Marriott Vacations Worldwide Corporation (VAC) Income Statement
VAC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVAC revenue and net income
Where VAC's revenue goes
2025Each bar shows an amount and its share of revenue. VAC kept −6.1% of revenue as net income.
VAC profit margins
VAC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.3% | +2.6% | +11.8% | +10.6% |
| Gross profit | −59.0% | −27.4% | +1.8% | +0.8% |
| Operating income | +1.3% | −11.4% | — | +8.5% |
| Net income | −241.3% | — | — | — |
| EPS (diluted) | +9.3% | −11.5% | — | +6.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VAC quarterly EPS vs estimates
Marriott Vacations Worldwide beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 3, 2026 (estimate $2.45).
VAC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.03B | $4.97B | $4.73B | $4.66B | $3.89B | $2.89B | $4.26B | $2.97B | $2.18B | $1.81B |
| Cost of revenue | $4.27B | $3.11B | $2.91B | $2.67B | $2.44B | $2.19B | $2.59B | $1.87B | $1.42B | $1.10B |
| Gross profit | $760.0M | $1.85B | $1.82B | $1.99B | $1.45B | $696.0M | $1.67B | $1.10B | $765.0M | $706.8M |
| Research & development | — | — | $0 | $0 | $0 | $0 | — | $0 | $0 | $0 |
| Sales, general & admin | $242.0M | $1.16B | $1.10B | $1.06B | $844.0M | $540.0M | $996.0M | $725.0M | $494.0M | $434.0M |
| Total operating expenses | $206.0M | $1.31B | $1.23B | $1.19B | $990.0M | $696.0M | $1.20B | $1.10B | $505.0M | $458.1M |
| Operating income | $554.0M | $547.0M | $587.0M | $797.0M | $463.0M | −$90.0M | $564.0M | $313.0M | $260.7M | $220.0M |
| Interest income | $169.0M | $162.0M | $145.0M | $118.0M | $164.0M | $150.0M | $132.0M | $54.0M | $10.0M | $9.0M |
| Interest expense | $169.0M | $162.0M | $145.0M | $118.0M | $164.0M | $150.0M | $132.0M | $54.0M | $10.0M | $9.0M |
| Income before taxes | −$299.0M | $306.0M | $398.0M | $582.0M | $127.0M | −$340.0M | $225.0M | $103.0M | $240.0M | $222.9M |
| Income taxes | $8.0M | $89.0M | $146.0M | $191.0M | $74.0M | −$84.0M | $83.0M | $51.0M | $5.0M | $76.0M |
| Net income | −$308.0M | $218.0M | $254.0M | $391.0M | $49.0M | −$275.0M | $138.0M | $55.0M | $235.0M | $137.3M |
| EBITDA | $19.0M | $614.0M | $678.0M | $832.0M | $437.0M | −$67.0M | $498.0M | $375.0M | $271.0M | $228.0M |
| EPS (diluted) | $7.17 | $6.56 | $7.81 | $10.33 | $4.34 | −$0.47 | $7.84 | $5.89 | $5.79 | $4.74 |
| Gross margin | 15.1% | 37.3% | 38.5% | 42.6% | 37.4% | 24.1% | 39.2% | 37.1% | 35.0% | 39.0% |
| Operating margin | 11.0% | 11.0% | 12.4% | 17.1% | 11.9% | −3.1% | 13.2% | 10.5% | 11.9% | 12.1% |
| Net margin | −6.1% | 4.4% | 5.4% | 8.4% | 1.3% | −9.5% | 3.2% | 1.9% | 10.8% | 7.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.32B | $1.26B | $1.32B | $812.0M | $1.25B | $1.20B | $1.33B | $1.30B | $1.14B | $1.20B | $1.19B | $743.0M |
| Cost of revenue | $1.09B | $1.09B | $1.13B | $419.0M | $759.0M | $719.0M | $845.0M | $113.0M | $710.0M | $729.0M | $727.0M | $344.0M |
| Gross profit | $229.0M | $170.0M | $194.0M | $393.0M | $487.0M | $481.0M | $482.0M | $1.19B | $430.0M | $466.0M | $467.0M | $399.0M |
| Sales, general & admin | $62.0M | $64.0M | $67.0M | $287.0M | $298.0M | $295.0M | $306.0M | $290.0M | $280.0M | $286.0M | $289.0M | $259.0M |
