NEWS Marriott International Reports Second Quarter 2025 Results • Second quarter 2025 RevPAR 1 increased 1.5 percent worldwide, with 5.3 percent growth in international markets and U.S. & Canada RevPAR in line with the year-ago quarter • Second quarter reported diluted EPS totaled $2.78 and adjusted diluted EPS totaled $2.65 • Second quarter reported net income totaled $763 million and adjusted net income totaled $728 million • Second quarter adjusted EBITDA totaled $1,415 million • The company added roughly 17,300 net rooms during the quarter and net rooms grew 4.7% from the end of the second quarter of 2024 • At the end of the quarter, Marriott’s worldwide development pipeline reached a new record and totaled approximately 3,900 properties and over 590,000 rooms • The company repurchased 2.8 million shares of common stock for $0.7 billion in the 2025 second quarter. Year to date through July 30 , the company has return ed approximately $2.1 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-q2-earnings-infographic.pdf BE THESDA, MD – August 5, 2025 - Marriott International, Inc. (Nasdaq: MAR) today reported second quarter 2025 resul ts. Anthony Capuano, President and Chief Executive Officer, said, “Marriott delivered another solid quarter, highlighted by strong financial results and robust net rooms growth despite heightened macro-economic uncertainty. Global RevPAR increased 1.5 percent in the second quarter primarily driven by the leisure segment. International RevPAR rose over 5 percent, with strong growth in APEC and EMEA. In the U.S. & Canada, RevPAR was flat year over year with continued strength in the luxury segment offset by a decline in select service demand, largely reflecting reduced government travel and weaker business transient demand. Adjusting for the Easter holiday shift, U.S. & Canada RevPAR increased by nearly 1 percent. 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 “Development activity remained robust. We signed nearly 32,000 rooms, over 70 percent of which were in international markets, and our quarter-end pipeline stood at a record of more than 590,000 rooms. Conversions continued to be a key driver of growth, representing approximately 30 percent of our room signings and openings in the first half of this year. We still expect full year net rooms growth to approach 5 percent this year. “With our strategy to be everywhere our guests want us to be, we expanded our industry leading global brand portfolio with the launch of Series by Marriott™, a new regional collection brand targeting the midscale and upscale segments. We are excited about our founding deal to affiliate the Fern portfolio of brands in India with Series by Marriott, and by the strong interest from owners around the world in this extension of our successful soft brand model. We also recently completed the acquisition of the innovative lifestyle brand citizenM, further broadening offerings for our guests, Marriott Bonvoy members and owners. We believe both of these new brands have meaningful global growth potential. “We continue to enhance our powerful Marriott Bonvoy travel platform. Membership reached nearly 248 million members at the end of June, and we are deepening engagement through unique experiences and strategic collaborations. “Our results in the second quarter underscore the resiliency of our cash-generating, asset-light business model and the strength of our brands. Year to date through July 30, we have returned approximately $2.1 billion to our shareholders through share repurchases and dividends, and we remain on track to return approximately $4 billion for full year 2025.” Second Quarter 2025 Results Base management and franchise fees totaled $1,200 million in the 2025 second quarter, a nearly 5 percent increase compared to base management and franchise fees of $1,148 million in the year-ago quarter. Higher RevPAR, rooms growth and co-branded credit card fees were key contributors to the increase. Incentive management fees totaled $200 million in the 2025 second quarter, compared to $195 million in the 2024 second quarter, driven by strong international hotel results. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter. Own ed, leased, and other revenue, net of direct expenses, totaled $113 million in the 2025 second quarter, compared to $99 million in the 2024 second quarter. The increase was mainly driven by the addition of the Sheraton Grand Chicago to our portfolio of owned hotels. 