Marriott Vacations Worldwide Corporation (VAC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2	$2.31	+15.5%	—	$1.3B	—
Q1 26	$1.71	$1.24	-27.5%	—	$1.3B	—
Q4 25	$1.71	$1.86	+8.8%	—	$1.3B	—
Q3 25	$1.6	$1.69	+5.6%	—	$1.3B	—
Q2 25	$1.73	$1.96	+13.3%	—	$1.2B	—
Q1 25	$1.43	$1.66	+16.1%	—	$1.2B	—
Q4 24	$1.56	$1.86	+19.2%	—	$1.3B	—
Q3 24	$1.62	$1.8	+11.1%	—	$1.3B	—
Q2 24	$2.05	$1.1	-46.3%	—	$1.1B	—
Q1 24	$1.73	$1.8	+4.0%	—	$1.2B	—
Q4 23	$1.78	$1.88	+5.6%	—	$1.2B	—
Q3 23	$2.16	$1.2	-44.4%	—	$1.2B	—
Q2 23	$2.76	$2.19	-20.7%	—	$1.2B	—
Q1 23	$1.94	$2.54	+30.9%	—	$1.2B	—
Q4 22	$2.72	$2.74	+0.7%	—	$1.2B	—
Q3 22	$2.6	$3.02	+16.2%	—	$1.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$8.84	—	—	$5B	—
FY24	—	$6.16	—	—	$5B	—
FY23	—	$6.96	—	—	$4.7B	—
FY22	—	$8.76	—	—	$4.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2B	$2.2B	$3B	$4.3B	$2.9B	$3.9B	$4.7B	$4.7B	$5B	$5B
YoY change	+10.4%	+9.15%	+36%	+43.5%	-32.2%	+34.8%	+19.7%	+1.52%	+5.08%	+1.31%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2B	2.2B	3B	4.3B	2.9B	3.9B	4.7B	4.7B	5B	5B
Cost of revenue	1.3B	1.4B	1.9B	2.6B	2.2B	2.4B	2.7B	2.9B	3.1B	3.1B
Gross profit	654M	765M	1.1B	1.7B	696M	1.5B	2B	1.8B	1.9B	1.9B
Gross margin	32.7%	35%	37.1%	39.9%	24.1%	37.4%	42.6%	38.5%	37.3%	37.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	434M	494M	725M	996M	540M	844M	1.1B	1.1B	1.2B	1.2B
Operating expenses	434M	494M	725M	996M	540M	844M	1.1B	1.1B	1.2B	1.3B
Operating income	199M	250M	313M	564M	33M	463M	797M	587M	547M	554M
Operating margin	9.95%	11.5%	10.5%	13.2%	1.14%	11.9%	17.1%	12.4%	11%	11%
Non-operating income, net	8M	-58K	-156M	-207M	-223M	-172M	-97M	-44M	-79M	-684M
Pretax income	198M	240M	103M	225M	-340M	127M	582M	398M	306M	-299M
Income tax	76M	5M	51M	83M	-84M	74M	191M	146M	89M	8M
Net income	122M	235M	52M	142M	-256M	53M	391M	252M	217M	-307M
Net margin	6.1%	10.8%	1.75%	3.33%	-8.87%	1.36%	8.4%	5.33%	4.37%	-6.1%
EBITDA	227M	276M	392M	722M	130M	560M	970M	766M	689M	750M
EPS	4.93	8.7	1.64	3.13	-6.65	1.15	8.76	6.96	6.16	-8.84
Diluted EPS	4.83	8.49	1.61	3.09	-6.65	1.13	7.94	6.28	5.61	-8.84

