Marriott Vacations Worldwide : 2026 Q1 Press Release & Schedules (Final without Exhibit Header Milestone May 4, 0505 pm)
VAC
Published on 05/05/2026 at 07:20 am EDT
Neal Goldner Investor Relations 407-206-6149
Cameron Klaus Global Communications
407-206-6300
First Quarter 2026 Highlights
Contract sales were $411 million in the quarter, a 2% decline compared to the prior year.
Net income attributable to common stockholders was $22 million compared to $56 million in the prior year and diluted earnings per share was $0.64 compared to $1.46 in the prior year.
Adjusted net income attributable to common stockholders decreased 34% to $43 million and adjusted diluted earnings per share decreased 25% to $1.24.
Adjusted EBITDA was $161 million compared to $192 million in the prior year.
The Company reiterates its full-year Adjusted EBITDA guidance.
"Contract sales and Adjusted EBITDA were lower in the first quarter, consistent with how we expected the year to unfold, and we expect second quarter contract sales to increase 4% to 8% and Adjusted EBITDA to be $187 million to $202 million," said Matt Avril, Chief Executive Officer. "As we indicated we would, we have taken steps to strengthen our foundation including:
making significant changes in our executive team and key leadership positions,
adding experienced leaders across our sales and marketing disciplines which are already driving improved results,
taking incremental cost and overhead actions which will benefit the balance of the year,
executing on our disposition strategy by listing assets for sale that are expected to deliver more than $125 million in gross proceeds this year, and we remain on track to generate $200 million to
$250 million of gross proceeds by the end of 2027.
These actions position our company for improved results in the second half of the year."
In the tables below "*" denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use. Please see "Non-GAAP Financial Measures" for additional information.
Vacation Ownership
(In millions, except volume per guest ("VPG") and tours)
Three Months Ended
March 31, 2026 March 31, 2025
Change
Revenues excluding cost reimbursements
$ 758
$ 757
-%
Contract sales
$ 411
$ 420
(2%)
VPG
$ 4,016
$ 3,979
1%
Tours
95,250
97,998
(3%)
Segment financial results attributable to common stockholders
$ 167
$ 198
(16%)
Segment margin
22.0%
26.1%
(410 bps)
Segment Adjusted EBITDA*
$ 188
$ 221
(15%)
Segment Adjusted EBITDA margin*
24.8%
29.2%
(440 bps)
The decline in tours was largely attributable to the Company's planned actions to prioritize higher profitability and cash flow in the Asia-Pacific region, as well its decision to reduce tours to people with FICO scores below 640. Excluding Asia-Pacific, tours decreased 1% year-over-year. VPG increased 1% year-over-year on a consolidated basis and was up nearly 50 basis points excluding Asia-Pacific.
Segment Adjusted EBITDA decreased and margin declined primarily due to lower contract sales, increased marketing and sales costs, higher product cost, and increased unsold maintenance fee expense.
Exchange & Third-Party Management
(In millions, except total active Interval International members and average revenue per member)
Three Months Ended
March 31, 2026 March 31, 2025
Change
Revenues excluding cost reimbursements
$ 53
$ 56
(6%)
Total active Interval International members (000's)(1)
1,507
1,538
(2%)
Average revenue per Interval International member
$ 39.13
$ 39.94
(2%)
Segment financial results attributable to common stockholders
$ 19
$ 18
4%
Segment margin
36.3%
32.8%
350 bps
Segment Adjusted EBITDA*
$ 24
$ 28
(14%)
Segment Adjusted EBITDA margin*
44.9%
49.0%
(410 bps)
(1) Includes members at the end of each period.
Revenues excluding cost reimbursements and Segment Adjusted EBITDA decreased year-over-year primarily due to lower revenue at Aqua-Aston.
Corporate and Other
General and administrative costs increased $3 million in the first quarter compared to the prior year primarily due to severance.
Dispositions Update
In the first quarter of 2026, the Company:
Closed the sale of the Westin Cancun hotel, generating $50 million of proceeds.
Listed additional non-core assets that are expected to generate more than $125 million in gross proceeds this year.
Remains on-track to generate $200 million to $250 million in gross proceeds by the end of 2027 from non-core asset dispositions.
Balance Sheet and Liquidity
The Company ended the quarter with $854 million in liquidity, including $268 million of cash and cash equivalents and $478 million of available capacity under its revolving corporate credit facility. The Company had $3.3 billion of corporate debt and $2.3 billion of non-recourse debt related to its securitized vacation ownership notes receivable at the end of the first quarter.
The Company also had $910 million of inventory at the end of the quarter, including $230 million classified as a component of Property and equipment.
During the first quarter of 2026, the Company began including interest expense associated with its warehouse credit facility borrowings as a component of consumer financing interest expense. In the first quarter of 2026, interest expense on warehouse credit facility borrowings was $3 million.
The Company provides full year 2026 guidance as reflected in the chart below.
(in millions, except per share amounts) 2026 Guidance
Contract sales
$1,815
to
$1,885
$1,745
to
$1,815
Adjusted EBITDA*
$755
to
$780
$755
to
$780
Adjusted net income attributable to common stockholders*
$255
to
$285
$255
to
$285
Adjusted earnings per share - diluted*
$7.05
to
$7.80
$7.05
to
$7.80
Adjusted free cash flow*
$375
to
$425
$375
to
$425
The guidance provided above excludes impacts from certain asset sales, foreign currency changes, restructuring costs, litigation charges, modernization costs, transaction and integration costs, and impairments, each of which the Company cannot forecast with sufficient accuracy to factor them into the guidance provided above and without unreasonable efforts, and which may be significant. As a result, the full year 2026 outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures. Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.
The Company's 2026 guidance is based on the following supplemental estimates:
($ in millions) 2026 Guidance
Interest expense, net
$184
to
$179
$184
to
$179
Depreciation and amortization
$150
to
$148
$150
to
$148
Tax rate used to calculate adjusted net income attributable to common stockholders
31%
to
29%
31%
to
29%
Non-GAAP financial measures are reconciled and adjustments are shown and described in further detail in the Financial Schedules that follow. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use. In addition to the foregoing non-GAAP financial measures, we present certain key metrics as performance measures which are further described in our most recent Annual Report on Form 10-K, and which may be updated in our periodic filings with the U.S. Securities and Exchange Commission.
The Company will hold a conference call on May 5, 2026 at 8:30 a.m. ET to discuss these financial results and provide an update on business conditions. Participants may access the call by dialing (877) 407-8289 or (201) 689-8341 for international callers. A live webcast of the call will also be available in the Investor Relations section of the Company's website at ir.mvwc.com. An audio replay of the conference call will be available for 30 days on the Company's website.
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products, and services. The Company has 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates an exchange network and membership programs comprised of more than 3,200 affiliated resorts in over 90 countries and territories, and provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and an affiliate of Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit https://www.marriottvacationsworldwide.com.
The Company routinely posts important information, including news releases, announcements and other statements about its business and results of operations, that may be deemed material to investors on the Investor Relations section of the Company's website, https://www.marriottvacationsworldwide.com. The Company uses its website as a means of disclosing material, nonpublic information and for complying with the Company's disclosure obligations under Regulation FD. Investors should monitor the Investor Relations section of the Company's website in addition to following the Company's press releases, filings with the SEC, public conference calls and webcasts.
This press release and accompanying schedules contain "forward-looking statements" within the meaning of federal securities laws, including statements about opportunities for growth, enhanced operational efficiencies and cost savings, expected asset sales, expected Adjusted EBITDA and increase in contract sales for the second quarter, and full year 2026 outlook for contract sales, results of operations and cash flow.
Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "might," "should," "could" or the negative of these terms or similar expressions. The Company cautions you that these statements are not guarantees of future performance and are subject to numerous and evolving risks and uncertainties that we may not be able to predict or assess, such as: uncertainty in the current global macroeconomic environment created by rapid governmental policy and regulatory changes, including those affecting international trade; future health crises and related governmental responses and their potential adverse effects; variations in demand for vacation ownership and exchange products and services; failure of vendors and other third parties to timely comply with their contractual obligations; worker absenteeism; price inflation; difficulties associated with implementing new or maintaining existing technologies; the ability to use artificial intelligence ("AI") technologies successfully and potential business, compliance, or reputational risks associated with the use of AI technologies; changes in privacy laws; the impact of a future banking crisis; impacts from natural or man-made disasters and wildfires, including the Maui and Los Angeles area wildfires; delinquency and default rates; global supply chain disruptions; volatility in the international and national economy and credit markets, the impacts of ongoing global conflicts and related sanctions and other measures; our ability to attract and retain our global workforce; competitive conditions; the availability of capital to finance growth; the impact of changes in interest rates; the effects of steps we have taken and may continue to take to reduce operating costs and accelerate growth and profitability; political or social strife; and other matters referred to under the heading "Risk Factors" in our most recent Annual Report on Form 10-K, and which may be updated in our future periodic filings with the U.S. Securities and Exchange Commission.
All forward-looking statements in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. There
may be other risks and uncertainties that we cannot predict at this time or that we currently do not expect will have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause our results to differ materially from those we express in forward-looking statements.
Summary Financial Information and Adjusted EBITDA by Segment A-1
Interim Consolidated Statements of Income A-2
Adjusted Net Income Attributable to Common Stockholders Adjusted Earnings Per Share - Diluted
A-3
Adjusted EBITDA
A-4
Segment Adjusted EBITDA Vacation Ownership
A-5
Exchange & Third-Party Management
Contract Sales to Development Profit
A-6
Supplemental Information
A-7 to A-8
Interim Consolidated Balance Sheets
A-9
Interim Consolidated Statements of Cash Flows
A-10
Free Cash Flow and Adjusted Free Cash Flow
A-12
2026 Outlook - Adjusted Free Cash Flow
A-13
Quarterly Operating Metrics
A-14
Non-GAAP Financial Measures
A-15
(In millions, except per share amounts) (Unaudited)
March 31, 2026
March 31, 2025
%
GAAP Measures
Revenues
$ 1,257
$ 1,200
5%
Revenues excluding cost reimbursements
$ 827
$ 827
-%
Income before income taxes and noncontrolling interests
$ 45
$ 102
(56%)
Net income attributable to common stockholders
$ 22
$ 56
(61%)
Diluted shares
34.8
42.0
(17%)
Earnings per share - diluted
$ 0.64
$ 1.46
(56%)
Non-GAAP Measures*
Adjusted EBITDA
$ 161
$ 192
(16%)
Adjusted pretax income
$ 72
$ 106
(32%)
Adjusted net income attributable to common stockholders
$ 43
$ 65
(34%)
Adjusted earnings per share - diluted
$ 1.24
$ 1.66
(25%)
* Denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use.
(In millions, except per share amounts) (Unaudited)
March 31, 2026
March 31, 2025
REVENUES
Sale of vacation ownership products
$ 343
$ 355
Management and exchange
216
215
Rental
176
169
Financing
92
88
Cost reimbursements
430
373
TOTAL REVENUES
1,257
1,200
EXPENSES
Cost of vacation ownership products
46
42
Marketing and sales
242
234
Management and exchange
120
117
Rental
140
123
Financing
41
36
Royalty fee
28
28
General and administrative
64
61
Depreciation and amortization
34
38
Litigation charges
2
7
Modernization†
16
10
Restructuring†
6
-
Impairment†
-
2
Cost reimbursements
430
373
TOTAL EXPENSES
1,169
1,071
Gains and other income, net
2
13
Interest expense, net
(44)
(40)
Other
(1)
-
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS
45
102
Provision for income taxes
(23)
(45)
NET INCOME
22
57
Net income attributable to noncontrolling interests
-
(1)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ 22
$ 56
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic shares
34.5
35.1
Basic
$ 0.64
$ 1.60
Diluted shares
34.8
42.0
Diluted
$ 0.64
$ 1.46
† Prior year amounts have been reclassified to conform with our current year presentation. Please see "Non-GAAP Financial Measures" for additional information.