2 General, administrative, and other expenses for the 2025 second quarter totaled $245 million, compared to $248 million in the year-ago quarter. The year-over-year change largely reflects lower compensation costs. Interest expense, net, totaled $191 million in the 2025 second quarter, compared to $164 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances. In the 2025 second quarter, the provision for income taxes totaled $291 million compared to $268 million in the 2024 second quarter . Ma rriott’s reported operating income totaled $1,236 million in the 2025 second quarter, compared to 2024 second quarter reported operating income of $1,195 million. Reported net income totaled $763 million in the 2025 second quarter, a 1 percent decrease compared to 2024 second quarter reported net income of $772 million. Reported diluted earnings per share (EPS) totaled $2.78 in the quarter, compared to reported diluted EPS of $2.69 in the year-ago quarter. Adjusted operating income in the 2025 second quarter totaled $1,186 million, compared to 2024 second quarter adjusted operating income of $1,120 million. Second quarter 2025 adjusted net income totaled $728 million, compared to 2024 second quarter adjusted net income of $716 million. Adjusted diluted EPS in the 2025 second quarter totaled $2.65, compared to adjusted diluted EPS of $2.50 in the year-ago quarter. Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and, for the 2025 second quarter, income tax special items. See the press release schedules for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,415 million in the 2025 second quarter, a 7 percent increase compared to second quarter 2024 adjusted EBITDA of $1,324 million. S ee the press release schedules for the adjusted EBITDA calculation. Selected Performance Information The company added roughly 17,300 net rooms during the quarter, including more than 8,500 net rooms in international markets. At the end of the quarter, Marriott’s global system totaled over 9,600 properties, with approximately 1,736,000 rooms. At the end of the quarter, the company’s worldwide development pipeline totaled 3,858 properties with more than 590,000 rooms, including 234 properties with over 37,000 rooms approved for 3 development, but not yet subject to signed contracts. The quarter-end pipeline included 1,447 properties with over 238,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the quarter-end pipeline are in international markets. The quarter-end pipeline does not reflect any rooms from our acquisition of the citizenM brand or from the launch of Series by Marriott. In the 2025 second quarter, worldwide RevPAR increased 1.5 percent (a 1.7 percent increase using actual dollars) compared to the 2024 second quarter. RevPAR in the U.S. & Canada was flat (a 0.1 percent decrease using actual dollars) year-over-year, and RevPAR in international markets increased 5.3 percent (a 6.1 percent increase using actual dollars) year-over-year. Balance S heet & Common Stock At the end of the quarter, Marriott’s total debt was $15.7 billion and cash and equivalents totaled $0.7 billion, compared to $14.4 billion in 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 second quarter for $0.7 billion. Year to date through July 30, the company has repurchased 6.4 million shares for $1.7 billion. 4 Company Outlook The Company's updated outlook generally assumes the continuation of the current macro-economic environment. Third Quarter 2025 vs. Third Quarter 2024 Full Year 2025 vs. Full Year 2024 Comparable systemwide constant $ RevPAR growth Worldwide flat to 1.0% 1.5% to 2.5% Year-End 2025 vs. Year-End 2024 Net rooms growth Approaching 5% ($ in millions, except EPS) Third Quarter 2025 Full Year 2025 Gross fee revenues $1,310 to $1,325 $5,365 to $5,420 Owned, leased, and other revenue, net of direct expenses $80 to $90 $360 to $370 General, administrative, and other expenses $245 to $240 $985 to $965 Adjusted EBITDA 1,2 $1,288 to $1,318 $5,310 to $5,395 Adjusted EPS – diluted 2,3 $2.31 to $2.39 $9.85 to $10.08 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 – diluted for third quarter and full year 2025 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Adjusted EPS – diluted for full year 2025 excludes the benefit of income tax special items of $74 million. 3 Assumes the level of capital return to shareholders noted above. 4 This outlook includes $355 million of funding related to our acquisition of the citizenM brand. Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any other potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant. 5 Assumes the level and types of investment spending noted above and that no asset sales, property acquisitions or additional brand acquisitions occur during the year. 5 Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, August 5, 2025, at 8:30 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at www.marriott.com/investor (click on “Events & Presentations” and click on the quarterly conference call link). A replay will be available at that same website until August 5, 2026. The telephone dial-in number for the conference call is US Toll Free: 800-274-8461, or Global: +1 203-518-9814. The conference ID is MAR2Q25. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, August 5, 2025, until 8:00 p.m. ET, Tuesday, August 12, 2025. To access the replay, call US Toll Free: 800-723-0389 or Global: +1 402-220-2647 using conference ID MAR2Q25. Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of August 5, 2025. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; cash generation and shareholder returns; our growth prospects; our development pipeline; our Marriott Bonvoy travel platform; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including uncertainty resulting from economic, political or other global, national, and regional conditions and events, including related to tariffs, trade, travel and other policies; and the risk factors that we describe in our U.S. Securities and Exchange Commission filings, including our most recent Annual Report on 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 over 9,600 properties across more than 30 leading brands in 143 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 2, 2025 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 - Third 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 SECOND QUARTER 2025 AND 2024 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) June 30, 2025 June 30, 2024 Reported 2025 vs. 2024 REVENUES Base management fees $ 340 $ 330 3 Franchise fees 1 860 818 5 Incentive management fees 200 195 3 Gross fee revenues 1,400 1,343 4 Contract investment amortization 2 (29) (27) (7) Net fee revenues 1,371 1,316 4 Owned, leased, and other revenue 3 441 395 12 Cost reimbursement revenue 4 4,932 4,728 4 6,744 6,439 5 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 328 296 (11) Depreciation, amortization, and other 6 53 47 (13) General, administrative, and other 7 245 248 1 Restructuring and merger-related charges 8 8 — Reimbursed expenses 4 4,874 4,645 (5) 5,508 5,244 (5) OPERATING INCOME 1,236 1,195 3 Gains and other income, net 8 5 4 25 Interest expense (203) (173) (17) Interest income 12 9 33 Equity in earnings 9 4 5 (20) INCOME BEFORE INCOME TAXES 1,054 1,040 1 Provision for income taxes (291) (268) (9) NET INCOME $ 763 $ 772 (1) EARNINGS PER SHARE Earnings per share - basic $ 2.78 $ 2.70 3 Earnings per share - diluted $ 2.78 $ 2.69 3 Basic shares 274.2 285.8 Diluted shares 274.7 286.7 1 Franchise fees include fees from our franchise and license agreements for lodging properties (including our timeshare properties), application and relicensing fees, co-branded credit card fees, and residential branding fees. 2 Contract investment amortization includes amortization of capitalized costs to obtain contracts with customers and any related impairments. 3 Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue. 4 Cost reimbursement revenue includes reimbursements from hotel owners and certain other counterparties for property-level and centralized programs and services that we operate for their benefit. Reimbursed expenses include costs incurred by Marriott for certain property-level operating expenses and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties. 5 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 6 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of acquired contracts, software, and other definite-lived intangible assets, and any related impairments, accelerations, or write-offs. 7 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. 8 Gains and other income, net includes gains and losses on the sale of real estate, the sale of joint venture interests and other investments, and adjustments from other equity investments. 9 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. A-2 MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED SECOND QUARTER YEAR-TO-DATE 2025 AND 2024 ($ in millions except per share amounts, unaudited) As Reported As Reported Percent Six Months Ended Six Months Ended Better/(Worse) June 30, 2025 June 30, 2024 Reported 2025 vs. 2024 REVENUES Base management fees $ 665 $ 643 3 Franchise fees 1 1,606 1,506 7 Incentive management fees 404 404 — Gross fee revenues 2,675 2,553 5 Contract investment amortization 2 (57) (50) (14) Net fee revenues 2,618 2,503 5 Owned, leased, and other revenue 3 802 752 7 Cost reimbursement revenue 4 9,587 9,161 5 13,007 12,416 5 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 5 624 582 (7) Depreciation, amortization, and other 6 104 92 (13) General, administrative, and other 7 490 509 4 Restructuring and merger-related charges 9 16 44 Reimbursed expenses 4 9,596 9,146 (5) 10,823 10,345 (5) OPERATING INCOME 2,184 2,071 5 Gains and other income, net 8 3 8 (63) Interest expense (395) (336) (18) Interest income 21 19 11 Equity in earnings 9 5 5 — INCOME BEFORE INCOME TAXES 1,818 1,767 3 Provision for income taxes (390) (431) 10 NET INCOME $ 1,428 $ 1,336 7 EARNINGS PER SHARE Earnings per share - basic $ 5.18 $ 4.64 12 Earnings per share - diluted $ 5.17 $ 4.62 12 Basic shares 275.5 288.1 Diluted shares 276.2 289.1 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 Six Months Ended Percent Percent June 30, June 30, Better/ June 30, June 30, Better/ 2025 2024 (Worse) 2025 2024 (Worse) Total revenues, as reported $ 6,744 $ 6,439 $ 13,007 $ 12,416 Less: Cost reimbursement revenue (4,932) (4,728) (9,587) (9,161) Adjusted total revenues † 1,812 1,711 3,420 3,255 Operating income, as reported 1,236 1,195 2,184 2,071 Less: Cost reimbursement revenue (4,932) (4,728) (9,587) (9,161) Add: Reimbursed expenses 4,874 4,645 9,596 9,146 Add: Restructuring and merger-related charges 8 8 9 16 Adjusted operating income † 1,186 1,120 6 2,202 2,072 6 Operating income margin 18 % 19 % 17 % 17 % Adjusted operating income margin † 65 % 65 % 64 % 64 % Net income, as reported 763 772 1,428 1,336 Less: Cost reimbursement revenue (4,932) (4,728) (9,587) (9,161) Add: Reimbursed expenses 4,874 4,645 9,596 9,146 Add: Restructuring and merger-related charges 8 8 9 16 Income tax effect of above adjustments 18 19 1 (1) Less: Income tax special items (3) — (74) — Adjusted net income † $ 728 $ 716 2 $ 1,373 $ 1,336 3 Diluted earnings per share, as reported $ 2.78 $ 2.69 $ 5.17 $ 4.62 Adjusted diluted earnings per share † $ 2.65 $ 2.50 6 $ 4.97 $ 4.62 8 † 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-4 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of June 30, 2025 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Managed 612 213,382 1,360 353,456 1,972 566,838 Marriott Hotels 99 56,180 187 59,155 286 115,335 Sheraton 25 19,769 180 57,877 205 77,646 Courtyard by Marriott 155 25,227 132 28,912 287 54,139 Westin 41 22,486 79 23,888 120 46,374 JW Marriott 23 13,191 76 27,076 99 40,267 The Ritz-Carlton 42 12,798 79 18,394 121 31,192 Four Points by Sheraton 1 134 96 25,583 97 25,717 Renaissance Hotels 21 9,065 51 16,054 72 25,119 Le Méridien — — 67 18,286 67 18,286 W Hotels 20 5,513 45 12,460 65 17,973 St. Regis 13 2,669 52 11,380 65 14,049 Residence Inn by Marriott 73 12,002 9 1,116 82 13,118 Gaylord Hotels 7 11,820 — — 7 11,820 The Luxury Collection 6 2,296 41 7,859 47 10,155 Delta Hotels by Marriott 24 6,622 19 3,329 43 9,951 Fairfield by Marriott 6 1,431 55 8,450 61 9,881 Aloft Hotels 2 505 40 8,777 42 9,282 Autograph Collection 11 3,269 16 3,209 27 6,478 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 2,680 22 4,192 Element Hotels 3 810 15 2,964 18 3,774 SpringHill Suites by Marriott 20 3,499 — — 20 3,499 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 36 8,667 50 14,206 Sheraton 1 1,218 3 1,724 4 2,942 Marriott Hotels 2 1,304 5 1,631 7 2,935 Courtyard by Marriott 7 987 4 894 11 1,881 W Hotels 2 765 2 665 4 1,430 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-5 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE As of June 30, 2025 US & Canada Total International 1 Total Worldwide Properties Rooms Properties Rooms Properties Rooms Franchised, Licensed, and Other 5,725 849,133 1,714 289,705 7,439 1,138,838 Courtyard by Marriott 920 123,572 137 25,379 1,057 148,951 Fairfield by Marriott 1,179 111,061 114 15,993 1,293 127,054 Residence Inn by Marriott 810 96,464 38 4,766 848 101,230 Marriott Hotels 234 74,162 78 22,034 312 96,196 Autograph Collection 153 34,504 159 32,171 312 66,675 Sheraton 141 43,631 81 22,628 222 66,259 SpringHill Suites by Marriott 552 64,189 — — 552 64,189 TownePlace Suites by Marriott 541 54,487 — — 541 54,487 Westin 95 32,010 33 9,615 128 41,625 Four Points by Sheraton 148 21,350 108 19,600 256 40,950 AC Hotels by Marriott 127 21,145 106 15,615 233 36,760 Aloft Hotels 167 23,904 30 5,782 197 29,686 Moxy Hotels 47 8,093 111 20,848 158 28,941 Renaissance Hotels 71 19,545 33 8,347 104 27,892 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Tribute Portfolio 93 17,646 60 8,269 153 25,915 Timeshare* 73 18,949 21 3,911 94 22,860 Delta Hotels by Marriott 68 15,195 29 6,283 97 21,478 The Luxury Collection 15 7,812 62 13,560 77 21,372 City Express by Marriott 2 258 153 17,781 155 18,039 Design Hotels* 24 2,573 165 11,355 189 13,928 Element Hotels 93 12,404 6 827 99 13,231 Le Méridien 23 5,060 25 7,184 48 12,244 JW Marriott 12 6,080 15 3,261 27 9,341 Sonder by Marriott Bonvoy 88 5,374 58 2,695 146 8,069 Four Points Flex by Sheraton — — 41 6,234 41 6,234 Protea Hotels by Marriott — — 37 3,283 37 3,283 Outdoor-Focused Collection 32 1,532 — — 32 1,532 W Hotels 1 1,117 1 226 2 1,343 Marriott Executive Apartments — — 6 1,117 6 1,117 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 St. Regis — — 1 172 1 172 Bvlgari — — 2 161 2 161 StudioRes 1 124 — — 1 124 Residences 72 7,670 68 8,267 140 15,937 The Ritz-Carlton Residences 43 4,760 22 1,866 65 6,626 St. Regis Residences 11 1,267 14 1,947 25 3,214 W Residences 10 1,092 8 768 18 1,860 Marriott Residences — — 5 1,337 5 1,337 JW Marriott Residences — — 3 767 3 767 Westin Residences 3 266 3 413 6 679 Bvlgari Residences — — 5 526 5 526 Sheraton Residences — — 3 472 3 472 The Luxury Collection Residences 1 91 2 85 3 176 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 6,423 1,075,724 3,178 660,095 9,601 1,735,819 1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented in "Franchised, Licensed and Other" within their respective brands. Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. A-6 MARRIOTT INTERNATIONAL, INC. TOTAL LODGING PRODUCTS BY TIER As of June 30, 2025 US & Canada Total International 1 Total Worldwide Total Systemwide Properties Rooms Properties Rooms Properties Rooms Luxury 208 61,341 462 106,637 670 167,978 JW Marriott 35 19,271 92 30,833 127 50,104 JW Marriott Residences — — 3 767 3 767 The Ritz-Carlton 43 13,227 81 18,942 124 32,169 The Ritz-Carlton Residences 43 4,760 22 1,866 65 6,626 The Ritz-Carlton Yacht Collection* — — 2 377 2 377 The Luxury Collection 21 10,108 106 21,802 127 31,910 The Luxury Collection Residences 1 91 2 85 3 176 W Hotels 23 7,395 48 13,351 71 20,746 W Residences 10 1,092 8 768 18 1,860 St. Regis 13 2,669 54 11,712 67 14,381 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 1,240 409,347 1,408 327,398 2,648 736,745 Marriott Hotels 335 131,646 270 82,820 605 214,466 Marriott Residences — — 5 1,337 5 1,337 Sheraton 167 64,618 264 82,229 431 146,847 Sheraton Residences — — 3 472 3 472 Westin 137 55,569 112 33,503 249 89,072 Westin Residences 3 266 3 413 6 679 Autograph Collection 164 37,773 180 35,740 344 73,513 Autograph Collection Residences — — 1 14 1 14 Renaissance Hotels 92 28,610 86 24,906 178 53,516 Renaissance Residences 1 112 — — 1 112 Delta Hotels by Marriott 92 21,817 48 9,612 140 31,429 Le Méridien 23 5,060 92 25,470 115 30,530 Le Méridien Residences — — 1 62 1 62 Tribute Portfolio 93 17,646 73 9,933 166 27,579 MGM Collection with Marriott Bonvoy** 12 26,210 — — 12 26,210 Design Hotels* 24 2,573 165 11,355 189 13,928 Gaylord Hotels 7 11,820 — — 7 11,820 Sonder by Marriott Bonvoy 88 5,374 58 2,695 146 8,069 Marriott Executive Apartments — — 45 6,606 45 6,606 Apartments by Marriott Bonvoy 2 253 2 231 4 484 Select 4,899 585,705 1,093 198,134 5,992 783,839 Courtyard by Marriott 1,082 149,786 273 55,185 1,355 204,971 Fairfield by Marriott 1,185 112,492 169 24,443 1,354 136,935 Residence Inn by Marriott 884 108,658 48 6,022 932 114,680 SpringHill Suites by Marriott 572 67,688 — — 572 67,688 Four Points by Sheraton 149 21,484 204 45,183 353 66,667 TownePlace Suites by Marriott 547 55,312 — — 547 55,312 AC Hotels by Marriott 135 22,657 120 18,295 255 40,952 Aloft Hotels 169 24,409 70 14,559 239 38,968 Moxy Hotels 48 8,473 124 23,724 172 32,197 Element Hotels 96 13,214 21 3,791 117 17,005 Protea Hotels by Marriott — — 64 6,932 64 6,932 Outdoor-Focused Collection 32 1,532 — — 32 1,532 Midscale 3 382 194 24,015 197 24,397 City Express by Marriott 2 258 153 17,781 155 18,039 Four Points Flex by Sheraton — — 41 6,234 41 6,234 StudioRes 1 124 — — 1 124 Timeshare* 73 18,949 21 3,911 94 22,860 Grand Total 6,423 1,075,724 3,178 660,095 9,601 1,735,819 1 "International" refers to: (i) Europe, Middle East & Africa, (ii) Greater China, (iii) Asia Pacific excluding China, and (iv) Caribbean & Latin America. * Timeshare, Design Hotels, and The Ritz-Carlton Yacht Collection counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within “Unallocated corporate and other.” ** Excludes five MGM Collection with Marriott Bonvoy properties (two Autograph Collection, one Tribute Portfolio, one The Luxury Collection and one W Hotels) which are presented within their respective brands. Property and room counts presented by brand in the above table include certain hotels in our system that are not yet operating under such brand, but are expected to operate under such brand following the completion of planned renovations. A-7 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Three Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 256.91 3.2 % 73.5 % -0.1 % pts. $ 349.48 3.4 % The Ritz-Carlton $ 379.22 5.8 % 69.1 % 0.9 % pts. $ 548.82 4.5 % W Hotels $ 265.40 4.8 % 72.4 % 2.4 % pts. $ 366.32 1.3 % Composite US & Canada Luxury 1 $ 323.19 5.0 % 71.9 % 0.9 % pts. $ 449.29 3.6 % Marriott Hotels $ 186.65 0.6 % 73.5 % -1.2 % pts. $ 253.89 2.2 % Sheraton $ 172.43 -1.3 % 70.3 % -2.5 % pts. $ 245.42 2.2 % Westin $ 201.18 1.6 % 73.8 % -1.0 % pts. $ 272.63 3.0 % Composite US & Canada Premium 2 $ 184.53 0.8 % 72.9 % -0.9 % pts. $ 252.99 2.0 % US & Canada Full-Service 3 $ 214.88 2.2 % 72.7 % -0.5 % pts. $ 295.49 2.8 % Courtyard by Marriott $ 121.91 -2.2 % 71.5 % -0.7 % pts. $ 170.39 -1.2 % Residence Inn by Marriott $ 158.59 0.0 % 79.4 % 0.3 % pts. $ 199.72 -0.4 % Composite US & Canada Select 4 $ 135.00 -1.0 % 74.3 % -0.2 % pts. $ 181.64 -0.8 % US & Canada - All 5 $ 195.25 1.6 % 73.1 % -0.4 % pts. $ 267.04 2.2 % Comparable Systemwide US & Canada Properties Three Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 