Hilton Grand Vacations Inc.

Listed Company

HGVCIK 0001674168NYSELarge AcceleratedHotels, Rooming Houses, Camps & Other Lodging PlacesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.05B

Net Income

$81.00M

Total Assets

$11.54B

Equity

$1.29B

Shares Out

79.76M

Op. Cash Flow

$300.00M

Business

Hilton Grand Vacations Inc. is a global timeshare company that develops, markets, sells, manages and operates timeshare resorts and vacation ownership programs. It offers vacation ownership intervals and interests (VOIs), points-based trust products, consumer financing and loan servicing, resort operations, club membership programs (including HGV Max and legacy club offerings), rental and ancillary guest services. The company operates through two reportable segments: real estate sales and financing, and resort operations and club management. Its properties and sales distribution are located across the United States, Europe, Canada, the Caribbean, Mexico and Asia, using sales centers, direct marketing and partner channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	5,047	4,981	3,978	3,835	2,335
General and administrative	215	199	194	212	151
Depreciation and amortization	273	268	213	244	126
Impairment expense	3	2	3	17	2
Total operating expenses	4,587	4,523	3,365	3,224	1,945
Interest expense	−311	−329	−178	−142	—
Equity in earnings from unconsolidated affiliates	19	18	12	13	10
Other gain (loss), net	7	−11	2	−1	−26
Income before income taxes	175	136	449	481	269
Income tax expense	−76	−76	−136	−129	−93
Net income	99	60	313	352	—
Net income attributable to noncontrolling interest	18	13	0	0	—
Net income attributable to stockholders	81	47	313	352	176
Basic (in dollars per share)	0.9	0.46	2.84	2.98	1.77
Diluted (in dollars per share)	0.89	0.45	2.8	2.93	1.75

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	239	328	589	223	432
Restricted cash	332	438	296	332	263
Accounts receivable, net	270	315	507	511	302
Timeshare financing receivables, net	3,115	3,006	2,113	1,767	1,747
Inventory	2,522	2,244	1,400	1,159	1,240
Property and equipment, net	859	792	758	798	756
Operating lease right-of-use assets, net	72	84	61	76	70
Investments in unconsolidated affiliates	63	73	71	72	59
Goodwill	1,985	1,985	1,418	1,416	1,377
Intangible assets, net	1,670	1,787	1,158	1,277	1,441
Other assets	410	390	314	373	280
TOTAL ASSETS (variable interest entities - $2,601 in 2025 and $2,192 in 2024)	11,537	11,442	8,685	8,004	8,008
Accounts payable, accrued expenses and other	1,018	1,125	952	1,007	673
Advanced deposits	228	226	179	150	112
Debt, net	4,545	4,601	3,049	2,651	2,913
Non-recourse debt, net	2,716	2,318	1,466	1,102	1,328
Operating lease liabilities	89	100	78	94	87
Deferred revenues	637	252	215	190	237
Deferred income tax liabilities	864	925	631	659	670
Total liabilities (variable interest entities - $2,824 in 2025 and $2,318 in 2024)	10,097	9,547	6,570	5,853	6,020
Commitments and contingencies - see Note 23	—	—	—	—	—
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 83,133,678 shares issued and outstanding as of December 31, 2025, and 96,720,179 shares issued and outstanding as of December 31, 2024	1	1	1	1	1
Additional paid-in capital	1,276	1,399	1,504	1,582	1,630
Accumulated retained earnings	34	352	593	529	357
Accumulated other comprehensive loss	−22	0	17	39	0
Total stockholders' equity	1,289	1,752	2,115	2,151	1,988
Noncontrolling interest	151	143	0	—	—
Total equity	1,440	1,895	2,115	2,151	1,988
TOTAL LIABILITIES AND EQUITY	11,537	11,442	8,685	8,004	8,008

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs, acquisition premiums and other	73	83	33	52	39
Provision for loan losses	442	377	171	142	121
Other (gain) loss, net	−7	11	−2	3	14
Share-based compensation	64	47	40	46	48
Deferred income tax benefit	−56	−29	−23	−38	58
Return on investment in unconsolidated affiliates	28	16	16	0	—
Accounts receivable, net	57	224	10	−177	−124
Timeshare financing receivables	−669	−563	−315	−224	−92
Inventory	−120	−78	−64	100	15
Purchases and development of real estate for future conversion to inventory	−96	−127	−39	−8	−33
Other assets	−54	−8	−8	−34	48
Accounts payable, accrued expenses and other	−105	21	−86	294	−48
Advanced deposits	2	6	29	37	−8
Deferred revenues	385	17	33	−46	−166
Net cash provided by operating activities	300	309	312	747	168
Acquisitions, net of cash, cash equivalents and restricted cash acquired	0	−1,444	−74	0	−1,592
Capital expenditures for property and equipment (excluding inventory)	−70	−42	−31	−58	−18
Software capitalization costs	−76	−84	−44	−39	−21
Other	0	−1	−9	0	0
Net cash used in investing activities	−146	−1,571	−158	−97	−1,631
Proceeds from debt	2,789	2,758	758	40	2,950
Proceeds from non-recourse debt	3,738	1,849	868	769	264
Repayment of debt	−2,907	−1,353	−373	−313	−1,154
Repayment of non-recourse debt	−3,334	−1,590	−694	−990	−359
Payment of debt issuance costs	−27	−62	−7	−13	−70
Repurchase and retirement of common stock	−600	−432	−368	−272	0
Payment of withholding taxes on vesting of restricted stock units	−9	−21	−14	−8	−6
Proceeds from employee stock plan purchases	15	12	8	5	1
Proceeds from stock option exercises	13	7	9	2	13
Distributions to noncontrolling interest holder	−10	−10	0	0	—
Other	−6	−2	−4	−2	−3
Net cash (used in) provided by financing activities	−338	1,156	183	−782	1,636
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	−11	−13	−7	−8	−4
Net (decrease) increase in cash, cash equivalents and restricted cash	−195	−119	330	−140	169

Filings

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