Short answer
MARRIOTT VACATIONS WORLDWIDE Corp (VAC) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $4.7B (+1.0% year over year) and net income of −$308M.
- Top risk flagged: Regulatory risk from California Consumer Privacy Act (CCPA) and EU GDPR causing increased compliance costs and risk of fines or lawsuits
FY2025 key financial metrics · XBRL
- Revenue
- $4.7B
- +1.0% YoY
- Net income
- −$308M
- −241.3% YoY
- EPS (diluted)
- −$8.84
- −257.6% YoY
- ROE
- -15.5%
- −24.4 pp YoY
- Operating cash flow
- $28M
- −86.3% YoY
Source: XBRL data from the MARRIOTT VACATIONS WORLDWIDE Corp (VAC) FY2025 10-K on SEC EDGAR. USD.
MARRIOTT VACATIONS WORLDWIDE Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global vacation ownership and exchange services under multiple licensed hospitality brands
- No new brands introduced, but enhanced digital platforms and data analytics to boost marketing efficiency and owner experience
- Strategic shift toward expanding points-based ownership and leveraging loyalty programs Marriott Bonvoy (271M members) and World of Hyatt (63M members)
- Owner base grew from 420,000 to 700,000 families and resorts increased from 64 to 120 as of December 31, 2025
- Leadership update with Matthew E. Avril named CEO and Michael A. Flaskey appointed President and COO in February 2026
Management Discussion & Analysis
- Revenue $5,032M, up 1% YoY from $4,967M in 2024, driven by Vacation Ownership segment growth of $75M (2%)
- Operating margin pressure with net loss $(308)M vs net income $218M prior year; adjusted EBITDA flat at $751M (22.5% margin) vs $736M (22.5%)
- Best segment: Vacation Ownership revenue $4,805M (+2%); worst: Exchange & Third-Party Management $213M (-8%)
- Capex and disposals: Expect $250-$300M net cash proceeds from asset dispositions including $50M Cancun hotel sale in Jan 2026; no detailed buybacks/dividends disclosed
- Outlook risks: Scaling back Asia Pacific growth due to higher defaults, restructuring expense recorded; focusing on improving tour quality, VPG, reducing defaults, cost control, and monetizing non-core assets
Risk Factors
- Regulatory risk from California Consumer Privacy Act (CCPA) and EU GDPR causing increased compliance costs and risk of fines or lawsuits
- Geopolitical exposure to 2023 Maui wildfires causing temporary closure of resorts and sales centers, impacting 2023-2024 financials
- Operational vulnerability from labor shortages and increased labor costs leading to temporary service reductions and higher wages
- Competitive pressure from RCI and Travel + Leisure Co. due to greater resort affiliation and access to new vacation ownership purchasers
- Financial risk from vacation ownership notes receivable defaults increased by COVID-19 pandemic impacting securitization and cash flow
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.