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1月前
Marriott International Reports First Quarter 2026 ResultsMay 6, 2026 7:00 AM
PR Newswire (US) First quarter 2026 RevPAR1 increased 4.2 percent worldwide, with 4.0 percent growth in the U.S. & Canada and 4.6 percent growth in international marketsFirst quarter reported diluted EPS totaled $2.43 and Adjusted diluted EPS totaled $2.72First quarter reported net income totaled $648 million and Adjusted net income totaled $726 millionFirst quarter Adjusted EBITDA totaled $1,398 millionThe company added roughly 15,900 net rooms globally during the quarter and net rooms grew 4.5 percent from the end of the first quarter of 2025At the end of the quarter, Marriott's worldwide development pipeline reached a new record and totaled over 4,100 properties and nearly 618,000 rooms, with 43 percent of pipeline rooms under construction including hotels that are pending conversionThe company repurchased 2.1 million shares of common stock for $0.7 billion in the 2026 first quarter. Year-to-date through April 29, the company has returned over $1.2 billion to shareholders through dividends and share repurchasesFor a summary of first quarter 2026 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2026/2026-q1-earnings-infographic.pdf.BETHESDA, Md., May 6, 2026 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported first quarter 2026 results. Anthony Capuano, President and Chief Executive Officer, said, "We delivered excellent first quarter results, reflecting the strength of our brands, our unmatched global footprint, and the resilience of demand for travel. Global RevPAR increased over 4 percent, exceeding the high end of our expectations, driven by gains in both average daily rate and occupancy. RevPAR in the U.S. & Canada rose 4 percent, with performance strengthening throughout the quarter and growth broad-based across customer segments and chain scales."International RevPAR grew 4.6 percent in the quarter, despite the conflict in the Middle East impacting March results. RevPAR in EMEA grew over 3 percent in the quarter, with increases in Europe and Africa partially offset by a decline in the Middle East. APEC led international performance, with first quarter RevPAR increasing more than 7 percent, on sustained leisure travel demand. RevPAR in Greater China increased by almost 6 percent, driven by leisure travel, particularly in Hong Kong and Hainan."Our development momentum continued, and we had record first quarter signings. Our industry-leading pipeline expanded to nearly 618,000 rooms, up over 5 percent from the year-ago quarter. Conversions, including multi-unit deals, remained a significant driver of growth, representing over 35 percent of signings and over 40 percent of openings in the quarter."Our Marriott Bonvoy travel platform remains a key competitive advantage that connects members to stays, experiences, and loyalty partners throughout their journey, and delivers significant value to hotel owners. Supported by our broad portfolio of brands and experiences, loyalty program membership in Marriott Bonvoy grew to nearly 283 million members at quarter-end."As we look ahead to the rest of this year and beyond, we are confident that our leading global scale and strong brand portfolio, our powerful Marriott Bonvoy travel platform and loyalty program, our dedicated associates, and our asset-light business model continue to position us very well for sustainable, long-term growth."First Quarter 2026 Results
Franchise and base management fees totaled $1,211 million in the 2026 first quarter, a 13 percent increase compared to franchise and base management fees of $1,071 million in the year-ago quarter. The increase was primarily driven by higher co-branded credit card fees, rooms growth and higher RevPAR.Incentive management fees totaled $222 million in the 2026 first quarter, compared to $204 million in the 2025 first quarter, driven by strong year-over-year growth in the U.S. & Canada, as well as increases in the APEC, Greater China and CALA regions. Managed hotels in international markets contributed nearly two-thirds of the incentive fees earned in the quarter.Owned, leased, and other revenue, net of owned, leased, and other expense1, totaled $35 million in the 2026 first quarter, compared to $29 million in the 2025 first quarter.General and administrative expenses2 for the 2026 first quarter totaled $219 million, compared to $209 million in the year-ago quarter, reflecting higher compensation costs partly due to timing, partially offset by lower litigation expenses.Interest expense, net, totaled $204 million in the 2026 first quarter, compared to $183 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.In the 2026 first quarter, the provision for income taxes totaled $210 million, compared to $99 million in the 2025 first quarter, which benefited from an $86 million release of certain tax reserves.Marriott's reported operating income totaled $1,064 million in the 2026 first quarter, compared to 2025 first quarter reported operating income of $948 million. Reported net income totaled $648 million in the 2026 first quarter, a 3 percent decrease compared to 2025 first quarter reported net income of $665 million. Reported diluted earnings per share (EPS) totaled $2.43 in the quarter, compared to reported diluted EPS of $2.39 in the year-ago quarter.Adjusted operating income in the 2026 first quarter totaled $1,158 million, compared to 2025 first quarter Adjusted operating income of $1,016 million. First quarter 2026 Adjusted net income totaled $726 million, compared to 2025 first quarter Adjusted net income of $645 million. Adjusted diluted EPS in the 2026 first quarter totaled $2.72, compared to Adjusted diluted EPS of $2.32 in the year-ago quarter.First quarter 2026 Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and other expenses, adjustments related to the termination of our licensing agreement with Sonder Holdings Inc., and an adjustment to a gain on an asset disposition. 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 $1,398 million in the 2026 first quarter, a 15 percent increase compared to first quarter 2025 Adjusted EBITDA of $1,217 million. See the press release schedules for the Adjusted EBITDA calculation.Income Statement Reclassification
In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from "General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. Please refer to the Expense Captions - As Reclassified section in the press release schedules for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.Selected Performance Information
The company added roughly 15,900 net rooms during the quarter, including approximately 7,500 net rooms in international markets. At the end of the quarter, Marriott's global system totaled over 9,900 properties, with nearly 1,796,000 rooms.At the end of the quarter, the company's worldwide development pipeline totaled 4,107 properties with nearly 618,000 rooms, including 230 properties with nearly 34,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,699 properties with over 268,000 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 were located in international markets.In the 2026 first quarter, worldwide RevPAR increased 4.2 percent (a 6.0 percent increase using actual dollars) compared to the 2025 first quarter. RevPAR in the U.S. & Canada increased 4.0 percent (a 4.3 percent increase using actual dollars), and RevPAR in international markets increased 4.6 percent (a 10.1 percent increase using actual dollars) compared to the 2025 first quarter.Balance Sheet & Common Stock
At the end of the quarter, Marriott's total debt was $16.5 billion and cash and equivalents totaled $0.5 billion, compared to $16.2 billion in debt and $0.4 billion of cash and equivalents at year-end 2025.The company repurchased 2.1 million shares of common stock in the 2026 first quarter for $0.7 billion. Year-to-date through April 29, the company has repurchased 3.1 million shares for $1.1 billion.In the 2026 first quarter, the company issued $600 million of Series WW Senior Notes due in 2033 with a 4.5 percent interest rate coupon and $850 million of Series XX Senior Notes due in 2038 with a 5.1 percent interest rate coupon.Company Outlook
The company's updated outlook assumes continued impact from the conflict in the Middle East and continued travel disruption, primarily impacting the Middle East region through the end of the year. The outlook does not include any impact from the renegotiation of our U.S. co-branded cards, as those discussions are still ongoing.
Second Quarter 2026vs. Second Quarter 2025Full Year 2026vs. Full Year 2025Comparable systemwide constant $ RevPAR growth
Worldwide1.5% to 2.5%2.0% to 3.0%
Year-End 2026
vs. Year-End 2025Net rooms growth
4.5% to 5%
($ in millions, except EPS)Second Quarter 2026Full Year 2026Gross fee revenues$1,538 to $1,553$5,925 to $5,985Owned, leased, and other revenue, net of owned,
leased, and other expenseApprox. $60$215 to $225General and administrative expenses$230 to $220$895 to $875Adjusted EBITDA1,2$1,525 to $1,550$5,880 to $5,970Adjusted EPS – diluted2,3$2.99 to $3.06$11.38 to $11.63Adjusted effective tax rate2Approx. 26.5%26.0% to 26.5%Investment spending4
$1,050 to $1,150Capital return to shareholders5
Over $4,400
1See the press release schedules for the Adjusted EBITDA calculations.2Adjusted EBITDA, Adjusted EPS – diluted and Adjusted effective tax rate for second quarter and full year 2026 do not include cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. Our outlook includes the impact of our planned sale of a U.S. & Canada hotel (but adjusted for the related expected impairment charge of approximately $65 million to $70 million), which we assume will occur later in the 2026 second quarter, as well as our planned investment in Lefay, which we assume will occur later this year. Our outlook excludes any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. In addition, our full year 2026 outlook excludes the first quarter 2026 adjustments related to the Sonder termination of $2 million and adjustment to a gain on an asset disposition of $(8) million.3Assumes the level of capital return to shareholders noted above.4Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities (including our planned investment in Lefay, which we assume will occur later this year), but excludes any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy, and which may be significant.5Assumes the level of investment spending noted above, our planned sale of a U.S. & Canada hotel, and that no other asset sales, property acquisitions or brand acquisitions occur during the year. Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Wednesday, May 6, 2026, 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 May 6, 2027.The telephone dial-in number for the conference call is US Toll Free: 800-267-6316, or Global: +1 203-518-9783. The conference ID is MAR1Q26.Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of May 6, 2026. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements related to our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; shareholder returns; our growth prospects; our development pipeline; our expectations about the conflict in the Middle East; our planned hotel sale; our anticipated investment in Lefay; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our 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 compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 9,900 properties in 146 countries and territories, as of March 31, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.IRPR#1
Tables follow
1All 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 2026 and 2025 reflect properties that are comparable in both years.2In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. Please see the Income Statement Reclassification section of this press release for additional information. MARRIOTT INTERNATIONAL, INC.PRESS RELEASE SCHEDULESTABLE OF CONTENTSQUARTER 1, 2026
Consolidated Statements of IncomeA-2Non-GAAP Financial MeasuresA-3Expense Captions - As ReclassifiedA-4Total Lodging Products by Ownership TypeA-5Total Lodging Products by TierA-7Key Lodging StatisticsA-9Adjusted EBITDAA-11Adjusted EBITDA Forecast - Second Quarter 2026A-12Adjusted EBITDA Forecast - Full Year 2026A-13Explanation of Non-GAAP Financial and Performance MeasuresA-14 MARRIOTT INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF INCOMEFIRST QUARTER 2026 AND 2025($ in millions except per share amounts, unaudited)
Percent
Three Months Ended
Three Months Ended
Better/(Worse)
March 31, 2026
March 31, 2025
2026 vs. 2025REVENUES
Franchise fees1
$ 872
$ 746
17Base management fees
339
325
4Incentive management fees
222
204
9Gross fee revenues
1,433
1,275
12Contract investment amortization2
(35)
(28)
(25)Net fee revenues
1,398
1,247
12Owned, leased, and other revenue3
412
361
14Cost reimbursement revenue4
4,844
4,655
4
6,654
6,263
6
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*
377
332
(14)Depreciation, amortization, and other6
54
51
(6)General and administrative7*
219
209
(5)Restructuring and merger-related charges, and other
4
1
(300)Reimbursed expenses4
4,936
4,722
(5)
5,590
5,315
(5)
OPERATING INCOME
1,064
948
12
Gains (losses) and other income, net8
3
(2)
250Interest expense
(214)
(192)
(11)Interest income
10
9
11Equity in (losses) earnings9
(5)
1
(600)
INCOME BEFORE INCOME TAXES
858
764
12
Provision for income taxes
(210)
(99)
(112)
NET INCOME
$ 648
$ 665
(3)
EARNINGS PER SHARE
Earnings per share - basic
$ 2.44
$ 2.40
2Earnings per share - diluted
$ 2.43
$ 2.39
2
Basic shares (in millions)
266.1
276.9
Diluted shares (in millions)
266.8
277.7
* The 2025 first quarter reflects the reclassification of $36 million of other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements to conform to our current presentation.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, residential branding fees, and other brand-related 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 expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.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 and administrative expenses include our corporate and business segments overhead costs and general expenses.8 Gains (losses) 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 (losses) earnings includes our equity in earnings or losses of unconsolidated equity method investments. 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/
2026
2025
(Worse)Total revenues, as reported$ 6,654
$ 6,263
Less: Cost reimbursement revenue(4,844)
(4,655)
Adjusted total revenues†1,810
1,608
Operating income, as reported1,064
948
Less: Cost reimbursement revenue(4,844)
(4,655)
Add: Reimbursed expenses4,936
4,722
Add: Restructuring and merger-related charges, and other4
1
Less: Adjustments related to Sonder Termination1(2)
—
Adjusted operating income†1,158
1,016
14
Operating income margin16 %
15 %
Adjusted operating income margin†64 %
63 %
Net income, as reported648
665
Less: Cost reimbursement revenue(4,844)
(4,655)
Add: Reimbursed expenses4,936
4,722
Add: Restructuring and merger-related charges, and other4
1
Less: Adjustments related to Sonder Termination1(2)
—
Add: Adjustment to gain on investee's asset disposition28
—
Income tax effect of above adjustments(24)
(17)
Less: Income tax special items—
(71)
Adjusted net income†$ 726
$ 645
13
Diluted earnings per share, as reported$ 2.43
$ 2.39
Adjusted diluted earnings per share†$ 2.72
$ 2.32
17† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.
1 Adjustments related to the termination of our licensing agreement with Sonder Holdings Inc. (the "Sonder Termination") reported in Owned, leased, and other expense.
2 Adjustment to gain on investee's asset disposition reported in Equity in (losses) earnings. MARRIOTT INTERNATIONAL, INC.EXPENSE CAPTIONS - AS RECLASSIFIED QUARTERLY AND FULL YEAR 2025($ in millions)
In the 2025 fourth quarter, to enhance understanding of the company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from "General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. The following table includes the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.
Fiscal Year 2025
First Quarter
Second Quarter
ThirdQuarter
Fourth Quarter
TotalOwned, leased, and other revenue$ 361
$ 441
$ 420
$ 457
$ 1,679Owned, leased, and other expense332
363
350
416
1,461Owned, leased, and other revenue, net of owned, leased, and other
expense$ 29
$ 78
$ 70
$ 41
$ 218
General and administrative$ 209
$ 210
$ 210
$ 241
$ 870 MARRIOTT INTERNATIONAL, INC.TOTAL LODGING PRODUCTS BY OWNERSHIP TYPEAs of March 31, 2026
US & CanadaTotal International1Total Worldwide
PropertiesRoomsPropertiesRoomsPropertiesRoomsFranchised, Licensed, and Other5,843876,0091,938328,2147,7811,204,223 Courtyard by Marriott 937126,35914426,5961,081152,955 Fairfield by Marriott 1,195112,91613519,5161,330132,432 Residence Inn by Marriott 83399,477415,039874104,516 Marriott Hotels 23976,2238623,892325100,115 Autograph Collection 16236,30917133,98233370,291 SpringHill Suites by Marriott 57567,563——57567,563 Sheraton 13742,4288623,77622366,204 TownePlace Suites by Marriott 57557,774——57557,774 Four Points by Sheraton 14520,85715928,87830449,735 Westin 9733,2153410,18013143,395 AC Hotels by Marriott 13622,62610815,88924438,515 Moxy Hotels 498,40711621,90916530,316 Tribute Portfolio 10519,6337210,66817730,301 Aloft Hotels 16723,905305,77619729,681 Renaissance Hotels 7320,153348,75010728,903 MGM Collection with Marriott Bonvoy 1226,210——1226,210 Delta Hotels by Marriott 7015,864417,92611123,790 Timeshare* 7318,949223,9639522,912 The Luxury Collection 178,2456614,2038322,448 City Express by Marriott 161,56915017,90716619,476 Design Hotels* 282,84520613,24623416,091 Element Hotels 10213,69771,04310914,740 Le Méridien 245,299298,1945313,493 JW Marriott 136,327164,2792910,606 citizenM 164,374193,938358,312 Four Points Flex by Sheraton ——578,259578,259 Series by Marriott 5550503,555554,105 Protea Hotels by Marriott ——383,371383,371 Marriott Executive Apartments ——91,79791,797 Outdoor Collection by Marriott Bonvoy 321,532——321,532 W Hotels 11,117122621,343 StudioRes 6744——6744 The Ritz-Carlton 142922623691 Apartments by Marriott Bonvoy 241332585671 The Ritz-Carlton Yacht Collection* ——36033603 St. Regis ——11721172 Bvlgari ——21612161 Owned/Leased 145,539378,8675114,406 Sheraton 11,21831,72442,942 Marriott Hotels 21,30451,63172,935 Courtyard by Marriott 79874894111,881 W Hotels 2765266541,430 Westin 11,073——11,073 Protea Hotels by Marriott ——59125912 JW Marriott ——26962696 The Ritz-Carlton ——25482548 Renaissance Hotels ——25052505 The Luxury Collection ——33833383 Autograph Collection ——53605360 Residence Inn by Marriott 119211402332 Tribute Portfolio ——22492249 St. Regis ——11601160Managed564203,1101,384357,5481,948560,658 Marriott Hotels 9755,40019360,956290116,356 Sheraton 2318,92818058,12720377,055 Courtyard by Marriott 13922,65713429,42227352,079 Westin 3921,2818024,17411945,455 JW Marriott 2313,1917626,3989939,589 The Ritz-Carlton 4212,7998018,44312231,242 Four Points by Sheraton 11349725,5559825,689 Renaissance Hotels 208,6575316,5337325,190 Le Méridien ——7018,6467018,646 W Hotels 205,4004612,0606617,460 St. Regis 132,6085111,2366413,844 Residence Inn by Marriott 6410,74891,1027311,850 Gaylord Hotels 711,820——711,820 The Luxury Collection 62,316438,4364910,752 Aloft Hotels 2505429,342449,847 Fairfield by Marriott 3698578,750609,448 Delta Hotels by Marriott 246,62251,179297,801 Autograph Collection 113,269183,344296,613 Marriott Executive Apartments ——415,932415,932 AC Hotels by Marriott 81,512183,328264,840 EDITION 51,379173,238224,617 Element Hotels 3810142,712173,522 Moxy Hotels 1380153,099163,479 Protea Hotels by Marriott ——222,738222,738 Tribute Portfolio ——131,595131,595 SpringHill Suites by Marriott 91,381——91,381 Bvlgari ——76467646 TownePlace Suites by Marriott 4615——4615 citizenM ——24772477 Apartments by Marriott Bonvoy ——180180Residences747,821728,70014616,521 The Ritz-Carlton Residences 455,031231,928686,959 St. Regis Residences 111,279141,916253,195 W Residences 98698768171,637 Marriott Residences ——51,28351,283 JW Marriott Residences 19141,05551,146 Westin Residences 326634136679 Bvlgari Residences ——55265526 Sheraton Residences ——34723472 The Luxury Collection Residences 1912853176 Tribute Portfolio Residences ——11371137 Renaissance Residences 1112——1112 EDITION Residences 382110492 Le Méridien Residences ——162162 Autograph Collection Residences ——245245Grand Total6,4951,092,4793,431703,3299,9261,795,8081 "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."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. MARRIOTT INTERNATIONAL, INC.TOTAL LODGING PRODUCTS BY TIERAs of March 31, 2026
US & CanadaTotal International1Total WorldwideTotal SystemwidePropertiesRoomsPropertiesRoomsPropertiesRoomsLuxury21362,019478109,103691171,122 JW Marriott 3619,5189431,37313050,891 JW Marriott Residences 19141,05551,146 The Luxury Collection 2310,56111223,02213533,583 The Luxury Collection Residences 1912853176 The Ritz-Carlton 4313,2288419,25312732,481 The Ritz-Carlton Residences 455,031231,928686,959 The Ritz-Carlton Yacht Collection* ——36033603 W Hotels 237,2824912,9517220,233 W Residences 98698768171,637 St. Regis 132,6085311,5686614,176 St. Regis Residences 111,279141,916253,195 EDITION 51,379173,238224,617 EDITION Residences 382110492 Bvlgari ——98079807 Bvlgari Residences ——55265526Premium1,210410,0741,457340,1162,667750,190 Marriott Hotels 338132,92728486,479622219,406 Marriott Residences ——51,28351,283 Sheraton 16162,57426983,627430146,201 Sheraton Residences ——34723472 Westin 13755,56911434,35425189,923 Westin Residences 326634136679 Autograph Collection 17339,57819437,68636777,264 Autograph Collection Residences ——245245 Renaissance Hotels 9328,8108925,78818254,598 Renaissance Residences 1112——1112 Tribute Portfolio 10519,6338712,51219232,145 Tribute Portfolio Residences ——11371137 Le Méridien 245,2999926,84012332,139 Le Méridien Residences ——162162 Delta Hotels by Marriott 9422,486469,10514031,591 MGM Collection with Marriott Bonvoy 1226,210——1226,210 Design Hotels* 282,84520613,24623416,091 Gaylord Hotels 711,820——711,820 Marriott Executive Apartments ——507,729507,729 Outdoor Collection by Marriott Bonvoy **321,532——321,532 Apartments by Marriott Bonvoy 241343386751Select4,972598,5741,217220,4266,189819,000 Courtyard by Marriott 1,083150,00328256,9121,365206,915 Fairfield by Marriott 1,198113,61419228,2661,390141,880 Residence Inn by Marriott 898110,417516,281949116,698 Four Points by Sheraton 14620,99125654,43340275,424 SpringHill Suites by Marriott 58468,944——58468,944 TownePlace Suites by Marriott 57958,389——57958,389 AC Hotels by Marriott 14424,13812619,21727043,355 Aloft Hotels 16924,4107215,11824139,528 Moxy Hotels 508,78713125,00818133,795 Element Hotels 10514,507213,75512618,262 citizenM 164,374214,415378,789 Protea Hotels by Marriott ——657,021657,021Midscale272,86325729,72128432,584 City Express by Marriott 161,56915017,90716619,476 Four Points Flex by Sheraton ——578,259578,259 Series by Marriott **5550503,555554,105 StudioRes 6744——6744 Timeshare* 7318,949223,9639522,912Grand Total6,4951,092,4793,431703,3299,9261,795,8081 "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." ** The Outdoor Collection by Marriott Bonvoy includes properties under both the Premium and Select quality tiers. Series by Marriott includes properties under both the Select and Midscale quality tiers.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. MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $
Comparable Company-Operated US & Canada Properties
Three Months Ended March 31, 2026 and March 31, 2025
RevPAR
Occupancy
Average Daily RateBrand
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025JW Marriott
$ 287.03
5.1 %
74.2 %
0.7 %pts.
