MARRIOTT VACATIONS WORLDWIDE (VAC) Company Report

Marriott Vacations Worldwide (VAC) projects Adjusted EBITDA of $755 million to $780 million for 2026, representing mid-single-digit growth, and anticipates Adjusted Free Cash Flow between $375 million and $425 million, a 176% increase from 2025.
As of December 31, 2025, the company maintained a strong liquidity position of approximately $800 million, including $256 million in available cash on hand and $362 million in additional borrowing capacity under its revolving credit facility.
The company is implementing actions to improve profitability and free cash flow, including changing its Asia-Pacific strategy, reducing inventory spending, and cutting overhead costs.
Approximately 40% of the company's Adjusted EBITDA is derived from recurring revenue sources, with the Exchange & Third-Party Management business contributing $91 million in Segment Adjusted EBITDA at a 45% margin in 2025.

1 day ago

Presentation

Marriott Vacations Worldwide Reports Q4 2025 Results and Provides 2026 Guidance

VAC

Earnings

Guidance Update

Management Change

Marriott Vacations Worldwide reported Q4 2025 Adjusted EBITDA of $186 million and a 4% year-over-year decline in contract sales, with international sales down 10%.
For 2026, the company expects contract sales to increase by 1% at the midpoint and Adjusted EBITDA to be between $755 million and $780 million.
Michael Flaskey was welcomed as the new President and Chief Operating Officer.
Strategic initiatives include a $70 million-$80 million reduction in capital spending for 2026 and plans to generate an additional $200 million-$250 million from asset sales over the next two years, following the $50 million raised from the Westin Cancun sale.
Adjusted free cash flow for 2026 is projected to be $375 million-$425 million, with a conversion rate of 50%-55%.

1 day ago

Transcript

Marriott Vacations Worldwide Reports Q4 and Full-Year 2025 Results, Outlines 2026 Outlook and Strategic Initiatives

VAC

Earnings

Guidance Update

Management Change

Marriott Vacations Worldwide reported Q4 2025 contract sales declined 4% year-over-year and Adjusted EBITDA was $186 million. For the full year 2025, contract sales were $1.8 billion (down 3%), and Adjusted EBITDA was $751 million.
The company recorded $546 million in non-cash impairments in Q4 2025, primarily related to inventory, non-core assets, and goodwill/intangibles from the ILG acquisition.
Strategic actions include reducing 2026 capital spending by $70 million-$80 million, monetizing $200 million-$250 million of non-core assets (incremental to $50 million from the Westin Cancun sale), and adjusting the Asia Pacific business strategy.
For 2026, the company projects contract sales to increase 1% at the midpoint, Adjusted EBITDA between $755 million and $780 million, and adjusted free cash flow of $375 million-$425 million.
Matt Avril was confirmed as CEO, and Mike Flaskey joined as President and COO, with a renewed focus on improving profitability, free cash flow, and operational effectiveness.

1 day ago

Transcript

Marriott Vacations Worldwide Reports Q4 and Full Year 2025 Financial Results and Provides 2026 Guidance

VAC

Earnings

Guidance Update

Demand Weakening

For Q4 2025, Marriott Vacations Worldwide Corporation reported consolidated contract sales of $458 million and a net loss attributable to common stockholders of $431 million, resulting in a diluted loss per share of $12.43. These results reflect $546 million of non-cash impairment charges.
For full year 2025, the company's consolidated contract sales were $1.8 billion, with a net loss attributable to common stockholders of $308 million and a diluted loss per share of $8.84, including $577 million of non-cash impairment charges.
Adjusted diluted earnings per share was $1.86 for Q4 2025 and $7.16 for full year 2025. Adjusted EBITDA was $186 million for Q4 2025 and $751 million for full year 2025.
The company returned $171 million to shareholders in dividends and share repurchases during full year 2025.
For full year 2026, Marriott Vacations Worldwide provided guidance, projecting contract sales between $1,745 million and $1,815 million, Adjusted EBITDA between $755 million and $780 million, and Adjusted diluted earnings per share between $7.05 and $7.80.

2 days ago

8-K

Marriott Vacations Worldwide Reports Q4 and Full Year 2025 Financial Results, Provides 2026 Guidance

VAC

Earnings

Guidance Update

Demand Weakening

Marriott Vacations Worldwide reported a net loss attributable to common stockholders of $431 million for Q4 2025 and $308 million for full year 2025, primarily due to $546 million in non-cash impairment charges in Q4 and $577 million for the full year.
For full year 2025, the company achieved consolidated contract sales of $1.8 billion and Adjusted EBITDA of $751 million, while returning $171 million to shareholders through dividends and share repurchases.
The company projects full year 2026 Adjusted EBITDA between $755 million and $780 million and Adjusted diluted earnings per share between $7.05 and $7.80.
Management emphasized a strategic focus on profitability, cost discipline, inventory reduction, and improved cash flow generation for 2026, following a year-over-year decline in consolidated contract sales in the Vacation Ownership segment.