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.2B	1.2B	1.2B	1.1B	1.3B	1.3B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B
Cost of revenue	787M	727M	729M	710M	828M	845M	719M	759M	817M	849M	805M	775M
Gross profit	399M	467M	466M	430M	477M	482M	481M	487M	446M	474M	452M	545M
Gross margin	33.6%	39.1%	39%	37.7%	36.6%	36.3%	40.1%	39.1%	35.3%	35.8%	36%	41.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	259M	289M	286M	280M	290M	306M	295M	298M	287M	305M	306M	343M
Operating expenses	259M	289M	286M	280M	290M	306M	295M	298M	340M	330M	322M	343M
Operating income	107M	142M	142M	115M	151M	139M	148M	151M	121M	134M	112M	170M
Operating margin	9.02%	11.9%	11.9%	10.1%	11.6%	10.5%	12.3%	12.1%	9.58%	10.1%	8.91%	12.9%
Non-operating income, net	-5M	-39M	-21M	-24M	7M	-41M	-6M	-15M	-77M	-586M	-23M	-13M
Pretax income	66M	64M	81M	48M	118M	59M	102M	94M	1M	-496M	45M	114M
Income tax	24M	31M	35M	10M	34M	10M	45M	25M	3M	-65M	23M	37M
Net income	42M	33M	46M	38M	84M	49M	57M	69M	-2M	-431M	22M	77M
Net margin	3.54%	2.76%	3.85%	3.33%	6.44%	3.69%	4.75%	5.54%	-0.16%	-32.6%	1.75%	5.83%
EBITDA	142M	188M	179M	142M	197M	171M	199M	213M	170M	168M	147M	198M
EPS	1.16	0.98	1.32	1.04	2.38	1.42	1.6	1.98	-0.07	-12.4	0.64	2.21
Diluted EPS	1.09	0.93	1.22	0.98	2.12	1.3	1.46	1.77	-0.07	-12.4	0.64	2.12

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	3.7B	—	—	5.7B	7.2B	5.4B	3.1B	3.2B	2B	3.6B
Enterprise value	—	4.4B	—	—	9.4B	11.3B	9.9B	8B	8.2B	7.3B	8.8B
Shares outstanding	27.9M	27.1M	33.5M	44.1M	41.4M	42.6M	40.4M	36.5M	35.4M	34.9M	34.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	15.6	—	—	—	135.8	13.9	12.3	14.6	—	14.7
P/S	—	1.68	—	—	1.97	1.85	1.17	0.66	0.64	0.4	1.05
P/B	—	3.52	—	—	2.12	2.41	2.18	1.3	1.3	1.01	1.8
EV/EBITDA	—	15.8	—	—	72.5	20.3	10.2	10.4	11.9	9.72	15.3
EV/Sales	—	1.99	—	—	3.26	2.92	2.13	1.69	1.65	1.45	2.59
Earnings yield	—	6.41%	—	—	—	0.74%	7.19%	8.13%	6.83%	—	6.78%
FCF yield	—	3.17%	—	—	4.55%	4.11%	8.4%	3.68%	4.66%	-1.44%	7.65%
PEG	—	—	—	—	—	—	—	—	—	—	1.27

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	32.7%	35%	37.1%	39.9%	24.1%	37.4%	42.6%	38.5%	37.3%	37.5%	41.3%
Operating margin	9.95%	11.5%	10.5%	13.2%	1.14%	11.9%	17.1%	12.4%	11%	11%	18.5%
Net margin	6.1%	10.8%	1.75%	3.33%	-8.87%	1.36%	8.4%	5.33%	4.37%	-6.1%	-9.78%
ROE	13.4%	22.6%	1.5%	4.68%	-9.55%	1.77%	15.7%	10.6%	8.89%	-15.4%	-14.7%
ROA	5.1%	8.26%	0.58%	1.54%	-2.88%	0.55%	4.06%	2.6%	2.21%	-3.15%	2.84%
ROIC	8.19%	14.2%	2.24%	5.21%	0.51%	2.71%	7.65%	5.11%	5.19%	7.62%	7.36%
Return on tangible assets	5.1%	8.26%	4.53%	10.3%	-18.8%	3.99%	24.7%	14.5%	10.9%	-12.7%	-15.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.45	4.7	3.37	3.16	3.21	3.04	3.03	3.05	3.14	3.34	4.55
Quick ratio	2.91	3.81	2.61	2.5	2.58	2.47	2.53	2.56	2.58	2.82	2.87
Debt / equity	0.81	1.05	1.1	1.35	1.59	1.5	2.01	2.16	2.14	2.85	2.69
Debt / assets	0.31	0.38	0.42	0.44	0.48	0.47	0.52	0.53	0.53	0.58	0.58
Net debt / EBITDA	2.6	2.49	9.15	5.26	28.8	7.4	4.64	6.39	7.3	7.03	7.67
Interest coverage	23	25	2.91	2.7	-1.27	1.77	5.93	3.74	2.89	-0.77	-0.93
Effective tax rate	38.4%	2.08%	49.5%	36.9%	0%	58.3%	32.8%	36.7%	29.1%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	71.7	80.6	88.5	96.6	69.8	91.3	115.2	129.5	140.3	144.2	98.3
EPS (basic)	4.93	8.7	1.64	3.13	-6.65	1.15	8.76	6.96	6.16	-8.84	-8.84
EPS (diluted)	4.83	8.49	1.61	3.09	-6.65	1.13	7.94	6.28	5.61	-8.84	-9.57
Book value per share	32.6	38.4	103.3	68.7	64.9	70.1	61.8	65.3	69	57.1	58
FCF per share	3.8	4.28	1.7	7.62	6.24	6.95	11.3	3.12	4.18	-0.83	2.59
Cash per share	5.28	15.1	6.89	6.51	12.7	8.03	13	6.79	5.56	11.6	6.13
Capex per share	2.47	0	0	1.16	0.36	—	—	—	—	1.63	1.18