(In millions, except per share amounts) (Unaudited)
March 31, 2026
March 31, 2025
Net income attributable to common stockholders
$ 22
$ 56
Provision for income taxes
23
45
Income before income taxes attributable to common stockholders
45
101
Certain items:
Gain on disposition of hotel, land, and other
(3)
-
Foreign currency translation
3
(3)
Insurance proceeds
-
(7)
Change in indemnification asset
3
-
Change in estimates relating to pre-acquisition contingencies
(4)
(2)
Other
(1)
(1)
Gains and other income, net
(2)
(13)
Litigation charges
2
7
Modernization†
16
10
Restructuring†
6
-
Impairment†
-
2
Other
5
(1)
Adjusted pretax income*
72
106
Provision for income taxes
(29)
(41)
Adjusted net income attributable to common stockholders*
$ 43
$ 65
Diluted shares
37.9
42.0
Adjusted earnings per share - Diluted*
$ 1.24
$ 1.66
* Denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use.
† Prior year amounts have been reclassified to conform with our current year presentation. Please see "Non-GAAP Financial Measures" for additional information.
(In millions) (Unaudited)
March 31, 2026
March 31, 2025
Net income attributable to common stockholders
$ 22
$ 56
Interest expense, net
44
40
Provision for income taxes
23
45
Depreciation and amortization
34
38
Share-based compensation
10
7
Amortization of cloud computing software implementation costs
1
1
Certain items:
Gain on disposition of hotel, land, and other
(3)
-
Foreign currency translation
3
(3)
Insurance proceeds
-
(7)
Change in indemnification asset
3
-
Change in estimates relating to pre-acquisition contingencies
(4)
(2)
Other
(1)
(1)
Gains and other income, net
(2)
(13)
Litigation charges
2
7
Modernization†
16
10
Restructuring†
6
-
Impairment†
-
2
Other
5
(1)
Adjusted EBITDA*
$ 161
$ 192
Adjusted EBITDA Margin*
19.5%
23.2%
* Denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use.
† Prior year amounts have been reclassified to conform with our current year presentation. Please see "Non-GAAP Financial Measures" for additional information.
(In millions) (Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
Segment financial results attributable to common stockholders
$ 167
$ 198
Depreciation and amortization
24
26
Share-based compensation
2
1
Amortization of cloud computing software implementation costs
1
1
Certain items:
Gain on disposition of hotel, land, and other
(3)
-
Insurance proceeds
-
(7)
Change in estimates relating to pre-acquisition contingencies
(4)
(2)
Gains and other income, net
(7)
(9)
Litigation charges
1
4
Segment Adjusted EBITDA*
$
188
$
221
Segment Adjusted EBITDA Margin*
24.8%
29.2%
March 31, 2026
March 31, 2025
Segment financial results attributable to common stockholders
$ 19
$ 18
Depreciation and amortization
5
7
Share-based compensation
1
1
Certain items:
Impairment†
-
2
Other
(1)
-
Segment Adjusted EBITDA*
$ 24
$ 28
Segment Adjusted EBITDA Margin*
44.9%
49.0%
* Denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use.
† Prior year amounts have been reclassified to conform with our current year presentation. Please see "Non-GAAP Financial Measures" for additional information.
