MARRIOTT VACATIONS WORLDWIDE CorpVAC
MARRIOTT VACATIONS WORLDWIDE Corp Revenue Disclosure
REVENUE AND RECEIVABLES
Sources of Revenue by Segment
| 2025 | |||||||||||||||||||||||
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total | |||||||||||||||||||
| Sale of vacation ownership products | $ | 1,464 | $ | — | $ | — | $ | 1,464 | |||||||||||||||
| Ancillary revenues | 273 | 3 | — | 276 | |||||||||||||||||||
| Management fee revenues | 221 | 8 | (3) | 226 | |||||||||||||||||||
| Exchange and other services revenues | 139 | 159 | 60 | 358 | |||||||||||||||||||
| Management and exchange | 633 | 170 | 57 | 860 | |||||||||||||||||||
| Rental | 615 | 35 | — | 650 | |||||||||||||||||||
| Cost reimbursements | 1,733 | 8 | (43) | 1,698 | |||||||||||||||||||
| Revenue from contracts with customers | 4,445 | 213 | 14 | 4,672 | |||||||||||||||||||
| Financing | 360 | — | — | 360 | |||||||||||||||||||
| Total Revenues | $ | 4,805 | $ | 213 | $ | 14 | $ | 5,032 | |||||||||||||||
| 2024 | |||||||||||||||||||||||
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total | |||||||||||||||||||
| Sale of vacation ownership products | $ | 1,448 | $ | — | $ | — | $ | 1,448 | |||||||||||||||
| Ancillary revenues | 266 | 4 | — | 270 | |||||||||||||||||||
| Management fee revenues | 207 | 12 | (5) | 214 | |||||||||||||||||||
| Exchange and other services revenues | 139 | 166 | 54 | 359 | |||||||||||||||||||
| Management and exchange | 612 | 182 | 49 | 843 | |||||||||||||||||||
| Rental | 605 | 40 | — | 645 | |||||||||||||||||||
| Cost reimbursements | 1,723 | 9 | (43) | 1,689 | |||||||||||||||||||
| Revenue from contracts with customers | 4,388 | 231 | 6 | 4,625 | |||||||||||||||||||
| Financing | 342 | — | — | 342 | |||||||||||||||||||
| Total Revenues | $ | 4,730 | $ | 231 | $ | 6 | $ | 4,967 | |||||||||||||||
| 2023 | |||||||||||||||||||||||
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total | |||||||||||||||||||
| Sale of vacation ownership products | $ | 1,460 | $ | — | $ | — | $ | 1,460 | |||||||||||||||
| Ancillary revenues | 252 | 5 | — | 257 | |||||||||||||||||||
| Management fee revenues | 180 | 24 | (3) | 201 | |||||||||||||||||||
| Exchange and other services revenues | 136 | 177 | 42 | 355 | |||||||||||||||||||
| Management and exchange | 568 | 206 | 39 | 813 | |||||||||||||||||||
| Rental | 531 | 40 | — | 571 | |||||||||||||||||||
| Cost reimbursements | 1,587 | 16 | (42) | 1,561 | |||||||||||||||||||
| Revenue from contracts with customers | 4,146 | 262 | (3) | 4,405 | |||||||||||||||||||
| Financing | 322 | — | — | 322 | |||||||||||||||||||
| Total Revenues | $ | 4,468 | $ | 262 | $ | (3) | $ | 4,727 | |||||||||||||||
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years.
| 2025 | |||||||||||||||||||||||
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total | |||||||||||||||||||
| Services transferred over time | $ | 2,689 | $ | 83 | $ | 14 | $ | 2,786 | |||||||||||||||
| Goods or services transferred at a point in time | 1,756 | 130 | — | 1,886 | |||||||||||||||||||
| Revenue from contracts with customers | $ | 4,445 | $ | 213 | $ | 14 | $ | 4,672 | |||||||||||||||
| 2024 | |||||||||||||||||||||||
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total | |||||||||||||||||||
| Services transferred over time | $ | 2,652 | $ | 91 | $ | 6 | $ | 2,749 | |||||||||||||||
| Goods or services transferred at a point in time | 1,736 | 140 | — | 1,876 | |||||||||||||||||||
| Revenue from contracts with customers | $ | 4,388 | $ | 231 | $ | 6 | $ | 4,625 | |||||||||||||||
| 2023 | |||||||||||||||||||||||
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total | |||||||||||||||||||
| Services transferred over time | $ | 2,411 | $ | 111 | $ | (3) | $ | 2,519 | |||||||||||||||
| Goods or services transferred at a point in time | 1,735 | 151 | — | 1,886 | |||||||||||||||||||
| Revenue from contracts with customers | $ | 4,146 | $ | 262 | $ | (3) | $ | 4,405 | |||||||||||||||
Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either December 31, 2025 or December 31, 2024.
| ($ in millions) | At December 31, 2025 | At December 31, 2024 | |||||||||
| Receivables | |||||||||||
| Accounts and contracts receivable, net | $ | 271 | $ | 250 | |||||||
| Vacation ownership notes receivable, net | 2,565 | 2,440 | |||||||||
| $ | 2,836 | $ | 2,690 | ||||||||
| Contract Liabilities | |||||||||||
Advance deposits(1) | $ | 163 | $ | 162 | |||||||
Deferred revenue and other(1) | 371 | 354 | |||||||||
| $ | 534 | $ | 516 | ||||||||
(1)Includes $99 million and $105 million of other refundable deposits at December 31, 2025 and December 31, 2024, respectively.
Revenue recognized during the year ended December 31, 2025 that was included in our contract liabilities balance at December 31, 2024 was $339 million.
Remaining Performance Obligations
Our recorded contract liabilities (excluding other refundable deposits) represent the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2025. At December 31, 2025, approximately 90% of the recorded contract liabilities are expected to be recognized as revenue over the next two years.
Accounts and Contracts Receivable
Accounts and contracts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
| ($ in millions) | At December 31, 2025 | At December 31, 2024 | |||||||||
| Receivables from contracts with customers, net | $ | 271 | $ | 250 | |||||||
| Interest receivable | 20 | 20 | |||||||||
| Tax receivable | 77 | 57 | |||||||||
| Indemnification assets | 40 | 34 | |||||||||
| Employee tax credit receivable | 4 | 10 | |||||||||
| Other | 16 | 16 | |||||||||
| $ | 428 | $ | 387 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.