Marriott Vacations Worldwide Corp (NYSE: VAC) is a vacation ownership company that develops, markets, and sells vacation ownership interests (VOIs) under licensed hotel brands and manages resort properties for owners. Revenue comes from two primary streams: transactional VOI sales and recurring fees from resort management, consumer financing of VOI purchases, and membership and club programs. VOI sales generated $1,464 million in FY2025 sale of vacation ownership products revenue, against consolidated contract sales of $1,762 million in FY2025. The company operates under long-term brand license agreements with Marriott International (covering Marriott, Sheraton, Westin, St. Regis, and Ritz-Carlton marks through 2095) and Hyatt (through 2093). A separate Exchange and Third-Party Management segment, which includes the Aqua-Aston hospitality management business concentrated in Hawaii, generates recurring fee income from condominium and hotel management contracts. VAC trades on the NYSE and pays quarterly cash dividends subject to board approval.

Revenue model

Transactional revenue from VOI sales (sale of vacation ownership products: $1,464M in FY2025); recurring revenue from resort and owners' association management fees, consumer financing of VOI notes receivable (securitized via ABS facilities), and membership and club fees. Aqua-Aston earns base and incentive management fees plus service fees for reservation, sales, accounting, and IT services provided to condominium and hotel owners.

Products and services

Vacation ownership interests (VOIs) sold under points-based programs; fractional ownership products under the St. Regis brand; residential real estate under the Grand Residences by Marriott brand; resort and owners' association management services; consumer financing of VOI purchases; membership and club programs; hotel and condominium management and rental services through Aqua-Aston (Hawaii-concentrated); exchange services.

Customers and end markets

Individual leisure travelers purchasing VOIs or vacation club memberships; individual condominium owners and hotel owners contracting for management and rental services; VOI purchasers who finance through company-originated notes receivable. End market is discretionary leisure travel and vacation real estate.

Value-chain role

Developer, marketer, and seller of vacation ownership interests; brand licensee of Marriott International and Hyatt hotel marks for vacation ownership use; originator and securitizer of VOI consumer notes receivable; resort and owners' association manager; membership program operator.

Geographic exposure

Operations in the United States including a Hawaii concentration through Aqua-Aston; international operations referenced in the filing with exposure to EU data regulation (GDPR) and other foreign jurisdictions. Specific revenue splits by geography are not disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-02

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