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VAC

Marriott Vacations Worldwide Corporation

VAC

Marriott Vacations Worldwide Corporation • NYSE
$54.60 ▼ -0.49% (-0.27)
Market Cap $1.89 B
52w High $98.78
52w Low $44.58
Dividend Yield 3.16%
P/E 11.95
Volume 271.67K
Outstanding Shares 34.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $812M ▼ $287M ▼ $-2M ▼ -0.246% ▼ $-0.057 ▼ $39M ▼
Q2-2025 $1.246B ▲ $336M ▲ $69M ▲ 5.538% ▲ $1.98 ▲ $189M ▲
Q1-2025 $1.2B ▼ $333M ▼ $56M ▲ 4.667% ▲ $1.6 ▲ $180M ▲
Q4-2024 $1.327B ▲ $343M ▲ $50M ▼ 3.768% ▼ $1.42 ▼ $135M ▼
Q3-2024 $1.305B $290M $84M 6.437% $2.37 $194M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $474M ▲ $10.149B ▲ $7.684B ▲ $2.465B ▼
Q2-2025 $205M ▲ $9.887B ▲ $7.403B ▼ $2.484B ▲
Q1-2025 $196M ▼ $9.882B ▲ $7.447B ▲ $2.435B ▼
Q4-2024 $197M $9.808B ▲ $7.367B ▲ $2.442B ▲
Q3-2024 $197M $9.74B $7.321B $2.419B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2M ▼ $62M ▲ $-14M ▲ $217M ▲ $265M ▲ $51M ▲
Q2-2025 $69M ▲ $-48M ▼ $-25M ▼ $51M ▲ $-19M ▲ $-68M ▼
Q1-2025 $57M ▲ $8M ▼ $-18M ▼ $-32M ▲ $-41M ▼ $-6M ▼
Q4-2024 $49M ▼ $100M ▲ $-9M ▲ $-106M ▼ $-19M ▼ $86M ▲
Q3-2024 $84M $72M $-18M $33M $90M $58M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Ancillary Revenues
Ancillary Revenues
 $60.00M ▲$70.00M ▲$80.00M ▲$70.00M ▼
Cost Reimbursement
Cost Reimbursement
 $0 ▲$370.00M ▲$410.00M ▲$450.00M ▲
Management And Exchange
Management And Exchange
 $210.00M ▲$210.00M ▲$220.00M ▲$210.00M ▼
Management Service
Management Service
 $50.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Rental
Rental
 $180.00M ▲$170.00M ▼$160.00M ▼$150.00M ▼
Service Other
Service Other
 $90.00M ▲$90.00M ▲$90.00M ▲$90.00M ▲
Time Share
Time Share
 $400.00M ▲$350.00M ▼$370.00M ▲$360.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Marriott Vacations Worldwide’s income statement shows a business that has largely completed its recovery from the pandemic but is not improving in a straight line anymore. Sales have been growing steadily and are now well above pre‑pandemic levels. Profitability rebounded strongly after 2020, with operating and net income moving from losses to solid profits. However, the peak in profitability appears to have been a couple of years ago. Recent years show stable or slightly softer margins rather than continued strong expansion, suggesting higher costs, mix shifts, or more promotional activity. Earnings per share tell a similar story: a dramatic recovery from the downturn, followed by a period of decent but not accelerating growth. Overall, the business looks solidly profitable, but margin expansion momentum has cooled.

Balance Sheet

Balance Sheet The balance sheet reflects a sizable, fairly mature asset base that has not changed much in size over the last few years. Equity levels are reasonably steady, indicating that the company has preserved its capital base despite the volatility in travel. The main watch point is debt. Borrowings are significant and have crept higher over time, while the cash balance is relatively modest. This mix implies meaningful leverage and leaves less of a cash cushion for shocks or aggressive expansion. The balance sheet supports ongoing operations, but the capital structure leans toward debt, which can amplify both upside and downside in a cyclical industry.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, showing that the underlying business generates real cash, not just accounting profits. That said, cash generation was strongest a few years ago and has been thinner more recently, in line with the moderation in earnings. Free cash flow has stayed positive after funding a modest and fairly stable level of capital spending. This suggests the company can maintain and selectively grow its resort base without overextending itself. The flip side is that with only moderate free cash flow and a meaningful debt load, financial flexibility is not unlimited, and large new initiatives need to be carefully sequenced or externally financed.

