# EDGAR Filing Document

**Accession Number:** 0001524358
**File Stem:** 0001524358-26-000022
**Filing Date:** 2026-5
**Character Count:** 330208
**Document Hash:** e3f2bdcab8952bae1b3cfdfda573ca2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001524358-26-000022.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001524358-26-000022

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARRIOTT VACATIONS WORLDWIDE Corp
- **CENTRAL INDEX KEY:** 0001524358
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 452598330
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35219
- **FILM NUMBER:** 26941163

**BUSINESS ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836
- **BUSINESS PHONE:** 407-206-6000

**MAIL ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Marriott Vacations Worldwide Corp
- **DATE OF NAME CHANGE:** 20110627

?xml version='1.0' encoding='ASCII'? vac-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

_________________________

**FORM 10-Q** 

___________________________________________

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission file number 001-35219** 

_________________________

**Marriott Vacations Worldwide Corporation** 

**(Exact name of registrant as specified in its charter)**

_________________________

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **Delaware** | **Delaware** | **45-2598330** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| | **7812 Palm Parkway** | **Orlando** | **FL** | **32836** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**(407) 206-6000 (Registrant's telephone number, including area code)**

**(Former name, former address and former fiscal year, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 Par Value | VAC | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | | | | | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the issuer's common stock, par value $0.01 per share, as of April 30, 2026 was 34,343,064.

------

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**FORM 10-Q **TABLE OF CONTENTS****

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **Part I.** | **<u>[FINANCIAL INFORMATION](#i7e957f1e513f43e7ab63e3c3dc5b1297_10)</u>** | <u>[1](#i7e957f1e513f43e7ab63e3c3dc5b1297_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Financial Statements](#i7e957f1e513f43e7ab63e3c3dc5b1297_13)</u> | <u>[1](#i7e957f1e513f43e7ab63e3c3dc5b1297_13)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Interim Consolidated Statements of Income](#i7e957f1e513f43e7ab63e3c3dc5b1297_16)</u> | <u>[1](#i7e957f1e513f43e7ab63e3c3dc5b1297_16)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Interim Consolidated Statements of Comprehensive Income](#i7e957f1e513f43e7ab63e3c3dc5b1297_19)</u> | <u>[2](#i7e957f1e513f43e7ab63e3c3dc5b1297_19)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Interim Consolidated Balance Sheets](#i7e957f1e513f43e7ab63e3c3dc5b1297_22)</u> | <u>[3](#i7e957f1e513f43e7ab63e3c3dc5b1297_22)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Interim Consolidated Statements of Cash Flows](#i7e957f1e513f43e7ab63e3c3dc5b1297_25)</u> | <u>[4](#i7e957f1e513f43e7ab63e3c3dc5b1297_25)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Interim Consolidated Statements of Stockholders' Equity](#i7e957f1e513f43e7ab63e3c3dc5b1297_28)</u> | <u>[6](#i7e957f1e513f43e7ab63e3c3dc5b1297_28)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Interim Condensed Notes to Consolidated Financial Statements](#i7e957f1e513f43e7ab63e3c3dc5b1297_34)</u> | <u>[7](#i7e957f1e513f43e7ab63e3c3dc5b1297_34)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Basis of Presentation](#i7e957f1e513f43e7ab63e3c3dc5b1297_37)</u> | <u>[7](#i7e957f1e513f43e7ab63e3c3dc5b1297_37)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2. Significant Accounting Policies and Recent Accounting Standards](#i7e957f1e513f43e7ab63e3c3dc5b1297_40)</u> | <u>[8](#i7e957f1e513f43e7ab63e3c3dc5b1297_40)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Dispositions](#i7e957f1e513f43e7ab63e3c3dc5b1297_58)</u> | <u>[9](#i7e957f1e513f43e7ab63e3c3dc5b1297_58)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Revenue and Receivables](#i7e957f1e513f43e7ab63e3c3dc5b1297_61)</u> | <u>[9](#i7e957f1e513f43e7ab63e3c3dc5b1297_61)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Income Taxes](#i7e957f1e513f43e7ab63e3c3dc5b1297_64)</u> | <u>[11](#i7e957f1e513f43e7ab63e3c3dc5b1297_64)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Vacation Ownership Notes Receivable](#i7e957f1e513f43e7ab63e3c3dc5b1297_70)</u> | <u>[12](#i7e957f1e513f43e7ab63e3c3dc5b1297_70)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Financial Instruments](#i7e957f1e513f43e7ab63e3c3dc5b1297_73)</u> | <u>[15](#i7e957f1e513f43e7ab63e3c3dc5b1297_73)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Earnings Per Share](#i7e957f1e513f43e7ab63e3c3dc5b1297_76)</u> | <u>[17](#i7e957f1e513f43e7ab63e3c3dc5b1297_76)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Inventory](#i7e957f1e513f43e7ab63e3c3dc5b1297_79)</u> | <u>[18](#i7e957f1e513f43e7ab63e3c3dc5b1297_79)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Contingencies and Commitments](#i7e957f1e513f43e7ab63e3c3dc5b1297_82)</u> | <u>[18](#i7e957f1e513f43e7ab63e3c3dc5b1297_82)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Securitized Debt](#i7e957f1e513f43e7ab63e3c3dc5b1297_88)</u> | <u>[19](#i7e957f1e513f43e7ab63e3c3dc5b1297_88)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Debt](#i7e957f1e513f43e7ab63e3c3dc5b1297_97)</u> | <u>[21](#i7e957f1e513f43e7ab63e3c3dc5b1297_97)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13. Stockholders' Equity](#i7e957f1e513f43e7ab63e3c3dc5b1297_103)</u> | <u>[23](#i7e957f1e513f43e7ab63e3c3dc5b1297_103)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[14. Share-Based Compensation](#i7e957f1e513f43e7ab63e3c3dc5b1297_106)</u> | <u>[24](#i7e957f1e513f43e7ab63e3c3dc5b1297_106)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[15. Variable Interest Entities](#i7e957f1e513f43e7ab63e3c3dc5b1297_109)</u> | <u>[25](#i7e957f1e513f43e7ab63e3c3dc5b1297_109)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16. Business Segments](#i7e957f1e513f43e7ab63e3c3dc5b1297_112)</u> | <u>[27](#i7e957f1e513f43e7ab63e3c3dc5b1297_112)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[17. Modernization](#i7e957f1e513f43e7ab63e3c3dc5b1297_121)</u> | <u>[29](#i7e957f1e513f43e7ab63e3c3dc5b1297_121)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i7e957f1e513f43e7ab63e3c3dc5b1297_124)</u> | <u>[30](#i7e957f1e513f43e7ab63e3c3dc5b1297_124)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Quantitative and Qualitative Disclosures About Market Risk](#i7e957f1e513f43e7ab63e3c3dc5b1297_289)</u> | <u>[49](#i7e957f1e513f43e7ab63e3c3dc5b1297_289)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Controls and Procedures](#i7e957f1e513f43e7ab63e3c3dc5b1297_292)</u> | <u>[50](#i7e957f1e513f43e7ab63e3c3dc5b1297_292)</u> |
| **Part II.** | **<u>[OTHER INFORMATION](#i7e957f1e513f43e7ab63e3c3dc5b1297_295)</u>** | <u>[50](#i7e957f1e513f43e7ab63e3c3dc5b1297_295)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Legal Proceedings](#i7e957f1e513f43e7ab63e3c3dc5b1297_298)</u> | <u>[50](#i7e957f1e513f43e7ab63e3c3dc5b1297_298)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Risk Factors](#i7e957f1e513f43e7ab63e3c3dc5b1297_301)</u> | <u>[50](#i7e957f1e513f43e7ab63e3c3dc5b1297_301)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i7e957f1e513f43e7ab63e3c3dc5b1297_304)</u> | <u>[50](#i7e957f1e513f43e7ab63e3c3dc5b1297_304)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 5. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Other Information](#i7e957f1e513f43e7ab63e3c3dc5b1297_307)</u> | <u>[51](#i7e957f1e513f43e7ab63e3c3dc5b1297_307)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 6. | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Exhibits](#i7e957f1e513f43e7ab63e3c3dc5b1297_316)</u> | <u>[51](#i7e957f1e513f43e7ab63e3c3dc5b1297_316)</u> |
|  | <u>[SIGNATURES](#i7e957f1e513f43e7ab63e3c3dc5b1297_319)</u> | <u>[53](#i7e957f1e513f43e7ab63e3c3dc5b1297_319)</u> |

---

Throughout this report, we refer to Marriott Vacations Worldwide Corporation, together with its consolidated subsidiaries, as "Marriott Vacations Worldwide," "MVW," "we," "us," or the "Company." We also refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, trade names, and service marks cited in this report are the property of their respective owners, including those of other companies and organizations. Solely for convenience, trademarks, trade names, and service marks referred to in this report may appear without the <sup>®</sup> or <sup>TM</sup> symbols, however, such references are not intended to indicate in any way that MVW or the owner, as applicable, will not assert, to the fullest extent under applicable law, all rights to such trademarks, trade names, and service marks.

------

<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**INTERIM CONSOLIDATED STATEMENTS OF INCOME**

(In millions, except per share amounts, and unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **REVENUES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of vacation ownership products | $343 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and exchange | 216 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | 176 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing | 92 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 430 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REVENUES** | 1257 | 1200 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of vacation ownership products | 46 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales | 242 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and exchange | 120 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | 140 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty fee | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 64 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation charges | 2 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modernization | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 430 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1169 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains and other income, net | 2 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (44) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |
| **INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS** | 45 | 102 |
| Provision for income taxes | (23) | (45) |
| **NET INCOME** | 22 | 57 |
| Net income attributable to noncontrolling interests |  | (1) |
| **NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $22 | $56 |
| **EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS** | **EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS** | **EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.64 | $1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.64 | $1.46 |
| **CASH DIVIDENDS DECLARED PER SHARE** | $0.80 | $0.79 |

---

**See Interim Condensed Notes to Consolidated Financial Statements**

------

<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

(In millions and unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **NET INCOME** | $22 | $57 |
| &nbsp;&nbsp;Foreign currency translation adjustments |  | (1) |
| &nbsp;&nbsp;Reclassification of foreign currency translation adjustments realized upon disposition of an entity | (2) |  |
| &nbsp;&nbsp;Derivative instrument adjustment, net of tax | 1 |  |
| **OTHER COMPREHENSIVE LOSS, NET OF TAX** | (1) | (1) |
| &nbsp;&nbsp;Net income attributable to noncontrolling interests |  | (1) |
| **COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS** |  | (1) |
| **COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $21 | $55 |

---

**See Interim Condensed Notes to Consolidated Financial Statements**

------

<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**INTERIM CONSOLIDATED BALANCE SHEETS**

(In millions, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **Unaudited**<br>**March 31, 2026** |<br>**December 31, 2025** |
| **ASSETS** | | |
| Cash and cash equivalents | $268 | $406 |
| Restricted cash (including $93 and $81 from VIEs, respectively) | 328 | 327 |
| Accounts and contracts receivable, net (including $17 and $15 from VIEs, respectively) | 416 | 428 |
| Vacation ownership notes receivable, net (including $2,070 and $1,900 from VIEs, respectively) | 2567 | 2565 |
| Inventory | 680 | 692 |
| Property and equipment, net | 944 | 950 |
| Goodwill | 2958 | 2958 |
| Intangibles, net | 696 | 711 |
| Other (including $165 and $168 from VIEs, respectively) | 779 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $9636 | $9757 |
| **LIABILITIES AND EQUITY** |  |  |
| Accounts payable | $270 | $358 |
| Advance deposits | 172 | 163 |
| Accrued liabilities (including $4 and $4 from VIEs, respectively) | 383 | 376 |
| Deferred revenue and other | 466 | 371 |
| Payroll and benefits liability | 221 | 218 |
| Deferred compensation liability | 214 | 225 |
| Securitized debt, net (including $2,329 and $2,173 from VIEs, respectively) | 2304 | 2146 |
| Debt, net | 3265 | 3534 |
| Other | 120 | 142 |
| Deferred taxes | 229 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 7644 | 7764 |
| Contingencies and Commitments (Note 10) |  |  |
| Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding |  |  |
| Common stock — $0.01 par value; 100,000,000 shares authorized; 75,897,059 and 75,891,531 shares issued, respectively | 1 | 1 |
| Treasury stock — at cost; 41,561,920 and 41,767,498 shares, respectively | (2415) | (2427) |
| Additional paid-in capital | 3989 | 3996 |
| Accumulated other comprehensive loss | (12) | (11) |
| Retained earnings | 429 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MVW STOCKHOLDERS' EQUITY** | 1992 | 1993 |
| Noncontrolling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EQUITY** | 1992 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** | $9636 | $9757 |
| *The abbreviation VIEs above means Variable Interest Entities.* |  |  |

---

**See Interim Condensed Notes to Financial Statements**

------

<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In millions and unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **OPERATING ACTIVITIES** | | |
| Net income | $22 | $57 |
| Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of intangibles | 34 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount and issuance costs | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vacation ownership notes and contracts receivable reserve | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency remeasurement loss (gain) | 3 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (1) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and contracts receivable | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation ownership notes receivable originations | (241) | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacation ownership notes receivable collections | 185 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 11 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (122) | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, advance deposits and accrued liabilities | (47) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and other | 95 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and benefit liabilities | 4 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation liability | (8) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (15) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and development of property for future transfer to inventory |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash, cash equivalents and restricted cash (used in) provided by operating activities | (4) | 8 |
| **INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of entity | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures for property and equipment (excluding inventory) | (8) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of company owned life insurance |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash, cash equivalents and restricted cash provided by (used in) investing activities | 42 | (18) |

---

**Continued**

**See Interim Condensed Notes to Consolidated Financial Statements**

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)**

(In millions and unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **FINANCING ACTIVITIES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings from securitization transactions | 354 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt related to securitization transactions | (198) | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt | 885 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (1152) | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease payment | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt and securitized debt issuance costs |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock |  | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends | (55) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of withholding taxes on vesting of restricted stock units | (6) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash, cash equivalents and restricted cash used in financing activities | (174) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in exchange rates on cash, cash equivalents and restricted cash | (1) | 1 |
| Change in cash, cash equivalents and restricted cash | (137) | (41) |
| Cash, cash equivalents and restricted cash, beginning of period | 733 | 528 |
| Cash, cash equivalents and restricted cash, end of period | $596 | $487 |
| **SUPPLEMENTAL DISCLOSURES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash issuance of treasury stock for employee stock purchase plan | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid, net of amounts capitalized | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net of refunds | 4 | 4 |

---

**See Interim Condensed Notes to Consolidated Financial Statements**

------

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

(In millions and unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Common<br>Stock<br>Issued** | | **Common<br>Stock** | **Treasury<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive (Loss) Income** | **Retained Earnings** | **Total MVW Stockholders' Equity** | **Noncontrolling Interests** | **Total Equity** |
| **Common<br>Stock<br>Issued** | | **Common<br>Stock** | **Treasury<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive (Loss) Income** | **Retained Earnings** | **Total MVW Stockholders' Equity** | **Noncontrolling Interests** | **Total Equity** |
| **Common<br>Stock<br>Issued** | | **Common<br>Stock** | **Treasury<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive (Loss) Income** | **Retained Earnings** | **Total MVW Stockholders' Equity** | **Noncontrolling Interests** | **Total Equity** |
| 75.9 | **BALANCE AT DECEMBER 31, 2025** | $1 | $(2427) | $3996 | $(11) | $434 | $1993 | $— | $1993 |
|  | &nbsp;&nbsp;Net income |  |  |  |  | 22 | 22 |  | 22 |
|  | &nbsp;&nbsp;Reclassification of foreign currency translation adjustments realized upon disposition of entity |  |  |  | (2) |  | (2) |  | (2) |
|  | &nbsp;&nbsp;Derivative instrument adjustment |  |  |  | 1 |  | 1 |  | 1 |
|  | &nbsp;&nbsp;Share-based compensation plans |  | 12 | (7) |  |  | 5 |  | 5 |
|  | &nbsp;&nbsp;Dividends |  |  |  |  | (27) | (27) |  | (27) |
| 75.9 | **BALANCE AT MARCH 31, 2026** | $1 | $(2415) | $3989 | $(12) | $429 | $1992 | $— | $1992 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Common<br>Stock<br>Issued** | | **Common<br>Stock** | **Treasury<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive Loss** | **Retained Earnings** | **Total MVW Stockholders' Equity** | **Noncontrolling Interests** | **Total Equity** |
| **Common<br>Stock<br>Issued** | | **Common<br>Stock** | **Treasury<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive Loss** | **Retained Earnings** | **Total MVW Stockholders' Equity** | **Noncontrolling Interests** | **Total Equity** |
| **Common<br>Stock<br>Issued** | | **Common<br>Stock** | **Treasury<br>Stock** | **Additional<br>Paid-In<br>Capital** | **Accumulated Other Comprehensive Loss** | **Retained Earnings** | **Total MVW Stockholders' Equity** | **Noncontrolling Interests** | **Total Equity** |
| 75.9 | **BALANCE AT DECEMBER 31, 2024** | $1 | $(2378) | $3975 | $(8) | $852 | $2442 | $(1) | $2441 |
|  | &nbsp;&nbsp;Net income |  |  |  |  | 56 | 56 | 1 | 57 |
|  | &nbsp;&nbsp;Foreign currency translation adjustments |  |  |  | (1) |  | (1) |  | (1) |
|  | &nbsp;&nbsp;Share-based compensation plans |  | 8 | (7) |  |  | 1 |  | 1 |
|  | &nbsp;&nbsp;Repurchase of common stock |  | (36) |  |  |  | (36) |  | (36) |
|  | &nbsp;&nbsp;Dividends |  |  |  |  | (27) | (27) |  | (27) |
| 75.9 | **BALANCE AT MARCH 31, 2025** | $1 | $(2406) | $3968 | $(9) | $881 | $2435 | $— | $2435 |

---

**See Interim Condensed Notes to Consolidated Financial Statements**

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**INTERIM CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1.** **BASIS OF PRESENTATION**

The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) "we," "us," "Marriott Vacations Worldwide," "MVW," or the "Company," which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) "MVWC," which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our "Financial Statements," (ii) our Interim Consolidated Statements of Income as our "Income Statements," (iii) our Interim Consolidated Balance Sheets as our "Balance Sheets," and (iv) our Interim Consolidated Statements of Cash Flows as our "Cash Flows." In addition, references throughout to numbered "Footnotes" refer to the numbered notes in the Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Annual Report"). We also use certain other terms that are defined within these Financial Statements.

The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest ("subsidiaries"), and variable interest entities ("VIEs") for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss attributable to common stockholders and MVW stockholders' equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.

These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainties and volatility in the broader macroeconomic environment, including inflation, the impact of changing trade policy, continuing high interest rates, mixed economic indicators, increased consumer debt, continuing global insecurity and political uncertainty, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.

In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, general macroeconomic conditions, including inflationary pressures and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2025 Annual Report.

We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. ("ILG"), in 2018 (the "ILG Acquisition") as "Legacy-ILG." We refer to the business we conducted prior to the ILG Acquisition and the associated brands as "Legacy-MVW." We refer to the business and brand that we acquired in the acquisition of Welk Hospitality Group, Inc. ("Welk") in 2021 (the "Welk Acquisition") as "Legacy-Welk." During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. Additionally, we use the term "Marriott Vacation Ownership" to refer to our Marriott, Sheraton, and Westin branded businesses and the term "Hyatt Vacation Ownership" to refer to our Hyatt branded business.

Certain amounts from the prior fiscal year have been reclassified to conform to the current period presentation.

Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**2.** **SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS**

***New Accounting Standards***

Accounting Standards Update 2024-04 - "*Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments*" ("ASU 2024-04")

In November 2024, the Financial Accounting Standards Board issued accounting standards update ("ASU") 2024-04, which requires an entity to account for certain early settlements of convertible debt instruments as an induced conversion if the inducement offer includes the issuance of all consideration (in form and amount) issuable under the conversion privileges provided in the terms of the existing convertible debt instrument. We adopted ASU 2024-04 on a prospective basis on January 1, 2026, with no impact to our financial statements or disclosures.

Accounting Standards Update 2025-05 - *"Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets"* ("ASU 2025-05")

In July 2025, the FASB issued ASU 2025-05, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and contract assets. Under this expedient, entities may assume that conditions existing at the balance sheet date will persist for the remaining life of the asset, which simplifies the estimation process by eliminating the need to forecast future economic conditions for short-term assets. We adopted ASU 2025-05 on a prospective basis on January 1, 2026, with no material impact to our financial statements or disclosures.

Accounting Standards Update 2025-11 - *"Interim Reporting (Topic 270): Narrow-Scope Improvements"* ("ASU 2025-11")

In December 2025, the FASB issued ASU 2025-11, which updates ASC 270 to improve clarity and consistency, without fundamentally altering the nature or scope of interim reporting requirements. The guidance provides a comprehensive list of interim disclosures required by GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the last annual reporting period. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We adopted ASU 2025-11 on a prospective basis on January 1, 2026, with no impact to our financial statements or disclosures.

***Future Adoption of Accounting Standards***

Accounting Standards Update 2024-03 - *"Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"* ("ASU 2024-03")

In November 2024, the FASB issued ASU 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This update is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis, with early adoption permitted. We are evaluating the impact that the adoption of this update, including the timing of implementation, will have on our disclosures.

Accounting Standards Update 2025-09 - *"Derivatives and Hedging (Topic 815): Hedge Accounting Improvements"* ("ASU 2025-09")

In November 2025, the FASB issued ASU 2025-09, which amends certain aspects of hedge accounting guidance under Accounting Standards Codification ("ASC") 815. The amendments clarify the assessment of risk for cash flow hedges; provide guidance on hedges of forecasted interest payments on choose-your-rate debt; expand the application of hedge accounting to certain nonfinancial forecasted transactions; permit the use of net written options as hedging instruments; and address the accounting for dual hedges of foreign-currency-denominated debt. This update is effective for annual periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. We are evaluating the impact that the adoption of this update, including the timing of implementation, will have on our financial statements and disclosures.

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**3.** **DISPOSITIONS**

***Cancun, Mexico***

During the first quarter of 2026, we disposed of an entity that owned and operated a Vacation Ownership segment hotel in Cancun, Mexico, for proceeds of $50 million, consistent with our strategy to monetize non-core assets. The net carrying value of the entity disposed of, as of the date of the disposition, was $50 million, the majority of which was comprised of property and equipment that was recorded in Other Assets on our balance sheet. As a result of this disposition, we recorded a gain of $2 million in Gains and other income, net on our Income Statements for the three months ended March 31, 2026, which related to the realization of cumulative foreign currency translation gains.

**4.** **REVENUE AND RECEIVABLES**

***Sources of Revenue by Segment***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| ***($ in millions)*** | **Vacation Ownership** | **Exchange & Third-Party Management** | **Corporate and Other** | **Total** |
| Sale of vacation ownership products | $343 | $— | $— | $343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ancillary revenues | 65 | 1 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | 56 | 2 | (1) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange and other services revenues | 35 | 41 | 17 | 93 |
| Management and exchange | 156 | 44 | 16 | 216 |
| Rental | 167 | 9 |  | 176 |
| Cost reimbursements | 435 | 4 | (9) | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers | 1101 | 57 | 7 | 1165 |
| Financing | 92 |  |  | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | $1193 | $57 | $7 | $1257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| ***($ in millions)*** | **Vacation Ownership** | **Exchange & Third-Party Management** | **Corporate and Other** | **Total** |
| Sale of vacation ownership products | $355 | $— | $— | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ancillary revenues | 65 | 1 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee revenues | 55 | 3 | (1) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange and other services revenues | 35 | 42 | 15 | 92 |
| Management and exchange | 155 | 46 | 14 | 215 |
| Rental | 159 | 10 |  | 169 |
| Cost reimbursements | 378 | 2 | (7) | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers | 1047 | 58 | 7 | 1112 |
| Financing | 88 |  |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | $1135 | $58 | $7 | $1200 |

---

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

***Timing of Revenue from Contracts with Customers by Segment***

The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| ***($ in millions)*** | **Vacation Ownership** | **Exchange & Third-Party Management** | **Corporate and Other** | **Total** |
| Services transferred over time | $687 | $22 | $7 | $716 |
| Goods or services transferred at a point in time | 414 | 35 |  | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers | $1101 | $57 | $7 | $1165 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| ***($ in millions)*** | **Vacation Ownership** | **Exchange & Third-Party Management** | **Corporate and Other** | **Total** |
| Services transferred over time | $620 | $21 | $7 | $648 |
| Goods or services transferred at a point in time | 427 | 37 |  | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers | $1047 | $58 | $7 | $1112 |

---

***Sale of Vacation Ownership Products***

Revenues were reduced during the first quarter of 2026 by $4 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.

***Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities***

The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2026 or December 31, 2025.

---

| | | |
|:---|:---|:---|
| ***($ in millions)*** | **At March 31, 2026** | **At December 31, 2025** |
| **Receivables from Contracts with Customers** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and contracts receivable, net | $276 | $271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vacation ownership notes receivable, net | 2567 | 2565 |
|  | $2843 | $2836 |
| **Contract Liabilities**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance deposits | $172 | $163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and other | 466 | 371 |
|  | $638 | $534 |

---

<sup>(1)</sup> Includes $108 million and $99 million of other refundable deposits at March 31, 2026 and December 31, 2025, respectively.

Revenue recognized during the first quarter of 2026 that was included in our contract liabilities balance at December 31, 2025 was $120 million.

***Remaining Performance Obligations***

Our recorded contract liabilities (excluding other refundable deposits) represent the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2026. At March 31, 2026, approximately 90% of the recorded contract liabilities are expected to be recognized as revenue over the next two years.