$ 387.02
4.1 %The Ritz-Carlton
$ 430.10
5.9 %
67.6 %
1.2 %pts.
$ 636.08
4.1 %W Hotels
$ 291.01
12.9 %
67.1 %
3.1 %pts.
$ 433.87
7.7 %Composite US & Canada Luxury1
$ 374.47
7.4 %
70.4 %
1.2 %pts.
$ 531.95
5.5 %Marriott Hotels
$ 178.74
4.2 %
67.5 %
0.3 %pts.
$ 264.64
3.8 %Sheraton
$ 163.09
0.9 %
66.2 %
0.1 %pts.
$ 246.51
0.8 %Westin
$ 175.99
4.6 %
67.1 %
1.3 %pts.
$ 262.37
2.7 %Composite US & Canada Premium2
$ 173.70
3.4 %
67.1 %
0.2 %pts.
$ 259.01
3.1 %US & Canada Full-Service3
$ 217.42
4.9 %
67.8 %
0.4 %pts.
$ 320.73
4.2 %Courtyard by Marriott
$ 108.02
2.4 %
63.0 %
0.1 %pts.
$ 171.52
2.2 %Residence Inn by Marriott
$ 151.23
1.9 %
73.5 %
0.4 %pts.
$ 205.73
1.4 %Composite US & Canada Select4
$ 126.09
2.7 %
67.0 %
0.5 %pts.
$ 188.25
2.0 %US & Canada - All5
$ 197.07
4.6 %
67.6 %
0.4 %pts.
$ 291.48
3.9 %
Comparable Systemwide US & Canada Properties
Three Months Ended March 31, 2026 and March 31, 2025
RevPAR
Occupancy
Average Daily RateBrand
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025JW Marriott
$ 270.16
4.7 %
73.5 %
0.5 %pts.
$ 367.66
4.0 %The Ritz-Carlton
$ 420.93
5.8 %
67.4 %
1.0 %pts.
$ 624.96
4.2 %W Hotels
$ 291.01
12.9 %
67.1 %
3.1 %pts.
$ 433.87
7.7 %Composite US & Canada Luxury1
$ 339.42
6.8 %
70.3 %
0.9 %pts.
$ 482.70
5.4 %Marriott Hotels
$ 142.93
4.0 %
65.0 %
0.6 %pts.
$ 219.73
3.0 %Sheraton
$ 124.14
2.7 %
63.8 %
0.8 %pts.
$ 194.47
1.4 %Westin
$ 162.66
3.0 %
67.3 %
0.2 %pts.
$ 241.66
2.7 %Composite US & Canada Premium2
$ 144.83
3.8 %
65.2 %
0.5 %pts.
$ 222.26
2.9 %US & Canada Full-Service3
$ 166.06
4.5 %
65.7 %
0.6 %pts.
$ 252.67
3.5 %Courtyard by Marriott
$ 102.08
3.6 %
63.5 %
0.5 %pts.
$ 160.83
2.8 %Residence Inn by Marriott
$ 122.16
2.6 %
72.6 %
0.7 %pts.
$ 168.16
1.5 %Fairfield by Marriott
$ 82.96
3.1 %
62.6 %
0.3 %pts.
$ 132.47
2.6 %Composite US & Canada Select4
$ 103.87
3.5 %
66.8 %
0.7 %pts.
$ 155.60
2.4 %US & Canada - All5
$ 128.80
4.0 %
66.3 %
0.7 %pts.
$ 194.15
3.0 %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. Systemwide also includes US & Canada Midscale. MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $
Comparable Company-Operated International Properties
Three Months Ended March 31, 2026 and March 31, 2025
RevPAR
Occupancy
Average Daily RateRegion
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025Europe
$ 174.01
7.0 %
61.2 %
-0.6 %pts.
$ 284.35
8.0 %Middle East & Africa
$ 138.45
-2.3 %
62.3 %
-6.3 %pts.
$ 222.36
7.5 %Greater China
$ 79.23
6.1 %
65.1 %
1.2 %pts.
$ 121.63
4.1 %Asia Pacific excluding China
$ 136.26
7.6 %
71.3 %
2.5 %pts.
$ 191.17
3.8 %Caribbean & Latin America
$ 255.61
-0.7 %
69.0 %
-0.1 %pts.
$ 370.60
-0.5 %
International - All1
$ 126.47
4.1 %
66.3 %
0.1 %pts.
$ 190.69
4.1 %
Worldwide2
$ 155.02
4.4 %
66.8 %
0.2 %pts.
$ 231.93
4.0 %
Comparable Systemwide International Properties
Three Months Ended March 31, 2026 and March 31, 2025
RevPAR
Occupancy
Average Daily RateRegion
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025Europe
$ 118.31
6.6 %
61.2 %
1.5 %pts.
$ 193.41
4.0 %Middle East & Africa
$ 128.54
-1.9 %
61.6 %
-5.4 %pts.
$ 208.78
6.7 %Greater China
$ 70.68
5.7 %
63.1 %
1.1 %pts.
$ 111.99
3.9 %Asia Pacific excluding China
$ 130.93
7.3 %
70.2 %
2.2 %pts.
$ 186.60
3.9 %Caribbean & Latin America
$ 139.29
2.0 %
63.0 %
1.4 %pts.
$ 221.24
-0.3 %
International - All1
$ 112.01
4.6 %
64.1 %
0.7 %pts.
$ 174.73
3.5 %
Worldwide2
$ 123.09
4.2 %
65.6 %
0.7 %pts.
$ 187.70
3.1 %
1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA($ in millions)
Fiscal
Year 2026
First QuarterNet income, as reported$ 648Cost reimbursement revenue(4,844)Reimbursed expenses4,936Interest expense214Interest expense from unconsolidated joint ventures 2Provision for income taxes210Depreciation and amortization54Contract investment amortization35Depreciation and amortization classified in reimbursed expenses73Depreciation, amortization, and impairments from unconsolidated joint ventures 3Stock-based compensation57Restructuring and merger-related charges, and other4Adjustments related to Sonder Termination(2)Adjustment to gain on investee's asset disposition8Adjusted EBITDA†$ 1,398
Change from 2025 Adjusted EBITDA†15 %
Fiscal Year 2025
First Quarter
Second Quarter
ThirdQuarter
Fourth Quarter
TotalNet income, as reported$ 665
$ 763
$ 728
$ 445
$ 2,601Cost reimbursement revenue(4,655)
(4,932)
(4,760)
(4,857)
(19,204)Reimbursed expenses4,722
4,874
4,739
5,168
19,503Interest expense192
203
206
208
809Interest expense from unconsolidated joint ventures1
3
2
1
7Provision for income taxes99
291
266
137
793Depreciation and amortization51
53
50
59
213Contract investment amortization28
29
29
49
135Depreciation and amortization classified in reimbursed expenses57
61
64
69
251Depreciation, amortization, and impairments from unconsolidated joint ventures4
4
4
6
18Stock-based compensation52
58
61
65
236Restructuring and merger-related charges (recoveries), and other1
8
(40)
29
(2)Expenses related to Sonder Termination—
—
—
23
23Adjusted EBITDA†$ 1,217
$ 1,415
$ 1,349
$ 1,402
$ 5,383
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA FORECASTSECOND QUARTER 2026($ in millions)
Range
Estimated
Second Quarter 2026
Second Quarter
2025Net income excluding certain items1, 2$ 744
$ 762
Interest expense223
223
Interest expense from unconsolidated joint ventures1
1
Provision for income taxes267
274
Depreciation and amortization2117
117
Contract investment amortization32
32
Depreciation and amortization classified in reimbursed expenses75
75
Depreciation, amortization, and impairments from unconsolidated joint ventures5
5
Stock-based compensation61
61
Adjusted EBITDA†$ 1,525
$ 1,550
$ 1,415
Increase over 2025 Adjusted EBITDA†8 %
10 %
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.
