Marriott (MAR) official guidance

Our underlying core tax rate is anticipated to remain in the low 20% range.

Our adjusted effective tax rate for 2026 is expected to remain between 26% and 26.5%, and our underlying core cash tax rate is anticipated to remain in the low 20% range.

| Adjusted EBITDA1,2 | $1,439 to $1,468 | $5,965 to $6,025 |

Full year adjusted EBITDA could increase 9%-11% to roughly $5.88 billion-$5.97 billion.

| Adjusted EBITDA1,2 | $1,525 to $1,550 | $5,880 to $5,970 |

Full-year Adjusted EBITDA could increase between 8% to 10% to roughly $5.8 billion to $5.9 billion.

| Adjusted EBITDA† | $ | 5,840 | | $ | 5,930 | | $ | 5,383 |

| Adjusted effective tax rate2 | Approx. 26.7% | 26.0% to 26.5% |

Our 2026 adjusted effective tax rate is expected to remain between 26% and 26.5%.

| Adjusted effective tax rate2 | Approx. 26.5% | 26.0% to 26.5% |

Our adjusted effective tax rate for 2026 is expected to remain between 26% and 26.5%, and our underlying core cash tax rate is anticipated to remain in the low 20% range.

| Adjusted effective tax rate2 | Approx. 24.5% | 26.0% to 26.5% |

Strong Adjusted EBITDA growth, combined with a meaningful reduction in share count, leads to expected full-year adjusted diluted EPS growth between 13% and 15%.

IMFs are expected to be around flat year-over-year as outperformance in the first quarter is expected to be offset by year-over-year IMFs declines in the Middle East in the last three quarters of the year.

IMFs are expected to be flat to up slightly year-over-year.

| Investment spending4 | | $1,250 to $1,350 |

We now expect 2026 investment spending to be around $1.05 billion-$1.15 billion, an increase versus our prior expectations, primarily due to anticipated investment in Lefay.

| Investment spending4 | | $1,050 to $1,150 |

We expect $1-$1.1 billion of investment spending in 2026, similar to 2025 spending, excluding citizenM.

| Investment spending4 | | $1,000 to $1,100 |

Investment in our contracts are still expected to be around 35%-40% of the total spending.

The remaining 35%-40% is expected investment in our contracts for both existing units, typically used in connection with valuable contract renewals, extensions, or renovations that result in incremental fee revenue over time, and for new units as we continue to expand our global portfolio.

The second largest bucket, at around 30%-35% of the total, is expected to come from continuing spend in our digital tech transformation.

Second, roughly 35%-40% is expected to come from continued spending on our digital tech transformation, the overwhelming portion of which is expected to be reimbursed over time, as well as other corporate systems.

With our growing pipeline and strong momentum in conversions, we still expect net rooms growth between 4.5% and 5%, including our typical assumption of between 1% and 1.5% room deletions.

| Net rooms growth | 4.5% to 5% |

For full year 2026, net rooms growth is expected to accelerate up to 4.5%-5%.

| Net rooms growth | 4.5% to 5% |

[2026 G&A] expense is anticipated to increase just 1%-3% compared to 2025 levels as year-over-year comparisons are expected to benefit from timing later this year, particularly in the fourth quarter.

| Gross fee revenues | $1,474 to $1,483 | $6,025 to $6,055 |

We are raising our 2026 gross fee guidance to $5.93 billion-$5.99 billion, up 9%-10%.

| Gross fee revenues | $1,538 to $1,553 | $5,925 to $5,985 |

For the full year, gross fee revenues could rise 8%-10% to $5.9 billion-$5.96 billion.

| Gross fee revenues | $1,365 to $1,380 | $5,895 to $5,955 |

| Owned, leased, and other revenue, net of owned, leased, and other expense | $30 to $40 | $175 to $185 |

Owned, leased, and other revenue, net of owned, leased, and other expenses, is now expected to total $215 million-$225 million.

| Owned, leased, and other revenue, net of owned, leased, and other expense | Approx. $60 | $215 to $225 |

Owned, leased, and other revenue net of owned, leased, and other expense is expected to total $230 million-$240 million.

| Owned, leased, and other revenue, net of owned, leased, and other expense | Approx. $15 | $230 to $240 |

Timeshare fees are still expected to be relatively in line with prior year at $110 million-$115 million.

Timeshare fees, as usual, are expected to be relatively in line with the prior year at $110 million-$115 million.

Co-branded credit card fees are still expected to increase around 35%.

However, our guidance does include a meaningful expected year-over-year increase of around 35% in co-branded credit card fees going into our franchise fees line.

Full year residential branding fees are now expected to increase around 45%-50%.

These fees could increase around 40% in 2026.