HGV profit margin surges to 25.5% as construction deferrals normalize; new buyback plan

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Real estate profit margin expanded 980 basis points to 25.5% in Q1 2026 from 15.7% a year earlier, driven by $101 million reduction in construction deferrals ($25M vs $126M prior year). Adjusted EBITDA rose 38% to $249M and net income swung to $66M profit from $17M loss.

  MD&A: Profitability Metrics verify on EDGAR →
• high

  Company adopted a new 2025 Repurchase Plan with $237M remaining authorization as of April 2026, replacing the 2024 plan that had $218M left. Q1 2026 repurchases totaled 3.3M shares at $45.16 average price ($150M), down from 3.9M shares at $38.86 in Q1 2025.

  Controls: Share Repurchase Program verify on EDGAR →
• medium

  Revolver borrowing capacity declined to $591M from $870M year-over-year, indicating increased utilization. Separately, HGV completed a $500M securitization in April 2026 at 5.13% to pay down debt and fund operations.

  MD&A: Liquidity verify on EDGAR →