Track market-moving stories before they get noisy

Marriott International, Inc. (MAR - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, MAR's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross."

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.

A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.

Shares of MAR have been moving higher over the past four weeks, up 12.9%. Plus, the company is currently a #3 (Hold) on the Zacks Rank, suggesting that MAR could be poised for a breakout.

Once investors consider MAR's positive earnings outlook for the current quarter, the bullish case only solidifies. No earnings estimate has gone lower in the past two months compared to 2 revisions higher, and the Zacks Consensus Estimate has increased as well.

Given this move in earnings estimates and the positive technical factor, investors may want to keep their eye on MAR for more gains in the near future.

Quarterly financial reports play a vital role on Wall Street, as they help investors see how a company has performed and what might be coming down the road in the near-term. And out of all of the metrics and results to consider, earnings is one of the most important.

We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.

Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter.

The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.

With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.

When we join a positive earnings ESP with a Zacks Rank #3 (Hold) or stronger, stocks posted a positive bottom-line surprise 70% of the time. Plus, this system saw investors produce roughly 28% annual returns on average, according to our 10 year backtest.

Most stocks, about 60%, fall into the #3 (Hold) category, and they are expected to perform in-line with the broader market. Stocks with a #2 (Buy) and #1 (Strong Buy) rating, or the top 15% and top 5% of stocks, respectively, should outperform the market, with Strong Buy stocks outperforming more than any other rank.

Should You Consider Norwegian Cruise Line?The final step today is to look at a stock that meets our ESP qualifications. Norwegian Cruise Line (NCLH - Free Report) earns a #3 (Hold) seven days from its next quarterly earnings release on October 29, 2026, and its Most Accurate Estimate comes in at $0.92 a share.

By taking the percentage difference between the $0.92 Most Accurate Estimate and the $0.91 Zacks Consensus Estimate, Norwegian Cruise Line has an Earnings ESP of +0.73%. Investors should also know that NCLH is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

NCLH is part of a big group of Consumer Discretionary stocks that boast a positive ESP, and investors may want to take a look at Marriott International (MAR - Free Report) as well.

Marriott International is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on November 2, 2026. MAR's Most Accurate Estimate sits at $2.95 a share 11 days from its next earnings release.

For Marriott International, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $2.85 is +3.43%.

NCLH and MAR's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.

Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

SteelPeak Wealth LLC grew its stake in Marriott International, Inc. (NASDAQ:MAR – Free Report) by 294.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,551 shares of the company’s stock after purchasing an additional 3,398 shares during the period. SteelPeak Wealth LLC’s holdings in Marriott International were worth $1,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Evelyn Partners Investment Management Services Ltd acquired a new position in Marriott International during the first quarter worth $25,000. IMG Wealth Management Inc. increased its stake in shares of Marriott International by 100.0% in the 1st quarter. IMG Wealth Management Inc. now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 41 shares during the last quarter. Wilkerson Advisory Group LLC increased its stake in shares of Marriott International by 127.0% in the 1st quarter. Wilkerson Advisory Group LLC now owns 84 shares of the company’s stock worth $27,000 after acquiring an additional 47 shares during the last quarter. Scarborough Advisors LLC purchased a new position in shares of Marriott International during the 1st quarter worth $32,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Marriott International by 57.6% during the 1st quarter. Meeder Asset Management Inc. now owns 104 shares of the company’s stock worth $34,000 after acquiring an additional 38 shares during the period. Institutional investors and hedge funds own 70.70% of the company’s stock.

Analyst Upgrades and Downgrades A number of brokerages recently issued reports on MAR. The Goldman Sachs Group dropped their price objective on shares of Marriott International from $405.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. Argus reduced their target price on shares of Marriott International from $445.00 to $425.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Freedom Broker initiated coverage on shares of Marriott International in a report on Wednesday, October 14th. They issued a “buy” rating and a $408.00 target price on the stock. Stifel Nicolaus dropped their price target on shares of Marriott International from $365.00 to $343.00 and set a “hold” rating for the company in a research note on Monday, August 3rd. Finally, Truist Financial raised their price target on shares of Marriott International from $356.00 to $360.00 and gave the stock a “hold” rating in a report on Thursday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $381.87.

View Our Latest Report on MAR Marriott International News Summary Here are the key news stories impacting Marriott International this week:

Positive Sentiment: Jefferies raised its price target to $429 from $417, implying continued upside and reinforcing a constructive view of Marriott’s earnings and lodging-sector prospects. Jefferies Adjusts Price Target on Marriott International Positive Sentiment: Goldman Sachs increased its target to $406 from $400, signaling modestly improved expectations for Marriott’s valuation. Goldman Sachs Adjusts Price Target on Marriott International Positive Sentiment: Analysts expect double-digit EPS growth when Marriott reports third-quarter 2026 results in November, providing a near-term catalyst if the company meets or exceeds expectations. Marriott International’s Q3 2026 Earnings: What to Expect Positive Sentiment: Freedom Broker initiated coverage with a Buy rating, while broader reports describe renewed optimism for major lodging companies, including Marriott. Freedom Broker initiates coverage of Marriott International at buy Positive Sentiment: Marriott’s investment in the Maldives to attract Indian travelers supports its international growth and exposure to expanding outbound tourism. How Marriott Is Investing in the Maldives to Win Indian Travelers Neutral Sentiment: Asia-Pacific dining trends identified by Marriott could support guest engagement and food-and-beverage revenue, though the report does not provide a specific financial forecast. Local flavours shape Asia-Pacific dining trends for 2027 Negative Sentiment: Barclays raised its target to $363 but retained an Equal Weight rating, implying approximately 6.5% downside from the current level. Barclays Raises Marriott Price Target Negative Sentiment: The reported analyst consensus target of $381.22 is below the current trading level, suggesting valuation concerns despite the recent target increases. Marriott International Consensus Target Price Insider Buying and Selling In related news, insider David Marriott sold 3,500 shares of Marriott International stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $352.09, for a total value of $1,232,315.00. Following the completion of the transaction, the insider owned 282,383 shares in the company, valued at approximately $99,424,230.47. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Deborah Harrison sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $352.09, for a total transaction of $1,232,315.00. Following the sale, the insider directly owned 282,383 shares in the company, valued at approximately $99,424,230.47. The trade was a 1.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 11.43% of the company’s stock.

Marriott International Stock Performance MAR stock opened at $388.05 on Monday. The business’s fifty day moving average price is $351.62 and its 200 day moving average price is $362.68. Marriott International, Inc. has a 12-month low of $256.76 and a 12-month high of $410.98. The company has a market capitalization of $101.19 billion, a PE ratio of 40.21, a P/E/G ratio of 2.92 and a beta of 1.17.

Marriott International (NASDAQ:MAR – Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported $3.19 EPS for the quarter, beating analysts’ consensus estimates of $3.08 by $0.11. The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $7.19 billion. Marriott International had a negative return on equity of 75.81% and a net margin of 9.62%. Marriott International’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the business posted $2.65 EPS. Marriott International has set its FY 2026 guidance at 11.640-11.810 EPS and its Q3 2026 guidance at 2.740-2.820 EPS. Research analysts predict that Marriott International, Inc. will post 11.70 EPS for the current fiscal year.

Marriott International Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Thursday, August 20th were paid a $0.73 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $2.92 annualized dividend and a dividend yield of 0.8%. Marriott International’s dividend payout ratio (DPR) is presently 30.26%.

(Free Report)

Marriott International, Inc is a global hospitality company that develops, franchises, licenses and manages hotels, resorts, residences and other lodging properties. Its portfolio includes brands such as Marriott Hotels, Sheraton, Westin, W Hotels, The Ritz-Carlton, St. Regis, JW Marriott, Courtyard, Fairfield by Marriott, Residence Inn and Element. The company also operates Marriott Bonvoy, a travel loyalty program that provides members with benefits and rewards across participating properties and travel experiences.

Marriott traces its origins to 1927, when J.

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Marriott International, Inc. (NASDAQ:MAR – Get Free Report) has been assigned a consensus rating of “Moderate Buy” from the twenty-seven research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $381.22.

MAR has been the subject of a number of research analyst reports. Erste Group Bank started coverage on shares of Marriott International in a research note on Thursday, August 27th. They issued a “buy” rating for the company. TD Cowen upgraded shares of Marriott International to a “strong-buy” rating in a research report on Tuesday, September 8th. JPMorgan Chase & Co. dropped their target price on shares of Marriott International from $400.00 to $388.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. UBS Group dropped their target price on shares of Marriott International from $412.00 to $395.00 and set a “neutral” rating on the stock in a report on Thursday, August 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Marriott International in a research report on Friday, August 7th.