1 Forecast excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, and other expenses, 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. Forecast includes the impact of our planned sale of a U.S. & Canada hotel, which we assume will occur later in the 2026 second quarter, and our planned investment in Lefay, which we assume will occur later this year. Forecast does not reflect any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.2 Includes the midpoint of the range of our expected 2026 second quarter impairment charge of approximately $65 million to $70 million related to our planned sale of a U.S. & Canada hotel. MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA FORECASTFULL YEAR 2026($ in millions)
Range
Estimated
Full Year 2026
Full Year 2025Net income excluding certain items1, 2$ 2,942
$ 3,008
Interest expense901
901
Interest expense from unconsolidated joint ventures7
7
Provision for income taxes1,036
1,060
Depreciation and amortization2277
277
Contract investment amortization138
138
Depreciation and amortization classified in reimbursed expenses305
305
Depreciation, amortization, and impairments from unconsolidated joint ventures18
18
Stock-based compensation250
250
Adjustments related to Sonder Termination(2)
(2)
Adjustment to gain on investee's asset disposition8
8
Adjusted EBITDA†$ 5,880
$ 5,970
$ 5,383
Increase over 2025 Adjusted EBITDA†9 %
11 %
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.
1 Forecast excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related charges, and other expenses, 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. Forecast includes the impact of our planned sale of a U.S. & Canada hotel, which we assume will occur later in the 2026 second quarter, and our planned investment in Lefay, which we assume will occur later this year. Forecast does not reflect any other potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.2 Includes the midpoint of the range of our expected 2026 second quarter impairment charge of approximately $65 million to $70 million related to our planned sale of a U.S. & Canada hotel.MARRIOTT INTERNATIONAL, INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURESIn 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, and restructuring and merger-related charges, and other expenses. When applicable, Adjusted operating income also excludes certain non-cash impairment charges as well as impairment charges and expenses/adjustments related to the Sonder Termination. Adjusted total revenues excludes cost reimbursement revenue as well as, when applicable, certain non-cash impairment charges and impairment charges related to the Sonder Termination. 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, Adjusted Diluted Earnings Per Share, and Adjusted Effective Tax Rate. Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate reflect our net income, diluted earnings per share, and effective tax rate, respectively, excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related charges, and other expenses, as well as, when applicable, certain non-cash impairment charges, gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold), and impairment charges and expenses/adjustments related to the Sonder Termination. Additionally, Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate exclude the income tax effect of the above items (calculated using an estimated tax rate applicable to each item) 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 (including non-cash impairment charges), provision for income taxes, restructuring and merger-related recoveries/charges, and other expenses, and stock-based compensation expense for all periods presented. When applicable, Adjusted EBITDA also excludes gains and losses on asset dispositions made by us or by our joint venture investees (if above a specified threshold). In addition, Adjusted EBITDA excludes impairment charges and expenses/adjustments related to the Sonder Termination.In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, Adjusted effective tax rate, and Adjusted EBITDA, we exclude restructuring and merger-related recoveries/charges as well as charges related to legal proceedings that are outside of the ordinary course of our business, both of which we record in the "Restructuring and merger-related charges, and other" caption of our Consolidated Statements of Income (our "Income Statements"). We also exclude 2025 fourth quarter impairment charges and expenses as well as subsequent adjustments related to the Sonder Termination, which we record in the "Contract investment amortization" and "Owned, leased, and other expense" captions of our Income Statements, as they are related to the cessation of operations of an entire brand, which is a nonrecurring event. In addition, we exclude non-cash impairment charges (if above a specified threshold) related to our franchise and management 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 (losses) earnings" captions of our Income Statements. These adjustments 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.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, 2025 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, timeshare, and all-inclusive 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 franchise agreements, management 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 BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®. View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-reports-first-quarter-2026-results-302763318.htmlSOURCE Marriott International, Inc. Original: Marriott International Reports First Quarter 2026 Results
US Market News
4月前
Marriott International Reports Fourth Quarter and Full Year 2025 ResultsFebruary 10, 2026 7:00 AM
PR Newswire (US)
Fourth quarter 2025 RevPAR1 increased 1.9 percent worldwide, with 6.1 percent growth in international markets and a 0.1 percent decline in U.S. & Canada. For full year 2025, RevPAR increased 2.0 percent worldwide, with 5.1 percent growth in international markets and 0.7 percent increase in U.S. & CanadaFourth quarter reported diluted EPS totaled $1.65 and adjusted diluted EPS totaled $2.58. For the full year, reported diluted EPS totaled $9.51 and adjusted diluted EPS totaled $10.02Fourth quarter reported net income totaled $445 million and adjusted net income totaled $695 million. For the full year, reported net income totaled $2,601 million and adjusted net income totaled $2,742 millionFourth quarter adjusted EBITDA totaled $1,402 million. For the full year, adjusted EBITDA totaled $5,383 millionWith gross rooms additions of nearly 100,000 rooms globally during 2025, net rooms grew over 4.3 percent from year-end 2024At the end of the year, Marriott's worldwide development pipeline reached a new record and totaled approximately 4,100 properties and nearly 610,000 rooms, with 43 percent of pipeline rooms under construction including rooms that are pending conversionThe company returned over $4.0 billion to shareholders through dividends and share repurchases in 2025For full year 2026, we expect worldwide RevPAR to rise 1.5 to 2.5 percent, net rooms growth of 4.5 to 5 percent, adjusted EBITDA2 growth of 8 to 10 percent and more than $4.3 billion of capital returns to shareholdersFor a summary of fourth quarter and full year 2025 highlights, please visit: https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2025/2025-q4-earnings-infographic.pdf.BETHESDA, Md., Feb. 10, 2026 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2025 results.
Anthony Capuano, President and Chief Executive Officer, said, "Marriott delivered excellent results in 2025, reflecting the strength of our brands, delivery of great experiences to our customers and continued momentum in development activity. For the full year, net rooms grew over 4.3 percent, worldwide RevPAR increased 2 percent, and our fee-driven, asset-light business model continued to generate substantial cash, enabling over $4.0 billion of capital returns to shareholders."In the fourth quarter, worldwide RevPAR rose 1.9 percent, driven by ADR gains. International RevPAR increased 6 percent, led by EMEA and APEC, benefiting from solid leisure transient and cross-border travel. In the U.S. & Canada, RevPAR was roughly flat, reflecting the impact of the extended government shutdown primarily on the business transient segment. Globally, our luxury hotels continued to outperform during the quarter, with RevPAR rising over 6 percent, and performance moderating down the chain scales. Our global RevPAR index, which remains at a significant premium to peers, rose in the fourth quarter and for the full year."Our development team signed approximately 163,000 organic rooms during the year, and our global pipeline expanded to nearly 610,000 rooms at the end of December, up roughly 6 percent from year-end 2024. Conversions contributed about one-third of organic room signings and gross room additions, underscoring the continued attractiveness of our brands to owners around the world."We continue to enhance our portfolio to meet the evolving needs of our guests. During the fourth quarter, we completed the integration of the citizenM portfolio, adding 37 hotels and nearly 8,800 rooms to our system. We marked the opening of the first 37 Series by Marriott hotels in India and expanded the brand into the U.S. and Canada, with its first two properties opening just months after the brand's regional debut."In 2025, we added approximately 43 million members to Marriott Bonvoy, bringing total membership to nearly 271 million at year-end. By delivering unique travel and related experiences across hotel stays and beyond, Marriott Bonvoy continued to drive strong engagement. Member stays in 2025 accounted for 75 percent of room nights in the U.S. & Canada and 68 percent globally."I am proud of the results we delivered this year and am incredibly optimistic about the future, given our unmatched global distribution, compelling brand portfolio and Marriott Bonvoy loyalty platform, combined with our powerful cash generating, asset-light business model. As we look ahead, we remain focused on the disciplined execution of our growth strategy, delivering exceptional experiences for our guests, strong performance for our owners, and long-term value for our shareholders."Fourth Quarter 2025 Results
Franchise and base management fees totaled $1,186 million in the 2025 fourth quarter, a 5 percent increase compared to franchise and base management fees of $1,128 million in the year-ago quarter. The increase was primarily driven by rooms growth, RevPAR increases and higher co-branded credit card fees.Incentive management fees totaled $239 million in the 2025 fourth quarter, compared to $206 million in the 2024 fourth quarter, driven by significant year-over-year increases in the U.S. & Canada, as well as growth in the APEC, EMEA and Greater China regions. Managed hotels in international markets contributed roughly two-thirds of the incentive fees earned in the quarter.Owned, leased, and other revenue, net of owned, leased, and other expense3, totaled $41 million in the 2025 fourth quarter, compared to $72 million in the 2024 fourth quarter. Owned, leased, and other expense in the 2025 fourth quarter included $23 million of expenses related to the termination of our licensing agreement with Sonder Holdings Inc., which are excluded from our adjusted results. Owned, leased, and other revenue, net of direct expenses, excluding the impact of the reclassification discussed in footnote 3 below, would have totaled $106 million in the 2025 fourth quarter, compared to $100 million in the 2024 fourth quarter.General and administrative expenses3 for the 2025 fourth quarter totaled $241 million, compared to $261 million in the year-ago quarter, primarily driven by lower compensation costs and litigation expenses. Had we not undertaken the reclassification, general, administrative, and other expenses would have totaled $306 million in the 2025 fourth quarter, and would have included $23 million of expenses related to the Sonder termination, compared to $289 million in the year-ago quarter.Interest expense, net, totaled $199 million in the 2025 fourth quarter, compared to $170 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.Marriott's reported operating income totaled $777 million in the 2025 fourth quarter, compared to 2024 fourth quarter reported operating income of $752 million. Reported net income totaled $445 million in the 2025 fourth quarter, a 2 percent decrease compared to 2024 fourth quarter reported net income of $455 million. Reported diluted earnings per share (EPS) totaled $1.65 in the quarter, compared to reported diluted EPS of $1.63 in the year-ago quarter.Adjusted operating income in the 2025 fourth quarter totaled $1,155 million, compared to 2024 fourth quarter adjusted operating income of $1,072 million. Fourth quarter 2025 adjusted net income totaled $695 million, compared to 2024 fourth quarter adjusted net income of $686 million. Adjusted diluted EPS in the 2025 fourth quarter totaled $2.58, compared to adjusted diluted EPS of $2.45 in the year-ago quarter.Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and impairment charges and expenses related to the Sonder termination. 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 $1,402 million in the 2025 fourth quarter, a 9 percent increase compared to fourth quarter 2024 adjusted EBITDA of $1,286 million. See the press release schedules for the adjusted EBITDA calculation.Income Statement Reclassification
In the 2025 fourth quarter, to enhance understanding of the Company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from "General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements. Please refer to the Consolidated Operating Income - As Reclassified section in the press release schedules for information about the effects of the reclassification on the three and twelve months ended December 31, 2025 and December 31, 2024 consolidated operating costs and expenses, and to the Expense Captions - As Reclassified section for information about the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.Selected Performance Information
Net rooms grew over 4.3 percent from year-end 2024, as the company added roughly 73,600 net rooms during the year, including approximately 51,600 net rooms in international markets. At the end of the year, Marriott's global system totaled over 9,800 properties, with nearly 1,780,000 rooms.At year-end, the company's worldwide development pipeline totaled 4,056 properties with nearly 610,000 rooms, including 234 properties with over 35,000 rooms approved for development, but not yet subject to signed contracts. The year-end pipeline included 1,648 properties with nearly 265,000 rooms under construction, including hotels that are in the process of converting to our system. Over half of the rooms in the year-end pipeline are in international markets.In the 2025 fourth quarter, worldwide RevPAR increased 1.9 percent (a 2.4 percent increase using actual dollars) compared to the 2024 fourth quarter. RevPAR in the U.S. & Canada declined 0.1 percent (a 0.1 percent decrease using actual dollars) year-over-year, and RevPAR in international markets increased 6.1 percent (a 7.6 percent increase using actual dollars) year-over-year.Balance Sheet & Common Stock
At year-end 2025, Marriott's total debt was $16.2 billion and cash and equivalents totaled $0.4 billion, compared to $14.4 billion in debt and $0.4 billion of cash and equivalents at year-end 2024.The company repurchased 3.5 million shares of common stock in the 2025 fourth quarter for $1.0 billion. For full year 2025, Marriott repurchased 12.1 million shares for $3.3 billion. Year-to-date through February 6, the company has repurchased 1.1 million shares for $350 million.Company Outlook
The Company's updated outlook generally assumes the continuation of the current macro-economic environment. The outlook includes around a 35 percent increase in the co-branded credit card fees that Marriott recognizes in franchise fees, primarily reflecting expected strong growth in spending across our global co-branded card portfolio and an increase in the royalty rate associated with the payments received from the credit card companies that Marriott recognizes in franchise fees. The outlook does not include any impact from the renegotiation of our U.S. co-branded cards, as those discussions are still ongoing.
