VAC (Marriott Vacations Worldwide) Operating Income: $424 Mil (TTM As of Mar. 2026)


VAC Marriott Vacations Worldwide Corp VAC
84 GF Score
Price $97.87
GF Value $102.55
Valuation Fairly Valued
! 7 Warning Signs
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What is Marriott Vacations Worldwide Operating Income?

Marriott Vacations Worldwide VAC -2.37% 84 Operating Income is $424 Mil as of Mar. 2026. GuruFocus rates VAC with a GF Score™ of 84/100 and a GF Value™ of $102.55 (Fairly Valued). The stock has 7 warning signs investors should review.

Marriott Vacations Worldwide's Operating Income for the three months ended in Mar. 2026 was $96 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $424 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Marriott Vacations Worldwide's Operating Income for the three months ended in Mar. 2026 was $96 Mil. Marriott Vacations Worldwide's Revenue for the three months ended in Mar. 2026 was $1,257 Mil. Therefore, Marriott Vacations Worldwide's Operating Margin % for the quarter that ended in Mar. 2026 was 7.64%.

Good Sign:

Marriott Vacations Worldwide Corp operating margin is expanding. Margin expansion is usually a good sign.

Marriott Vacations Worldwide's 5-Year average Growth Rate for Operating Margin % was 31.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Marriott Vacations Worldwide's annualized ROC % for the quarter that ended in Mar. 2026 was 2.17%. Marriott Vacations Worldwide's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 37.59%.

Marriott Vacations Worldwide  (NYSE:VAC) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Marriott Vacations Worldwide's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=384 * ( 1 - 51.11% )/( (8617 + 8715)/ 2 )
=187.7376/8666
=2.17 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=9757 - 734 - ( 406 - max(0, 1323 - 4418+406))
=8617

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=9636 - 653 - ( 268 - max(0, 1340 - 4259+268))
=8715

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Marriott Vacations Worldwide's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=356/( ( (950 + max(-33, 0)) + (944 + max(-56, 0)) )/ 2 )
=356/( ( 950 + 944 )/ 2 )
=356/947
=37.59 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(271 + 692 + 327) - (734 + 371 + 218)
=-33

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(276 + 680 + 328) - (653 + 466 + 221)
=-56

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Marriott Vacations Worldwide's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=96/1257
=7.64 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Marriott Vacations Worldwide Operating Income Related Terms

Marriott Vacations Worldwide Operating Income Historical Data

* Premium members only.

The historical data trend for Marriott Vacations Worldwide's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Marriott Vacations Worldwide Operating Income Chart

Marriott Vacations Worldwide Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 463.00 797.00 587.00 549.00 432.00

Marriott Vacations Worldwide Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 138.00 151.00 68.00 109.00 96.00
VAC
84GF Score
Marriott Vacations Worldwide Corp VAC
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Marriott Vacations Worldwide Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $424 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $424 Mil mean?
Marriott Vacations Worldwide (VAC) has a Operating Income of $424 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Marriott Vacations Worldwide and its competitors.
Is Marriott Vacations Worldwide's Operating Income too high?
Marriott Vacations Worldwide's current Operating Income is $424 Mil. Overall, Marriott Vacations Worldwide has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Marriott Vacations Worldwide's Operating Income compare to RRR and PENN?
Marriott Vacations Worldwide's Operating Income of $424 Mil can be compared against companies in the Travel & Leisure industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Travel & Leisure company?
A good Operating Income depends on the Travel & Leisure industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Marriott Vacations Worldwide and its competitors. Marriott Vacations Worldwide's current Operating Income is $424 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Marriott Vacations Worldwide stock overvalued right now?
Based on GuruFocus' analysis, Marriott Vacations Worldwide (VAC) is currently considered Fairly Valued. The stock's GF Value™ is $102.55, compared to a current price of $97.87 — trading 4.6% below its estimated fair value. The current Operating Income is $424 Mil. Marriott Vacations Worldwide's overall GF Score™ is 84/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Marriott Vacations Worldwide (VAC), the current Operating Income is $424 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Marriott Vacations Worldwide (VAC) Overvalued in 2026?

Based on GuruFocus' analysis, Marriott Vacations Worldwide stock appears to be undervalued. The current stock price of $97.87 is trading 4.6% below its estimated GF Value™ of $102.55. GuruFocus considers Marriott Vacations Worldwide to be Fairly Valued.

Key valuation signals for VAC:

  • Operating Income: $424 Mil
  • GF Value™: $102.55 vs. price of $97.87 (4.6% below fair value)
  • GF Score™: 84/100 with 7 warning signs

No single metric tells the full story. See the VAC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Marriott Vacations Worldwide Business Description

Other Exchanges M8V:Germany
Address 7812 Palm Parkway, Orlando, FL, USA, 32836
Marriott Vacations Worldwide Corp functions in the United States leisure industry. It owns and manages a cluster of resorts and accommodation facilities under trademarks like Marriott Vacation Club, Grand Residencies, and The Ritz-Carlton Destination Club predominantly in the United States. Some of its properties are also spread across Europe and Asia Pacific. Marriott's majority revenue components include the sale of vacation ownership products such as luxurious vacation packages. In addition, it offers purchase money financing to the end users of its core services. The company operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management. The majority of revenue is derived from the Vacation Ownership segment.
84GF Score

Get the complete analysis for VAC

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$97.87
Price
$102.55
GF Value