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

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	2025	2024	2023
OPERATING ACTIVITIES
Net (loss) income	$(307)	$217	$252
Adjustments to reconcile net (loss) income to net cash, cash equivalents, and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	149	146	135
Amortization of debt discount and issuance costs	24	26	23
Vacation ownership notes receivable reserve	222	279	230
Share-based compensation	38	33	31
Impairment	577	30	30
Gains and other income, net	—	(5)	(6)
Foreign currency remeasurement (gain) loss	(22)	13	(6)
Deferred income taxes	(103)	38	(64)
Net change in assets and liabilities:
Accounts and contracts receivable	(40)	(16)	(105)
Vacation ownership notes receivable originations	(1,030)	(1,015)	(987)
Vacation ownership notes receivable collections	679	632	596
Inventory	27	(33)	87
Other assets	(56)	(23)	(44)
Accounts payable, advance deposits and accrued liabilities	(5)	9	1
Deferred revenue and other	15	(27)	34
Payroll and benefit liabilities	(2)	16	(46)
Deferred compensation liability	7	11	15
Other liabilities	(3)	(109)	78
Purchase and development of property for future transfer to inventory	(140)	(10)	(27)
Other, net	(2)	(7)	5
Net cash, cash equivalents, and restricted cash provided by operating activities	28	205	232
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(57)	(57)	(118)
Purchase of company owned life insurance	(16)	(16)	(10)
Purchase and development of property for future sale	—	(50)	—
Dispositions, net	3	8	16
Net cash, cash equivalents, and restricted cash used in investing activities	(70)	(115)	(112)

Continued

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

	2025	2024	2023
FINANCING ACTIVITIES
Borrowings from securitization transactions	1,397	1,324	1,492
Repayment of debt related to securitization transactions	(1,387)	(1,282)	(1,331)
Proceeds from debt	1,740	2,135	1,070
Repayments of debt	(1,298)	(2,107)	(1,221)
Finance lease incentive	—	—	10
Finance lease payment	(7)	(6)	(5)
Payment of debt and securitized debt issuance costs	(26)	(25)	(12)
Repurchase of common stock	(61)	(56)	(286)
Payment of dividends	(110)	(107)	(106)
Payment of withholding taxes on vesting of restricted stock units	(7)	(8)	(12)
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities	241	(132)	(401)
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash	6	(4)	1
Change in cash, cash equivalents, and restricted cash	205	(46)	(280)
Cash, cash equivalents, and restricted cash, beginning of year	528	574	854
Cash, cash equivalents, and restricted cash, end of year	$733	$528	$574
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from inventory to property and equipment	$1	$21	$12
Non-cash transfer from property and equipment to inventory	19	93	57
Non-cash transfer from property and equipment to other assets	54	52	—
Non-cash transfer from other assets to property and equipment	59	—	—
Non-cash issuance of treasury stock for employee stock purchase plan	5	5	5
Dividends payable	27	28	27
Interest paid, net of amounts capitalized	237	247	204
Income taxes paid, net of refunds	143	133	141

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Common Stock Issued · Common Stock · Treasury Stock · Additional Paid-In Capital · Accumulated Other Comprehensive (Loss) Income · Retained Earnings · Total MVW Stockholders' Equity · Non-controlling Interests · Total Equity
75.7	BALANCE AT YEAR-END 2022	$1	$(2,054)	$3,941	$15	$593	$2,496	$2	$2,498
—	Net income (loss)	—	—	—	—	254	254	(2)	252
—	Foreign currency translation adjustments	—	—	—	11	—	11	—	11
—	Derivative instrument adjustment	—	—	—	(10)	—	(10)	—	(10)
0.1	Share-based compensation plans	—	8	14	—	—	22	—	22
—	Repurchase of common stock	—	(286)	—	—	—	(286)	—	(286)
—	Dividends	—	—	—	—	(105)	(105)	—	(105)
75.8	BALANCE AT YEAR-END 2023	1	(2,332)	3,955	16	742	2,382	—	2,382
—	Net income (loss)	—	—	—	—	218	218	(1)	217
—	Foreign currency translation adjustments	—	—	—	(21)	—	(21)	—	(21)
—	Derivative instrument adjustment	—	—	—	(3)	—	(3)	—	(3)
0.1	Share-based compensation plans	—	10	20	—	—	30	—	30
—	Repurchase of common stock	—	(56)	—	—	—	(56)	—	(56)
—	Dividends	—	—	—	—	(108)	(108)	—	(108)
75.9	BALANCE AT YEAR-END 2024	1	(2,378)	3,975	(8)	852	2,442	(1)	2,441
—	Net (loss) income	—	—	—	—	(308)	(308)	1	(307)
—	Foreign currency translation adjustments	—	—	—	(3)	—	(3)	—	(3)
—	Share-based compensation plans	—	12	21	—	—	33	—	33
—	Repurchase of common stock	—	(61)	—	—	—	(61)	—	(61)
—	Dividends	—	—	—	—	(110)	(110)	—	(110)
75.9	BALANCE AT YEAR-END 2025	$1	$(2,427)	$3,996	$(11)	$434	$1,993	$—	$1,993

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