View Our Latest Stock Analysis on Marriott International

Insiders Place Their Bets In other Marriott International news, insider David S. Marriott sold 3,500 shares of the stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $352.09, for a total value of $1,232,315.00. Following the transaction, the insider owned 282,383 shares of the company’s stock, valued at approximately $99,424,230.47. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Deborah Harrison sold 3,500 shares of the stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $352.09, for a total value of $1,232,315.00. Following the completion of the transaction, the insider directly owned 282,383 shares in the company, valued at approximately $99,424,230.47. This represents a 1.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 11.43% of the company’s stock. Institutional Investors Weigh In On Marriott International Several hedge funds and other institutional investors have recently made changes to their positions in MAR. State Street Corp boosted its position in shares of Marriott International by 2.9% during the second quarter. State Street Corp now owns 9,644,773 shares of the company’s stock worth $3,574,256,000 after acquiring an additional 272,044 shares during the last quarter. Invesco Ltd. grew its stake in Marriott International by 2.7% during the fourth quarter. Invesco Ltd. now owns 4,440,359 shares of the company’s stock valued at $1,377,577,000 after acquiring an additional 118,504 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Marriott International by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 727,472 shares of the company’s stock valued at $237,893,000 after acquiring an additional 5,530 shares during the last quarter. Swiss National Bank increased its holdings in Marriott International by 5.9% in the 1st quarter. Swiss National Bank now owns 669,398 shares of the company’s stock valued at $218,940,000 after acquiring an additional 37,080 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its stake in Marriott International by 62.7% in the 4th quarter. Hsbc Holdings PLC now owns 640,350 shares of the company’s stock worth $199,069,000 after purchasing an additional 246,681 shares in the last quarter. Hedge funds and other institutional investors own 70.70% of the company’s stock.

Marriott International Price Performance Marriott International stock opened at $371.82 on Thursday. Marriott International has a one year low of $256.76 and a one year high of $410.98. The business’s fifty day moving average is $350.42 and its 200 day moving average is $361.72. The stock has a market capitalization of $96.96 billion, a PE ratio of 38.53, a price-to-earnings-growth ratio of 2.80 and a beta of 1.17.

Marriott International (NASDAQ:MAR – Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported $3.19 earnings per share for the quarter, topping analysts’ consensus estimates of $3.08 by $0.11. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $7.19 billion. Marriott International had a negative return on equity of 75.81% and a net margin of 9.62%. Marriott International’s revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.65 EPS. Marriott International has set its FY 2026 guidance at 11.640-11.810 EPS and its Q3 2026 guidance at 2.740-2.820 EPS. As a group, sell-side analysts expect that Marriott International will post 11.69 EPS for the current fiscal year.

Marriott International Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Thursday, August 20th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Thursday, August 20th. Marriott International’s dividend payout ratio (DPR) is 30.26%.

Marriott International News Summary Here are the key news stories impacting Marriott International this week:

Positive Sentiment: Freedom Broker initiated coverage of Marriott International with a “buy” rating and a $408 price target, implying approximately 9.7% upside from the referenced price. Freedom Broker initiates Marriott coverage Positive Sentiment: Analysts are also assigning buy ratings to Marriott and Hilton as the lodging industry enters a “new era,” supporting a broader positive view of hotel demand and sector fundamentals. Marriott and Hilton receive buy ratings Positive Sentiment: Erste Group Bank raised its FY2026 earnings forecast for Marriott to $11.75 per share from $11.73 and maintained a “buy” rating. The revised estimate is above the roughly $11.69 consensus forecast. Positive Sentiment: Marriott continues expanding its global footprint, opening its first City Express property in South Asia in Udaipur, India, and its first Marriott Hotels property in Jakarta, Indonesia. These openings strengthen the company’s long-term room-growth pipeline. City Express by Marriott opens in India Neutral Sentiment: Marriott’s Beijing Marriott Marquis hosted a China Open delegation during its opening period, providing visibility for the new property but limited direct financial impact in the near term. Beijing Marriott Marquis hosts China Open delegation Neutral Sentiment: Morgan Stanley raised its price target to $384 from $380, a modestly positive valuation revision that nevertheless suggests limited upside relative to the newer $408 target. Morgan Stanley raises Marriott price target (Get Free Report)

Marriott International, Inc (NASDAQ: MAR) is a global hospitality company that operates, franchises, licenses and manages hotels, resorts, residences and other lodging properties. Its portfolio serves business and leisure travelers across a range of price points, from luxury and premium accommodations to select-service and extended-stay properties.

The company’s brands include The Ritz-Carlton, St. Regis, JW Marriott, W Hotels, The Luxury Collection, EDITION, Marriott Hotels, Sheraton, Westin, Renaissance, Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, AC Hotels, Aloft, Moxy and Element.

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Local cuisine emerges as the region's strongest dining force, as traditional restaurant settings give way to fluid, social spaces.

, /PRNewswire/ -- Marriott International has unveiled Future of Food 2027, its latest report exploring food and beverage trends across Asia Pacific excluding China. Drawing on conversations with leading chefs, hospitality experts and regional influencers, alongside insights from Marriott International properties across the region, the report reveals a pivotal transformation: the rise of place. As dining breaks free from traditional restaurant boundaries into fluid, social formats, diners increasingly seek experiences that are hyper-local, authentic and deeply connected to their destination.

The Future of Food 2027 Report Across Asia Pacific excluding China, diners are increasingly seeking authenticity and connection. Demand for authentic local signature dishes is surging, with 95% of surveyed properties identifying this as the biggest trend in their market. At the same time, dining is no longer confined to the traditional restaurant setting. Guests are gathering across bars, lounges, counters and flexible spaces, turning hotels into social and cultural hubs where guests move fluidly throughout the day. The result is a new era of dining where the story behind what people eat and where they eat matters more than ever.

"Across Asia Pacific, we're witnessing a shift toward intimate, locally-rooted experiences, where smaller, intentional spaces replace traditional formal dining models," said Petr Raba, Vice President of Food & Beverage, Marriott International, Asia Pacific excluding China. "Hotels are becoming cultural storytellers, embedding regional talent, locally sourced ingredients and authentic connection into every aspect of the dining experience to create spaces that feel distinctly of their place."

Key Trends Shaping the Future of Food

The Spatial Shift
Dining is moving beyond the traditional restaurant model as guests increasingly lean toward more flexible, social and experience-led spaces. Across Asia Pacific excluding China, nearly half of the surveyed properties report a growing demand for casual venues such as lounges, bars and outdoor settings, while emerging concepts are embracing intimate 40 to 60-seat footprints with distinct identities. In Vietnam, 71% of surveyed properties report growth in bar and lounge dining, reflecting the growing appeal of more fluid dining experiences. An invisible layer of technology is supporting this shift, with AI enhancing everything from menu development and marketing to staffing and guest insights, allowing teams to focus on delivering more personalized hospitality. 100% of restaurants and bars surveyed in Thailand are already using AI in their operations. The Local Advantage 
Local cuisine has become the defining force shaping dining decisions across the region. Demand for authentic local signature dishes is now the strongest trend identified by 95% of the surveyed properties and outweighing value for money when guests choose where to dine. Hotels are responding by building menus around ingredients and stories rooted in their destinations. At Hearth at The Ritz-Carlton, Perth, for example, a signature dish featuring local Wagin duck showcases Western Australia's produce while reflecting the restaurant's seasonal, locally driven philosophy. Over the past year, four in five properties have introduced new local ingredients from Kyoto vegetables in Japan to Kampot sea salt in Cambodia-inspired menus and indigenous spices across Southeast Asia, while nearly three-quarters report local ingredients appearing more frequently in beverage menus. This trend is particularly pronounced in India and Indonesia, where demand for local signature cuisine reaches 71% and 67% respectively, highlighting a growing desire for dining experiences that tell the story of a destination. 99-Minute Fine Dining 
Fine dining is undergoing a temporal revolution with up to five memorable courses delivered in under two hours, replacing four-hour tasting menus with ten-plus courses. Across the region, 58% of properties report that the average fine dining experiences last between 1.5 and 2 hours. Singapore has emerged as one of the region's fastest-paced fine dining markets with 85% of restaurants reporting an average time of 1.5 hours. Restaurants are adapting by simplifying menus, introducing more a la carte options and focusing on standout moments over the number of courses. In South Korea, one in five establishments have already reduced the number of courses served, while 30% of fine-dining restaurants in the Philippines have introduced a la carte menus. Australia sees both fewer courses and shorter service times, with the conversation shifting toward "wow moments" rather than course quantity. Additional Report Highlights:

Eat Well, Eating Your Age: Wellness has become a core dining consideration, with ingredients rooted in Asia Pacific's rich food traditions finding renewed relevance among modern travelers. Today, 97% of surveyed Marriott International properties in Asia Pacific excluding China serve dishes associated with health and longevity, while wellness increasingly extends beyond the plate to healthier mini-bars and wellness-focused turndown experiences. The Modern Menu: Across Asia Pacific, menus are becoming more expressive and multi-sensory, with texture rising alongside flavor as a defining element of the dining experience. At the same time, plant-forward dining is accelerating, prompting Marriott International to introduce its APEC Plant-Forward Program across the region in 2027, making it one of the first major global hotel groups to integrate plant-forward dining into its operational foundation permanently. Alcohol Alternatives: The low- and no-alcohol movement has evolved from niche trend to hospitality mainstay, with 42% of Marriott International restaurants and bars surveyed in Asia Pacific excluding China reporting increased sales of non-alcoholic beverages. From premium spirits to alcohol-free pairings, guests are increasingly seeking sophisticated alternatives without compromise. Looking Ahead

Asia Pacific's F&B landscape is fundamentally shifting toward authenticity and intentionality. Hotels and restaurants thriving in 2027 are those that understand their place deeply - its ingredients, culture, people and design experiences around that foundation. They are creating smaller, more distinctive spaces where technology elevates genuine hospitality, while telling stories that connect guests emotionally to destination and cuisine. The result is a regional dining scene that feels less like a global template adaptation and more like a collection of distinctive, culturally rooted experiences.

