Marriot Vacations Worldwide (VAC) financial statements
Marriot Vacations Worldwide reported revenue of $4.7B in fiscal 2025, up 10.7% a year over 9 years.
Net income was -$308M and the operating margin -11.5%, against 3.9% in 2016.
Free cash flow was -$29M, and the company returned $110M in dividends and $61M in net buybacks.
The diluted share count rose 23% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marriot Vacations Worldwide's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.0B | $2.8B | $4.0B | $2.6B | $3.6B | $4.4B | $4.4B | $4.6B | $4.7B |
| Selling, general and admin | $434M | $494M | $725M | $996M | $540M | $844M | $1.1B | $1.1B | $1.2B | $1.2B |
| Operating income | $73M | $111M | $84M | $183M | -$365M | $182M | $491M | $214M | $148M | -$537M |
| Pre-tax income | $223M | $226M | $103M | $225M | -$340M | $127M | $582M | $398M | $306M | -$299M |
| Income tax | $76M | $5M | $51M | $83M | -$84M | $74M | $191M | $146M | $89M | $8M |
| Net income | $122M | $235M | $55M | $138M | -$275M | $49M | $391M | $254M | $218M | -$308M |
| EPS (diluted) | $4.29 | $8.49 | $1.61 | $3.09 | -$6.65 | $1.13 | $8.77 | $6.28 | $5.61 | -$8.84 |
| Diluted shares | 28M | 28M | 34M | 44M | 41M | 43M | 45M | 44M | 42M | 35M |
| Operating margin | 3.9% | 5.4% | 3.0% | 4.6% | -13.9% | 5.0% | 11.3% | 4.9% | 3.2% | -11.5% |
| Net margin | 6.5% | 11.5% | 2.0% | 3.5% | -10.5% | 1.4% | 9.0% | 5.8% | 4.7% | -6.6% |
Balance sheet
Fiscal years, from Marriot Vacations Worldwide's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $147M | $409M | $231M | $287M | $524M | $342M | $524M | $248M | $197M | $406M |
| Property, plant and equipment | $203M | $583M | $951M | $718M | $791M | $1.1B | $1.1B | $1.3B | $1.2B | $950M |
| Goodwill | — | $0 | $2.8B | $2.9B | $2.8B | $3.1B | $3.1B | $3.1B | $3.1B | $3.0B |
| Total assets | $2.4B | $2.8B | $9.0B | $9.2B | $8.9B | $9.6B | $9.6B | $9.7B | $9.8B | $9.8B |
| Total liabilities | $1.5B | $1.8B | $5.6B | $6.2B | $6.2B | $6.6B | $7.1B | $7.3B | $7.4B | $7.8B |
| Shareholders' equity | $908M | $1.0B | $3.5B | $3.0B | $2.7B | $3.0B | $2.5B | $2.4B | $2.4B | $2.0B |
| Net debt | -$147M | -$409M | -$231M | -$287M | -$524M | -$342M | -$524M | -$248M | -$197M | -$406M |
Cash flow
Fiscal years, from Marriot Vacations Worldwide's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $141M | $142M | $97M | $382M | $299M | $343M | $522M | $232M | $205M | $28M |
| Capital spending | $35M | $26M | $40M | $46M | $41M | $47M | $65M | $118M | $57M | $57M |
| Free cash flow | $106M | $116M | $57M | $336M | $258M | $296M | $457M | $114M | $148M | -$29M |
| Stock-based compensation | $14M | $16M | $29M | $33M | $36M | $51M | $39M | $31M | $33M | $38M |
| Dividends paid | $34M | $38M | $51M | $81M | $45M | $23M | $99M | $106M | $107M | $110M |
| Share buybacks (net) | -$178M | -$88M | -$96M | -$465M | -$82M | -$78M | -$701M | -$286M | -$56M | -$61M |
| Net borrowing | $0 | $230M | $1.5B | $115M | $461M | -$228M | $331M | -$151M | $28M | $442M |
| Free cash flow margin | 5.7% | 5.7% | 2.0% | 8.4% | 9.9% | 8.2% | 10.5% | 2.6% | 3.2% | -0.6% |
| Dividends per share | $1.20 | $1.37 | $1.50 | $1.82 | $1.09 | $0.53 | $2.19 | $2.44 | $2.54 | $3.15 |
Questions
What was Marriot Vacations Worldwide's revenue in 2025?
$4.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Marriot Vacations Worldwide generate?
-$29M in fiscal 2025 (operating cash flow minus capital spending).
From Marriot Vacations Worldwide's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.