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Marriott Vacations Worldwide VAC Exchange & Third-Party Management — Accumulated impairment losses to goodwill

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Other financials

Income statement

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Revenue$1.3B+5.9%
Net income$77.0M+11.6%
EPS (diluted)$2.12+19.8%

Balance sheet

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Cash & equivalents$513.0M+9.6%
Total debt$3.9B-2.5%
Total equity$2.1B-17.2%
Total assets$9.5B-4.1%

Cash flow

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Operating cash flow$80.0M+267%
CapEx$14.0M-30.0%
Free cash flow$66.0M+197%

Valuation

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Market cap$4.28B+71.9%
Enterprise value$7.65B+27.5%
P/S0.8×+0.3×

Profitability

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Net margin-6.5%-11.6pp
FCF margin1.4%-1.9pp

Returns & leverage

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Return on equity-14.7%-25.4pp
Debt / equity1.9×+0.3×

Where this comes from

Reported directly by Marriott Vacations Worldwide in its filing.

Tagged under the XBRL concept us-gaap:GoodwillImpairedAccumulatedImpairmentLoss.

The source filing: Marriott Vacations Worldwide’s 10-K, filed March 2, 2026.

Filed
Mar 1, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0001524358-26-000010

We performed our annual goodwill impairment test as of October 1, 2025 and prepared a quantitative assessment for both the Vacation Ownership and the Exchange & Third-Party Management reporting units. We utilized a combination of the income and market approaches to estimate the fair value of our reporting units (Level 3) and concluded that there was no impairment of the Vacation Ownership unit. We recognized a non-cash impairment charge of $159 million in the Impairment line on our Income Statement during 2025 related to the Exchange & Third-Party Management reporting unit, as a result of the change in expected future operating results based on a sustained decline in operating performance in comparison to prior expectations and the impact of market factors, including a decline in our stock price and market capitalization. Accumulated impairment losses to Goodwill in our Exchange & Third-Party Management reporting unit at December 31, 2025 and December 31, 2024 were $232 million and $73 million, respectively.

Item 8. Financial Statements and Supplementary Data

FAQ

What is Marriott Vacations Worldwide's exchange & third-party management — accumulated impairment losses to goodwill?
Marriott Vacations Worldwide (VAC) reported exchange & third-party management — accumulated impairment losses to goodwill of $232M in Q4 2025.
What does exchange & third-party management — accumulated impairment losses to goodwill mean?
Tracks the total historical write-downs applied to goodwill within the segment due to impairment testing. This metric provides a longitudinal view of how much value has been lost from past acquisitions, signaling historical capital allocation challenges. It helps investors understand the cumulative impact of asset underperformance on the balance sheet.

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