First Quarter 2026vs. First Quarter 2025Full Year 2026vs. Full Year 2025Comparable systemwide constant $ RevPAR growth
Worldwide1.0% to 2.0%1.5% to 2.5%
Year-End 2026vs. Year-End 2025Net rooms growth
4.5% to 5%
($ in millions, except EPS)First Quarter 2026Full Year 2026Gross fee revenues$1,365 to $1,380$5,895 to $5,955Owned, leased, and other revenue, net of owned,
leased, and other expenseApprox. $15$230 to $240General and administrative expenses$215 to $210$895 to $875Adjusted EBITDA1,2$1,305 to $1,325$5,840 to $5,930Adjusted EPS – diluted2,3$2.50 to $2.55$11.32 to $11.57Adjusted effective tax rate2Approx. 24.5%26.0% to 26.5%Investment spending4
$1,000 to $1,100Capital return to shareholders5
Over $4,300
1See the press release schedules for the adjusted EBITDA calculations.2Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for first quarter and full year 2026 do not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.3Assumes the level of capital return to shareholders noted above.4Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities, but excludes any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.5Assumes the level and types of investment spending noted above and that no asset sales, property acquisitions or brand acquisitions occur during the year.Marriott International, Inc. (Nasdaq: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, February 10, 2026, 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 February 10, 2027.The telephone dial-in number for the conference call is US Toll Free: 800-245-3047, or Global: +1 203-518-9765. The conference ID is MAR4Q25.Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of February 10, 2026. 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, shareholder returns, and shareholder value; our growth prospects and growth strategy; our development pipeline; owner preference and property performance; our co-branded credit card program; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our 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 compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 9,800 properties in 145 countries and territories, as of December 31, 2025. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.IRPR#1
Tables follow
1All 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.2Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for full year 2026 does not include cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, income tax special items, or any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. See the press release schedules for the adjusted EBITDA calculation.3In the 2025 fourth quarter, to enhance understanding of the Company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. Please see the Income Statement Reclassification section of this press release for additional information. We refer to this reclassification as "the reclassification" in this press release. MARRIOTT INTERNATIONAL, INC.PRESS RELEASE SCHEDULESTABLE OF CONTENTSQUARTER 4, 2025
Consolidated Statements of IncomeA-2Non-GAAP Financial MeasuresA-5Consolidated Operating Income - As ReclassifiedA-5Expense Captions - As ReclassifiedA-7Total Lodging Products by Ownership TypeA-8Total Lodging Products by TierA-10Key Lodging StatisticsA-12Adjusted EBITDAA-16Adjusted EBITDA Forecast - First Quarter 2026A-17Adjusted EBITDA Forecast - Full Year 2026A-18Explanation of Non-GAAP Financial and Performance MeasuresA-19 MARRIOTT INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF INCOMEFOURTH QUARTER 2025 AND 2024($ in millions except per share amounts, unaudited)
Percent
Three Months Ended
Three Months Ended
Better/(Worse)
December 31, 2025
December 31, 2024
2025 vs. 2024REVENUES
Franchise fees1
$ 843
$ 795
6Base management fees
343
333
3Incentive management fees
239
206
16Gross fee revenues
1,425
1,334
7Contract investment amortization2
(49)
(27)
(81)Net fee revenues
1,376
1,307
5Owned, leased, and other revenue3
457
418
9Cost reimbursement revenue4
4,857
4,704
3
6,690
6,429
4
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*
416
346
(20)Depreciation, amortization, and other6
59
46
(28)General and administrative7*
241
261
8Restructuring and merger-related charges, and other
29
52
44Reimbursed expenses4
5,168
4,972
(4)
5,913
5,677
(4)
OPERATING INCOME
777
752
3
Gains and other income, net8
3
16
(81)Interest expense
(208)
(180)
(16)Interest income
9
10
(10)Equity in earnings9
1
—
**
INCOME BEFORE INCOME TAXES
582
598
(3)
Provision for income taxes
(137)
(143)
4
NET INCOME
$ 445
$ 455
(2)
EARNINGS PER SHARE
Earnings per share - basic
$ 1.66
$ 1.63
2Earnings per share - diluted
$ 1.65
$ 1.63
1
Basic shares (in millions)
268.5
278.9
Diluted shares (in millions)
269.4
280.1
* In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. Please see the Consolidated Operating Income - As Reclassified section in these press release schedules for information about the effects of the reclassification.** 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, residential branding fees, and other brand-related 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 expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.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 and administrative 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. MARRIOTT INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF INCOMEFULL YEAR 2025 AND 2024($ in millions except per share amounts, unaudited)
Percent
Twelve Months Ended
Twelve Months Ended
Better/(Worse)
December 31, 2025
December 31, 2024
2025 vs. 2024REVENUES
Franchise fees1
$ 3,325
$ 3,113
7Base management fees
1,322
1,288
3Incentive management fees
791
769
3Gross fee revenues
5,438
5,170
5Contract investment amortization2
(135)
(103)
(31)Net fee revenues
5,303
5,067
5Owned, leased, and other revenue3
1,679
1,551
8Cost reimbursement revenue4
19,204
18,482
4
26,186
25,100
4
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense5*
1,461
1,329
(10)Depreciation, amortization, and other6
213
183
(16)General and administrative7*
870
945
8Restructuring and merger-related (recoveries)
charges, and other
(2)
77
103Reimbursed expenses4
19,503
18,799
(4)
22,045
21,333
(3)
OPERATING INCOME
4,141
3,767
10
Gains and other income, net8
9
31
(71)Interest expense
(809)
(695)
(16)Interest income
42
40
5Equity in earnings9
11
8
38
INCOME BEFORE INCOME TAXES
3,394
3,151
8
Provision for income taxes
(793)
(776)
(2)
NET INCOME
$ 2,601
$ 2,375
10
EARNINGS PER SHARE
Earnings per share - basic
$ 9.53
$ 8.36
14Earnings per share - diluted
$ 9.51
$ 8.33
14
Basic shares (in millions)
272.9
284.2
Diluted shares (in millions)
273.6
285.2
* In the 2025 fourth quarter, we reclassified amounts attributable to other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. Please see the Consolidated Operating Income - As Reclassified section in these press release schedules for information about the effects of the reclassification.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, residential branding fees, and other brand-related 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 expense includes operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses, and other expenses, such as expenses related to our Global Design services, certain costs associated with our property-related fee revenues (such as guarantee expense, provision for credit losses, and certain brand-related or property-related expenses), and costs associated with certain third-party agreements.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 and administrative 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. MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURES($ in millions except per share amounts)
The following table presents our reconciliations of Adjusted operating income, Adjusted operating income margin, Adjusted net income, and Adjusted diluted earnings per share
to the most directly comparable GAAP measure. Adjusted total revenues is used in the determination of Adjusted operating income margin.
Three Months Ended
Twelve Months Ended
Percent
Percent
December 31,
December 31,
Better/
December 31,
December 31,
Better/
2025
2024
(Worse)
2025
2024
(Worse)Total revenues, as reported$ 6,690
$ 6,429
$ 26,186
$ 25,100
Less: Cost reimbursement revenue(4,857)
(4,704)
(19,204)
(18,482)
Add: Impairments related to Sonder
Termination115
—
15
—
Adjusted total revenues†1,848
1,725
6,997
6,618
Operating income, as reported777
752
4,141
3,767
Less: Cost reimbursement revenue(4,857)
(4,704)
(19,204)
(18,482)
Add: Reimbursed expenses5,168
4,972
19,503
18,799
Add (Less): Restructuring and merger-related
charges (recoveries), and other29
52
(2)
77
Add: Impairments related to Sonder Termination115
—
15
—
Add: Expenses related to Sonder Termination223
—
23
—
Adjusted operating income†1,155
1,072
8
4,476
4,161
8
Operating income margin12 %
12 %
16 %
15 %
Adjusted operating income margin†63 %
62 %
64 %
63 %
Net income, as reported445
455
2,601
2,375
Less: Cost reimbursement revenue(4,857)
(4,704)
(19,204)
(18,482)
Add: Reimbursed expenses5,168
4,972
19,503
18,799
Add (Less): Restructuring and merger-related
charges (recoveries), and other29
52
(2)
77
Add: Impairments related to Sonder Termination115
—
15
—
Add: Expenses related to Sonder Termination223
—
23
—
Less: Gain on asset dispositions3—
(11)
—
(11)
Income tax effect of above adjustments(106)
(78)
(98)
(98)
Less: Income tax special items(22)
—
(96)
—
Adjusted net income†$ 695
$ 686
1
$ 2,742
$ 2,660
3
Diluted earnings per share, as reported$ 1.65
$ 1.63
$ 9.51
$ 8.33
Adjusted diluted earnings per share†$ 2.58
$ 2.45
5
$ 10.02
$ 9.33
7
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use.
