In fiscal 2025, Marriott Vacations Worldwide generated $5.03 billion in revenue, a 1.3% increase year-over-year, supported by its licensed vacation ownership brands and exchange services. However, the company posted a net loss of $308 million compared to net income of $218 million in 2024, driven by higher credit losses and margin pressures. Operating cash flow declined sharply by over 86%, reflecting timing effects and credit quality issues within its securitized vacation ownership notes receivable portfolio. The company’s leverage remained elevated at approximately 4.2x net debt to adjusted EBITDA despite refinancing efforts extending debt maturities. Capital returns continued with approximately $110 million in dividends and $61 million in share repurchases during the year, with $322 million authorization remaining under the current buyback program.