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

***Accounts and Contracts Receivable***

Accounts and contracts receivable is composed of amounts due from customers, primarily owners' associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:

---

| | | |
|:---|:---|:---|
| ***($ in millions)*** | **At March 31, 2026** | **At December 31, 2025** |
| Receivables from contracts with customers, net | $276 | $271 |
| Interest receivable | 20 | 20 |
| Tax receivable | 60 | 77 |
| Indemnification assets | 37 | 40 |
| Employee tax credit receivable | 4 | 4 |
| Other | 19 | 16 |
|  | $416 | $428 |

---

**5.** **INCOME TAXES**

Our provision for income taxes is calculated using an estimated annual effective tax rate ("AETR"), which is based upon projected annual income or loss, including anticipated losses in certain jurisdictions, non-deductible expenses under applicable federal and local tax laws, statutory rates, and planned tax strategies across the jurisdictions in which we operate. Certain items that do not relate directly to ordinary income are excluded from the AETR and are recognized in the period in which they occur.

Our effective tax rate was 50.3% and 43.6% for the three months ended March 31, 2026 and March 31, 2025, respectively.

The effective tax rate for the three months ended March 31, 2026 differed from the blended U.S. federal and state statutory tax rate primarily due to a permanent adjustment related to interest on installment sales, higher projected foreign losses, for which a valuation allowance was recorded, and discrete income tax adjustments, primarily associated with foreign operations, including a $6 million cumulative adjustment related to a foreign tax provision, and share-based compensation.

The effective tax rate for the three months ended March 31, 2025 differed from the blended U.S. federal and state statutory tax rate primarily due to lower pre-tax book income forecast at that time for the year 2025, which was largely driven by our modernization efforts and related costs expected to be incurred, higher expected foreign losses, for which a valuation allowance was recorded, and discrete income tax adjustments, primarily related to share-based compensation.

Our income tax returns remain subject to examination by the relevant tax authorities. Certain returns are currently under audit in various jurisdictions for tax years 2007 through 2024. The amount of the unrecognized tax benefits may change within the next twelve months as a result of audits or resolution of audit-related matters.

During the third quarter of 2025, the One Big Beautiful Bill Act was signed into law, making several provisions of the Tax Cuts and Jobs Act permanent. Under ASC 740, "*Income Taxes*," the effects of changes in tax laws must be recognized in the period of enactment. The provisions effective during the first quarter of 2026, did not have a material impact on our effective tax rate for the quarter ended March 31, 2026, but we continue to assess the potential impact of these legal changes, including provisions that become effective later in 2026, on our business and financial results.

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**6.** **VACATION OWNERSHIP NOTES RECEIVABLE**

The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG and Legacy-Welk subsequent to each respective acquisition date, and all Legacy-MVW vacation ownership notes receivable. Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***($ in millions)*** | **Originated** | **Acquired** | **Total** | **Originated** | **Acquired** | **Total** |
| Securitized | $2021 | $49 | $2070 | $1843 | $57 | $1900 |
| &nbsp;&nbsp;Eligible for securitization<sup>(1)</sup> | 93 |  | 93 | 152 |  | 152 |
| &nbsp;&nbsp;Not eligible for securitization<sup>(1)</sup> | 397 | 7 | 404 | 508 | 5 | 513 |
| Non-securitized | 490 | 7 | 497 | 660 | 5 | 665 |
| Total | $2511 | $56 | $2567 | $2503 | $62 | $2565 |
| <sup>(1)</sup>Refer to Footnote 7 "Financial Instruments" for discussion of eligibility of our vacation ownership notes receivable for securitization. | <sup>(1)</sup>Refer to Footnote 7 "Financial Instruments" for discussion of eligibility of our vacation ownership notes receivable for securitization. | <sup>(1)</sup>Refer to Footnote 7 "Financial Instruments" for discussion of eligibility of our vacation ownership notes receivable for securitization. | <sup>(1)</sup>Refer to Footnote 7 "Financial Instruments" for discussion of eligibility of our vacation ownership notes receivable for securitization. | <sup>(1)</sup>Refer to Footnote 7 "Financial Instruments" for discussion of eligibility of our vacation ownership notes receivable for securitization. | <sup>(1)</sup>Refer to Footnote 7 "Financial Instruments" for discussion of eligibility of our vacation ownership notes receivable for securitization. | <sup>(1)</sup>Refer to Footnote 7 "Financial Instruments" for discussion of eligibility of our vacation ownership notes receivable for securitization. |

---

The following table shows future principal payments, net of reserves, and interest rates for our vacation ownership notes receivable at March 31, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***($ in millions)*** | **Non-Securitized** | **Non-Securitized** | **Securitized** | **Securitized** | **Total** | **Total** |
| 2026, remaining | $| 81 | $| 129 | $| 210 |
| 2027 | 74 | 74 | 176 | 176 | 250 | 250 |
| 2028 | 62 | 62 | 180 | 180 | 242 | 242 |
| 2029 | 51 | 51 | 180 | 180 | 231 | 231 |
| 2030 | 38 | 38 | 184 | 184 | 222 | 222 |
| Thereafter | 191 | 191 | 1221 | 1221 | 1412 | 1412 |
| Balance at March 31, 2026 | $| 497 | $| 2070 | $| 2567 |
| Weighted average stated interest rate | 11.4% | 11.4% | 13.4% | 13.4% | 12.9% | 12.9% |
| Range of stated interest rates | 0.0% to 21.9% | 0.0% to 21.9% | 0.0% to 21.9% | 0.0% to 21.9% | 0.0% to 21.9% | 0.0% to 21.9% |

---

***Credit Quality Indicators - Vacation Ownership Notes Receivable***

We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the vacation ownership interest ("VOI") they have acquired.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 730 and 729, at March 31, 2026 and December 31, 2025, respectively, based upon the FICO score of the borrower at the time of origination.

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The following tables show vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Vacation Ownership Notes Receivable as of March 31, 2026** | **Vacation Ownership Notes Receivable as of March 31, 2026** | **Vacation Ownership Notes Receivable as of March 31, 2026** | **Vacation Ownership Notes Receivable as of March 31, 2026** | **Vacation Ownership Notes Receivable as of March 31, 2026** |
| ***($ in millions)*** | **700 +** | **600 - 699** | **< 600** | **No Score** | **Total** |
| Marriott Vacation Ownership | $1662 | $645 | $62 | $416 | $2785 |
| Hyatt Vacation Ownership | 231 | 85 | 3 | 4 | 323 |
|  | $1893 | $730 | $65 | $420 | $3108 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Vacation Ownership Notes Receivable as of December 31, 2025** | **Vacation Ownership Notes Receivable as of December 31, 2025** | **Vacation Ownership Notes Receivable as of December 31, 2025** | **Vacation Ownership Notes Receivable as of December 31, 2025** | **Vacation Ownership Notes Receivable as of December 31, 2025** |
| ***($ in millions)*** | **700 +** | **600 - 699** | **< 600** | **No Score** | **Total** |
| Marriott Vacation Ownership | $1645 | $652 | $61 | $414 | 2772 |
| Hyatt Vacation Ownership | 233 | 88 | 3 | 4 | 328 |
|  | $1878 | $740 | $64 | $418 | $3100 |

---

The following tables detail the origination year of our vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2026, and gross write-offs by brand for the first quarter of 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Vacation Ownership Notes Receivable - Marriott Vacation Ownership** | **Vacation Ownership Notes Receivable - Marriott Vacation Ownership** | **Vacation Ownership Notes Receivable - Marriott Vacation Ownership** | **Vacation Ownership Notes Receivable - Marriott Vacation Ownership** | **Vacation Ownership Notes Receivable - Marriott Vacation Ownership** | **Vacation Ownership Notes Receivable - Marriott Vacation Ownership** |
| ***($ in millions)*** | **2026** | **2025** | **2024** | **2023** | **2022 & Prior** | **Total** |
| 700 + | $153 | $514 | $371 | $227 | $397 | $1662 |
| 600 - 699 | 33 | 164 | 139 | 100 | 209 | 645 |
| < 600 | 5 | 18 | 13 | 8 | 18 | 62 |
| No Score | 48 | 167 | 91 | 51 | 59 | 416 |
|  | $239 | $863 | $614 | $386 | $683 | $2785 |
| Gross write-offs | $— | $9 | $11 | $7 | $11 | $38 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Vacation Ownership Notes Receivable - Hyatt Vacation Ownership** | **Vacation Ownership Notes Receivable - Hyatt Vacation Ownership** | **Vacation Ownership Notes Receivable - Hyatt Vacation Ownership** | **Vacation Ownership Notes Receivable - Hyatt Vacation Ownership** | **Vacation Ownership Notes Receivable - Hyatt Vacation Ownership** | **Vacation Ownership Notes Receivable - Hyatt Vacation Ownership** |
| ***($ in millions)*** | **2026** | **2025** | **2024** | **2023** | **2022 & Prior** | **Total** |
| 700 + | $25 | $74 | $43 | $31 | $58 | $231 |
| 600 - 699 | 5 | 28 | 16 | 11 | 25 | 85 |
| < 600 |  | 2 | 1 |  |  | 3 |
| No Score | 1 | 1 |  | 1 | 1 | 4 |
|  | $31 | $105 | $60 | $43 | $84 | $323 |
| Gross write-offs | $— | $2 | $3 | $1 | $4 | $10 |

---

We reflect interest income associated with vacation ownership notes receivable on our Income Statements in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| Interest income - securitized vacation ownership notes receivable | $78 | $74 |
| Interest income - non-securitized vacation ownership notes receivable | 12 | 12 |
| Total interest income associated with vacation ownership notes receivable | $90 | $86 |

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***Vacation Ownership Notes Receivable Reserve***

The estimates of the variable consideration for originated vacation ownership notes receivable and the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses and estimates regarding future defaults.

For originated vacation ownership notes receivable, we record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. The following table summarizes the activity related to our originated vacation ownership notes receivable reserve during the first quarter of 2026.

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| | | | |
|:---|:---|:---|:---|
| | **Originated Vacation Ownership Notes Receivable Reserve** | **Originated Vacation Ownership Notes Receivable Reserve** | **Originated Vacation Ownership Notes Receivable Reserve** |
| ***($ in millions)*** | **Non-Securitized** | **Securitized** | **Total** |
| Balance at December 31, 2025 | $242 | $285 | $527 |
| &nbsp;&nbsp;Increase in vacation ownership notes receivable reserve | 50 | 3 | 53 |
| &nbsp;&nbsp;Securitizations | (56) | 56 |  |
| &nbsp;&nbsp;Write-offs | (46) |  | (46) |
| &nbsp;&nbsp;Defaulted vacation ownership notes receivable repurchase activity<sup>(1)</sup> | 36 | (36) |  |
| Balance at March 31, 2026 | $226 | $308 | $534 |
| <sup>(1)</sup>Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable. | <sup>(1)</sup>Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable. | <sup>(1)</sup>Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable. | <sup>(1)</sup>Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable. |

---

For our acquired vacation ownership notes receivable, the remaining reserve was $7 million as of March 31, 2026, and we recorded $2 million of write-offs for the three months ended March 31, 2026.

***Vacation Ownership Notes Receivable on Non-Accrual Status***

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 13.36% as of March 31, 2026 and 13.51% as of December 31, 2025. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in the related vacation ownership notes receivable reserve of $15 million as of both March 31, 2026 and December 31, 2025.

The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.

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| | | | |
|:---|:---|:---|:---|
| | **Vacation Ownership Notes Receivable** | **Vacation Ownership Notes Receivable** | **Vacation Ownership Notes Receivable** |
| ***($ in millions)*** | **Non-Securitized** | **Securitized** | **Total** |
| Investment in vacation ownership notes receivable on non-accrual status at March 31, 2026 | $174 | $24 | $198 |
| Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025 | $165 | $20 | $185 |

---

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2026 and December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| ***($ in millions)*** | **Non-Securitized** | **Securitized** | **Total** | **Non-Securitized** | **Securitized** | **Total** |
| &nbsp;&nbsp;31 – 90 days past due | $26 | $73 | $99 | $27 | $67 | $94 |
| &nbsp;&nbsp;91 – 120 days past due | 8 | 20 | 28 | 12 | 17 | 29 |
| &nbsp;&nbsp;Greater than 120 days past due | 166 | 4 | 170 | 153 | 3 | 156 |
| Total past due | 200 | 97 | 297 | 192 | 87 | 279 |
| &nbsp;&nbsp;Current | 525 | 2286 | 2811 | 720 | 2101 | 2821 |
| Total vacation ownership notes receivable | $725 | $2383 | $3108 | $912 | $2188 | $3100 |

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**7.** **FINANCIAL INSTRUMENTS**

The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts and contracts receivable (excluding contracts receivable for financed VOI sales, net), deposits included in Other assets, Accounts payable, Advance deposits, Accrued liabilities, and derivative instruments, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** |
| ***($ in millions)*** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Vacation ownership notes receivable, net | $2567 | $2658 | $2565 | $2645 |
| Contracts receivable for financed VOI sales, net | 72 | 72 | 95 | 95 |
| Other assets | 165 | 165 | 168 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $2804 | $2895 | $2828 | $2908 |
| Securitized debt, net | $(2304) | $(2343) | $(2146) | $(2196) |
| Term Loan, net | (778) | (784) | (780) | (788) |
| Revolving Corporate Credit Facility, net | (306) | (310) |  |  |
| 2028 Notes, net | (349) | (345) | (348) | (346) |
| 2029 Notes, net | (497) | (472) | (497) | (479) |
| 2033 Notes, net | (567) | (547) | (567) | (553) |
| 2026 Convertible Notes, net |  |  | (575) | (564) |
| 2027 Convertible Notes, net | (570) | (542) | (569) | (548) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities | $(5371) | $(5343) | $(5482) | $(5474) |

---

***Vacation Ownership Notes Receivable***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** |
| ***($ in millions)*** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Securitized | $2070 | $2157 | $1900 | $1975 |
| &nbsp;&nbsp;&nbsp;Eligible for securitization | 93 | 97 | 152 | 157 |
| &nbsp;&nbsp;&nbsp;Not eligible for securitization | 404 | 404 | 513 | 513 |
| Non-securitized | 497 | 501 | 665 | 670 |
| Total | $2567 | $2658 | $2565 | $2645 |

---

We estimate the fair value of our vacation ownership notes receivable that have been securitized using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model uses default rates, prepayment rates, coupon rates, and loan terms for our securitized vacation ownership notes receivable portfolio as key drivers of risk and relative value to determine the fair value of the underlying vacation ownership notes receivable. We concluded that this fair value measurement should be categorized within Level 3.

Due to factors that impact the general marketability of our vacation ownership notes receivable that have not been securitized, as well as current market conditions, we bifurcate our non-securitized vacation ownership notes receivable at each balance sheet date into those eligible and not eligible for securitization using criteria applicable to current securitization transactions in the asset-backed securities ("ABS") market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Asia or Europe. In some cases, eligibility may also be determined based on the credit score of the borrower, the remaining term of the loans and other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable.

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The table above shows the bifurcation of our vacation ownership notes receivable that have not been securitized into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria. We estimate the fair value of the portion of our vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as vacation ownership notes receivable that have been securitized. We value the remaining vacation ownership notes receivable that have not been securitized at their carrying value. We believe that the carrying value of these particular vacation ownership notes receivable approximates fair value because the stated, or otherwise imputed, interest rates of these loans are generally consistent with current market rates and the reserve for these vacation ownership notes receivable appropriately accounts for risks in default rates, prepayment rates, discount rates, and loan terms. We concluded that this fair value measurement should be categorized within Level 3.

***Contracts Receivable for Financed VOI Sales***

At the time at which we recognize revenue for our VOI sales, we temporarily record a contract receivable for financed VOI sales, until the time at which we originate a vacation ownership note receivable, which occurs at closing. We believe that the carrying value of the contracts receivable for financed VOI sales approximates fair value because the stated, or otherwise imputed, interest rates of these receivables are generally consistent with current market rates and the reserve for these contracts receivable for financed VOI sales appropriately accounts for risks in default rates. We concluded that this fair value measurement should be categorized within Level 3.

***Other Assets***

Other assets include $165 million and $168 million of company owned insurance policies (the "COLI policies") acquired on the lives of certain participants in the Marriott Vacations Worldwide Deferred Compensation Plan (the "Deferred Compensation Plan") at March 31, 2026 and December 31, 2025, respectively, that are held in a rabbi trust. The rabbi trust is considered a VIE, which we consolidate because we are the primary beneficiary as we direct the activities of the trust and are the beneficiary of the trust. The carrying value of the COLI policies is equal to their cash surrender value (Level 2 inputs).

***Securitized Debt***

We generate cash flow estimates by modeling all bond tranches for our active vacation ownership notes receivable securitization transactions, with consideration for the collateral specific to each tranche. The key drivers in our analysis include default rates, prepayment rates, bond interest rates, and other structural factors, which we use to estimate the projected cash flows. In order to estimate market credit spreads by rating, we obtain indicative credit spreads from investment banks that actively issue and facilitate the market for vacation ownership securities and determine an average credit spread by rating level of the different tranches. We then apply those estimated market spreads to swap rates in order to estimate an underlying discount rate for calculating the fair value of the active bonds payable. We concluded that this fair value measurement should be categorized within Level 3.

***Term Loan***

We estimate the fair value of our Term Loan (as defined in Footnote 12 "Debt") using quotes from securities dealers as of the last trading day for the quarter; however, this loan has only a limited trading history and volume, and as such, this fair value estimate is not necessarily indicative of the value at which the Term Loan could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3.

***Revolving Corporate Credit Facility***

We estimate that the gross carrying value of our Revolving Corporate Credit Facility (as defined in Footnote 12 "Debt") approximates fair value as the contractual interest rate is variable plus an applicable margin. We concluded that this fair value measurement should be categorized within Level 3.

***Senior Notes***

We estimate the fair value of our 2028 Notes, 2029 Notes, and 2033 Notes (each as defined in Footnote 12 "Debt") using quoted market prices as of the last trading day for the quarter; however, these notes have only a limited trading history and volume, and as such, this fair value estimate is not necessarily indicative of the value at which these notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2.

***Convertible Notes***

We estimate the fair value of our convertible notes using quoted market prices as of the last trading day for the quarter; however, these notes have only a limited trading history and volume, and as such, this fair value estimate is not necessarily indicative of the value at which the convertible notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2.

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**8.** **EARNINGS PER SHARE**

Basic earnings or loss per share attributable to common stockholders is calculated by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted earnings or loss per share attributable to common stockholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, except in periods when there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings or loss per share applicable to common stockholders by application of the treasury stock method.

The tables below illustrate the reconciliation of the earnings or loss and number of shares used in our calculation of basic and diluted earnings or loss per share attributable to common stockholders.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***(in millions, except per share amounts)*** | **March 31, 2026** | **March 31, 2025** |
| Net income attributable to common stockholders | $22 | $56 |
| Shares for basic earnings per share | 34.5 | 35.1 |
| Basic earnings per share | $0.64 | $1.60 |

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***(in millions, except per share amounts)*** | **March 31, 2026** | **March 31, 2025** |
| Net income attributable to common stockholders | $22 | $56 |
| Add back of interest expense related to convertible notes, net of tax |  | 5 |
| Numerator used to calculate diluted earnings per share | $22 | $61 |
| Shares for basic earnings per share | 34.5 | 35.1 |
| Effect of dilutive shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Restricted stock units | 0.3 | 0.2 |
| &nbsp;&nbsp;2026 Convertible Notes |  | 3.7 |
| &nbsp;&nbsp;2027 Convertible Notes |  | 3.0 |
| Shares for diluted earnings per share | 34.8 | 42.0 |
| Diluted earnings per share | $0.64 | $1.46 |

---

We excluded $4 million of interest expense, net of tax, and 3.1 million of potentially dilutive securities related to convertible notes from the above calculation of diluted earnings per share attributable to common stockholders for the three months ended March 31, 2026, as the effects would have been anti-dilutive.

The computations of diluted earnings per share attributable to common stockholders above exclude approximately 890,000 and 529,000 shares of common stock, the maximum number of shares issuable as of March 31, 2026 and March 31, 2025, respectively, upon the vesting of certain performance-based and market-based awards, because the performance or market conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.

In accordance with the applicable accounting guidance for calculating earnings per share, for the first quarter of 2026, we excluded from our calculation of diluted earnings per share 1,195,884 shares underlying stock appreciation rights ("SARs") that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $68.03 to $173.88, were greater than the average market price of our common stock for the applicable period.

For the first quarter of 2025, we excluded from our calculation of diluted earnings per share 788,607 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $71.17 to $173.88, were greater than the average market price of our common stock for the applicable period.

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**9.** **INVENTORY**

The following table shows the composition of our inventory balances:

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| | | |
|:---|:---|:---|
| ***($ in millions)*** | **At March 31, 2026** | **At December 31, 2025** |
| Real estate inventory<sup>(1)</sup> | $672 | $684 |
| Other | 8 | 8 |
|  | $680 | $692 |
| <sup>(1)</sup>Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable. | <sup>(1)</sup>Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable. | <sup>(1)</sup>Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable. |

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Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $5 million during the first quarter of 2026 and $13 million during the first quarter of 2025.

In addition to the above, at March 31, 2026 and December 31, 2025, we had $230 million and $224 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products.

We also had deposits on future purchases of inventory of $34 million at March 31, 2026, of which $25 million was included in Other assets and $9 million was included in Accounts and contracts receivable, net on our Balance Sheet, and $31 million at December 31, 2025, of which $26 million was included in Other assets and $5 million was included in Accounts and contracts receivable, net on our Balance Sheet.

**10.** **CONTINGENCIES AND COMMITMENTS**

***Commitments and Letters of Credit***

As of March 31, 2026, we had the following commitments outstanding:

• We have various agreements for cloud computing and outsourcing of development, maintenance and support related to information technology that we use in the normal course of business. We expect aggregate obligations under these contracts of $130 million, of which we expect $51 million, $34 million, $17 million, $11 million, $11 million and $6 million will be paid in the remainder of 2026, 2027, 2028, 2029, 2030, and thereafter, respectively.

• We have a commitment to purchase property and vacation ownership units located in Nashville, Tennessee, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of 168 vacation ownership units in 2027, and we expect to make payments when specific construction milestones are completed of $122 million in 2027.

• We have a remaining commitment of $37 million to purchase 60 vacation ownership units located in Khao Lak, Thailand, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of these vacation ownership units in 2026, and we expect to make remaining payments with respect to these units as follows: $4 million in 2027, and $33 million in 2028.

• In connection with our recent sale of a hotel in Cancun, we entered into a commitment to purchase vacation ownership units located in Puerto Vallarta, Mexico, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of 64 vacation ownership units in 2028, and we expect to make payments of $46 million in 2028. See Footnote 3 "Dispositions" for further details on our sale of a hotel in Cancun in the first quarter of 2026.

• We have a remaining commitment of $11 million to purchase 32 vacation ownership units located in Bali, Indonesia, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of these vacation ownership units in 2026, and we expect to make remaining payments with respect to these units when specific construction milestones are completed as follows: $10 million in the remainder of 2026 and $1 million in 2027.

• We have a commitment to acquire real estate in Waikiki, Hawaii for use in our Vacation Ownership segment via our involvement with a VIE. Refer to Footnote 15 "Variable Interest Entities" for additional information and our activities relating to the VIE involved in this commitment.

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As of March 31, 2026, we had $12 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 12 "Debt"), of which $11 million were related to and in lieu of reserves required for certain of our outstanding securitization transactions. In addition, as of March 31, 2026, we had $13 million in letters of credit outstanding that were related to and in lieu of reserves required for certain other outstanding securitization transactions, which were not issued pursuant to, nor do they impact our borrowing capacity under, the Revolving Corporate Credit Facility.

Surety bonds issued as of March 31, 2026 totaled $140 million, the majority of which were requested by federal, state or local governments in connection with our operations.

***Guarantees***

We have a commitment to an owners' association that we manage to pay for any shortfall between the actual expenses incurred by the owners' association and the income received by the owners' association, in lieu of our payment of maintenance fees for unsold inventory. The agreement will terminate on the earlier of: 1) sale of 95% of the total ownership interests in the owners' association; or 2) written notification of termination by either party. At March 31, 2026, our expected commitment for the remainder of 2026 is $22 million, which will ultimately be recorded as a component of rental expense on our income statement.

***Loss Contingencies***

In the ordinary course of our business, various claims and lawsuits have been filed or are pending against us. A number of these lawsuits and claims may exist at any given time. We record and accrue for legal contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances.

We have accrued for certain pending claims and lawsuits, but the amount accrued is not material individually or in the aggregate. For matters not requiring accrual, we do not believe that the ultimate outcome of such matters, individually or in the aggregate, will materially harm our financial position, cash flows, or overall trends in results of operations based on information currently available. However, legal proceedings are inherently uncertain, and while we believe that our accruals, where required, are adequate and/or we have valid defenses to the claims asserted, unfavorable rulings could occur that could, individually or in the aggregate, have a material adverse effect on our business, financial condition, or operating results.

**11.** **SECURITIZED DEBT**

The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***($ in millions)*** | **At March 31, 2026** | **At March 31, 2026** | **At December 31, 2025** | **At December 31, 2025** |
| Vacation ownership notes receivable securitizations, gross<sup>(1)</sup> | $| 1986 | $| 2173 |
| Unamortized debt discount and issuance costs | (24) | (24) | (27) | (27) |
|  | 1962 | 1962 | 2146 | 2146 |
| Warehouse Credit Facility, gross<sup>(2)</sup> | 343 | 343 |  |  |
| Unamortized debt issuance costs<sup>(3)</sup> | (1) | (1) |  |  |
|  | 342 | 342 |  |  |
|  | $| 2304 | $| 2146 |
| <sup>(1)</sup>Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%. | <sup>(1)</sup>Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%. | <sup>(1)</sup>Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%. | <sup>(1)</sup>Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%. | <sup>(1)</sup>Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%. |
| <sup>(2)</sup>Effective interest rate as of March 31, 2026 was 4.8%. | <sup>(2)</sup>Effective interest rate as of March 31, 2026 was 4.8%. | <sup>(2)</sup>Effective interest rate as of March 31, 2026 was 4.8%. | <sup>(2)</sup>Effective interest rate as of March 31, 2026 was 4.8%. | <sup>(2)</sup>Effective interest rate as of March 31, 2026 was 4.8%. |
| <sup>(3)</sup> Excludes $2 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Warehouse Credit Facility at that time. | <sup>(3)</sup> Excludes $2 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Warehouse Credit Facility at that time. | <sup>(3)</sup> Excludes $2 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Warehouse Credit Facility at that time. | <sup>(3)</sup> Excludes $2 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Warehouse Credit Facility at that time. | <sup>(3)</sup> Excludes $2 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Warehouse Credit Facility at that time. |

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All of our securitized debt is non-recourse. See Footnote 15 "Variable Interest Entities" for a discussion of the collateral for the non-recourse debt associated with our securitized debt.