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.45%	0%	0%	1.2%	0.52%	—	—	—	—	1.13%	0.87%
Capex / operating cash flow	60.5%	0%	0%	23.8%	19.2%	—	—	—	—	203.6%	31.3%
Payout ratio	27.9%	16.2%	98.1%	57%	-17.6%	43.4%	25.3%	42.1%	49.3%	-35.8%	69.2%
Dividend yield	—	1.04%	—	—	0.79%	0.32%	1.82%	3.42%	3.37%	5.46%	3%

Yield

trailing twelve months

Frequency

Quarterly

Last dividend

$0.80

ex-dividend Sep 16, 2026

Payout ratio

69%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$0.80
May 27, 2026	$0.80
Mar 4, 2026	$0.80
Dec 24, 2025	$0.80
Sep 17, 2025	$0.79
May 23, 2025	$0.79
Mar 5, 2025	$0.79

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.2B	$1.2B	$1.2B	$1.1B	$1.3B	$1.3B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.3B
YoY change	-5.27%	+0.51%	+2.22%	-3.23%	+10%	+11.1%	+0.42%	+9.3%	-3.22%	-0.3%	+4.75%	+5.94%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	147.1M	409M	231M	287M	524M	342M	524M	248M	197M	406M
Receivables	161.7M	92M	324M	323M	276M	172M	194M	259M	250M	271M
Inventory	712.5M	398M	863M	859M	759M	719M	660M	634M	735M	692M
Total current assets	2.1B	2.1B	3.8B	4.1B	3.9B	3.8B	4B	3.9B	4.1B	4.4B
Property, plant & equipment	169.7M	508.6M	547M	329M	309M	439M	393M	354M	316M	146M
Goodwill & intangibles	—	0	7.9B	7.8B	7.5B	8.3B	8.1B	7.9B	7.8B	7.3B
Total assets	2.4B	2.8B	9B	9.2B	8.9B	9.6B	9.6B	9.7B	9.8B	9.8B
Accounts payable	124.4M	145M	301M	286M	209M	265M	356M	362M	343M	358M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	462.9M	446M	1.1B	1.3B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B
Long-term debt	737.2M	1.1B	3.8B	4.1B	4.3B	4.5B	5B	5.1B	5.2B	5.7B
Total liabilities	1.5B	1.8B	5.6B	6.2B	6.2B	6.6B	7.1B	7.3B	7.4B	7.8B
Shareholders' equity	907.8M	1B	3.5B	3B	2.7B	3B	2.5B	2.4B	2.4B	2B
Total debt	737.2M	1.1B	3.8B	4.1B	4.3B	4.5B	5B	5.1B	5.2B	5.7B
Net debt	590.1M	686M	3.6B	3.8B	3.7B	4.1B	4.5B	4.9B	5B	5.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	265M	248M	237M	206M	197M	197M	196M	205M	474M	406M	268M	211M
Receivables	176M	259M	272M	212M	212M	250M	258M	221M	220M	271M	276M	290M
Inventory	642M	634M	637M	643M	769M	735M	737M	744M	727M	692M	680M	673M
Total current assets	3.7B	3.9B	3.9B	3.8B	4B	4.1B	4.1B	4.1B	4.4B	4.4B	4.3B	4.2B
Property, plant & equipment	—	354M	—	—	—	316M	—	—	—	146M	—	—
Goodwill & intangibles	8B	7.9B	7.9B	7.9B	7.8B	7.8B	7.8B	7.8B	7.7B	7.3B	7.3B	7.3B