(In millions) (Unaudited)
March 31, 2026
March 31, 2025
Contract sales
$ 411
$ 420
Less resales contract sales
(6)
(9)
Contract sales, net of resales
405
411
Plus:
Settlement revenue
10
9
Resales revenue
2
4
Revenue recognition adjustments:
Reportability
(2)
5
Sales reserve
(50)
(50)
Other(1)
(22)
(24)
Sale of vacation ownership products
343
355
Less:
Cost of vacation ownership products
(46)
(42)
Marketing and sales
(242)
(234)
Development Profit
$ 55
$ 79
Development Profit Margin
16.1%
22.2%
(1) Adjustment for sales incentives that will not be recognized as Sale of vacation ownership products revenue and other adjustments to Sale of vacation ownership products revenue.
(In millions and Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
Change
DEVELOPMENT PROFIT
Sale of vacation ownership products revenue
$ 343
$ 355
(3%)
Cost of vacation ownership products expense
(46)
(42)
(9%)
Marketing and sales expense
(242)
(234)
(3%)
Development Profit
55
79
(30%)
Development Profit Margin
16.1%
22.2%
(610 bps)
MANAGEMENT AND EXCHANGE PROFIT
Vacation Ownership Segment
156
155
1%
Exchange & Third-Party Management Segment
44
46
(5%)
Corporate and Other(1)
16
14
11%
Management and Exchange Revenue
216
215
-%
Vacation Ownership Segment
(72)
(72)
-%
Exchange & Third-Party Management Segment
(30)
(29)
(1%)
Corporate and Other(1)
(18)
(16)
(14%)
Management and Exchange Expense
(120)
(117)
(2%)
Management and Exchange Profit
96
98
(2%)
Management and Exchange Profit Margin
44.6%
45.7%
(110 bps)
RENTAL PROFIT
Vacation Ownership Segment
167
159
5%
Exchange & Third-Party Management Segment
9
10
(12%)
Corporate and Other(1)
-
-
NM
Rental Revenue
176
169
4%
Vacation Ownership Segment
(143)
(126)
(14%)
Exchange & Third-Party Management Segment
-
-
NM
Corporate and Other(1)
3
3
(8%)
Rental Expense
(140)
(123)
(14%)
Rental Profit
36
46
(22%)
Rental Profit Margin
20.1%
27.0%
(690 bps)
FINANCING PROFIT
Financing Revenue
92
88
4%
Financing Expense
(41)
(36)
(13%)
Financing Profit
51
52
(2%)
Financing Profit Margin
55.8%
59.3%
(350 bps)
OTHER
General and administrative
(64)
(61)
(5%)
Royalty fee
(28)
(28)
(2%)
Other(2)
15
6
154%
ADJUSTED EBITDA*
$
161
$
192
(16%)
Adjusted EBITDA Margin
19.5%
23.2%
(370 bps)
* Denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use.
(1) Amounts included in Corporate and other represent the impact of the consolidation of certain owners' associations under the Financial Accounting Standards Board Accounting Standard Codification Topic 810, "Consolidation," and represents the portion attributable to individual or third-party vacation ownership interest owners.
(2) Includes share-based compensation, amortization of cloud computing software implementation costs, net income or loss attributable to noncontrolling interests, and other.
NM = Not meaningful
(In millions and Unaudited)
March 31, 2026
March 31, 2025
Change
ANCILLARY REVENUE
Vacation Ownership Segment
$
65
$
65
-%
Exchange & Third-Party Management Segment
1
1
2%
Corporate and Other(1)
-
-
NM
Ancillary Revenue
66
66
-%
MANAGEMENT FEE REVENUE
Vacation Ownership Segment
56
55
1%
Exchange & Third-Party Management Segment
2
3
(40%)
Corporate and Other(1)
(1)
(1)
-%
Management Fee Revenue
57
57
(1%)
EXCHANGE AND OTHER SERVICES REVENUE
Vacation Ownership Segment
35
35
1%
Exchange & Third-Party Management Segment
41
42
(2%)
Corporate and Other(1)
17
15
10%
Exchange and Other Services Revenue
93
92
1%
TOTAL MANAGEMENT AND EXCHANGE REVENUE
$
216
$
215
-%
(1) Amounts included in Corporate and other represent the impact of the consolidation of certain owners' associations under the Financial Accounting Standards Board Accounting Standard Codification Topic 810, "Consolidation," and represents the portion attributable to individual or third-party vacation ownership interest owners.
