MARRIOTT VACATIONS WORLDWIDE Corp

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

VAC$115.68+0.5%Stored close · as of Nov 10, 2026

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Contents

Interim Consolidated Statements of Cash Flows

	Nine Months Ended
	September 30, 2025	September 30, 2024
OPERATING ACTIVITIES
Net income	$124	$168
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	114	109
Amortization of debt discount and issuance costs	18	20
Vacation ownership notes and contracts receivable reserve	165	223
Share-based compensation	28	24
Impairment charges	31	2
Foreign currency remeasurement (gain) loss	(20)	2
Deferred income taxes	15	79
Net change in assets and liabilities:
Accounts and contracts receivable	(13)	32
Vacation ownership notes receivable originations	(766)	(738)
Vacation ownership notes receivable collections	519	470
Inventory	22	(51)
Other assets	27	(2)
Accounts payable, advance deposits and accrued liabilities	(72)	(84)
Deferred revenue	(12)	(32)
Payroll and benefit liabilities	(19)	(2)
Deferred compensation liability	3	6
Other liabilities	(6)	(123)
Purchase and development of property for future transfer to inventory	(134)	—
Other, net	(2)	2
Net cash, cash equivalents and restricted cash provided by operating activities	22	105
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(45)	(43)
Purchase of company owned life insurance	(14)	(13)
Purchase and development of property for future sale	—	(50)
Other, net	2	—
Net cash, cash equivalents and restricted cash used in investing activities	(57)	(106)

Continued

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

	Nine Months Ended
	September 30, 2025	September 30, 2024
FINANCING ACTIVITIES
Borrowings from securitization transactions	927	1,200
Repayment of debt related to securitization transactions	(958)	(1,045)
Proceeds from debt	1,740	1,675
Repayments of debt	(1,296)	(1,695)
Finance lease payment	(5)	(4)
Payment of debt and securitized debt issuance costs	(20)	(25)
Repurchase of common stock	(36)	(45)
Payment of dividends	(110)	(81)
Payment of withholding taxes on vesting of restricted stock units	(6)	(6)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	236	(26)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	4	—
Change in cash, cash equivalents and restricted cash	205	(27)
Cash, cash equivalents and restricted cash, beginning of period	528	574
Cash, cash equivalents and restricted cash, end of period	$733	$547
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of treasury stock for employee stock purchase plan	$5	$4
Non-cash transfer from inventory to property and equipment	8	13
Non-cash transfer from property and equipment to inventory	10	92
Non-cash transfer from other assets to property and equipment	59	—
Non-cash transfer from property and equipment to other assets	—	52
Right-of-use asset obtained in exchange for finance lease obligation	5	14
Dividends payable	$—	$27
Interest paid, net of amounts capitalized	176	179
Income taxes paid, net of refunds	117	122

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.