Marriott Vacations Worldwide (VAC) FY2025 results: revenue $5.0 billion, up 1.3% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $5.0 billion for fiscal 2025, the year ended 31 December 2025, up 1.3% on the year before. Net income was -$308 million, and diluted earnings per share $-8.84. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$5.0 billion
+1.3% on the year
FY2018FY2025
Operating margin
-3.5%
9.9% a year earlier
FY2018FY2025
Net income
-$308 million
FY2018FY2025
Diluted EPS
-$8.84
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 13 new.
Quarterly net loss reflected impairments: Net loss attributable to common stockholders was $431 million, or $12.43 per diluted share, reflecting restructuring, modernization costs and $546 million of non-cash impairment charges.
Full-year adjusted EBITDA rose 2%: Full-year adjusted EBITDA was $751 million against $736 million, and adjusted diluted EPS was $7.16 against $6.72. Full-year net loss was $308 million.
Segment Adjusted EBITDA slipped 1%: Segment Adjusted EBITDA was $221 million against $222 million, while its margin rose 70 basis points to 27.9%. Lower development and rental profit was partly offset by resort management and financing profit.
Business review drove write-downs: After a comprehensive review, the company recorded $546 million of non-cash impairments, including $175 million on future North American phases and Legacy-Welk inventory.
Liquidity was $1.4 billion: Liquidity was $1.4 billion, including $406 million of cash and $787 million of revolver availability. Pro forma liquidity was $794 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
28.0
205
232
-86.3%
Capital expenditure
57.0
57.0
118
0.0%
Free cash flow
-29.0
148
114
Free cash flow margin
-0.6%
3.0%
2.4%
Cash from investing
-70.0
-115
-112
Cash from financing
241
-132
-401
Depreciation and amortisation
149
146
135
+2.1%
Share-based compensation
38.0
33.0
31.0
+15.2%
Buybacks
61.0
56.0
286
+8.9%
Dividends paid
110
107
106
+2.8%
Dividend per share
$3.17
$3.07
$2.92
+3.3%
Diluted shares, weighted
35m
42m
44m
-17.1%
Shares outstanding at period end
34m
35m
35m
-2.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,993
2,442
2,382
-18.4%
Non-controlling interest
0.0
-1.0
0.0
Debt
5,680
5,225
5,145
+8.7%
Other liabilities
2,084
2,142
2,153
-2.7%
Total liabilities and equity
9,757
9,808
9,680
-0.5%
Goodwill
2,958
3,117
3,117
-5.1%
Intangible assets
711
790
854
-10.0%
Cash and equivalents
406
197
248
+106.1%
Other assets
5,682
5,704
5,461
-0.4%
Total assets
9,757
9,808
9,680
-0.5%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.