246.76 1.7 % 74.4 % -0.8 % pts. $ 331.59 2.8 % The Ritz-Carlton $ 378.95 6.0 % 69.7 % 0.8 % pts. $ 543.79 4.7 % W Hotels $ 265.40 4.8 % 72.4 % 2.4 % pts. $ 366.32 1.3 % Composite US & Canada Luxury 1 $ 304.02 4.1 % 72.8 % 0.5 % pts. $ 417.38 3.4 % Marriott Hotels $ 157.02 0.6 % 72.3 % -0.7 % pts. $ 217.09 1.5 % Sheraton $ 140.24 -0.8 % 70.7 % -1.8 % pts. $ 198.48 1.7 % Westin $ 179.02 1.4 % 73.9 % -0.7 % pts. $ 242.16 2.3 % Composite US & Canada Premium 2 $ 159.60 1.0 % 72.2 % -0.5 % pts. $ 221.04 1.7 % US & Canada Full-Service 3 $ 175.79 1.6 % 72.3 % -0.4 % pts. $ 243.23 2.2 % Courtyard by Marriott $ 120.10 -2.6 % 72.3 % -1.7 % pts. $ 166.11 -0.3 % Residence Inn by Marriott $ 139.07 -0.8 % 79.6 % -0.7 % pts. $ 174.62 0.0 % Fairfield by Marriott $ 101.21 -1.8 % 72.8 % -1.5 % pts. $ 139.00 0.2 % Composite US & Canada Select 4 $ 120.57 -1.5 % 74.9 % -1.2 % pts. $ 160.88 0.1 % US & Canada - All 5 $ 142.78 0.0 % 73.9 % -0.9 % pts. $ 193.29 1.2 % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. 4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels. 5 Includes US & Canada Full-Service and Composite US & Canada Select. A-8 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated US & Canada Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 262.35 4.4 % 73.3 % 1.1 % pts. $ 358.15 2.9 % The Ritz-Carlton $ 397.01 6.9 % 68.9 % 1.5 % pts. $ 575.98 4.5 % W Hotels $ 264.75 4.8 % 69.2 % 2.5 % pts. $ 382.76 1.1 % Composite US & Canada Luxury 1 $ 337.22 5.3 % 71.2 % 1.4 % pts. $ 473.60 3.2 % Marriott Hotels $ 175.96 2.9 % 70.3 % -0.2 % pts. $ 250.27 3.3 % Sheraton $ 166.98 0.3 % 68.0 % -1.8 % pts. $ 245.51 3.0 % Westin $ 184.91 3.5 % 69.4 % 0.1 % pts. $ 266.43 3.3 % Composite US & Canada Premium 2 $ 174.32 3.0 % 69.7 % 0.0 % pts. $ 250.04 3.0 % US & Canada Full-Service 3 $ 209.98 3.8 % 70.0 % 0.3 % pts. $ 299.80 3.3 % Courtyard by Marriott $ 113.09 0.3 % 67.2 % 0.2 % pts. $ 168.19 -0.1 % Residence Inn by Marriott $ 152.98 1.4 % 76.6 % 0.7 % pts. $ 199.76 0.5 % Composite US & Canada Select 4 $ 127.71 0.9 % 70.7 % 0.6 % pts. $ 180.60 0.1 % US & Canada - All 5 $ 189.76 3.3 % 70.2 % 0.4 % pts. $ 270.29 2.7 % Comparable Systemwide US & Canada Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Brand 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 JW Marriott $ 251.03 3.3 % 73.5 % 0.5 % pts. $ 341.34 2.6 % The Ritz-Carlton $ 392.19 7.0 % 69.1 % 1.6 % pts. $ 567.54 4.6 % W Hotels $ 264.75 4.8 % 69.2 % 2.5 % pts. $ 382.76 1.1 % Composite US & Canada Luxury 1 $ 312.34 4.9 % 71.6 % 1.2 % pts. $ 436.26 3.2 % Marriott Hotels $ 146.29 2.8 % 68.5 % 0.3 % pts. $ 213.68 2.4 % Sheraton $ 129.22 0.8 % 66.5 % -0.8 % pts. $ 194.27 2.0 % Westin $ 168.82 3.4 % 70.4 % 0.4 % pts. $ 239.87 2.8 % Composite US & Canada Premium 2 $ 148.95 3.0 % 68.5 % 0.3 % pts. $ 217.59 2.5 % US & Canada Full-Service 3 $ 167.27 3.3 % 68.8 % 0.4 % pts. $ 243.11 2.7 % Courtyard by Marriott $ 109.56 -1.1 % 67.8 % -1.1 % pts. $ 161.61 0.4 % Residence Inn by Marriott $ 129.43 0.1 % 76.0 % -0.2 % pts. $ 170.37 0.4 % Fairfield by Marriott $ 90.95 -0.5 % 67.7 % -0.8 % pts. $ 134.28 0.7 % Composite US & Canada Select 4 $ 110.68 -0.2 % 70.7 % -0.6 % pts. $ 156.58 0.7 % US & Canada - All 5 $ 133.45 1.6 % 69.9 % -0.2 % pts. $ 190.83 1.9 % 1 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 2 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection, Delta Hotels by Marriott, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio. 3 Includes Composite US & Canada Luxury and Composite US & Canada Premium. 4 Includes Courtyard by Marriott, Residence Inn by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott, TownePlace Suites by Marriott, Four Points by Sheraton, Aloft Hotels, Element Hotels, AC Hotels by Marriott, and Moxy Hotels. 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 June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 266.53 3.3 % 77.1 % 2.5 % pts. $ 345.92 -0.1 % Middle East & Africa $ 135.25 13.4 % 68.8 % 4.2 % pts. $ 196.52 6.4 % Greater China $ 80.06 -0.5 % 68.6 % 0.5 % pts. $ 116.78 -1.2 % Asia Pacific excluding China $ 122.60 7.5 % 69.4 % 0.9 % pts. $ 176.58 6.1 % Caribbean & Latin America $ 186.34 6.9 % 65.0 % -2.1 % pts. $ 286.47 10.4 % International - All 1 $ 126.06 5.5 % 69.5 % 1.3 % pts. $ 181.50 3.5 % Worldwide 2 $ 154.88 3.4 % 71.0 % 0.6 % pts. $ 218.20 2.6 % Comparable Systemwide International Properties Three Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 178.96 3.8 % 75.3 % 1.6 % pts. $ 237.71 1.5 % Middle East & Africa $ 125.23 14.0 % 68.2 % 3.8 % pts. $ 183.59 7.6 % Greater China $ 73.75 -0.5 % 66.9 % 0.3 % pts. $ 110.29 -0.9 % Asia Pacific excluding China $ 127.23 8.8 % 70.5 % 1.1 % pts. $ 180.35 7.0 % Caribbean & Latin America $ 121.22 3.0 % 62.0 % -1.7 % pts. $ 195.51 5.8 % International - All 1 $ 122.49 5.3 % 69.0 % 0.9 % pts. $ 177.52 3.9 % Worldwide 2 $ 136.00 1.5 % 72.2 % -0.3 % pts. $ 188.25 