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Dec 31, 2025
Marriott Vacations Q4 2025 Earnings Report
Marriott Vacations Worldwide Corporation reported financial results for the fourth quarter and full year ended December 31, 2025, including significant non-cash impairment charges.
Key Takeaways
MVW reported a net loss of $431 million for Q4 2025, primarily driven by $546 million in non-cash impairment charges. Despite the GAAP loss, the company achieved Adjusted EBITDA of $186 million and provided positive guidance for 2026, focusing on cost discipline and inventory reduction.
Consolidated contract sales reached $458 million in the fourth quarter.
The company recorded a $546 million non-cash impairment charge related to inventory, real estate assets, and goodwill.
Adjusted EBITDA for the quarter was $186 million, which was at the high end of company guidance.
MVW returned $171 million to shareholders through dividends and share repurchases during the full year 2025.
Revenue by Segment
Forward Guidance
The company provided full year 2026 guidance focusing on profitability and improved cash flow, despite a change in accounting for warehouse credit facility interest.
Positive Outlook
- Full year 2026 contract sales expected between $1.745 billion and $1.815 billion.
- Adjusted EBITDA projected between $755 million and $780 million.
- Adjusted free cash flow targeted between $375 million and $425 million.
- Focus on inventory reduction and improved cash flow from operations.
- Recent leadership additions expected to accelerate operational results.
Challenges Ahead
- Accounting change will reduce Adjusted EBITDA by $10 million to $15 million.
- Interest expense, net is estimated to be between $184 million and $179 million.
- Depreciation and amortization estimated at $150 million to $148 million.
- Guidance excludes potential impacts from foreign currency changes and litigation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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