Revenue growth has slowed from a 6.4% peak to about 1.3% year-over-year while net margin remained thin at 6.0% in 2026Q3 and a -6.1% net margin in 2025Q4 reflected large non-operating charges absorbing operating gains.
Marriott Vacations Worldwide Corporation (VAC) annual income statement — 17-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 5.27B | 5.03B | 4.97B | 4.73B | 4.66B | 3.89B | 2.89B | 4.26B | 2.97B | 2.18B | 1.81B | 1.83B | 1.74B | 1.75B | 1.65B | 1.61B | 1.58B | 1.6B |
| Revenue Growth % | 14.87% | 1.31% | 5.08% | 1.52% | 19.69% | 34.79% | -32.24% | 43.5% | 35.96% | 20.53% | -1.05% | 5.44% | -0.78% | 6.17% | 2.17% | 1.83% | -0.75% | - |
| Cost of Goods Sold | 4.11B | 4.27B | 3.11B | 2.91B | 2.67B | 2.44B | 2.19B | 2.59B | 1.87B | 1.42B | 1.1B | 1.13B | 1.11B | 1.14B | 1.09B | 1.05B | 997M | 1.04B |
| COGS % of Revenue | - | 84.9% | 62.65% | 61.54% | 57.37% | 62.65% | 75.88% | 60.77% | 62.94% | 64.96% | 60.98% | 61.74% | 64.23% | 65.29% | 66.26% | 65.16% | 62.94% | 65.35% |
| Gross Profit | 1.16B | 760M | 1.85B | 1.82B | 1.99B | 1.45B | 696M | 1.67B | 1.1B | 765M | 706.78M | 700.3M | 621M | 607.29M | 556M | 562M | 587M | 553M |
| Gross Margin % | 22.04% | 15.1% | 37.35% | 38.46% | 42.63% | 37.35% | 24.12% | 39.23% | 37.06% | 35.04% | 39.02% | 38.26% | 35.77% | 34.71% | 33.74% | 34.84% | 37.06% | 34.65% |
| Gross Profit Growth % | - | -59.03% | 2.04% | -8.41% | 36.61% | 108.76% | -58.35% | 51.91% | 43.79% | 8.24% | 0.93% | 12.77% | 2.26% | 9.23% | -1.07% | -4.26% | 6.15% | - |
| Operating Expenses | 592M | 206M | 1.31B | 1.23B | 1.19B | 990M | 696M | 1.2B | 1.1B | 505M | 458.13M | 433.56M | 414M | 415M | 416M | 423M | 441M | 553M |
| OpEx % of Revenue | - | 4.09% | 26.33% | 26.04% | 25.52% | 25.45% | 24.12% | 28.25% | 37.06% | 23.13% | 25.29% | 23.69% | 23.85% | 23.72% | 25.24% | 26.22% | 27.84% | 34.65% |
| Selling, General & Admin | 1.29B | 1.19B | 1.16B | 1.1B | 1.06B | 844M | 540M | 996M | 725M | 494M | 434M | 436.7M | 414M | 414.99M | 416M | 423M | 426M | 501M |
| SG&A % of Revenue | - | 23.55% | 23.39% | 23.19% | 22.68% | 21.7% | 18.71% | 23.39% | 24.43% | 22.63% | 23.96% | 23.86% | 23.85% | 23.72% | 25.24% | 26.22% | 26.89% | 31.39% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | -979M | 146M | 135M | 132M | 146M | 156M | 0 | 375M | 4M | 0 | 0 | 0 | 1M | 0 | 0 | 15M | 623M |
| Operating Income | 569M | 554M | 547M | 587M | 797M | 463M | 0 | 564M | 313M | 260.67M | 220M | 243.97M | 180.81M | 175M | 94M | 151M | 161M | -571M |
| Operating Margin % | 10.8% | 11.01% | 11.01% | 12.42% | 17.12% | 11.9% | - | 13.24% | 10.55% | 11.94% | 12.15% | 13.33% | 10.42% | 10% | 5.7% | 9.36% | 10.16% | -35.78% |
| Operating Income Growth % | - | 1.28% | -6.81% | -26.35% | 72.14% | - | -100% | 80.19% | 20.07% | 18.49% | -9.82% | 34.93% | 3.32% | 86.17% | -37.75% | -6.21% | 128.2% | - |
| EBITDA | 703M | 703M | 693M | 722M | 929M | 609M | -67M | 705M | 375M | 281.67M | 241M | 266.18M | 199.81M | 197.59M | 124M | 184M | 196M | -529M |
| EBITDA Margin % | 13.35% | 13.97% | 13.95% | 15.27% | 19.95% | 15.66% | -2.32% | 16.55% | 12.63% | 12.9% | 13.31% | 14.54% | 11.51% | 11.29% | 7.52% | 11.41% | 12.37% | -33.15% |
| EBITDA Growth % | 1.15% | 1.44% | -4.02% | -22.28% | 52.55% | 1008.96% | -109.5% | 88% | 33.13% | 16.88% | -9.46% | 33.22% | 1.12% | 59.35% | -32.61% | -6.12% | 137.05% | - |
