MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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, 2026 · Filed Nov 4, 2026
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16. Business Segments
| 16. | BUSINESS SEGMENTS |
We operate intwo operating and reportable business segments: Vacation Ownership and Exchange & Third-Party Management. Our chief operating decision maker (“CODM”) uses Adjusted Earnings before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) to evaluate the profitability of our operating segments and make decisions about capital allocation and resource distribution to the segments. We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.
Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income or loss attributable to common stockholders is presented below.
Segment Revenues and Adjusted EBITDA
| Three Months Ended · Nine Months Ended | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2026 · September 30, 2025 · September 30, 2026 · September 30, 2025 | ||||||||||||||||||||||
| ($ in millions) · VacationOwnership · Exchange & Third-Party Management · Total · Vacation Ownership · Exchange & Third-Party Management · Total · Vacation Ownership · Exchange & Third-Party Management · Total · Vacation Ownership · Exchange & Third-Party Management · Total | ||||||||||||||||||||||
| Revenues from external customers | $1,308 | $52 | $1,360 | $1,210 | $53 | $1,263 | $3,761 | $163 | $3,924 | $3,533 | $164 | $3,697 | ||||||||||
| Reconciliation of revenues | ||||||||||||||||||||||
| Corporate and other(1) | 7 | — | 20 | 12 | ||||||||||||||||||
| Total consolidated revenues | $1,367 | $1,263 | $3,944 | $3,709 | ||||||||||||||||||
| Cost of vacation ownership products | (49) | — | (52) | — | (138) | — | (135) | — | ||||||||||||||
| Marketing and sales | (268) | — | (234) | — | (791) | — | (705) | — | ||||||||||||||
| Management and exchange | (70) | (28) | (72) | (30) | (215) | (86) | (220) | (88) | ||||||||||||||
| Rental | (146) | — | (132) | — | (432) | — | (387) | — | ||||||||||||||
| Financing(2) | (45) | — | (38) | — | (128) | — | (111) | — | ||||||||||||||
| Royalty fee | (29) | — | (29) | — | (86) | — | (85) | — | ||||||||||||||
| Other segment items(3) | (446) | (3) | (458) | (2) | (1,282) | (10) | (1,243) | (4) | ||||||||||||||
| Segment Adjusted EBITDA | 255 | 21 | 276 | 195 | 21 | 216 | 689 | 67 | 756 | 647 | 72 | 719 | ||||||||||
| Corporate and other(1) | (60) | (46) | (164) | (154) | ||||||||||||||||||
| Interest expense, net(2) | (43) | (43) | (130) | (125) | ||||||||||||||||||
| Depreciation and amortization | (33) | (38) | (99) | (114) | ||||||||||||||||||
| Share-based compensation expense | (12) | (9) | (34) | (28) | ||||||||||||||||||
| Amortization of cloud computing software implementation costs | (2) | (2) | (5) | (4) | ||||||||||||||||||
| Certain items | (13) | (77) | (52) | (98) | ||||||||||||||||||
| Provision for income taxes | (31) | (3) | (91) | (73) | ||||||||||||||||||
| Net income (loss) attributable to common stockholders | $82 | $(2) | $181 | $123 | ||||||||||||||||||
(1)Corporate and Other consists of results that are not allocable to our segments, including company-wide general and administrative expenses, modernization, and transaction and integration costs. In addition, Corporate and Other includes revenues and expenses from Consolidated Property Owners’ Associations. Our CODM does not use this information for operating segment resource allocations.
(2)Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the three and nine months ended September 30, 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $4 million and $9 million for the three and nine months ended September 30, 2026, respectively, and $3 million and $10 million for the three and nine months ended September 30, 2025, respectively.
(3)Other segment items include cost reimbursements, share-based compensation, amortization of cloud computing software implementation costs, and other.
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