1 Impairments related to the termination of our licensing agreement with Sonder Holdings Inc. (the "Sonder Termination") reported in Contract investment amortization.
2 Expenses related to Sonder Termination reported in Owned, leased, and other expense.
3 Gain on asset dispositions reported in Gains and other income, net. MARRIOTT INTERNATIONAL, INC.CONSOLIDATED OPERATING INCOME - AS RECLASSIFIEDFOURTH QUARTER AND FULL YEAR 2025 AND 2024($ in millions)
In the 2025 fourth quarter, to enhance understanding of the Company's general and administrative costs, we reclassified amounts attributable to other expenses previously reported
under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our Income Statements. The expenses that were reclassified from
"General, administrative, and other" are certain costs associated with our property-related fee revenues, such as guarantee expense, provision for credit losses, and certain
brand-related or property-related expenses, as well as costs associated with certain third-party agreements. The following tables present the effects of the reclassification (also
referred to in these schedules as the "reclass") on the three and twelve months ended December 31, 2025 and December 31, 2024 consolidated operating costs and expenses.
Three Months Ended
Three Months Ended
Percent
Better/(Worse)
Before
Reclass 2025
vs. 2024
December 31, 2025
December 31, 2024
Before
Reclass
Reclass
As
Reclassified
As
Previously
Reported
Reclass
As
Reclassified
REVENUES
Franchise fees$ 843
$ —
$ 843
$ 795
$ —
$ 795
Base management fees343
—
343
333
—
333
Incentive management fees239
—
239
206
—
206
Gross fee revenues1,425
—
1,425
1,334
—
1,334
Contract investment amortization(49)
—
(49)
(27)
—
(27)
Net fee revenues1,376
—
1,376
1,307
—
1,307
Owned, leased, and other revenue457
—
457
418
—
418
Cost reimbursement revenue4,857
—
4,857
4,704
—
4,704
6,690
—
6,690
6,429
—
6,429
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense1351
65
416
318
28
346
(10)Depreciation, amortization, and other59
—
59
46
—
46
General and administrative2306
(65)
241
289
(28)
261
(6)Restructuring and merger-related
charges, and other29
—
29
52
—
52
Reimbursed expenses5,168
—
5,168
4,972
—
4,972
5,913
—
5,913
5,677
—
5,677
OPERATING INCOME$ 777
$ —
$ 777
$ 752
$ —
$ 752
Twelve Months Ended
Twelve Months Ended
Percent
Better/(Worse)
Before
Reclass 2025
vs. 2024
December 31, 2025
December 31, 2024
Before
Reclass
Reclass
As
Reclassified
As
Previously
Reported
Reclass
As
Reclassified
REVENUES
Franchise fees$ 3,325
$ —
$ 3,325
$ 3,113
$ —
$ 3,113
Base management fees1,322
—
1,322
1,288
—
1,288
Incentive management fees791
—
791
769
—
769
Gross fee revenues5,438
—
5,438
5,170
—
5,170
Contract investment amortization(135)
—
(135)
(103)
—
(103)
Net fee revenues5,303
—
5,303
5,067
—
5,067
Owned, leased, and other revenue1,679
—
1,679
1,551
—
1,551
Cost reimbursement revenue19,204
—
19,204
18,482
—
18,482
26,186
—
26,186
25,100
—
25,100
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense11,301
160
1,461
1,200
129
1,329
(8)Depreciation, amortization, and other213
—
213
183
—
183
General and administrative21,030
(160)
870
1,074
(129)
945
4Restructuring and merger-related (recoveries)
charges, and other(2)
—
(2)
77
—
77
Reimbursed expenses19,503
—
19,503
18,799
—
18,799
22,045
—
22,045
21,333
—
21,333
OPERATING INCOME$ 4,141
$ —
$ 4,141
$ 3,767
$ —
$ 3,767
1 Previously titled "Owned, leased, and other - direct." The as reclassified amount includes $23 million of expenses related to the Sonder Termination.2 Previously titled "General, administrative, and other." The amount before reclass includes $23 million of expenses related to the Sonder Termination. MARRIOTT INTERNATIONAL, INC.EXPENSE CAPTIONS - AS RECLASSIFIED QUARTERLY AND FULL YEAR 2025($ in millions)
As discussed in the Consolidated Operating Income - As Reclassified section of these press release schedules, we reclassified amounts attributable to
other expenses previously reported under the "General, administrative, and other" caption to the "Owned, leased, and other expense" caption of our
Income Statements. The following table includes the affected expense captions, as reclassified, for each quarter and the full fiscal year of 2025.
Fiscal Year 2025
First Quarter
Second Quarter
ThirdQuarter
Fourth Quarter
TotalOwned, leased, and other revenue$ 361
$ 441
$ 420
$ 457
$ 1,679Owned, leased, and other expense332
363
350
416
1,461Owned, leased, and other revenue, net of owned, leased, and other
expense$ 29
$ 78
$ 70
$ 41
$ 218
General and administrative$ 209
$ 210
$ 210
$ 241
$ 870 MARRIOTT INTERNATIONAL, INC.TOTAL LODGING PRODUCTS BY OWNERSHIP TYPEAs of December 31, 2025
US & CanadaTotal International1Total Worldwide
PropertiesRoomsPropertiesRoomsPropertiesRoomsFranchised, Licensed, and Other5,765864,4271,879319,0867,6441,183,513 Courtyard by Marriott 931125,43114326,3501,074151,781 Fairfield by Marriott 1,186111,98813218,7601,318130,748 Residence Inn by Marriott 82097,864394,837859102,701 Marriott Hotels 23775,1618523,61032298,771 Autograph Collection 15835,46817033,95832869,426 Sheraton 14143,7088623,78022767,488 SpringHill Suites by Marriott 56666,200——56666,200 TownePlace Suites by Marriott 56756,962——56756,962 Four Points by Sheraton 14420,71413925,09228345,806 Westin 9632,7623410,18013042,942 AC Hotels by Marriott 13422,31910815,88124238,200 Moxy Hotels 488,22411722,33916530,563 Aloft Hotels 16723,903326,06619929,969 Tribute Portfolio 10219,0807010,03317229,113 Renaissance Hotels 7119,545338,42910427,974 MGM Collection with Marriott Bonvoy 1226,210——1226,210 Delta Hotels by Marriott 6715,076417,92610823,002 Timeshare* 7318,949223,9639522,912 The Luxury Collection 157,8126614,2038122,015 City Express by Marriott 111,12914717,78115818,910 Design Hotels* 252,69319812,79522315,488 Element Hotels 9913,110693610514,046 Le Méridien 245,299287,9315213,230 JW Marriott 136,327153,264289,591 citizenM 164,374193,938358,312 Four Points Flex by Sheraton ——547,806547,806 Protea Hotels by Marriott ——383,371383,371 Series by Marriott 2164372,597392,761 Marriott Executive Apartments ——91,80391,803 Outdoor Collection by Marriott Bonvoy 321,532——321,532 W Hotels 11,117122621,343 Apartments by Marriott Bonvoy 238132755656 The Ritz-Carlton Yacht Collection* ——36033603 StudioRes 4496——4496 The Ritz-Carlton 14291202449 St. Regis ——11721172 Bvlgari ——21612161 Owned/Leased 145,539378,8675114,406 Sheraton 11,21831,72442,942 Marriott Hotels 21,30451,63172,935 Courtyard by Marriott 79874894111,881 W Hotels 2765266541,430 Westin 11,073——11,073 Protea Hotels by Marriott ——59125912 JW Marriott ——26962696 The Ritz-Carlton ——25482548 Renaissance Hotels ——25052505 The Luxury Collection ——33833383 Autograph Collection ——53605360 Residence Inn by Marriott 119211402332 Tribute Portfolio ——22492249 St. Regis ——11601160Managed582206,5381,384359,2261,966565,764 Marriott Hotels 9755,39419361,137290116,531 Sheraton 2318,92818258,60020577,528 Courtyard by Marriott 14523,48313228,94527752,428 Westin 4021,7348024,23512045,969 JW Marriott 2313,1917727,41310040,604 The Ritz-Carlton 4212,8018018,48112231,282 Four Points by Sheraton 113410026,46810126,602 Renaissance Hotels 219,0655316,5337425,598 Le Méridien ——7018,7667018,766 W Hotels 205,4004612,0606617,460 St. Regis 132,6695111,2406413,909 Residence Inn by Marriott 6811,31889827612,300 Gaylord Hotels 711,820——711,820 The Luxury Collection 62,296428,0304810,326 Fairfield by Marriott 51,043588,9576310,000 Aloft Hotels 2505429,342449,847 Delta Hotels by Marriott 246,62251,179297,801 Autograph Collection 113,269183,344296,613 Marriott Executive Apartments ——415,932415,932 AC Hotels by Marriott 81,512173,116254,628 EDITION 51,379173,238224,617 Element Hotels 3810142,712173,522 Moxy Hotels 1380153,099163,479 Protea Hotels by Marriott ——222,737222,737 SpringHill Suites by Marriott 132,170——132,170 Tribute Portfolio ——121,557121,557 Bvlgari ——76467646 TownePlace Suites by Marriott 4615——4615 citizenM ——24772477Residences727,553728,70014416,253 The Ritz-Carlton Residences 434,763231,928666,691 St. Regis Residences 111,279141,916253,195 W Residences 98698768171,637 Marriott Residences ——51,28351,283 JW Marriott Residences 19141,05551,146 Westin Residences 326634136679 Bvlgari Residences ——55265526 Sheraton Residences ——34723472 The Luxury Collection Residences 1912853176 Tribute Portfolio Residences ——11371137 Renaissance Residences 1112——1112 EDITION Residences 382110492 Le Méridien Residences ——162162 Autograph Collection Residences ——245245Grand Total6,4331,084,0573,372695,8799,8051,779,936
