MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
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3. Revenue
- REVENUE AND RECEIVABLES
Sources of Revenue by Segment
| 2025 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Sale of vacation ownership products | $1,464 | $— | $— | $1,464 |
| Ancillary revenues | 273 | 3 | — | 276 |
| Management fee revenues | 221 | 8 | (3) | 226 |
| Exchange and other services revenues | 139 | 159 | 60 | 358 |
| Management and exchange | 633 | 170 | 57 | 860 |
| Rental | 615 | 35 | — | 650 |
| Cost reimbursements | 1,733 | 8 | (43) | 1,698 |
| Revenue from contracts with customers | 4,445 | 213 | 14 | 4,672 |
| Financing | 360 | — | — | 360 |
| Total Revenues | $4,805 | $213 | $14 | $5,032 |
| 2024 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Sale of vacation ownership products | $1,448 | $— | $— | $1,448 |
| Ancillary revenues | 266 | 4 | — | 270 |
| Management fee revenues | 207 | 12 | (5) | 214 |
| Exchange and other services revenues | 139 | 166 | 54 | 359 |
| Management and exchange | 612 | 182 | 49 | 843 |
| Rental | 605 | 40 | — | 645 |
| Cost reimbursements | 1,723 | 9 | (43) | 1,689 |
| Revenue from contracts with customers | 4,388 | 231 | 6 | 4,625 |
| Financing | 342 | — | — | 342 |
| Total Revenues | $4,730 | $231 | $6 | $4,967 |
| 2023 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Sale of vacation ownership products | $1,460 | $— | $— | $1,460 |
| Ancillary revenues | 252 | 5 | — | 257 |
| Management fee revenues | 180 | 24 | (3) | 201 |
| Exchange and other services revenues | 136 | 177 | 42 | 355 |
| Management and exchange | 568 | 206 | 39 | 813 |
| Rental | 531 | 40 | — | 571 |
| Cost reimbursements | 1,587 | 16 | (42) | 1,561 |
| Revenue from contracts with customers | 4,146 | 262 | (3) | 4,405 |
| Financing | 322 | — | — | 322 |
| Total Revenues | $4,468 | $262 | $(3) | $4,727 |
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years.
| 2025 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Services transferred over time | $2,689 | $83 | $14 | $2,786 |
| Goods or services transferred at a point in time | 1,756 | 130 | — | 1,886 |
| Revenue from contracts with customers | $4,445 | $213 | $14 | $4,672 |
| 2024 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Services transferred over time | $2,652 | $91 | $6 | $2,749 |
| Goods or services transferred at a point in time | 1,736 | 140 | — | 1,876 |
| Revenue from contracts with customers | $4,388 | $231 | $6 | $4,625 |
| 2023 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Services transferred over time | $2,411 | $111 | $(3) | $2,519 |
| Goods or services transferred at a point in time | 1,735 | 151 | — | 1,886 |
| Revenue from contracts with customers | $4,146 | $262 | $(3) | $4,405 |
Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We hadno contract assets at either December 31, 2025 or December 31, 2024.
| ($ in millions) | At December 31, 2025 | At December 31, 2024 |
|---|---|---|
| Receivables | ||
| Accounts and contracts receivable, net | $271 | $250 |
| Vacation ownership notes receivable, net | 2,565 | 2,440 |
| $2,836 | $2,690 | |
| Contract Liabilities | ||
| Advance deposits(1) | $163 | $162 |
| Deferred revenue and other(1) | 371 | 354 |
| $534 | $516 | |
(1)Includes $99 million and $105 million of other refundable deposits at December 31, 2025 and December 31, 2024, respectively.
Revenue recognized during the year ended December 31, 2025 that was included in our contract liabilities balance at December 31, 2024 was $339 million.
Remaining Performance Obligations
Our recorded contract liabilities (excluding other refundable deposits) represent the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2025. At December 31, 2025, approximately 90% of the recorded contract liabilities are expected to be recognized as revenue over the nexttwo years.
Accounts and Contracts Receivable
Accounts and contracts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
| ($ in millions) | At December 31, 2025 | At December 31, 2024 |
|---|---|---|
| Receivables from contracts with customers, net | $271 | $250 |
| Interest receivable | 20 | 20 |
| Tax receivable | 77 | 57 |
| Indemnification assets | 40 | 34 |
| Employee tax credit receivable | 4 | 10 |
| Other | 16 | 16 |
| $428 | $387 |
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