Marriott International — Aug 5, 2025 release

“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,