MARRIOTT VACATIONS WORLDWIDE Corp

Listed Company

VACCIK 0001524358NYSELarge AcceleratedReal Estate Agents & Managers (For Others)X1FY ends Dec 31

Period

FY 2025

Revenue

$5.03B

Net Income

$-308.00M

Total Assets

$9.76B

Equity

$1.99B

Shares Out

34.31M

Op. Cash Flow

$28.00M

Business

MARRIOTT VACATIONS WORLDWIDE Corp is a global vacation company that develops, markets, sells, finances, rents and manages vacation ownership and related travel businesses. It offers points- and weeks-based vacation ownership products, resort rentals, consumer financing, resort and owners’ association management, exchange membership services through Interval International, and third-party property management and rental services via Aqua-Aston. The company reports two primary segments: Vacation Ownership and Exchange & Third‑Party Management. It sells and distributes its products through resort-based and off‑site sales centers, digital channels, loyalty program affiliations, and a global exchange network across North America, Asia Pacific, Europe, the Caribbean and other international markets.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from contracts with customers	4,672	4,625	4,405	4,363	3,622
Financing	360	342	322	293	268
TOTAL REVENUES	5,032	4,967	4,727	4,656	3,890
Marketing and sales	943	919	823	807	617
Financing	150	146	113	75	88
Royalty fee	113	114	117	114	106
General and administrative	242	237	273	249	227
Depreciation and amortization	149	146	135	132	146
Litigation charges	17	23	13	11	10
Modernization	122	4	0	—	—
Restructuring	15	10	6	0	0
Impairment	577	30	32	2	3
Cost reimbursements	1,698	1,689	1,561	1,367	1,128
TOTAL EXPENSES	5,209	4,477	4,191	3,872	3,440
Gains (losses) and other income (expense), net	47	−1	47	40	−51
Interest expense, net	−169	−162	−145	−118	−164
Transaction and integration costs	0	−18	−37	−125	−110
Other	0	−3	−3	1	2
(LOSS) INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	−299	306	398	582	127
Provision for income taxes	−8	−89	−146	−191	−74
NET (LOSS) INCOME	−307	217	252	391	53
Net (income) loss attributable to noncontrolling interests	−1	1	2	0	−4
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	−308	218	254	391	49
Basic (in usd per share)	−8.84	6.16	6.96	9.69	1.15
Diluted (in usd per share)	−8.84	5.61	6.28	8.77	1.13
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	3.17	3.07	2.92	2.58	1.08

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	406	197	248	524	342
Restricted cash (including $81 and $82 from VIEs, respectively)	327	331	—	330	461
Accounts and contracts receivable, net (including $15 and $16 from VIEs, respectively)	428	387	385	292	279
Vacation ownership notes receivable, net (including $1,900 and $1,917 from VIEs, respectively)	2,565	2,440	2,343	2,198	2,045
Inventory	692	735	634	660	719
Property and equipment, net	950	1,170	1,260	1,139	1,136
Goodwill	2,958	3,117	3,117	3,117	3,150
Intangibles, net	711	790	854	911	993
Other (including $168 and $131 from VIEs, respectively)	720	641	513	468	488
TOTAL ASSETS	9,757	9,808	9,680	9,639	9,613
Accounts payable	358	343	362	356	265
Advance deposits	163	162	164	158	160
Accrued liabilities (including $4 and $4 from VIEs, respectively)	376	384	343	369	345
Deferred revenue and other	371	354	—	—	—
Payroll and benefits liability	218	220	205	251	201
Deferred compensation liability	225	195	168	139	142
Securitized debt, net (including $2,173 and $2,163 from VIEs, respectively)	2,146	2,136	2,096	1,938	1,856
Debt, net	3,534	3,089	3,049	3,088	2,631
Other	142	139	249	167	224
Deferred taxes	231	345	280	331	350
TOTAL LIABILITIES	7,764	7,367	7,298	7,141	6,627
Contingencies and commitments (Note 12)	—	—	—	—	—
Preferred stock $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0	0	0	0
Common stock $0.01 par value; 100,000,000 shares authorized; 75,891,531 and 75,852,678 shares issued, respectively	1	1	1	1	1
Treasury stock at cost; 41,767,498 and 40,974,753 shares, respectively	−2,427	−2,378	−2,332	−2,054	—
Additional paid-in capital	3,996	3,975	3,955	3,941	4,072
Accumulated other comprehensive income	−11	−8	16	15	−16
Retained earnings	434	852	742	593	275
TOTAL MVW STOCKHOLDERS' EQUITY	1,993	2,442	2,382	2,496	2,976
Noncontrolling interests	0	−1	0	2	10
TOTAL EQUITY	1,993	2,441	2,382	2,498	2,986
TOTAL LIABILITIES AND EQUITY	9,757	9,808	9,680	9,639	9,613

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of intangibles	149	146	135	132	146
Amortization of debt discount and issuance costs	24	26	23	25	56
Vacation ownership notes receivable reserve	222	279	230	150	101
Share-based compensation	38	33	31	39	51
Impairment	577	30	30	—	—
Gains and other income, net	0	−5	−6	−48	0
Foreign currency remeasurement (gain) loss	−22	13	−6	—	—
Deferred income taxes	−103	38	−64	87	34
Accounts and contracts receivable	−40	−16	−105	−45	0
Vacation ownership notes receivable originations	−1,030	−1,015	−987	−980	−750
Vacation ownership notes receivable collections	679	632	596	642	686
Inventory	27	−33	87	104	61
Other assets	−56	−23	−44	−49	−46
Accounts payable, advance deposits and accrued liabilities	−5	9	1	112	42
Deferred revenue and other	15	−27	34	−9	88
Payroll and benefit liabilities	−2	16	−46	53	35
Deferred compensation liability	7	11	15	13	22
Other liabilities	−3	−109	78	−38	27
Purchase and development of property for future transfer to inventory	−140	−10	−27	−12	—
Other, net	−2	−7	5	3	0
Net cash, cash equivalents, and restricted cash provided by operating activities	28	205	232	522	343
Capital expenditures for property and equipment (excluding inventory)	−57	−57	−118	−65	−47
Purchase of company owned life insurance	−16	−16	−10	−18	−14
Purchase and development of property for future sale	0	−50	0	0	—
Dispositions, net	3	8	16	3	3
Net cash, cash equivalents, and restricted cash used in investing activities	−70	−115	−112	16	−213
Borrowings from securitization transactions	1,397	1,324	1,492	1,031	957
Repayment of debt related to securitization transactions	−1,387	−1,282	−1,331	−945	−868
Proceeds from debt	1,740	2,135	1,070	1,266	1,111
Repayments of debt	−1,298	−2,107	−1,221	−935	−1,339
Finance lease incentive	0	0	10	3	0
Finance lease payment	−7	−6	−5	−4	−5
Payment of debt and securitized debt issuance costs	−26	−25	−12	−15	−22
Repurchase of common stock	−61	−56	−286	−701	−78
Payment of dividends	−110	−107	−106	−99	−23
Payment of withholding taxes on vesting of restricted stock units	−7	−8	−12	−23	−20
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities	241	−132	−401	−486	−317
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash	6	−4	1	−1	−2
Change in cash, cash equivalents, and restricted cash	205	−46	−280	51	−189
Non-cash transfer from inventory to property and equipment	1	21	12	47	105
Non-cash transfer from property and equipment to inventory	19	93	57	13	2
Non-cash transfer from property and equipment to other assets	54	52	0	0	—
Non-cash transfer from other assets to property and equipment	59	0	0	14	22
Non-cash issuance of treasury stock for employee stock purchase plan	5	5	5	5	3
Interest paid, net of amounts capitalized	237	247	204	149	184
Income taxes paid, net of refunds	143	133	141	57	−13

Filings

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