Marriott Vacations Worldwide Corporation released its second-quarter results for 2025, showcasing a performance consistent with its unique and resilient business model. The company reported that approximately 90% of its adjusted EBITDA contribution stemmed from its vacation ownership segment, with the remaining 10% coming from exchange and third-party management activities. It maintains a diversified cash flow through its timeshare and exchange products, which are sold under both Marriott and Hyatt brands. The business model emphasizes a points-based system offering flexibility to its customers. As of December 31, 2024, Marriott Vacations Worldwide operated over 1.5 million iconic brands and had approximately 700,000 owner families across around 120 resorts. With a global presence in over 90 countries and territories, the company also boasts more than 3,200 exchange resorts. The company's development model remains capital efficient, yielding high margins and consistent free cash flow, which supports its strategy for sustained long-term growth. The financial metrics for the second quarter of 2025 were not detailed in the presentation. However, the emphasis on a robust and flexible business model suggests a continued focus on maintaining and expanding its market leadership in the vacation ownership and exchange industry.