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."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. MARRIOTT INTERNATIONAL, INC.TOTAL LODGING PRODUCTS BY TIERAs of December 31, 2025
US & CanadaTotal International1Total WorldwideTotal SystemwidePropertiesRoomsPropertiesRoomsPropertiesRoomsLuxury20961,361476108,497685169,858 JW Marriott 3619,5189431,37313050,891 JW Marriott Residences 19141,05551,146 The Luxury Collection 2110,10811122,61613232,724 The Luxury Collection Residences 1912853176 The Ritz-Carlton 4313,2308319,04912632,279 The Ritz-Carlton Residences 434,763231,928666,691 The Ritz-Carlton Yacht Collection* ——36033603 W Hotels 237,2824912,9517220,233 W Residences 98698768171,637 St. Regis 132,6695311,5726614,241 St. Regis Residences 111,279141,916253,195 EDITION 51,379173,238224,617 EDITION Residences 382110492 Bvlgari ——98079807 Bvlgari Residences ——55265526Premium1,198407,7201,443338,8842,641746,604 Marriott Hotels 336131,85928386,378619218,237 Marriott Residences ——51,28351,283 Sheraton 16563,85427184,104436147,958 Sheraton Residences ——34723472 Westin 13755,56911434,41525189,984 Westin Residences 326634136679 Autograph Collection 16938,73719337,66236276,399 Autograph Collection Residences ——245245 Renaissance Hotels 9228,6108825,46718054,077 Renaissance Residences 1112——1112 Le Méridien 245,2999826,69712231,996 Le Méridien Residences ——162162 Tribute Portfolio 10219,0808411,83918630,919 Tribute Portfolio Residences ——11371137 Delta Hotels by Marriott 9121,698469,10513730,803 MGM Collection with Marriott Bonvoy 1226,210——1226,210 Design Hotels* 252,69319812,79522315,488 Gaylord Hotels 711,820——711,820 Marriott Executive Apartments ——507,735507,735 Outdoor Collection by Marriott Bonvoy **321,532——321,532 Apartments by Marriott Bonvoy 238132755656Select4,936594,2381,193216,3516,129810,589 Courtyard by Marriott 1,083149,90127956,1891,362206,090 Fairfield by Marriott 1,191113,03119027,7171,381140,748 Residence Inn by Marriott 889109,374485,959937115,333 Four Points by Sheraton 14520,84823951,56038472,408 SpringHill Suites by Marriott 57968,370——57968,370 TownePlace Suites by Marriott 57157,577——57157,577 AC Hotels by Marriott 14223,83112518,99726742,828 Aloft Hotels 16924,4087415,40824339,816 Moxy Hotels 498,60413225,43818134,042 Element Hotels 10213,920203,64812217,568 citizenM 164,374214,415378,789 Protea Hotels by Marriott ——657,020657,020Midscale171,78923828,18425529,973 City Express by Marriott 111,12914717,78115818,910 Four Points Flex by Sheraton ——547,806547,806 Series by Marriott **2164372,597392,761 StudioRes 4496——4496 Timeshare* 7318,949223,9639522,912Grand Total6,4331,084,0573,372695,8799,8051,779,936
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." ** The Outdoor Collection by Marriott Bonvoy includes properties under both the Premium and Select quality tiers. Series by Marriott includes properties under both the Select and Midscale quality tiers.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. MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $
Comparable Company-Operated US & Canada Properties
Three Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateBrand
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024JW Marriott
$ 240.22
2.9 %
69.2 %
-1.2 %pts.
$ 347.04
4.7 %The Ritz-Carlton
$ 389.85
7.1 %
65.8 %
1.4 %pts.
$ 592.81
4.9 %W Hotels
$ 264.64
3.8 %
66.9 %
0.0 %pts.
$ 395.52
3.8 %Composite US & Canada Luxury1
$ 328.70
5.3 %
67.9 %
0.1 %pts.
$ 483.92
5.2 %Marriott Hotels
$ 166.03
1.3 %
65.1 %
-1.2 %pts.
$ 255.18
3.1 %Sheraton
$ 161.71
0.3 %
63.8 %
-1.7 %pts.
$ 253.32
3.0 %Westin
$ 179.70
5.0 %
66.3 %
0.5 %pts.
$ 271.00
4.1 %Composite US & Canada Premium2
$ 165.23
2.2 %
65.0 %
-0.6 %pts.
$ 254.19
3.2 %US & Canada Full-Service3
$ 201.25
3.3 %
65.6 %
-0.5 %pts.
$ 306.58
4.1 %Courtyard by Marriott
$ 105.91
-3.6 %
63.0 %
-2.2 %pts.
$ 168.12
-0.1 %Residence Inn by Marriott
$ 137.23
-5.4 %
71.6 %
-2.7 %pts.
$ 191.59
-1.9 %Composite US & Canada Select4
$ 120.16
-3.6 %
66.5 %
-2.2 %pts.
$ 180.65
-0.4 %US & Canada - All5
$ 182.43
2.2 %
65.8 %
-0.9 %pts.
$ 277.05
3.6 %
Comparable Systemwide US & Canada Properties
Three Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateBrand
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024JW Marriott
$ 229.59
2.9 %
69.8 %
0.0 %pts.
$ 328.97
2.9 %The Ritz-Carlton
$ 387.50
7.0 %
66.0 %
1.2 %pts.
$ 586.93
5.0 %W Hotels
$ 264.64
3.8 %
66.9 %
0.0 %pts.
$ 395.52
3.8 %Composite US & Canada Luxury1
$ 303.12
4.9 %
68.5 %
0.4 %pts.
$ 442.41
4.3 %Marriott Hotels
$ 134.61
0.5 %
63.4 %
-1.0 %pts.
$ 212.36
2.0 %Sheraton
$ 125.27
-0.8 %
63.0 %
-1.2 %pts.
$ 198.78
1.0 %Westin
$ 160.19
2.2 %
66.2 %
0.2 %pts.
$ 242.02
2.0 %Composite US & Canada Premium2
$ 141.26
0.8 %
64.3 %
-0.7 %pts.
$ 219.58
1.8 %US & Canada Full-Service3
$ 159.36
1.6 %
64.8 %
-0.6 %pts.
$ 245.92
2.5 %Courtyard by Marriott
$ 103.33
-1.6 %
63.7 %
-1.5 %pts.
$ 162.17
0.7 %Residence Inn by Marriott
$ 121.19
-2.4 %
72.1 %
-1.4 %pts.
$ 168.00
-0.5 %Fairfield by Marriott
$ 85.04
-2.3 %
63.7 %
-1.8 %pts.
$ 133.48
0.4 %Composite US & Canada Select4
$ 104.25
-1.8 %
66.7 %
-1.5 %pts.
$ 156.21
0.4 %US & Canada - All5
$ 126.44
-0.1 %
66.0 %
-1.1 %pts.
$ 191.71
1.6 %
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. MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $
Comparable Company-Operated US & Canada Properties
Twelve Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateBrand
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024JW Marriott
$ 242.57
3.1 %
70.9 %
-0.2 %pts.
$ 342.21
3.4 %The Ritz-Carlton
$ 371.17
6.4 %
66.5 %
1.0 %pts.
$ 557.81
4.7 %W Hotels
$ 260.57
4.1 %
69.0 %
1.4 %pts.
$ 377.38
2.0 %Composite US & Canada Luxury1
$ 317.38
4.9 %
69.3 %
0.6 %pts.
$ 457.86
4.0 %Marriott Hotels
$ 171.75
1.3 %
68.7 %
-1.1 %pts.
$ 249.89
3.0 %Sheraton
$ 166.37
0.8 %
67.3 %
-1.5 %pts.
$ 247.15
3.1 %Westin
$ 185.64
2.9 %
69.4 %
-0.2 %pts.
$ 267.62
3.3 %Composite US & Canada Premium2
$ 171.36
2.1 %
68.6 %
-0.6 %pts.
$ 249.89
2.9 %US & Canada Full-Service3
$ 203.53
3.0 %
68.7 %
-0.3 %pts.
$ 296.10
3.5 %Courtyard by Marriott
$ 111.66
-1.4 %
66.2 %
-0.8 %pts.
$ 168.71
-0.2 %Residence Inn by Marriott
$ 149.75
-1.4 %
75.7 %
-0.8 %pts.
$ 197.74
-0.4 %Composite US & Canada Select4
$ 127.04
-1.3 %
69.7 %
-0.7 %pts.
$ 182.15
-0.3 %US & Canada - All5
$ 185.78
2.3 %
69.0 %
-0.4 %pts.
$ 269.36
2.9 %
Comparable Systemwide US & Canada Properties
Twelve Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateBrand
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024JW Marriott
$ 232.98
2.8 %
71.5 %
0.2 %pts.
$ 325.77
2.5 %The Ritz-Carlton
$ 369.30
6.5 %
67.0 %
1.1 %pts.
$ 551.56
4.8 %W Hotels
$ 260.57
4.1 %
69.0 %
1.4 %pts.
$ 377.38
2.0 %Composite US & Canada Luxury1
$ 295.15
4.6 %
70.0 %
0.7 %pts.
$ 421.61
3.5 %Marriott Hotels
$ 143.02
1.4 %
67.4 %
-0.5 %pts.
$ 212.20
2.1 %Sheraton
$ 130.43
0.6 %
66.5 %
-0.7 %pts.
$ 196.13
1.6 %Westin
$ 166.12
2.1 %
69.6 %
-0.1 %pts.
$ 238.62
2.2 %Composite US & Canada Premium2
$ 147.34
1.8 %
67.8 %
-0.2 %pts.
$ 217.29
2.1 %US & Canada Full-Service3
$ 163.87
2.4 %
68.1 %
-0.1 %pts.
$ 240.78
2.5 %Courtyard by Marriott
$ 109.72
-1.6 %
67.5 %
-1.2 %pts.
$ 162.63
0.3 %Residence Inn by Marriott
$ 129.95
-0.9 %
75.9 %
-0.6 %pts.
$ 171.19
0.0 %Fairfield by Marriott
$ 92.11
-1.1 %
67.8 %
-1.1 %pts.
$ 135.83
0.5 %Composite US & Canada Select4
$ 111.10
-0.9 %
70.5 %
-0.9 %pts.