(In millions, except share and per share data)
Unaudited
March 31, 2026
December 31, 2025
ASSETS
Cash and cash equivalents
$ 268
$ 406
Restricted cash (including $93 and $81 from VIEs, respectively)
328
327
Accounts and contracts receivable, net (including $17 and $15 from VIEs, respectively)
416
428
Vacation ownership notes receivable, net (including $2,070 and $1,900 from VIEs, respectively)
2,567
2,565
Inventory
680
692
Property and equipment, net(1)
944
950
Goodwill
2,958
2,958
Intangibles, net
696
711
Other (including $165 and $168 from VIEs, respectively)
779
720
TOTAL ASSETS
$ 9,636
$ 9,757
LIABILITIES AND EQUITY
Accounts payable
$ 270
$ 358
Advance deposits
172
163
Accrued liabilities (including $4 and $4 from VIEs, respectively)
383
376
Deferred revenue and other
466
371
Payroll and benefits liability
221
218
Deferred compensation liability
214
225
Securitized debt, net (including $2,329 and $2,173 from VIEs, respectively)
2,304
2,146
Debt, net
3,265
3,534
Other
120
142
Deferred taxes
229
231
TOTAL LIABILITIES
7,644
7,764
Preferred stock - $0.01 par value; 2,000,000 shares authorized; none issued or outstanding
-
-
Common stock - $0.01 par value; 100,000,000 shares authorized; 75,897,059 and 75,891,531 shares issued, respectively
1
1
Treasury stock - at cost; 41,561,920 and 41,767,498 shares, respectively
(2,415)
(2,427)
Additional paid-in capital
3,989
3,996
Accumulated other comprehensive loss
(12)
(11)
Retained earnings
429
434
TOTAL MVW STOCKHOLDERS' EQUITY
1,992
1,993
Noncontrolling interests
-
-
TOTAL EQUITY
1,992
1,993
TOTAL LIABILITIES AND EQUITY
$ 9,636
$ 9,757
The abbreviation VIEs above means Variable Interest Entities.
(1) Includes $230 million and $224 million at March 31, 2026 and December 31, 2025, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products.
(In millions and unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
OPERATING ACTIVITIES
Net income
$ 22
$ 57
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used in) provided by operating activities:
Depreciation and amortization of intangibles
34
38
Amortization of debt discount and issuance costs
5
5
Vacation ownership notes and contracts receivable reserve
50
50
Share-based compensation
10
7
Impairment
-
2
Foreign currency remeasurement loss (gain)
3
(3)
Deferred income taxes
(1)
(15)
Net change in assets and liabilities:
Accounts and contracts receivable
15
-
Vacation ownership notes receivable originations
(241)
(233)
Vacation ownership notes receivable collections
185
176
Inventory
11
1
Other assets
(122)
(129)
Accounts payable, advance deposits and accrued liabilities
(47)
(13)
Deferred revenue and other
95
88
Payroll and benefit liabilities
4
(13)
Deferred compensation liability
(8)
(5)
Other liabilities
(15)
(5)
Purchase and development of property for future transfer to inventory
-
(2)
Other, net
(4)
2
Net cash, cash equivalents and restricted cash (used in) provided by operating activities
(4)
8
INVESTING ACTIVITIES
Proceeds from disposition of entity
50
-
Capital expenditures for property and equipment (excluding inventory)
(8)
(14)
Purchase of company owned life insurance
-
(4)
Net cash, cash equivalents and restricted cash provided by (used
in) investing activities 42 (18)
(In millions and unaudited)
March 31, 2026
March 31, 2025
FINANCING ACTIVITIES
Borrowings from securitization transactions
354
206
Repayment of debt related to securitization transactions
(198)
(197)
Proceeds from debt
885
340
