万豪国际披露2026年二季度业绩，EPS超预期但收入和三季度指引偏软

Marriott International Reports Second Quarter 2026 Results
Second quarter 2026 RevPAR
1
increased 3.4 percent worldwide, with 5.0 percent growth in the
U.S
. &
Canada
and a 0.5 percent
decline in international markets
Second quarter reported diluted EPS totaled
$2.90
and Adjusted diluted EPS totaled
$3.19
Second quarter reported net income totaled
$766 million
and Adjusted net income totaled
$844 million
Second quarter Adjusted
EBITDA totaled
$1,592 million
The company added roughly 17,900 net rooms globally during the quarter and net rooms grew 4.5 percent from the end of the second quarter of 2025
At the end of the quarter,
Marriott
's worldwide development pipeline reached a new record and totaled nearly 4,200 properties and approximately 629,000 rooms, with 44 percent of pipeline rooms under construction including hotels that are pending conversion
The company repurchased 3.0 million shares of common stock for
$1.1 billion
in the 2026 second quarter. Year-to-date through
July 29
, the company has returned approximately
$2.6 billion
to shareholders through dividends and share repurchases
For a summary of second quarter 2026 highlights, please visit:
https://news.marriott.com/static-assets/component-resources/newscenter/earnings/2026/2026-q
2
-earnings-infographic.pdf
.
BETHESDA, Md.
,
Aug. 3, 2026
/PRNewswire/ --
Marriott International, Inc.
(Nasdaq: MAR) today reported second quarter 2026 results.
Anthony Capuano
, President and Chief Executive Officer
, said, "We delivered another quarter of excellent results, reflecting strong travel demand, the power of our brands, and sustained development momentum. Global RevPAR increased 3.4 percent in the second quarter, with continued ADR strength. In the
U.S
. &
Canada
, RevPAR rose 5 percent, driven by broad-based increases across chain scales and customer segments.
"International RevPAR declined 0.5 percent in the quarter, as headwinds from the conflict in the
Middle East
more than offset solid RevPAR growth across our other international regions. In EMEA, RevPAR declined over 5 percent, with an increase in
Europe
outweighed by a 43 percent decline in the
Middle East
. APEC RevPAR increased over 5 percent, supported by solid leisure demand and robust intra-regional travel, while Greater China RevPAR increased over 3 percent, driven by strong performance across our luxury portfolio and key markets like
Hong Kong
,
Taiwan
and
Hainan
. With the outperformance in the second quarter and strong broad-based demand generally expected to continue, we are raising our full year expectation to 3 to 3.5 percent global RevPAR growth.
"Development activity remained strong, with record global signings in the first six months of the year. Our industry-leading global pipeline grew to approximately 629,000 rooms at quarter-end, up nearly 7 percent from the year-ago quarter. Conversions remained an important driver of growth, representing over a third of signings and 40 percent of openings in the first half of the year.
"
The Marriott Bonvoy
loyalty program, which grew to more than 295 million members at quarter-end, continues to drive demand, deepen member engagement and create value across our global portfolio. We recently executed new long-term agreements for our co-branded credit card program in the
U.S
. with JPMorgan Chase and American Express. These agreements further strengthen
Marriott Bonvoy
and deliver incremental value to our hotel owners, our cardholders and loyalty program members, and our shareholders.
"With our global scale, powerful portfolio of brands, industry-leading
Marriott Bonvoy
loyalty program, and dedicated associates, we are well positioned to meet the evolving needs of travelers seeking exceptional stays and memorable experiences. Supported by our robust pipeline and disciplined execution, we remain confident in our ability to deliver sustainable, long-term growth."
Second Quarter 2026 Results
Franchise and base management fees totaled
$1,366 million
in the 2026 second quarter, a 14 percent increase compared to franchise and base management fees of
$1,200 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
$212 million
in the 2026 second quarter, compared to
$200 million
in the 2025 second quarter, driven by strong year-over-year growth in the
U.S
. &
Canada
, partially offset by declines in EMEA. Managed hotels in international markets contributed over half of the incentive fees earned in the quarter.
Owned, leased, and other revenue, net of owned, leased, and other expense
2
, totaled
$49 million
in the 2026 second quarter, compared to
$78 million
in the 2025 second quarter. The decline primarily reflected a
$27 million
property-related litigation accrual (
$20 million
after-tax impact and
$0.08
per share after-tax) as well as lower termination fees.
Depreciation
, amortization, and other expenses totaled
$115 million
in the 2026 second quarter, compared to
$53 million
in the year-ago quarter. The increase was driven by a
$68 million
impairment charge recorded in connection with our sale of a
U.S
. &
Canada
hotel, which is excluded from our Adjusted results.
General and administrative expenses
2
for the 2026 second quarter totaled
$220 million
, compared to
$210 million
in the year-ago quarter, reflecting higher compensation costs, driven in part by timing.
Interest expense, net, totaled
$201 million
in the 2026 second quarter, compared to
$191 million
in the year-ago quarter. The increase was primarily due to higher interest expense associated with higher debt balances, partially offset by higher interest income.
In the 2026 second quarter, the provision for income taxes totaled
$278 million
, compared to
$291 million
in the 2025 second quarter.
Marriott
's reported operating income totaled
$1,229 million
in the 2026 second quarter, compared to 2025 second quarter reported operating income of
$1,236 million
. Reported net income totaled
$766 million
in the 2026 second quarter, flat compared to 2025 second quarter reported net income of
$763 million
. Reported diluted earnings per share (EPS) totaled
$2.90
in the quarter, compared to reported diluted EPS of
$2.78
in the year-ago quarter.
Adjusted operating income in the 2026 second quarter totaled
$1,329 million
, compared to 2025 second quarter Adjusted operating income of
$1,186 million
. Second quarter 2026 Adjusted net income totaled
$844 million
, compared to 2025 second quarter Adjusted net income of
$728 million
. Adjusted diluted EPS in the 2026 second quarter totaled
$3.19
, compared to Adjusted diluted EPS of
$2.65
in the year-ago quarter.
Second quarter 2026
Adjusted results excluded cost reimbursement revenue, reimbursed expenses, restructuring and merger-related recoveries/charges, and other expenses, and certain impairment charges. See the press release schedules for the calculation of Adjusted results and the manner in which the Adjusted measures are determined in this press release.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled
$1,592 million
in the 2026 second quarter, a 13 percent increase compared to second quarter 2025 Adjusted EBITDA of
$1,415 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 17,900 net rooms during the quarter, including approximately 11,000 net rooms in international markets. At the end of the quarter,
Marriott
's global system totaled over 10,000 properties, with nearly 1,814,000 rooms.
At the end of the quarter
, the company's worldwide development pipeline totaled 4,186 properties with approximately 629,000 rooms, including 253 properties with over 34,000 rooms approved for development but not yet subject to signed contracts. The quarter-end pipeline included 1,757 properties with over 279,000 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 second quarter, worldwide RevPAR increased 3.4 percent (a 3.9 percent increase using actual dollars) compared to the 2025 second quarter. RevPAR in the
U.S
. &
Canada
increased 5.0 percent (a 5.1 percent increase using actual dollars), and RevPAR in international markets declined 0.5 percent (a 1.0 percent increase using actual dollars) compared to the 2025 second quarter.
Balance Sheet & Common Stock
At the end of the quarter,
Marriott
's total debt was
$16.9 billion
and cash and equivalents totaled
$0.5 billion
, compared to
$16.2 billion
in d
ebt and
$0.4 billion
of cash and equivalents at year-end 2025.
The company repurchased 3.0 million shares of common stock in the 2026 second quarter for
$1.1 billion
. Year-to-date through
July 29
, the company has repurchased 6.2 million shares for
$2.2 billion
.
Company Outlook
The company's updated outlook generally assumes the continuation of the current macroeconomic environment. The outlook includes the expected partial year incremental impact of the new terms of our recently executed agreements with JPMorgan Chase and American Express for our
U.S
. co-branded credit card program.
Third Quarter 2026
vs. Third Quarter 2025
Full Year 2026
vs. Full Year 2025
Worldwide RevPAR growth
3.5% to 4.0%
3.0% to 3.5%
Year-End 2026
vs. Year-End 2025
Net rooms growth
Low end of 4.5% to 5%
($ in millions, except EPS)
Third Quarter 2026
Full Year 2026
Gross fee revenues
$1,474
to
$1,483
$6,025
to
$6,055
Owned, leased, and other revenue, net of owned, leased, and other expense
$30
to
$40
$175
to
$185
General and administrative expenses
$220
to
$210
$895
to
$875
Adjusted EBITDA
1,2
$1,439
to
$1,468
$5,965
to
$6,025
Adjusted EPS – diluted
2,3
$2.74
to
$2.82
$11.64
to
$11.81
Adjusted effective tax rate
2
Approx. 26.7%
26.0% to 26.5%
Investment spending
4
$1,250
to
$1,350
Capital return to shareholders
5
Over
$4,500
1
See the press release schedules for the Adjusted EBITDA calculations.
2
Adjusted EBITDA, Adjusted EPS – diluted, and Adjusted effective tax rate for third quarter and full year 2026 do not include 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. Our outlook includes the impact of our sale of a
U.S
. &
Canada
hotel and our investment in Lefay, each of which occurred in the 2026 second quarter. 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 2026 first half adjustments related to the Sonder termination of
$2 million
, an adjustment to a gain on an asset disposition of $(8) million, and an impairment charge of $(68) million recorded in connection with our sale of a
U.S
. &
Canada
hotel.
3
Assumes the level of capital return to shareholders noted above.
4
Investment spending includes contract acquisition costs, capital and technology expenditures, renovations at owned and leased hotels, loan advances, and other investing activities (including our investment in Lefay, which occurred in the 2026 second quarter), but excluding any potential property or brand acquisitions, which we cannot forecast with sufficient accuracy and which may be significant.
5
Assumes the level of investment spending noted above 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
Monday, August 3, 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
August 3, 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 MAR2Q26.
Note on forward-looking statements:
All statements in this press release and the accompanying schedules are made as of
August 3, 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
Marriott Bonvoy
loyalty program; property performance; our expectations about the current macroeconomic environment; our expectations about 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.
ABOUT
MARRIOTT INTERNATIONAL
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 10,000 properties in 148 countries and territories, as of
June 30, 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
__________________________________
1
All occupancy, Average Daily Rate (ADR) and Revenue per
Available Room
(RevPAR) statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2026 and 2025 reflect properties that are comparable in both years.
2
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. Please see the Income Statement Reclassification section of this press release for additional information.
MARRIOTT INTERNATIONAL, INC.
