Hilton Grand Vacations Inc. (HGV) financial statements: income statement, balance sheet and cash flow
Hilton Grand Vacations Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Hilton Grand Vacations Inc. reported revenue of $5.0B (+1.3% year on year) and net income of $99.0M (+65.0% year on year).
Income statement
Hilton Grand Vacations Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$5.0B
$5.0B
$4.0B
$3.8B
Expenses
$4.1B
$4.1B
$3.0B
$2.8B
General and administrative
$215.0M
$199.0M
$194.0M
$212.0M
Depreciation and amortization
$273.0M
$268.0M
$213.0M
$244.0M
Impairment expense
$3.0M
$2.0M
$3.0M
$17.0M
Total operating expenses
$4.6B
$4.5B
$3.4B
$3.2B
Interest expense
($311.0M)
($329.0M)
($178.0M)
($142.0M)
Equity in earnings from unconsolidated affiliates
$19.0M
$18.0M
$12.0M
$13.0M
Other gain (loss), net
$7.0M
($11.0M)
$2.0M
($1.0M)
Income before income taxes
$175.0M
$136.0M
$449.0M
$481.0M
Income tax expense
($76.0M)
($76.0M)
($136.0M)
($129.0M)
Net income
$99.0M
$60.0M
—
—
Net income attributable to noncontrolling interest
$18.0M
$13.0M
—
—
Net income attributable to stockholders
$81.0M
$47.0M
$313.0M
$352.0M
Basic (in dollars per share)
$0.90
$0.46
$2.84
$2.98
Diluted (in dollars per share)
$0.89
$0.45
$2.80
$2.93
Hilton Grand Vacations Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$1.4B
$1.3B
$1.3B
$1.3B
Expenses
$1.1B
$1.0B
$1.1B
$1.0B
General and administrative
$67.0M
$49.0M
$58.0M
$58.0M
Depreciation and amortization
$71.0M
$71.0M
$67.0M
$59.0M
Loss on sale and impairment
$48.0M
—
—
—
Total operating expenses
$1.3B
$1.1B
$1.2B
$1.2B
Interest expense
($70.0M)
($73.0M)
($79.0M)
($79.0M)
Equity in earnings from unconsolidated affiliates
$2.0M
$5.0M
$6.0M
$6.0M
Other gain (loss), net
$0
($1.0M)
($3.0M)
$4.0M
Income before income taxes
$23.0M
$74.0M
$45.0M
$43.0M
Income tax expense
($8.0M)
($6.0M)
($15.0M)
($15.0M)
Net income
$15.0M
$68.0M
$30.0M
$28.0M
Net income attributable to noncontrolling interest
$3.0M
$2.0M
$5.0M
$3.0M
Net income attributable to stockholders
$12.0M
$66.0M
$25.0M
$25.0M
Basic (in dollars per share)
$0.15
$0.81
$0.28
$0.26
Diluted (in dollars per share)
$0.15
$0.79
$0.28
$0.25
Balance sheet
Hilton Grand Vacations Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$239.0M
$328.0M
$589.0M
$223.0M
Restricted cash
$332.0M
$438.0M
$296.0M
$332.0M
Accounts receivable, net
$270.0M
$315.0M
$507.0M
$511.0M
Timeshare financing receivables, net
$3.1B
$3.0B
$2.1B
$1.8B
Inventory
$2.5B
$2.2B
$1.4B
$1.2B
Property and equipment, net
$859.0M
$792.0M
$758.0M
$798.0M
Operating lease right-of-use assets, net
$72.0M
$84.0M
$61.0M
$76.0M
Investments in unconsolidated affiliates
$63.0M
$73.0M
$71.0M
$72.0M
Goodwill
$2.0B
$2.0B
$1.4B
$1.4B
Intangible assets, net
$1.7B
$1.8B
$1.2B
$1.3B
Other assets
$410.0M
$390.0M
$314.0M
$373.0M
TOTAL ASSETS (variable interest entities - $2,601 in 2025 and $2,192 in 2024)
$11.5B
$11.4B
$8.7B
$8.0B
Accounts payable, accrued expenses and other
$1.0B
$1.1B
$952.0M
$1.0B
Advanced deposits
