MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
VAC$115.68+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statements Consolidated Statements of Income
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| REVENUES | |||
| Sale of vacation ownership products | $1,464 | $1,448 | $1,460 |
| Management and exchange | 860 | 843 | 813 |
| Rental | 650 | 645 | 571 |
| Financing | 360 | 342 | 322 |
| Cost reimbursements | 1,698 | 1,689 | 1,561 |
| TOTAL REVENUES | 5,032 | 4,967 | 4,727 |
| EXPENSES | |||
| Cost of vacation ownership products | 184 | 200 | 224 |
| Marketing and sales | 943 | 919 | 823 |
| Management and exchange | 476 | 482 | 442 |
| Rental | 523 | 481 | 452 |
| Financing | 150 | 146 | 113 |
| Royalty fee | 113 | 114 | 117 |
| General and administrative | 242 | 237 | 273 |
| Depreciation and amortization | 149 | 146 | 135 |
| Litigation charges | 17 | 23 | 13 |
| Modernization | 122 | 4 | — |
| Restructuring | 15 | 6 | 6 |
| Impairment | 577 | 30 | 32 |
| Cost reimbursements | 1,698 | 1,689 | 1,561 |
| TOTAL EXPENSES | 5,209 | 4,477 | 4,191 |
| Gains (losses) and other income (expense), net | 47 | (1) | 47 |
| Interest expense, net | (169) | (162) | (145) |
| Transaction and integration costs | — | (18) | (37) |
| Other | — | (3) | (3) |
| (LOSS) INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS | (299) | 306 | 398 |
| Provision for income taxes | (8) | (89) | (146) |
| NET (LOSS) INCOME | (307) | 217 | 252 |
| Net (income) loss attributable to noncontrolling interests | (1) | 1 | 2 |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(308) | $218 | $254 |
| (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||
| Basic | $(8.84) | $6.16 | $6.96 |
| Diluted | $(8.84) | $5.61 | $6.28 |
| CASH DIVIDENDS DECLARED PER SHARE | $3.17 | $3.07 | $2.92 |
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