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Real estate services · Real Estate · Fiscal year ends Dec 31
Marriott Vacations Worldwide reported revenue of $4.7B in the fiscal year ended Dec 2025, up 1.0% from the year before. Operating income was −$537M, an operating margin of −11.5%, and net income was −$308M. Operating cash flow of $28M less capital expenditure of $57M left free cash flow of −$29M. Net debt was $3.1B.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,622 | 4,363 | 4,405 | 4,625 | 4,672 |
| Selling, general & admin | 844 | 1,056 | 1,096 | 1,156 | 1,185 |
| Operating incomederived: revenue − total costs | 182 | 491 | 214 | 148 | −537 |
| Pre-tax income | 127 | 582 | 398 | 306 | −299 |
| Income tax | 74.0 | 191 | 146 | 89.0 | 8.0 |
| Net income | 49.0 | 391 | 254 | 218 | −308 |
| Diluted EPS | 1.13 | 8.77 | 6.28 | 5.61 | −8.84 |
| Diluted shares | 43.3 | 45.2 | 43.5 | 42.1 | 34.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 342 | 524 | 248 | 197 | 406 |
| Net PP&E | 1,136 | 1,139 | 1,260 | 1,170 | 950 |
| Goodwill | 3,150 | 3,117 | 3,117 | 3,117 | 2,958 |
| Total assets | 9,613 | 9,639 | 9,680 | 9,808 | 9,757 |
| Deferred revenue | 613 | 502 | 546 | 516 | 534 |
| Long-term debt | 2,631 | 3,088 | 3,049 | 3,089 | 3,534 |
| Total liabilities | 6,627 | 7,141 | 7,298 | 7,367 | 7,764 |
| Shareholders' equity | 2,976 | 2,496 | 2,382 | 2,442 | 1,993 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 343 | 522 | 232 | 205 | 28.0 |
| Capital expenditure | 47.0 | 65.0 | 118 | 57.0 | 57.0 |
| Free cash flow | 296 | 457 | 114 | 148 | −29.0 |
| Depreciation & amortisation | 146 | 132 | 135 | 146 | 149 |
| Stock-based compensation | 51.0 | 39.0 | 31.0 | 33.0 | 38.0 |
| Share buybacks | 78.0 | 701 | 286 | 56.0 | 61.0 |
| Dividends paid | 23.0 | 99.0 | 106 | 107 | 110 |
| Dividend per share | 1.08 | 2.58 | 2.92 | 3.07 | 3.17 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.5% | 1.0% | 5.0% | 1.0% |
| Operating income growth (YoY) | – | 169.8% | −56.4% | −30.8% | −462.8% |
| EPS growth (YoY) | – | 676.1% | −28.4% | −10.7% | −257.6% |
| Operating margin | 5.0% | 11.3% | 4.9% | 3.2% | −11.5% |
| Net margin | 1.4% | 9.0% | 5.8% | 4.7% | −6.6% |
| Return on equityBlank when equity is negative | 1.6% | 15.7% | 10.7% | 8.9% | −15.5% |
| Free cash flow margin | 8.2% | 10.5% | 2.6% | 3.2% | −0.6% |
| Cash conversion (CFO ÷ net income) | 7.00x | 1.34x | 0.91x | 0.94x | −0.09x |
| Debt ÷ equity | 0.88x | 1.24x | 1.28x | 1.26x | 1.77x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,289 | 2,564 | 2,801 | 2,892 | 3,128 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.