HGV Q3 2025 Earnings

Call Details

• Call Title: Hilton Grand Vacations Q3 2025 Earnings Call
• Date: October 30, 2025 at 3:00 PM UTC
• Management Team:
  • Mark Melnyk (Vice President of Investor Relations)
  • Mark Wang (Chief Executive Officer)
  • Dan Mathewes (Chief Financial Officer)

Call Summary

Financial Performance

• Contract sales were $907M, up 17% year-over-year and a pro forma record for the business.
• Adjusted EBITDA was $302M with margins excluding reimbursements of 24% for the quarter.
• Total revenue before cost reimbursement grew 12% to $1.3B in the quarter.
• Real estate profit was $178M with margins of 27%, which was up 300 basis points versus the prior year.
• Financing revenue was $128M and financing profit was $75M, with financing margins of 59% (62% excluding acquired receivable amortization).
• Consolidated member count was nearly 722,000 and HEV MAX membership exceeded 250,000 following a net addition of 70,000 members over the prior 12 months.
• Adjusted free cash flow was $23M in Q3 and $342M year-to-date, with inventory spending of $77M in the quarter.

Guidance

• The company is maintaining 2025 adjusted EBITDA guidance in the range of $1.125B to $1.165B assuming the current operating environment holds.
• The company expects to achieve high single-digit contract sales growth for the year.
• The company continues to target a 65% to 70% conversion of adjusted EBITDA into adjusted free cash flow for the full year.
• Using a Q3 ending share count of just under 87 million shares, implied adjusted free cash flow per share for the year is expected to be approximately $8 to $9.