HGV Hilton Grand Vacations (HGV) Q4 FY25 earnings call
Hilton Grand Vacations delivered a strong Q4 FY25, marked by robust contract sales growth and the early achievement of its $100 million cost synergy target. The company is carrying significant momentum into 2026, focusing on growth, innovation, and efficiency, despite anticipating some near-term headwinds from license fee step-ups and finance optimization. Management remains committed to capital returns, leveraging strong free cash flow generation to enhance shareholder value.
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HGV operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Members HGV Max | 266KOur strong 2025 results not only demonstrate the progress we made in integrating our business but they also underscore the advantages of our business model, backed by the strength of the Hilton brand with nearly 60% recurring segment EBITDA, a highly engaged base of over 720,000 members, including 266,000 Max members with substantial embedded value and an established differentiated experience platform in our HGV Ultimate Access.Source: earnings call transcript | 277KThose new buyers helped to support 29% growth in our HGV Max member base over the prior year to 277,000 members.Source: earnings call transcript | <300KNearly 300,000 or 40% of our base are Max members today, growing 24% versus the prior year.Source: earnings call transcript | — |
| Tours | 225KTours were up 9% year-over-year to 225,000, driven by growth in our new buyer as well as our owner channels.Source: earnings call transcript | 189K+Tours grew 8.5% during the quarter to more than 189,000 with growth coming from both our new buyer and owner channels.Source: earnings call transcript | 239KWe generated 239,000 tours in the quarter, an increase of 6% versus the prior year, marking our fourth consecutive quarter of consolidated tour growth and demonstrating the continued demand across the platform.Source: earnings call transcript | — |
| Volume per guest (VPG) | — | <$3,800VPG was nearly $3,800 for the quarter, declining 8% and in line with the expectations of a high single-digit decline we discussed last quarter.Source: earnings call transcript | ~$3,400VPG was down 9% to approximately $3,400 in the quarter, reflecting the factors that I mentioned earlier.Source: earnings call transcript | — |
| Gross receivables | $4.3BCombined gross receivables for the quarter were $4.3 billion.Source: earnings call transcript | $4.4BCombined gross receivables for the quarter were $4.4 billion.Source: earnings call transcript | $5BCombined gross receivables for the quarter were $5 billion.Source: earnings call transcript | +13.6% |
| Annualized default rate | 9.86%Our annualized default rate for our consolidated portfolios was 9.86% for the quarter, reflecting another 24 basis points of improvement from the third quarter and marking our third straight quarter of sequential improvement in our default rate.Source: earnings call transcript | 10.1%Our annualized default rate for our consolidated portfolios was 10.1% for the quarter, reflecting a slight improvement against the first quarter of the prior year.Source: earnings call transcript | — | +0.2 pt |
| Members Resort and club | 720K+In our resort and club business, our consolidated member count was over 720,000.Source: earnings call transcript | 720K+In our resort and club business, our consolidated member count was just over 720,000, reflecting strong new buyer additions offset by continued recaptured activity in the period.Source: earnings call transcript | 722KIn our resort and club business, our consolidated member count was 722,000 as we continue to add new HGV Max members balanced by additional inventory recapture.Source: earnings call transcript | — |
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