NYSE: HGV
Hilton Grand Vacations Inc.CIK 0001674168 · SIC 7000 · Hotels & Lodging
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HGV Q2 2026: revenue $1.36B, net income $12.0M. buyback, Elara buy, securitized; VPG down 52.0% YoY
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HGV refinances $849M term loan, extends maturity to 2033 at unchanged rate
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HGV appoints Carnival Cruise Line president Christine Duffy to board as Apollo cuts stake
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Apollo affiliates sell 5M HGV shares; company buys back 750K at offering price
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Hilton Grand Vacations expands warehouse credit facility to $1B, extends maturity to 2028
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HGV shareholders approve 1.25M share increase to equity compensation plan
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HGV: revenue $1.28B, net income $66.0M. HGV profit margin surges to 11.9% as construction deferrals normalize; new buyback plan
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Hilton Grand Vacations reports Q1 2026 earnings results
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Hilton Grand Vacations director David W. Johnson resigns, no disagreement cited
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Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(in millions, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | ||||
| Sales of VOIs, net | 507 | 469 | 962 | 847 |
| Fee-for-service commissions, package sales and other fees | 158 | 165 | 319 | 307 |
| Financing | 144 | 126 | 282 | 251 |
| Resort and club management | 189 | 183 | 374 | 366 |
| Rental and ancillary services | 210 | 195 | 407 | 382 |
| Cost reimbursements | 150 | 128 | 299 | 261 |
| Total revenues | 1,358 | 1,266 | 2,643 | 2,414 |
| Expenses | ||||
| Cost of VOI sales | 38 | 38 | 83 | 63 |
| Sales and marketing | 482 | 479 | 919 | 904 |
| Financing | 58 | 54 | 109 | 109 |
| Resort and club management | 61 | 56 | 120 | 110 |
| Rental and ancillary services | 220 | 203 | 436 | 409 |
| General and administrative | 67 | 58 | 116 | 104 |
| Acquisition and integration-related | 14 | 26 | 26 | 54 |
| Depreciation and amortization | 71 | 59 | 142 | 126 |
| License fees | 58 | 52 | 111 | 101 |
| Loss on sale and impairment | 48 | 1 | 48 | 1 |
| Cost reimbursements | 150 | 128 | 299 | 261 |
| Total operating expenses | 1,267 | 1,154 | 2,409 | 2,242 |
| Interest expense | (70) | (79) | (143) | (156) |
| Equity in earnings from unconsolidated affiliates | 2 | 6 | 7 | 11 |
| Other gain (loss), net | — | 4 | (1) | 10 |
| Income before income taxes | 23 | 43 | 97 | 37 |
| Income tax expense | (8) | (15) | (14) | (21) |
| Net income | 15 | 28 | 83 | 16 |
| Net income attributable to noncontrolling interest | 3 | 3 | 5 | 8 |
| Net income attributable to stockholders | 12 | 25 | 78 | 8 |
| Earnings per share attributable to stockholders: | ||||
| Basic | 0.15 | 0.26 | 0.97 | 0.09 |
| Diluted | 0.15 | 0.25 | 0.95 | 0.08 |
Condensed Consolidated Balance Sheets
(in millions, except share and per share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | 272 | 239 |
| Restricted cash | 296 | 332 |
| Accounts receivable, net | 312 | 270 |
| Timeshare financing receivables, net | 3,591 | 3,115 |
| Inventory | 2,546 | 2,522 |
| Property and equipment, net | 899 | 859 |
| Operating lease right-of-use assets, net | 63 | 72 |
| Investments in unconsolidated affiliates | 20 | 63 |
| Goodwill | 1,986 | 1,985 |
| Intangible assets, net | 1,592 | 1,670 |
| Other assets | 657 | 410 |
| TOTAL ASSETS (variable interest entities $2,642 and $2,601) | 12,234 | 11,537 |
| LIABILITIES AND EQUITY | ||
| Accounts payable, accrued expenses and other | 1,169 | 1,018 |
| Advanced deposits | 228 | 228 |
| Debt, net | 4,876 | 4,545 |
| Non-recourse debt, net | 2,896 | 2,716 |
| Operating lease liabilities | 79 | 89 |
| Deferred revenue | 864 | 637 |
| Deferred income tax liabilities | 864 | 864 |
| Total liabilities (variable interest entities $2,884 and $2,824) | 10,976 | 10,097 |
| Commitments and contingencies - see Note 18 | ||
| Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of June 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.01 par value; 3,000,000,000 authorized shares, 78,017,947 shares issued and outstanding as of June 30, 2026, and 83,133,678 shares issued and outstanding as of December 31, 2025 | 1 | 1 |
| Additional paid-in capital | 1,230 | 1,276 |
| Accumulated (deficit) retained earnings | (101) | 34 |
| Accumulated other comprehensive loss | (28) | (22) |
| Total stockholders' equity | 1,102 | 1,289 |
| Noncontrolling interest | 156 | 151 |
| Total equity | 1,258 | 1,440 |
| TOTAL LIABILITIES AND EQUITY | 12,234 | 11,537 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net income | 83 | 16 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 142 | 126 |
| Amortization of deferred financing costs, acquisition premiums and other | 31 | 37 |
| Provision for loan losses | 211 | 180 |
| Loss on sale and impairment | 48 | 1 |
| Other loss (gain), net | 1 | (10) |
| Share-based compensation | 36 | 35 |
| Deferred income tax expense | — | 6 |
| Equity in earnings from unconsolidated affiliates | (7) | (11) |
| Return on investment in unconsolidated affiliates | 7 | 5 |
| Net changes in assets and liabilities, net of effects of acquisitions: | ||
| Accounts receivable, net | (28) | (123) |
| Timeshare financing receivables, net | (302) | (224) |
| Inventory | (17) | (63) |
| Purchases and development of real estate for future conversion to inventory | (29) | (61) |
| Other assets | (249) | (222) |
| Accounts payable, accrued expenses and other | 109 | 99 |
| Advanced deposits | (1) | 9 |
| Deferred revenue | 227 | 299 |
| Net cash provided by operating activities | 262 | 99 |
| Investing Activities | ||
| Acquisitions, net of cash, cash equivalents and restricted cash acquired | (100) | — |
| Capital expenditures for property and equipment (excluding inventory) | (9) | (29) |
| Software capitalization costs | (32) | (37) |
| Net cash used in investing activities | (141) | (66) |
| Financing Activities | ||
| Proceeds from debt | 1,285 | 1,427 |
| Proceeds from non-recourse debt | 1,469 | 1,690 |
| Repayment of debt | (968) | (1,507) |
| Repayment of non-recourse debt | (1,594) | (1,511) |
| Payment of debt issuance costs | (13) | (13) |
| Repurchase and retirement of common stock | (300) | (300) |
| Payment of withholding taxes on vesting of restricted stock units | (18) | (8) |
| Proceeds from employee stock plan purchases | 8 | 8 |
| Proceeds from stock option exercises | 19 | 2 |
| Other | (3) | (1) |
| Net cash used in financing activities | (115) | (213) |
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | (9) | 6 |
| Net decrease in cash, cash equivalents and restricted cash | (3) | (174) |
| Cash, cash equivalents and restricted cash, beginning of period | 571 | 766 |
| Cash, cash equivalents and restricted cash, end of period | 568 | 592 |
| Less: Restricted cash | 296 | 323 |
| Cash and cash equivalents | 272 | 269 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions, except share and per share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