PRESS RELEASE SCHEDULES
TABLE OF CONTENTS
QUARTER 2, 2026
Consolidated Statements of Income
A-
2
Non-GAAP Financial Measures
A-
4
Expense Captions - As Reclassified
A-
5
Total Lodging Products by Ownership Type
A-
6
Total Lodging Products by Tier
A-
8
Key Lodging Statistics
A-
10
Adjusted EBITDA
A-
14
Adjusted EBITDA Forecast - Third Quarter 2026
A-
15
Adjusted EBITDA Forecast - Full Year 2026
A-
16
Explanation of Non-GAAP Financial and Performance Measures
A-
17
MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
SECOND QUARTER 2026 AND 2025
($ in millions except per share amounts, unaudited)
Percent
Three Months Ended
Three Months Ended
Better/(Worse)
June 30, 2026
June 30, 2025
2026 vs. 2025
REVENUES
Franchise fees
1
$                    1,023
$                      860
19
Base management fees
343
340
1
Incentive management fees
212
200
6
Gross fee revenues
1,578
1,400
13
Contract investment amortization
2
(31)
(29)
(7)
Net fee revenues
1,547
1,371
13
Owned, leased, and other revenue
3
466
441
6
Cost reimbursement revenue
4
5,058
4,932
3
7,071
6,744
5
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense
5
*
417
363
(15)
Depreciation, amortization, and other
6
115
53
(117)
General and administrative
7
*
220
210
(5)
Restructuring and merger-related (recoveries) charges, and other
(10)
8
225
Reimbursed expenses
4
5,100
4,874
(5)
5,842
5,508
(6)
OPERATING INCOME
1,229
1,236
(1)
Gains and other income, net
8
11
5
120
Interest expense
(221)
(203)
(9)
Interest income
20
12
67
Equity in earnings
9
5
4
25
INCOME BEFORE INCOME TAXES
1,044
1,054
(1)
Provision for income taxes
(278)
(291)
4
NET INCOME
$                     766
$                     763
0
EARNINGS PER SHARE
Earnings per share - basic
$                     2.90
$                     2.78
4
Earnings per share - diluted
$                     2.90
$                     2.78
4
Basic shares (in millions)
263.9
274.2
Diluted shares (in millions)
264.5
274.7
* The 2025 second quarter reflects the reclassification of
$35 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 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
includes our equity in earnings or losses of unconsolidated equity method investments.
MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
SECOND QUARTER YEAR-TO-DATE 2026 AND 2025
($ in millions except per share amounts, unaudited)
Percent
Six Months Ended
Six Months Ended
Better/(Worse)
June 30, 2026
June 30, 2025
2026 vs. 2025
REVENUES
Franchise fees
1
$                    1,895
$                    1,606
18
Base management fees
682
665
3
Incentive management fees
434
404
7
Gross fee revenues
3,011
2,675
13
Contract investment amortization
2
(66)
(57)
(16)
Net fee revenues
2,945
2,618
12
Owned, leased, and other revenue
3
878
802
9
Cost reimbursement revenue
4
9,902
9,587
3
13,725
13,007
6
OPERATING COSTS AND EXPENSES
Owned, leased, and other expense
5
*
794
695
(14)
Depreciation, amortization, and other
6
169
104
(63)
General and administrative
7
*
439
419
(5)
Restructuring and merger-related (recoveries) charges, and other
(6)
9
167
Reimbursed expenses
4
10,036
9,596
(5)
11,432
10,823
(6)
OPERATING INCOME
2,293
2,184
5
Gains and other income, net
8
14
3
367
Interest expense
(435)
(395)
(10)
Interest income
30
21
43
Equity in earnings
9
—
5
(100)
INCOME BEFORE INCOME TAXES
1,902
1,818
5
Provision for income taxes
(488)
(390)
(25)
NET INCOME
$                   1,414
$                   1,428
(1)
EARNINGS PER SHARE
Earnings per share - basic
$                     5.34
$                     5.18
3
Earnings per share - diluted
$                     5.32
$                     5.17
3
Basic shares (in millions)
265.0
275.5
Diluted shares (in millions)
265.7
276.2
* The 2025 first half reflects the reclassification of
$71 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 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
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
Six Months Ended
Percent
Percent
June 30
,
June 30
,
Better/
June 30
,
June 30
,
Better/
2026
2025
(Worse)
2026
2025
(Worse)
Total revenues, as reported
$      7,071
$      6,744
$    13,725
$    13,007
Less: Cost reimbursement revenue
(5,058)
(4,932)
(9,902)
(9,587)
Adjusted total revenues
†
2,013
1,812
3,823
3,420
Operating income, as reported
1,229
1,236
2,293
2,184
Less: Cost reimbursement revenue
(5,058)
(4,932)
(9,902)
(9,587)
Add: Reimbursed expenses
5,100
4,874
10,036
9,596
Add (Less): Restructuring and merger-related (recoveries) charges, and other
(10)
8
(6)
9
Add: Asset impairment charge
1
68
—
68
—
Less: Adjustments related to Sonder Termination
2
—
—
(2)
—
Adjusted operating income
†
1,329
1,186
12
2,487
2,202
13
Operating income margin
17 %
18 %
17 %
17 %
Adjusted operating income margin
†
66 %
65 %
65 %
64 %
Net income, as reported
766
763
1,414
1,428
Less: Cost reimbursement revenue
(5,058)
(4,932)
(9,902)
(9,587)
Add: Reimbursed expenses
5,100
4,874
10,036
9,596
Add (Less): Restructuring and merger-related (recoveries) charges, and other
(10)
8
(6)
9
Add: Asset impairment charge
1
68
—
68
—
Less: Adjustments related to Sonder Termination
2
—
—
(2)
—
Add: Adjustment to gain on investee's asset disposition
3
—
—
8
—
Income tax effect of above adjustments
(22)
18
(46)
1
Less: Income tax special items
—
(3)
—
(74)
Adjusted net income
†
$       844
$       728
16
$     1,570
$     1,373
14
Diluted earnings per share, as reported
$       2.90
$       2.78
$       5.32
$       5.17
Adjusted diluted earnings per share
†
$       3.19
$       2.65
20
$       5.91
$       4.97
19
†
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
Impairment related to our sale of a
U.S
. &
Canada
hotel reported in Depreciation, amortization, and other.
2
Adjustments related to the termination of our licensing agreement with Sonder Holdings Inc. (the "Sonder Termination") reported in Owned, leased, and other expense.
3
Adjustment to gain on investee's asset disposition reported in Equity in 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
Third
Quarter
Fourth
Quarter
Total
Owned, leased, and other revenue
$       361
$       441
$       420
$       457
$     1,679
Owned, leased, and other expense
332
363
350
416
1,461
Owned, 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 TYPE
As of
June 30, 2026
US &
Canada
Total International
1
Total Worldwide
Properties
Rooms
Properties
Rooms
Properties
Rooms
Franchised, Licensed, and Other
5,921
884,304
2,018
339,046
7,939
1,223,350
Courtyard by
Marriott
943
127,158
146
27,070
1,089
154,228
Fairfield by
Marriott
1,202
113,564
141
20,448
1,343
134,012
Residence Inn by
Marriott
839
100,238
43
5,289
882
105,527
Marriott Hotels
240
76,464
87
24,026
327
100,490
Autograph Collection
165
36,970
178
34,770
343
71,740
SpringHill Suites by
Marriott
577
67,779
—
—
577
67,779
Sheraton
134
41,433
90
25,141
224
66,574
TownePlace Suites by
Marriott
590
59,212
—
—
590
59,212
Four Points by Sheraton
147
21,020
173
31,015
320
52,035
Westin
97
33,215
34
10,182
131
43,397
AC Hotels by
Marriott
139
23,059
109
16,055
248
39,114
Tribute Portfolio
112
20,761
76
11,231
188
31,992
Moxy Hotels
49
8,408
118
22,268
167
30,676
Aloft by
Marriott
167
23,905
33
6,357
200
30,262
Renaissance Hotels
72
19,853
33
8,594
105
28,447
MGM Collection with
Marriott Bonvoy
12
26,210
—
—
12
26,210
Delta Hotels by
Marriott
70
15,864
43
8,123
113
23,987
Timeshare*
73
18,949
22
3,963
95
22,912
The Luxury Collection
17
8,245
68
14,458
85
22,703
City Express by
Marriott
28
2,460
155
18,335
183
20,795
Design Hotels*
34
3,179
221
14,075
255
17,254
Element by
Marriott
105
14,066
7
1,043
112
15,109
Le Méridien
23
5,123
31
8,636
54
13,759
JW
Marriott
14
6,797
16
4,279
30
11,076
citizenM
17
4,604
19
3,938
36
8,542
Four Points Flex by Sheraton
—
—
60
8,536
60
8,536
Series by
Marriott
5
550
53
3,932
58
4,482
Protea Hotels by
Marriott
—
—
38
3,371
38
3,371
Marriott Executive Apartments
—
—
10
1,947
10
1,947
Outdoor Collection by
Marriott Bonvoy
34
1,771
—
—
34
1,771
W Hotels
1
1,117
2
464
3
1,581
StudioRes by
Marriott
12
1,488
—
—
12
1,488
Apartments by
Marriott Bonvoy
2
413
4
302
6
715
The Ritz-Carlton
1
429
2
262
3
691
The Ritz-Carlton Yacht Collection*
—
—
3
603
3
603
St. Regis
—
—
1
172
1
172
Bvlgari
—
—
2
161
2
161
Owned/Leased
13
4,466
37
8,867
50
13,333
Sheraton
1
1,218
3
1,724
4
2,942
Marriott Hotels
2
1,304
5
1,631
7
2,935
Courtyard by
Marriott
7
987
4
894
11
1,881
W Hotels
2
765
2
665
4
1,430
Protea Hotels by
Marriott
—
—
5
912
5
912
JW
Marriott
—
—
2
696
2
696
The Ritz-Carlton
—
—
2
548
2
548
Renaissance Hotels
—
—
2
505
2
505
The Luxury Collection
—
—
3
383
3
383
Autograph Collection
—
—
5
360
5
360
Residence Inn by
Marriott
1
192
1
140
2
332
Tribute Portfolio
—
—
2
249
2
249
St. Regis
—
—
1
160
1
160
Managed
558
202,722
1,389
357,727
1,947
560,449
Marriott Hotels
97
55,403
194
61,179
291
116,582
Sheraton
23
18,928
178
57,080
201
76,008
Courtyard by
Marriott
134
21,936
137
29,941
271
51,877
Westin
40
22,354
80
24,174
120
46,528
JW
Marriott
22
12,725
77
26,525
99
39,250
The Ritz-Carlton
42
12,797
80
18,443
122
31,240
Four Points by Sheraton
1
134
96
25,337
97
25,471
Renaissance Hotels
20
8,657
53
16,533
73
25,190
Le Méridien
—
—
70
18,646
70
18,646
W Hotels
19
5,163
46
12,023
65
17,186
St. Regis
13
2,564
53
11,503
66
14,067
Gaylord Hotels
7
11,820
—
—
7
11,820
Residence Inn by
Marriott
63
10,604
9
1,102
72
11,706
The Luxury Collection
6
2,316
42
8,335
48
10,651
Aloft by
Marriott
2
505
42
9,591
44
10,096
Fairfield by
Marriott
3
698
57
8,761
60
9,459
Delta Hotels by
Marriott
24
6,623
5
1,179
29
7,802
Autograph Collection
12
3,418
19
3,379
31
6,797
Marriott Executive Apartments
—
—
41
5,932
41
5,932
AC Hotels by
Marriott
8
1,512
18
3,328
26
4,840
EDITION
5
1,379
18
3,389
23
4,768
Element by
Marriott
3
810
14
2,712
17
3,522
Moxy Hotels
1
380
15
3,099
16
3,479
Protea Hotels by
Marriott
—
—
22
2,738
22
2,738
Tribute Portfolio
—
—
13
1,595
13
1,595
SpringHill Suites by
Marriott
9
1,381
—
—
9
1,381
Bvlgari
—
—
7
646
7
646
TownePlace Suites by
Marriott
4
615
—
—
4
615
citizenM
—
—
2
477
2
477
Apartments by
Marriott Bonvoy
—
—
1
80
1
80
Residences
74
7,866
72
8,700
146
16,566
The
Ritz-Carlton Residences
46
5,150
23
1,928
69
7,078
St. Regis Residences
11
1,279
14
1,916
25
3,195
W Residences
8
795
8
768
16
1,563
Marriott Residences
—
—
5
1,283
5
1,283
JW
Marriott
Residences
1
91
4
1,055
5
1,146
Westin Residences
3
266
3
413
6
679
Bvlgari Residences
—
—
5
526
5
526
Sheraton Residences
—
—
3
472
3
472
The Luxury Collection Residences
1
91
2
85
3
176
Tribute Portfolio Residences
—
—
1
137
1
137
Renaissance Residences
1
112
—
—
1
112
EDITION Residences
3
82
1
10
4
92
Le Méridien Residences
—
—
1
62
1
62
Autograph Collection Residences
—
—
2
45
2
45
Grand Total
6,566
1,099,358
3,516
714,340
10,082
1,813,698
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 TIER
As of
June 30, 2026
US &
Canada
Total International
1
Total Worldwide
Total Systemwide
Properties
Rooms
Properties
Rooms
Properties
Rooms
Luxury
212
61,785
484
110,003
696
171,788
JW
Marriott
36
19,522
95
31,500
131
51,022
JW
Marriott
Residences
1
91
4
1,055
5
1,146
The Luxury Collection
23
10,561
113
23,176
136
33,737
The Luxury Collection Residences
1
91
2
85
3
176
The Ritz-Carlton
43
13,226
84
19,253
127
32,479
The
Ritz-Carlton Residences
46
5,150
23
1,928
69
7,078
The Ritz-Carlton Yacht Collection*
—
—
3
603
3
603
W Hotels
22
7,045
50
13,152
72
20,197
W Residences
8
795
8
768
16
1,563
St. Regis
13
2,564
55
11,835
68
14,399
St. Regis Residences
11
1,279
14
1,916
25
3,195
EDITION
5
1,379
18
3,389
23
4,768
EDITION Residences
3
82
1
10
4
92
Bvlgari
—
—
9
807
9
807
Bvlgari Residences
—
—
5
526
5
526
Premium
1,225
411,359
1,493
343,685
2,718
755,044
Marriott Hotels
339
133,171
286
86,836
625
220,007
Marriott Residences
—
—
5
1,283
5
1,283
Sheraton
158
61,579
271
83,945
429
145,524
Sheraton Residences
—
—
3
472
3
472
Westin
137
55,569
114
34,356
251
89,925
Westin Residences
3
266
3
413
6
679
Autograph Collection
177
40,388
202
38,509
379
78,897
Autograph Collection Residences
—
—
2
45
2
45
Renaissance Hotels
92
28,510
88
25,632
180
54,142
Renaissance Residences
1
112
—
—
1
112
Tribute Portfolio
112
20,761
91
13,075
203
33,836
Tribute Portfolio Residences
—
—
1
137
1
137
Le Méridien
23
5,123
101
27,282
124
32,405
Le Méridien Residences
—
—
1
62
1
62
Delta Hotels by
Marriott
94
22,487
48
9,302
142
31,789
MGM Collection with
Marriott Bonvoy
12
26,210
—
—
12
26,210
Design Hotels*
34
3,179
221
14,075
255
17,254
Gaylord Hotels
7
11,820
—
—
7
11,820
Marriott Executive Apartments
—
—
51
7,879
51
7,879
Outdoor Collection by
Marriott Bonvoy
**
34
1,771
—
—
34
1,771
Apartments by
Marriott Bonvoy
2
413
5
382
7
795
Select
5,011
602,767
1,249
225,886
6,260
828,653
Courtyard by
Marriott
1,084
150,081
287
57,905
1,371
207,986
Fairfield by
Marriott
1,205
114,262
198
29,209
1,403
143,471
Residence Inn by
Marriott
903
111,034
53
6,531
956
117,565
Four Points by Sheraton
148
21,154
269
56,352
417
77,506
SpringHill Suites by
Marriott
586
69,160
—
—
586
69,160
TownePlace Suites by
Marriott
594
59,827
—
—
594
59,827
AC Hotels by
Marriott
147
24,571
127
19,383
274
43,954
Aloft by
Marriott
169
24,410
75
15,948
244
40,358
Moxy Hotels
50
8,788
133
25,367
183
34,155
Element by
Marriott
108
14,876
21
3,755
129
18,631
citizenM
17
4,604
21
4,415
38
9,019
Protea Hotels by
Marriott
—
—
65
7,021
65
7,021
Midscale
45
4,498
268
30,803
313
35,301
City Express by
Marriott
28
2,460
155
18,335
183
20,795
Four Points Flex by Sheraton
—
—
60
8,536
60
8,536
Series by
Marriott
**
5
550
53
3,932
58
4,482
StudioRes by
Marriott
12
1,488
—
—
12
1,488
Timeshare*
73
18,949
22
3,963
95
22,912
Grand Total
6,566
1,099,358
3,516
714,340
10,082
1,813,698
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 STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
Three Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Brand
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
JW Marriott
$   278.37
7.1 %
74.6 %
1.5 %
pts.
$   373.15
4.9 %
The Ritz-Carlton
$   418.33
9.8 %
69.6 %
1.4 %
pts.
$   601.00
7.5 %
W Hotels
$   295.67
8.9 %
71.7 %
-0.2 %
pts.
$   412.25
9.2 %
Composite US & Canada Luxury
1
$   357.49
9.5 %
72.0 %
0.9 %
pts.
$   496.46
8.1 %
Marriott Hotels
$   200.38
5.9 %
74.0 %
0.8 %
pts.
$   270.77
4.7 %
Sheraton
$   186.20
5.3 %
72.2 %
1.0 %
pts.
$   258.04
3.9 %
Westin
$   215.44
4.2 %
73.8 %
-0.1 %
pts.
