The strong beat and raised guidance confirm a turnaround from Q1's weakness, driven by VPG growth and operational execution. Monitor Q3 contract sales and VPG trends to validate sustainability; the raised guidance midpoint implies ~$530M in quarterly contract sales for H2, which is achievable given Q2's $545M run-rate.
Price Chart
Executive Summary
Marriott Vacations Worldwide reported a strong Q2 2026 beat, with adjusted EPS of $2.31 (+15.4% vs $2.00 consensus) and total revenue of $1.32B (+6% YoY). The company raised full-year guidance across all key metrics, including contract sales to $2.08-$2.115B and Adjusted EBITDA to $805-$830M, signaling accelerating operational momentum and improved execution after a weak Q1.
Key Financial Metrics
Key Facts
- Contract sales surged 22% YoY to $545M, driven by a 23% increase in VPG to $4,477.
- Adjusted EPS of $2.31 beat consensus of $2.00 by 15.4%; GAAP EPS of $2.12 beat $1.77 YoY.
- Full-year guidance raised: Contract sales to $2.08-$2.115B (prev. $1.815-$1.885B), Adjusted EBITDA to $805-$830M (prev. $755-$780M), and Adjusted FCF to $410-$460M (prev. $375-$425M).
- Net corporate leverage declined to 4.0x from 4.2x QoQ, with total liquidity of $928M.
- Vacation Ownership segment Adjusted EBITDA grew 7% to $246M, though margin contracted 90bps to 28.9%.
Financial Impact
Raised full-year guidance implies ~$50M incremental Adjusted EBITDA and ~$50M incremental Adjusted FCF at the midpoint vs prior guidance.
Risk Factors
- Vacation Ownership segment margin contracted 90bps despite higher sales, driven by higher marketing costs and unsold maintenance fee expense.
- Exchange Third-Party Management segment Adjusted EBITDA declined 7% YoY, with active members down 2% and average revenue per member down 2%.
- The company's net corporate leverage of 4.0x remains elevated, though improving.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001524358-26-000035 |
| Document: vac-20260806.htm | 0001524358-26-000035 |
| Document: 0001524358-26-000035-index-headers.html | 0001524358-26-000035 |
| Document: 0001524358-26-000035-index.html | 0001524358-26-000035 |
| Document: 0001524358-26-000035.txt | 0001524358-26-000035 |
| 8-K Data (Synthetic) | 0001524358-26-000035 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 9w ago | Insider Cluster | $110.28 $103.02 | ▲ +6.58% | ▲ +6.58% | $110.95 (−0.61%) |
Aug 10, 2026 10w ago | 144 | $113.24 $102.41 | ▼ −9.56% | ▼ −8.65% | $110.95 (−2.02%) |
Aug 6, 2026 11w ago | 8-K | $124.75 $99.21 | ▼ −20.47% | ▼ −21.07% | $110.95 (−11.06%) |
Jul 21, 2026 13w ago | 8-K | $97.98 $115.04 | ▲ +17.41% | ▲ +14.85% | $110.95 (+13.24%) |
May 18, 2026 22w ago | 8-K | $69.56 $93.96 | ▲ +35.09% | ▲ +34.10% | $110.95 (+59.51%) |
May 5, 2026 24w ago | 8-K | $73.72 $89.66 | ▼ −21.62% | ▼ −16.67% | $110.95 (−50.50%) |
Feb 25, 2026 34w ago | 8-K | $66.86 $70.22 | ▼ −5.02% | ▼ −11.42% | $110.95 (−65.94%) |
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