Download the full Future of Food 2027 report here to explore the complete trends shaping Asia Pacific's culinary future.

Access high-resolution images and media assets here.

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.

SOURCE Marriott International, Inc.

Lisata Therapeutics Inc (NASDAQ:LSTA, FRA:8NE) subsidiary Marea Therapeutics has dosed the first patient in a Phase 2 clinical trial of MAR002, a first-in-class antibody therapy for acromegaly, the company said on Monday. 

Marea, which is developing medicines for cardioendocrine diseases, is advancing MAR002 as a potential new option for the rare endocrine disorder.  

Acromegaly is a chronic, progressive disorder caused by excess growth hormone, usually from a pituitary tumour, that enlarges the hands, feet and face and can lead to organ damage and early death if untreated. 

MAR002 is an allosteric monoclonal antibody that targets the growth hormone receptor. Phase 1 data presented at the Endocrine Society's 2026 annual meeting in June showed proof-of-mechanism, with deep and durable IGF-1 suppression.  

Pharmacokinetic properties from the study may allow dosing as infrequently as once every two weeks, compared with the daily subcutaneous injections required by the current standard of care. 

"Treating our first acromegaly patient with MAR002 represents an important milestone for Marea Therapeutics," said Josh Lehrer, COO of Lisata and CEO of Marea. "We believe MAR002 has a potential best-in-class profile and, if approved, could be transformative for the majority of acromegaly patients who cannot achieve disease control with current therapies." 

The Phase 2 study plans to enroll about 72 participants with acromegaly across three MAR002 dose arms, following an initial 900 mg loading dose, and will compare results against placebo. The primary endpoint is IGF-1 reduction after 10 weeks of treatment. Eligible participants will then have the option to join an open-label extension trial. 

Jill Sisco, president of Acromegaly Community, welcomed the advance. "The advancement of new treatment options that have the potential to provide effective disease control while reducing treatment burden offers hope for the acromegaly community," she said. 

Late-breaking presentation will highlight Phase 2b clinical data for MAR001, a potential first-in-class antibody targeting ANGPTL4 designed to lower triglycerides and improve metabolic function  | Source: Lisata Therapeutics, Inc.

SOUTH SAN FRANCISCO and LIBERTY CORNER, N.J., Sept. 24, 2026 (GLOBE NEWSWIRE) -- Marea Therapeutics, Inc. (“Marea”), a subsidiary of Lisata Therapeutics, Inc. (Nasdaq: LSTA) (“Lisata”), a clinical-stage biotechnology company harnessing the latest advances in human genetics to develop first-in-class, next-generation medicines for cardioendocrine diseases, today announced that data from the Phase 2b TYDAL study of MAR001, a potential first-in-class monoclonal antibody targeting angiopoietin-like protein 4 (ANGPTL4), will be presented in a late-breaking science session at the American Heart Association (AHA) Scientific Sessions 2026, taking place November 6-9, 2026, in Chicago, Illinois.

Presentation details are as follows:

Title: TYDAL-TIMI 78: A Randomized Trial of ANGPTL4 Inhibition With MAR001 in Adults With Elevated Triglycerides and Remnant Cholesterol Concentrations
Session: LBS.05: Late-breaking Science: New Frontiers in Cardiometabolic Risk Reduction
Date/Time: Monday, November 9, 2026, 8:00 a.m. CT

About MAR001/005
MAR001 is a potential first-in-class monoclonal antibody in clinical development that targets ANGPTL4, a protein that is highly expressed in adipose tissue. By inhibiting ANGPTL4 and thereby augmenting lipoprotein lipase (LPL) activity, MAR001 is designed to lower triglycerides and improve adipose tissue function. Human genetic data has identified ANGPTL4 as a highly promising therapeutic target because loss of function alleles lead to lower triglyceride levels, improved adipose distribution, better insulin sensitivity, and protection from cardiovascular disease and type 2 diabetes.

MAR005, a half-life-extended version of MAR001 with an improved pharmacokinetic profile, is Marea's planned Phase 3 candidate and is in clinical development for the treatment of severe hypertriglyceridemia (sHTG), a condition characterized by very high triglyceride levels. Preclinical models with MAR001 demonstrated reduction in triglycerides, remnant cholesterol and ectopic fat, and improved insulin sensitivity. MAR001 has demonstrated strong Phase 1 and 2a results and is in Phase 2b clinical development.  

About Marea Therapeutics
Marea Therapeutics is a clinical-stage biotechnology company harnessing the latest advances in human genetics to develop first-in-class, next-generation medicines for cardioendocrine diseases. The company’s lead product candidate, MAR001, is in Phase 2b clinical development for the treatment of severe hypertriglyceridemia (sHTG), a condition characterized by very high triglyceride levels. The company is also advancing MAR002 for the treatment of acromegaly.

About Lisata Therapeutics
Lisata Therapeutics is a clinical-stage pharmaceutical company. Following its acquisition of Marea, Lisata’s lead product candidate is MAR001, which is in Phase 2b clinical development for the treatment of severe hypertriglyceridemia (sHTG), a condition characterized by very high triglyceride levels. The company is also advancing MAR002 for the treatment of acromegaly.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, concerning Lisata and Marea, including the acquisition of Marea by Lisata (the “Transaction”) and other matters. These forward-looking statements include, but are not limited to, express or implied statements relating to the company’s expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding expectations regarding or plans for the company’s pipeline, including its ongoing clinical trials, research and development programs and the expected timing for key milestones; and the potential benefits of MAR001/005 and MAR002. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “opportunity,” “potential,” “milestones,” “pipeline,” “can,” “goal,” “aim,” “strategy,” “target,” “seek,” “anticipate,” “achieve,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “predict,” “project,” “should,” “will,” “would” and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting the company or the Transaction will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to those uncertainties and factors described under the heading “Risk Factors” in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, as well as discussions of potential risks, uncertainties, and other important factors included in other filings by the company from time to time, as well as risk factors associated with companies, such as Marea, that operate in the biotechnology industry. Should one or more of these risks or uncertainties materialize, or should any of the company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The company does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in the company.

Contacts:

Lisata:

Investors and Media:
John Menditto
[email protected]

Marea:

Media:
1AB
Katie Engleman
[email protected]   

Investors:
Meru Advisors
Lauren Glaser
[email protected]

Thoughtfully designed voyages across Europe balance iconic destinations with quieter coastal communities, creating space for unexpected moments of discovery along the way.

, /PRNewswire/ -- The Ritz-Carlton Yacht Collection announced its Summer 2028 European itineraries, featuring 52 voyages aboard Evrima and Ilma across the Mediterranean and Northern Europe. Sailing from late April through October 2028, the season takes guests from the lively coastlines of the Mediterranean to the dramatic fjords and rugged landscapes of Northern Europe, revealing the unique character of each region through thoughtfully paced journeys at sea, balancing unhurried days on board with immersive exploration ashore.

Evrima, The Ritz-Carlton Yacht Collection From the colorful fishing villages of the Italian Riviera and the whitewashed islands of the Aegean to Norway's majestic fjords and Iceland's volcanic scenery, the Summer 2028 voyages showcase the breadth of Europe's coastal regions. Two new ports of call, Gijón, Spain and Portovenere, Italy, expand the season's offerings, alongside greater exploration of the Greek Isles and the Adriatic aboard Ilma. Voyages range from four to nine nights, including roundtrip departures from Rome, Monte Carlo, Athens, Venice, and Reykjavík.

While the Mediterranean unfolds through island villages, centuries-old ports, and vibrant culinary traditions, Northern Europe delivers a striking contrast. Aboard Evrima, itineraries sail through Norway's UNESCO-listed fjords, the medieval capitals of the Baltics, and Iceland's volcanic terrain, where scenic sail-ins and extraordinary natural beauty become as memorable as the destinations themselves. Together, the season presents two distinct perspectives on Europe, each shaped by the landscapes and cultures that bring it to life.

"The destinations our guests remember most are often the ones where they form the strongest connections, with the places they visit, the people they meet, and the moments they experience along the way," said Ernesto Fara, President & Chief Executive Officer of The Ritz-Carlton Yacht Collection. "Our Summer 2028 season reflects that belief, bringing together itineraries that encourage guests to spend more time engaging with each place in a way that feels personal and authentic. We believe those connections are what transform a voyage into an experience that stays with them long after they return home."

The journey continues ashore through Pre-Designed Private Excursions, Select Group Excursions, and Custom Private Excursions, tailored to individual interests and inviting a deeper exploration of each destination. In the Mediterranean, guests can sail along the Portofino coastline to the secluded bay of San Fruttuoso, harvest oysters from the seabed at a family-owned farm in Mali Ston Bay, take in Mallorca from above by helicopter before a guided winery tasting, or explore the volcanic terrain of Milos by Jeep. Northern Europe provides opportunities to soar over Iceland's waterfalls, lava fields, and glaciers by helicopter with a remote landing or discover the artistry of French caviar through a private tasting paired with Champagne at an eco-friendly estate in Bordeaux. Each experience creates a more intimate perspective on its destination, connecting guests with the landscapes, craftsmanship, and local expertise that define it.

Highlights on Evrima include:

May 14, 2028 | 7-Night Nice to Rome
From Nice to Rome, this voyage traces coastlines that have drawn artists, writers, and travelers for generations. Spend a morning wandering Cannes on the French Riviera before continuing to Italy, where Portofino's colorful harbor and Portovenere's shoreline seem almost untouched by time. On the island of Elba, historic fortifications rise above quiet coves and crystalline waters, offering a glimpse into a different side of Mediterranean life.