$ 157.51
0.4 %US & Canada - All5
$ 132.35
0.7 %
69.5 %
-0.6 %pts.
$ 190.33
1.5 %
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. MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $
Comparable Company-Operated International Properties
Three Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateRegion
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024Europe
$ 224.10
2.2 %
72.7 %
1.2 %pts.
$ 308.30
0.6 %Middle East & Africa
$ 185.54
12.9 %
76.5 %
2.5 %pts.
$ 242.47
9.2 %Greater China
$ 87.21
3.7 %
69.1 %
0.6 %pts.
$ 126.22
2.8 %Asia Pacific excluding China
$ 144.88
8.8 %
73.8 %
1.3 %pts.
$ 196.26
6.8 %Caribbean & Latin America
$ 205.98
0.2 %
67.2 %
0.7 %pts.
$ 306.63
-0.9 %
International - All1
$ 140.58
6.6 %
71.9 %
1.2 %pts.
$ 195.43
4.8 %
Worldwide2
$ 157.58
4.5 %
69.5 %
0.3 %pts.
$ 226.85
3.9 %
Comparable Systemwide International Properties
Three Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateRegion
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024Europe
$ 154.28
3.4 %
71.2 %
1.5 %pts.
$ 216.81
1.2 %Middle East & Africa
$ 168.76
12.8 %
75.3 %
1.7 %pts.
$ 224.25
10.3 %Greater China
$ 80.63
3.4 %
67.8 %
0.3 %pts.
$ 119.01
2.9 %Asia Pacific excluding China
$ 147.58
8.8 %
74.3 %
1.0 %pts.
$ 198.67
7.3 %Caribbean & Latin America
$ 128.42
2.1 %
64.0 %
1.1 %pts.
$ 200.77
0.3 %
International - All1
$ 130.02
6.1 %
70.4 %
1.0 %pts.
$ 184.71
4.5 %
Worldwide2
$ 127.64
1.9 %
67.4 %
-0.4 %pts.
$ 189.27
2.5 %
1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC.KEY LODGING STATISTICSIn Constant $
Comparable Company-Operated International Properties
Twelve Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateRegion
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024Europe
$ 236.81
3.1 %
72.8 %
2.1 %pts.
$ 325.42
0.1 %Middle East & Africa
$ 142.33
9.8 %
70.4 %
2.2 %pts.
$ 202.26
6.3 %Greater China
$ 82.87
0.4 %
68.5 %
0.6 %pts.
$ 121.05
-0.5 %Asia Pacific excluding China
$ 130.17
8.0 %
71.4 %
1.3 %pts.
$ 182.35
6.0 %Caribbean & Latin America
$ 196.90
5.5 %
66.3 %
0.2 %pts.
$ 296.77
5.1 %
International - All1
$ 127.93
5.2 %
69.9 %
1.2 %pts.
$ 183.05
3.4 %
Worldwide2
$ 151.41
3.7 %
69.5 %
0.6 %pts.
$ 217.80
2.9 %
Comparable Systemwide International Properties
Twelve Months Ended December 31, 2025 and December 31, 2024
RevPAR
Occupancy
Average Daily RateRegion
2025
vs. 2024
2025
vs. 2024
2025
vs. 2024Europe
$ 160.65
3.3 %
71.3 %
1.7 %pts.
$ 225.44
0.8 %Middle East & Africa
$ 131.32
10.4 %
69.7 %
2.0 %pts.
$ 188.33
7.2 %Greater China
$ 76.53
0.4 %
67.0 %
0.4 %pts.
$ 114.20
-0.2 %Asia Pacific excluding China
$ 133.12
8.4 %
72.2 %
1.5 %pts.
$ 184.36
6.2 %Caribbean & Latin America
$ 126.14
4.3 %
63.1 %
0.1 %pts.
$ 199.85
4.2 %
International - All1
$ 121.75
5.1 %
68.9 %
1.1 %pts.
$ 176.73
3.4 %
Worldwide2
$ 128.80
2.0 %
69.3 %
0.0 %pts.
$ 185.81
2.1 %
1 Includes Europe, Middle East & Africa, Greater China, Asia Pacific excluding China, and Caribbean & Latin America. 2 Includes US & Canada - All and International - All. MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA($ in millions)
Fiscal Year 2025
First Quarter
Second Quarter
ThirdQuarter
Fourth Quarter
TotalNet income, as reported$ 665
$ 763
$ 728
$ 445
$ 2,601Cost reimbursement revenue(4,655)
(4,932)
(4,760)
(4,857)
(19,204)Reimbursed expenses4,722
4,874
4,739
5,168
19,503Interest expense192
203
206
208
809Interest expense from unconsolidated joint ventures 1
3
2
1
7Provision for income taxes99
291
266
137
793Depreciation and amortization51
53
50
59
213Contract investment amortization28
29
29
49
135Depreciation and amortization classified in reimbursed expenses57
61
64
69
251Depreciation, amortization, and impairments from unconsolidated joint
ventures 4
4
4
6
18Stock-based compensation52
58
61
65
236Restructuring and merger-related charges (recoveries), and other1
8
(40)
29
(2)Expenses related to Sonder Termination—
—
—
23
23Adjusted EBITDA†$ 1,217
$ 1,415
$ 1,349
$ 1,402
$ 5,383
Change from 2024 Adjusted EBITDA†7 %
7 %
10 %
9 %
8 %
Fiscal Year 2024
First Quarter
Second Quarter
ThirdQuarter
Fourth Quarter
TotalNet income, as reported$ 564
$ 772
$ 584
$ 455
$ 2,375Cost reimbursement revenue(4,433)
(4,728)
(4,617)
(4,704)
(18,482)Reimbursed expenses4,501
4,645
4,681
4,972
18,799Interest expense163
173
179
180
695Interest expense from unconsolidated joint ventures2
2
1
3
8Provision for income taxes163
268
202
143
776Depreciation and amortization45
47
45
46
183Contract investment amortization23
27
26
27
103Depreciation and amortization classified in reimbursed expenses48
50
52
56
206Depreciation, amortization, and impairments from unconsolidated joint
ventures5
3
4
3
15Stock-based compensation53
57
63
64
237Restructuring and merger-related charges, and other8
8
9
52
77Gain on asset dispositions—
—
—
(11)
(11)Adjusted EBITDA†$ 1,142
$ 1,324
$ 1,229
$ 1,286
$ 4,981
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section in these press release schedules for information about our reasons for providing these alternative financial measures and the limitations on their use. MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA FORECASTFIRST QUARTER 2026($ in millions)
Range
Estimated
First Quarter 2026
First Quarter 2025Net income excluding certain items1$ 667
$ 682
Interest expense213
213
Interest expense from unconsolidated joint ventures2
2
Provision for income taxes215
220
Depreciation and amortization51
51
Contract investment amortization31
31
Depreciation and amortization classified in reimbursed expenses68
68
Depreciation, amortization, and impairments from unconsolidated joint ventures4
4
Stock-based compensation54
54
Adjusted EBITDA†$ 1,305
$ 1,325
$ 1,217
Increase over 2025 Adjusted EBITDA†7 %
9 %
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section 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 recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant. MARRIOTT INTERNATIONAL, INC.NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA FORECASTFULL YEAR 2026($ in millions)
Range
Estimated
Full Year 2026
Full Year 2025Net income excluding certain items1$ 2,985
$ 3,051
Interest expense895
895
Interest expense from unconsolidated joint ventures7
7
Provision for income taxes1,057
1,081
Depreciation and amortization210
210
Contract investment amortization133
133
Depreciation and amortization classified in reimbursed expenses295
295
Depreciation, amortization, and impairments from unconsolidated joint ventures17
17
Stock-based compensation241
241
Adjusted EBITDA†$ 5,840
$ 5,930
$ 5,383
Increase over 2025 Adjusted EBITDA†8 %
10 %
† Denotes non-GAAP financial measures. Please see the Explanation of Non-GAAP Financial and Performance Measures section 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 recoveries/charges, and other expenses, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant, except for depreciation and amortization classified in reimbursed expenses, which is included in the caption "Depreciation and amortization classified in reimbursed expenses" above. Guidance does not reflect any potential asset sales or property or brand acquisitions that may occur during the year, each of which the company cannot forecast with sufficient accuracy and without unreasonable efforts, and which may be significant.MARRIOTT INTERNATIONAL, INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURESIn 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 recoveries/charges, and other expenses, and certain non-cash impairment charges (when applicable), as well as impairment charges and expenses related to the Sonder Termination. Adjusted total revenues excludes cost reimbursement revenue and impairment charges related to the Sonder Termination. 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, Adjusted Diluted Earnings Per Share, and Adjusted Effective Tax Rate. Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate reflect our net income, diluted earnings per share, and effective tax rate, respectively, excluding the impact of cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, 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), as well as impairment charges and expenses related to the Sonder Termination. Additionally, Adjusted net income, Adjusted diluted earnings per share, and Adjusted effective tax rate exclude the income tax effect of the above items (calculated using an estimated tax rate applicable to each item) 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 for income taxes, restructuring and merger-related recoveries/charges, and other expenses, 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 addition, in 2025, Adjusted EBITDA excludes expenses related to the Sonder Termination.In our presentations of Adjusted operating income and Adjusted operating income margin, Adjusted net income and Adjusted diluted earnings per share, Adjusted effective tax rate, and Adjusted EBITDA, we exclude restructuring and merger-related recoveries/charges as well as charges related to legal proceedings that are outside of the ordinary course of our business, both of which we record in the "Restructuring and merger-related (recoveries) charges, and other" caption of our Consolidated Statements of Income (our "Income Statements"). We also exclude impairment charges and expenses related to the Sonder Termination, which we record in the "Contract investment amortization" and "Owned, leased, and other expense" captions of our Income Statements, as they are related to the cessation of operations of an entire brand, which is a nonrecurring event. In addition, we exclude non-cash impairment charges (if above a specified threshold) related to our franchise and management 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 Income Statements. These adjustments 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.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 franchise agreements, management 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 BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.
View original content to download multimedia:https://www.prnewswire.com/news-releases/marriott-international-reports-fourth-quarter-and-full-year-2025-results-302683152.htmlSOURCE Marriott International, Inc.
Original: Marriott International Reports Fourth Quarter and Full Year 2025 Results
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