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The following table shows anticipated future principal payments for our securitized debt as of March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
| | **Vacation Ownership<br>Notes Receivable Securitizations** | **Warehouse Credit**<br>**Facility**<sup>(1)</sup> | **Total** |
| ***($ in millions)*** | **Vacation Ownership<br>Notes Receivable Securitizations** | **Warehouse Credit**<br>**Facility**<sup>(1)</sup> | **Total** |
| **Payment Year** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;2026, remaining | $131 | $18 | $149 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 173 | 19 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 | 179 | 306 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;2029 | 180 |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;2030 | 182 |  | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thereafter | 1141 |  | 1141 |
|  | $1986 | $343 | $2329 |
| <sup>(1)</sup>Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions. | <sup>(1)</sup>Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions. | <sup>(1)</sup>Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions. | <sup>(1)</sup>Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions. |

---

***Vacation Ownership Notes Receivable Securitizations***

Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool's established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During the first quarter of 2026, and as of March 31, 2026, we had 12 securitized vacation ownership notes receivable pools outstanding, none of which were out of compliance with their respective established parameters.

As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors.

Subsequent to the end of the first quarter of 2026, we securitized a pool of $470 million of vacation ownership notes receivable. In connection with the securitization, $460 million in vacation ownership loan backed notes were issued by MVW 2026-1 LLC (the "2026-1 LLC") in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2026-1 LLC: $277 million of Class A Notes, $97 million of Class B Notes, and $86 million of Class C Notes. The Class A Notes have an interest rate of 4.67%, the Class B Notes have an interest rate of 4.97%, and the Class C Notes have an interest rate of 5.36%, for an overall weighted average interest rate of 4.86%. Proceeds from the transaction, net of fees, were used to repay outstanding credit facility obligations and for other general corporate purposes.

***Warehouse Credit Facility***

Our warehouse credit facility (the "Warehouse Credit Facility"), allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis, has a borrowing capacity of $500 million, and expires on June 11, 2027. The credit spread for the Warehouse Credit Facility is 110 basis points over the Secured Overnight Financing Rate ("SOFR").

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**12.** **DEBT**

The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs.

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| | | |
|:---|:---|:---|
| ***($ in millions)*** | **At March 31, 2026** | **At December 31, 2025** |
| **Corporate Credit Facility** | | |
| Term Loan<sup>(1)</sup> | 786 | 788 |
| Unamortized debt discount and issuance costs | (8) | (8) |
|  | 778 | 780 |
| Revolving Corporate Credit Facility<sup>(2)</sup> | 310 |  |
| Unamortized debt issuance costs<sup>(3)</sup> | (4) |  |
|  | 306 |  |
| **Senior Unsecured Notes** |  |  |
| 2028 Notes | 350 | 350 |
| Unamortized debt discount and issuance costs | (1) | (2) |
|  | 349 | 348 |
| 2029 Notes | 500 | 500 |
| Unamortized debt discount and issuance costs | (3) | (3) |
|  | 497 | 497 |
| 2033 Notes | 575 | 575 |
| Unamortized debt discount and issuance costs | (8) | (8) |
|  | 567 | 567 |
| **Convertible Notes** |  |  |
| 2026 Convertible Notes |  | 575 |
| Unamortized debt issuance costs |  |  |
|  |  | 575 |
| 2027 Convertible Notes | 575 | 575 |
| Unamortized debt issuance costs | (5) | (6) |
|  | 570 | 569 |
| Finance Leases | 198 | 198 |
|  | 3265 | 3534 |
| <sup>(1)</sup>The effective interest rate as of March 31, 2026 was 5.9%. | <sup>(1)</sup>The effective interest rate as of March 31, 2026 was 5.9%. | <sup>(1)</sup>The effective interest rate as of March 31, 2026 was 5.9%. |
| <sup>(2)</sup>The effective interest rate as of March 31, 2026 was 5.3%. | <sup>(2)</sup>The effective interest rate as of March 31, 2026 was 5.3%. | <sup>(2)</sup>The effective interest rate as of March 31, 2026 was 5.3%. |
| <sup>(3)</sup> Excludes $4 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time. | <sup>(3)</sup> Excludes $4 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time. | <sup>(3)</sup> Excludes $4 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time. |

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The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2026.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Payments Year** | **Payments Year** | **Payments Year** | **Payments Year** | **Payments Year** | **Payments Year** | **Payments Year** |
| ***($ in millions)*** | **Remaining 2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total** |
| Term Loan | $6 | $8 | $8 | $8 | $8 | $748 | $786 |
| Revolving Corporate Credit Facility |  |  |  |  | 310 |  | 310 |
| 2028 Notes |  |  | 350 |  |  |  | 350 |
| 2029 Notes |  |  |  | 500 |  |  | 500 |
| 2033 Notes |  |  |  |  |  | 575 | 575 |
| 2027 Convertible Notes |  | 575 |  |  |  |  | 575 |
|  | $6 | $583 | $358 | $508 | $318 | $1323 | $3096 |

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***Corporate Credit Facility***

Our corporate credit facility (the "Corporate Credit Facility") provides support for our business, including ongoing liquidity and letters of credit, and consists of an $800 million term loan facility (the "Term Loan") which is scheduled to mature on April 1, 2031, and a revolving credit facility with a borrowing capacity of $800 million (the "Revolving Corporate Credit Facility"), which includes a letter of credit sub-facility of $150 million, that terminates on March 24, 2030.

During the second quarter of 2025, we entered into a $300 million interest rate swap pursuant to which we pay interest at a fixed rate of 3.344% and receive interest at a floating rate (SOFR) through May 2027 to hedge a portion of our interest rate risk on the Term Loan. This interest rate swap has been designated and qualifies as a cash flow hedge of interest rate risk and is recorded in Other Assets on our Balance Sheet as of March 31, 2026 and in Other Liabilities on our Balance Sheet as of December 31, 2025. We characterize payments we make or receive in connection with this derivative instrument as interest expense and a reclassification of accumulated other comprehensive income or loss for presentation purposes.

***Senior Notes***

Our senior notes include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $350 million aggregate principal amount of 4.750% Senior Unsecured Notes due 2028 issued in the fourth quarter of 2019 with a maturity date of January 15, 2028 (the "2028 Notes").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $500 million aggregate principal amount of 4.500% Senior Unsecured Notes due 2029 issued in the second quarter of 2021 with a maturity date of June 15, 2029 (the "2029 Notes").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $575 million aggregate principal amount of 6.500% Senior Unsecured Notes due 2033 issued in the third quarter of 2025 with a maturity date of October 1, 2033 (the "2033 Notes").

***Convertible Notes***

***2026 Convertible Notes Maturity***

During 2021, we issued $575 million aggregate principal amount of convertible senior notes (the "2026 Convertible Notes") that bore interest at a rate of 0.00%. The 2026 Convertible Notes matured at par on January 15, 2026, at which time none of the 2026 Convertible Notes were converted and all were settled in cash, and the deferred financing costs were fully amortized. Amortization of debt issuance costs related to the 2026 Convertible Notes was less than $1 million during the first quarter of 2026 and $1 million for the first quarter of 2025.

***2026 Convertible Note Hedges and Warrants***

In connection with the offering of the 2026 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (the "2026 Convertible Note Hedges"), covering shares of our common stock, and warrant transactions (the "2026 Warrants"), whereby we sold to the counterparties to the 2026 Convertible Note Hedges warrants to acquire 3.9 million shares of our common stock.

The 2026 Convertible Note Hedges expired upon the maturity of the 2026 Convertible Notes on January 15, 2026, and none were exercised. The 2026 Warrants expire in ratable portions over the 70 trading day period commencing on April 15, 2026. As of March 31, 2026, the strike price of the 2026 Warrants was subject to adjustment to approximately $184.74 as a result of the dividends we declared since the issuance of the 2026 Warrants that were greater than the

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quarterly dividend we paid when the 2026 Warrants were issued. As of March 31, 2026, no 2026 Warrants have been exercised.

***2027 Convertible Notes***

During 2022, we issued $575 million aggregate principal amount of convertible senior notes (the "2027 Convertible Notes") that bear interest at a rate of 3.25%. The 2027 Convertible Notes mature on December 15, 2027, unless earlier repurchased or converted in accordance with their terms prior to that date.

The conversion rate of the 2027 Convertible Notes is subject to adjustment for certain events as described in the indenture governing the notes and was subject to adjustment as of March 31, 2026 to 5.3162 shares of common stock per $1,000 principal amount of 2027 Convertible Notes (equivalent to a conversion price of $188.10 per share of our common stock), as a result of the dividends we declared since issuance of the 2027 Convertible Notes that were greater than the quarterly dividend we paid when the 2027 Convertible notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of March 31, 2026, the effective interest rate was 3.88%.

The following table provides the components of interest expense related to the 2027 Convertible Notes.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| Contractual interest expense | $4 | $4 |
| Amortization of debt issuance costs | 1 | 1 |
|  | $5 | $5 |

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***2027 Convertible Note Hedges and Warrants***

In connection with the offering of the 2027 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (the "2027 Convertible Note Hedges"), covering a total of 3.1 million shares of our common stock, and warrant transactions (the "2027 Warrants"), whereby we sold to the counterparties to the 2027 Convertible Note Hedges warrants to acquire 3.1 million shares of our common stock, in each case, as of March 31, 2026. The strike prices of the 2027 Convertible Note Hedges and the 2027 Warrants were subject to adjustment to $188.10 and $283.92, respectively, as of March 31, 2026, and no 2027 Convertible Note Hedges or 2027 Warrants have been exercised.

***Security and Guarantees***

Amounts borrowed under the Corporate Credit Facility, as well as obligations with respect to letters of credit issued pursuant to the Corporate Credit Facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrowers under, and guarantors of, that facility (which include MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose entities), subject to certain exceptions. In addition, the Corporate Credit Facility, the 2027 Convertible Notes, the 2028 Notes, the 2029 Notes, and the 2033 Notes are guaranteed by MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose entities.

**13.** **STOCKHOLDERS' EQUITY**

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At March 31, 2026, there were 75,897,059 shares of Marriott Vacations Worldwide common stock issued, of which 34,335,139 shares were outstanding and 41,561,920 shares were held as treasury stock. At December 31, 2025, there were 75,891,531 shares of Marriott Vacations Worldwide common stock issued, of which 34,124,033 shares were outstanding and 41,767,498 shares were held as treasury stock. Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $0.01 per share, none of which were issued or outstanding as of March 31, 2026 or December 31, 2025.

***Share Repurchase Program***

From time to time, with the approval of our Board of Directors, we may undertake programs to purchase shares of our common stock (each, a "Share Repurchase Program"). As of March 31, 2026, approximately $322 million remained available for share repurchases under the current Share Repurchase Program, which authorizes share repurchases through December 31, 2026.

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Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements, contractual restrictions, and other factors. In connection with the current Share Repurchase Program, we are authorized to adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The authorization for the current Share Repurchase Program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. Acquired shares of our common stock are currently held as treasury shares and carried at cost in our Financial Statements.

The following table summarizes share repurchase activity under our Share Repurchase Program:

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| | | | |
|:---|:---|:---|:---|
| ***($ in millions, except per share amounts)*** | **Number of Shares Repurchased** | **Cost Basis of Shares Repurchased** | **Average Price<br>Paid per Share** |
| As of December 31, 2025 | 26795163 | $2522 | $94.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the first quarter of 2026 |  |  | $— |
| As of March 31, 2026 | 26795163 | $2522 | $94.12 |

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***Dividends***

We declared cash dividends to holders of our common stock during the first quarter of 2026 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt and approval of our Board of Directors. There can be no assurance that we will pay dividends in the future.

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| | | | |
|:---|:---|:---|:---|
| **Declaration Date** | **Stockholder Record Date** | **Distribution Date** | **Dividend per Share** |
| February 19, 2026 | March 4, 2026 | March 18, 2026 | $0.80 |

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**14.** **SHARE-BASED COMPENSATION**

We maintain the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the "MVW Equity Plan") for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) restricted stock and restricted stock units ("RSUs") of our common stock, (2) stock appreciation rights ("SARs") relating to our common stock, and (3) stock options to purchase our common stock. A total of approximately 3 million shares were authorized for issuance pursuant to grants under the MVW Equity Plan. As of March 31, 2026, less than 1 million shares were available for grants under the MVW Equity Plan.

The following table details our share-based compensation expense related to award grants to our officers, directors, and employees:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| Service-based RSUs | $9 | $6 |
| SARs | 1 | 1 |
|  | $10 | $7 |

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The following table details our deferred compensation costs related to unvested awards:

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| | | |
|:---|:---|:---|
| ***($ in millions)*** | **At March 31, 2026** | **At December 31, 2025** |
| Service-based RSUs | $51 | $26 |
| Performance-based RSUs | 8 | 7 |
| Market-based RSUs | 8 |  |
|  | 67 | 33 |
| SARs | 11 | 2 |
|  | $78 | $35 |

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***Restricted Stock Units***

We granted 581,550 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $61.39, to our employees and non-employee directors during the first quarter of 2026. During the first quarter of 2026, we also granted one-time performance-based RSUs (the "PSUs"), which are subject to performance-based vesting conditions, to certain executives. A maximum of 300,000 RSUs may be earned under the performance-based RSU awards granted during the first quarter of 2026. The PSUs vest over a three-year performance period beginning January 1, 2026 subject to continuous service, and are earned based on the achievement of the highest cumulative performance metric achieved during any four consecutive quarters relative to specified performance thresholds.

During the first quarter of 2026, we also granted one-time market-based RSUs ("MRSUs") to certain executives. A maximum of 300,000 shares can be earned under the MRSUs. The MRSUs vest over a 3.5 year performance period beginning January 1, 2026, subject to continuous service and are earned based on the Company's stock price exceeding specified thresholds. The grant date fair value of $51.38 per share for the MRSUs, was determined using a Monte Carlo simulation model, based on an expected volatility of 45.57%, a risk-free interest rate of 3.54% and a dividend yield of 4.56%. Compensation expense for the MRSUs is recognized straight line over the requisite service period.

The PSUs and MRSUs are required to be settled in shares, or cash if sufficient shares are not available under the MVW Equity Plan, and are classified as equity under ASC 718, Compensation—Stock Compensation.

***Stock Appreciation Rights***

We granted 473,405 SARs, with a weighted average grant-date fair value of $23.59 and a weighted average exercise price of $68.21, to members of management during the first quarter of 2026. We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected term was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected term. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts.

The following table outlines the assumptions used to estimate the fair value of grants during the first quarter of 2026:

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| | |
|:---|:---|
| Expected volatility | 50.41% - 50.73% |
| Dividend yield | 4.40% - 4.56% |
| Risk-free rate | 3.73% - 3.95% |
| Expected term (in years) | 6.00 - 6.25 |

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**15.** **VARIABLE INTEREST ENTITIES**

***Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations***

The following table shows consolidated assets, which are collateral for the obligations of the VIEs related to our vacation ownership notes receivable securitizations, and consolidated liabilities included on our Balance Sheet at March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| ***($ in millions)*** | **Vacation Ownership<br>Notes Receivable<br>Securitizations** | **Warehouse<br>Credit Facility** | **Total** |
| **Consolidated Assets** | | | |
| Vacation ownership notes receivable, net of reserves | $1731 | $339 | $2070 |
| Interest receivable | 14 | 3 | 17 |
| Restricted cash | 80 | 13 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1825 | $355 | $2180 |
| **Consolidated Liabilities** |  |  |  |
| Interest payable | $3 | $1 | $4 |
| Securitized debt | 1986 | 343 | 2329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1989 | $344 | $2333 |

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The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first quarter of 2026:

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| | | | |
|:---|:---|:---|:---|
| ***($ in millions)*** | **Vacation Ownership<br>Notes Receivable<br>Securitizations** | **Warehouse<br>Credit Facility** | **Total** |
| Interest income | $67 | $11 | $78 |
| Interest expense | $25 | $3 | $28 |
| Debt issuance cost amortization | $3 | $— | $3 |

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The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| **Cash Inflows** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal receipts | $153 | $141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receipts | 68 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 221 | 206 |
| **Cash Outflows** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments | (150) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;Voluntary repurchases of defaulted vacation ownership notes receivable | (38) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payments | (25) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | (213) | (206) |
| **Net Cash Flows** | $8 | $— |

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The following table shows cash flows between us and the Warehouse Credit Facility VIE:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| **Cash Inflows** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from vacation ownership notes receivable securitizations | $354 | $206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal receipts | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receipts | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 379 | 232 |
| **Cash Outflows** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments | (10) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payments | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding of restricted cash | (2) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | (14) | (26) |
| **Net Cash Flows** | $365 | $206 |

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Under the terms of our vacation ownership notes receivable securitizations and Warehouse Credit Facility, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. Our maximum exposure to potential loss relating to the special purpose entities that purchase, sell, and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance of the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral.

***Other Variable Interest Entities***

We have a commitment to purchase completed vacation ownership units located in Waikiki, Hawaii for $41 million in 2026. The property is held by a VIE for which we are not the primary beneficiary. We do not control the decisions that most significantly impact the economic performance of the entity as we cannot prevent the variable interest entity from selling the property at a higher price. Accordingly, we have not consolidated the VIE. As of March 31, 2026, our Balance Sheet reflected $1 million in Accounts and contracts receivable, net, including a note receivable of less than $1 million, and $4 million in Property and equipment, net. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $5 million as of March 31, 2026.

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**16.** **BUSINESS SEGMENTS**

We define our reportable segments based on the way in which the chief operating decision maker ("CODM"), currently our chief executive officer, manages the operations of the Company for purposes of allocating resources and assessing performance. We operate in two operating and reportable business segments: Vacation Ownership and Exchange & Third-Party Management. These segments are managed independently due to the differing nature of their products and services.

Our CODM evaluates the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation and amortization, other gains and losses, equity in earnings or losses from our joint ventures, and noncontrolling interest to each of our segments as appropriate. Corporate and other represents that portion of our results that are not allocable to our segments, including those relating to consolidated owners' associations and modernization, as our CODM does not use this information to make operating segment resource allocations.

Our CODM uses Adjusted Earnings before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA") to evaluate the profitability of our operating segments, and the components of net income attributable to common stockholders excluded from Adjusted EBITDA are not separately evaluated. Our CODM reviews budget-to-actual and/or forecast-to-actual variances on a monthly basis using Adjusted EBITDA to make decisions about capital allocation and resource distribution to the segments. Adjusted EBITDA is defined as net income attributable to common stockholders, before interest expense (excluding consumer financing interest expense), income taxes, depreciation and amortization, excluding share-based compensation expense and amortization of cloud computing software implementation costs, and adjusted for certain items that affect the comparability of our operating performance. We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.

Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income attributable to common stockholders is presented below.

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***Segment Revenues and Adjusted EBITDA***

The table below presents the following for the periods presented: revenues, disaggregated by segment, reconciled to consolidated revenue; segment expenses, including significant expense categories and amounts that align with segment-level information regularly provided to our CODM; and segment Adjusted EBITDA reconciled to Net income attributable to common stockholders.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| ***($ in millions)*** | **Vacation**<br>**Ownership** | **Exchange & Third-Party Management** | **Total** | **Vacation Ownership** | **Exchange & Third-Party Management** | **Total** |
| Revenues from external customers | $1193 | $57 | $1250 | $1135 | $58 | $1193 |
| Reconciliation of revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;Corporate and other<sup>(1)</sup> |  |  | 7 |  |  | 7 |
| Total consolidated revenues |  |  | $1257 |  |  | $1200 |
| &nbsp;&nbsp;Cost of vacation ownership products | (46) |  |  | (42) |  |  |
| &nbsp;&nbsp;Marketing and sales | (242) |  |  | (234) |  |  |
| &nbsp;&nbsp;Management and exchange | (72) | (30) |  | (72) | (29) |  |
| &nbsp;&nbsp;Rental | (143) |  |  | (126) |  |  |
| &nbsp;&nbsp;Financing<sup>(2)</sup> | (41) |  |  | (36) |  |  |
| &nbsp;&nbsp;Royalty fee | (28) |  |  | (28) |  |  |
| &nbsp;&nbsp;Other segment items<sup>(3)</sup> | (433) | (3) |  | (376) | (1) |  |
| Segment Adjusted EBITDA | 188 | 24 | 212 | 221 | 28 | 249 |
| Corporate and other<sup>(1)</sup> |  |  | (51) |  |  | (57) |
| Interest expense, net<sup>(2)</sup> |  |  | (44) |  |  | (40) |
| Depreciation and amortization | Depreciation and amortization |  | (34) |  |  | (38) |
| Share-based compensation expense | Share-based compensation expense |  | (10) |  |  | (7) |
| Amortization of cloud computing software implementation costs |  |  | (1) |  |  | (1) |
| Certain items |  |  | (27) |  |  | (5) |
| Provision for income taxes |  |  | (23) |  |  | (45) |
| Net income attributable to common stockholders | Net income attributable to common stockholders |  | $22 |  |  | $56 |

---

<sup>(1)</sup> Corporate and Other consists of results that are not allocable to our segments, including company-wide general and administrative expenses, and transaction and integration costs. In addition, Corporate and Other includes revenues and expenses from Consolidated Property Owners' Associations. Our CODM does not use this information for operating segment resource allocations.

<sup>(2)</sup> Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

<sup>(3)</sup> Other segment items include cost reimbursements, share-based compensation, amortization of cloud computing software implementation costs, and other.

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**17.** **MODERNIZATION**

In November 2024, we announced the creation of a Strategic Business Operations office focused on accelerating our growth and driving operating efficiencies in all areas of our business while increasing organizational agility. The Strategic Business Operations office was created to modernize and optimize our processes and systems, including through advanced technology and automation; increase sales efficiency and inventory optimization; and capture significant savings from initiatives related to procurement and corporate overhead.

The following table shows the composition of our Modernization expense.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| Advisory services | $— | $9 |
| Consulting (implementation) | 9 |  |
| Transition costs | 3 |  |
| Technology | 4 |  |
| Other |  | 1 |
|  | $16 | $10 |

---

The following table presents the activity for this accrual on our Balance Sheet related to our Modernization efforts.

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| | |
|:---|:---|
| ***($ in millions)*** | |
| Balance at December 31, 2025 | $26 |
| &nbsp;&nbsp;Modernization expenses | 16 |
| &nbsp;&nbsp;Cash payments | (17) |
| Balance at March 31, 2026 | $25 |

---

During the third quarter of 2025, we entered into outsourced service arrangements and completed the transition of a portion of certain corporate overhead functions to outsourced service providers. The arrangements are for terms of five to six years, and are cancellable for convenience by us subject to a termination penalty. As of March 31, 2026, our aggregate expected obligation under these arrangements is $131 million, of which $31 million, $27 million, $26 million, $26 million, $18 million, and $3 million is expected to be paid in the remainder of 2026, 2027, 2028, 2029, 2030, and thereafter, respectively, and the total penalties for early termination are $25 million.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Forward-Looking Statements**

We make forward-looking statements throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this Quarterly Report on Form 10-Q (this "Quarterly Report"), based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among other things, the information concerning: our possible or assumed future results of operations, cash flows, financial condition, leverage, liquidity, rental profit; dividend payments; business strategies and management priorities for 2026, including improving profitability and cash flow, accelerating growth, lower costs and monetize non-core assets and key initiatives to enhance the quality and composition of our sales Tours, increase Tour flow and strengthen cost discipline; expected improvements in Tour quality, VPG, and default rates on newly originated vacation ownership notes receivable; financing plans, financing terms and the adequacy of capital to meet short-term and long-term liquidity requirements; our expectations regarding the objectives, costs and benefits of our modernization efforts; our plan to reduce our corporate debt, net of cash and equivalents, to Adjusted EBITDA ratio; our expectations regarding inventory spending; and the impact of inventory repurchases and timing of payments for inventory. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "might," "should," "could" or the negative of these terms or similar expressions.

All forward-looking statements in this Quarterly Report apply only as of the date of this Quarterly Report or as of the date they were made or as otherwise specified herein. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. You should not put undue reliance on any forward-looking statements in this Quarterly Report.

The risk factors discussed in "Risk Factors" in our 2025 Annual Report, and under Item 1A of Part II of this Quarterly Report could cause actual results to differ materially from those expressed or implied in forward-looking statements in this Quarterly Report. There may be other risks and uncertainties that we cannot predict at this time or that we currently do not expect will have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause our results to differ materially from those we express in forward-looking statements.

Our Financial Statements (as defined below), which we discuss below, reflect our historical financial condition, results of operations and cash flows. The financial information discussed below and included in this Quarterly Report may not, however, necessarily reflect what our financial condition, results of operations or cash flows may be in the future.

In order to make this report easier to read, we refer to (i) our Interim Consolidated Financial Statements as our "Financial Statements," (ii) our Interim Consolidated Statements of Income as our "Income Statements," (iii) our Interim Consolidated Balance Sheets as our "Balance Sheets" and (iv) our Interim Consolidated Statements of Cash Flows as our "Cash Flows." References throughout to numbered "Footnotes" refer to the numbered Notes in the Interim Condensed Notes to Consolidated Financial Statements included in this Quarterly Report.

We routinely post important information, including news releases, announcements and other statements about our business and results of operations, that may be deemed material to investors on the Investor Relations section of our

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website, www.marriottvacationsworldwide.com. We use our website as a means of disclosing material, nonpublic information and for complying with our disclosure obligations under Regulation FD. Investors should monitor the Investor Relations section of our website in addition to following our press releases, filings with the SEC, public conference calls and webcasts. The information on our website is not part of, and is not incorporated by reference into, this Quarterly Report.

**Business Overview**

We are a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. Our business operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management.

Our Vacation Ownership segment includes a diverse portfolio of resorts that includes some of the world's most iconic brands licensed under exclusive long-term relationships. We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Vacation Club brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. We also have a license to use the St. Regis brand for specified fractional ownership products.

Our Vacation Ownership segment generates revenues from four primary sources: selling vacation ownership products; managing vacation ownership resorts, clubs and owners' associations; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory.

