Marriott Vacations Lifts 2026 Contract Sales and EBITDA Midpoints

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter contract sales reached $565 million, up 29%, and the company lifted full-year contract sales guidance to a $2,120 million to $2,140 million range.

Marriott Vacations Worldwide Corporation (VAC) reported contract sales of $565 million in the third quarter, up 29% from a year earlier, accelerating from 22% growth in the second quarter. Volume per guest rose 30% to $4,822, after a 23% year-over-year increase to $4,477 in the prior quarter.

The Orlando-based vacation ownership company said the higher volume per guest reflected larger average transactions from sales execution and product and operational enhancements introduced in the second quarter. Tours fell 2% year over year to 107,687, after a 1% decline in the second quarter. North America tours rose 4%. The company attributed the total-tour decline to deliberate actions to prioritize profitability and cash flow in Asia-Pacific.

Vacation Ownership revenues excluding cost reimbursements were $857 million, up 15% year over year, after a 10% increase in the second quarter. Segment Adjusted EBITDA rose 30% year over year to $255 million, after a 7% increase in the second quarter. Segment Adjusted EBITDA margin was 29.6%. Segment financial results attributable to common stockholders were $220 million, with a 25.7% segment margin.

The company said segment Adjusted EBITDA increased primarily on higher contract sales and lower average cost of vacation ownership products, partially offset by lower rental profit from higher inventory costs and the partial closure of five resorts in Kauai, Hawaii, after Hurricane Lowell. It attributed the margin increase to lower sales and marketing as a percentage of revenue and lower product cost rates. Development profit rose 97% year over year to $142 million, with a development profit margin of 31.0%.

The sales reserve was 14.8% of contract sales, compared with 13.4% in the second quarter, after origination of an additional $60 million of receivables. The company said those receivables are expected to generate incremental financing profit over time.

Consolidated revenues excluding cost reimbursements were $921 million, up 14% year over year. Net income attributable to common stockholders was $82 million, or $2.24 a share, versus a $2 million net loss, or $0.07 a share, a year earlier. Adjusted net income was $98 million, or $2.64 a share. Adjusted EBITDA increased 27% year over year to $216 million, after a 6% increase in the second quarter. Adjusted EBITDA margin was 23.4%.

Exchange & Third-Party Management revenues excluding cost reimbursements declined 5% year over year to $48 million, after a 2% decline in the second quarter. Segment Adjusted EBITDA was $21 million. Total active Interval International members were 1,480 thousand, down 1% year over year. Average revenue per member was $37.

The company raised the midpoint of full-year 2026 contract sales and Adjusted EBITDA guidance to $2,130 million and $820 million. Contract sales guidance is now $2,120 million to $2,140 million, versus a prior range of $2,080 million to $2,115 million. Adjusted EBITDA guidance is $810 million to $830 million, versus $805 million to $830 million. The company said the increase comes despite an estimated $16 million adverse impact to Adjusted EBITDA from Hurricane Lowell in the second half of 2026. Adjusted net income guidance rose to $315 million to $335 million, and adjusted diluted earnings per share to $8.65 to $9.15. Adjusted free cash flow guidance was narrowed to $410 million to $430 million.

Liquidity was about $1.1 billion at quarter-end, including $229 million of cash and $776 million of revolving capacity. Net corporate leverage declined to 3.6 times from 4.0 times at the end of the second quarter. Corporate debt was $3.0 billion and non-recourse securitized notes $2.4 billion. During the quarter the company generated $66 million of net proceeds from Asia Pacific vacation ownership notes receivable sales at 6.70%. After quarter-end it completed a $460 million term securitization at a 5.91% weighted average coupon and a 98% advance rate. The board extended the remaining $322 million share repurchase authorization to December 31, 2027.