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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. Leases
- LEASES
The following table presents the carrying values of our leases and the classification on our Balance Sheet.
| ($ in millions) | Balance Sheet Classification | At December 31, 2025 | At December 31, 2024 |
|---|---|---|---|
| Operating lease assets | Other assets | $57 | $74 |
| Finance lease assets | Property and equipment, net | 164 | 168 |
| $221 | $242 | ||
| Operating lease liabilities | Accrued liabilities | $73 | $94 |
| Finance lease liabilities | Debt, net | 198 | 199 |
| $271 | $293 | ||
The following table presents the lease costs and the classification on our Income Statements for 2025, 2024, and 2023.
| ($ in millions) | Income Statement Classification | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating lease cost | Marketing and sales expenseGeneral and administrative expense | $16 | $19 | $31 |
| Finance lease cost | ||||
| Amortization of right-of-use assets | Depreciation and amortization | 13 | 12 | 10 |
| Interest on lease liabilities | Financing expense | 13 | 13 | 11 |
| Variable lease cost | Marketing and sales expense | 2 | 2 | 3 |
| $44 | $46 | $55 | ||
The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2025.
| ($ in millions) | Operating Leases | Finance Leases | Total |
|---|---|---|---|
| 2026 | $23 | $18 | $41 |
| 2027 | 16 | 16 | 32 |
| 2028 | 12 | 14 | 26 |
| 2029 | 10 | 13 | 23 |
| 2030 | 7 | 13 | 20 |
| Thereafter | 16 | 448 | 464 |
| Total lease payments | 84 | 522 | 606 |
| Less: Imputed interest | (11) | (324) | (335) |
| $73 | $198 | $271 |
Lease Term and Discount Rate
The following table presents additional information about our lease obligations.
| At December 31, 2025 | At December 31, 2024 | |
|---|---|---|
| Weighted-average remaining lease term | ||
| Operating leases | 5.6 years | 6.2 years |
| Finance leases | 34.4 years | 35.1 years |
| Weighted-average discount rate | ||
| Operating leases | 6.5% | 6.5% |
| Finance leases | 6.5% | 6.5% |
Other Information
The following table presents supplemental cash flow information for 2025, 2024, and 2023.
| ($ in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash paid for amounts included in measurement of lease liabilities | |||
| Operating cash flows for finance leases | $13 | $14 | $7 |
| Operating cash flows for operating leases | $23 | $24 | $33 |
| Financing cash flows for finance leases | $7 | $6 | $5 |
| Right-of-use assets obtained in exchange for lease obligations | |||
| Operating leases | $10 | $23 | $31 |
| Finance leases | $7 | $16 | $88 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.