万豪酒店 2026年季度报告

FORM 10-Q Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:260,766,288 shares of ClassA Common Stock, par value $0.01 per share, outstanding at July27, 2026. MARRIOTT INTERNATIONAL, INC.FORM 10-Q TABLE OF CONTENTS PartI.Financial Information (Unaudited)Item1.Financial StatementsCondensed Consolidated Statements of Income3Condensed Consolidated Statements of Comprehensive Income4Condensed Consolidated Balance Sheets5Condensed Consolidated Statements of Cash Flows6Notes to Condensed Consolidated Financial Statements7Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations14Cautionary Statement14Item3.Quantitative and Qualitative Disclosures About Market Risk22Item4.Controls and Procedures22 PartII.Other InformationItem1.Legal Proceedings24Item1A.Risk Factors24Item2.Unregistered Sales of Equity Securities and Use of Proceeds24Item5.Other Information24Item6.Exhibits25Signature26 PART I – FINANCIAL INFORMATION See Notes to Condensed Consolidated Financial Statements. MARRIOTT INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in millions)(Unaudited) See Notes to Condensed Consolidated Financial Statements. MARRIOTT INTERNATIONAL, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) NOTE1. BASIS OF PRESENTATION The condensed consolidated financial statements present the results of operations, financial position, and cash flows ofMarriott International, Inc. and its consolidated subsidiaries (referred to in this report as “we,” “us,” “Marriott,” or the“Company”). In order to make this report easier to read, we also refer throughout to (1)our Condensed Consolidated FinancialStatements as our “Financial Statements,” (2)our Condensed Consolidated Statements of Income as our “Income Statements,”(3) our Condensed Consolidated Balance Sheets as our “Balance Sheets,” (4)our Condensed Consolidated Statements of CashFlows as our “Statements of Cash Flows,” (5) our properties, brands, or markets in the United States and Canada as “U.S. &Canada,” and (6)our properties, brands, or markets in our Europe, Middle East & Africa, Greater China, Asia Pacific excludingChina, and Caribbean & Latin America regions, as “International.” References throughout to numbered “Notes” refer to theseNotes to Condensed Consolidated Financial Statements, unless otherwise stated. In addition, we use the term “hotel owners”throughout this report to refer, collectively, to owners of hotels and other lodging offerings operating in our system pursuant tofranchise agreements, management agreements, license agreements, or similar arrangements, and we use the term “hotels in oursystem” to refer to hotels and other lodging offerings operating in our system pursuant to such arrangements, as well as hotelsthat we own or lease. The terms “hotel owners” and “hotels in our system” exclude Homes & Villas by Marriott Bonvoy(which we also exclude from our property and room count), timeshare, residential, and The Ritz-Carlton Yacht Collection .SM® These Financial Statements have not been audited. We have condensed or omitted certain information and disclosuresnormally included in financial statements presented in accordance with U.S. generally accepted accounting principles(“GAAP”). The Financial Statements in this report should be read in conjunction with the consolidated financial statements andnotes thereto in our Annual Report on Form 10-K for the fiscal year ended December31, 2025 (“2025 Form 10-K”). Certainterms not otherwise defined in this Form 10-Q have the meanings specified in our 2025 Form 10-K. Preparati