| D&A (Non-Cash Add-back) | 134M | 149M | 146M | 135M | 132M | 146M | 123M | 141M | 62M | 21M | 21M | 22.22M | 19M | 22.59M | 30M | 33M | 35M | 42M |
| EBIT | -50M | -130M | 468M | 543M | 700M | 291M | -190M | 357M | 157M | 250M | 207M | 243.97M | 188.75M | 148M | 89M | -170M | 168M | -763M |
| Net Interest Income | -174M | -169M | -162M | -145M | -118M | -164M | -150M | -132M | -54M | -10M | -9M | -37.47M | -38.16M | -43.95M | -58M | -47M | -56M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 174M | 169M | 162M | 145M | 118M | 164M | 150M | 132M | 54M | 10M | 9M | 37.47M | 38.16M | 43.95M | 58M | 47M | 56M | 0 |
| Other Income/Expense | -793M | -853M | -241M | -189M | -215M | -336M | -340M | -339M | -210M | -20.67M | 2.93M | -37.47M | -29.81M | -44M | -57M | -365M | -49M | -192M |
| Pretax Income | -224M | -299M | 306M | 398M | 582M | 127M | -340M | 225M | 103M | 240M | 222.93M | 206.5M | 151M | 131M | 37M | -214M | 112M | -763M |
| Pretax Margin % | -4.25% | -5.94% | 6.16% | 8.42% | 12.5% | 3.26% | -11.78% | 5.28% | 3.47% | 10.99% | 12.31% | 11.28% | 8.7% | 7.49% | 2.25% | -13.27% | 7.07% | -47.81% |
| Income Tax | 26M | 8M | 89M | 146M | 191M | 74M | -84M | 83M | 51M | 5M | 76M | 83.7M | 70M | 51.47M | 21M | -36M | 45M | -231M |
| Effective Tax Rate % | -11.61% | -2.68% | 29.08% | 36.68% | 32.82% | 58.27% | 24.71% | 36.89% | 49.51% | 2.08% | 34.09% | 40.53% | 46.36% | 39.29% | 56.76% | 16.82% | 40.18% | 30.28% |
| Net Income | -250M | -308M | 218M | 254M | 391M | 49M | -275M | 138M | 55M | 235M | 137.35M | 122.8M | 80.76M | 79.73M | 7M | -178M | 67M | -521M |
| Net Margin % | -4.75% | -6.12% | 4.39% | 5.37% | 8.4% | 1.26% | -9.53% | 3.24% | 1.85% | 10.76% | 7.58% | 6.71% | 4.65% | 4.56% | 0.42% | -11.04% | 4.23% | -32.64% |
| Net Income Growth % | -244.51% | -241.28% | -14.17% | -35.04% | 697.96% | 117.82% | -299.28% | 150.91% | -76.6% | 71.1% | 11.85% | 52.06% | 1.29% | 1039% | 103.93% | -365.67% | 112.86% | - |
| Net Income (Continuing) | -250M | -307M | 217M | 252M | 391M | 53M | -256M | 142M | 52M | 235M | 137.35M | 122.8M | 80.76M | 80M | 16M | -178M | 67M | -532M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -1M | 0 | 2M | 10M | 31M | 12M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.48 | -8.83 | 5.61 | 6.28 | 8.65 | 1.13 | -6.65 | 3.10 | 1.62 | 8.49 | 4.83 | 3.82 | 2.33 | 2.18 | 0.18 | -5.12 | 1.99 | -15.49 |
| EPS Growth % | -269.47% | -257.4% | -10.67% | -27.4% | 665.49% | 116.99% | -314.52% | 91.36% | -80.92% | 75.78% | 26.44% | 63.95% | 6.88% | 1111.11% | 103.52% | -357.29% | 112.85% | - |
| EPS (Basic) | - | -8.83 | 6.16 | 6.96 | 9.68 | 1.15 | -6.65 | 3.10 | 1.64 | 8.70 | 4.93 | 3.90 | 2.40 | 2.25 | 0.19 | -5.12 | 1.99 | -15.49 |
| Diluted Shares Outstanding | 38.6M | 34.9M | 42.1M | 43.5M | 45.2M | 43.3M | 41.35M | 44.5M | 34M | 27.7M | 28.42M | 32.17M | 34.63M | 36.62M | 36.2M | 33.7M | 33.63M | 33.63M |
| Basic Shares Outstanding | 34.8M | 34.9M | 35.4M | 36.5M | 40.4M | 42.61M | 41.35M | 44.5M | 33.54M | 27.1M | 27.88M | 31.49M | 34.66M | 35.4M | 34.4M | 33.7M | 33.63M | 33.63M |
| Dividend Payout Ratio | - | - | 49.08% | 41.73% | 25.32% | 46.94% | - | 58.7% | 92.73% | 16.17% | 24.75% | 19.38% | 10.13% | - | - | - | 394.03% | - |
Quick answers to the most common questions about buying VAC stock.