| Total operating expenses | $59.0M | $58.0M | $60.0M | $287.0M | $336.0M | $333.0M | $343.0M | $290.0M | $315.0M | $324.0M | $325.0M | $259.0M |
| Operating income | $170.0M | $112.0M | $134.0M | $106.0M | $151.0M | $148.0M | $139.0M | $902.0M | $115.0M | $142.0M | $142.0M | $140.0M |
| Interest income | — | — | $44.0M | $43.0M | $42.0M | $40.0M | $39.0M | $40.0M | — | — | — | $36.0M |
| Interest expense | $43.0M | $44.0M | $44.0M | $43.0M | $42.0M | $40.0M | $39.0M | $40.0M | $43.0M | $40.0M | $39.0M | $36.0M |
| Income before taxes | $114.0M | $45.0M | −$496.0M | $1.0M | $94.0M | $102.0M | $59.0M | $50.0M | $48.0M | $81.0M | $64.0M | $66.0M |
| Income taxes | $37.0M | $23.0M | −$65.0M | $3.0M | $25.0M | $45.0M | $10.0M | −$34.0M | $10.0M | $35.0M | $31.0M | $24.0M |
| Net income | $77.0M | $22.0M | −$431.0M | −$2.0M | $69.0M | $56.0M | $50.0M | $84.0M | $37.0M | $47.0M | $35.0M | $42.0M |
| EBITDA | $189.0M | $123.0M | −$417.0M | $39.0M | $174.0M | $180.0M | $135.0M | $194.0M | $126.0M | $159.0M | $139.0M | $140.0M |
| EPS (diluted) | $2.31 | $0.63 | $1.86 | $1.69 | $1.96 | $1.66 | $1.86 | $1.80 | $1.10 | $1.80 | $1.88 | $1.20 |
| Gross margin | 17.3% | 13.5% | 14.7% | 48.4% | 39.1% | 40.1% | 36.3% | 91.3% | 37.7% | 39.0% | 39.1% | 53.7% |
| Operating margin | 12.9% | 8.9% | 10.1% | 13.1% | 12.1% | 12.3% | 10.5% | 69.1% | 10.1% | 11.9% | 11.9% | 18.8% |
| Net margin | 5.8% | 1.8% | −32.6% | −0.2% | 5.5% | 4.7% | 3.8% | 6.4% | 3.2% | 3.9% | 2.9% | 5.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VAC's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VAC financial results
In fiscal year 2025 (ended December 31, 2025), Marriott Vacations Worldwide reported revenue of $5.0 billion, up 1.3% from the year before. It had a net loss of $308.0 million, a net profit margin of −6.1%. Diluted earnings per share came to $7.17. Over five years revenue grew at an average rate of 11.8% a year.
See the VAC stock overview for the latest quote and news, or the VAC chart for price history and technical indicators.
VAC income statement FAQ
What is Marriott Vacations Worldwide's annual revenue?
Marriott Vacations Worldwide reported total revenue of $5.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.3% from $5.0 billion the previous year.
Is Marriott Vacations Worldwide profitable?
No. Marriott Vacations Worldwide reported a net loss of $308.0 million in fiscal 2025, a net profit margin of −6.1%; its operating margin was 11.0%.
What is Marriott Vacations Worldwide's gross margin?
Marriott Vacations Worldwide's gross margin was 15.1% in fiscal 2025: for every $100 of revenue, Marriott Vacations Worldwide kept $15 after the direct cost of its products and services.
How fast is Marriott Vacations Worldwide growing?
Revenue grew 11.8% a year on average over the last five fiscal years, from $2.9 billion to $5.0 billion.
What are Marriott Vacations Worldwide's earnings per share?
Marriott Vacations Worldwide earned $7.17 per diluted share in fiscal 2025, compared with $6.56 a year earlier.
When will Marriott Vacations Worldwide report its next earnings?
Marriott Vacations Worldwide is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Marriott Vacations Worldwide's fiscal year end?
Marriott Vacations Worldwide's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.