 % 65.7 % 0.7 % pts. $ 181.73 2.9 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. A-8 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2025 First Quarter Net income, as reported $ 665 Cost reimbursement revenue (4,655) Reimbursed expenses 4,722 Interest expense 192 Interest expense from unconsolidated joint ventures 1 Provision for income taxes 99 Depreciation and amortization 51 Contract investment amortization 28 Depreciation and amortization classified in reimbursed expenses 57 Depreciation, amortization, and impairments from unconsolidated joint ventures 4 Stock-based compensation 52 Restructuring and merger-related charges 1 Adjusted EBITDA † $ 1,217 Change from 2024 Adjusted EBITDA † 7 % 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 † 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-9 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST SECOND QUARTER 2025 ($ in millions) Range Estimated Second Quarter 2025 Second Quarter 2024 Net income excluding certain items 1 $ 706 $ 721 Interest expense 200 200 Interest expense from unconsolidated joint ventures 2 2 Provision for income taxes 264 269 Depreciation and amortization 47 47 Contract investment amortization 29 29 Depreciation and amortization classified in reimbursed expenses 62 62 Depreciation, amortization, and impairments from unconsolidated joint ventures 5 5 Stock-based compensation 55 55 Adjusted EBITDA † $ 1,370 $ 1,390 $ 1,324 Increase over 2024 Adjusted EBITDA † 3 % 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 (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. A-10 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 $ 2,757 $ 2,860 Interest expense 816 816 Interest expense from unconsolidated joint ventures 7 7 Provision for income taxes 885 922 Depreciation and amortization 200 200 Contract investment amortization 117 117 Depreciation and amortization classified in reimbursed expenses 265 265 Depreciation, amortization, and impairments from unconsolidated joint ventures 18 18 Stock-based compensation 220 220 Adjusted EBITDA † $ 5,285 $ 5,425 $ 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 (other than our planned acquisition of the citizenM brand, which we assume to occur in the second half of 2025), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. A-11 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 2025 primarily related to the release of tax reserves. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization, provision (benefit) for income taxes, restructuring and merger-related charges, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes certain non-cash impairment charges and gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, and Adjusted EBITDA, we exclude restructuring and merger-related charges as well as non-cash impairment charges (if above a specified threshold) related to our management and franchise contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the “Contract investment amortization,” “Depreciation, amortization, and other,” and “Equity in earnings” captions of our Consolidated Statements of Income (our “Income Statements”), to allow for period-over period comparisons of our ongoing operations before the impact of these items. We exclude cost reimbursement revenue and reimbursed expenses, which relate to property-level and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. 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-12 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, 2024 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, 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-13

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other guidance in this release

Text is the filed exhibit, verbatim.