$   292.01
4.4 %
Composite US & Canada Premium
2
$   198.56
5.8 %
73.5 %
0.6 %
pts.
$   270.14
5.0 %
US & Canada Full-Service
3
$   232.94
7.0 %
73.2 %
0.6 %
pts.
$   318.31
6.1 %
Courtyard by
Marriott
$   127.84
4.8 %
71.3 %
-0.1 %
pts.
$   179.30
5.0 %
Residence Inn
by Marriott
$   167.76
4.7 %
79.7 %
0.0 %
pts.
$   210.42
4.6 %
Composite US & Canada Select
4
$   146.22
5.1 %
74.7 %
0.0 %
pts.
$   195.84
5.1 %
US &
Canada
- All
5
$   214.20
6.7 %
73.5 %
0.5 %
pts.
$   291.43
6.0 %
Comparable Systemwide US & Canada Properties
Three Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Brand
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
JW Marriott
$   264.85
6.9 %
75.2 %
1.0 %
pts.
$   352.00
5.5 %
The Ritz-Carlton
$   418.33
9.9 %
70.3 %
1.5 %
pts.
$   595.47
7.5 %
W Hotels
$   295.67
8.9 %
71.7 %
-0.2 %
pts.
$   412.25
9.2 %
Composite US & Canada Luxury
1
$   335.56
9.1 %
73.1 %
0.8 %
pts.
$   458.89
7.9 %
Marriott Hotels
$   164.72
4.7 %
72.2 %
0.1 %
pts.
$   228.28
4.5 %
Sheraton
$   152.12
4.5 %
72.2 %
0.3 %
pts.
$   210.82
4.1 %
Westin
$   185.44
3.6 %
73.6 %
-0.2 %
pts.
$   251.80
3.8 %
Composite US & Canada Premium
2
$   168.22
5.0 %
72.3 %
0.2 %
pts.
$   232.71
4.7 %
US & Canada Full-Service
3
$   186.44
5.8 %
72.4 %
0.3 %
pts.
$   257.60
5.4 %
Courtyard by
Marriott
$   125.12
4.3 %
72.2 %
-0.1 %
pts.
$   173.30
4.4 %
Residence Inn
by
Marriott
$   145.22
4.6 %
80.1 %
0.6 %
pts.
$   181.32
3.9 %
Fairfield
by
Marriott
$   105.40
3.9 %
72.8 %
0.1 %
pts.
$   144.68
3.7 %
Composite US & Canada Select
4
$   125.86
4.4 %
75.1 %
0.2 %
pts.
$   167.61
4.1 %
US &
Canada
- All
5
$   150.10
5.0 %
74.0 %
0.2 %
pts.
$   202.82
4.7 %
1
Includes JW Marriott
, The Ritz-Carlton,
W Hotels
, The Luxury Collection, St. Regis, and EDITION.
2
Includes
Marriott Hotels
, Sheraton, Westin,
Renaissance Hotels
, Autograph Collection,
Delta Hotels
by
Marriott
, and
Gaylord Hotels
.
Systemwide also includes Le Méridien and Tribute Portfolio.
3
Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4
Includes Courtyard by
Marriott
,
Residence Inn
by
Marriott
,
Fairfield
by
Marriott
,
SpringHill Suites
by
Marriott
, TownePlace Suites by
Marriott
, Four Points by Sheraton, Aloft by
Marriott
, Element by
Marriott
,
AC Hotels
by
Marriott
, and
Moxy Hotels
.
5
Includes US & Canada Full-Service and Composite US & Canada Select.
MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
Six Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Brand
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
JW Marriott
$   283.69
5.9 %
74.2 %
1.0 %
pts.
$   382.29
4.5 %
The Ritz-Carlton
$   424.18
7.8 %
68.6 %
1.3 %
pts.
$   618.19
5.8 %
W Hotels
$   293.35
10.8 %
69.4 %
1.4 %
pts.
$   422.64
8.5 %
Composite US & Canada Luxury
1
$   366.94
8.4 %
71.1 %
1.0 %
pts.
$   515.96
6.8 %
Marriott Hotels
$   189.62
5.1 %
70.8 %
0.5 %
pts.
$   267.86
4.3 %
Sheraton
$   174.71
3.2 %
69.2 %
0.5 %
pts.
$   252.55
2.4 %
Westin
$   196.61
4.4 %
70.6 %
0.5 %
pts.
$   278.41
3.6 %
Composite US & Canada Premium
2
$   186.43
4.7 %
70.4 %
0.4 %
pts.
$   264.97
4.1 %
US & Canada Full-Service
3
$   225.48
6.0 %
70.5 %
0.5 %
pts.
$   319.72
5.2 %
Courtyard by
Marriott
$   118.26
3.6 %
67.1 %
-0.1 %
pts.
$   176.12
3.7 %
Residence Inn
by Marriott
$   159.21
3.5 %
76.5 %
0.2 %
pts.
$   208.01
3.1 %
Composite US & Canada Select
4
$   136.77
3.9 %
71.0 %
0.2 %
pts.
$   192.76
3.7 %
US &
Canada
- All
5
$   206.31
5.7 %
70.6 %
0.5 %
pts.
$   292.16
5.0 %
Comparable Systemwide US & Canada Properties
Six Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Brand
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
JW Marriott
$   267.89
5.7 %
74.2 %
0.7 %
pts.
$   360.80
4.7 %
The Ritz-Carlton
$   419.62
7.8 %
68.8 %
1.3 %
pts.
$   609.82
5.8 %
W Hotels
$   293.35
10.8 %
69.4 %
1.4 %
pts.
$   422.64
8.5 %
Composite US & Canada Luxury
1
$   338.04
7.9 %
71.7 %
0.8 %
pts.
$   471.72
6.6 %
Marriott Hotels
$   153.89
4.4 %
68.6 %
0.4 %
pts.
