Marriott Vacations Worldwide Corp
marriottvacationsworldwide.comWhat Do They Do?
Sells vacation ownership interests and vacation stays, and provides exchange and resort management services to vacationers, owners, and property owners.
10-K for FY2025, filed Mar 2, 2026Our Vacation Ownership segment develops, markets, sells, finances, rents, and manages vacation ownership and related products under our…View ↗
Our Exchange & Third-Party Management segment includes an exchange network and membership programs, as well as the provision of management…View ↗
We sell our upper upscale tier vacation ownership products under our brands primarily through our worldwide network of resort-based sales…View ↗
We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain…View ↗
How Do They Make Money?
Vacationers pay for ownership interests at closing or finance them; owners and property clients pay management fees upfront or over time and reimburse operating costs over time, while renters pay for stays when occupied.
10-K for FY2025, filed Mar 2, 2026Upon execution of a legal sales agreement, we typically receive an upfront deposit from our customer with the remainder of the purchase…View ↗
We generate revenue from fees we earn for managing vacation ownership resorts, clubs, owners’ associations, condominiums and hotels. In our…View ↗
Management fees are collected over time or upfront depending upon the specific management contract. Cost reimbursements are received over…View ↗
We receive payments for rentals primarily through credit card charges. We generally recognize rental revenues when occupancy has occurred…View ↗
$5B
-
10-K for FY2025, filed Mar 2, 2026
$5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Cost of vacation ownership products
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
31%
FY2022: 37%
|
Cost of vacation ownership products, FY2025
$1.5B Sources
|
Sold outright |
|
Management and exchange
|
18%
FY2022: 19%
|
Management and exchange, FY2025
$860M Sources
|
|
|
Rental
Usage-based
10-K for FY2025, filed Mar 2, 2026 |
14%
FY2022: 13%
|
Rental, FY2025
$650M Sources
|
Usage-based |
|
Cost reimbursements
|
36%
FY2022: 31%
|
Cost reimbursements, FY2025
$1.7B Sources
|
Who Are Their Customers?
Vacationers and existing owners buy ownership interests directly at resort and off-site sales locations; existing owners can also buy by phone and at owner events. Hotels, resorts and owners’ associations receive management services, while members join exchange programs.
10-K for FY2025, filed Mar 2, 2026We sell our upper upscale tier vacation ownership products under our brands primarily through our worldwide network of resort-based sales…View ↗
We solicit our existing owners primarily while they are staying in our resorts, but also offer our owners the opportunity to make…View ↗
We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain…View ↗
Other services revenues includes revenues from membership fees, club dues and additional fees for services we provide to customers.…View ↗
Do Revenues Turn Into Profits?
No. It lost $308M in FY2025.
How Are They Changing?
-
Aug 6, 2026
Raises full-year guidance
Raised 2026 guidance for contract sales, adjusted EBITDA, adjusted net income, earnings per share and adjusted free cash flow.
Sources
8-K, filed Aug 6, 2026
(in millions, except per share amounts) Current2026 Guidance Previous2026 Guidance Contract sales $2,080 to $2,115 $1,815 to $1,885…View ↗
Growing. Revenue grew 29% in 4 years, from $3.9B in FY2021 to $5B in FY2025, about 7% a year.
Who Do They Compete With?
Competes with RCI
10-K for FY2025, filed Mar 2, 2026To enhance the flexibility and appeal of their products, many vacation ownership developers affiliate their projects with vacation…View ↗
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