In the fourth quarter, total revenue reached $1.3B (up 1%) and adjusted EBITDA to shareholders rose 12% to $324M (26% margin, +250bp excluding cost reimbursements). The real estate segment delivered $852M in contract sales (+2%) and $177M profit (28% margin, +150bp), while tours increased 9% to 225,000. Management excluded $61M of contract sales deferrals and $29M of deferred direct expenses, yielding a $32M boost to adjusted EBITDA. The financing segment generated $134M in revenue and $81M in profit (60% margin) with a weighted average loan rate of 14.6% on $4.3B receivables and an annualized default rate of 9.86%.

For full-year 2025, contract sales grew 10% and adjusted EBITDA rose 4% to $1.15B, while tours climbed 9% and HGV Max memberships expanded 35%. The company generated $756M of adjusted free cash flow and achieved $100M of cost synergies ahead of schedule. It also hosted over 137,000 attendees at HGV Ultimate Access events (up 15%) and opened 41 new marketing sites with partners such as Hilton and Bass Pro.

During 2025, the company returned $600M to shareholders through dividends and repurchases, bringing the two-year total to over $1B, and optimized its financing business by entering a new low-cost financing market in Japan. Management intends to prioritize capital returns from free cash flow and has embedded $10M–$15M of financing optimization headwinds and $15M–$20M of license fee step-ups in its financial planning.

Looking ahead, the company targets $1.185B–$1.225B of adjusted EBITDA for 2026, expecting low single-digit contract sales growth and mid-single-digit margin improvement. It plans approximately $150M of share repurchases each quarter while maintaining net leverage around 3.78x and over $1B of liquidity, focusing on cost efficiency, member lifetime value enhancements, and product innovation.