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Marriott Vacations Worldwide (VAC) investor relations material
Marriott Vacations Worldwide Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 contract sales declined 4% year-over-year to $439 million, mainly due to a 5% drop in VPG and a 1% decline in tours, with softness in Orlando and Maui.
Net loss attributable to common stockholders was $2 million, or $(0.07) per diluted share, compared to net income of $84 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $170 million, down 15% year-over-year; adjusted net income was $66 million and adjusted diluted EPS was $1.69.
Strategic modernization and technology initiatives are expected to deliver $150M–$200M in annualized Adjusted EBITDA benefits by end of 2026, with $100M in non-recurring costs expected in both 2025 and 2026.
Management is implementing new sales and marketing incentives, curbing third-party commercial rental activity, and enhancing lead screening to drive future growth.
Financial highlights
Q3 2025 revenues declined 3% year-over-year to $1.26 billion, primarily due to lower contract sales and increased sales reserve.
Adjusted EBITDA margin for Q3 2025 was 20.9%, down from 24.1% in Q3 2024.
Development profit margin for Q3 2025 was 20.2%, down 7 points year-over-year.
Management and exchange profit margin improved 330 bps to 44.3%; rental profit margin declined 1,060 bps to 14.3%.
General and administrative costs decreased 12% year-over-year.
Outlook and guidance
Full-year 2025 contract sales guidance is $1,760M–$1,780M; adjusted EBITDA guidance is $740M–$755M; adjusted net income is $262M–$279M; adjusted diluted EPS is $6.70–$7.10.
Adjusted free cash flow guidance is $235M–$270M.
Modernization and outsourcing initiatives are expected to yield $20M in annual cost savings.
Guidance excludes impacts from asset sales, FX, restructuring, litigation, and other non-recurring items.
Cost of vacation ownership products expected to rise in 2026 due to inventory mix and higher developer-owned inventory costs.
How will new incentives boost sales productivity?
Breakdown modernization program's EBITDA benefit.
What caused the adjusted free cash flow guidance cut?
New initiatives' impact on VPG/tour trends?
Scale of commercial rental activity and enforcement?
Rental profit drivers and 2024 outlook?
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Next Marriott Vacations Worldwide earnings date
Barclays 11th Annual Eat, Sleep, Play, Shop Conference 20254 Dec, 2025
Next Marriott Vacations Worldwide earnings date
Barclays 11th Annual Eat, Sleep, Play, Shop Conference 20254 Dec, 2025
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Frequently asked questions
Marriott Vacations Worldwide Corp develops, markets, sells, and manages vacation ownership and related products. The company offers vacation ownership programs, property management services, and exchange networks across domestic and international resort locations. Marriott Vacations Worldwide serves individuals and families seeking timeshare and travel experiences. The company is headquartered in Orlando, Florida, and its shares are listed on the NYSE.
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