July 12, 2028 | 9-Night London to Copenhagen
Summer days stretch along Norway's coastline, where colorful harbors, mountain-framed fjords, and waterside villages shape the journey from Haugesund to Geiranger. Scenic sailings through one of Norway's most breathtaking fjords reveal towering cliffs and cascading waterfalls, while Kristiansand and Aalborg offer a glimpse into Scandinavian urban life before the itinerary concludes in Copenhagen.

Highlights on Ilma include:

May 9, 2028 | 7-Night Athens Round Trip
Days unfold among some of the Aegean's most storied islands, from the whitewashed lanes of Mykonos to the dramatic views of Santorini's caldera. In Patmos, life moves at a gentle pace, while the quiet beauty of Amorgos and Nafplio's waterfront cafés and neoclassical streets invite lingering exploration before returning to Athens.

July 27, 2028 | 7-Night Rome Round Trip
Leaving Rome behind, you'll find yourself among Valletta's honey-colored historic streets and sunlit squares, where café terraces spill into lively squares. In Taormina, Mount Etna remains in view beyond the rooftops, while Amalfi's steep lanes, lemon groves, and sweeping coastal views invite a slower look. Before returning to Rome, a final island call brings dramatic cliffs, tucked-away coves, and the relaxed pace of southern Italy into view.

Reservations for Summer 2028 voyages across the Mediterranean and Northern Europe are now open. For more information on the itineraries, please visit ritzcarltonyachtcollection.com.

ABOUT THE RITZ-CARLTON YACHT COLLECTION 

The Ritz-Carlton Yacht Collection redefines luxury at sea, seamlessly blending the legendary service and refined amenities of The Ritz-Carlton® with the freedom and elegance of yachting. Offering bespoke voyages across the Mediterranean, Northern Europe, the Caribbean, Asia-Pacific, Alaska, and the South Pacific, the collection provides exclusive access to sought-after and hidden destinations, paired with serene accommodations, unparalleled onboard experiences, and curated excursions ashore that ignite curiosity and discovery at every turn.

The collection's inaugural yacht, Evrima, launched in October 2022, measures 624 feet and features 149 airy suites with private oceanview terraces, welcoming up to 298 guests in an intimate and elegant ambiance. Ilma, the second yacht and world's first Forbes Five-Star Cruise Ship, debuted in September 2024, spanning 790 feet and showcasing 224 spacious, light-filled accommodations for up to 448 guests, cultivating an extraordinary experience on the water. Luminara, which set sail in July 2025, continues this legacy, measuring 794 feet and offering 226 distinguished suites for up to 452 guests, with captivating itineraries to both iconic cities and secluded harbors.

Each yacht reflects contemporary craftsmanship and meticulous attention to detail, boasting some of the highest employee-to-guest and space-to-guest ratios at sea. Guests enjoy highly personalized service, world-class dining, The Ritz-Carlton Spa®, a signature marina connecting them directly to the ocean, and an atmosphere of relaxed sophistication, fostering connection throughout the journey. Private charter options are also available for fully tailored and unforgettable moments. For more information, visit ritzcarltonyachtcollection.com.

SOURCE Marriott International, Inc.

California State Teachers Retirement System lifted its position in Marriott International, Inc. (NASDAQ:MAR – Free Report) by 43,255.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 114,540,104 shares of the company’s stock after acquiring an additional 114,275,918 shares during the period. California State Teachers Retirement System owned approximately 43.92% of Marriott International worth $42,447,417,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MAR. Evelyn Partners Investment Management Services Ltd acquired a new position in shares of Marriott International in the 1st quarter valued at $25,000. McMillan Office Inc. acquired a new stake in Marriott International during the 4th quarter worth $27,000. Kemnay Advisory Services Inc. bought a new position in Marriott International during the fourth quarter worth about $27,000. Wilkerson Advisory Group LLC grew its stake in Marriott International by 127.0% in the first quarter. Wilkerson Advisory Group LLC now owns 84 shares of the company’s stock valued at $27,000 after acquiring an additional 47 shares during the period. Finally, IMG Wealth Management Inc. increased its holdings in shares of Marriott International by 100.0% in the first quarter. IMG Wealth Management Inc. now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 41 shares in the last quarter. Institutional investors own 70.70% of the company’s stock.

Wall Street Analyst Weigh In Several equities analysts have recently weighed in on the company. Robert W. Baird cut their price objective on Marriott International from $394.00 to $393.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. China Intl Cap raised Marriott International to a “strong-buy” rating in a research note on Wednesday, August 12th. CICC Research assumed coverage on shares of Marriott International in a research note on Wednesday, August 12th. They issued an “outperform” rating on the stock. Erste Group Bank assumed coverage on shares of Marriott International in a report on Thursday, August 27th. They issued a “buy” rating for the company. Finally, Wells Fargo & Company lowered their price objective on shares of Marriott International from $449.00 to $425.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $385.65.

Check Out Our Latest Stock Report on Marriott International Marriott International Stock Performance Shares of MAR opened at $336.51 on Monday. The company’s fifty day simple moving average is $361.82 and its 200 day simple moving average is $358.44. Marriott International, Inc. has a 1-year low of $256.76 and a 1-year high of $410.98. The company has a market cap of $87.75 billion, a price-to-earnings ratio of 34.87, a PEG ratio of 2.54 and a beta of 1.11.

Marriott International (NASDAQ:MAR – Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $3.19 EPS for the quarter, beating analysts’ consensus estimates of $3.08 by $0.11. The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $7.19 billion. Marriott International had a net margin of 9.62% and a negative return on equity of 75.81%. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 earnings per share. Marriott International has set its FY 2026 guidance at 11.640-11.810 EPS and its Q3 2026 guidance at 2.740-2.820 EPS. As a group, research analysts forecast that Marriott International, Inc. will post 11.7 earnings per share for the current year.

Marriott International Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, August 20th will be issued a dividend of $0.73 per share. The ex-dividend date is Thursday, August 20th. This represents a $2.92 dividend on an annualized basis and a yield of 0.9%. Marriott International’s dividend payout ratio (DPR) is presently 30.26%.

(Free Report)

Marriott International is a global lodging company that develops, manages and franchises a broad portfolio of hotels and related lodging facilities. Its core activities include hotel and resort management, franchise operations, property development and the provision of centralized services such as reservations, marketing and loyalty program management. The company’s brand architecture spans market segments from luxury and premium to select-service and extended-stay, enabling it to serve a wide range of business and leisure travelers as well as corporate and group customers.

The company traces its roots to the hospitality business founded by J.

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LG Logo

Marriott Logo News Summary

Marriott International Inc. and LG Electronics have jointly developed a new cloud-based guest room entertainment and technology platform to support a modern, scalable guest room experience across Marriott's participating hotel portfolio. The first step in an expanded strategic collaboration between the companies, this new initiative combines LG's hospitality technology and connected-device capabilities with Marriott's guest experience and enterprise technology infrastructure. As Marriott focuses on its test and learn strategy, the new platform is rolling out initially in a pilot program in 40 hotels in the United States and Canada with the goal of a global rollout. , /PRNewswire/ -- Marriott International and LG Electronics announced a long-term strategic collaboration focused on enhancing the guest experience, beginning with a cloud platform for guest room entertainment and technology. Marriott plans to adopt the jointly developed platform across its participating hotel portfolio, bringing a modern approach to in-room entertainment and laying the foundation for device management and connected guest experiences across Marriott properties.

"Our collaboration with LG reflects Marriott's commitment to building technology that elevates the guest experience across our portfolio," said Drew Pinto, Marriott International Executive Vice President and Chief Revenue and Technology Officer. "By combining LG's connected-device capabilities with Marriott's hospitality expertise and enterprise platform, we are creating a more seamless, personalized guest room experience while helping hotel teams operate more efficiently. This work is an important step toward building a smarter technology ecosystem that evolves alongside the needs of our guests."

State-of-the-Art Technology Meets Global Hospitality Expertise
Given Marriott's long-standing relationship with LG, the company was selected to expand its work with the world's largest hotel company to support its hospitality tech ecosystem, starting with an innovative guest room entertainment and technology platform for next-generation guest experiences. Marriott is shaping the platform around guest experience, property operations, and enterprise integration needs, while LG is co-developing the platform, device management, and technical support behind it.

"A prime goal is to make the TV part of a connected guest room experience rather than a standalone device," said John Won, LG Electronics Senior Vice President and head of LG's U.S. commercial display solutions B2B business. "This new guest room technology platform helps turn the displays into a more unified experience for travelers, providing entertainment, hotel content, and room functions with a seamless, easy-to-use system." The technology enables seamless authentication and management of LG smart hotel TVs and set-top boxes across participating Marriott properties, while reducing reliance on traditional on-premises video distribution infrastructure. LG's connected device capabilities are integrated with Marriott's infrastructure to enable future smart-room experience.

Beyond enhancing the guest room experience, the platform provides Marriott with a centralized enterprise management environment for its in-room technology. Marriott associate teams will now have the ability to monitor device health, performance, and status across individual guest room televisions, entire hotel properties, specific brands or groups of hotels, and even its broader property portfolio. This centralized approach enables faster issue identification, more efficient content and application updates, and improved operational visibility across Marriott's global hospitality network.

