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Marriott Vacations Worldwide (VAC) investor relations material

Marriott Vacations Worldwide Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Adjusted EBITDA for Q2 2025 rose 29% to $203M, with net income up 89% to $69M, driven by higher vacation ownership sales and improved margins.

  • Modernization initiatives are on track to deliver $150M–$200M in annualized benefits by 2026, with $43M in restructuring charges incurred in the first half of 2025.

  • Maintained high occupancy rates near 90%, with strong leisure travel demand and a focus on operational efficiency.

  • First time buyer sales rose for the fourth consecutive quarter, now representing a third of total contract sales.

  • Business model emphasizes capital efficiency, diversified revenue streams, and global reach across 120+ resorts in 90+ countries.

Financial highlights

  • Q2 2025 revenues increased 9% year-over-year to $1.25B; adjusted EBITDA margin improved to 24.3% from 20.7%.

  • Net income attributable to common stockholders grew 89% to $69M; diluted EPS increased 81% to $1.77.

  • Development profit more than doubled to $92M, with margin up 1,000 bps to 24.7%.

  • Recurring sources accounted for ~40% of 2024 Adjusted EBITDA; Exchange & Third-Party Management margin was 46%.

  • Vacation Ownership segment Q2 2025 revenues rose 10% year-over-year to $1.19B; Adjusted EBITDA up 28% to $231M.

Outlook and guidance

  • Full-year 2025 guidance: contract sales $1.74–$1.83B, adjusted EBITDA $750M–$780M, adjusted net income $250M–$280M, and free cash flow $270M–$330M.

  • Modernization program expected to deliver $150M–$200M in annualized adjusted EBITDA benefits by 2026.

  • Inventory spending to exceed cost of sales for the remainder of 2025, focusing on capital-efficient acquisitions.

  • Financing profit margin expected to decrease in 2025 as new securitizations carry higher interest rates.

  • Guidance excludes impacts from asset sales, FX, restructuring, litigation, and other non-core items.

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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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