1.9 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. A-10 MARRIOTT INTERNATIONAL, INC. KEY LODGING STATISTICS In Constant $ Comparable Company-Operated International Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 208.40 4.2 % 69.7 % 2.6 % pts. $ 299.19 0.2 % Middle East & Africa $ 141.06 8.6 % 69.5 % 2.3 % pts. $ 203.09 5.0 % Greater China $ 79.55 -1.2 % 66.6 % 0.6 % pts. $ 119.50 -2.1 % Asia Pacific excluding China $ 127.75 9.1 % 70.4 % 1.3 % pts. $ 181.54 7.1 % Caribbean & Latin America $ 215.47 9.3 % 67.8 % 0.2 % pts. $ 317.70 9.0 % International - All 1 $ 124.32 5.5 % 68.5 % 1.2 % pts. $ 181.48 3.5 % Worldwide 2 $ 151.61 4.3 % 69.2 % 0.9 % pts. $ 219.04 3.0 % Comparable Systemwide International Properties Six Months Ended June 30, 2025 and June 30, 2024 RevPAR Occupancy Average Daily Rate Region 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Europe $ 141.66 5.0 % 68.1 % 2.4 % pts. $ 208.14 1.3 % Middle East & Africa $ 129.96 9.3 % 68.6 % 2.2 % pts. $ 189.40 5.8 % Greater China $ 73.19 -1.0 % 65.1 % 0.5 % pts. $ 112.36 -1.7 % Asia Pacific excluding China $ 129.68 9.8 % 71.0 % 1.6 % pts. $ 182.57 7.3 % Caribbean & Latin America $ 136.36 5.4 % 63.6 % -0.8 % pts. $ 214.38 6.8 % International - All 1 $ 117.35 5.7 % 67.3 % 1.2 % pts. $ 174.37 3.8 % Worldwide 2 $ 128.08 2.8 % 69.1 % 0.3 % pts. $ 185.47 2.4 % 1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. A-11 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA ($ in millions) Fiscal Year 2025 First Quarter Second Quarter Total Net income, as reported $ 665 $ 763 $ 1,428 Cost reimbursement revenue (4,655) (4,932) (9,587) Reimbursed expenses 4,722 4,874 9,596 Interest expense 192 203 395 Interest expense from unconsolidated joint ventures 1 3 4 Provision for income taxes 99 291 390 Depreciation and amortization 51 53 104 Contract investment amortization 28 29 57 Depreciation and amortization classified in reimbursed expenses 57 61 118 Depreciation, amortization, and impairments from unconsolidated joint ventures 4 4 8 Stock-based compensation 52 58 110 Restructuring and merger-related charges 1 8 9 Adjusted EBITDA † $ 1,217 $ 1,415 $ 2,632 Change from 2024 Adjusted EBITDA † 7 % 7 % 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-12 MARRIOTT INTERNATIONAL, INC. NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST THIRD QUARTER 2025 ($ in millions) Range Estimated Third Quarter 2025 Third Quarter 2024 Net income excluding certain items 1 $ 629 $ 651 Interest expense 207 207 Interest expense from unconsolidated joint ventures 1 1 Provision for income taxes 237 245 Depreciation and amortization 52 52 Contract investment amortization 30 30 Depreciation and amortization classified in reimbursed expenses 68 68 Depreciation, amortization, and impairments from unconsolidated joint ventures 6 6 Stock-based compensation 58 58 Adjusted EBITDA † $ 1,288 $ 1,318 $ 1,229 Increase over 2024 Adjusted EBITDA † 5 % 7 % † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. 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 $ 2,771 $ 2,833 Interest expense 815 815 Interest expense from unconsolidated joint ventures 7 7 Provision for income taxes 889 912 Depreciation and amortization 205 205 Contract investment amortization 120 120 Depreciation and amortization classified in reimbursed expenses 260 260 Depreciation, amortization, and impairments from unconsolidated joint ventures 18 18 Stock-based compensation 225 225 Adjusted EBITDA † $ 5,310 $ 5,395 $ 4,981 Increase over 2024 Adjusted EBITDA † 7 % 8 % † Denotes non-GAAP financial measures. Please see Explanation of Non-GAAP Financial and Performance Measures in these Press Release Schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. 1 Guidance excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year (other than our acquisition of the citizenM brand in the 2025 third quarter), each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. 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 excludes cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and certain non-cash impairment charges (when applicable). Adjusted total revenues excludes cost reimbursement revenue. Adjusted operating income margin reflects Adjusted operating income divided by Adjusted total revenues. We believe that these are meaningful metrics because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Net Income and Adjusted Diluted Earnings Per Share. Adjusted net income and Adjusted diluted earnings per share reflect our net income and diluted earnings per share excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, certain non-cash impairment charges (when applicable), and gains and losses on asset dispositions made by us or by our joint venture investees (when applicable and if above a specified threshold). Additionally, Adjusted net income and Adjusted diluted earnings per share exclude the income tax effect of the above adjustments (calculated using an estimated tax rate applicable to each adjustment) and income tax special items, which in 2025 primarily related to the release of tax reserves. We believe that these measures are meaningful indicators of our performance because they allow for period-over-period comparisons of our ongoing operations before these items and for the reasons further described below. Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA reflects net income excluding the impact of the following items: cost reimbursement revenue and reimbursed expenses, interest expense, depreciation and amortization, provision (benefit) for income taxes, restructuring and merger-related charges, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes certain non-cash impairment charges and gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, and Adjusted EBITDA, we exclude restructuring and merger-related charges as well as non-cash impairment charges (if above a specified threshold) related to our management and franchise contracts (if the impairment is non-routine), leases, equity investments, and other capitalized assets, which we record in the “Contract investment amortization,” “Depreciation, amortization, and other,” and “Equity in earnings” captions of our Consolidated Statements of Income (our “Income Statements”), to allow for period-over period comparisons of our ongoing operations before the impact of these items. We exclude cost reimbursement revenue and reimbursed expenses, which relate to property-level and centralized programs and services that we operate for the benefit of our hotel owners and certain other counterparties, and for which we receive reimbursement under our agreements with hotel owners and certain other counterparties with no added mark-up. We do not operate these property-level and centralized programs and services to generate a profit over the long term, and accordingly, when we recover the costs that we incur for these programs and services from our hotel owners and certain other counterparties, we do not seek a mark-up. For property-level services, we recognize cost reimbursement revenue at the same time that we incur expenses, and property-level services have no net impact on our Income Statements in the reporting period. However, for centralized programs and services, we may be reimbursed before or after we incur expenses, causing timing differences between the costs we incur and the related reimbursement from hotel owners and certain other counterparties in our operating and net income. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Because we do not retain any such profits or losses over time, we exclude the net impact when evaluating period-over-period changes in our operating results. We believe that Adjusted EBITDA is a meaningful indicator of our operating performance because it permits period-over-period comparisons of our ongoing operations before these items. Our use of Adjusted EBITDA also facilitates comparison with results from other lodging companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA also excludes depreciation and amortization expense, which we report under “Depreciation, amortization, and other” as well as depreciation and amortization classified in “Contract investment amortization,” “Reimbursed expenses,” and “Equity in earnings” of our Income Statements, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. Depreciation and amortization classified in “Reimbursed expenses” reflects depreciation and amortization of Marriott-owned assets, for which we receive cash from hotel owners and certain other counterparties to reimburse the company for its investments made for the benefit of the system. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted. 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, 2024 for the current period) and have not, in either the current or previous year: (1) undergone significant room or public space renovations or expansions, (2) been converted between company-operated and franchised, or (3) sustained substantial property damage or business interruption. Our comparable properties also exclude MGM Collection with Marriott Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, residences, and timeshare properties. We use the term “hotel owners” throughout these schedules to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant to management agreements, franchise agreements, license agreements or similar arrangements, and we use the term “hotels in our system” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotels that we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott Bonvoy ® (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection ® . A-16

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other guidance in this release

Text is the filed exhibit, verbatim.