EarningsQ2 2026 Earnings Report
MX:VAC Q2 2026 EPS Results
Actual EPS$39.03
Consensus EPS$33.30
Beat/MissBeat by +$5.73
One Year Ago EPS$33.11
MX:VAC Q2 2026 Revenue Results
Actual Revenue$22.30B
Expected Revenue$21.89B
Beat/MissBeat by +$408.67M
YoY Revenue Growth+5.94%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:VAC Upcoming Earnings
Marriott Vacations Worldwide Corporation's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:VAC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational momentum and meaningful financial progress: sharp contract sales and VPG growth, record monthly sales, improved development profit and sizable free cash flow improvement led management to raise EBITDA and cash flow guidance. The company launched multiple commercial initiatives (Tour Logistics, Premier Vacations, Inner Circle) that are already driving higher-quality tour flow and higher VPGs, with additional upside expected as programs scale. Remaining challenges include timing/reportability impacts to recognized revenue, a prudent increase in sales reserves, and elevated leverage (~4x) that management plans to reduce. Overall, the positives—clear execution, upgraded guidance, and large free cash flow gains—materially outweigh the manageable near-term headwinds.Company Guidance
Strong Contract Sales Growth
Contract sales increased 22% year-over-year to $545 million in Q2, with company guidance now expecting full-year contract sales growth of 18%–20% (implying 25%–29% growth in H2).
Significant VPG Improvement
Volume per guest (VPG) rose 23% to $4,477 in the quarter; owner VPG increased ~33% and owner contract sales grew 41% year-over-year.
Adjusted EBITDA and Guidance Raise
Adjusted EBITDA was $215 million in Q2 (up 6% year-over-year). Management raised full-year adjusted EBITDA guidance by $50 million to $805 million–$830 million.
Material Free Cash Flow Improvement
Adjusted free cash flow was $87 million in Q2 and $201 million year-to-date vs. $22 million in the first half of 2025; full-year adjusted free cash flow guidance increased to $410 million–$460 million (up $35 million at midpoint).
Operational Execution and Record Months
Sequential monthly improvement through the quarter culminated in May and June being the two highest sales months in company history; owner arrival-to-tour ratio (Connections) improved by 600 basis points year-over-year.
Successful Commercial Initiatives Launched
Launched Tour Logistics (April), Premier Vacations (June 9) and Inner Circle events (June 22). Tour Logistics contributed to higher conversion and month-over-month VPG improvement; Inner Circle events delivered VPGs well above average.
Improved Development Profit and Cost Efficiency
Development profit increased $14 million year-over-year to $106 million; cost of vacation ownership sales declined 130 basis points as a percent of development revenue; marketing & sales expense as a percent of contract sales decreased 150 basis points year-over-year (700 bps sequential improvement from Q1).
Balance Sheet and Liability Progress
Net corporate debt ended the quarter at $3.1 billion with leverage approximately 4.0x (down from 4.2x in Q1); debt outstanding reduced about $100 million since last June and management expects to prioritize debt repayment alongside dividends and opportunistic buybacks as cash flow grows.
MX:VAC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed