VAC FINANCIAL STATEMENTS

Marriot Vacations Worldwide — balance sheet, income statement and cash flow trends

VACMarriot Vacations Worldwide

🇺🇸 USA · NYSE · Consumer Cyclical · Resorts & Casinos

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue4.6 B $-6.7%

Gross Profit1.2 B $-51.9%

Operating Income503 M $-61.4%

EBITDA-81 M $-112.8%

Net Income-342 M $-250.7%

Peer Comparison· Resorts & Casinos

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
VAC	-6.7%	26.8%	-1.7%	-7.4%
TOASO	188.8%	6.7%	3.4%	2.9%
BRG	10.9%	19.4%	15.5%	7.6%
HVN	48.2%	44.2%	23.9%	11.3%
LNW	3.9%	73.9%	32.2%	7.4%
APE	16.5%	12.8%	5.7%	1.7%
Industry median	3.4%	44.2%	25.1%	3.8%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
VAC	-6.7%	26.8%	-1.7%	-7.4%
PENN	6.4%	29.7%	-1.7%	-13.5%
HGV	4.2%	56.8%	25.3%	3.8%
MTN	-4.3%	55.5%	26.1%	6.3%
MCRI	5.8%	51.6%	34.4%	19.6%
CZR	2.3%	43.9%	28.4%	-4.2%
Industry median	3.4%	44.2%	25.1%	3.8%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity2 B $21%
Current Liabilities161 M $2%
Long-term Liabilities7.5 B $78%

Key Figures

YoY change

Total Assets9.6 B $-2.5%

Total Liabilities7.6 B $+2.6%

Total Equity2 B $-18.2%

Cash & ST Investments268 M $+36.7%

Total Debt5.6 B $+6.6%

Net Debt5.4 B $+5.4%

Peer Comparison· Resorts & Casinos

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
VAC	8.47	283.5%	-66.41	20.7%
TOASO	1.57	117.7%	3.61	29.4%
BRG	1.98	32.8%	0.60	58.3%
HVN	1.64	76.1%	2.82	55.9%
LNW	1.78	1,661.7%	4.68	4.9%
APE	1.09	202.1%	4.41	30.1%
Industry median	0.98	115.3%	3.91	10.0%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
VAC	8.47	283.5%	-66.41	20.7%
PENN	0.82	451.8%	-61.96	13.0%
HGV	4.33	617.8%	5.23	10.0%
MTN	0.91	590.4%	3.91	9.7%
MCRI	0.98	2.4%	-0.56	75.8%
CZR	0.85	729.7%	7.32	10.8%
Industry median	0.98	115.3%	3.91	10.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow16 M $-92.4%

Capital Expenditures51 M $-7.3%

Free Cash Flow-35 M $-122.6%

Dividends Paid0 $-100.0%

Peer Comparison· Resorts & Casinos

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
VAC	0.3%	-0.8%	1.1%	-4.7%
TOASO	-0.9%	-6.3%	1.9%	-30.6%
BRG	10.5%	7.6%	2.9%	138.5%
HVN	12.9%	10.0%	2.8%	114.0%
LNW	22.5%	12.8%	9.7%	304.1%
APE	3.5%	3.0%	0.5%	202.5%
Industry median	15.4%	6.9%	6.6%	46.5%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
VAC	0.3%	-0.8%	1.1%	-4.7%
PENN	8.3%	-0.8%	9.1%	-61.5%
HGV	7.5%	6.3%	1.2%	196.0%
MTN	16.8%	8.4%	8.4%	266.9%
MCRI	31.8%	27.8%	4.0%	162.0%
CZR	11.1%	4.3%	6.9%	-265.6%
Industry median	15.4%	6.9%	6.6%	46.5%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.