Repayments of debt
(1,152)
(277)
Finance lease payment
(2)
(2)
Payment of debt and securitized debt issuance costs
-
(5)
Repurchase of common stock
-
(36)
Payment of dividends
(55)
(55)
Payment of withholding taxes on vesting of restricted stock units
(6)
(6)
Net cash, cash equivalents and restricted cash used in financing activities
(174)
(32)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
(1)
1
Change in cash, cash equivalents and restricted cash
(137)
(41)
Cash, cash equivalents and restricted cash, beginning of period
733
528
Cash, cash equivalents and restricted cash, end of period
$ 596
$ 487
(In millions and unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
Cash, cash equivalents, and restricted cash (used in) provided by operating activities
$ (4)
$ 8
Capital expenditures for property and equipment (excluding inventory)
(8)
(14)
Borrowings from securitizations, net of repayments
156
9
Free cash flow*
144
3
Adjustments: Proceeds from Cancun disposition 50 -
Net change in borrowings available from the securitization of eligible vacation ownership notes receivable(1)
(97)
(12)
Other(2)
17
49
Adjusted free cash flow*
$ 114
$ 40
* Denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use.
(1) Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable compared to the prior year end.
(2) Includes the after-tax impact of Modernization costs, restructuring costs, and other, as well as the changes in restricted cash.
(In millions)
Adjusted EBITDA* $ 755 $ 780 $ 755 $ 780
Cash interest (170) (165) (170) (165)
Cash taxes (115) (120) (115) (120)
Corporate capital expenditures (65) (80) (65) (80)
Inventory - 15 - 15
Financing activity and other (30) (5) (30) (5)
Adjusted free cash flow* $ 375 $ 425 $ 375 $ 425
The guidance provided above excludes impacts from certain asset sales, foreign currency changes, restructuring costs, litigation charges, modernization costs, transaction and integration costs, and impairments, each of which the Company cannot forecast with sufficient accuracy to factor them into the guidance provided above and without unreasonable efforts, and which may be significant. As a result, the full year 2026 adjusted free cash flow outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures. Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.
* Denotes non-GAAP financial measures. Please see "Non-GAAP Financial Measures" for additional information about our reasons for providing these alternative financial measures and limitations on their use.
(Contract sales in millions)
Year
March 31
June 30
September 30
December 31
Full Year
Vacation Ownership
Contract sales
2026
$ 411
2025
$ 420
$ 445
$ 439
$ 458
$ 1,762
2024
$ 428
$ 449
$ 459
$ 477
$ 1,813
VPG
2026
$ 4,016
2025
$ 3,979
$ 3,631
$ 3,700
$ 3,894
$ 3,794
2024
$ 4,129
$ 3,741
$ 3,888
$ 3,916
$ 3,911
Tours
2026
95,250
2025
97,998
114,402
109,609
109,965
431,974
2024
96,579
111,752
110,557
113,828
432,716
Exchange & Third-Party Management
Total active Interval International members(1)
2026
1,507,043
2025
1,537,561
1,507,051
1,499,208
1,507,345
1,507,345
2024
1,565,558
1,530,490
1,544,835
1,545,638
1,545,638
Average revenue per Interval International member
2026
$ 39.13
2025
$ 39.94 $
37.40
$ 37.91
$ 35.30
$ 150.51
2024
$ 41.74 $
38.30
$ 38.93
$ 35.36
$ 154.34
(1) Includes members at the end of each period.
Disclaimer
Marriott Vacations Worldwide Corporation published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 11:19 UTC.