2 days ago

Press Release

Marriott Vacations Worldwide Announces New CEO and COO Appointments

VAC

CEO Change

Management Change

Executive Compensation

Marriott Vacations Worldwide (VAC) appointed Matthew E. Avril as Chief Executive Officer and Michael A. Flaskey as President and Chief Operating Officer, effective February 16, 2026.
Mr. Avril's compensation includes a base salary of not less than $1,100,000, a target annual bonus of 150% of base salary for 2026 and 2027, and long-term incentive equity awards with a combined grant date fair value of approximately $4,375,000.
Mr. Flaskey's compensation includes a base salary of not less than $1,000,000, a target annual bonus of 125% for 2026 and 150% for 2027, an equity grant of 30,000 shares, and long-term incentive equity awards with a combined grant date fair value of approximately $4,000,000.
Both executives are eligible for Transformation Awards (up to 300,000 restricted stock units each) that vest based on achieving a $145 stock price and $950 million in Adjusted EBITDA over the performance period of January 1, 2026, through December 31, 2028.

Feb 17, 2026, 2:01 PM

8-K

Marriott Vacations Worldwide Announces New CEO and COO

VAC

CEO Change

Management Change

Executive Compensation

Marriott Vacations Worldwide (VAC) has appointed Matthew E. Avril as its new Chief Executive Officer. Mr. Avril previously served as interim President and CEO since November 2025.
Michael A. Flaskey has been named President and Chief Operating Officer, effective immediately.
A new compensation plan for the CEO and President/COO roles has been implemented, directly linking rewards to long-term share price appreciation and EBITDA growth.
Two-thirds of the long-term equity awards under this new plan are contingent on delivering $950 million in Adjusted EBITDA and achieving a $145 stock price over a three-year horizon.

Feb 17, 2026, 1:51 PM

Press Release

Cyclic Materials Secures Series C Funding

VAC

New Projects/Investments

Cyclic Materials has secured $75 million USD in an oversubscribed Series C funding round, its largest to date, bringing its total funding to over $162 million USD.
The funding round was led by T. Rowe Price Associates Inc., with additional participation from the Canada Growth Fund (CGF).
This capital will be used to expand operations to the US and Europe, accelerate R&D in Canada, and rapidly deploy rare earth recycling infrastructure in the US, including its commercial plant in Mesa, Arizona.

Jan 24, 2026, 1:03 AM

Press Release

VAC: Interim CEO Matt Avril Outlines Strategic Focus and Financial Position

VAC

CEO Change

Share Buyback

Demand Weakening

Matt Avril was appointed Interim CEO three weeks ago (as of 2025-12-04) and is focused on improving execution and challenging existing notions, stating that "everything's on the table" for potential strategic changes.
The company is currently four times levered and aims to reduce this, while acknowledging the stock is undervalued.
Delinquencies are trending down, with a 90 basis point year-over-year decrease as of Q3 2025, and reserves are 200 basis points higher than two years ago on a $3 billion loan book.
For FY 2026, the company anticipates headwinds from higher inventory, unsold maintenance fees, and increasing product costs, though new sales centers in Khao Lak and Waikiki are expected to drive sales.
Eight board members, including the CEO, purchased stock after the Q3 call, reflecting belief in the company's value, with a focus on growing disposable cash flow and opportunistic share buybacks.

Dec 4, 2025, 2:45 PM

Transcript

Marriott Vacations Interim CEO Outlines Strategic Focus and Financial Outlook

VAC

CEO Change

Share Buyback

New Projects/Investments

Interim CEO Matt Avril, in his third week, is focused on improving internal execution, particularly in sales and marketing, and maximizing existing inventory utilization, adopting an "everything's on the table" approach.
The Abound product is now considered to have overcome initial issues and presents a continued opportunity for growth, while the sales division is deemed to have opportunities for improvement rather than being in a "code red" state.
The company's consumer loan delinquencies are trending down, and management believes they are appropriately reserved, with reserves 200 basis points higher than two years prior.
Despite being four times levered, the company recently completed a securitization at 4.62% for consumer paper, and eight board members, including the Interim CEO, purchased stock, signaling belief in the stock's undervaluation. The focus is on maximizing cash flow for accretive deployment, balancing share buybacks with reducing leverage.