Our Exchange & Third-Party Management segment includes an exchange network and membership programs, as well as the provision of management services to other resorts and lodging properties. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange and rental transactions, property and owners' association management, and other related products and services. We provide these services through our Interval International and Aqua-Aston businesses.

Corporate and other represents the portion of our results that are not allocable to our segments, including those relating to consolidated property owners' associations ("Consolidated Property Owners' Associations").

**Performance Measures**

Management uses the following key performance metrics to assess the Company's operational efficiency and market competitiveness, identify trends, develop financial projections, and support strategic decision-making. Management continuously monitors and analyzes these metrics to help ensure that the Company remains responsive to changing market conditions and aligned with our long-term growth objectives. The definitions and methodologies of certain of these metrics may differ from those used by other companies, and as a result, these metrics may not be directly comparable to similarly titled measures reported by other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contract sales* reflects the pace of sales in our business and excludes contract sales from the sale of vacation ownership products for non-consolidated joint ventures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Volume per guest* ("VPG") is calculated as contract sales, excluding fractional sales, telesales, resales, and other sales that are not attributed to a sales tour (collectively, "*Tours"* as defined below) divided by the number of Tours conducted during the applicable period. We believe that VPG is a key driver of profitability as it reflects both the average contract price and the effectiveness of converting touring guests into purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tours* is defined as the number of sales tours conducted during the applicable period, including virtual and offsite sales tours and excluding telesales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Development profit margin* is calculated as Development profit divided by revenues from the sale of vacation ownership products. Development profit represents revenues from the sale of vacation ownership products, net of the cost of vacation ownership products and related marketing and sales costs. We believe that Development profit margin is a key indicator of the profitability of our development activities and the effectiveness of our associated marketing and sales efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Total active members* represents the number of active members of the Interval Network active members as of the end of the applicable period. We consider this metric to be an important indicator of the size of the member base eligible to transact within the Interval Network.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Average revenue per member* is calculated by dividing membership fee revenue, transaction revenue, rental revenue, and other member revenue generated by the Interval Network by the monthly weighted average number of active members of the Interval Network during the applicable period. We believe this metric is a meaningful indicator of member engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Segment financial results attributable to common stockholders* reflects revenues less expenses that are directly attributable to each respective reportable business segment (Vacation Ownership and Exchange & Third-Party Management). We believe this measure provides meaningful insight into the operating performance of our reportable business segments. See Footnote 16 "Business Segments" to our Financial Statements for further information about our reportable business segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Adjusted EBITDA margin* is calculated as Adjusted EBITDA divided by total revenues less cost reimbursements revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Segment Adjusted EBITDA margin* is calculated as Segment Adjusted EBITDA divided by the respective segment's total revenues less cost reimbursements revenues.

NM = Not meaningful.

**Management Priorities**

Our management priorities for 2026 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Improve profitability and cash flow** by driving higher free cash flow conversion through disciplined execution, tighter working capital and capital spending, and focusing on EBITDA performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Strengthen leadership and talent** through onboarding new leadership with the external expertise to drive improvement in consistency and long-term growth execution. We have also retained key existing leadership and talent throughout the organization to ensure continuity and retain historical business knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Accelerate near-term, sustainable revenue growth** by increasing contract sales through strengthened marketing and sales leadership, hiring proven frontline sales talent and critically improving our daily management discipline throughout our operating ecosystem. Inflight initiatives are intended to expand and diversify marketing opportunities. This will occur by improving lead generation, marketing efficiency and enhancing our products and services. The enhanced owner experience and events platforms should increase owner retention and generate referrals of potential new customers to support contract sales growth and higher VPG. We expect the financial benefits of these actions to become more evident in the second half of 2026 and into 2027 as we build a Tour pipeline that reflects these changes. In the interim, we expect that marketing and sales expenses will remain higher than 2025 to support these new initiatives in the near-term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Lower cost base** by emphasizing operating discipline to drive improved cash flow through execution and cost management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Protect and grow recurring, high margin revenue streams** thorough sustaining stable performance in our financing and management and exchange businesses to support earnings durability and cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Disciplined capital allocation** to fund the highest-return growth initiatives while prioritizing liquidity and balance sheet flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Monetize non-core assets** to generate proceeds and support deleveraging and reinvestment priorities. By the end of 2027 we expect to generate between $200 million and $250 million of gross cash proceeds from the disposition of non-core assets Proceeds of $50 million were realized in the first quarter of 2026 from the disposition of a hotel in Cancun, Mexico and over $125 million of additional gross proceeds from dispositions are expected for the remainder of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Optimize geographic mix** by scaling back our operations in lower return areas, including our Asia Pacific business, to improve capital efficiency overall and future margins.

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**Consolidated Results**

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| **REVENUES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of vacation ownership products | $343 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and exchange | 216 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | 176 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing | 92 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 430 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REVENUES** | 1257 | 1200 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of vacation ownership products | 46 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales | 242 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and exchange | 120 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | 140 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty fee | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 64 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation charges | 2 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modernization<sup>†</sup> | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring<sup>†</sup> | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment<sup>†</sup> |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 430 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1169 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains and other income, net | 2 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (44) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |
| **INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS** | 45 | 102 |
| Provision for income taxes | (23) | (45) |
| **NET INCOME** | 22 | 57 |
| Net income attributable to noncontrolling interests |  | (1) |
| **NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $22 | $56 |

---

<sup>†</sup> Prior year amounts have been reclassified to conform with our current year presentation.

**Operating Statistics**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***(Contract sales $ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| **Vacation Ownership** | | | | |
| &nbsp;&nbsp;Contract sales | $411 | $420 | $(9) | (2%) |
| &nbsp;&nbsp;VPG | $4016 | $3979 | $37 | 1% |
| &nbsp;&nbsp;Tours | 95250 | 97998 | (2748) | (3%) |
| **Exchange & Third-Party Management** |  |  |  |  |
| &nbsp;&nbsp;Total active members at end of period (000's) | 1507 | 1538 | (31) | (2%) |
| &nbsp;&nbsp;Average revenue per member | $39.13 | $39.94 | $(0.81) | (2%) |

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**Revenues**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Vacation Ownership | $1193 | $1135 | $58 | 5% |
| Exchange & Third-Party Management | 57 | 58 | (1) | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Segment Revenues | 1250 | 1193 | 57 | 5% |
| Consolidated Property Owners' Associations | 7 | 7 |  | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | $1257 | $1200 | $57 | 5% |

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**Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA**

EBITDA, a financial measure that is not prescribed by GAAP, is defined as earnings, or net income or loss attributable to common stockholders, before interest expense, net (excluding consumer financing interest expense), income taxes, depreciation and amortization. Adjusted EBITDA reflects additional adjustments for certain items, and excludes share-based compensation expense and amortization of cloud computing software implementation costs. Share-based compensation expense is excluded to address considerable variability among companies in recording compensation expense because companies use share-based payment awards differently, both in the type and quantity of awards granted. Amortization of cloud computing software implementation costs, which are not included in depreciation and amortization expense, are excluded from Adjusted EBITDA for comparability purposes to address the considerable variability among companies in the utilization of productive assets.

For purposes of our EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin calculations, we do not adjust for consumer financing interest expense because we consider it to be an operating expense of our business. We consider Adjusted EBITDA to be an indicator of operating performance, which we use to measure our ability to service debt, fund capital expenditures, expand our business, and return cash to stockholders. We consider Adjusted EBITDA margin to be an indicator of our operating profitability.

We also use Adjusted EBITDA and Adjusted EBITDA margin, as do analysts, lenders, investors, and others, because these measures exclude certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Adjusted EBITDA and Adjusted EBITDA margin also exclude depreciation and amortization, as well as amortization of cloud computing software implementation costs, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating or amortizing productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.

We believe Adjusted EBITDA and Adjusted EBITDA margin are useful as indicators of operating performance and profitability, respectively, because they allow for period-over-period comparisons of our ongoing core operations before the impact of the excluded items. Adjusted EBITDA and Adjusted EBITDA margin also facilitate comparisons by us, analysts, investors, and others of results from our ongoing core operations before the impact of these items with results from other companies.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin have limitations and should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. In addition, other companies in our industry may calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin differently than we do or may not calculate them at all, limiting their usefulness as comparative measures.

Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

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The table below shows our EBITDA and Adjusted EBITDA calculation and reconciles these measures with net income or loss attributable to common stockholders, which is the most directly comparable GAAP financial measure.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **Change** | **Change** |
| Net income attributable to common stockholders | $| 22 | $| 56 | $(34) | (61%) |
| Interest expense, net | 44 | 44 | 40 | 40 | 4 | 9% |
| Provision for income taxes | 23 | 23 | 45 | 45 | (22) | (49%) |
| Depreciation and amortization | 34 | 34 | 38 | 38 | (4) | (11%) |
| **EBITDA** | 123 | 123 | 179 | 179 | (56) | (31%) |
| Share-based compensation expense | 10 | 10 | 7 | 7 | 3 | 44% |
| Amortization of cloud computing software implementation costs | 1 | 1 | 1 | 1 |  | NM |
| Certain items | 27 | 27 | 5 | 5 | 22 | NM |
| **Adjusted EBITDA** | $| 161 | $| 192 | $(31) | (16%) |
| **Adjusted EBITDA Margin** | 19.5% | 19.5% | 23.2% | 23.2% | (3.7 pts) | (3.7 pts) |

---

The table below details the components of Certain items for the periods presented.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of hotel, land, and other | $(3) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 3 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in indemnification asset | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in estimates relating to pre-acquisition contingencies | (4) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) | (1) |
| Gains and other income, net | (2) | (13) |
| Litigation charges | 2 | 7 |
| Modernization<sup>†</sup> | 16 | 10 |
| Restructuring<sup>†</sup> | 6 |  |
| Impairment<sup>†</sup> |  | 2 |
| Other | 5 | (1) |
| **Total Certain items** | $27 | $5 |

---

<sup>†</sup> Prior year amounts have been reclassified to conform with our current year presentation.

**Segment Adjusted EBITDA**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Vacation Ownership | $188 | $221 | $(33) | (15%) |
| Exchange & Third-Party Management | 24 | 28 | (4) | (14%) |
| **Segment Adjusted EBITDA** | 212 | 249 | (37) | (15%) |
| General and administrative | (64) | (61) | (3) | (5%) |
| Share-based compensation expense | 7 | 5 | 2 | 61% |
| Other<sup>(1)</sup> | 6 | (1) | 7 | NM |
| **Adjusted EBITDA** | $161 | $192 | $(31) | (16%) |

---

<sup>(1)</sup> Includes $6 million of severance expense relating to changes in executive leadership that was recorded as General and administrative expense in the first quarter of 2026..

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

The following tables present segment financial results attributable to common stockholders reconciled to segment Adjusted EBITDA.

**Vacation Ownership**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **Change** | **Change** |
| Segment financial results | $| 167 | $| 198 | $(31) | (16%) |
| Depreciation and amortization | 24 | 24 | 26 | 26 | (2) | (9%) |
| Share-based compensation expense | 2 | 2 | 1 | 1 | 1 | NM |
| Amortization of cloud computing software implementation costs | 1 | 1 | 1 | 1 |  | NM |
| Certain items | (6) | (6) | (5) | (5) | (1) | NM |
| Segment Adjusted EBITDA | $| 188 | $| 221 | $(33) | (15%) |
| Segment Adjusted EBITDA Margin | 24.8% | 24.8% | 29.2% | 29.2% | (4.4 pts) | (4.4 pts) |

---

The table below details the components of Certain items for Vacation Ownership segment financial results.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| &nbsp;&nbsp;Gain on disposition of hotel, land, and other | $(3) | $— |
| &nbsp;&nbsp;Insurance proceeds |  | (7) |
| &nbsp;&nbsp;Change in estimates relating to pre-acquisition contingencies | (4) | (2) |
| Gains and other income, net | (7) | (9) |
| Litigation charges | 1 | 4 |
| Total Certain items | $(6) | $(5) |

---

**Exchange & Third-Party Management**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **Change** | **Change** |
| Segment financial results | $| 19 | $| 18 | $1 | 4% |
| Depreciation and amortization | 5 | 5 | 7 | 7 | (2) | (32%) |
| Share-based compensation expense | 1 | 1 | 1 | 1 |  | NM |
| Certain items | (1) | (1) | 2 | 2 | (3) | NM |
| Segment Adjusted EBITDA | $| 24 | $| 28 | $(4) | (14%) |
| Segment Adjusted EBITDA Margin | 44.9% | 44.9% | 49.0% | 49.0% | (4.1 pts) | (4.1 pts) |

---

The table below details the components of Certain items for Exchange and Third-Party Management segment financial results.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| Gains and other income, net | $(1) | $— |
| Impairment<sup>†</sup> |  | 2 |
| Total Certain items | $(1) | $2 |

---

<sup>†</sup> Prior year amounts have been reclassified to conform with our current year presentation.

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**Business Segments**

Our business is grouped into two reportable business segments: Vacation Ownership and Exchange & Third-Party Management. See Footnote 16 "Business Segments" to our Financial Statements for further information.

**Vacation Ownership**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| **REVENUES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of vacation ownership products | $343 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resort management and other services | 156 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | 167 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing | 92 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 435 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REVENUES** | 1193 | 1135 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of vacation ownership products | 46 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales | 242 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resort management and other services | 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | 143 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty fee | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 24 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation charges | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 435 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1032 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains and other income, net | 7 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |
| **SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $167 | $198 |

---

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**Sale of Vacation Ownership Products**

*First Quarter*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **% of Contract Sales, Net of Resales** | **March 31, 2025** | **% of Contract Sales, Net of Resales** | **Change** | **Change** |
| Contract sales | 411 |  | 420 |  | $(9) | (2%) |
| Less: Resales contract sales | (6) |  | (9) |  | 3 |  |
| Contract sales, net of resales | 405 |  | 411 |  | (6) | (2%) |
| Plus: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement revenue | 10 | 2% | 9 | 2% | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Resales revenue | 2 | 1% | 4 | 1% | (2) |  |
| Revenue recognition adjustments: | Revenue recognition adjustments: | Revenue recognition adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reportability | (2) | —% | 5 | 1% | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales reserve | (50) | (12%) | (50) | (12%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(1)</sup> | (22) | (6%) | (24) | (6%) | 2 |  |
| Sale of vacation ownership products | 343 | 85% | 355 | 86% | $(12) | (3%) |
| VPG | 4016 |  | 3979 |  | $37 | 1% |
| Tours | 95250 |  | 97998 |  | (2748) | (3%) |
| Financing propensity | 55% |  | 55% |  | NM | NM |
| Average FICO Score <sup>(2)</sup> | 753 |  | 740 |  |  |  |

---

<sup>(1)</sup> Adjustment for sales incentives that will not be recognized as Sale of vacation ownership products revenue and other adjustments to Sale of vacation ownership products revenue.

<sup>(2)</sup> For customers who financed a vacation ownership purchase and for whom a credit score was available, generally U.S. and Canadian residents.

*First Quarter*

The decrease in Sale of vacation ownership products for the first quarter of 2026 is attributed to lower contract sales and lower revenue reportability.

Contract sales decreased during the first quarter of 2026 due to a 3% decrease in Tours, partially offset by a 1% increase in VPG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Owner contract sales increased 3% on higher VPG partially offset by lower Tours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First time buyer contract sales decreased 12% on lower VPG and Tours.

The decline in Tours was largely attributable to our planned actions relating to the change in strategy for our Asia-Pacific business as well as our intentional reduction in Tours for FICO scores below 640. Excluding Asia-Pacific, Tours decreased 1% year-over-year. VPG increased 1% year-over-year on a consolidated basis and was up nearly 50 basis points excluding Asia-Pacific.

**Development Profit**

*First Quarter*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2026** | **% of Revenue** | **March 31, 2025** | **March 31, 2025** | **% of Revenue** | **Change** | **Change** |
| Sale of vacation ownership products | $| 343 |  | $| 355 |  | $(12) | (3%) |
| Cost of vacation ownership products | (46) | (46) | 13% | (42) | (42) | 12% | (4) | (9%) |
| Marketing and sales | (242) | (242) | 70% | (234) | (234) | 66% | (8) | (3%) |
| Development profit | $| 55 |  | $| 79 |  | $(24) | (30%) |
| Development profit margin | 16.1% | 16.1% |  | 22.2% | 22.2% |  | (6.1 pts) | (6.1 pts) |

---

The change in Development profit was due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;• lower Sale of vacation ownership products (discussed above);

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;• higher Cost of vacation ownership products due to lower favorable product cost true up activity partially offset by the sale of lower average cost inventory (including resulting from the impairments in inventory from the fourth quarter of 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;• higher Marketing and sales costs due to higher salaries, sales materials and preview costs, partially offset by lower commissions.

**Resort Management and Other Services Revenues, Expenses and Profit**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **Change** | **Change** |
| Management fee revenues | $| 56 | $| 55 | $1 | 1% |
| Ancillary revenues | 65 | 65 | 65 | 65 |  | —% |
| Other management and exchange revenues | 35 | 35 | 35 | 35 |  | 1% |
| Resort management and other services revenues | 156 | 156 | 155 | 155 | 1 | 1% |
| Resort management and other services expenses | (72) | (72) | (72) | (72) |  | —% |
| Resort management and other services profit | $| 84 | $| 83 | $1 | 1% |
| Resort management and other services profit margin | 53.9% | 53.9% | 53.6% | 53.6% | 0.3 pts | 0.3 pts |
| Resort occupancy <sup>(1)</sup> | 90.5% | 90.5% | 90.3% | 90.3% | 0.2 pts | 0.2 pts |
| <sup>(1)</sup>Resort occupancy represents all transient, preview, and owner keys divided by total keys available, net of keys out of service. | <sup>(1)</sup>Resort occupancy represents all transient, preview, and owner keys divided by total keys available, net of keys out of service. | <sup>(1)</sup>Resort occupancy represents all transient, preview, and owner keys divided by total keys available, net of keys out of service. | <sup>(1)</sup>Resort occupancy represents all transient, preview, and owner keys divided by total keys available, net of keys out of service. | <sup>(1)</sup>Resort occupancy represents all transient, preview, and owner keys divided by total keys available, net of keys out of service. | <sup>(1)</sup>Resort occupancy represents all transient, preview, and owner keys divided by total keys available, net of keys out of service. | <sup>(1)</sup>Resort occupancy represents all transient, preview, and owner keys divided by total keys available, net of keys out of service. |

---

**Rental Revenues, Expenses and Profit**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Rental revenues | $167 | $159 | $8 | 5% |
| Rental expenses | (143) | (126) | (17) | (14%) |
| Rental profit | $24 | $33 | $(9) | (27%) |
| Rental profit margin | 14.2% | 20.4% | (6.2 pts) | (6.2 pts) |
| Transient keys rented<sup>(1)</sup> | 578274 | 569470 | 8804 | 2% |
| Average transient rate | $285 | $284 | $1 | —% |
| Rental occupancy<sup>(2)</sup> | 75.0% | 74.3% | 0.7 pts | 0.7 pts |

---

<sup>(1)</sup> Transient keys rented exclude plus points and preview stays.

<sup>(2)</sup> Rental occupancy represents transient and preview keys divided by keys available to rent, which is total available keys excluding owner usage.

*First Quarter*

Rental profit declined due to $7 million of higher unsold maintenance fees associated with developer-owned inventory and $4 million of higher marketing, variable and other costs, partially offset by a $2 million increase in transient rental revenues, including plus points.

Rental revenues and Rental expenses are both $6 million higher due to a reduction in the amount of costs in excess of rental revenues for developer-owned inventory which is registered and held for sale reclassified to Rental revenues.

We continue to expect a decline in rental profit in 2026 attributed to higher inventory and related unsold maintenance fees.

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**Financing Revenues, Expenses and Profit**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **Change** | **Change** |
| Financing revenues | $| 92 | $| 88 | $4 | 4% |
| Financing expenses | (10) | (10) | (11) | (11) | 1 | 5% |
| Consumer financing interest expense | (31) | (31) | (25) | (25) | (6) | (21%) |
| Financing profit | $| 51 | $| 52 | $(1) | (2%) |
| Financing profit margin | 55.8% | 55.8% | 59.3% | 59.3% | (3.5 pts) | (3.5 pts) |

---

*First Quarter*

&nbsp;&nbsp;&nbsp;&nbsp;*•* Financing revenues reflect higher interest income as a result of a higher average notes receivable balance, partially offset by a slightly lower average interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;• Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively. In addition, consumer financing interest expense increased by $2 million due to higher average securitized debt in the first quarter of 2026.

**Gains and Other Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Gains and other income, net | $7 | $9 | $(2) | NM |

---

*First Quarter*

During the first quarter of 2026, we benefited from a $2 million gain on the disposition of a hotel in Cancun, Mexico, a $4 million reduction in certain pre-acquisition contingencies associated with the ILG Acquisition, and a less than $1 million gain on the disposition of a parcel of land.

During the first quarter of 2025, we benefited from $7 million of proceeds from service interruption insurance relating to the Maui wildfires, and a $2 million reduction in certain pre-acquisition contingencies associated with the ILG Acquisition.

**Exchange & Third-Party Management**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| **REVENUES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and exchange | $44 | $46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REVENUES** | 57 | 58 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and exchange | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment<sup>†</sup> |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains and other income, net | 1 |  |
| **SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $19 | $18 |

---

<sup>†</sup> Prior year amounts have been reclassified to conform with our current year presentation.

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**Corporate and Other**

Corporate and Other consists of results that are not allocable to our segments, including company-wide general and administrative costs, corporate interest expense, transaction and integration costs, and income taxes. In addition, Corporate and Other includes the revenues and expenses from Consolidated Property Owners' Associations.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| **REVENUES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Resort management and other services | $16 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | (9) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REVENUES** | 7 | 7 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Resort management and other services | 18 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 64 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation charges | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modernization<sup>†</sup> | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring<sup>†</sup> | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | (9) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 98 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Losses) gains and other (expense) income, net | (6) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (44) | (40) |
| **FINANCIAL RESULTS BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS** | (141) | (114) |
| Provision for income taxes | (23) | (45) |
| Net income attributable to noncontrolling interests |  | (1) |
| **FINANCIAL RESULTS ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $(164) | $(160) |

---

<sup>†</sup> Prior year amounts have been reclassified to conform with our current year presentation.

**General and Administrative**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| General and administrative | $64 | $61 | $3 | 5% |

---

*First Quarter*

General and administrative expenses for the first quarter of 2026 increased primarily due to $6 million of severance expense relating to changes in executive leadership and $3 million of share-based compensation for new executives, partially offset by $3 million of lower insurance expense and $3 million of lower other costs.

**Modernization**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Modernization | $16 | $10 | $6 | 51% |

---

*First Quarter*

In November 2024, we announced the creation of a Strategic Business Operations office focused on accelerating our growth and driving operating efficiencies in all areas of our business while increasing organizational agility. The Strategic Business Operations office was created to modernize and optimize our processes and systems, including through advanced technology and automation; increase sales efficiency and inventory optimization; and capture significant savings from initiatives related to procurement and corporate overhead.

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

Modernization expenses during the first quarter of 2026 related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $9 million for consulting costs relating to implementation of initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4 million for technology; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3 million for the partial outsourcing of corporate overhead functions.

During the first quarter of 2025, the majority of our Modernization expenses were related to advisory services.

We expect to incur non-recurring expenses of approximately $85 million in the remainder of 2026 related to these modernization initiatives.

**Restructuring**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Restructuring | $6 | $— | $6 | NM |

---

*First Quarter*

During the first quarter of 2026, we incurred $6 million of severance expense associated with certain organizational changes, primarily in our corporate support functions. An additional $6 million of severance expense associated with the organizational changes in our executive leadership team is presented as a component of General and Administrative expenses on our Income Statement.

**(Losses) Gains and Other (Expense) Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| (Losses) gains and other (expense) income, net | $(6) | $4 | $(10) | NM |

---

*First Quarter*

In the first quarter of 2026, we recorded $3 million of tax related adjustments to the receivable from Marriott International for indemnified tax matters and $3 million of foreign currency translation losses.

In the first quarter of 2025, we recorded $3 million of foreign currency translation gains and $1 million of other gains.

**Interest Expense**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Interest expense, net | $(44) | $(40) | $(4) | (9%) |

---

*First Quarter*

The increase in Interest expense, net is primarily attributed to $10 million of interest on our 6.500% Senior Unsecured Notes due 2033 issued in the third quarter of 2025 (the proceeds of which were used to repay our $575 million 0.000% 2026 Convertible Notes). This increase was partially offset by the change in presentation of interest on our Warehouse Credit Facility and by lower interest on our Corporate Credit Facility and 2026 Convertible Notes which were repaid during the first quarter of 2026.

Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

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<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**Income Tax**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** | **Change** | **Change** |
| Provision for income taxes | $(23) | $(45) | $22 | NM |

---

*First Quarter*

Our effective tax rate was 50.3% and 43.6% for the three months ended March 31, 2026 and March 31, 2025, respectively.

The effective tax rate for the three months ended March 31, 2026 differed from the blended U.S. federal and state statutory tax rate primarily due to a permanent adjustment related to interest on installment sales, higher projected foreign losses, for which a valuation allowance was recorded, and discrete income tax adjustments primarily associated with foreign operations, including a $6 million cumulative adjustment related to a foreign tax provision, and share-based compensation.

The effective tax rate for the three months ended March 31, 2025 differed from the blended U.S federal and state statutory tax rate primarily due to lower pre-tax book income forecast at that time for the year in 2025, which was largely driven by our modernization efforts and related costs expected to be incurred, higher expected foreign losses, for which a valuation allowance was recorded, and discrete income tax adjustments, primarily related to share-based compensation.

**Consolidated Property Owners' Associations**

The following table illustrates the impact of certain Consolidated Property Owners' Associations under the relevant accounting guidance.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| **REVENUES** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Resort management and other services | $16 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | (9) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL REVENUES** | 7 | 7 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Resort management and other services | 18 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | (9) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 6 | 6 |
| **FINANCIAL RESULTS BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS** | 1 | 1 |
| Provision for income taxes | (1) |  |
| Net income attributable to noncontrolling interests |  | (1) |
| **FINANCIAL RESULTS ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $— | $— |

---

**Liquidity and Capital Resources**

Typically, our capital needs are supported by cash on hand, cash generated from operations, our ability to access funds under the Warehouse Credit Facility and the Revolving Corporate Credit Facility, our ability to raise capital through securitizations in the ABS market, and, to the extent necessary, our ability to issue new debt and refinance existing debt. We believe these sources of capital will be adequate to meet our short-term and long-term liquidity requirements, finance our long-term growth plans, satisfy debt service requirements, fulfill other cash requirements, and return capital to stockholders. We continuously monitor the capital markets to evaluate the effect that changes in market conditions may have on our ability to fund our liquidity needs.

At March 31, 2026, our corporate debt, net of cash and equivalents, to Adjusted EBITDA ratio was 4.2, which we believe is a manageable leverage level, and we remain focused on reducing this ratio over time.

During the first quarter of 2026, we used the proceeds from the 2033 Notes to repay our 2026 Convertible Notes upon maturity. We have no material principal payment obligations for the remainder of 2026. See Footnote 12 "Debt" to our Financial Statements for further information related to maturities of our debt.

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**Sources of Liquidity**

*Cash from Operations*

Our primary sources of funds from operations are (1) cash sales and down payments on financed sales, (2) cash from our financing operations, including principal and interest payments received on outstanding vacation ownership notes receivable, (3) cash from fee-based membership, exchange and rental transactions, and (4) cash generated from our rental and resort management and other services operations.

*Vacation Ownership Notes Receivable Securitizations* 

We periodically securitize, without recourse through bankruptcy remote special purpose entities, the majority of the notes receivable originated in connection with the sale of vacation ownership products to institutional investors in the ABS term securitization market. These vacation ownership notes receivable securitizations provide liquidity for general corporate purposes. In a vacation ownership notes receivable term securitization, several classes of debt securities issued by a special purpose entity are collateralized by a single pool of transferred vacation ownership notes receivable. In connection with each vacation ownership notes receivable securitization, we may retain all or a portion of the securities that are issued.

Typically, we receive cash at inception of the term securitization transaction for the amount of notes issued less fees and monies held in reserve and we receive cash during the life of the transaction in amounts reflecting the excess spread of interest received on the related vacation ownership notes receivable less the interest payable on the ABS securities, less administrative fees and amounts from related vacation ownership notes receivable that default. Loan defaults under securitizations offset a portion of the excess spread we receive, on a monthly basis.

Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool's parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread of interest accruing on the related vacation ownership notes receivable less the interest accruing on the ABS securities and fees we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. At the recent level of defaults, there is no impact to cash whether we repurchase defaulted vacation ownership notes receivable from a securitization VIE and pursue foreclosure or foreclose on behalf of a securitization VIE. During the first quarter of 2026, and as of March 31, 2026, we had 12 term securitization transactions outstanding, none of which were out of compliance with their respective required parameters. Since 2000, we have issued approximately $10.7 billion of debt securities in securitization transactions in the term ABS market, excluding amounts securitized through warehouse credit facilities or private bank transactions.

On an ongoing basis, we have the ability to use our Warehouse Credit Facility to securitize, on a revolving non-recourse basis, eligible consumer loans derived from certain vacation ownership sales. Those loans may later be transferred to term securitization transactions in the ABS market, which typically occur twice a year. At March 31, 2026, we had $343 million of borrowings outstanding on our Warehouse Credit Facility. See Footnote 11 "Securitized Debt' to our Financial Statement for further information.

As of March 31, 2026, $108 million of gross vacation ownership notes receivable were eligible for securitization.

*Revolving Corporate Credit Facility*

Our Revolving Corporate Credit, which expires on March 24, 2030, provides for up to $800 million of aggregate borrowings for general corporate needs, including working capital, capital expenditures, letters of credit, and acquisitions. At March 31, 2026, $310 million of borrowings and $12 million of letters of credit were outstanding under our Revolving Corporate Credit Facility. See Footnote 12 "Debt" to our Financial Statements for further information.

*Disposition of Non-core Assets*

As part of our broader financial strategic review in the fourth quarter of 2025, we conducted a comprehensive review to assess the strategic alignment of inventory and property and equipment within our North America vacation ownership business. This review focused on assessing inventory needs in light of our then-current inventory position and identifying opportunities to monetize non-core assets. During the first quarter of 2026, we received cash proceeds of $50 million from the sale of an entity that owned and operated a Vacation Ownership segment hotel in Cancun. Over the next two years we expect to generate between $200 million and $250 million of additional net cash proceeds from the disposition of certain non-core property and equipment and other assets with proceeds over $125 million in the remainder of 2026.

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**Uses of Cash**

We minimize our working capital needs through cash management, strict credit-granting policies, and disciplined collection efforts. Our working capital needs fluctuate throughout the year given the timing of annual maintenance fees on unsold inventory we pay to owners' associations and certain annual compensation-related outflows. In addition, our cash from operations varies due to the timing of repayment by owners of vacation ownership notes receivable, timing and amount of voluntary repurchases of defaulted vacation ownership notes receivable, the closing or recording of sales contracts for vacation ownership products, financing propensity, and cash outlays for inventory acquisitions and development.

*Seasonality*

Our cash flow from operations fluctuates during the year due to the timing of certain receipts and contractual and compensation-related payments. Significant changes in cash flow can result from the timing of our collection of maintenance fees, club dues, and other customer payments, which typically occurs in either the fourth quarter or the first quarter of each year. Generally, cash outflows related to our payment of maintenance fees associated with unsold inventory occurs in the fourth quarter for our points-based products, and in the first quarter for our weeks-based products. In addition, during the first quarter of each year, we generally have variable compensation-related cash outflows associated with payment of annual bonuses and, subject to the continued issuance of quarterly dividends, the payment of two quarterly cash dividends declared in December and February.

*Timing of Estimated Tax Payments*

As part of the federal tax relief provided by the Internal Revenue Service for businesses in areas of Florida affected by hurricanes during the third and fourth quarters of 2024, we were permitted to defer certain federal income tax payments without incurring interest or penalties. As a result, $38 million of estimated tax payments otherwise due in the third and fourth quarters of 2024 were deferred and paid in the second quarter of 2025. We do not have similar deferrals of estimated tax payments from 2025 into 2026.

***Operations***

In addition to net income and adjustments for non-cash items, the following are key drivers of our cash flow from operating activities:

*Inventory Spending Less than (In Excess of) Cost of Sales*

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| Inventory spending | $(25) | $(29) |
| Purchase and development of property for future transfer to inventory |  | (2) |
| Inventory costs | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory spending less than (in excess of) cost of sales | $10 | $(1) |

---

We plan to restrict our new inventory spending to capital efficient arrangements where our cash outlay coincides with the start of sales, as well as low-cost reacquired inventory. Through our existing VOI repurchase program, we proactively acquire previously sold VOIs from owners' associations and individual owners at lower costs than would be required to develop new inventory. Among other reasons for repurchasing inventory, we expect these repurchases will help stabilize the future cost of our vacation ownership products.

*Vacation Ownership Notes Receivable Collections Less Than Originations*

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ***($ in millions)*** | **March 31, 2026** | **March 31, 2025** |
| Vacation ownership notes receivable collections — non-securitized | $47 | $41 |
| Vacation ownership notes receivable collections — securitized | 138 | 135 |
| Vacation ownership notes receivable originations | (241) | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp;Vacation ownership notes receivable collections less than originations | $(56) | $(57) |

---

Vacation ownership notes receivable collections were less than originations in the first quarters of 2026 and 2025 due to the growth of our vacation ownership notes receivable portfolio.

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***Repurchase of Common Stock***

The following table summarizes share repurchase activity under our Share Repurchase Program:

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| | | | |
|:---|:---|:---|:---|
| ***($ in millions, except per share amounts)*** | **Number of Shares Repurchased** | **Cost Basis of Shares Repurchased** | **Average Price<br>Paid per Share** |
| As of December 31, 2025 | 26795163 | $2522 | $94.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the first quarter of 2026 |  |  | $— |
| As of March 31, 2026 | 26795163 | $2522 | $94.12 |

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See Footnote 13 "Stockholders' Equity" to our Financial Statements for further information related to our current share repurchase program.

***Payment of Dividends to Common Stockholders***

We distributed cash dividends to holders of our common stock during the first quarter of 2026 as follows:

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| | | | |
|:---|:---|:---|:---|
| **Declaration Date** | **Stockholder Record Date** | **Distribution Date** | **Dividend per Share** |
| December 12, 2025 | December 24, 2025 | January 7, 2026 | $0.80 |
| February 19, 2026 | March 4, 2026 | March 18, 2026 | $0.80 |

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We currently expect to pay quarterly dividends in the future, but any future dividend payments will be subject to the approval of our Board of Directors, which will depend on our financial condition, results of operations and capital requirements at the time, as well as applicable law, regulatory constraints, industry practice, and other business considerations that our Board of Directors considers relevant. In addition, our Corporate Credit Facility and the indentures governing our senior notes contain restrictions on our ability to pay dividends, and the terms of agreements governing debt that we may incur in the future may also limit or prohibit the payment of dividends. The payment of certain cash dividends may also result in an adjustment to the conversion rate of our convertible notes in a manner adverse to us. Accordingly, there can be no assurance that we will pay dividends in the future at any particular rate or at all.

***Material Cash Requirements***

The following table summarizes our future material cash requirements from known contractual or other obligations as of March 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| ***($ in millions)*** | **Total** | **Remainder<br>of 2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** |
| &nbsp;&nbsp;Debt<sup>(1)</sup> | $3771 | $132 | $725 | $464 | $602 | $401 | $1447 |
| &nbsp;&nbsp;Securitized debt<sup>(1)(2)</sup> | 2947 | 233 | 292 | 570 | 249 | 243 | 1360 |
| &nbsp;&nbsp;Purchase obligations<sup>(3)</sup> | 574 | 153 | 201 | 131 | 39 | 31 | 19 |
| &nbsp;&nbsp;Operating lease obligations<sup>(4)</sup> | 78 | 17 | 16 | 13 | 10 | 7 | 15 |
| &nbsp;&nbsp;Finance lease obligations<sup>(4)</sup> | 518 | 13 | 17 | 14 | 13 | 13 | 448 |
| &nbsp;&nbsp;Other long-term obligations | 27 | 23 | 2 | 2 |  |  |  |
|  | $7915 | $571 | $1253 | $1194 | $913 | $695 | $3289 |

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<sup>(1)</sup> Includes principal as well as interest payments and excludes unamortized debt discount and issuance costs.

<sup>(2)</sup> Payments based on estimated timing of cash flow associated with securitized notes receivable.

<sup>(3)</sup> Arrangements are considered purchase obligations if a contract specifies all significant terms, including fixed or minimum quantities to be purchased, a pricing structure, and approximate timing of the transaction. Amounts reflected herein represent expected funding requirements under such contracts and primarily relate to future purchases of property and vacation ownership units, outsourced services, and arrangements related to information technology, including cloud computing. Amounts reflected on the consolidated balance sheet as accounts payable and accrued liabilities are excluded from the table above.

<sup>(4)</sup> Includes interest.

In the normal course of our resort management business, we enter into purchase commitments on behalf of owners' associations to manage the daily operating needs of our resorts. Since we are reimbursed for these commitments from the cash flows of the owners' associations, these obligations generally have minimal impact on our net income and cash flow. These purchase commitments are excluded from the table above.

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***Supplemental Guarantor Information***

The 2028 Notes are guaranteed by MVWC, Marriott Ownership Resorts, Inc. ("MORI"), and certain other subsidiaries whose voting securities are wholly owned directly or indirectly by MORI (such subsidiaries collectively, the "Senior Notes Guarantors"). These guarantees are full and unconditional and joint and several. The guarantees of the Senior Notes Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions.

The following tables present consolidating financial information as of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 for MVWC and MORI on a stand-alone basis (collectively, the "Issuers"), the Senior Notes Guarantors, the combined non-guarantor subsidiaries of MVWC, and MVW on a consolidated basis.

*Condensed Consolidating Statement of Income* 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Issuers** | **Issuers** | **Senior Notes Guarantors** | **Non-Guarantor Subsidiaries** | **Total Eliminations** | **MVW Consolidated** |
| ($ in millions) | **MVWC** | **MORI** | **Senior Notes Guarantors** | **Non-Guarantor Subsidiaries** | **Total Eliminations** | **MVW Consolidated** |
| Revenues | $— | $254 | $713 | $301 | $(11) | $1257 |
| Expenses | (17) | (279) | (707) | (220) | 11 | (1212) |
| Benefit from (provision for) income taxes | 6 | 10 | 4 | (43) |  | (23) |
| Equity in net income of subsidiaries | 33 | 113 |  |  | (146) |  |
| Net income | 22 | 98 | 10 | 38 | (146) | 22 |
| Net income attributable to noncontrolling interests |  |  |  |  |  |  |
| Net income attributable to common stockholders | $22 | $98 | $10 | $38 | $(146) | $22 |

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*Condensed Consolidating Balance Sheet*

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Issuers** | **Issuers** | **Senior Notes Guarantors** | **Non-Guarantor Subsidiaries** | **Total Eliminations** | **MVW Consolidated** | **Issuers** | **Issuers** | **Senior Notes Guarantors** | **Non-Guarantor Subsidiaries** | **Total Eliminations** | **MVW Consolidated** |
| ***($ in millions)*** | **MVWC** | **MORI** | **Senior Notes Guarantors** | **Non-Guarantor Subsidiaries** | **Total Eliminations** | **MVW Consolidated** | **MVWC** | **MORI** | **Senior Notes Guarantors** | **Non-Guarantor Subsidiaries** | **Total Eliminations** | **MVW Consolidated** |
| Cash and cash equivalents | $— | $50 | $87 | $131 | $— | $268 | $135 | $70 | $69 | $132 | $— | $406 |
| Restricted cash |  | 44 | 115 | 169 |  | 328 |  | 21 | 145 | 161 |  | 327 |
| Accounts and contracts receivable, net | 21 | 171 | 123 | 100 | 1 | 416 | 21 | 135 | 166 | 117 | (11) | 428 |
| Vacation ownership notes receivable, net |  | 154 | 126 | 2287 |  | 2567 |  | 251 | 192 | 2122 |  | 2565 |
| Inventory |  | 340 | 212 | 128 |  | 680 |  | 324 | 231 | 137 |  | 692 |
| Property and equipment, net |  | 251 | 589 | 104 |  | 944 |  | 252 | 593 | 105 |  | 950 |
| Goodwill |  |  | 2958 |  |  | 2958 |  |  | 2958 |  |  | 2958 |
| Intangibles, net |  |  | 669 | 27 |  | 696 |  |  | 683 | 28 |  | 711 |
| Investments in subsidiaries | 2394 | 3506 |  |  | (5900) |  | 2894 | 3592 |  |  | (6486) |  |
| Other | 177 | 163 | 391 | 204 | (156) | 779 | 180 | 155 | 323 | 191 | (129) | 720 |
| Total assets | $2592 | $4679 | $5270 | $3150 | $(6055) | $9636 | $3230 | $4800 | $5360 | $2993 | $(6626) | $9757 |
| Accounts payable | $24 | $58 | $101 | $87 | $— | $270 | $91 | $45 | $144 | $79 | $(1) | $358 |
| Advance deposits |  | 76 | 79 | 17 |  | 172 |  | 72 | 73 | 18 |  | 163 |
| Accrued liabilities | 5 | 121 | 129 | 120 | 8 | 383 | 1 | 130 | 123 | 124 | (2) | 376 |
| Deferred revenue and other |  | 12 | 218 | 265 | (29) | 466 |  | 11 | 157 | 212 | (9) | 371 |
| Payroll and benefits liability | 1 | 113 | 81 | 26 |  | 221 | 1 | 109 | 74 | 34 |  | 218 |
| Deferred compensation liability |  | 132 | 80 | 2 |  | 214 |  | 165 | 55 | 5 |  | 225 |
| Securitized debt, net |  |  |  | 2330 | (26) | 2304 |  |  |  | 2173 | (27) | 2146 |
| Debt, net | 570 | 2515 | 179 | 1 |  | 3265 | 1144 | 2210 | 179 | 1 |  | 3534 |
| Other |  | 3 | 93 | 24 |  | 120 |  | 5 | 113 | 24 |  | 142 |
| Deferred taxes |  | 113 | 204 | 20 | (108) | 229 |  | 105 | 209 | 18 | (101) | 231 |
| MVW stockholders' equity | 1992 | 1536 | 4106 | 258 | (5900) | 1992 | 1993 | 1948 | 4233 | 305 | (6486) | 1993 |
| Total liabilities and equity | $2592 | $4679 | $5270 | $3150 | $(6055) | $9636 | $3230 | $4800 | $5360 | $2993 | $(6626) | $9757 |

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**Recent Accounting Pronouncements**

See Footnote 2 "Significant Accounting Policies and Recent Accounting Standards" to our Financial Statements for a discussion of recently issued accounting pronouncements, including information about new accounting standards and the future adoption of such standards.

**Critical Accounting Policies and Estimates**

Our preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. We have discussed those policies and estimates that we believe are critical and require the use of complex judgment in their application in our 2025 Annual Report. Since the date of our 2025 Annual Report, there have been no material changes to our critical accounting policies or the methodologies or assumptions we apply under them.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures About Market Risk**

Our exposure to market risk has not changed materially from that disclosed in Part I, Item 7A of the 2025 Annual Report, other than as set forth below.

We manage the interest rate risk on our corporate debt through the use of a combination of fixed-rate debt and interest rate swaps that fix a portion of our variable-rate debt. At March 31, 2026, after considering the impact of our interest rate swap agreement and excluding finance leases, the interest rate applicable to 74% (approximately $2.3 billion) of our total corporate debt was effectively fixed and the interest rate applicable to the remaining 26% (approximately $796 million) was variable. Assuming no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at March 31, 2026 would result in an increase of approximately $5 million in annual cash interest due to the impact of our hedging arrangements discussed in Footnote 12 "Debt" to our Financial Statements. Assuming we had no outstanding hedging arrangements and no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at March 31, 2026 would result in an annual increase in cash interest of approximately $8 million.

The following table presents the scheduled maturities and the total fair value as of March 31, 2026 for our financial instruments that are impacted by market risks:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***($ in millions)*** | **Average<br>Interest<br>Rate** | **Maturities by Period** | **Maturities by Period** | **Maturities by Period** | **Maturities by Period** | **Maturities by Period** | **Maturities by Period** | **Maturities by Period** | **Maturities by Period** |
| ***($ in millions)*** | **Average<br>Interest<br>Rate** | **Remainder of 2026** | **2027** | **2028** | **2029** | **2030** | **Thereafter** | **Total Carrying Value** | **Total<br>Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets – Maturities represent expected principal receipts; fair values represent assets** |
| Vacation ownership notes receivable — non-securitized | 11.4% | $81 | $74 | $62 | $51 | $38 | $191 | $497 | $501 |
| Vacation ownership notes receivable — securitized | 13.4% | $129 | $176 | $180 | $180 | $184 | $1221 | $2070 | $2157 |
| Contracts receivable for financed VOI sales, net | 13.0% | $3 | $4 | $4 | $5 | $5 | $51 | $72 | $72 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities – Maturities represent expected principal payments; fair values represent liabilities** |
| Securitized Debt | 4.8% | $(149) | $(192) | $(485) | $(180) | $(182) | $(1141) | $(2329) | $(2343) |
| Term Loan | 5.9% | $(6) | $(8) | $(8) | $(8) | $(8) | $(748) | $(786) | $(784) |
| Revolving Corporate Credit Facility | 5.3% | $— | $— | $— | $— | $(310) | $— | $(310) | $(310) |
| Senior Notes |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 Notes | 4.8% | $— | $— | $(350) | $— | $— | $— | $(350) | $(345) |
| &nbsp;&nbsp;&nbsp;&nbsp;2029 Notes | 4.5% | $— | $— | $— | $(500) | $— | $— | $(500) | $(472) |
| &nbsp;&nbsp;&nbsp;&nbsp;2033 Notes | 6.5% | $— | $— | $— | $— | $— | $(575) | $(575) | $(547) |
| 2027 Convertible Notes | 3.3% | $— | $(575) | $— | $— | $— | $— | $(575) | $(542) |

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**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

*Disclosure Controls and Procedures*

As of the end of the period covered by this Quarterly Report, we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), and management necessarily applied its judgment in assessing the costs and benefits of such controls and procedures, which by their nature, can provide only reasonable assurance about management's control objectives. Our disclosure controls and procedures have been designed to provide reasonable assurance of achieving the desired control objectives. However, the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and we cannot assure you that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Based upon the foregoing evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2026, our disclosure controls and procedures were effective and operating to provide reasonable assurance that we record, process, summarize and report the information we are required to disclose in the reports that we file or submit under the Exchange Act within the time periods specified in the rules and forms of the SEC, and to provide reasonable assurance that we accumulate and communicate such information to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions about required disclosure.

*Changes in Internal Control Over Financial Reporting*

We made no changes in our internal control over financial reporting during the period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Part II. OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

Currently, and from time to time, we are subject to claims in legal proceedings arising in the normal course of business. See "Loss Contingencies" in Footnote 10 "Contingencies and Commitments" to our Financial Statements. While management presently believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, cash flows, or overall trends in results of operations, legal proceedings are inherently uncertain, and unfavorable rulings could, individually or in the aggregate, have a material adverse effect on our business, financial condition, or operating results.

**Item 1A. Risk Factors&nbsp;&nbsp;&nbsp;&nbsp;**

There have been no material changes to the risk factors set forth in Item 1A of Part 1 of our 2025 Annual Report, except to the extent factual information disclosed elsewhere in this Quarterly Report relates to such risk factors, which is incorporated herein by reference.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds**

*Issuer Purchases of Equity Securities*

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| | | | |
|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average**<br>**Price Paid per Share**<sup>(2)</sup> | **Maximum Dollar Amount of Shares That May Yet Be Purchased Under the Plans or Programs**<sup>(1)(2)</sup> |
| January 1, 2026 – January 31, 2026 |  | $– — | $322120557 |
| February 1, 2026 – February 28, 2026 |  | $– — | $322120557 |
| March 1, 2026 – March 31, 2026 |  | $– — | $322120557 |
| Total |  | $– — | $322120557 |

---

---

| |
|:---|
| <sup>(1)</sup>On May 11, 2023, we announced that our Board of Directors increased the then-remaining authorization under our share repurchase program (which was first announced on September 13, 2021) to authorize purchases of up to $600 million of our common stock and extended the term of our share repurchase program to December 31, 2024. On December 19, 2024, we announced that our Board of Directors extended the term of our share repurchase program to December 31, 2025. On December 12, 2025, we announced that our Board of Directors extended the term of our share repurchase program to December 31, 2026. |
| <sup>(2)</sup>All dollar amounts presented exclude the nondeductible 1% excise tax on the net value of certain stock repurchases that was imposed by the Inflation Reduction Act of 2022. |

---

------

<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

**(c) Trading Plans**

During the quarter ended March 31, 2026, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

All documents referenced below are being filed as a part of this Quarterly Report, unless otherwise noted.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit Number** | **Description** | **Filed<br>Herewith** | **Incorporation By Reference From** | **Incorporation By Reference From** | **Incorporation By Reference From** |
| **Exhibit Number** | **Description** | **Filed<br>Herewith** | **Form** | **Exhibit** | **Date Filed** |
| 3.1 | <u>[Second Restated Certificate of Incorporation of Marriott Vacations Worldwide Corporation](https://www.sec.gov/Archives/edgar/data/1524358/000152435823000022/exhibit32secondrestatedcer.htm)</u> |  | 8-K | 3.2 | 5/15/2023 |
| 3.2 | <u>[Restated Bylaws of Marriott Vacations Worldwide Corporation (effective May 12, 2023)](https://www.sec.gov/Archives/edgar/data/1524358/000152435823000031/a2023q2ex33restatedbylawso.htm)</u> |  | 10-Q | 3.3 | 8/4/2023 |
| 4.1 | <u>[Form of certificate representing shares of common stock, par value $0.01 per share, of Marriott Vacations Worldwide Corporation](https://www.sec.gov/Archives/edgar/data/1524358/000119312511271851/d197736dex41.htm)</u> |  | 10 | 4.1 | 10/14/2011 |
| 4.2 | <u>[Indenture, dated as of October 1, 2019, by and among Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, as guarantor, the other guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1524358/000119312519259964/d812229dex41.htm)</u> |  | 8-K | 4.1 | 10/1/2019 |
| 4.3 | <u>[Form of 4.750% Senior Notes due 2028](https://www.sec.gov/Archives/edgar/data/1524358/000119312519259964/d812229dex41.htm)</u> (included as Exhibit A to Exhibit 4.2 above) |  | 8-K | 4.2 | 10/1/2019 |
| 4.4 | <u>[Registration Rights Agreement, dated as of October 1, 2019, by and among Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, as guarantor, the other guarantors party thereto and J.P. Morgan Securities LLC](https://www.sec.gov/Archives/edgar/data/1524358/000119312519259964/d812229dex43.htm)</u> |  | 8-K | 4.3 | 10/1/2019 |
| 4.5 | <u>[Indenture, dated as of February 2, 2021, by and among Marriott Vacations Worldwide Corporation, Marriott Ownership Resorts, Inc. and the other guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/0001524358/000119312521027303/d41256dex41.htm)</u> |  | 8-K | 4.1 | 2/3/2021 |
| 4.6 | <u>[Form of 0.00% Convertible Senior Note due 2026](https://www.sec.gov/Archives/edgar/data/0001524358/000119312521027303/d41256dex41.htm#exa)</u> (included as Exhibit A to Exhibit 4.5 above) |  | 8-K | 4.1 | 2/3/2021 |
| 4.7 | <u>[Indenture, dated as of June 21, 2021, by and among Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, as guarantor, the other guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/0001524358/000119312521195243/d158882dex41.htm)</u> |  | 8-K | 4.1 | 6/22/2021 |
| 4.8 | <u>[Form of 4.500% Senior Notes due 2029](https://www.sec.gov/Archives/edgar/data/0001524358/000119312521195243/d158882dex41.htm#tx158882_515)</u> (included at Exhibit A to Exhibit 4.7 above) |  | 8-K | 4.2 | 6/22/2021 |
| 4.9 | <u>[Indenture, dated as of December 8, 2022, by and among Marriott Vacations Worldwide Corporation, as issuer, Marriott Ownership Resorts, Inc. and the other guarantors party thereto from time to time and The New York Bank of Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1524358/000119312522301061/d433395dex41.htm)</u> |  | 8-K | 4.1 | 12/8/2022 |
| 4.10 | <u>[Form of 3.25% Convertible Senior Notes due 2027](https://www.sec.gov/Archives/edgar/data/1524358/000119312522301061/d433395dex41.htm#tx433395_1)</u> (included as Exhibit A to Exhibit 4.9 above) |  | 8-K | 4.2 | 12/8/2022 |
| 4.11 | <u>[Description of Registered Securities](https://www.sec.gov/Archives/edgar/data/1524358/000152435820000011/a201910-kex416descript.htm)</u> |  | 10-K | 4.16 | 3/2/2020 |
| 4.12 | <u>[Indenture, dated as of September 18, 2025, by and among Marriott Ownership Resorts, Inc., Marriott Vacations Worldwide Corporation, as guarantor, the other guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1524358/000152435825000160/a41indenture.htm)</u> |  | 8-K | 4.1 | 9/19/2025 |
| 4.13 | <u>[Form of 6.500% Senior Notes due 2033](https://www.sec.gov/Archives/edgar/data/1524358/000152435825000160/a41indenture.htm#i899489c2fdc046ad9daa8541df5cae8b_549755814403)</u> (included at Exhibit A to Exhibit 4.12 above) |  | 8-K | 4.2 | 9/19/2025 |
| 10.1 | <u>[Chief Executive Officer Employ](https://www.sec.gov/Archives/edgar/data/1524358/000152435826000004/exhibit101-ceoemploymentag.htm)[ment Agreement\*](https://www.sec.gov/Archives/edgar/data/1524358/000152435826000004/exhibit101-ceoemploymentag.htm)</u> |  | 8-K | 10.1 | 2/17/2026 |

---

------

<u>[**Table of Contents**](#i7e957f1e513f43e7ab63e3c3dc5b1297_7)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit Number** | **Description** | **Filed<br>Herewith** | **Incorporation By Reference From** | **Incorporation By Reference From** | **Incorporation By Reference From** |
| **Exhibit Number** | **Description** | **Filed<br>Herewith** | **Form** | **Exhibit** | **Date Filed** |
| 10.2 | <u>[President and Chief Operating Officer Employment Agreement\*](https://www.sec.gov/Archives/edgar/data/1524358/000152435826000004/exhibit102-cooemploymentag.htm)</u> |  | 8-K | 10.2 | 2/17/2026 |
| 10.3 | <u>[James H Hunter IV Separation Agreement and General Release of Claims\*](https://www.sec.gov/Archives/edgar/data/1524358/000152435826000012/exhibit101-separationagree.htm)</u> |  | 8-K | 10.1 | 3/6/2026 |
| 10.4 | <u>[Form of Restricted Stock Unit Agreement for Matthew E. Avril and Michael A. Flaskey\*](a2026q1ex104xrestrictedsto.htm)</u> | X |  |  |  |
| 10.5 | <u>[Form of Stock Appreciation Right Agreement for Matthew E. Avril and Michael A. Flaskey\*](a2026q1ex105xstockapprecia.htm)</u> | X |  |  |  |
| 10.6 | <u>[Form of Restricted Stock Unit Award Agreement - Immediate Vesting](a2026q1ex106xrestrictedsto.htm)</u>\* | X |  |  |  |
| 10.7 | <u>[F](a2026q1ex107xperformancest.htm)[orm of Performance Stock Unit Agreement for Matthew E. Avril and Michael A. Flaskey\*](a2026q1ex107xperformancest.htm)</u> | X |  |  |  |
| 22.1 | <u>[List of the Issuer and its Guarantor Subsidiaries](https://www.sec.gov/Archives/edgar/data/1524358/000152435826000010/a2025ex221xlistoftheissuer.htm)</u> |  | 10-K | 22.1 | 3/2/2026 |
| 31.1 | <u>[Certification by Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934](a2026q1ex311xceocertificat.htm)</u> | X |  |  |  |
| 31.2 | <u>[Certification by Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934](a2026q1ex312xcfocertificat.htm)</u> | X |  |  |  |
| 32.1 | <u>[Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](a2026q1ex321xceo404certifi.htm)</u> | Furnished | Furnished | Furnished | Furnished |
| 32.2 | <u>[Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](a2026q1ex322xcfo404certifi.htm)</u> | Furnished | Furnished | Furnished | Furnished |
| 101 | The following financial statements from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Interim Consolidated Statements of Income, (ii) Interim Consolidated Statements of Comprehensive Income, (iii) Interim Consolidated Balance Sheets, (iv) Interim Consolidated Statements of Cash Flows, (v) Interim Consolidated Statements of Stockholders' Equity, and (vi) Notes to Interim Consolidated Financial Statements | The following financial statements from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Interim Consolidated Statements of Income, (ii) Interim Consolidated Statements of Comprehensive Income, (iii) Interim Consolidated Balance Sheets, (iv) Interim Consolidated Statements of Cash Flows, (v) Interim Consolidated Statements of Stockholders' Equity, and (vi) Notes to Interim Consolidated Financial Statements | The following financial statements from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Interim Consolidated Statements of Income, (ii) Interim Consolidated Statements of Comprehensive Income, (iii) Interim Consolidated Balance Sheets, (iv) Interim Consolidated Statements of Cash Flows, (v) Interim Consolidated Statements of Stockholders' Equity, and (vi) Notes to Interim Consolidated Financial Statements | The following financial statements from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Interim Consolidated Statements of Income, (ii) Interim Consolidated Statements of Comprehensive Income, (iii) Interim Consolidated Balance Sheets, (iv) Interim Consolidated Statements of Cash Flows, (v) Interim Consolidated Statements of Stockholders' Equity, and (vi) Notes to Interim Consolidated Financial Statements | The following financial statements from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Interim Consolidated Statements of Income, (ii) Interim Consolidated Statements of Comprehensive Income, (iii) Interim Consolidated Balance Sheets, (iv) Interim Consolidated Statements of Cash Flows, (v) Interim Consolidated Statements of Stockholders' Equity, and (vi) Notes to Interim Consolidated Financial Statements |
| 104 | The cover page from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL and contained in Exhibit 101 | The cover page from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL and contained in Exhibit 101 | The cover page from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL and contained in Exhibit 101 | The cover page from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL and contained in Exhibit 101 | The cover page from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL and contained in Exhibit 101 |

---

\* Management contract or compensatory plan or arrangement.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | MARRIOTT VACATIONS WORLDWIDE CORPORATION |
| Date: | May 5, 2026 | /s/ Matthew E. Avril |
| | | Matthew E. Avril |
| | | Chief Executive Officer |
| | | /s/ Jason P. Marino |
| | | Jason P. Marino |
| | | Executive Vice President and Chief Financial Officer |

---

## Exhibit 10.4

**Exhibit 10.4**

**RESTRICTED STOCK UNIT AGREEMENT**

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**2020 EQUITY INCENTIVE PLAN**

THIS AGREEMENT (the "Agreement") is made on **<<GRANT DATE>>** (the "Grant Date") by MARRIOTT VACATIONS WORLDWIDE CORPORATION (the "Company") and **<<PARTICIPANT NAME>>** ("Employee").

WITNESSETH:

WHEREAS, the Company maintains the Marriott Vacations Worldwide Corporation 2020 Equity

Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company wishes to award to designated employees certain Restricted Stock Unit awards

("RSUs") as provided in Article 8 of the Plan; and

WHEREAS, Employee has been approved by the Compensation Policy Committee (including any delegate thereof, the "Committee") of the Company's Board of Directors (the "Board") to receive an award of RSUs under the Plan;

NOW, THEREFORE, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Prospectus**. Employee has been provided with, and hereby acknowledges receipt of, a Prospectus for the Plan dated **May 10, 2024**, which contains, among other things, a detailed description of the RSU award provisions of the Plan. Employee further acknowledges that Employee has read the Prospectus and this Agreement, and that Employee understands the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Interpretation**. The provisions of the Plan are incorporated herein by reference and form an integral part of this Agreement. Except as otherwise set forth herein, capitalized terms used herein shall have the meanings given to them in the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan shall govern. A copy of the Plan is available from the Compensation Department of the Company upon request. All decisions and interpretations made by the Committee or its delegate with regard to any question arising hereunder or under the Plan shall be binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Grant of RSUs**. Subject to the terms and conditions of the Plan, Employee's acceptance of this Agreement and satisfaction of the tax provisions of any policy of the Company regarding international assignments, if applicable, this award (the "Award") of **<<QTY GRANTED>>** RSUs is made as of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **RSU and Common Share Rights**. The RSUs awarded under this Agreement shall be recorded in a Company book-keeping account and shall represent Employee's unsecured right to receive from the Company the transfer of title to shares of Common Stock of the Company ("Common Shares") in accordance with the schedule of Vesting Dates set forth in paragraph 5 below, provided that Employee has satisfied the Conditions of Transfer set forth in paragraph 6 below and subject to the satisfaction of the provision on withholding taxes set forth in paragraph 10 below. On each such Vesting Date, if it occurs, the Company shall reverse the book-keeping entry for all such related RSUs and transfer a corresponding number of Common Shares (which may be reduced by the number of shares withheld to satisfy withholding taxes as set forth in paragraph 10 below, if share reduction is the method utilized for satisfying the tax withholding obligation) to an individual brokerage account (the "Account") established and maintained in Employee's name. Employee shall have all the rights of a stockholder with respect to such Common Shares transferred to the Account, including but not limited to the right to vote the Common Shares, to sell, transfer, liquidate or otherwise dispose of the Common Shares, and to receive all dividends or other distributions paid or made with respect to the Common Shares from the time they are deposited in the Account. Employee shall have no voting, transfer, liquidation, dividend or other rights of a Common Share stockholder with respect to the RSUs and/or the Common Shares underlying the RSUs prior to such time that the corresponding Common Shares are transferred, if at all, to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Vesting in RSUs**. The RSUs shall vest pro rata as follows: (a) with respect to annual grants, one-third on each of of the first three anniversaries after the year in which the Grant Date occurs (each such date, a "Vesting Date"); provided that if the application of the foregoing vesting schedule would cause a fractional RSU to vest, then the Committee shall determine how to reallocate such fractional RSUs so that only whole RSUs vest. Notwithstanding the foregoing, in the event that any such 15<sup>th</sup> day of the month is a Saturday, Sunday or other day on which stock of the Company is not traded on the New York Stock Exchange or another national exchange, then the Vesting Date shall be the next following day on which the stock of the Company is traded on the New York Stock Exchange or another national exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Conditions of Transfer**. Except as otherwise provided in paragraph 8 below, with respect to any RSUs awarded to Employee under this Agreement, as a condition of Employee receiving a transfer of corresponding Common Shares in accordance with paragraph 4 above, Employee shall meet all of the following conditions during the entire period from the Grant Date hereof through the Vesting Date relating to such RSUs:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Employee must continue to be an active employee of the Company or any Subsidiary ("Continuous Employment");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except to the extent prohibited or unenforceable under applicable law, Employee must refrain from Engaging in Competition (as defined in Section 2.17 of the Plan) without first having obtained the written consent thereto from the Company ("Non-competition"); provided, that to the extent of any conflict between such provisions and the covenants set forth in that certain Employment Agreement between Employee and the Company, dated February 16, 2026 (the "Employment Agreement"), the Employment Agreement covenants shall control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee must refrain from engaging in conduct that would constitute "Cause" for termination of employment under the Employment Agreement ("No Improper Conduct").

If Employee should fail to meet the requirements relating to (i) Continuous Employment, (ii) Non-competition, or (iii) No Improper Conduct, then Employee shall forfeit the right to vest in any RSUs that have not already vested as of the time such failure is determined, and Employee shall accordingly forfeit the right to receive the transfer of title to any corresponding Common Shares. The forfeiture of rights with respect to unvested RSUs (and corresponding Common Shares) shall not affect the rights of Employee with respect to any RSUs that already have vested nor with respect to any Common Shares the title of which has already been transferred to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Non-Assignability.** The RSUs shall not be assignable or transferable by Employee except by will or by the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Effect of Termination of Employment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event Employee's Continuous Employment is terminated prior to the relevant Vesting Date on account of Employee's death, and if Employee had otherwise met the requirements of Continuous Employment, Non- competition and No Improper Conduct from the Grant Date through the date of such death, then Employee's unvested RSUs shall immediately vest in full upon death and Employee's rights hereunder with respect to any such RSUs shall inure to the benefit of Employee's executors, administrators, personal representatives and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Employee's Continuous Employment is terminated prior to the relevant Vesting Date on account of a termination by the Company (other than for Disability or Cause) or by Employee for Good Reason, in each case, in connection with either a Change in Control, but not a Leadership Transition (a such terms are defined in the Employment Agreement), and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such termination of employment, and provided that Employee continues to meet the requirements of Non-competition and No Improper Conduct and signs (but in no event later than forty-five (45) days following the date of termination), and do not subsequently revoke during the applicable revocation period, the Separation Agreement and General Release, then Employee's RSUs granted will vest in full and be settled in accordance with paragraph 4 upon such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [In the event Employee's Continuous Employment is terminated prior to the relevant Vesting Date upon a Leadership Transition, and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such termination of employment, Employee shall continue to vest in the RSUs on each subsequent Vesting Date without regard to any subsequent Continuous Employment requirement.]<sup>1</sup> [Reserved]<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event Employee's Continuous Employment is terminated prior to the relevant Vesting Date for any reason other than those specified in (a), (b) or (c) above, Employee shall immediately forfeit all of the unvested RSUs granted hereunder.

Except as set forth in paragraph 8(a) above, no other transfer of rights with respect to RSUs shall be permitted pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Non-Solicitation.** In consideration of good and valuable consideration in the form of the RSUs granted herein to which Employee is not otherwise entitled, the receipt and sufficiency of which are hereby acknowledged, and in recognition of the Company's and its Subsidiary's legitimate purpose of avoiding for limited times competition from

_______________________________

<sup>1</sup> For Avril only.

<sup>2</sup> For Flaskey only.

------

persons whom the Company or its Subsidiary has trained and/or given experience, except to the extent prohibited or unenforceable under applicable law, Employee agrees that during the period beginning on the Grant Date and ending one year following Employee's termination of employment with the Company and its Subsidiaries, whether such termination of employment is voluntary or involuntary or with or without cause, Employee will not, on Employee's own behalf or as a partner, officer, director, employee, agent, or consultant of any other person or entity, directly or indirectly contact, solicit or induce (or attempt to solicit or induce) any employee of the Company or any Subsidiary with whom Employee had material contact during Employee's employment to leave their employment with the Company or Subsidiary, or consider employment with any other person or entity. Employee and the Company agree that any breach by Employee of the non-solicitation obligation under this paragraph will cause the Company or the relevant Subsidiary immediate, material and irreparable injury and damage, and there is no adequate remedy at law for such breach. Accordingly, in the event of such breach, in addition to any other remedies it may have at law or in equity, the Company shall be entitled immediately to seek enforcement of this Agreement in a court of competent jurisdiction by means of a decree of specific performance, an injunction without the posting of a bond or the requirement of any other guarantee, any other form of equitable relief. This provision is not a waiver of any other rights that the Company or any Subsidiary may have under this Agreement, including the right to receive money damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Taxes**. The transfer of Common Shares upon each Vesting Date, pursuant to paragraphs 4 and 6 above, shall be subject to the further condition that the Company shall provide for the withholding of any taxes required by federal, state, or local law in respect of that Vesting Date by reducing the number of RSUs to be transferred to the Account or by such other manner as the Committee shall determine in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Consent.** By executing this Agreement, Employee consents to the collection, maintenance and processing of Employee's personal information (such as Employee's name, home address, home telephone number and email address, social security number, assets and income information, birth date, hire date, termination date, other employment information, citizenship, marital status) by the Company or a Subsidiary and the Company's service providers for the purposes of (i) administering the Plan (including ensuring that the conditions of transfer are satisfied from the Grant Date through the Vesting Date), (ii) providing Employee with services in connection with Employee's participation in the Plan, (iii) meeting legal and regulatory requirements and (iv) for any other purpose to which Employee may consent ("Permitted Purposes"). Employee's personal information will not be processed for longer than is necessary for such Permitted Purposes. Employee's personal information is collected from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;(a) from this Agreement, investor questionnaires or other forms that Employee submits to the Company or a Subsidiary or contracts that Employee enters into with the Company or a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;(b) from Employee's transactions with the Company, the Company's affiliates and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;(c) from Employee's employment records with the Company or a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) from meetings, telephone conversations and other communications with Employee.

In addition, Employee further consents to the Company or a Subsidiary disclosing Employee's personal information to the Company's third party service providers and affiliates and other entities in connection with the services the Company provides related to Employee's participation in the Plan, including:

&nbsp;&nbsp;&nbsp;&nbsp;(a) financial service providers, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by, or operations of, the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;(b) other service providers to the Plan, such as accounting, legal, or tax preparation services;

&nbsp;&nbsp;&nbsp;&nbsp;(c) regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to Plan participants.

Where Employee's personal information is provided to such third parties, the Company requires (to the extent permitted by applicable law) that such parties agree to process Employee's personal information in accordance with the Company's instructions.

Employee's personal information is maintained on the Company's or a Subsidiary's networks and the networks of the Company's service providers, which may be in the United States or other countries other than the country in which this Award was granted. Employee acknowledges and agrees that the transfer of Employee's personal information to the United States or other countries other than the country in which this Award was granted is necessary for the Permitted Purposes. To the extent (if any) that the provisions of the European Union's Data Protection Directive (Directive 95/46/EC of the European Parliament and of the Council) and/or applicable national legislation derived from such Directive apply, then by executing this Agreement Employee expressly consents to the transfer of Employee's personal information outside

------

of the European Economic Area. Employee may access Employee's personal information to verify its accuracy, update Employee's personal information and/or request a copy of Employee's personal information by contacting Employee's local Human Resources representative. Employee may obtain account transaction information online or by contacting the Plan record keeper as described in the Plan enrollment materials. By accepting the terms of this Agreement, Employee further agrees to the same terms with respect to other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **No Additional Rights.** Benefits under the Plan are not guaranteed. The grant of this Award is a one-time benefit and does not create any contractual or other right or claim to any future grants of Awards under the Plan, nor does a grant of Awards guarantee future participation in the Plan. The value of Employee's Awards is an extraordinary item outside the scope of Employee's employment contract, if any. Employee's Awards are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end-of-service payments, bonuses, long-term service awards, pension or retirement benefits (except as otherwise provided by the terms of any U.S.-qualified retirement or pension plan maintained by the Company or any of its subsidiaries), or similar payments. By accepting the terms of this Agreement, Employee further agrees to these same terms and conditions with respect to any other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Recapitalization, Reorganization, Unusual Events**. Certain events affecting the Common Shares of the Company and mergers, consolidations and reorganizations affecting the Company may affect the number or type of securities deliverable upon vesting of the RSUs, as set forth in Section 4.2 of the Plan. The Committee may make adjustments to this award of RSUs due to the occurrence of certain unusual or unforeseeable circumstances as set forth in Section 14.2 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Amendment of this Agreement**. The Board of Directors may at any time amend, suspend or terminate the Plan or this Agreement; provided, however, that no amendment, suspension or termination of the Plan or this Agreement shall adversely affect this Agreement in any material way without the written consent of Employee unless otherwise permitted by Article 14 of the Plan. If one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to the scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed and reformed by the appropriate judicial body by limiting and reducing such provision or provisions, so as to be enforceable to the maximum extent compatible with the applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Notices.** Notices hereunder shall be in writing, and if to the Company, may be delivered personally to the Compensation Department or such other party as designated by the Company or mailed to its principal office at 7812 Palm Parkway, Orlando, Florida 32836, addressed to the attention of the Vice President, Global Talent Management, and if to Employee, may be delivered personally or mailed to Employee at his or her address on the records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Successors and Assigns**. This Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company and, to the extent provided in paragraph 8(a) above and in the Plan, to the personal representatives, legatees and heirs of Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **No Effect on Employment**. This agreement is not a contract of employment or otherwise a limitation on the right of the Company to terminate the employment of Employee or to increase or decrease Employee's compensation from the rate of compensation in existence at the time this Agreement is executed.

18**. Additional (Non-U.S.) Terms and Conditions.** RSUs awarded under this Agreement shall be subject to additional terms and conditions, as applicable, set forth in the Company's Policies for Global Compliance of Equity Compensation Awards, which are attached in the Appendix hereto and shall be incorporated herein fully by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Clawback Policy.** RSUs awarded under this Agreement, as well as any Common Shares issued with respect to such RSUs, shall be subject to the Clawback Policy adopted by the Committee on February 13, 2014, and any successor policy thereto, to the extent that at any relevant time Employee is subject to such policy in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Good Faith.** The parties to this Agreement shall, in exercising their respective rights and complying with their respective obligations under this Agreement (including when conducting any discussions or negotiations arising out of the application of any provisions of this Agreement, or any other document related to any matter arising hereunder, or exercising any discretion under them), at all times act in good faith.

------

**IN WITNESS WHEREOF**, MARRIOTT VACATIONS WORLDWIDE CORPORATION has caused this Agreement to be signed by its Chief Human Resources Officer, effective as of the Grant Date.

---

| | |
|:---|:---|
| MARRIOTT VACATIONS WORLDWIDE | |
| CORPORATION | EMPLOYEE |
| | <<PARTICIPANT NAME>>  |
| Chief Human Resources Officer | Signed Electronically |

---

------

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**POLICIES FOR GLOBAL COMPLIANCE OF EQUITY COMPENSATION AWARDS**

This document (the "Policies") sets forth policies of Marriott Vacations Worldwide Corporation ("MVW") for the administration of equity compensation awards (the "Awards") granted to employees (the "Employees") of MVW and its subsidiaries (together, the "Company") under the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the "Plan"). The Policies apply to certain Employees who have received or held Awards under the Plan while working for the Company outside of the United States.

The Policies, as may be amended by the Company from time to time for changes in law, are an integral part of the terms of each agreement (the "Agreement") under which Awards are granted to Employees under the Plan. As such, the Policies set forth additional requirements or conditions in the non- U.S. jurisdictions indicated below that certain Employees <u>must satisfy</u> to receive the intended benefits under their Awards. These requirements or conditions are established to ensure that the Company and the Employees comply with applicable legal requirements pertaining to the Awards in those jurisdictions. In addition, the Policies are established to assist the Employees in complying with other legal requirements which may not implicate the Company. These requirements, some carrying civil or criminal penalties for noncompliance, may apply with respect to Employees' Awards or shares of MVW stock obtained pursuant to the Awards because of such Employees' presence (which may or may not require citizenship or legal residency) in a particular jurisdiction at some time during the term of the Awards.

Legal requirements are often complex and may change frequently. Therefore, the Policies provide general information only and may not be relied upon by Employees as their only source of information relating to the consequences of participation in the Plan, nor may they serve as the basis for recovery against the Company for financial or other penalties incurred by Employees as a result of their noncompliance. Employees should seek appropriate professional advice as to how the relevant laws may apply to them individually.

Certain capitalized terms used but not defined in the Policies have the meanings set forth in the Plan or in the Agreements. To the extent the Policies appear to conflict with the terms of the Plan or the Agreements, the Plan and the Agreement shall control.

------

COUNTRY-SPECIFIC POLICIES

[To be added if applicable]

## Exhibit 10.5

**Exhibit 10.5**

**STOCK APPRECIATION RIGHT AGREEMENT** 

**MARRIOTT VACATIONS WORLDWIDE CORPORATION** 

**2020 EQUITY INCENTIVE PLAN**

THIS AGREEMENT (the "Agreement") is made on <**>** (the "Grant Date") by MARRIOTT VACATIONS WORLDWIDE CORPORATION (the "Company") and **<>** ("Employee").

WITNESSETH:

WHEREAS, the Company maintains the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company wishes to award to designated employees certain Stock Appreciation Right awards as provided in Article 6 of the Plan ("SARs" or "Awards"); and

WHEREAS, Employee has been approved by the Compensation Policy Committee (including any delegate thereof, the "Committee") of the Company's Board of Directors (the "Board") to receive an award of SARs under the Plan;

NOW, THEREFORE, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Prospectus**. Employee has been provided with, and hereby acknowledges receipt of, a Prospectus for the Plan dated **May 10, 2024**, which contains, among other things, a detailed description of the SAR award provisions of the Plan. Employee further acknowledges that Employee has read the Prospectus and this Agreement, and that Employee understands the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Interpretation**. The provisions of the Plan are incorporated herein by reference and form an integral part of this Agreement. Except as otherwise set forth herein, capitalized terms used herein shall have the meanings given to them in the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan shall govern. A copy of the Plan is available from the Compensation Department of the Company upon request. All decisions and interpretations made by the Committee or its delegate with regard to any question arising hereunder or under the Plan shall be binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Grant of SARs.** The Company hereby grants to Employee as of the Grant Date SARs on **<>** shares of the Company's Common Stock (the "SAR Shares"), subject to the terms and conditions of the Plan Employee's acceptance of this Agreement and satisfaction of the tax provisions of any policy of the Company regarding international assignments, if applicable. Under this Agreement, upon satisfying the conditions for exercising SARs as set forth in paragraphs 5 and 6 below, Employee shall receive a number of shares of Common Stock of the Company having a Fair Market Value equal to the number of SAR Shares that are being exercised under such SARs multiplied by the quotient of (a) the Final Value minus the Base Value, divided by (b) the Final Value. Any fractional share of Common Stock resulting from such calculation shall be rounded to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Base Value and Final Value.** Subject to paragraph 13 hereof, the Base Value per share of the SAR Shares is **<>** and the Final Value is the Fair Market Value of a share of Common Stock of the Company as of the date the SARs are exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Waiting Period and Exercise Dates.** The SAR Shares may not be exercised during the one-year period following the Grant Date (the "waiting period"). Following the waiting period, the SAR Shares may be exercised in accordance with the following schedule: one-third of the SAR Shares commencing on each of the three (3) anniversaries of the Grant Date, provided that if the application of the foregoing exercise schedule would cause a fractional SAR Share to become exercisable, then the Committee shall determine how to reallocate such fractional SAR Share so that only whole SAR Shares shall become exercisable. To the extent that the SARs are not exercised by Employee when they become initially exercisable, the SARs shall not expire but shall be carried forward and shall be exercisable at any time thereafter; provided, however, that the SARs shall not be exercisable after the expiration of five (5) years from the later of your date of termination of employment or the end of your Continuous Employment, but in no event later than ten (10) years from the Grant Date or sooner as set forth in paragraph 9, if applicable. Exercise of the SARs shall not be dependent upon the prior or sequential exercise of any other SARs heretofore granted to Employee by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Method of Exercising SARs.** To exercise the SARs, the person entitled to exercise the SARs must provide a signed written notice or the equivalent to the Company or its designee, as prescribed in the administrative procedures of the Plan, stating the number of SAR Shares with respect to which the SARs are being exercised. The SARs may be exercised by (a) making provision for the satisfaction of the applicable withholding taxes pursuant to procedures specified by the Committee, and (b) an undertaking to furnish and execute such documents as the Company deems necessary (i) to evidence such exercise, and (ii) to determine whether registration is then required to comply with the Securities Act of

------

1933 or any other law. Upon satisfying the conditions for exercise including the provision for the satisfaction of the withholding taxes, the Company shall transfer a number of Common Shares calculated according to paragraph 3 to an individual brokerage account (the "Account") established and maintained in Employee's name. The exercise of the SARs may be made by any other means that the Committee determines to be consistent with the Plan's purpose and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Conditions of Exercise.** As a condition of exercising any SARs hereunder and receiving the Common Shares in accordance with paragraphs 5 and 6 above, Employee shall meet all of the following conditions during the entire period from the Grant Date through the date of exercise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided herein, Employee must continue to be an active employee of the Company or any Subsidiary ("Continuous Employment"). For purposes of this Award, Employee shall be deemed to no longer be in Continuous Employment as of the first day following a continuous leave of absence for a period of twelve months (other than a leave of absence approved by the Board of Directors or the Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent prohibited or unenforceable under applicable law, Employee must refrain from Engaging in Competition (as defined in Section 2.17 of the Plan) without first having obtained the written consent thereto from the Company ("Non-competition"); provided, that to the extent of any conflict between such provisions and the covenants set forth in that certain Employment Agreement between Employee and the Company, dated February 16, 2026 (the "Employment Agreement"), the Employment Agreement covenants shall control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee must refrain from engaging in conduct that would constitute "Cause" for termination of employment under the Employment Agreement ("No Improper Conduct").

If Employee should fail to meet the requirements relating to (i) Continuous Employment, (ii) Non-competition, or (iii) No Improper Conduct, then Employee shall forfeit the right to exercise any SARs that have not already been exercised as of the time such failure is determined, and Employee shall accordingly forfeit the right to receive the transfer of title to any corresponding Common Shares. The forfeiture of rights with respect to unexercised SARs (and corresponding Common Shares) shall not affect the rights of Employee with respect to any SARs that have already been exercised nor with respect to any Common Shares the title of which has already been transferred to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Rights as a Shareholder.** Employee shall have no rights as a shareholder with respect to any SAR Shares covered by the SARs granted hereby until the date the corresponding Common Shares are transferred to the Account as described in paragraph 6. No adjustment shall be made for dividends or other rights for which the record date is prior to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Non-Assignability.** The SARs shall not be assignable or transferable by Employee except by will or by the laws of descent and distribution. During Employee's lifetime, the SARs may be exercised only by Employee or, in the event of incompetence, by Employee's legally appointed guardian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Effect of Termination of Employment or Death.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Employee's Continuous Employment is terminated for any reason other than those specified in (b) or (c) [or (d)]<sup>1</sup> below, Employee shall immediately forfeit all of the SARs which are unexercisable and, provided that Employee continues to meet the requirements related to Non-competition and No Improper Conduct, any SARs which were otherwise exercisable on such date shall expire at the earlier of (i) the expiration of the SARs in accordance with the term for which the SARs were granted, or (ii) three months from the date on which Employee's Continuous Service terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Employee's Continuous Employment is terminated prior to the end of the Performance Period on account of a termination by the Company (other than for Disability or Cause) or by Employee for Good Reason, in each case, in connection with either a Change in Control, but not a Leadership Transition, and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such termination of employment, and provided that Employee continues to meet the requirements of Non-competition and No Improper Conduct and signs (but in no event later than forty-five (45) days following the date of termination), and do not subsequently revoke during the applicable revocation period, the Separation Agreement and General Release, then Employee's SARs granted will vest in full upon the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of the death of Employee during the three (3) month period following termination of Continuous Employment other than due to Retirement, the SARs shall be exercisable by Employee's personal representative, heirs or legatees to the same extent and during the same period that Employee could have exercised the SARs if Employee had not

_______________________________

<sup>1</sup> For Avril only.

------

died. In the event the Employee's Continuous Employment is terminated due to death, or if Employee dies after Retirement, the SARs shall be exercisable in their entirety by Employee's personal representatives, heirs or legatees at any time prior to the expiration of one year from the date of the death of Employee, but in no event after the term for which the SARs were granted or before the waiting period has elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(d) In the event Employee's Continuous Employment is terminated prior to the relevant Vesting Date upon a Leadership Transition, and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such termination of employment, Employee shall continue to vest in the SARs on each subsequent Vesting Date without regard to any subsequent Continuous Employment requirement.]<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Non-Solicitation.** In consideration of good and valuable consideration in the form of the SARs granted herein to which Employee is not otherwise entitled, the receipt and sufficiency of which are hereby acknowledged, and in recognition of the Company's and its Subsidiary's legitimate purpose of avoiding for limited times competition from persons whom the Company or its Subsidiary has trained and/or given experience, except to the extent prohibited or unenforceable under applicable law, Employee agrees that during the period beginning on the Grant Date and ending one year following Employee's termination of employment with the Company and its Subsidiaries, whether such termination of employment is voluntary or involuntary or with or without cause, Employee will not, on Employee's own behalf or as a partner, officer, director, employee, agent, or consultant of any other person or entity, directly or indirectly contact, solicit or induce (or attempt to solicit or induce) any employee of the Company or any Subsidiary with whom Employee had material contact during Employee's employment to leave their employment with the Company or Subsidiary, or consider employment with any other person or entity. Employee and the Company agree that any breach by Employee of the non-solicitation obligation under this paragraph will cause the Company or the relevant Subsidiary immediate, material and irreparable injury and damage, and there is no adequate remedy at law for such breach. Accordingly, in the event of such breach, in addition to any other remedies it may have at law or in equity, the Company shall be entitled immediately to seek enforcement of this Agreement in a court of competent jurisdiction by means of a decree of specific performance, an injunction without the posting of a bond or the requirement of any other guarantee, any other form of equitable relief. This provision is not a waiver of any other rights that the Company or any Subsidiary may have under this Agreement, including the right to receive money damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Consent.** By executing this Agreement, Employee consents to the collection, maintenance and processing of Employee's personal information (such as Employee's name, home address, home telephone number and email address, social security number, assets and income information, birth date, hire date, termination date, other employment information, citizenship, marital status) by the Company or a Subsidiary and the Company's service providers for the purposes of (i) administering the Plan (including ensuring that the conditions of transfer are satisfied from the Grant Date through the Exercise Date), (ii) providing Employee with services in connection with Employee's participation in the Plan, (iii) meeting legal and regulatory requirements and (iv) for any other purpose to which Employee may consent ("Permitted Purposes"). Employee's personal information will not be processed for longer than is necessary for such Permitted Purposes. Employee's personal information is collected from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from this Agreement, investor questionnaires or other forms that Employee submits to the Company or a Subsidiary or contracts that Employee enters into with the Company or a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) from Employee's transactions with the Company, the Company's affiliates and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) from Employee's employment records with the Company or a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) from meetings, telephone conversations and other communications with Employee.

In addition, Employee further consents to the Company or a Subsidiary disclosing Employee's personal information to the Company's third party service providers and affiliates and other entities in connection with the services the Company provides related to Employee's participation in the Plan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) financial service providers, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by, or operations of, the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other service providers to the Plan, such as accounting, legal, or tax preparation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) regulatory authorities; and

_______________________________

<sup>2</sup> For Avril only.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to Plan participants.

Where Employee's personal information is provided to such third parties, the Company requires (to the extent permitted by applicable law) that such parties agree to process Employee's personal information in accordance with the Company's instructions.

Employee's personal information is maintained on the Company's or a Subsidiary's networks and the networks of the Company's service providers, which may be in the United States or other countries other than the country in which this Award was granted. Employee acknowledges and agrees that the transfer of Employee's personal information to the United States or other countries other than the country in which this Award was granted is necessary for the Permitted Purposes. To the extent (if any) that the provisions of the European Union's Data Protection Directive (Directive 95/46/EC of the European Parliament and of the Council) and/or applicable national legislation derived from such Directive apply, then by executing this Agreement Employee expressly consents to the transfer of Employee's personal information outside of the European Economic Area. Employee may access Employee's personal information to verify its accuracy, update Employee's personal information and/or request a copy of Employee's personal information by contacting Employee's local Human Resources representative. Employee may obtain account transaction information online or by contacting the Plan record keeper as described in the Plan enrollment materials. By accepting the terms of this Agreement, Employee further agrees to the same terms with respect to other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **No Additional Rights.** Benefits under the Plan are not guaranteed. The grant of this Award is a one-time benefit and does not create any contractual or other right or claim to any future grants of Awards under the Plan, nor does a grant of Awards guarantee future participation in the Plan. The value of Employee's Awards is an extraordinary item outside the scope of Employee's employment contract, if any. Employee's Awards are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end-of- service payments, bonuses, long-term service awards, pension or retirement benefits (except as otherwise provided by the terms of any U.S.-qualified retirement or pension plan maintained by the Company or any of its subsidiaries), or similar payments. By accepting the terms of this Agreement, Employee further agrees to these same terms and conditions with respect to any other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Recapitalization, Reorganization, Unusual Events.** Certain events affecting the Common Shares of the Company and mergers, consolidations and reorganizations affecting the Company may affect the number or type of securities deliverable upon exercise of the SARs or limit the remaining term over which the SARs may be exercised, as set forth in Section 4.2 of the Plan. The Committee may make adjustments to this award of SARs due to the occurrence of unusual or unforeseeable circumstances as set forth in Section 14.2 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **General Restriction.** In accordance with the terms of the Plan, the Company may limit or suspend the exercisability of the SARs or the purchase or issuance of SAR Shares thereunder under certain circumstances. Any delay caused thereby shall in no way affect the date of termination of the SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Amendment of this Agreement.** The Board of Directors may at any time amend, suspend or terminate the Plan or this Agreement; provided, however, that no amendment, suspension or termination of the Plan, this Agreement or the SARs shall adversely affect in any material way the SARs without the written consent of Employee unless otherwise permitted by Article 14 of the Plan. If one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to the scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed and reformed by the appropriate judicial body by limiting and reducing such provision or provisions, so as to be enforceable to the maximum extent compatible with the applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Notices.** Notices hereunder shall be in writing, and if to the Company, may be delivered personally to the Compensation Department or such other party as designated by the Company or mailed to its principal office at 7812 Palm Parkway, Orlando, Florida 32836, addressed to the attention of the Vice President, Total Rewards, and if to Employee, may be delivered personally or mailed to Employee at his or her address on the records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Successors and Assigns.** This Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company and, to the extent provided in Paragraph 10(b) above and the provisions of the Plan, to the personal representatives, legatees and heirs of Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **No Effect on Employment.** This agreement is not a contract of employment or otherwise a limitation on the right of the Company to terminate the employment of Employee or to increase or decrease Employee's compensation from the rate of compensation in existence at the time this Agreement is executed.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Additional (Non-U.S.) Terms and Conditions.** SARs awarded under this Agreement shall be subject to additional terms and conditions, as applicable, set forth in the Company's Policies for Global Compliance of Equity Compensation Awards, which are attached in the Appendix hereto and shall be incorporated herein fully by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Clawback Policy.** SARs awarded under this Agreement, as well as any Common Stock issued with respect to such SARs, shall be subject to the Clawback Policy adopted by the Committee on February 13, 2014, and any successor policy thereto, to the extent that at any relevant time Employee is subject to such policy in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Good Faith.** The parties to this Agreement shall, in exercising their respective rights and complying with their respective obligations under this Agreement (including when conducting any discussions or negotiations arising out of the application of any provisions of this Agreement, or any other document related to any matter arising hereunder, or exercising any discretion under them), at all times act in good faith.

**IN WITNESS WHEREOF**, MARRIOTT VACATIONS WORLDWIDE CORPORATION has caused this Agreement to be signed by its Chief Human Resources Officer, effective as of the Award Date.

---

| | |
|:---|:---|
| MARRIOTT VACATIONS WORLDWIDE | |
| CORPORATION | EMPLOYEE |
| | <> |
| Chief Human Resources Officer | Signed Electronically |

---

------

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**POLICIES FOR GLOBAL COMPLIANCE OF EQUITY COMPENSATION AWARDS**

This document (the "Policies") sets forth policies of Marriott Vacations Worldwide Corporation ("MVW") for the administration of equity compensation awards (the "Awards") granted to employees (the "Employees") of MVW and its subsidiaries (together, the "Company") under the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the "Plan"). The Policies apply to certain Employees who have received or held Awards under &nbsp;&nbsp;&nbsp;&nbsp;the Plan while working for the Company outside of the United States.

The Policies, as may be amended by the Company from time to time for changes in law, are an integral part of the terms of each agreement (the "Agreement") under which Awards are granted to Employees under the Plan. As such, the Policies set forth additional requirements or conditions in the non- U.S. jurisdictions indicated below that certain Employees <u>must satisfy</u> to receive the intended benefits under their Awards. These requirements or conditions are established to ensure that the Company and the Employees comply with applicable legal requirements pertaining to the Awards in those jurisdictions. In addition, the Policies are established to assist the Employees in complying with other legal requirements which may not implicate the Company. These requirements, some carrying civil or criminal penalties for noncompliance, may apply with respect to Employees' Awards or shares of MVW stock obtained pursuant to the Awards because of such Employees' presence (which may or may not require citizenship or legal residency) in a particular jurisdiction at some time during the term of the Awards.

Legal requirements are often complex and may change frequently. Therefore, the Policies provide general information only and may not be relied upon by Employees as their only source of information relating to the consequences of participation in the Plan, nor may they serve as the basis for recovery against the Company for financial or other penalties incurred by Employees as a result of their noncompliance. Employees should seek appropriate professional advice as to how the relevant laws may apply to them individually.

Certain capitalized terms used but not defined in the Policies have the meanings set forth in the Plan or in the Agreements. To the extent the Policies appear to conflict with the terms of the Plan or the Agreements, the Plan and the Agreement shall control.

## Exhibit 10.6

**Exhibit 10.6**

**RESTRICTED STOCK UNIT AGREEMENT** 

**MARRIOTT VACATIONS WORLDWIDE CORPORATION** 

**2020 EQUITY INCENTIVE PLAN**

THIS AGREEMENT (the "Agreement") is made on ________ (the "Grant Date") by MARRIOTT VACATIONS WORLDWIDE CORPORATION (the "Company") and __________ ("Employee").

WITNESSETH:

WHEREAS, the Company maintains the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company wishes to award to designated employees certain Restricted Stock Unit awards ("RSUs") as provided in Article 8 of the Plan; and

WHEREAS, Employee has been approved by the Compensation Policy Committee (including any delegate thereof, the "Committee") of the Company's Board of Directors (the "Board") to receive an award of RSUs under the Plan;

NOW, THEREFORE, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Prospectus**. Employee has been provided with, and hereby acknowledges receipt of, a Prospectus for the Plan dated , which contains, among other things, a detailed description of the RSU award provisions of the Plan. Employee further acknowledges that Employee has read the Prospectus and this Agreement, and that Employee understands the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Interpretation**. The provisions of the Plan are incorporated herein by reference and form an integral part of this Agreement. Except as otherwise set forth herein, capitalized terms used herein shall have the meanings given to them in the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan shall govern. A copy of the Plan is available from the Compensation Department of the Company upon request. All decisions and interpretations made by the Committee or its delegate with regard to any question arising hereunder or under the Plan shall be binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Grant of RSUs**. Subject to the terms and conditions of the Plan, Employee's acceptance of this Agreement and satisfaction of the tax provisions of any policy of the Company regarding international assignments, if applicable, this award (the "Award") of ________ RSUs is made as of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **RSU and Common Share Rights**. The RSUs awarded under this Agreement shall be recorded in a Company book-keeping account and shall represent Employee's unsecured right to receive from the Company the transfer of title to shares of Common Stock of the Company ("Common Shares") in accordance with the schedule of Vesting Dates set forth in paragraph 5 below and subject to the satisfaction of the provision on withholding taxes set forth in paragraph 10 below. On each such Vesting Date, if it occurs, the Company shall reverse the book-keeping entry for all such related RSUs and transfer a corresponding number of Common Shares (which may be reduced by the number of shares withheld to satisfy withholding taxes as set forth in paragraph 10 below, if share reduction is the method utilized for satisfying the tax withholding obligation) to an individual brokerage account (the "Account") established and maintained in Employee's name. Employee shall have all the rights of a stockholder with respect to such Common Shares transferred to the Account, including but not limited to the right to vote the Common Shares, to sell, transfer, liquidate or otherwise dispose of the Common Shares, and to receive all dividends or other distributions paid or made with respect to the Common Shares from the time they are deposited in the Account. Employee shall have no voting, transfer, liquidation, dividend or other rights of a Common Share stockholder with respect to the RSUs and/or the Common Shares underlying the RSUs prior to such time that the corresponding Common Shares are transferred, if at all, to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Vesting in RSUs**. The RSUs shall vest on the Grant Date (the "Vesting Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Intentionally Omitted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Non-Assignability.** The RSUs shall not be assignable or transferable by Employee except by will or by the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Intentionally Omitted

&nbsp;&nbsp;&nbsp;&nbsp;9. **Non-Solicitation.** In consideration of good and valuable consideration in the form of the RSUs granted herein to which Employee is not otherwise entitled, the receipt and sufficiency of which are hereby acknowledged, and in recognition of the Company's and its Subsidiary's legitimate purpose of avoiding for limited times competition from persons whom the Company or its Subsidiary has trained and/or given experience, except to the extent prohibited or

------

unenforceable under applicable law, Employee agrees that during the period beginning on the Grant Date and ending one year following Employee's termination of employment with the Company and its Subsidiaries, whether such termination of employment is voluntary or involuntary or with or without cause, Employee will not, on Employee's own behalf or as a partner, officer, director, employee, agent, or consultant of any other person or entity, directly or indirectly contact, solicit or induce (or attempt to solicit or induce) any employee of the Company or any Subsidiary with whom Employee had material contact during Employee's employment to leave their employment with the Company or Subsidiary, or consider employment with any other person or entity. Employee and the Company agree that any breach by Employee of the non-solicitation obligation under this paragraph will cause the Company or the relevant Subsidiary immediate, material and irreparable injury and damage, and there is no adequate remedy at law for such breach. Accordingly, in the event of such breach, in addition to any other remedies it may have at law or in equity, the Company shall be entitled immediately to seek enforcement of this Agreement in a court of competent jurisdiction by means of a decree of specific performance, an injunction without the posting of a bond or the requirement of any other guarantee, any other form of equitable relief. This provision is not a waiver of any other rights that the Company or any Subsidiary may have under this Agreement, including the right to receive money damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Taxes**. The transfer of Common Shares upon each Vesting Date, pursuant to paragraph 4 above, shall be subject to the further condition that the Company shall provide for the withholding of any taxes required by federal, state, or local law in respect of that Vesting Date by reducing the number of RSUs to be transferred to the Account or by such other manner as the Committee shall determine in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Consent.** By executing this Agreement, Employee consents to the collection, maintenance and processing of Employee's personal information (such as Employee's name, home address, home telephone number and email address, social security number, assets and income information, birth date, hire date, termination date, other employment information, citizenship, marital status) by the Company or a Subsidiary and the Company's service providers for the purposes of (i) administering the Plan (including ensuring that the conditions of transfer are satisfied from the Grant Date through the Vesting Date), (ii) providing Employee with services in connection with Employee's participation in the Plan, (iii) meeting legal and regulatory requirements and (iv) for any other purpose to which Employee may consent ("Permitted Purposes"). Employee's personal information will not be processed for longer than is necessary for such Permitted Purposes. Employee's personal information is collected from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)from this Agreement, investor questionnaires or other forms that Employee submits to the Company or a Subsidiary or contracts that Employee enters into with the Company or a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)from Employee's transactions with the Company, the Company's affiliates and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)from Employee's employment records with the Company or a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)from meetings, telephone conversations and other communications with Employee.

In addition, Employee further consents to the Company or a Subsidiary disclosing Employee's personal information to the Company's third party service providers and affiliates and other entities in connection with the services the Company provides related to Employee's participation in the Plan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) financial service providers, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by, or operations of, the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other service providers to the Plan, such as accounting, legal, or tax preparation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to Plan participants.

Where Employee's personal information is provided to such third parties, the Company requires (to the extent permitted by applicable law) that such parties agree to process Employee's personal information in accordance with the Company's instructions.

Employee's personal information is maintained on the Company's or a Subsidiary's networks and the networks of the Company's service providers, which may be in the United States or other countries other than the country in which this Award was granted. Employee acknowledges and agrees that the transfer of Employee's personal information to the United States or other countries other than the country in which this Award was granted is necessary for the Permitted Purposes. To the extent (if any) that the provisions of the European Union's Data Protection Directive (Directive 95/46/EC of the European Parliament and of the Council) and/or applicable national legislation derived from such Directive apply, then by executing this Agreement Employee expressly consents to the transfer of Employee's personal information outside of the European Economic Area. Employee may access Employee's personal information to verify its accuracy, update Employee's personal information and/or request a copy of Employee's personal information by contacting Employee's

------

local Human Resources representative. Employee may obtain account transaction information online or by contacting the Plan record keeper as described in the Plan enrollment materials. By accepting the terms of this Agreement, Employee further agrees to the same terms with respect to other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **No Additional Rights.** Benefits under the Plan are not guaranteed. The grant of this Award is a one-time benefit and does not create any contractual or other right or claim to any future grants of Awards under the Plan, nor does a grant of Awards guarantee future participation in the Plan. The value of Employee's Awards is an extraordinary item outside the scope of Employee's employment contract, if any. Employee's Awards are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end-of-service payments, bonuses, long-term service awards, pension or retirement benefits (except as otherwise provided by the terms of any U.S.-qualified retirement or pension plan maintained by the Company or any of its subsidiaries), or similar payments. By accepting the terms of this Agreement, Employee further agrees to these same terms and conditions with respect to any other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Recapitalization, Reorganization, Unusual Events**. Certain events affecting the Common Shares of the Company and mergers, consolidations and reorganizations affecting the Company may affect the number or type of securities deliverable upon vesting of the RSUs, as set forth in Section 4.2 of the Plan. The Committee may make adjustments to this award of RSUs due to the occurrence of certain unusual or unforeseeable circumstances as set forth in Section 14.2 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Amendment of this Agreement**. The Board of Directors may at any time amend, suspend or terminate the Plan or this Agreement; provided, however, that no amendment, suspension or termination of the Plan or this Agreement shall adversely affect this Agreement in any material way without the written consent of Employee unless otherwise permitted by Article 14 of the Plan. If one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to the scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed and reformed by the appropriate judicial body by limiting and reducing such provision or provisions, so as to be enforceable to the maximum extent compatible with the applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Notices.** Notices hereunder shall be in writing, and if to the Company, may be delivered personally to the Compensation Department or such other party as designated by the Company or mailed to its principal office at 7812 Palm Parkway, Orlando, Florida 32836, addressed to the attention of the Vice President, Global Talent Management, and if to Employee, may be delivered personally or mailed to Employee at his or her address on the records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Successors and Assigns**. This Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **No Effect on Employment**. This agreement is not a contract of employment or otherwise a limitation on the right of the Company to terminate the employment of Employee or to increase or decrease Employee's compensation from the rate of compensation in existence at the time this Agreement is executed.

18**. Additional (Non-U.S.) Terms and Conditions.** RSUs awarded under this Agreement shall be subject to additional terms and conditions, as applicable, set forth in the Company's Policies for Global Compliance of Equity Compensation Awards, which are attached in the Appendix hereto and shall be incorporated herein fully by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Clawback Policy.** RSUs awarded under this Agreement, as well as any Common Shares issued with respect to such RSUs, shall be subject to the Clawback Policy adopted by the Committee on February 13, 2014, and any successor policy thereto, to the extent that at any relevant time Employee is subject to such policy in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Good Faith.** The parties to this Agreement shall, in exercising their respective rights and complying with their respective obligations under this Agreement (including when conducting any discussions or negotiations arising out of the application of any provisions of this Agreement, or any other document related to any matter arising hereunder, or exercising any discretion under them), at all times act in good faith.

**IN WITNESS WHEREOF**, MARRIOTT VACATIONS WORLDWIDE CORPORATION has caused this Agreement to be signed by its Chief Human Resources Officer, effective as of the Grant Date.

---

| | |
|:---|:---|
| MARRIOTT VACATIONS WORLDWIDE | |
| CORPORATION | EMPLOYEE |
| Chief Human Resources Officer | Signed Electronically |

---

------

**MARRIOTT VACATIONS WORLDWIDE CORPORATION**

**POLICIES FOR GLOBAL COMPLIANCE OF EQUITY COMPENSATION AWARDS**

This document (the "Policies") sets forth policies of Marriott Vacations Worldwide Corporation ("MVW") for the administration of equity compensation awards (the "Awards") granted to employees (the "Employees") of MVW and its subsidiaries (together, the "Company") under the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the "Plan"). The Policies apply to certain Employees who have received or held Awards under the Plan while working for the Company outside of the United States.

The Policies, as may be amended by the Company from time to time for changes in law, are an integral part of the terms of each agreement (the "Agreement") under which Awards are granted to Employees under the Plan. As such, the Policies set forth additional requirements or conditions in the non- U.S. jurisdictions indicated below that certain Employees <u>must satisfy</u> to receive the intended benefits under their Awards. These requirements or conditions are established to ensure that the Company and the Employees comply with applicable legal requirements pertaining to the Awards in those jurisdictions. In addition, the Policies are established to assist the Employees in complying with other legal requirements which may not implicate the Company. These requirements, some carrying civil or criminal penalties for noncompliance, may apply with respect to Employees' Awards or shares of MVW stock obtained pursuant to the Awards because of such Employees' presence (which may or may not require citizenship or legal residency) in a particular jurisdiction at some time during the term of the Awards.

Legal requirements are often complex and may change frequently. Therefore, the Policies provide general information only and may not be relied upon by Employees as their only source of information relating to the consequences of participation in the Plan, nor may they serve as the basis for recovery against the Company for financial or other penalties incurred by Employees as a result of their noncompliance. Employees should seek appropriate professional advice as to how the relevant laws may apply to them individually.

Certain capitalized terms used but not defined in the Policies have the meanings set forth in the Plan or in the Agreements. To the extent the Policies appear to conflict with the terms of the Plan or the Agreements, the Plan and the Agreement shall control.

## Exhibit 10.7

**Exhibit 10.7**

**FORM OF PERFORMANCE UNIT AWARD AGREEMENT**

**PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT** 

**MARRIOTT VACATIONS WORLDWIDE CORPORATION** 

**2020 EQUITY INCENTIVE PLAN**

THIS AGREEMENT (the "Agreement") is made on **<>** (the "Grant Date") by MARRIOTT VACATIONS WORLDWIDE CORPORATION (the "Company") and **< NAME>> ("Employee").**

WITNESSETH:

WHEREAS, the Company maintains the Marriott Vacations Worldwide Corporation 2020 Equity

Incentive Plan, as it may be amended from time to time (the "Plan"); and

WHEREAS, the Company wishes to award to designated employees certain Restricted Stock Unit awards

("RSUs") as provided in Article 8 of the Plan with performance-based vesting criteria; and

WHEREAS, Employee has been approved by the Compensation Policy Committee (including any delegate thereof, the "Committee") of the Company's Board of Directors (the "Board") to receive an award of RSUs under the Plan;

NOW, THEREFORE, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Prospectus**. Employee has been provided with, and hereby acknowledges receipt of, a Prospectus for the Plan dated **May 10, 2024**, which contains, among other things, a detailed description of the RSU award provisions of the Plan. Employee further acknowledges that Employee has read the Prospectus and this Agreement, and that Employee understands the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Interpretation**. The provisions of the Plan are incorporated herein by reference and form an integral part of this Agreement. Except as otherwise set forth herein, capitalized terms used herein shall have the meanings given to them in the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan shall govern. A copy of the Plan is available from the Compensation Department of the Company upon request. All decisions and interpretations made by the Committee or its delegate with regard to any question arising hereunder or under the Plan shall be binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Grant of RSUs**. Subject to the terms and conditions of the Plan, Employee's acceptance of this Agreement and satisfaction of the tax provisions of any policy of the Company regarding international assignments, if applicable, this award (the "Award") of **<>** RSUs at target is made as of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **RSU and Common Share Rights**. The RSUs awarded under this Agreement shall be recorded in a Company book-keeping account and shall represent Employee's unsecured right to receive from the Company the transfer of title to shares of Common Stock of the Company ("Common Shares") earned in accordance with paragraph 5 below and Appendix A attached hereto, provided that Employee has satisfied the Conditions of Transfer set forth in paragraph 6 below and subject to the satisfaction of the provision on withholding taxes set forth in paragraph 10 below. On the applicable Settlement Date set forth below, the Company shall reverse the book-keeping entry for all of the RSUs and transfer a number of Common Shares equal to the portion of the RSUs that is earned in accordance with paragraph 5 below and Appendix A hereto (which number of Common Shares may be reduced by the number of shares withheld to satisfy withholding taxes as set forth in paragraph 10 below, if share reduction is the method utilized for satisfying the tax withholding obligation) to an individual brokerage account (the "Account") established and maintained in Employee's name; provided, however, that in the event that the Company does not have sufficient shares available for issuance under the Plan on the applicable Settlement Date to settle the earned RSUs in Common Shares, the Company will deliver to Employee, in cash, less applicable tax withholding, the equivalent economic value of the Common Share shortfall based on the Fair Market Value of the Common Shares on the applicable Settlement Date or, if the markets are closed on the applicable Settlement Date, then on the last trading day prior to the applicable Settlement Date. Any RSUs which are not earned in accordance with paragraph 5 and Appendix A shall be forfeited effective as of the last day of the Performance Period or Extended Stock Performance Period (as defined in Appendix A). Employee shall have all the rights of a stockholder with respect to the Common Shares transferred to the Account, including but not limited to the right to vote the Common Shares, to

------

sell, transfer, liquidate or otherwise dispose of the Common Shares, and to receive all dividends or other distributions paid or made with respect to the Common Shares from the time they are deposited in the Account. Employee shall have no voting, transfer, liquidation, dividend or other rights of a Common Share stockholder with respect to the RSUs and/or the Common Shares underlying the RSUs prior to such time that such Common Shares are transferred, if at all, to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Vesting and Settlement of the RSUs**. Except as otherwise provided in paragraph 8 below and subject to paragraph 6 below, on a Settlement Date the Employee shall vest in a number of RSUs, if any, based upon the achievement of specified levels of performance during the Performance Period or Extended Stock Performance Period, as set forth in Appendix A hereto. For purposes of this Agreement, a "Settlement Date" shall be a date established by the Committee on or after the date on which the Committee determines the level of achievement with respect to the performance criteria set forth in Appendix A, which Settlement Date shall be no later than the 15th day of the third month following the month in which the Performance Period or Extended Stock Performance Period, as applicable, ends. Notwithstanding the foregoing, in the event that a Settlement Date is a Saturday, Sunday or other day on which stock of the Company is not traded on the New York Stock Exchange or another national exchange, then such Settlement Date shall be the next following day on which the stock of the Company is traded on the New York Stock Exchange or another national exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Conditions of Transfer**. Except as otherwise provided in paragraph 8 below, with respect to any RSUs awarded to Employee under this Agreement, as a condition of Employee receiving a transfer or other payment in accordance with paragraph 4 above of any Common Shares earned in accordance with paragraph 5 and Appendix A, Employee shall meet all of the following conditions during the entire period from the Grant Date hereof through the Settlement Date relating to such RSUs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Employee must continue to be an active employee of the Company or any Subsidiary ("Continuous Employment"); [provided, that for purposes of this Agreement, Continuous Service shall include Employee's agreement or offer to serve in a new employment capacity or position, on the Board, and/or as a consultant to the Company immediately following Employee's termination of employment, even if the Company does not accept or agree to continue Employee's service in such position or capacity; provided, further, that Employee shall not experience Continuous Service after June 30, 2029;]<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent prohibited or unenforceable under applicable law, Employee must refrain from Engaging in Competition (as defined in Section 2.17 of the Plan) without first having obtained the written consent thereto from the Company ("Non-competition"); provided, that to the extent of any conflict between such provisions and the covenants set forth in that certain Employment Agreement between Employee and the Company, dated February 16, 2026 (the "Employment Agreement"), the Employment Agreement covenants shall control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employee must refrain from engaging in conduct that would constitute "Cause" for termination of employment under the Employment Agreement ("No Improper Conduct").

If Employee should fail to meet the requirements relating to (i) Continuous Employment, (ii) Non- competition, or (iii) No Improper Conduct, then Employee shall forfeit the right to earn any RSUs granted hereunder, and Employee shall accordingly forfeit the right to receive the transfer of title to any Common Shares underlying such RSUs or other payment in respect thereof. The forfeiture of rights with respect to RSUs (and corresponding Common Shares) shall not affect the rights of Employee with respect to any Common Shares the title of which has already been transferred to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Non-Assignability.** The RSUs shall not be assignable or transferable by Employee except by will or by the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Effect of Termination of Employment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event Employee's Continuous Employment is terminated prior to the end of the Performance Period on account of Employee's death or Disability (as defined in Section 2.14 of the Plan), and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct

____________________________

<sup>1</sup> For Avril only.

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from the Grant Date through the date of such death or Disability, and such death or Disability occurs prior to the last twelve (12) months of the Performance Period, then, immediately upon such termination of employment due to death or Disability, a portion of Employee's RSUs granted will vest and be settled in accordance with paragraph 4, with the date of death or Disability deemed to be the Settlement Date for purposes of such paragraph, based on the greater of (A) fifty percent (50%) of target performance or (B) Actual Performance (defined below) as of the date of termination and prorated based on a fraction, the numerator of which is the number of days from January 1, 2026 through the date of termination, and the denominator of which is 1,096 (the number of days in the Performance Period), provided, however, that if such termination occurs during the last twelve (12) months of the Performance Period, the Employee's RSUs will vest based on Actual Performance as of the date of termination and prorated based on a fraction, the numerator of which is the number of days from January 1, 2026 through the date of termination, and the denominator of which is 1,096 (the number of days in the Performance Period). For purposes of the Agreement, "Actual Performance" means (i) the Highest Four-Quarter Adjusted EBITDA as defined in Appendix A, but calculated effective through the most recent quarter-end as of the date of termination, and (ii) the Highest Average Stock Price as defined in Appendix A≤ but calculated effective through the trading day prior to the date of termination. In the case of Employee's death, Employee's rights hereunder with respect to any such RSUs that vest shall inure to the benefit of Employee's executors, administrators, personal representatives and assigns. The RSUs that do not vest in accordance with this paragraph shall be immediately forfeited upon such termination due to death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Employee's Continuous Employment is terminated prior to the end of the Performance Period on account of a termination by the Company (other than for Disability or Cause) or by Employee for Good Reason [or in connection with the Leadership Transition]<sup>2</sup>, and not in connection with either a Change in Control [or a Leadership Transition]<sup>3</sup> (with all such terms defined as set forth in that the Employment Agreement), and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such termination of employment, and provided that Employee continues to meet the requirements of Non-competition and No Improper Conduct and signs (but in no event later than forty-five (45) days following the date of termination), and do not subsequently revoke during the applicable revocation period, the Separation Agreement and General Release (as defined in the Employment Agreement), then Employee's rights hereunder with respect to a portion of Employee's RSUs Earned (as defined in Appendix A) based on the achievement of the applicable goal prior to the date of termination will vest in full as of the date of termination and be settled in accordance with paragraph 4, with the date of termination deemed to be the Settlement Date for purposes of such paragraph; provided, that in the event Employee has not Earned any portion of the RSUs as of the date of termination, then the RSUs will vest (and be settled in accordance with paragraph 4, with the date of termination deemed to be the Settlement Date for purposes of such paragraph) pro rata at target performance based on a fraction, the numerator of which is the number of days from January 1, 2026 through the date of termination, and the denominator of which is 1,096 (the number of days in the Performance Period). The RSUs that do not vest in accordance with this paragraph shall be immediately forfeited upon such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event Employee's Continuous Employment is terminated prior to the end of the Performance Period on account of a termination by the Company (other than for Disability or Cause) or by Employee for Good Reason, in each case, in connection with either a Change in Control, but not a Leadership Transition, and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such termination of employment, and provided that Employee continues to meet the requirements of Non-competition and No Improper Conduct and signs (but in no event later than forty-five (45) days following the date of termination), and do not subsequently revoke during the applicable revocation period, the Separation Agreement and General Release, then a portion of Employee's RSUs granted will vest and be settled in accordance with paragraph 4, with the date of termination deemed to be the Settlement Date for purposes of such paragraph, based on: (i) if such termination occurs prior to February 16, 2027, the greater of (A) thirty-three percent (33%) of target performance or (B) Actual Performance as of the date of termination, (ii) if such termination occurs on or after February 16, 2027 and prior to February 16, 2028, any RSUs Earned based on the achievement of the

___________________________

<sup>2</sup> For Flaskey only.

<sup>3</sup> For Avril only.

------

applicable threshold will vest in full as of the date of termination; provided, that in the event Employee has not Earned any portion of the RSUs as of the date of termination, then the RSUs will vest pro rata at target performance based on a fraction, the numerator of which is the number of days from January 1, 2026 through the date of termination, and the denominator of which is 1,096 (the number of days in the Performance Period), and the remaining unvested RSUs shall be immediately forfeited upon such termination, and (iii) if such termination occurs on or after February 16, 2028, the greater of (A) sixty-seven percent (67%) of target performance or (B) Actual Performance as of the date of termination. The RSUs that do not vest in accordance with this paragraph shall be immediately forfeited upon such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved]<sup>4</sup> [In the event Employee's Continuous Employment is terminated prior to the end of the Performance Period upon a Leadership Transition, and if Employee had otherwise met the requirements of Continuous Employment, Non-competition and No Improper Conduct from the Grant Date through the date of such termination of employment, Employee shall continue to be eligible to vest in the RSUs based on actual performance through the end of the Performance Period or Extended Stock Performance Period, as applicable, in each case, without regard to any subsequent Continuous Employment requirement.]<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event Employee's Continuous Employment is terminated prior to the Settlement Date for any reason other than those specified in (a), (b), (c) or (d) above, Employee shall immediately forfeit all of the RSUs granted hereunder.

Except as set forth in paragraph 8(a) above, no other transfer of rights with respect to RSUs shall be permitted pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Non-Solicitation.** In consideration of good and valuable consideration in the form of the RSUs granted herein to which Employee is not otherwise entitled, the receipt and sufficiency of which are hereby acknowledged, and in recognition of the Company's and its Subsidiary's legitimate purpose of avoiding for limited times competition from persons whom the Company or its Subsidiary has trained and/or given experience, except to the extent prohibited or unenforceable under applicable law, Employee agrees that during the period beginning on the Grant Date and ending one year following Employee's termination of employment with the Company and its Subsidiaries, whether such termination of employment is voluntary or involuntary or with or without cause, Employee will not, on Employee's own behalf or as a partner, officer, director, employee, agent, or consultant of any other person or entity, directly or indirectly contact, solicit or induce (or attempt to solicit or induce) any employee of the Company or any Subsidiary with whom Employee had material contact during Employee's employment to leave their employment with the Company or a Subsidiary, or consider employment with any other person or entity. Employee and the Company agree that any breach by Employee of the non-solicitation obligation under this paragraph will cause the Company or the relevant Subsidiary immediate, material and irreparable injury and damage, and there is no adequate remedy at law for such breach. Accordingly, in the event of such breach, in addition to any other remedies it may have at law or in equity, the Company shall be entitled immediately to seek enforcement of this Agreement in a court of competent jurisdiction by means of a decree of specific performance, an injunction without the posting of a bond or the requirement of any other guarantee, any other form of equitable relief. This provision is not a waiver of any other rights that the Company or any Subsidiary may have under this Agreement, including the right to receive money damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Taxes**. The transfer of Common Shares on the Settlement Date, pursuant to paragraphs 4, 6 and 8 above, shall be subject to the further condition that the Company shall provide for the withholding of any taxes required by federal, state, or local law in respect of the Settlement Date by reducing the number of RSUs to be transferred to the Account or by such other manner as the Committee shall determine in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Consent.** By executing this Agreement, Employee consents to the collection, maintenance and processing of Employee's personal information (such as Employee's name, home address, home telephone number and email address, social security number, assets and income information, birth date, hire date, termination date, other employment information, citizenship, marital status) by the Company or a Subsidiary and the Company's service providers for the purposes of (i) administering the Plan (including ensuring that the conditions of transfer are satisfied from the Grant Date through the Settlement Date), (ii) providing Employee with services in connection

___________________________

<sup>4</sup> For Flaskey only.

<sup>5</sup> For Avril only.

------

with Employee's participation in the Plan, (iii) meeting legal and regulatory requirements and (iv) for any other purpose to which Employee may consent ("Permitted Purposes"). Employee's personal information will not be processed for longer than is necessary for such Permitted Purposes. Employee's personal information is collected from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from this Agreement, investor questionnaires or other forms that Employee submits to the Company or a Subsidiary or contracts that Employee enters into with the Company or a Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) from Employee's transactions with the Company, the Company's affiliates and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) from Employee's employment records with the Company or a Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) from meetings, telephone conversations and other communications with Employee.

In addition, Employee further consents to the Company or a Subsidiary disclosing Employee's personal information to the Company's third party service providers and affiliates and other entities in connection with the services the Company provides related to Employee's participation in the Plan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) financial service providers, such as broker-dealers, custodians, banks and others used to finance or facilitate transactions by, or operations of, the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other service providers to the Plan, such as accounting, legal, or tax preparation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer agents, portfolio companies, brokerage firms and the like, in connection with distributions to Plan participants.

Where Employee's personal information is provided to such third parties, the Company requires (to the extent permitted by applicable law) that such parties agree to process Employee's personal information in accordance with the Company's instructions.

Employee's personal information is maintained on the Company's or a Subsidiary's networks and the networks of the Company's service providers, which may be in the United States or other countries other than the country in which this Award was granted. Employee acknowledges and agrees that the transfer of Employee's personal information to the United States or other countries other than the country in which this Award was granted is necessary for the Permitted Purposes. To the extent (if any) that the provisions of the European Union's Data Protection Directive (Directive 95/46/EC of the European Parliament and of the Council) and/or applicable national legislation derived from such Directive apply, then by executing this Agreement Employee expressly consents to the transfer of Employee's personal information outside of the European Economic Area. Employee may access Employee's personal information to verify its accuracy, update Employee's personal information and/or request a copy of Employee's personal information by contacting Employee's local Human Resources representative. Employee may obtain account transaction information online or by contacting the Plan record keeper as described in the Plan enrollment materials. By accepting the terms of this Agreement, Employee further agrees to the same terms with respect to other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **No Additional Rights.** Benefits under the Plan are not guaranteed. The grant of this Award is a one-time benefit and does not create any contractual or other right or claim to any future grants of Awards under the Plan, nor does a grant of Awards guarantee future participation in the Plan. The value of Employee's Awards is an extraordinary item outside the scope of Employee's employment contract, if any. Employee's Awards are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end-of-service payments, bonuses, long-term service awards, pension or retirement benefits (except as otherwise provided by the terms of any U.S.-qualified retirement or pension plan maintained by the Company or any of its subsidiaries), or similar payments. By accepting the terms of this Agreement, Employee further agrees to these same terms and conditions with respect to any other Awards Employee received in any prior year under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Recapitalization, Reorganization, Unusual Events.** Certain events affecting the Common Shares of the Company and mergers, consolidations and reorganizations affecting the Company may affect the number or type of securities deliverable upon vesting of the RSUs, as set forth in Section 4.2 of the Plan. The Committee may make adjustments to this award of RSUs due to the occurrence of certain unusual or unforeseeable circumstances as set forth in Section 14.2 of the Plan.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Amendment of this Agreement**. The Board of Directors may at any time amend, suspend or terminate the Plan or this Agreement; provided, however, that no amendment, suspension or termination of the Plan or this Agreement shall adversely affect this Agreement in any material way without the written consent of Employee unless otherwise permitted by Article 14 of the Plan. If one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to the scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed and reformed by the appropriate judicial body by limiting and reducing such provision or provisions, so as to be enforceable to the maximum extent compatible with the applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Notices.** Notices hereunder shall be in writing, and if to the Company, may be delivered personally to the Compensation Department or such other party as designated by the Company or mailed to its principal office at 7812 Palm Parkway, Orlando, Florida 32836, addressed to the attention of the Vice President, Talent Rewards, and if to Employee, may be delivered personally or mailed to Employee at his or her address on the records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Successors and Assigns**. This Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company and, to the extent provided in paragraph 8(a) above and in the Plan, to the personal representatives, legatees and heirs of Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **No Effect on Employment**. This agreement is not a contract of employment or otherwise a limitation on the right of the Company to terminate the employment of Employee or to increase or decrease Employee's compensation from the rate of compensation in existence at the time this Agreement is executed.

18**. Additional (Non-U.S.) Terms and Conditions.** RSUs awarded under this Agreement shall be subject to additional terms and conditions, as applicable, set forth in the Company's Policies for Global Compliance of Equity Compensation Awards, which are attached in the Appendix hereto and shall be incorporated herein fully by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Clawback Policy.** RSUs awarded under this Agreement, as well as any Common Shares issued with respect to such RSUs, shall be subject to the Clawback Policy adopted by the Committee on February 13, 2014, and any successor policy thereto, to the extent that at any relevant time Employee is subject to such policy in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Good Faith.** The parties to this Agreement shall, in exercising their respective rights and complying with their respective obligations under this Agreement (including when conducting any discussions or negotiations arising out of the application of any provisions of this Agreement, or any other document related to any matter arising hereunder, or exercising any discretion under them), at all times act in good faith.

**IN WITNESS WHEREOF**, MARRIOTT VACATIONS WORLDWIDE CORPORATION has caused this Agreement to be signed by its Chief Human Resources Officer, effective as of the Grant Date.

---

| | |
|:---|:---|
| MARRIOTT VACATIONS WORLDWIDE | |
| CORPORATION | EMPLOYEE |
| | <> |
| Chief Human Resources Officer | Signed Electronically |

---

------

**EXHIBIT A**

**TERMS OF PERFORMANCE UNIT AWARDS**

**For Transformation Award**

**Performance Criteria**

The number of RSUs earned, if any, will be determined following the end of the Performance Period based on the Company's achievement over the Performance Period with respect to two performance objectives: (1) Adjusted EBITDA and (2) Stock Price.

**Performance Period**

The "<u>Performance Period</u>" refers to the period from January 1, 2026 through December 31, 2028. The "<u>Extended Stock Performance Period</u>" refers to the six (6) month period immediately following the Performance Period (e.g., January 1, 2029 through June 30, 2029).

**Payout Formula** 

The total number of RSUs earned over the Performance Period shall equal the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA Goals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The number of RSUs Earned (defined below) shall be determined based on the Highest Four-Quarter Adjusted EBITDA (defined below) performance and Earned upon achievement thereof, based on the following schedule:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Goal** | **Highest Four-Quarter Adjusted EBITDA** | **Payout as a % of Target** | **RSUs** |
|  | <$875 | 0% | 0 |
| Threshold | $875 | 50% | 37500 |
| **Target** | **$950** | **100%** | **75000** |
| Maximum | ≥$1,100 | 200% | 150000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "<u>Adjusted EBITDA</u>" shall mean the adjusted EBITDA reported on the Company's Forms 10-Q and 10-K, subject to adjustment pursuant to Section 4.2 and 14.2 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "<u>Highest Four-Quarter Adjusted EBITDA</u>" shall mean the Adjusted EBITDA over any four (4) consecutive quarters during the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "<u>Earned</u>": Upon achievement of the Threshold, Target or Maximum Highest Four-Quarter Adjusted EBITDA above, the RSUs representing the Payout percentage in the above-referenced table shall be "Earned." RSUs Earned hereunder are not subject to reduction. For avoidance of doubt, the RSUs Earned hereunder based on achievement of Adjusted EBITDA will be based on the highest goal Earned during any measurement period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In the event that the Highest Four-Quarter Adjusted EBITDA falls between Threshold and Target levels or between Target and Maximum levels in the above referenced table, the Company shall use linear interpolation to determine the level Earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Vesting</u>: Except as otherwise provided in the Agreement, the number of RSUs Earned based on Adjusted EBITDA Goals shall vest on December 31, 2028, and be distributed following the Committee's certification of performance, which shall occur in accordance with MVW's regular policies and practices, except that it shall not be later than contemplated in the Agreement.

**II.&nbsp;&nbsp;&nbsp;&nbsp;Stock Price Goals**

A.The number of RSUs Earned (defined below) shall be determined based on the Highest Average Stock Price performance, and Earned upon achievement thereof, based on the following schedule:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Goal** | **Highest Average Stock Price** | **Payout as a % of Target** | **RSUs** |
|  | <$115 | 0% | 0 |
| Threshold | $115 | 50% | 37500 |
| **Target** | **$145** | **100%** | **75000** |
| Maximum | ≥$215 | 200% | 150000 |

---

B. "<u>Highest Average Stock Price</u>" shall mean the highest average closing price of VAC Common Stock over any thirty (30) consecutive trading days during the Performance Period or the Extended Stock Performance Period.

C. "<u>Earned</u>": Upon achievement of the Threshold, Target or Maximum Highest Average Stock Price above, the RSUs representing the Payout percentage shall be "Earned." RSUs Earned hereunder are not subject to reduction; provided, however, that any Earned and vested RSUs at the end of the Performance Period shall count towards any Payout at a higher goal at the end of the Extended Stock Performance Period. For the avoidance of doubt, the total number of RSU's Earned hereunder based on achievement of Highest Average Stock Price will be based on the highest goal Earned at any time during either Performance Period or the Extended Stock Performance Period.

D. In the event that the Highest Average Stock Price falls between Threshold and Target levels or between Target and Maximum levels in the above referenced table, the Company shall use linear interpolation to determine the level Earned.

E. <u>Vesting</u>: Except as otherwise provided in the Agreement, the number of RSUs Earned based on Stock Price Goals shall vest on December 31, 2028, or June 30, 2029, as applicable, and be distributed following the Committee's certification of performance, which shall occur in accordance with MVW's regular policies and practices.

## Exhibit 31.1

**Exhibit 31.1**

**Certification by Chief Executive Officer**

**Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934**

I, Matthew E. Avril, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Marriott Vacations Worldwide Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2026

---

| |
|:---|
| /s/ Matthew E. Avril |
| Matthew E. Avril |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification by Chief Financial Officer**

**Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934**

I, Jason P. Marino, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Marriott Vacations Worldwide Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2026

---

| |
|:---|
| /s/ Jason P. Marino |
| Jason P. Marino |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification by Chief Executive Officer**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

I, Matthew E. Avril, Chief Executive Officer of Marriott Vacations Worldwide Corporation (the "Company") certify that:

1. the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2026 (the "Quarterly Report"), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2. the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 5, 2026

---

| |
|:---|
| /s/ Matthew E. Avril |
| Matthew E. Avril |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification by Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

I, Jason P. Marino, Executive Vice President and Chief Financial Officer of Marriott Vacations Worldwide Corporation (the "Company") certify that:

1. the Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2026 (the "Quarterly Report"), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

2. the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 5, 2026

---

| |
|:---|
| /s/ Jason P. Marino |
| Jason P. Marino |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer) |

---

<br>