VAC earnings analysis
What we found in VAC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Marriott Vacations Worldwide's Q1 2026 results indicate a revenue increase of 5% year-over-year to $1.257 billion but a significant drop in diluted EPS to $0.64 from $0.56, missing consensus estimates. The company maintained its full-year Adjusted EBITDA guidance of $755 to $780 million, despite headwinds from increased operational costs and lower sales in some segments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Incremental Revenue Growth
- Total revenue increased to $1.257 billion, up from $1.200 billion in Q1 2025, reflecting a 5% year-over-year growth.
- Decline in Net Income
- Net income attributed to common shareholders dropped significantly to $22 million, compared to $56 million in Q1 2025.
- Adjusted EBITDA Guidance Maintained
- The company reiterated its Adjusted EBITDA guidance for 2026, ranging from $755 to $780 million.
- Segment Revenue Growth
- The Vacation Ownership segment revenue grew by 5%, from $1.135 billion in Q1 2025 to $1.193 billion in Q1 2026.
- Stable Financing Revenue
- Financing revenues increased to $92 million, a 4% increase from $88 million in Q1 2025.
- Proceeds from Asset Disposition
- $50 million was realized from the sale of a hotel in Cancun in Q1 2026, with further proceeds expected this year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Substantial EPS Decline
- Diluted EPS dropped to $0.64 from $1.77, missing the consensus estimate of $1.68.
- Increased Operational Costs
- General and administrative expenses rose to $64 million, compared to $61 million in Q1 2025, partly due to severance expenses of $6 million.
- Weakening Segment Performance
- The Exchange & Third-Party Management segment reported a 2% decline in revenue, contributing to overall operational challenges.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.64
- Gross margin
- 64.0%
- Segment
- Vacation Ownership
- Segment
- Exchange & Third Party Management
What they said about what is next.
Management expects full-year Adjusted EBITDA between $755 million and $780 million for 2026.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 2, 2026
- Marriott Vacations Worldwide presents a strategy focused on driving profitable revenue growth from its core Vacation Ownership business, expanding recurring revenue, improving cash flow and tightening costs in 2026. The…
- 10-Q · November 6, 2025
- Q3 2025 results showed revenue of $1,263.0 million, down from $1,305.0 million in Q3 2024, and a material compression in profitability: diluted EPS was $(0.07) versus $2.12 a year ago and operating margin fell to ~2.6%.…
- 10-Q · November 7, 2024
- Marriott Vacations Worldwide reported a stronger Q3: revenue rose to $1,305 million and diluted EPS doubled YoY to $2.12, driven by growth in the Vacation Ownership business. Operating profitability expanded materially,…
- 10-Q · May 7, 2024
- Marriott Vacations Worldwide reported Q1 revenue of $1,195 million, up $26 million versus Q1 2023 ($1,169 million), driven by Vacation Ownership revenue growth. Profitability contracted: income before income taxes fell…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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