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…
Earnings analysis · 10-Q
VAC earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.64
- Gross margin
- 64.0%
- Segment
- Vacation Ownership
- Segment
- Exchange & Third Party Management
What stood out
-
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.
What to watch
-
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.
Management's outlook
Management expects full-year Adjusted EBITDA between $755 million and $780 million for 2026.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.