Competitive Edge

Competitive Edge Marriott Vacations Worldwide benefits from a powerful brand ecosystem anchored by Marriott, Westin, and Sheraton, plus a large, established base of owner families. That brand trust and loyalty create switching costs and repeat usage, which are valuable advantages in vacation ownership. Its flexible, points‑based structure and the ability to tap into a broad range of resorts and hotels differentiate it from more traditional fixed‑week timeshares. Diversified revenue streams—from sales, property management, rentals, exchange, and financing—add resilience versus relying on a single income source. At the same time, the company operates in a cyclical, highly discretionary travel segment and faces competition from other vacation clubs, hotels, and alternative accommodations like home‑sharing platforms. Its strong brands and integrated offerings provide a moat, but demand remains sensitive to economic conditions, consumer confidence, and travel trends.

Innovation and R&D

Innovation and R&D Innovation at Marriott Vacations Worldwide is focused on digital capabilities, product design, and network expansion rather than traditional laboratory R&D. The company is modernizing its technology platforms, shifting more tours and bookings online, and experimenting with virtual sales. These efforts aim to personalize the owner experience, lower costs, and improve conversion, with targeted efficiency gains over the next few years. On the product side, the Abound points program and the ability to use points across a wide range of Marriott hotels materially enhance flexibility for owners. The move into all‑inclusive resorts and the new “City Collection” for urban destinations broaden the addressable market and refresh the portfolio. A visible pipeline of new resorts in resort and city locations extends growth potential into the late decade. The key uncertainty is execution: realizing the projected benefits from technology upgrades and new properties requires disciplined rollout, effective marketing, and careful cost control. If well executed, these initiatives can deepen the company’s moat; if not, they could raise costs without fully delivering the expected returns.

Summary

Overall, Marriott Vacations Worldwide looks like a recovered, now‑stable leisure business with solid brands and a clear strategic direction, but with tempered growth momentum and a notable debt load. The income statement shows that the company has moved well past the pandemic shock, with healthy sales and sustained profitability, though margins are not expanding as rapidly as they once did. The balance sheet is serviceable but leveraged, making the company more sensitive to interest rates and downturns. Cash flows are positive and sufficient to fund ongoing needs, but not so abundant as to render the capital structure a non‑issue. Strategically, the firm’s brand strength, large owner base, and flexible, points‑driven ecosystem provide a meaningful competitive edge. Digital initiatives, new vacation formats (including all‑inclusive and urban), and a robust resort pipeline offer avenues for future growth and richer customer engagement. The main things to watch are: how well the company manages its leverage, whether modernization actually boosts margins, and how new offerings perform in a travel market that remains cyclical and exposed to broader economic conditions.

NEWS

November 19, 2025 · 8:00 AM UTC

Marriott Vacations Worldwide to Participate in Barclays Eat, Sleep, Play, Shop Conference

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November 18, 2025 · 10:42 AM UTC

Marriott Vacations Worldwide Completes $470 Million Term Securitization

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November 11, 2025 · 9:00 AM UTC

Marriott Vacations Worldwide Announces Upcoming Retirement of Brian E. Miller

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November 10, 2025 · 8:45 AM UTC

Marriott Vacations Worldwide Announces Leadership Changes, Appoints Matthew E. Avril as Interim President and CEO

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November 5, 2025 · 4:15 PM UTC

Marriott Vacations Worldwide Reports Third Quarter 2025 Financial Results

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