A key feature of the technology is its in-room entertainment system, which supports linear TV, streaming and FAST channels, including over 40 OTT applications and 250 channels. The television experience will also offer personalized advertising through LG Channels and client-side ad insertion capabilities.

Strategic Vision
The guest room technology will launch with an initial pilot across Marriott brands in 40 locations in the United States and Canada before potentially expanding more broadly in Marriott's global portfolio at participating hotels.

 As the collaboration evolves, Marriott and LG intend to explore opportunities to extend connected digital experiences and centralized management capabilities into public and shared spaces throughout hotel properties, creating a more unified technology ecosystem across the hospitality environment.

For images, see here.

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.

About LG Electronics USA
LG Electronics USA serves commercial display customers in the U.S. lodging and hospitality, digital signage, systems integration, healthcare, education, government and industrial markets. Based in Lincolnshire, Ill., with its dedicated engineering and customer support team, LG's U.S. Media Entertainment Solution B2B division delivers business-to-business technology solutions tailored to the particular needs of business environments. Eleven-time ENERGY STAR® Partner of the Year LG Electronics USA Inc., headquartered in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics Inc., a leading smart life solutions company with annual global revenues of more than $60 billion from consumer electronics, home appliances, HVAC solutions and vehicle components. For more information, please visit www.LGSolutions.com. Stay up to date with @LGforBusinessUSA on LinkedIn, Instagram, Facebook and YouTube.

Media Contacts:

LG Electronics North America

LG Electronics USA

John I. Taylor  

Kim Regillio

+1 847 941 8181

+1 815 355 0509

[email protected]

[email protected]

www.LG.com  

www.LGsolutions.com

Marriott International

Christin Fernandez

Director of Strategic Communications

and Media Relations

+1 301 380 7838

SOURCE LG Electronics USA

Marriott International stock should continue to outperform.

Advisors Capital Management LLC boosted its position in Marriott International, Inc. (NASDAQ:MAR – Free Report) by 14.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,694 shares of the company’s stock after purchasing an additional 1,436 shares during the quarter. Advisors Capital Management LLC’s holdings in Marriott International were worth $4,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Frederick Financial Consultants LLC increased its holdings in shares of Marriott International by 0.8% in the 4th quarter. Frederick Financial Consultants LLC now owns 3,531 shares of the company’s stock worth $1,095,000 after buying an additional 28 shares during the last quarter. World Equity Group Inc. increased its holdings in Marriott International by 2.0% during the 2nd quarter. World Equity Group Inc. now owns 1,437 shares of the company’s stock valued at $533,000 after purchasing an additional 28 shares during the period. Haven Capital Group Inc. boosted its holdings in Marriott International by 0.3% in the first quarter. Haven Capital Group Inc. now owns 10,064 shares of the company’s stock valued at $3,292,000 after acquiring an additional 30 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Marriott International by 1.2% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,472 shares of the company’s stock valued at $808,000 after purchasing an additional 30 shares in the last quarter. Finally, Paragon Private Wealth Management LLC lifted its holdings in Marriott International by 4.4% in the first quarter. Paragon Private Wealth Management LLC now owns 743 shares of the company’s stock worth $243,000 after buying an additional 31 shares during the period. Institutional investors own 70.70% of the company’s stock.

Analyst Upgrades and Downgrades A number of research analysts have recently commented on the company. TD Cowen raised their target price on Marriott International from $410.00 to $420.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. upped their target price on shares of Marriott International from $387.00 to $400.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Stifel Nicolaus boosted their price objective on shares of Marriott International from $352.00 to $365.00 and gave the stock a “hold” rating in a research note on Friday, July 17th. Barclays lowered their target price on shares of Marriott International from $379.00 to $348.00 and set an “equal weight” rating for the company in a report on Tuesday, August 4th. Finally, CICC Research began coverage on Marriott International in a research report on Wednesday, August 12th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Marriott International presently has an average rating of “Moderate Buy” and an average target price of $385.65.

View Our Latest Research Report on MAR Marriott International Price Performance NASDAQ:MAR opened at $356.39 on Friday. Marriott International, Inc. has a one year low of $256.76 and a one year high of $410.98. The business has a fifty day moving average price of $370.50 and a 200-day moving average price of $357.82. The firm has a market capitalization of $92.94 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 2.76 and a beta of 1.10.

Marriott International (NASDAQ:MAR – Get Free Report) last released its earnings results on Monday, August 3rd. The company reported $3.19 earnings per share for the quarter, beating the consensus estimate of $3.08 by $0.11. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $7.19 billion. Marriott International had a negative return on equity of 75.81% and a net margin of 9.62%.Marriott International’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.65 earnings per share. Marriott International has set its FY 2026 guidance at 11.640-11.810 EPS and its Q3 2026 guidance at 2.740-2.820 EPS. On average, equities research analysts expect that Marriott International, Inc. will post 11.71 earnings per share for the current fiscal year.

Marriott International Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, August 20th will be issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, August 20th. Marriott International’s dividend payout ratio is currently 30.26%.

(Free Report)

Marriott International is a global lodging company that develops, manages and franchises a broad portfolio of hotels and related lodging facilities. Its core activities include hotel and resort management, franchise operations, property development and the provision of centralized services such as reservations, marketing and loyalty program management. The company’s brand architecture spans market segments from luxury and premium to select-service and extended-stay, enabling it to serve a wide range of business and leisure travelers as well as corporate and group customers.

The company traces its roots to the hospitality business founded by J.

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, /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today announced that on August 29, 2026 (the "Redemption Date") it will redeem all $450,000,000 aggregate principal amount of its outstanding 5.450% Series LL Notes due September 15, 2026 (CUSIP No. 571903 BM4) (the "Notes").

The Notes will be redeemed on the Redemption Date at a redemption price equal to the sum of 100% of the aggregate principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date. On and after the Redemption Date, interest will cease to accrue on the Notes and the Notes will cease to be outstanding.

NOTE ON FORWARD-LOOKING STATEMENTS
All statements in this press release are made as of August 19, 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 contains "forward-looking statements" within the meaning of federal securities laws, including statements related to the expected timing and completion of the redemption 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

SOURCE Marriott International, Inc.

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Pre-Market Stock Futures: Futures are trading modestly higher as we have arrived at the day everyone on Wall Street has circled on their calendars. The July consumer price index will be released at 8:30 AM EDT, and the producer price index will be released at the same time tomorrow. Economists forecast headline CPI to rise 0.1% month-over-month and 3.4% year-over-year, with core CPI expected to increase 0.2% month-over-month and 2.5% year-over-year. One thing is for sure; if the numbers come in hot and above expectations, the stock market could see a bout of heavy selling. All of the major indices finished the day lower on Tuesday, except the small-cap Russell 2000, which closed at 3,027, up 0.32%. It remains the leading index in 2026, up 21.5% year to date. The technology-heavy Nasdaq was down the most on Tuesday, closing at 26,445, down 0.60%, while the S&P 500 finished the day at 7,728, down 0.32%. Last but not least, the Dow Jones Industrial Average closed the session at 53,791, down 0.34%.

Treasury Bonds: Yields were modestly lower across the entire Treasury curve, as everyone in the fixed-income arena again awaits today’s and tomorrow’s inflation numbers. A reading above expectations is likely to hasten the return of sellers, though the response could be less than expected, as rates have surged higher over the last month. While a number below the estimates is likely good news for equity markets and could prompt some buying of corporate and government debt, as yields have reached their highest levels in 20 years, especially on the long end. The 30-year long bond finished the day at 5.25%, while the benchmark 10-year note was last seen at 4.69%. 

Oil and Gas: Prices were higher once again across the energy complex as traffic in the Strait of Hormuz has slowed to a crawl, with only 6 vessels making the passage on Monday. Iran made the bold announcement that the Straits will remain closed until the United States meets its conditions, a claim highly unlikely, as both countries hurled demands for reparations at each other earlier this week. Brent Crude closed Tuesday’s trading at $89.13, up 3.83%, while West Texas Intermediate was last seen at $83.36, up 1.23%. Natural gas closed lower at $2.75, down 1.54%. 

Gold: After a good August stretch for the precious metals, the sellers stepped in on Tuesday, citing the same concerns others across Wall Street have: the July inflation numbers. Gold closed Tuesday down 0.49% at $4.366, while Silver finished the session at $64.79, down 1.61%. 

Crypto: Bitcoin slipped roughly 1.2% on Tuesday, declining toward the $63,500–$64,000 range. The broader crypto market capitalization fell about 1% to $2.19 trillion, as a failed attempt to break above $65,000, renewed U.S.–Iran geopolitical tensions, and ETF outflows prompted cautious pre-CPI consolidation. At 8 AM EDT, Bitcoin was trading at $64,097, while Ethereum was trading at $1,912.

24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.

Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Wednesday August, 12, 2026. 