Total assets	9.5B	9.7B	9.9B	9.6B	9.7B	9.8B	9.9B	9.9B	10.1B	9.8B	9.6B	9.5B
Accounts payable	238M	362M	221M	198M	243M	343M	251M	225M	250M	358M	270M	227M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.2B	1.3B	1.3B	1.1B	1.2B	1.3B	1.3B	1.2B	1.2B	1.3B	1.3B	1.2B
Long-term debt	5.1B	5.1B	5.3B	5.2B	5.3B	5.2B	5.3B	5.4B	5.6B	5.7B	5.6B	5.5B
Total liabilities	7B	7.3B	7.5B	7.2B	7.3B	7.4B	7.4B	7.4B	7.7B	7.8B	7.6B	7.4B
Shareholders' equity	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.5B	2.5B	2B	2B	2.1B
Total debt	5.1B	5.1B	5.3B	5.2B	5.3B	5.2B	5.3B	5.4B	5.6B	5.7B	5.6B	5.5B
Net debt	4.8B	4.9B	5.1B	5B	5.1B	5B	5.1B	5.2B	5.2B	5.3B	5.3B	5.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	122M	235M	52M	142M	-256M	53M	391M	252M	217M	-307M
Depreciation & amortization	21M	21M	62M	141M	123M	146M	132M	135M	146M	149M
Stock-based compensation	14M	16M	29M	33M	36M	51M	39M	31M	33M	38M
Change in working capital	25M	75M	63M	239M	13M	194M	88M	66M	-188M	-55M
Operating cash flow	114M	72M	36M	214M	78M	204M	319M	18M	-120M	28M
Capital expenditure	69M	0	0	51M	15M	—	—	—	—	-57M
Investing cash flow	142.8M	-24.1M	-1.4B	134M	24M	-166M	81M	6M	-8M	-70M
Dividends paid	-34M	-38M	-51M	-81M	-45M	-23M	-99M	-106M	-107M	-110M
Share repurchases	-218M	-88M	-96M	-465M	-82M	-78M	-701M	-286M	-56M	-61M
Financing cash flow	-206M	151M	1.4B	-331M	23M	-387M	-529M	-401M	-132M	241M
Net change in cash	50.8M	198.9M	102M	17M	125M	-349M	-129M	-377M	-260M	199M
Free cash flow	106M	116M	57M	336M	258M	296M	457M	114M	148M	-29M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	-2M	-431M	22M	77M
Depreciation & amortization	—	—	—	—	—	—	—	—	38M	35M	34M	32M
Stock-based compensation	—	—	—	—	—	—	—	—	9M	10M	10M	12M
Change in working capital	26M	104M	-60M	-53M	29M	93M	-13M	-95M	-554M	762M	-71M	-155M
Operating cash flow	26M	104M	-60M	-53M	29M	93M	-13M	-95M	62M	6M	-4M	80M
Capital expenditure	—	—	—	—	—	—	—	—	-11M	-12M	-8M	-14M
Investing cash flow	—	—	—	—	—	—	—	—	-14M	-16M	42M	-14M
Dividends paid	—	—	—	—	—	—	—	—	-27M	0	-55M	-27M
Share repurchases	—	—	—	—	—	—	—	—	0	-25M	0	0
Financing cash flow	—	—	—	—	—	—	—	—	217M	5M	-174M	-149M
Net change in cash	26M	104M	-60M	-53M	29M	93M	-13M	-95M	265M	-5M	-136M	-83M
Free cash flow	—	—	—	—	—	—	—	—	51M	-6M	-12M	66M

Marriott Vacations Worldwide Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement