Track market-moving stories before they get noisy

Investors in Marriott Vacations Worldwide Corporation (VAC - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Oct. 16, 2026 $30 Callhad some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Marriott Vacations Worldwide shares, but what is the fundamental picture for the company? Currently, Marriott Vacations Worldwide is a Zacks Rank #3 (Hold) in the Leisure and Recreation Services industry that ranks in the Bottom 24% of our Zacks Industry Rank. Over the last 60 days, two analysts have increased their earnings estimates for the current quarter, while none dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.95 per share to $1.96 in that period.

Given the way analysts feel about Marriott Vacations Worldwide right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Acquisition creates unique, fully integrated mine-to-magnet rare earth platform

Positions the Combined Company to Capitalize on Surging Demand for Rare Earth Magnets across North America and Europe >$2 Billion Annual Permanent Magnet Potential Customer Pipeline Revenue Across Auto, Defense, Robotics, and Data Center Sectors Expected to be Immediately Accretive to Energy Fuels' Cash Flow and Margin Profile Links VAC's Established Permanent Magnet Business with Energy Fuels' Growing Rare Earth Mining, Processing and Refining Platform Company is Pursuing Various Funding Opportunities, including Government Programs, to Complement its Growth Strategy, and Recently Announced a $725 Million Conditional Loan from U.S. Office of Strategic Capital , /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) today announced a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC, and their respective consolidated subsidiaries (collectively, "VAC") from Ara Partners for a total cash-and-stock consideration of approximately $1.9 billion based on Energy Fuels' closing share price of $16.12 as of June 22, 2026, creating a fully integrated platform to strengthen global critical rare earth element ("REE") supply chains.

VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum ("tpa") of permanent magnets, scalable to 12,000 tpa (the "Sumter Facility"). Over the last decade, VAC has produced and shipped more than one (1) billion rare earth permanent magnets. VAC's product portfolio spans both permanent magnets (sintered neodymium-iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC's output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts.

The transaction brings together Energy Fuels' upstream REE assets, including low-cost REE mining projects and existing separation capacity, with VAC's world-class downstream REE magnet manufacturing expertise. The combined company will also benefit from Energy Fuels' planned acquisition of Australian Strategic Materials Limited (ASX: ASM) ("ASM"), which, subject to conditions including shareholder approval and completion ("Closing Conditions"), will add existing commercial-scale REE metals and alloys capacity in South Korea (the "Korean Metals Plant"), with plans to build a new metals and alloys facility in the U.S. (the "American Metals Plant"). The combined company aims to serve customers across North America, Europe and Asia in high-growth sectors, including automotive, aerospace and defense, robotics, data centers, electronics and industrial automation.

"This is a transformational moment for Energy Fuels and the global rare earth supply chain," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "Together with VAC, we will strengthen global rare earth and magnet supply chains, providing a reliable, secure and diversified source of critical materials from mines to highly valued permanent magnets. In addition, VAC's rapid solidification and crystalline businesses provide a soft-magnetics platform that is expected to result in greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and growth. The combination of our two companies provides enhanced shareholder value and positions Energy Fuels as a leading, secure and trusted supplier for critical materials that are essential for national security and the safety and integrity of Western supply chains."

Dr. Erik Eschen, President and Chief Executive Officer of VAC, stated: "For over a century, VAC has been at the forefront of advanced magnetics and pioneering critical materials. This transaction reinforces VAC as the cornerstone of a resilient and reliable permanent magnet supply chain, which is essential for alternative energy development, industrial competitiveness and national security. Joining forces with Energy Fuels gives our team, our technology, and our customers something that no other Western platform can offer today: a fully integrated supply chain platform from mine to finished magnet. With Energy Fuels' proven upstream capabilities and VAC's downstream expertise, proprietary IP, and the state-of-the-art Sumter Facility, we will be uniquely positioned to serve rapidly growing demand across various sectors including automotive, aerospace, defense, hyperscale data centers, robotics, semiconductors and beyond."

Troy Thacker, Managing Partner of Ara Partners, added: "Rare earth magnets are essential to both decarbonization and national security, and VAC is a foundational supplier to that critical supply chain. The combination with Energy Fuels gives VAC a fully integrated platform and the resources to meet rapidly growing global demand. Ara is proud to have backed VAC's growth and intends to remain a committed shareholder, supporting this expanded team as the platform reaches its full potential."

Following completion of the transaction, VAC will become a wholly owned subsidiary of Energy Fuels and will retain its branding and historic identity. VAC's technology base, engineering expertise and manufacturing footprint will remain critical to the success of Energy Fuels, with VAC maintaining its headquarters in Hanau, Germany. The combined company will continue to serve VAC's over 1,000 customers, while investing in manufacturing, innovation, customer relationships and operational capabilities across North America, Europe and Asia.

Energy Fuels has received a conditional commitment for up to $725 million from the U.S. Office of Strategic Capital ("OSC"), a 20-year loan to accelerate the planned expansion of the White Mesa Mill in Utah and the construction of the American Metals Plant. Energy Fuels and its joint venture partner Astron Limited are progressing discussions with Export Finance Australia and other lenders targeting a A$220 million lending package to support development of Phase 1 of the Donald Rare Earth and Mineral Sand Project (the "Donald Project"). In addition, VAC holds an existing $41 million grant from the U.S. Department of War which provides for the buildout of a metal-making facility in the U.S. that is expected to directly benefit the combined company. The conditional loan commitment between OSC and Energy Fuels specifies customary additional steps that the company must take to proceed toward financial close on the loan, including fulfilling financial, legal, technical and other due diligence requirements.

Strategically and Financially Compelling Combination

Fully Integrated Western Mine-to-Magnet Rare Earth Platform: The transaction paves the way for Energy Fuels to become the first western company with geographically diversified commercial capabilities across every critical step of the rare earth value chain. The combined platform includes feedstock supply from the "shovel ready" Donald Project in Australia; processing and separation at Energy Fuels' White Mesa Mill; metals and alloy production at ASM's currently operating Korean Metals Plant and planned American Metals Plant (subject to satisfaction of Closing Conditions); and high-performance permanent magnet manufacturing and assembly at VAC's European facilities and the recently commissioned Sumter Facility. Accretive to Energy Fuels' Earnings and Cash Flow: VAC's legacy business generated $29 million of adjusted EBITDA1 in 2025 and has experienced more than 20% year-on-year growth in its order book for 2026. The Sumter Facility is expected to generate approximately between $65 million and $75 million of annual run-rate EBITDA1 once its production reaches its current capacity of 2,000 tpa. The Sumter Facility was constructed to be expanded to 4,000 tpa without disrupting current 2,000 tpa capacity, which would be expected to increase annual run-rate EBITDA1 at the Sumter Facility to approximately $130 million to $140 million. Cash flow from VAC is expected to help fund Energy Fuels' growth pipeline, including the Phase II expansion of the White Mesa Mill, the Donald Project, and the planned American Metals Plant. Strong Market Share Growth Potential: VAC is the only commercial European and U.S. permanent magnet producer with a full spectrum of relevant, customer qualified NdFeB and SmCo magnet grades, including energy-dense, high-coercivity magnets required for mission-critical defense and aerospace applications. Demand for NdFeB magnets in North America and Europe is expected to grow by over 50% over the next decade according to the International Energy Agency. The Sumter Facility has ability to increase capacity to 12,000 tpa to meet strong growing demand, which, if fully realized, is expected to increase annual run-rate EBITDA at the Sumter Facility to ~$400 million1. Pipeline of Potential New Customers Across Key Sectors: VAC's permanent magnet customer pipeline includes EV and non-EV automotive applications, data centers, power tools, robotics, aerospace and defense, semiconductors, and other industrial applications. VAC has secured a contract with the Defense Logistics Agency to supply NdFeB blocks for the national defense stockpile, with production starting in 2026. The Sumter Facility will be an integral part of Energy Fuels' mine-to-magnet platform, with the Sumter Facility's existing capacity of 2,000 tpa expected to be supported by REE oxides extracted from monazite mined at Energy Fuels' shovel-ready Donald Project in Australia, which is expected to receive a positive Final Investment Decision in early Q3 2026 and to be commissioned in 2028. In its first phase, the Donald Project is expected to produce monazite to be processed into separated REE oxides at Energy Fuels' existing processing circuits at the White Mesa Mill, where upgrades are expected to be completed by the end of 2027. Subject to the Closing Conditions, the separated oxides are expected to be converted into REE metals and alloys at the Korean Metals Plant, and these in turn are to be used to make permanent magnets at the Sumter Facility.

Energy Fuels' planned Phase II expansion of the White Mesa Mill is expected to increase its separation capacity to up to 6,000 tpa of neodymium-praseodymium ("NdPr") oxide and approximately 288 tpa of dysprosium ("Dy") and 80 tpa of terbium ("Tb") oxide by mid-2029.

1

Denotes a Non-GAAP measure. See "Non-GAAP Financial Measures" in this press release for more information regarding the use of non-GAAP financial measures

This expansion is expected to be fed by monazite from the Donald Project and Energy Fuels' Vara Mada and Bahia heavy mineral sands projects, which are currently in their permitting and development stages. Energy Fuels also intends to feed the White Mesa Mill through market purchases of monazite and mixed rare earth carbonate ("MREC") as required. Assuming satisfaction of the Closing Conditions, oxides produced from the Phase II separation capacity at the White Mesa Mill are expected to be converted into REE metals and alloys at the Korean Metals Plant and the American Metals Plant, with both facilities expected to be expanded. The expanded Phase II capacity at the White Mesa Mill is expected to provide REE alloys that could support a potential 12,000 tpa scale-up at the Sumter Facility, as well as VAC's European rare earth permanent magnet facilities, subject to demand for permanent magnets.

Transaction Details
Under the terms of the definitive agreement, Energy Fuels will acquire 100% of VAC from Ara Partners, a U.S.-based private equity firm specializing in industrial decarbonization investments, for total consideration of $718 million in cash and 65.853 million newly issued Energy Fuels common shares, which, at Energy Fuels' closing share price of $16.12 as of June 22, 2026, implies an equity value of $1.9 billion for VAC. If Energy Fuels' share price is below $20.93 per share at closing, Ara Partners will receive shares of a new series of preferred shares of Energy Fuels with an aggregate value of up to $135 million2. As of March 31, 2026, VAC has $140 million of adjusted net debt on its balance sheet that Energy Fuels will assume.

Accounting for the planned completion of the ASM acquisition, Ara Partners will own 19.9% of Energy Fuels3 following closing of the VAC transaction and will have the right to nominate one director to Energy Fuels' Board of Directors, as well as a one-time veto on an independent nominee to the Board. Ara Partners will be subject to customary lockup and standstill restrictions and have been granted customary registration rights.

Energy Fuels has obtained a $250 million term loan financing commitment from Goldman Sachs to support the refinancing of certain of VAC's existing debt, subject to customary conditions, including execution of definitive documents and satisfaction of closing conditions.

The transaction is expected to close in early 2027 subject to customary closing conditions, including the receipt of applicable regulatory approvals, including foreign investment, antitrust and other government approvals.

Board of Directors' Recommendation
The Board of Directors of Energy Fuels has unanimously approved the Transaction. Goldman Sachs & Co. LLC provided a fairness opinion to the Board of Directors of Energy Fuels as to the fairness to Energy Fuels of the consideration to be paid to Ara Partners.

Advisors
Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Dentons Canada LLP, Dorsey & Whitney LLP and Herbert Smith Freehills Kramer are acting as legal counsel to Energy Fuels. Jefferies LLC is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal counsel for VAC.

2

At Energy Fuels' current share price the preferred equity issuance would be $103mm. This amount is included in the $1.9 billion equity value calculation

3

Calculated on a basic shares outstanding basis

Investor Conference Call Details
Energy Fuels will conduct a conference call today at 8:30 a.m. ET to discuss information included in this news release. Please access the conference call if you wish to ask a question and the webcast to view the slide presentation at:

The slide presentation will be made available on the Company's investor relations webpage at https://investors.energyfuels.com/investors following the call. The conference call will be available in its entirety through a webcast and replay at https://investors.energyfuels.com/investors.

About Energy Fuels
Energy Fuels is a leading U.S.-based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is developing three (3) heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Limited. Energy Fuels, based near Denver, Colorado, trades its common shares on the NYSE American under the trading symbol "UUUU," and is also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all Energy Fuels does, please visit http://www.energyfuels.com/.

About VAC
VAC has been in operation for over 100 years and is a leading advanced magnetics company, with over 50 years of production expertise in high-grade sintered NdFeB and SmCo permanent magnets across multiple facilities in Europe and the United States. VAC's differentiated technology platform is underpinned by more than 400 patents and proprietary process know-how developed over decades. VAC is one of the few magnet producers that is Defense Federal Acquisition Regulation Supplement ("DFARs")-compliant, positioning it as a key supplier for the U.S. and allied defense sector. VAC operates magnet production facilities in Hanau, Germany (producing since 1973), Ulvila, Finland (since 1988), Horná Streda, Slovakia (since 2003), and Sumter, South Carolina (since 2025). VAC's state-of-the-art Sumter, South Carolina facility — the largest permanent magnet plant of scale in the United States — is constructed and able to produce 2,000 tpa of NdFeB magnet block and has a pathway to scale to 12,000 tpa. In addition to its leading REE permanent magnet capabilities, VAC is also a leading global manufacturer of advanced soft magnetic solutions and inductive components, including soft magnetic alloys and stamped parts, inductive components and cores, current sensors and other advanced technologies, which provide mission-critical solutions for a wide range of industries, including automotive, industrial automation, medical technology, renewable energy, e-mobility and aerospace. VAC currently employs approximately 4,000 people in several production facilities spanning the globe.

About Ara Partners
Founded in 2017, Ara Partners is a global private markets firm focused on decarbonizing the industrial economy. The firm invests in the middle market across three strategies: Private Equity, Infrastructure, and Energy. Ara scales commercially demonstrated decarbonization solutions, supports the businesses and infrastructure that enable their adoption, and reduces emissions at the source across the conventional energy value chain. Ara operates from Houston, Boston, Dublin and Washington D.C., and as of March 31,2026, had approximately $8.2 billion in assets under management. For more information about Ara Partners, please visit www.arapartners.com.

Non-GAAP Financial Measures 
This press release includes references to adjusted EBITDA and some illustrative examples of forward-looking estimates of EBITDA, as described below, which are non-GAAP measures. Because these forward-looking estimates of EBITDA are illustrative examples, we are unable to present a quantitative reconciliation to the most directly comparable GAAP financial measure, because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP financial measure without unreasonable effort or expense. EBITDA and adjusted EBITDA do not have standardized meanings prescribed by GAAP and may not be comparable to (and may be calculated differently by) other companies that present similar measures. The illustrative examples presented in this presentation are estimates and future projections and are based on various assumptions, which may prove to be incorrect. Various risks could cause our actual performance to be materially different from the illustrative examples, projections and estimates. These examples, projections and estimates are provided solely for illustrative purposes, and there can be no assurances that any such financial results or performance will ultimately be realized, in the manner illustrated herein or at all. These illustrative examples, projections and estimates should not be relied upon as being necessarily indicative of future results. We define EBITDA as net income (loss) before (i) depreciation and amortization; (ii) interest expense; (iii) foreign exchange result; and (iv) income tax expense. Adjusted EBITDA is defined as EBITDA before (i) non-recurring restructuring expense; (ii) one-time consulting expenses, (iii) freight cost normalization adjustment; (iv) one-time losses on purchases contracts; (v) non-recurring factoring interest; and (vi) other. A reconciliation of adjusted EBITDA to net income, its nearest comparable GAAP measures is included in this press release. EBITDA and adjusted EBITDA reflect additional ways of viewing aspects of VAC's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting VAC's business. EBITDA and adjusted EBITDA should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with GAAP financial measures. Energy Fuels strongly encourages investors to review the "Reconciliation of Net Income to Adjusted EBITDA" found at the end of this press release and VAC's consolidated financial statements, when available.

Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the proposed acquisition of VAC will complete as planned or at all; any expectation that any of the government funding being pursued, including the recently announced $725 million loan from the U.S. Office of Strategic Capital, will be funded as contemplated or at all; any expectation that the A$220 million financing currently being discussed with Export Finance Australia and other lenders to accelerate development of the Donald Project will be funded as contemplated or at all; any expectation that the $250 million term loan financing commitment from Goldman Sachs will be funded as contemplated or at all; any expectation that the Closing Conditions will be satisfied or that the proposed ASM acquisition will close; any expectation that Energy Fuels' Donald Project will be developed as planned or at all; any expectation that Energy Fuels will develop its planned expansion of REE separation capacity at its White Mesa Mill; any expectation that the combined company will develop its planned American Metals Plant; any expectation that any of Energy Fuels' other projects will advance to a positive final investment decision and be developed; any expectation that the combined company will create a stronger Western platform with greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and future growth; any expectation that the combined company will be uniquely positioned to serve the rapidly growing demand across electric vehicles, aerospace and defense, robotics, and beyond; any expectation with respect to future EBITDA and cash flow of the combined company; any expectation with respect to potential customer pipeline revenue; any expectation that the acquisition of VAC will be immediately accretive to Energy Fuels' cash flow and margin profile; any expectation as to future production of Energy Fuels or the combined company; any expectation that Energy Fuels will secure sufficient feed materials to support its planned expanded separations capacity at the White Mesa Mill; any expectation as to expected operational synergies of the combined company; any expectation with respect to the combined company's pipeline of potential new customers or the ability to maintain existing customers; any expectation that the Sumter Facility will scale-up its capacity to 12,000 tpa magnets or at all; any expectation that the Korean Metals Plant and/or American Metals Plant will be scaled up in the future; any expectation that Energy Fuels will maintain its position as a leading U.S.-based critical materials company; and any expectation that Energy Fuels' evaluation of radioisotope recovery at the White Mesa Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Energy Fuels or the combined company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; legal challenges; the availability of feed sources for the White Mesa Mill; competition from other producers; public opinion; government and political actions or inactions; the ability of Energy Fuels or the combined company to produce rare earth products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for rare earth element products generally or for western-produced REE products; and the other factors described under the caption "Risk Factors" in Energy Fuels' most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on Energy Fuels' website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

Reconciliation of Net Income to Adjusted EBITDA

$mm

FY2025

Net Income

(50.6)

Income Tax Expense

(30.8)

Foreign Exchange Result

(1.4)

Interest Expense

44.0

Depreciation and Amortization

63.1

EBITDA

24.1

Non-Recurring Restructuring

4.8

One-Time Consulting Expenses

2.8

Freight Cost Normalization Adjustment

3.1

Other

0.2

One-Time Losses on Purchase Contracts

(5.3)

Non-Recurring Factoring Interest

(1.3)

Adjusted EBITDA

28.6

Note: Values converted from EUR to USD at 1.2

SOURCE Energy Fuels Inc.

Posted by Defense World Staff on Apr 21st, 2026

Marriott Vacations Worldwide Corporation (NYSE:VAC – Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $61.13 and traded as high as $77.43. Marriott Vacations Worldwide shares last traded at $77.1280, with a volume of 550,693 shares changing hands.

Analyst Ratings Changes VAC has been the subject of several research reports. Mizuho upgraded shares of Marriott Vacations Worldwide from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $58.00 to $104.00 in a research report on Thursday, March 5th. Wells Fargo & Company raised their price objective on shares of Marriott Vacations Worldwide from $46.00 to $58.00 and gave the company an “underweight” rating in a research report on Friday, February 27th. Zacks Research upgraded shares of Marriott Vacations Worldwide from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Stifel Nicolaus raised their price objective on shares of Marriott Vacations Worldwide from $77.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Citizens Jmp lowered shares of Marriott Vacations Worldwide from an “outperform” rating to a “market perform” rating in a research report on Monday, March 9th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Marriott Vacations Worldwide has an average rating of “Hold” and a consensus price target of $73.44.

Get Our Latest Research Report on VAC

Marriott Vacations Worldwide Stock Performance The firm’s fifty day simple moving average is $65.59 and its 200 day simple moving average is $61.13. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of -8.32, a PEG ratio of 1.95 and a beta of 1.19. The company has a debt-to-equity ratio of 2.85, a current ratio of 3.48 and a quick ratio of 2.94.

Marriott Vacations Worldwide (NYSE:VAC – Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.72 by $0.14. Marriott Vacations Worldwide had a negative net margin of 6.12% and a positive return on equity of 11.77%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the company posted $1.86 earnings per share. The business’s revenue for the quarter was down .3% on a year-over-year basis. Marriott Vacations Worldwide has set its FY 2026 guidance at 7.050-7.800 EPS. On average, sell-side analysts forecast that Marriott Vacations Worldwide Corporation will post 7.3 EPS for the current year.

Marriott Vacations Worldwide Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Wednesday, March 4th. Marriott Vacations Worldwide’s dividend payout ratio is -34.52%.

Insider Activity In related news, insider Michael Flaskey purchased 14,862 shares of Marriott Vacations Worldwide stock in a transaction dated Tuesday, March 10th. The stock was acquired at an average cost of $67.26 per share, with a total value of $999,618.12. Following the completion of the transaction, the insider directly owned 14,862 shares of the company’s stock, valued at $999,618.12. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.30% of the stock is owned by company insiders.

Institutional Trading of Marriott Vacations Worldwide A number of hedge funds have recently made changes to their positions in the stock. Capital World Investors acquired a new stake in Marriott Vacations Worldwide during the third quarter worth $226,000. Vanguard Group Inc. boosted its stake in Marriott Vacations Worldwide by 7.4% during the fourth quarter. Vanguard Group Inc. now owns 3,392,787 shares of the company’s stock worth $195,730,000 after buying an additional 234,105 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Marriott Vacations Worldwide during the fourth quarter worth $12,633,000. AQR Capital Management LLC boosted its stake in Marriott Vacations Worldwide by 157.8% during the fourth quarter. AQR Capital Management LLC now owns 351,552 shares of the company’s stock worth $20,281,000 after buying an additional 215,202 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Marriott Vacations Worldwide by 41.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 399,668 shares of the company’s stock worth $23,057,000 after buying an additional 117,030 shares in the last quarter. 89.52% of the stock is owned by hedge funds and other institutional investors.

Marriott Vacations Worldwide Company Profile (Get Free Report)

Marriott Vacations Worldwide Corporation, headquartered in Orlando, Florida, specializes in the development, marketing and management of vacation ownership resorts and related products. Originally launched as a division of Marriott International in 1984, the company became a separate publicly traded entity in 2011. Since then, it has expanded its offerings through both organic growth and strategic acquisitions, establishing itself as a leading provider in the global timeshare industry.

The company’s core business activities include selling vacation ownership interests, managing a growing portfolio of branded resorts and operating a loyalty program that allows members to exchange or use points at affiliated properties.

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Posted by Defense World Staff on Apr 23rd, 2026

State of Alaska Department of Revenue lifted its stake in Marriott Vacations Worldwide Corporation (NYSE:VAC – Free Report) by 224.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,011 shares of the company’s stock after buying an additional 11,069 shares during the quarter. State of Alaska Department of Revenue’s holdings in Marriott Vacations Worldwide were worth $923,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in VAC. Goldman Sachs Group Inc. boosted its position in shares of Marriott Vacations Worldwide by 18.2% in the first quarter. Goldman Sachs Group Inc. now owns 140,662 shares of the company’s stock worth $9,036,000 after purchasing an additional 21,623 shares during the period. Empowered Funds LLC boosted its position in shares of Marriott Vacations Worldwide by 147.9% in the first quarter. Empowered Funds LLC now owns 8,487 shares of the company’s stock worth $545,000 after purchasing an additional 5,064 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Marriott Vacations Worldwide by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 100,636 shares of the company’s stock worth $6,465,000 after purchasing an additional 4,497 shares during the period. Invesco Ltd. boosted its position in shares of Marriott Vacations Worldwide by 102.9% in the second quarter. Invesco Ltd. now owns 212,199 shares of the company’s stock worth $15,344,000 after purchasing an additional 107,598 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Marriott Vacations Worldwide by 22.7% in the second quarter. First Trust Advisors LP now owns 121,820 shares of the company’s stock worth $8,809,000 after purchasing an additional 22,506 shares during the period. Institutional investors own 89.52% of the company’s stock.

Insider Buying and Selling In other news, insider Michael Flaskey purchased 14,862 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was bought at an average cost of $67.26 per share, with a total value of $999,618.12. Following the completion of the purchase, the insider owned 14,862 shares in the company, valued at approximately $999,618.12. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 13.30% of the company’s stock.

Analysts Set New Price Targets A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price target on shares of Marriott Vacations Worldwide from $46.00 to $58.00 and gave the stock an “underweight” rating in a research report on Friday, February 27th. Stifel Nicolaus raised their price target on Marriott Vacations Worldwide from $77.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Wall Street Zen raised Marriott Vacations Worldwide from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Jefferies Financial Group raised Marriott Vacations Worldwide from a “hold” rating to a “buy” rating and raised their price target for the company from $52.00 to $105.00 in a report on Monday, March 2nd. Finally, Citizens Jmp cut Marriott Vacations Worldwide from an “outperform” rating to a “market perform” rating in a report on Monday, March 9th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Marriott Vacations Worldwide presently has a consensus rating of “Hold” and an average target price of $73.44.

Get Our Latest Research Report on Marriott Vacations Worldwide

Marriott Vacations Worldwide Trading Down 8.1% VAC stock opened at $71.51 on Thursday. The company has a debt-to-equity ratio of 2.85, a current ratio of 3.48 and a quick ratio of 2.94. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -7.71, a PEG ratio of 2.02 and a beta of 1.19. The business has a 50 day simple moving average of $66.35 and a two-hundred day simple moving average of $61.27. Marriott Vacations Worldwide Corporation has a 1-year low of $44.58 and a 1-year high of $86.33.

Marriott Vacations Worldwide (NYSE:VAC – Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.14. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. Marriott Vacations Worldwide had a negative net margin of 6.12% and a positive return on equity of 11.77%. Marriott Vacations Worldwide’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.86 EPS. Marriott Vacations Worldwide has set its FY 2026 guidance at 7.050-7.800 EPS. Research analysts anticipate that Marriott Vacations Worldwide Corporation will post 7.3 EPS for the current fiscal year.

Marriott Vacations Worldwide Announces Dividend The company also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were paid a dividend of $0.80 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $3.20 dividend on an annualized basis and a yield of 4.5%. Marriott Vacations Worldwide’s dividend payout ratio is presently -34.52%.

About Marriott Vacations Worldwide (Free Report)

Marriott Vacations Worldwide Corporation, headquartered in Orlando, Florida, specializes in the development, marketing and management of vacation ownership resorts and related products. Originally launched as a division of Marriott International in 1984, the company became a separate publicly traded entity in 2011. Since then, it has expanded its offerings through both organic growth and strategic acquisitions, establishing itself as a leading provider in the global timeshare industry.

The company’s core business activities include selling vacation ownership interests, managing a growing portfolio of branded resorts and operating a loyalty program that allows members to exchange or use points at affiliated properties.

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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Marriott Vacations Worldwide (VAC - Free Report) , which belongs to the Zacks Leisure and Recreation Services industry.

This timeshare company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 5.59%.

For the last reported quarter, Marriott Vacations Worldwide came out with earnings of $1.86 per share versus the Zacks Consensus Estimate of $1.72 per share, representing a surprise of 8.14%. For the previous quarter, the company was expected to post earnings of $1.64 per share and it actually produced earnings of $1.69 per share, delivering a surprise of 3.05%.

Price and EPS Surprise

For Marriott Vacations Worldwide, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Marriott Vacations Worldwide has an Earnings ESP of +2.88% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on May 5, 2026.

Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.

Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

ORLANDO, Fla.--(BUSINESS WIRE)--Marriott Vacations Worldwide Corporation (NYSE: VAC) (“MVW,” the “Company,” “we” or “our”) reported financial results for the first quarter of 2026.

First Quarter 2026 Highlights

Contract sales were $411 million in the quarter, a 2% decline compared to the prior year. Net income attributable to common stockholders was $22 million compared to $56 million in the prior year and diluted earnings per share was $0.64 compared to $1.46 in the prior year. Adjusted net income attributable to common stockholders decreased 34% to $43 million and adjusted diluted earnings per share decreased 25% to $1.24. Adjusted EBITDA was $161 million compared to $192 million in the prior year. The Company reiterates its full-year Adjusted EBITDA guidance. “Contract sales and Adjusted EBITDA were lower in the first quarter, consistent with how we expected the year to unfold, and we expect second quarter contract sales to increase 4% to 8% and Adjusted EBITDA to be $187 million to $202 million,” said Matt Avril, Chief Executive Officer. “As we indicated we would, we have taken steps to strengthen our foundation including:

making significant changes in our executive team and key leadership positions, adding experienced leaders across our sales and marketing disciplines which are already driving improved results, taking incremental cost and overhead actions which will benefit the balance of the year, executing on our disposition strategy by listing assets for sale that are expected to deliver more than $125 million in gross proceeds this year, and we remain on track to generate $200 million to $250 million of gross proceeds by the end of 2027. These actions position our company for improved results in the second half of the year.”

In the tables below “*” denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. Please see “Non-GAAP Financial Measures” for additional information.

Vacation Ownership

Three Months Ended

Change

(In millions, except volume per guest (“VPG”) and tours)

March 31, 2026

March 31, 2025

Revenues excluding cost reimbursements

$

758

$

757

—%

Contract sales

$

411

$

420

(2%)

VPG

$

4,016

$

3,979

1%

Tours

95,250

97,998

(3%)

Segment financial results attributable to common stockholders

$

167

$

198

(16%)

Segment margin

22.0%

26.1%

(410 bps)

Segment Adjusted EBITDA*

$

188

$

221

(15%)

Segment Adjusted EBITDA margin*

24.8%

29.2%

(440 bps)

The decline in tours was largely attributable to the Company’s planned actions to prioritize higher profitability and cash flow in the Asia‑Pacific region, as well its decision to reduce tours to people with FICO scores below 640. Excluding Asia‑Pacific, tours decreased 1% year-over-year. VPG increased 1% year-over-year on a consolidated basis and was up nearly 50 basis points excluding Asia‑Pacific.

Segment Adjusted EBITDA decreased and margin declined primarily due to lower contract sales, increased marketing and sales costs, higher product cost, and increased unsold maintenance fee expense.

Exchange & Third-Party Management

(In millions, except total active Interval International members and average revenue per member)

Three Months Ended

Change

March 31, 2026

March 31, 2025

Revenues excluding cost reimbursements

$

53

$

56

(6%)

Total active Interval International members (000's)(1)

1,507

1,538

(2%)

Average revenue per Interval International member

$

39.13

$

39.94

(2%)

Segment financial results attributable to common stockholders

$

19

$

18

4%

Segment margin

36.3%

32.8%

350 bps

Segment Adjusted EBITDA*

$

24

$

28

(14%)

Segment Adjusted EBITDA margin*

44.9%

49.0%

(410 bps)

(1) Includes members at the end of each period.

Revenues excluding cost reimbursements and Segment Adjusted EBITDA decreased year-over-year primarily due to lower revenue at Aqua-Aston.

Corporate and Other
General and administrative costs increased $3 million in the first quarter compared to the prior year primarily due to severance.

Dispositions Update
In the first quarter of 2026, the Company:

Closed the sale of the Westin Cancun hotel, generating $50 million of proceeds. Listed additional non-core assets that are expected to generate more than $125 million in gross proceeds this year. Remains on-track to generate $200 million to $250 million in gross proceeds by the end of 2027 from non-core asset dispositions. Balance Sheet and Liquidity
The Company ended the quarter with $854 million in liquidity, including $268 million of cash and cash equivalents and $478 million of available capacity under its revolving corporate credit facility. The Company had $3.3 billion of corporate debt and $2.3 billion of non-recourse debt related to its securitized vacation ownership notes receivable at the end of the first quarter.

The Company also had $910 million of inventory at the end of the quarter, including $230 million classified as a component of Property and equipment.

Full Year 2026 Outlook
During the first quarter of 2026, the Company began including interest expense associated with its warehouse credit facility borrowings as a component of consumer financing interest expense. In the first quarter of 2026, interest expense on warehouse credit facility borrowings was $3 million.

The Company provides full year 2026 guidance as reflected in the chart below.

(in millions, except per share amounts)

2026 Guidance

Previous

2026 Guidance

Contract sales

$1,815

to

$1,885

$1,745

to

$1,815

Adjusted EBITDA*

$755

to

$780

$755

to

$780

Adjusted net income attributable to common stockholders*

$255

to

$285

$255

to

$285

Adjusted earnings per share - diluted*

$7.05

to

$7.80

$7.05

to

$7.80

Adjusted free cash flow*

$375

to

$425

$375

to

$425

The guidance provided above excludes impacts from certain asset sales, foreign currency changes, restructuring costs, litigation charges, modernization costs, transaction and integration costs, and impairments, each of which the Company cannot forecast with sufficient accuracy to factor them into the guidance provided above and without unreasonable efforts, and which may be significant. As a result, the full year 2026 outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures. Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.

The Company’s 2026 guidance is based on the following supplemental estimates:

($ in millions)

2026 Guidance

Previous

2026 Guidance

Interest expense, net

$184

to

$179

$184

to

$179

Depreciation and amortization

$150

to

$148

$150

to

$148

Tax rate used to calculate adjusted net income attributable to common stockholders

31%

to

29%

31%

to

29%

Non-GAAP Financial Information
Non-GAAP financial measures are reconciled and adjustments are shown and described in further detail in the Financial Schedules that follow. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. In addition to the foregoing non-GAAP financial measures, we present certain key metrics as performance measures which are further described in our most recent Annual Report on Form 10-K, and which may be updated in our periodic filings with the U.S. Securities and Exchange Commission.

First Quarter 2026 Financial Results Conference Call
The Company will hold a conference call on May 5, 2026 at 8:30 a.m. ET to discuss these financial results and provide an update on business conditions. Participants may access the call by dialing (877) 407-8289 or (201) 689-8341 for international callers. A live webcast of the call will also be available in the Investor Relations section of the Company's website at ir.mvwc.com. An audio replay of the conference call will be available for 30 days on the Company’s website.

About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products, and services. The Company has 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates an exchange network and membership programs comprised of more than 3,200 affiliated resorts in over 90 countries and territories, and provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and an affiliate of Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.

The Company routinely posts important information, including news releases, announcements and other statements about its business and results of operations, that may be deemed material to investors on the Investor Relations section of the Company’s website, www.marriottvacationsworldwide.com. The Company uses its website as a means of disclosing material, nonpublic information and for complying with the Company’s disclosure obligations under Regulation FD. Investors should monitor the Investor Relations section of the Company’s website in addition to following the Company’s press releases, filings with the SEC, public conference calls and webcasts.

Note on forward-looking statements
This press release and accompanying schedules contain “forward-looking statements” within the meaning of federal securities laws, including statements about opportunities for growth, enhanced operational efficiencies and cost savings, expected asset sales, expected Adjusted EBITDA and increase in contract sales for the second quarter, and full year 2026 outlook for contract sales, results of operations and cash flow.

Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions. The Company cautions you that these statements are not guarantees of future performance and are subject to numerous and evolving risks and uncertainties that we may not be able to predict or assess, such as: uncertainty in the current global macroeconomic environment created by rapid governmental policy and regulatory changes, including those affecting international trade; future health crises and related governmental responses and their potential adverse effects; variations in demand for vacation ownership and exchange products and services; failure of vendors and other third parties to timely comply with their contractual obligations; worker absenteeism; price inflation; difficulties associated with implementing new or maintaining existing technologies; the ability to use artificial intelligence (“AI”) technologies successfully and potential business, compliance, or reputational risks associated with the use of AI technologies; changes in privacy laws; the impact of a future banking crisis; impacts from natural or man-made disasters and wildfires, including the Maui and Los Angeles area wildfires; delinquency and default rates; global supply chain disruptions; volatility in the international and national economy and credit markets, the impacts of ongoing global conflicts and related sanctions and other measures; our ability to attract and retain our global workforce; competitive conditions; the availability of capital to finance growth; the impact of changes in interest rates; the effects of steps we have taken and may continue to take to reduce operating costs and accelerate growth and profitability; political or social strife; and other matters referred to under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, and which may be updated in our future periodic filings with the U.S. Securities and Exchange Commission.

All forward-looking statements in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. There may be other risks and uncertainties that we cannot predict at this time or that we currently do not expect will have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause our results to differ materially from those we express in forward-looking statements.

Financial Schedules Follow

MARRIOTT VACATIONS WORLDWIDE CORPORATION

FINANCIAL SCHEDULES

QUARTER 1, 2026

TABLE OF CONTENTS

  Summary Financial Information and Adjusted EBITDA by Segment

A-1

Interim Consolidated Statements of Income

A-2

Adjusted Net Income Attributable to Common Stockholders

Adjusted Earnings Per Share - Diluted

A-3

Adjusted EBITDA

A-4

Segment Adjusted EBITDA

Vacation Ownership

A-5

Exchange & Third-Party Management

Contract Sales to Development Profit

A-6

Supplemental Information

A-7

to

A-8

Interim Consolidated Balance Sheets

A-9

Interim Consolidated Statements of Cash Flows

A-10

Free Cash Flow and Adjusted Free Cash Flow

A-12

2026 Outlook - Adjusted Free Cash Flow

A-13

Quarterly Operating Metrics

A-14

Non-GAAP Financial Measures

A-15

A-1

MARRIOTT VACATIONS WORLDWIDE CORPORATION

SUMMARY FINANCIAL INFORMATION

(In millions, except per share amounts)

(Unaudited)

  Three Months Ended

Change
%

March 31, 2026

March 31, 2025

GAAP Measures

Revenues

$

1,257

$

1,200

5%

Revenues excluding cost reimbursements

$

827

$

827

—%

Income before income taxes and noncontrolling interests

$

45

$

102

(56%)

Net income attributable to common stockholders

$

22

$

56

(61%)

Diluted shares

34.8

42.0

(17%)

Earnings per share - diluted

$

0.64

$

1.46

(56%)

Non-GAAP Measures*

Adjusted EBITDA

$

161

$

192

(16%)

Adjusted pretax income

$

72

$

106

(32%)

Adjusted net income attributable to common stockholders

$

43

$

65

(34%)

Adjusted earnings per share - diluted

$

1.24

$

1.66

(25%)

* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use.

A-2 MARRIOTT VACATIONS WORLDWIDE CORPORATION

INTERIM CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

(Unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

REVENUES

Sale of vacation ownership products

$

343

$

355

Management and exchange

216

215

Rental

176

169

Financing

92

88

Cost reimbursements

430

373

TOTAL REVENUES

1,257

1,200

EXPENSES

Cost of vacation ownership products

46

42

Marketing and sales

242

234

Management and exchange

120

117

Rental

140

123

Financing

41

36

Royalty fee

28

28

General and administrative

64

61

Depreciation and amortization

34

38

Litigation charges

2

7

Modernization†

16

10

Restructuring†

6

—

Impairment†

—

2

Cost reimbursements

430

373

TOTAL EXPENSES

1,169

1,071

Gains and other income, net

2

13

Interest expense, net

(44

)

(40

)

Other

(1

)

—

INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS

45

102

Provision for income taxes

(23

)

(45

)

NET INCOME

22

57

Net income attributable to noncontrolling interests

—

(1

)

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

22

$

56

EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic shares

34.5

35.1

Basic

$

0.64

$

1.60

Diluted shares

34.8

42.0

Diluted

$

0.64

$

1.46

  † Prior year amounts have been reclassified to conform with our current year presentation. Please see “Non-GAAP Financial Measures” for additional information.

A-3

MARRIOTT VACATIONS WORLDWIDE CORPORATION

ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS AND

ADJUSTED EARNINGS PER SHARE - DILUTED

(In millions, except per share amounts)

(Unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

Net income attributable to common stockholders

$

22

$

56

Provision for income taxes

23

45

Income before income taxes attributable to common stockholders

45

101

Certain items:

Gain on disposition of hotel, land, and other

(3

)

—

Foreign currency translation

3

(3

)

Insurance proceeds

—

(7

)

Change in indemnification asset

3

—

Change in estimates relating to pre-acquisition contingencies

(4

)

(2

)

Other

(1

)

(1

)

Gains and other income, net

(2

)

(13

)

Litigation charges

2

7

Modernization†

16

10

Restructuring†

6

—

Impairment†

—

2

Other

5

(1

)

Adjusted pretax income*

72

106

Provision for income taxes

(29

)

(41

)

Adjusted net income attributable to common stockholders*

$

43

$

65

Diluted shares

37.9

42.0

Adjusted earnings per share - Diluted*

$

1.24

$

1.66

  * Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use.

† Prior year amounts have been reclassified to conform with our current year presentation. Please see “Non-GAAP Financial Measures” for additional information.

A-4

MARRIOTT VACATIONS WORLDWIDE CORPORATION

ADJUSTED EBITDA

(In millions)

(Unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

Net income attributable to common stockholders

$

22

$

56

Interest expense, net

44

40

Provision for income taxes

23

45

Depreciation and amortization

34

38

Share-based compensation

10

7

Amortization of cloud computing software implementation costs

1

1

Certain items:

Gain on disposition of hotel, land, and other

(3

)

—

Foreign currency translation

3

(3

)

Insurance proceeds

—

(7

)

Change in indemnification asset

3

—

Change in estimates relating to pre-acquisition contingencies

(4

)

(2

)

Other

(1

)

(1

)

Gains and other income, net

(2

)

(13

)

Litigation charges

2

7

Modernization†

16

10

Restructuring†

6

—

Impairment†

—

2

Other

5

(1

)

Adjusted EBITDA*

$

161

$

192

Adjusted EBITDA Margin*

19.5%

23.2%

  * Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use.

† Prior year amounts have been reclassified to conform with our current year presentation. Please see “Non-GAAP Financial Measures” for additional information.

A-5

MARRIOTT VACATIONS WORLDWIDE CORPORATION

(In millions)

(Unaudited)

VACATION OWNERSHIP SEGMENT ADJUSTED EBITDA

  Three Months Ended

March 31, 2026

March 31, 2025

Segment financial results attributable to common stockholders

$

167

$

198

Depreciation and amortization

24

26

Share-based compensation

2

1

Amortization of cloud computing software implementation costs

1

1

Certain items:

Gain on disposition of hotel, land, and other

(3

)

—

Insurance proceeds

—

(7

)

Change in estimates relating to pre-acquisition contingencies

(4

)

(2

)

Gains and other income, net

(7

)

(9

)

Litigation charges

1

4

Segment Adjusted EBITDA*

$

188

$

221

Segment Adjusted EBITDA Margin*

24.8%

29.2%

EXCHANGE & THIRD-PARTY MANAGEMENT SEGMENT ADJUSTED EBITDA

  Three Months Ended

March 31, 2026

March 31, 2025

Segment financial results attributable to common stockholders

$

19

$

18

Depreciation and amortization

5

7

Share-based compensation

1

1

Certain items:

Impairment†

—

2

Other

(1

)

—

Segment Adjusted EBITDA*

$

24

$

28

Segment Adjusted EBITDA Margin*

44.9%

49.0%

* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use.

† Prior year amounts have been reclassified to conform with our current year presentation. Please see “Non-GAAP Financial Measures” for additional information.

A-6

MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONTRACT SALES TO DEVELOPMENT PROFIT

(In millions)

(Unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

Contract sales

$

411

$

420

Less resales contract sales

(6

)

(9

)

Contract sales, net of resales

405

411

Plus:

Settlement revenue

10

9

Resales revenue

2

4

Revenue recognition adjustments:

Reportability

(2

)

5

Sales reserve

(50

)

(50

)

Other(1)

(22

)

(24

)

Sale of vacation ownership products

343

355

Less:

Cost of vacation ownership products

(46

)

(42

)

Marketing and sales

(242

)

(234

)

Development Profit

$

55

$

79

Development Profit Margin

16.1%

22.2%

(1) Adjustment for sales incentives that will not be recognized as Sale of vacation ownership products revenue and other adjustments to Sale of vacation ownership products revenue.

A-7

MARRIOTT VACATIONS WORLDWIDE CORPORATION

SUPPLEMENTAL INFORMATION

(In millions and Unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

Change

DEVELOPMENT PROFIT

Sale of vacation ownership products revenue

$

343

$

355

(3%)

Cost of vacation ownership products expense

(46

)

(42

)

(9%)

Marketing and sales expense

(242

)

(234

)

(3%)

Development Profit

55

79

(30%)

Development Profit Margin

16.1%

22.2%

(610 bps)

MANAGEMENT AND EXCHANGE PROFIT

Vacation Ownership Segment

156

155

1%

Exchange & Third-Party Management Segment

44

46

(5%)

Corporate and Other(1)

16

14

11%

Management and Exchange Revenue

216

215

—%

Vacation Ownership Segment

(72

)

(72

)

—%

Exchange & Third-Party Management Segment

(30

)

(29

)

(1%)

Corporate and Other(1)

(18

)

(16

)

(14%)

Management and Exchange Expense

(120

)

(117

)

(2%)

Management and Exchange Profit

96

98

(2%)

Management and Exchange Profit Margin

44.6%

45.7%

(110 bps)

RENTAL PROFIT

Vacation Ownership Segment

167

159

5%

Exchange & Third-Party Management Segment

9

10

(12%)

Corporate and Other(1)

—

—

NM

Rental Revenue

176

169

4%

Vacation Ownership Segment

(143

)

(126

)

(14%)

Exchange & Third-Party Management Segment

—

—

NM

Corporate and Other(1)

3

3

(8%)

Rental Expense

(140

)

(123

)

(14%)

Rental Profit

36

46

(22%)

Rental Profit Margin

20.1%

27.0%

(690 bps)

FINANCING PROFIT

Financing Revenue

92

88

4%

Financing Expense

(41

)

(36

)

(13%)

Financing Profit

51

52

(2%)

Financing Profit Margin

55.8%

59.3%

(350 bps)

OTHER

General and administrative

(64

)

(61

)

(5%)

Royalty fee

(28

)

(28

)

(2%)

Other(2)

15

6

154%

ADJUSTED EBITDA*

$

161

$

192

(16%)

Adjusted EBITDA Margin

19.5%

23.2%

(370 bps)

  * Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use.

(1) Amounts included in Corporate and other represent the impact of the consolidation of certain owners’ associations under the Financial Accounting Standards Board Accounting Standard Codification Topic 810, “Consolidation,” and represents the portion attributable to individual or third-party vacation ownership interest owners.

(2) Includes share-based compensation, amortization of cloud computing software implementation costs, net income or loss attributable to noncontrolling interests, and other.

NM = Not meaningful

A-8

MARRIOTT VACATIONS WORLDWIDE CORPORATION

SUPPLEMENTAL INFORMATION - MANAGEMENT AND EXCHANGE REVENUE

(In millions and Unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Change

ANCILLARY REVENUE

Vacation Ownership Segment

$

65

$

65

—%

Exchange & Third-Party Management Segment

1

1

2%

Corporate and Other(1)

—

—

NM

Ancillary Revenue

66

66

—%

MANAGEMENT FEE REVENUE

Vacation Ownership Segment

56

55

1%

Exchange & Third-Party Management Segment

2

3

(40%)

Corporate and Other(1)

(1

)

(1

)

—%

Management Fee Revenue

57

57

(1%)

EXCHANGE AND OTHER SERVICES REVENUE

Vacation Ownership Segment

35

35

1%

Exchange & Third-Party Management Segment

41

42

(2%)

Corporate and Other(1)

17

15

10%

Exchange and Other Services Revenue

93

92

1%

TOTAL MANAGEMENT AND EXCHANGE REVENUE

$

216

$

215

—%

  (1) Amounts included in Corporate and other represent the impact of the consolidation of certain owners’ associations under the Financial Accounting Standards Board Accounting Standard Codification Topic 810, “Consolidation,” and represents the portion attributable to individual or third-party vacation ownership interest owners.

A-9

MARRIOTT VACATIONS WORLDWIDE CORPORATION

INTERIM CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share data)

  Unaudited

March 31, 2026

December 31, 2025

ASSETS

Cash and cash equivalents

$

268

$

406

Restricted cash (including $93 and $81 from VIEs, respectively)

328

327

Accounts and contracts receivable, net (including $17 and $15 from VIEs, respectively)

416

428

Vacation ownership notes receivable, net (including $2,070 and $1,900 from VIEs, respectively)

2,567

2,565

Inventory

680

692

Property and equipment, net(1)

944

950

Goodwill

2,958

2,958

Intangibles, net

696

711

Other (including $165 and $168 from VIEs, respectively)

779

720

TOTAL ASSETS

$

9,636

$

9,757

LIABILITIES AND EQUITY

Accounts payable

$

270

$

358

Advance deposits

172

163

Accrued liabilities (including $4 and $4 from VIEs, respectively)

383

376

Deferred revenue and other

466

371

Payroll and benefits liability

221

218

Deferred compensation liability

214

225

Securitized debt, net (including $2,329 and $2,173 from VIEs, respectively)

2,304

2,146

Debt, net

3,265

3,534

Other

120

142

Deferred taxes

229

231

TOTAL LIABILITIES

7,644

7,764

Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding

—

—

Common stock — $0.01 par value; 100,000,000 shares authorized; 75,897,059 and 75,891,531 shares issued, respectively

1

1

Treasury stock — at cost; 41,561,920 and 41,767,498 shares, respectively

(2,415

)

(2,427

)

Additional paid-in capital

3,989

3,996

Accumulated other comprehensive loss

(12

)

(11

)

Retained earnings

429

434

TOTAL MVW STOCKHOLDERS' EQUITY

1,992

1,993

Noncontrolling interests

—

—

TOTAL EQUITY

1,992

1,993

TOTAL LIABILITIES AND EQUITY

$

9,636

$

9,757

The abbreviation VIEs above means Variable Interest Entities.

(1) Includes $230 million and $224 million at March 31, 2026 and December 31, 2025, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products.

A-10

MARRIOTT VACATIONS WORLDWIDE CORPORATION

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions and unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

OPERATING ACTIVITIES

Net income

$

22

$

57

Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used in) provided by operating activities:

Depreciation and amortization of intangibles

34

38

Amortization of debt discount and issuance costs

5

5

Vacation ownership notes and contracts receivable reserve

50

50

Share-based compensation

10

7

Impairment

—

2

Foreign currency remeasurement loss (gain)

3

(3

)

Deferred income taxes

(1

)

(15

)

Net change in assets and liabilities:

Accounts and contracts receivable

15

—

Vacation ownership notes receivable originations

(241

)

(233

)

Vacation ownership notes receivable collections

185

176

Inventory

11

1

Other assets

(122

)

(129

)

Accounts payable, advance deposits and accrued liabilities

(47

)

(13

)

Deferred revenue and other

95

88

Payroll and benefit liabilities

4

(13

)

Deferred compensation liability

(8

)

(5

)

Other liabilities

(15

)

(5

)

Purchase and development of property for future transfer to inventory

—

(2

)

Other, net

(4

)

2

Net cash, cash equivalents and restricted cash (used in) provided by operating activities

(4

)

8

INVESTING ACTIVITIES

Proceeds from disposition of entity

50

—

Capital expenditures for property and equipment (excluding inventory)

(8

)

(14

)

Purchase of company owned life insurance

—

(4

)

Net cash, cash equivalents and restricted cash provided by (used in) investing activities

42

(18

)

A-11

MARRIOTT VACATIONS WORLDWIDE CORPORATION

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In millions and unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

FINANCING ACTIVITIES

Borrowings from securitization transactions

354

206

Repayment of debt related to securitization transactions

(198

)

(197

)

Proceeds from debt

885

340

Repayments of debt

(1,152

)

(277

)

Finance lease payment

(2

)

(2

)

Payment of debt and securitized debt issuance costs

—

(5

)

Repurchase of common stock

—

(36

)

Payment of dividends

(55

)

(55

)

Payment of withholding taxes on vesting of restricted stock units

(6

)

(6

)

Net cash, cash equivalents and restricted cash used in financing activities

(174

)

(32

)

Effect of changes in exchange rates on cash, cash equivalents and restricted cash

(1

)

1

Change in cash, cash equivalents and restricted cash

(137

)

(41

)

Cash, cash equivalents and restricted cash, beginning of period

733

528

Cash, cash equivalents and restricted cash, end of period

$

596

$

487

A-12

MARRIOTT VACATIONS WORLDWIDE CORPORATION

FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

(In millions and unaudited)

  Three Months Ended

March 31, 2026

March 31, 2025

Cash, cash equivalents, and restricted cash (used in) provided by operating activities

$

(4

)

$

8

Capital expenditures for property and equipment (excluding inventory)

(8

)

(14

)

Borrowings from securitizations, net of repayments

156

9

Free cash flow*

144

3

Adjustments:

Proceeds from Cancun disposition

50

—

Net change in borrowings available from the securitization of eligible vacation ownership notes receivable(1)

(97

)

(12

)

Other(2)

17

49

Adjusted free cash flow*

$

114

$

40

  * Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use.

(1) Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable compared to the prior year end.

(2) Includes the after-tax impact of Modernization costs, restructuring costs, and other, as well as the changes in restricted cash.

A-13

MARRIOTT VACATIONS WORLDWIDE CORPORATION

2026 ADJUSTED FREE CASH FLOW OUTLOOK

(In millions)

Fiscal Year 2026 Guidance

Previous
Fiscal Year 2026 Guidance

Low

High

Low

High

Adjusted EBITDA*

$

755 $

780 $

755 $

780 Cash interest

(170 )

(165 )

(170 )

(165 )

Cash taxes

(115 )

(120 )

(115 )

(120 )

Corporate capital expenditures

(65 )

(80 )

(65 )

(80 )

Inventory

—

15 —

15 Financing activity and other

(30 )

(5 )

(30 )

(5 )

Adjusted free cash flow*

$

375 $

425 $

375 $

425 The guidance provided above excludes impacts from certain asset sales, foreign currency changes, restructuring costs, litigation charges, modernization costs, transaction and integration costs, and impairments, each of which the Company cannot forecast with sufficient accuracy to factor them into the guidance provided above and without unreasonable efforts, and which may be significant. As a result, the full year 2026 adjusted free cash flow outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures. Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.

* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use.

A-14

    MARRIOTT VACATIONS WORLDWIDE CORPORATION

  QUARTERLY OPERATING METRICS

  (Contract sales in millions)

      Year

Quarter Ended

  March 31

June 30

September 30

December 31

Full Year

Vacation Ownership

  Contract sales

  2026

$

411

  2025

$

420

$

445

$

439

$

458

$

1,762

  2024

$

428

$

449

$

459

$

477

$

1,813

    VPG

  2026

$

4,016

  2025

$

3,979

$

3,631

$

3,700

$

3,894

$

3,794

  2024

$

4,129

$

3,741

$

3,888

$

3,916

$

3,911

    Tours

  2026

95,250

  2025

97,998

114,402

109,609

109,965

431,974

  2024

96,579

111,752

110,557

113,828

432,716

    Exchange & Third-Party Management

  Total active Interval International members(1)

  2026

1,507,043

  2025

1,537,561

1,507,051

1,499,208

1,507,345

1,507,345

  2024

1,565,558

1,530,490

1,544,835

1,545,638

1,545,638

    Average revenue per Interval International member

  2026

$

39.13

  2025

$

39.94

$

37.40

$

37.91

$

35.30

$

150.51

  2024

$

41.74

$

38.30

$

38.93

$

35.36

$

154.34

    (1) Includes members at the end of each period.

 

Marriott Vacations Worldwide (VAC - Free Report) came out with quarterly earnings of $1.24 per share, missing the Zacks Consensus Estimate of $1.6 per share. This compares to earnings of $1.66 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -22.38%. A quarter ago, it was expected that this timeshare company would post earnings of $1.72 per share when it actually produced earnings of $1.86, delivering a surprise of +8.14%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Marriott Vacations Worldwide, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $1.26 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 5.10%. This compares to year-ago revenues of $1.2 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Marriott Vacations Worldwide shares have added about 21.7% since the beginning of the year versus the S&P 500's gain of 5.2%.

What's Next for Marriott Vacations Worldwide?While Marriott Vacations Worldwide has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Marriott Vacations Worldwide was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.97 on $1.25 billion in revenues for the coming quarter and $7.21 on $5.11 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Expedia (EXPE - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This online travel company is expected to post quarterly earnings of $1.41 per share in its upcoming report, which represents a year-over-year change of +252.5%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level.

Expedia's revenues are expected to be $3.34 billion, up 11.9% from the year-ago quarter.

For the quarter ended March 2026, Marriott Vacations Worldwide (VAC - Free Report) reported revenue of $1.26 billion, up 4.8% over the same period last year. EPS came in at $1.24, compared to $1.66 in the year-ago quarter.

The reported revenue represents a surprise of +5.1% over the Zacks Consensus Estimate of $1.2 billion. With the consensus EPS estimate being $1.60, the EPS surprise was -22.38%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Marriott Vacations Worldwide performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Cost reimbursements: $430 million compared to the $384.46 million average estimate based on three analysts. The reported number represents a change of +15.3% year over year.Revenues- Rental: $176 million versus the three-analyst average estimate of $165.29 million. The reported number represents a year-over-year change of +4.1%.Revenues- Management and exchange: $216 million versus $216.77 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +0.5% change.Revenues- Sales of vacation ownership products: $343 million versus the three-analyst average estimate of $338.9 million. The reported number represents a year-over-year change of -3.4%.Revenues- Financing: $92 million versus $90.26 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4.6% change.View all Key Company Metrics for Marriott Vacations Worldwide here>>>

Shares of Marriott Vacations Worldwide have returned +3.4% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

Marriott Vacations Worldwide Corporation (VAC) Q1 2026 Earnings Call Transcript

-

ORLANDO, Fla.--(BUSINESS WIRE)--Marriott Vacations Worldwide (NYSE: VAC) announced today that Mike Flaskey, President and Chief Operating Officer and Jason Marino, Executive Vice President and Chief Financial Officer, will participate in a fireside chat at the Morgan Stanley 4th Annual Travel & Leisure Conference on June 2, 2026, from 8:45 – 9:20 a.m. E.T.

A live webcast of the event will be available in the Investor Relations section of the Company's website at ir.mvwc.com. An audio replay of the conference call will be available for 30 days on the Company’s website.

About Marriott Vacations Worldwide Corporation

Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products, and services. The Company has 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates an exchange network and membership programs comprised of more than 3,200 affiliated resorts in over 90 countries and territories, and provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and an affiliate of Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.

More News From Marriott Vacations Worldwide Corporation

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What happenedAccording to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, GMT Capital Corp. established a new position in Marriott Vacations Worldwide Corporation (VAC +0.89%) during the first quarter, acquiring 1,023,450 shares.

The estimated trade size was $63.41 million, calculated using the average closing price for the quarter. The quarter-end value of the position was $66.65 million, reflecting both the purchase and subsequent price movement.

What else to knowThis new position makes up 3.04% of GMT Capital Corp’s 13F reportable AUM as of March 31, 2026.Top holdings after the filing:NYSE: HBM: $457.23 million (20.9% of AUM)NYSE: DAL: $294.05 million (13.4% of AUM)NASDAQ: JAZZ: $109.84 million (5.0% of AUM)NYSE: ERO: $97.05 million (4.4% of AUM)NASDAQ: UAL: $89.19 million (4.1% of AUM)As of May 14, 2026, Marriott Vacations Worldwide shares were priced at $72.18, up 4.8% over the past year, underperforming the S&P 500 by 22.48 percentage points.Company OverviewMetricValueRevenue (TTM)$5.09 billionNet Income (TTM)($342 million)Dividend Yield4.40%Price (as of market close 2026-05-14)$72.18Company SnapshotMarriott Vacations Worldwide offers vacation ownership products and related services under brands such as Marriott Vacation Club, Sheraton Vacation Club, Westin Vacation Club, and The Ritz-Carlton Destination Club, as well as manages exchange networks and resort management programs.It generates revenue through the development, marketing, sale, and management of vacation ownership interests, complemented by recurring fees from exchange memberships and third-party resort management.The company targets leisure travelers seeking upscale vacation experiences, with a primary customer base comprising individuals and families purchasing timeshare ownership or vacation club memberships.Marriott Vacations Worldwide Corporation is a leading global provider of vacation ownership and related hospitality products, operating a portfolio of over 120 properties across the United States and internationally.

The company leverages a multi-brand strategy and a robust sales network to capture demand in the upscale leisure travel segment. Its competitive advantage lies in its exclusive brand partnerships, diversified revenue streams, and established presence in the vacation ownership industry.

What this transaction means for investorsAtlanta-based GMT Capital’s purchase of Marriott Vacations Worldwide shares is a noteworthy event. It represents a new stake, which suggests the hedge fund is bullish on Marriott stock. The buy was a substantial size as well, placing the stock just outside the fund’s top ten as the eleventh largest holding.

GMT Capital’s stake may have been prompted by the fact that Marriott’s business is doing well. It posted first quarter revenue of $1.3 billion, up from $1.2 billion in the prior year.

The company also produces ample free cash flow (FCF) to fund its robust dividend, currently yielding 4.4%. Marriott forecasted 2026 FCF between $375 million and $425 million, a large increase from 2025’s $145 million.

Marriott stock isn’t cheap. Its price-to-earnings ratio of 13 is elevated compared to the past year, although it’s dropped from a height of 16 reached in 2025. It may be worth picking up shares if the price drops, particularly for income investors planning to hold for the long term.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

It has been about a month since the last earnings report for Marriott Vacations Worldwide (VAC - Free Report) . Shares have added about 9.3% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Marriott Vacations Worldwide due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

VAC Q1 Earnings Miss Estimates, Revenues Beat on Rental GrowthMarriott Vacations reported mixed results for the first quarter of 2026, with adjusted earnings missing the Zacks Consensus Estimate, while revenues surpassed the same. Meanwhile, earnings declined year over year, whereas revenues increased from the prior-year quarter.

Marriott Vacations benefited from higher rental and financing revenues, supported by resilient demand across its vacation ownership portfolio. Management also highlighted progress on cost actions, leadership changes and asset disposition initiatives aimed at improving profitability and cash flow generation. However, lower contract sales, higher marketing and sales costs, increased product costs and softer tour flow weighed on margins during the quarter.

Q1 Earnings & Revenue PerformanceAdjusted earnings per share (EPS) of $1.24 missed the Zacks Consensus Estimate of $1.60 by 22.5%. In the year-ago quarter, it reported adjusted EPS of $1.66.

Quarterly revenues of $1.257 billion surpassed the consensus mark of $1.196 billion by 5.1% and increased 5% on a year-over-year basis.

Segment Highlights of VACVacation Ownership: Revenues excluding cost reimbursements were flat year over year at $758 million. Consolidated contract sales totaled $411 million, down 2% year over year, as tours declined 3%, partially offset by a 1% increase in volume per guest (“VPG”). Segment adjusted EBITDA decreased 15% year over year to $188 million, while margin contracted 440 basis points (bps) year over year to 24.8%.

Management stated that the decline in tours reflected actions to prioritize higher profitability and cash flow in the Asia-Pacific region, along with lower tours from guests with FICO scores below 640. Excluding Asia-Pacific operations, tours declined 1% year over year.

Exchange & Third-Party Management: Revenues excluding cost reimbursements declined 6% year over year to $53 million, primarily due to lower revenue at Aqua-Aston. Segment adjusted EBITDA fell 14% year over year to $24 million, while margin contracted 410 bps year over year to 44.9%.

Total active Interval International members declined 2% year over year to 1.507 million, while average revenue per member fell 2% to $39.13.

Corporate and Other: General and administrative expenses increased $3 million year over year, primarily due to severance-related costs.

Marriott Vacations Margins & ProfitabilityAdjusted EBITDA declined 16% year over year to $161 million. The adjusted EBITDA margin contracted 370 bps year over year to 19.5%.

Development profit decreased 30% year over year to $55 million, while development profit margin contracted 610 bps to 16.1%. The decline reflected lower vacation ownership product revenue and higher marketing and sales expenses.

Financing profit declined 2% year over year to $51 million, while financing profit margin contracted 350 bps to 55.8%.

Rental profit decreased 22% year over year to $36 million, with rental profit margin narrowing 690 bps to 20.1%, reflecting higher rental expenses.

VAC Balance Sheet & LiquidityThe company ended the first quarter with $854 million in liquidity, including $268 million in cash and cash equivalents and $478 million available under its revolving corporate credit facility.

At quarter-end, Marriott Vacations had $3.3 billion of corporate debt and $2.3 billion of non-recourse securitized debt tied to vacation ownership notes receivable.

Inventory totaled $910 million at the end of the quarter, including $230 million classified within property and equipment.

During the quarter, the company closed the sale of the Westin Cancun hotel, generating proceeds of $50 million. Management also noted that additional non-core assets have been listed for sale and are expected to generate more than $125 million in gross proceeds during 2026.

VAC Updates 2026 OutlookFor 2026, Marriott Vacations now expects contract sales in the range of $1.815 billion to $1.885 billion compared with the previous guided range of $1.745 billion to $1.815 billion.

Adjusted EBITDA is projected between $755 million and $780 million. Adjusted net income attributable to common stockholders is expected between $255 million and $285 million.

Adjusted diluted earnings per share are anticipated in the range of $7.05 to $7.80, while adjusted free cash flow is expected between $375 million and $425 million.

Management expects second-quarter 2026 contract sales to increase 4% to 8% year over year, with adjusted EBITDA projected between $187 million and $202 million.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in fresh estimates.

VGM ScoresAt this time, Marriott Vacations Worldwide has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Marriott Vacations Worldwide has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerMarriott Vacations Worldwide belongs to the Zacks Leisure and Recreation Services industry. Another stock from the same industry, Caesars Entertainment (CZR - Free Report) , has gained 5.1% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Caesars Entertainment reported revenues of $2.87 billion in the last reported quarter, representing a year-over-year change of +2.7%. EPS of -$0.48 for the same period compares with -$0.54 a year ago.

Caesars Entertainment is expected to post earnings of $0.05 per share for the current quarter, representing a year-over-year change of +112.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -34%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Caesars Entertainment. Also, the stock has a VGM Score of C.