Upgrades: Hilton Worldwide Holdings (NYSE: HLT | HLT Price Prediction) was upgraded to Buy from Hold at Deutsche Bank, which has a $365 target price for the shares. Idex Corporation (NYSE: IEX) was upgraded to Outperform from Neutral at Mizuho, with a $280 target price. Intuitive Surgical (NASDAQ: ISRG) was raised to Outperform from Perform at Oppenheimer, which has a $500 target price. Merck & Co. (NYSE: MRK) was upgraded to Outperform from Neutral at Daiwas, with a $143 target price for the pharmaceutical giant. Okta (NASDAQ: OKTA) was raised to Outperform from Market Perform at Citizens, with a $170 target price. Downgrades: Tencent Music Entertainment Group (NYSE: TME) China Renaissance downgraded the stock to Hold from Buy, with a $9.30 target price. The Gap (NYSE: GAP) was downgraded to Hold from Buy at Jefferies, which trimmed the target price for the legacy retailer to $23 from $29. Legend Biotech Corporation (NASDAQ: LEGN) was downgraded to Perform from Outperform at Oppenheimer, without a target price. Novo Nordisk (NYSE: NVO) was downgraded to Hold from Buy at Berenberg, with a $47 target price objective. On Holding (NYSE: ONON) was downgraded to Outperform from Strong Buy at Raymond James, which lowered the price target to $38 from $52. Initiations: Genmab (NASDAQ: GMAB) was started with an Outperform rating at BNP Paribas, which has a $40 target price for the shares. Marriott International (NYSE: MAR) was initiated with an Outperform rating at CICC, with a $410 target price. Mercury Systems (NASDAQ: MRCY) was started with an Overweight rating at Piper Sandler, with a $126 target price. Monolithic Power Systems (NASDAQ: MPWR) was initiated with a Buy rating at GF Securities, with a $1,706 target price. Unusual Machines (NYSE: UMAC) was started with an Overweight rating at Piper Sandler, with a $38 target price. 

Contact [email protected] for any questions or corrections.

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Stock to Watch: Marriott International (MAR - Free Report) Marriott International, Inc. is a leading hospitality company focused on hotel management, franchising and licensing. The company operates across the U.S. & Canada, Europe, the Middle East & Africa, Greater China and Asia Pacific, excluding China, with the Caribbean & Latin America included in the unallocated corporate and other segment reporting. Marriott earns franchise fees, base management fees and incentive management fees, and it also earns fees tied to its co-branded credit card programs and residential branding.

MAR is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. MAR has a Growth Style Score of B, forecasting year-over-year earnings growth of 16.6% for the current fiscal year.

Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.04 to $11.68 per share. MAR boasts an average earnings surprise of +2.5%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, MAR should be on investors' short list.

Key Takeaways Marriott's second-quarter fee revenues and adjusted EBITDA each rose 13% year over year.MAR's record 629,000-room pipeline supports mid-single-digit net room growth over the next few years.Marriott trades at 27.5X forward earnings as debt, interest costs and regional volatility add risks. Marriott International, Inc. (MAR - Free Report) enters the second half of 2026 with faster fee growth, a record development pipeline and a higher full-year outlook. Those strengths support the long-term earnings case for its asset-light model.

The trade-off is price. MAR’s valuation stands above hotel-industry and broad-market benchmarks, leaving less room for weaker execution, slower openings or regional demand shocks.

Marriott’s Fee Engine Keeps ExpandingSecond-quarter gross fee revenues increased 13% year over year to $1.58 billion. Higher revenue per available room, or RevPAR, net room growth and increased co-branded credit card fees drove the gain, while incentive management fees rose 6% to $212 million.

Adjusted EBITDA also increased 13% to $1.59 billion. The matching growth rates show how additional rooms, pricing and loyalty-related income can flow through Marriott’s largely fee-based structure without requiring heavy ownership of hotel real estate.

MAR’s Growth Pipeline Supports Future FeesMarriott ended June with a record pipeline of about 629,000 rooms, up nearly 7% from a year earlier. More than 279,000 rooms were under construction, including pending conversions, and management still expects mid-single-digit net room growth over the next few years.

Conversions represented 40% of first-half openings and 34% of signings, helping shorten the path from agreement to fee generation. Hilton Worldwide Holdings Inc. (HLT - Free Report) also operates a largely fee-based model and reported a development pipeline of 527,000 rooms as of March 31, 2026, highlighting competition for hotel-owner signings.

Hyatt Hotels Corporation (H - Free Report) likewise describes its model as asset-light and expects its strategy to support compounding fee growth. Marriott’s scale, brand breadth and conversion activity remain important advantages as hotel companies compete for development opportunities.

Marriott’s Valuation Leaves Less Room for ErrorMAR trades at 27.5X forward 12-month earnings. That compares with 20.4X for the hotel sub-industry, 16.5X for the consumer discretionary sector and 20.6X for the S&P 500.

The premium reflects Marriott’s global scale, recurring fee streams, pipeline visibility and improving 2026 outlook. Still, investors are paying ahead for continued execution. Any slowdown in RevPAR, room additions or fee monetization could pressure the multiple even if the business remains fundamentally sound.

MAR Faces Leverage and Regional VolatilityTotal debt reached $16.9 billion at June 30, 2026, up from $16.2 billion at year-end 2025. Net interest expense rose to $201 million from $191 million in the prior-year quarter, while Marriott expects to return more than $4.5 billion to shareholders in 2026.

Regional conditions add another layer of risk. Middle East RevPAR declined 43% in the second quarter, contributing to a 0.5% drop in international RevPAR. Construction delays in the region also pushed expected 2026 net room growth toward the low end of the prior 4.5-5% range.

MAR’s Mixed Signals Favor PatienceMarriott’s operating outlook remains constructive, but the valuation and balance-sheet demands reduce the margin for disappointment. The shares may be better suited to investors willing to wait for a more favorable entry point than to those chasing near-term momentum.

MAR currently carries a Zacks Rank #3 (Hold). Its Momentum Score of A and Growth Score of B support the stock’s price trend and business-growth profile, while the Value Score of D signals a less attractive valuation setup. Together, those readings favor a measured stance rather than a clear buy call. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Marriott International Today

MAR

Marriott International

$344.77 -2.06 (-0.59%)

As of 01:33 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$255.27▼

$410.98Dividend Yield0.85%

P/E Ratio36.18

Price Target$387.24

Investors checked out on Marriott International NYSE: MAR, sending the stock down nearly 7%, after the company delivered its Q2 2026 earnings report. The company had a bottom-line beat with adjusted earnings per share (EPS) coming in at $3.19, ahead of expectations of $3.08.

But the topline was a miss with revenue of $7.07 billion, coming in shy of estimates of $7.19 billion. It should be noted that revenue exceeded the $6.74 billion recorded in the same quarter in 2025.

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Investors are conditioned to sell first and ask questions later. With a day or two of hindsight, MAR is likely to look considerably more attractive than it did heading into the report.

Behind the Miss, the Fee Machine Kept HummingOne reason why investors should give MAR a second look is the company’s fee business. The revenue miss tells only part of the story. Marriott's high-margin fee business is where the real signal lives. Gross fee revenues rose 13% to $1.578 billion. Franchise fees alone jumped 19% to $1.02 billion, driven by room growth, RevPAR gains, and stronger co-branded credit card income.

That fee strength pushed Adjusted EBITDA to $1.592 billion, up 13% year over year. Adjusted net income climbed to $844 million from $728 million. Reported net income was essentially flat at $766 million, weighed down by one-time items that investors may be overlooking.

Two charges explain much of the gap between reported and adjusted results. A $68 million impairment tied to the sale of a U.S. & Canada hotel was recognized in depreciation expense. A $27 million property-related litigation accrual also dented owned and leased results. Strip those out, and underlying profitability looks considerably healthier than the headline suggests.

The K-Shaped Travel Recovery Shows Up AgainMarriott's quarter is a textbook case of K-shaped demand playing out geographically. Worldwide RevPAR rose 3.4%, but the U.S. & Canada did the heavy lifting with 5% growth. International RevPAR actually declined 0.5%, dragged down by one region in particular.

The Middle East saw RevPAR plunge over 35%, reflecting ongoing regional conflict. That single region overwhelmed solid gains elsewhere. Europe grew, Greater China rose over 3%, and the Asia Pacific climbed more than 5% on strong leisure demand.

This bifurcation matters for the bear case. If Middle East disruption persists, it could continue to drag on blended international numbers even as core markets remain resilient. Investors betting on a clean global recovery story should note this isn't one.

Management Raised Guidance Despite the Stock's ReactionMarriott International Stock Forecast Today12-Month Stock Price Forecast:
$387.24
12.53% Upside

Moderate Buy
Based on 18 Analyst Ratings

Current Price$344.11High Forecast$425.00Average Forecast$387.24Low Forecast$345.00Marriott International Stock Forecast Details

Here's where the sell-first reaction looks especially disconnected from the numbers.

Marriott raised its full-year RevPAR growth outlook to 3%-3.5%, up from prior guidance. That's not a sign of a company bracing for weaker demand ahead.

The development pipeline also hit a record, reaching roughly 4,200 properties and 629,000 rooms. Conversions drove over a third of signings in the first half. 

A growing pipeline typically signals owner confidence in Marriott's brand economics, not developer hesitation.

Marriott Bonvoy's loyalty base grew past 295 million members. New long-term co-branded card agreements with JPMorgan Chase and American Express should further extend fee growth.

These deals are structural tailwinds, not one-quarter blips.

Technical Picture Reflects the SkepticismThe chart confirms what the price action suggests: sentiment, not fundamentals, drove the drop. MAR's MACD line sits at -0.81, below its signal line at -1.23, a bearish crossover that emerged into earnings. RSI-adjacent momentum has clearly cooled from June's highs near $400.

Shares are now testing support just above the 200-day SMA, currently near $335. That moving average has provided a reliable floor through most of 2026. A close below it would open the door toward the next support zone.

For a company raising guidance and growing fees at double-digit rates, the technical damage looks overdone. That gap between price action and fundamentals is exactly the setup value-oriented investors watch for.

MAR May Be Giving Investors the Entry They’ve Waited ForWhatever the reason for the post-earnings pullback in MAR stock, investors who’ve been on the sidelines should pay attention. The only thing wrong with Marriott has been the price investors are paying, which is elevated compared to the S&P 500 and its historical average.

The next key level to watch is the 200-day simple moving average (SMA) around $335. Below that, key support sits around $314, a level that held twice in 2026. If MAR retests that area, the stock would offer about 23% upside to the consensus price target near $387.

Should You Invest $1,000 in Marriott International Right Now?Before you consider Marriott International, you'll want to hear this.

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3.8.2026 22:03

Americké akciové trhy vstoupily do nového měsíce na pozitivní vlně. Hlavní indexy rostly o více než procento. Největší zásluhu na tom mají obnovené naděje na pozitivní posun v blokádě Hormuzu a růstový protipohyb na AI titulech.

Index Dow Jones +1,32 % na 53178,41 b.
S&P 500 +1,48 % na 7600,52 b.
Nasdaq Composite +2,13 % na 25913,9 b.

Index S&P 500 +1,48 % na 7600,52 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Komunikační služby +4,3 % Energie -1,2 % Zbytná spotřeba +2,7 % Nezbytná spotřeba -0,3 % Průmysl +1,9 % Zdravotní péče -0,2 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna First Solar (FSLR) +10 % Marriott International (MAR) -7,0 % Coherent Corp (COHR) +9,6 % Fair Isaac Corp (FICO) -6,9 % Lumentum Holdings (LITE) +9,2 % eBay (EBAY) -6,0 % Oracle Corp (ORCL) +9,2 % Monolithic Power Systems (MPWR) -5,7 % Axon Enterprise (AXON) +9,1 % CF Industries Holdings (CF) -5,5 %
Martin Varecha
Fio banka, a.s.
Prohlášení

Ben Watson checks in to Next Gen Investing to provide his takeaways from Marriott's (MAR) post-earnings sell-off. He's looking at the company's RevPAR (or Revenue per available room) as a key indicator to track.

Marriott International, Inc. (MAR) Q2 2026 Earnings Call Transcript

Shares in Marriott International Inc (NYSE:MAR) fell 4% in pre-market trading in New York despite the hotel group beating profit forecasts and raising its full-year outlook for room revenue growth.

Adjusted earnings of $3.19 a share for the three months to June came in comfortably ahead of the $3.05 to $3.08 that analysts had pencilled in.

The problem lay on the top line, where revenue of $7.07 billion undershot consensus estimates ranging from $7.17 billion to $7.26 billion.

That figure is a blunt instrument for a company like Marriott, since more than $5 billion of it is cost reimbursement revenue that the company collects from hotel owners and passes straight back out with no mark-up.

Stripped of that, adjusted revenue rose 11% to $2.01 billion. The more substantive concern is the shape of the second half.

Marriott guided to third-quarter adjusted earnings of $2.74 to $2.82 a share and adjusted profit growth of 7% to 9%, a marked deceleration from the 13% delivered in the second quarter.

Full-year adjusted earnings guidance of $11.64 to $11.81 sits barely above the $11.64 consensus, meaning the second-quarter beat has not been carried through to the annual number.

The company also pointed to the low end of its 4.5% to 5% range for net room growth.

International trading remains the weak spot, with revenue per available room down 0.5% as a 43% collapse in the Middle East swamped a 5% gain in Europe and modest growth in Greater China.

The quarter also absorbed a $68 million impairment on the sale of a hotel in the United States and a $27 million litigation accrual.

Set against a share price up more than 40% over the past year, the bar for a positive reaction was high.

Marriott International (MAR - Free Report) came out with quarterly earnings of $3.19 per share, beating the Zacks Consensus Estimate of $3.06 per share. This compares to earnings of $2.65 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.25%. A quarter ago, it was expected that this hotel company would post earnings of $2.58 per share when it actually produced earnings of $2.72, delivering a surprise of +5.43%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Marriott, which belongs to the Zacks Hotels and Motels industry, posted revenues of $7.07 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.6%. This compares to year-ago revenues of $6.74 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Marriott shares have added about 20.2% since the beginning of the year versus the S&P 500's gain of 9.4%.

What's Next for Marriott?While Marriott has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Marriott was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.93 on $7.03 billion in revenues for the coming quarter and $11.66 on $28.02 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Hotels and Motels is currently in the bottom 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, H World Group (HTHT - Free Report) , has yet to report results for the quarter ended June 2026.

This hotel operator is expected to post quarterly earnings of $0.74 per share in its upcoming report, which represents a year-over-year change of +25.4%. The consensus EPS estimate for the quarter has been revised 1.4% higher over the last 30 days to the current level.

H World Group's revenues are expected to be $982.8 million, up 9.6% from the year-ago quarter.

CleanSpark Inks a $6.6B AI Lease to Become a Digital LandlordMarriott International NASDAQ: MAR reported second-quarter results that exceeded its prior expectations, driven by global revenue per available room growth, expanding fee revenue and continued portfolio growth. The company raised its full-year 2026 outlook for global RevPAR, gross fee revenue, adjusted EBITDA and adjusted diluted earnings per share.

President and Chief Executive Officer Tony Capuano said global RevPAR increased 3.4% in the second quarter, while the company added net rooms at a 4.5% rate over the 12 months ended June 30. Marriott’s global system surpassed 1.8 million rooms across more than 10,000 properties.

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Marriott vs. Viking: Why the Better Quarter Doesn't Mean the Better Decade“We reported a very strong second quarter this morning, with RevPAR and financial results above our prior expectations,” Capuano said.

Regional demand varied, with U.S. strength offsetting Middle East pressure RevPAR in the U.S. and Canada rose 5%, the company’s strongest quarterly increase in 13 quarters. Capuano said both World Cup and non-World Cup markets contributed to the gain; excluding the World Cup, regional RevPAR increased 4%.

Iran Ceasefire or Not, These 3 Companies Could WinLuxury and resort properties remained the strongest categories in the U.S. and Canada, where luxury RevPAR rose more than 9%. Select-service RevPAR increased more than 4%, which Capuano said reflected broad-based strength across chain scales.

Global leisure RevPAR rose 5% in the quarter, including a 7% increase in the U.S. and Canada. Group RevPAR increased 3% globally and 4% in the U.S. and Canada, while business-transient RevPAR rose 2% globally and 3% in the U.S. and Canada. Non-government business-transient RevPAR in the U.S. and Canada benefited from mid-single-digit average daily rate growth, though room nights declined slightly.

International performance was constrained by the conflict in the Middle East. EMEA RevPAR declined just over 5%, as more than 4% RevPAR growth in Europe was offset by a 43% decline in the Middle East. Europe benefited from leisure demand in Mediterranean markets including Italy, Spain and Greece.

APAC RevPAR increased more than 5%, recovering from travel disruptions that affected certain markets in April. Greater China RevPAR rose more than 3%, led by inbound leisure demand, particularly in luxury properties and in Hong Kong, Taiwan and Hainan. RevPAR in the Caribbean and Latin America region increased 3%, supported by luxury and leisure demand in the Caribbean.

Guidance raised as World Cup contribution exceeds expectations Chief Financial Officer Jen Mason said Marriott raised its full-year global RevPAR outlook to growth of 3% to 3.5%. Third-quarter global RevPAR is expected to rise 3.5% to 4%.

The World Cup’s benefit to full-year global RevPAR is now expected to be about 45 basis points, above Marriott’s prior expectation of 30 to 35 basis points. Mason said the U.S. and Canada should continue to see strong demand across customer segments and chain scales in the third quarter, though November midterm elections could create a modest fourth-quarter headwind.

The company expects Greater China full-year RevPAR growth of 2% to 3%. APAC is expected to maintain strength through the second half, while Caribbean leisure demand is expected to offset weakness in Mexico. Marriott expects EMEA to remain affected by Middle East conditions, although less severely than previously anticipated.

Marriott now expects the Middle East to reduce full-year global RevPAR by about 100 basis points, an improvement from its prior estimate of a 100- to 125-basis-point impact. Mason noted that the region’s fourth quarter is particularly important because it represents roughly 35% of Middle East full-year revenue and faces difficult comparisons with 2025, when large events supported average daily rates.

Full-year gross fee revenue is projected at $6.03 billion to $6.06 billion, up about 11%. Incentive management fees are expected to grow 3% to 5% for the year. Adjusted EBITDA is expected to increase 11% to 12%, to $5.97 billion to $6.03 billion. Adjusted diluted EPS is expected to increase 16% to 18% for the full year. Marriott expects to return more than $4.5 billion to shareholders in 2026. Fees and earnings increase in second quarter Second-quarter total gross fee revenue increased 13% year over year to $1.58 billion, supported by higher RevPAR, room growth, co-branded credit card fees and residential branding fees. Incentive management fees rose 6% to $212 million, as gains in the U.S. and Canada more than offset a decline in EMEA.

Adjusted EBITDA increased 13% to $1.59 billion, while adjusted diluted earnings per share rose 20% to $3.19. General and administrative expense increased 5%, primarily due to the timing of compensation costs.

Owned, leased and other revenue, net of related expenses, totaled $49 million, down from $78 million a year earlier. Mason cited a $27 million property-related litigation accrual and lower termination fees.

Marriott also announced new long-term U.S. co-branded credit card agreements with JPMorgan Chase and American Express. Mason said the partial-year impact from the new terms is expected to add approximately $30 million to 2026 co-branded credit card fees. Capuano said the annual impact on Marriott’s co-brand card fees could reach $100 million to $125 million by full-year 2028, based on the current 26% royalty rate, as refreshed products are introduced.

Development pipeline reaches record level Marriott recorded its highest first-half signing volume on record, according to Capuano. Its development pipeline grew nearly 7% from a year earlier to approximately 629,000 rooms at the end of June, including more than 279,000 rooms under construction, inclusive of pending conversions.

Conversions represented 34% of signings and 40% of openings during the first half. Marriott also announced an agreement to introduce its Series by Marriott collection brand in Greater China, with plans for approximately 100 hotels and first openings anticipated later this year.

The company expects full-year net rooms growth toward the low end of its previous 4.5% to 5% range, principally because of construction delays in the Middle East. Capuano said Marriott continues to expect mid-single-digit net rooms growth over the next several years, citing a 5.2% compound annual growth rate since the end of 2023.

Marriott increased its 2026 investment spending forecast to $1.25 billion to $1.35 billion. Contract acquisition costs are expected to account for roughly 40% to 45% of spending, while about 25% is expected to go toward digital and technology transformation and corporate systems.

Owner initiatives and technology rollout Capuano said Marriott has reduced global loyalty charge-out rates by roughly 5%, enhanced reimbursement for Bonvoy redemption stays on high-demand nights, streamlined brand standards and introduced flexible renovation scopes. The company is also launching an Intent to Recommend incentive program in the U.S. and Canada.

The program offers eligible hotels up to 50 basis points of gross room revenue in fee reimbursement for meeting defined guest-satisfaction thresholds. Mason said the incentive will begin affecting results during the second half of 2026 and will be recorded in Marriott’s owned, leased and other expenses rather than paid from system funds.

Marriott also began a phased rollout in June of Ask Bonvoy, an artificial intelligence-powered conversational search feature on Marriott.com and the Marriott Bonvoy app. Capuano said the company is deploying technology and AI to improve revenue generation, guest experiences and associate workflows.

About Marriott International (NASDAQ:MAR)Marriott International is a global lodging company that develops, manages and franchises a broad portfolio of hotels and related lodging facilities. Its core activities include hotel and resort management, franchise operations, property development and the provision of centralized services such as reservations, marketing and loyalty program management. The company's brand architecture spans market segments from luxury and premium to select-service and extended-stay, enabling it to serve a wide range of business and leisure travelers as well as corporate and group customers.

The company traces its roots to the hospitality business founded by J.

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For the quarter ended June 2026, Marriott International (MAR - Free Report) reported revenue of $7.07 billion, up 4.9% over the same period last year. EPS came in at $3.19, compared to $2.65 in the year-ago quarter.

The reported revenue represents a surprise of -2.6% over the Zacks Consensus Estimate of $7.26 billion. With the consensus EPS estimate being $3.06, the EPS surprise was +4.25%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Marriott performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Comparable Systemwide International Properties - Worldwide - REVPAR: $138.74 versus the three-analyst average estimate of $139.23.Rooms - Franchised, Licensed, and Other: 1,223,350 versus 1,213,083 estimated by three analysts on average.Rooms - Total: 1,813,698 versus 1,811,109 estimated by three analysts on average.Comparable Systemwide International Properties - Worldwide - REVPAR Growth Rate: 3.4% versus 2.4% estimated by three analysts on average.Revenues- Contract investment amortization: $-31 million compared to the $-32.69 million average estimate based on five analysts. The reported number represents a change of +6.9% year over year.Revenues- Gross fee revenues: $1.58 billion versus the five-analyst average estimate of $1.56 billion. The reported number represents a year-over-year change of +12.7%.Revenues- Net fee revenues: $1.55 billion compared to the $1.53 billion average estimate based on five analysts. The reported number represents a change of +12.8% year over year.Revenues- Owned, leased, and other revenue: $466 million compared to the $442.44 million average estimate based on five analysts. The reported number represents a change of +5.7% year over year.Revenues- Franchise fees: $1.02 billion versus $1.01 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +19% change.Revenues- Incentive management fees: $212 million compared to the $198.99 million average estimate based on five analysts. The reported number represents a change of +6% year over year.Revenues- Cost reimbursements: $5.06 billion versus the five-analyst average estimate of $5.32 billion. The reported number represents a year-over-year change of +2.6%.Revenues- Base management fees: $343 million versus $351.13 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +0.9% change.View all Key Company Metrics for Marriott here>>>

Shares of Marriott have remained unchanged over the past month versus the Zacks S&P 500 composite's +0.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Published in earnings earnings-estimates-revisions earnings-surprise

Second quarter 2026 RevPAR1 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-q2-earnings-infographic.pdf.

, /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 expense2, 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 expenses2 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 debt 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 EBITDA1,2

$1,439 to $1,468

$5,965 to $6,025

Adjusted EPS – diluted2,3

$2.74 to $2.82

$11.64 to $11.81

Adjusted effective tax rate2

Approx. 26.7%

26.0% to 26.5%

Investment spending4

$1,250 to $1,350

Capital return to shareholders5

Over $4,500

1See the press release schedules for the Adjusted EBITDA calculations.

2Adjusted 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.

3Assumes the level of capital return to shareholders noted above.

4Investment 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.

5Assumes 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

__________________________________

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 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 fees1

$                    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 amortization2

(31)

(29)

(7)

Net fee revenues

1,547

1,371

13

Owned, leased, and other revenue3

466

441

6

Cost reimbursement revenue4

5,058

4,932

3

7,071

6,744

5

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense5*

417

363

(15)

Depreciation, amortization, and other6

115

53

(117)

General and administrative7*

220

210

(5)

Restructuring and merger-related (recoveries) charges, and other

(10)

8

225

Reimbursed expenses4

5,100

4,874

(5)

5,842

5,508

(6)

OPERATING INCOME

1,229

1,236

(1)

Gains and other income, net8

11

5

120

Interest expense

(221)

(203)

(9)

Interest income

20

12

67

Equity in earnings9

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 fees1

$                    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 amortization2

(66)

(57)

(16)

Net fee revenues

2,945

2,618

12

Owned, leased, and other revenue3

878

802

9

Cost reimbursement revenue4

9,902

9,587

3

13,725

13,007

6

OPERATING COSTS AND EXPENSES

Owned, leased, and other expense5*

794

695

(14)

Depreciation, amortization, and other6

169

104

(63)

General and administrative7*

439

419

(5)

Restructuring and merger-related (recoveries) charges, and other

(6)

9

167

Reimbursed expenses4

10,036

9,596

(5)

11,432

10,823

(6)

OPERATING INCOME

2,293

2,184

5

Gains and other income, net8

14

3

367

Interest expense

(435)

(395)

(10)

Interest income

30

21

43

Equity in earnings9

—

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 charge1

68

—

68

—

Less: Adjustments related to Sonder Termination2

—

—

(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 charge1

68

—

68

—

Less: Adjustments related to Sonder Termination2

—

—

(2)

—

Add: Adjustment to gain on investee's asset disposition3

—

—

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 International1

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 International1

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 Luxury1

$   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 Premium2

$   198.56

5.8 %

73.5 %

0.6 %

pts.

$   270.14

5.0 %

US & Canada Full-Service3

$   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 Select4

$   146.22

5.1 %

74.7 %

0.0 %

pts.

$   195.84

5.1 %

US & Canada - All5

$   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 Luxury1

$   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 Premium2

$   168.22

5.0 %

72.3 %

0.2 %

pts.

$   232.71

4.7 %

US & Canada Full-Service3

$   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 Select4

$   125.86

4.4 %

75.1 %

0.2 %

pts.

$   167.61

4.1 %

US & Canada - All5

$   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 Luxury1

$   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 Premium2

$   186.43

4.7 %

70.4 %

0.4 %

pts.

$   264.97

4.1 %

US & Canada Full-Service3

$   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 Select4

$   136.77

3.9 %

71.0 %

0.2 %

pts.

$   192.76

3.7 %

US & Canada - All5

$   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 Luxury1

$   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 Premium2

$   156.91

4.5 %

68.9 %

0.4 %

pts.

$   227.90

3.9 %

US & Canada Full-Service3

$   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 Select4

$   115.02

4.0 %

71.0 %

0.5 %

pts.

$   162.01

3.3 %

US & Canada - All5

$   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 - All1

$   120.46

-2.9 %

66.4 %

-2.1 %

pts.

$   181.36

0.3 %

Worldwide2

$   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 - All1

$   116.76

-0.5 %

67.1 %

-0.7 %

pts.

$   174.10

0.6 %

Worldwide2

$   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 - All1

$   123.69

0.6 %

66.5 %

-1.0 %

pts.

$   186.11

2.2 %

Worldwide2

$   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 - All1

$   114.56

2.0 %

65.7 %

0.0 %

pts.

$   174.48

2.0 %

Worldwide2

$   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 reported1

$     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 other1

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 items1

$      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 items1, 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 other2

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 BonvoySM (which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection®.

SOURCE Marriott International, Inc.