$   224.25
3.8 %
Sheraton
$   138.80
3.7 %
68.2 %
0.6 %
pts.
$   203.42
2.8 %
Westin
$   174.33
3.3 %
70.6 %
0.0 %
pts.
$   247.08
3.3 %
Composite US & Canada Premium
2
$   156.91
4.5 %
68.9 %
0.4 %
pts.
$   227.90
3.9 %
US & Canada Full-Service
3
$   176.64
5.2 %
69.2 %
0.5 %
pts.
$   255.41
4.5 %
Courtyard by
Marriott
$   113.68
4.0 %
67.9 %
0.2 %
pts.
$   167.52
3.7 %
Residence Inn
by
Marriott
$   133.75
3.7 %
76.4 %
0.7 %
pts.
$   175.06
2.8 %
Fairfield
by
Marriott
$     94.29
3.5 %
67.8 %
0.2 %
pts.
$   139.08
3.2 %
Composite US & Canada Select
4
$   115.02
4.0 %
71.0 %
0.5 %
pts.
$   162.01
3.3 %
US &
Canada
- All
5
$   139.67
4.6 %
70.3 %
0.5 %
pts.
$   198.79
3.9 %
1
Includes JW Marriott
, The Ritz-Carlton,
W Hotels
, The Luxury Collection, St. Regis, and EDITION.
2
Includes
Marriott Hotels
, Sheraton, Westin,
Renaissance Hotels
, Autograph Collection,
Delta Hotels
by
Marriott
, and
Gaylord Hotels
.
Systemwide also includes Le Méridien and Tribute Portfolio.
3
Includes Composite US & Canada Luxury and Composite US & Canada Premium.
4
Includes Courtyard by
Marriott
,
Residence Inn
by
Marriott
,
Fairfield
by
Marriott
,
SpringHill Suites
by
Marriott
, TownePlace Suites by
Marriott
, Four Points by Sheraton, Aloft by
Marriott
, Element by
Marriott
,
AC Hotels
by
Marriott
, and
Moxy Hotels
.
5
Includes US & Canada Full-Service and Composite US & Canada Select.
MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
Three Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Region
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
Europe
$   285.72
5.1 %
76.6 %
0.2 %
pts.
$   373.06
4.8 %
Middle East
&
Africa
$     84.30
-35.1 %
49.5 %
-17.3 %
pts.
$   170.21
-12.4 %
Greater China
$     81.07
2.6 %
68.8 %
0.1 %
pts.
$   117.83
2.6 %
Asia Pacific
excluding
China
$   118.70
5.2 %
70.0 %
2.2 %
pts.
$   169.60
1.8 %
Caribbean
&
Latin America
$   193.39
0.9 %
63.7 %
0.4 %
pts.
$   303.69
0.2 %
International - All
1
$   120.46
-2.9 %
66.4 %
-2.1 %
pts.
$   181.36
0.3 %
Worldwide
2
$   158.08
2.1 %
69.3 %
-1.1 %
pts.
$   228.23
3.7 %
Comparable Systemwide International Properties
Three Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Region
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
Europe
$   185.95
4.2 %
75.6 %
1.2 %
pts.
$   245.98
2.6 %
Middle East
&
Africa
$     80.48
-33.1 %
50.5 %
-15.8 %
pts.
$   159.44
-12.1 %
Greater China
$     72.95
3.2 %
67.3 %
0.7 %
pts.
$   108.44
2.1 %
Asia Pacific
excluding
China
$   119.46
5.3 %
70.4 %
2.3 %
pts.
$   169.76
1.8 %
Caribbean
&
Latin America
$   111.99
3.0 %
60.3 %
1.3 %
pts.
$   185.85
0.7 %
International - All
1
$   116.76
-0.5 %
67.1 %
-0.7 %
pts.
$   174.10
0.6 %
Worldwide
2
$   138.74
3.4 %
71.6 %
-0.1 %
pts.
$   193.66
3.5 %
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 STATISTICS
In Constant $
Comparable Company-Operated International Properties
Six Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Region
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
Europe
$   231.59
6.0 %
68.9 %
-0.1 %
pts.
$   335.92
6.1 %
Middle East
&
Africa
$   111.59
-18.1 %
55.8 %
-11.9 %
pts.
$   199.84
-0.6 %
Greater China
$     80.62
4.4 %
67.1 %
0.6 %
pts.
$   120.10
3.4 %
Asia Pacific
excluding
China
$   127.45
6.4 %
70.7 %
2.4 %
pts.
$   180.21
2.9 %
Caribbean
&
Latin America
$   224.33
0.0 %
66.3 %
0.2 %
pts.
$   338.30
-0.2 %
International - All
1
$   123.69
0.6 %
66.5 %
-1.0 %
pts.
$   186.11
2.2 %
Worldwide
2
$   156.88
3.2 %
68.1 %
-0.4 %
pts.
$   230.27
3.9 %
Comparable Systemwide International Properties
Six Months Ended
June 30, 2026
and
June 30, 2025
RevPAR
Occupancy
Average Daily Rate
Region
2026
vs. 2025
2026
vs. 2025
2026
vs. 2025
Europe
$   152.76
5.2 %
68.5 %
1.4 %
pts.
$   223.15
3.1 %
Middle East
&
Africa
$   104.76
-16.9 %
56.0 %
-10.7 %
pts.
$   187.00
-1.0 %
Greater China
$     72.15
4.5 %
65.3 %
0.9 %
pts.
$   110.47
3.0 %
Asia Pacific
excluding
China
$   125.43
6.5 %
70.4 %
2.4 %
pts.
$   178.12
2.9 %
Caribbean
&
Latin America
$   125.50
2.4 %
61.6 %
1.4 %
pts.
$   203.79
0.2 %
International - All
1
$   114.56
2.0 %
65.7 %
0.0 %
pts.
$   174.48
2.0 %
Worldwide
2
$   131.14
3.8 %
68.7 %
0.3 %
pts.
$   190.89
3.3 %
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 MEASURES
ADJUSTED EBITDA
($ in millions)
Fiscal Year 2026
First
Quarter
Second
Quarter
Total
Net income, as reported
1
$     648
$     766
$   1,414
Cost reimbursement revenue
(4,844)
(5,058)
(9,902)
Reimbursed expenses
4,936
5,100
10,036
Interest expense
214
221
435
Interest expense from unconsolidated joint ventures
2
2
4
Provision for income taxes
210
278
488
Depreciation, amortization, and other
1
54
115
169
Contract investment amortization
35
31
66
Depreciation and amortization classified in reimbursed expenses
73
76
149
Depreciation, amortization, and impairments from unconsolidated joint ventures
3
5
8
Stock-based compensation
57
66
123
Restructuring and merger-related charges (recoveries), and other
4
(10)
(6)
Adjustments related to Sonder Termination
(2)
—
(2)
Adjustment to gain on investee's asset disposition
8
—
8
Adjusted EBITDA
†
$   1,398
$   1,592
$   2,990
Change from 2025 Adjusted EBITDA
†
15 %
13 %
14 %
Fiscal Year 2025
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total
Net income, as reported
$      665
$      763
$      728
$      445
$    2,601
Cost reimbursement revenue
(4,655)
(4,932)
(4,760)
(4,857)
(19,204)
Reimbursed expenses
4,722
4,874
4,739
5,168
19,503
Interest expense
192
203
206
208
809
Interest expense from unconsolidated joint ventures
1
3
2
1
7
Provision for income taxes
99
291
266
137
793
Depreciation, amortization, and other
51
53
50
59
213
Contract investment amortization
28
29
29
49
135
Depreciation and amortization classified in reimbursed expenses
57
61
64
69
251
Depreciation, amortization, and impairments from unconsolidated joint ventures
4
4
4
6
18
Stock-based compensation
52
58
61
65
236
Restructuring and merger-related charges (recoveries), and other
1
8
(40)
29
(2)
Expenses related to Sonder Termination
—
—
—
23
23
Adjusted 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.
1
Includes our 2026 second quarter impairment charge of
$68 million
related to our sale of a
U.S
. &
Canada
hotel.
MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA FORECAST
THIRD QUARTER 2026
($ in millions)
Range
Estimated
Third Quarter 2026
Third Quarter 2025
Net income excluding certain items
1
$      718
$      740
Interest expense
227
227
Interest expense from unconsolidated joint ventures
1
1
Provision for income taxes
262
269
Depreciation, amortization, and other
51
51
Contract investment amortization
35
35
Depreciation and amortization classified in reimbursed expenses
78
78
Depreciation, amortization, and impairments from unconsolidated joint ventures
5
5
Stock-based compensation
62
62
Adjusted EBITDA
†
$    1,439
$    1,468
$                 1,349
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
Forecast 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. Forecast includes the impact of our sale of a
U.S
. &
Canada
hotel and our investment in Lefay, each
of which occurred in the 2026 second quarter. 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.
MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA FORECAST
FULL YEAR 2026
($ in millions)
Range
Estimated
Full Year 2026
Full Year 2025
Net income excluding certain items
1, 2
$    3,007
$    3,051
Interest expense
898
898
Interest expense from unconsolidated joint ventures
7
7
Provision for income taxes
1,057
1,073
Depreciation, amortization, and other
2
275
275
Contract investment amortization
137
137
Depreciation and amortization classified in reimbursed expenses
307
307
Depreciation, amortization, and impairments from unconsolidated joint ventures
19
19
Stock-based compensation
252
252
Adjustments related to Sonder Termination
(2)
(2)
Adjustment to gain on investee's asset disposition
8
8
Adjusted EBITDA
†
$    5,965
$    6,025
$                 5,383
Increase over 2025 Adjusted EBITDA
†
11 %
12 %
†
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 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. Forecast includes the impact of our sale of a
U.S
. &
Canada
hotel and our investment in Lefay, each
of which occurred in the 2026 second quarter. 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 our 2026 second quarter impairment charge of
$68 million
related to the sale of a
U.S
. &
Canada
hotel.
MARRIOTT INTERNATIONAL, INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES
In our press release and schedules, on the related conference call, and in the infographic made available in connection with our press release, we report certain financial measures that are not required by, or presented in accordance with,
United States
generally accepted accounting principles (
"
GAAP
"
). These non-GAAP financial measures are labeled as "Adjusted" and/or identified with the symbol "†". We discuss the manner in which the non-GAAP measures reported in this press release, schedules, and infographic are determined and management's reasons for reporting these non-GAAP measures below, and the press release schedules reconcile each to the most directly comparable GAAP measures (with respect to the forward-looking non-GAAP measures, to the extent available without unreasonable efforts). Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, net income, earnings per share, or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-GAAP financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measures we report may not be comparable to those reported by others.
Adjusted Operating Income and Adjusted Operating Income Margin.
Adjusted operating income excludes cost reimbursement revenue, reimbursed expenses, and restructuring and merger-related recoveries/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 recoveries/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 (recoveries) 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 Bonvoy
SM
(which we also exclude from our property and room count), timeshare, residential, and The
Ritz-Carlton Yacht Collection
®
.
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SOURCE
Marriott International, Inc.
Melissa Froehlich Flood, Senior Vice President, Global Corporate Communications & Public Policy, Marriott International, newsroom@marriott.com; Jackie Burka McConagha, Senior Vice President, Investor Relations, Marriott International, jackie.mcconagha@marriott.com; Pilar Fernandez, Senior Director, Investor Relations, Marriott International, pilar.fernandez@marriott.com