For fiscal year 2025, Marriott Vacations Worldwide Corporation (VAC) reported total revenue of $5.03B. This represents a 215.3% increase compared to $1.60B in 2009.
Marriott Vacations Worldwide Corporation (VAC) reported a net loss of $308.0M for the fiscal year ending 2025.
Marriott Vacations Worldwide Corporation (VAC) reported an operating income of $554.0M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Marriott Vacations Worldwide Corporation (VAC) generated $760.0M in gross profit for the year, representing a gross profit margin of 15.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent EPS misses and leverage
Metrics are mathematically derived from official filings.
Top-Line Growth Has Decelerated Sharply
Based on the reported quarterly income statements, VAC's revenue growth has moved from a 6.4% peak in 2024Q3 to just 1.3% year-over-year in the most recent period, indicating that post-pandemic demand normalization is now clearly visible in the top line. Investors should monitor whether this deceleration persists.
The swing between quarters, including a -0.2% reading in 2025Q3, suggests revenue is being driven by lumpy sales timing rather than a steady volume trend. Given the reported Volume Per Guest and tour flow metrics are not provided in the data, the underlying cause of the slowdown cannot be isolated from this income statement alone. The pattern warrants further investigation into contract sales conversion.
Gross Margin Volatility Masks Underlying Trend
As reported in the quarterly figures, VAC's gross margin ranged from 13.5% to 91.3% across the period, a spread so wide that the reported COGS line appears to be inconsistently classified across quarters rather than reflecting pure operating economics. This warrants caution in extrapolating any single margin figure.
The 2024Q3 gross margin of 91.3% stands out against the 13.5% to 17.3% range seen in most 2026 quarters, which suggests a reclassification or one-time item rather than a structural pricing shift. Comparison with HGV's reported 56.7% and TNL's 27.2% gross margins indicates VAC's underlying gross economics may be considerably thinner than peers. Until consistent cost classification is confirmed, margin trend conclusions remain tentative.
Net Income Diverges From Operating Results
According to the reported statements, VAC posted a -$431.0M net loss in 2025Q4 despite positive operating income of $134.0M, a gap that suggests non-operating charges such as interest expense or impairments are absorbing operating gains. The -6.1% net margin reflects this divergence.
The disconnect between operating income and net income in several quarters implies that financing costs or non-cash items are material to bottom-line results. Stock-based compensation of $7M to $45M per quarter also contributes to the earnings base, with the $45M in 2025Q4 appearing elevated relative to other periods. Investors should monitor the composition of below-the-line charges before assuming operating improvements will flow through to EPS.
Repeated EPS Misses Challenge the Recovery Narrative
Based on reported figures, VAC's Q3 2026 EPS of $2.24 fell short of the $2.74 consensus, a second consecutive shortfall, while management maintained a positive tone, creating a gap between commentary and reported bottom-line delivery that short-sellers would likely emphasize.
A negative ROE of -13.9% alongside a Debt/Equity reading of 2.89 suggests limited financial flexibility to absorb further earnings disappointments. The modest 1.3% revenue growth does not appear sufficient to offset the margin pressure implied by the EPS shortfalls. Whether the pattern proves structural depends on subsequent quarters, which the current data set does not yet confirm.