$228.0M
$226.0M
$179.0M
$150.0M
Debt, net
$4.5B
$4.6B
$3.0B
$2.7B
Non-recourse debt, net
$2.7B
$2.3B
$1.5B
$1.1B
Operating lease liabilities
$89.0M
$100.0M
$78.0M
$94.0M
Deferred revenues
$637.0M
$252.0M
$215.0M
$190.0M
Deferred income tax liabilities
$864.0M
$925.0M
$631.0M
$659.0M
Total liabilities (variable interest entities - $2,824 in 2025 and $2,318 in 2024)
$10.1B
$9.5B
$6.6B
$5.9B
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
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
1.0M
1.0M
1.0M
1.0M
Additional paid-in capital
$1.3B
$1.4B
$1.5B
$1.6B
Accumulated retained earnings
$34.0M
$352.0M
$593.0M
$529.0M
Accumulated other comprehensive loss
($22.0M)
$0
$17.0M
$39.0M
Total stockholders' equity
$1.3B
$1.8B
$2.1B
$2.2B
Noncontrolling interest
$151.0M
$143.0M
—
—
Total equity
$1.4B
$1.9B
—
—
TOTAL LIABILITIES AND EQUITY
$11.5B
$11.4B
$8.7B
$8.0B
Hilton Grand Vacations Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$272.0M
$261.0M
$215.0M
$269.0M
Restricted cash
$296.0M
$291.0M
$328.0M
$323.0M
Accounts receivable, net
$312.0M
$274.0M
$440.0M
$444.0M
Timeshare financing receivables, net
$3.6B
$3.1B
$3.1B
$3.0B
Inventory
$2.5B
$2.5B
$2.5B
$2.4B
Property and equipment, net
$899.0M
$871.0M
$854.0M
$828.0M
Operating lease right-of-use assets, net
$63.0M
$69.0M
$74.0M
$77.0M
Investments in unconsolidated affiliates
$20.0M
$68.0M
$79.0M
$74.0M
Goodwill
$2.0B
$2.0B
$2.0B
$2.0B
Intangible assets, net
$1.6B
$1.6B
$1.7B
$1.8B
Other assets
$657.0M
$818.0M
$466.0M
$593.0M
TOTAL ASSETS (variable interest entities - $2,642 and $2,601)
$12.2B
$11.9B
$11.7B
$11.7B
Accounts payable, accrued expenses and other
$1.2B
$1.3B
$1.1B
$1.2B
Advanced deposits
$228.0M
$233.0M
$228.0M
$235.0M
Debt, net
$4.9B
$4.8B
$4.7B
$4.6B
Non-recourse debt, net
$2.9B
$2.6B
$2.5B
$2.5B
Operating lease liabilities
$79.0M
$86.0M
$91.0M
$95.0M
Deferred revenue
$864.0M
$825.0M
$635.0M
$551.0M
Deferred income tax liabilities
$864.0M
$864.0M
$927.0M
$928.0M
Total liabilities (variable interest entities - $2,884 and $2,824)
$11.0B
$10.6B
$10.1B
$10.1B
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of June 30, 2026 and December 31, 2025
0
0
0
0
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
1.0M
1.0M
1.0M
1.0M
Additional paid-in capital
$1.2B
$1.2B
$1.3B
$1.3B
Accumulated (deficit) retained earnings
($101.0M)
($5.0M)
$88.0M
$167.0M
Accumulated other comprehensive loss
($28.0M)
($25.0M)
($12.0M)
($5.0M)
Total stockholders' equity
$1.1B
$1.2B
$1.4B
$1.5B
Noncontrolling interest
$156.0M
$153.0M
$156.0M
$151.0M
Total equity
$1.3B
$1.4B
$1.5B
$1.6B
TOTAL LIABILITIES AND EQUITY
$12.2B
$11.9B
$11.7B
$11.7B
Cash flow statement
Hilton Grand Vacations Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$99.0M
$60.0M
$313.0M
—
Depreciation and amortization
$273.0M
$268.0M
$213.0M
$244.0M
Amortization of deferred financing costs, acquisition premiums and other
$73.0M
$83.0M
$33.0M
$52.0M
Provision for loan losses
$442.0M
$377.0M
$171.0M
—
Impairment expense
$3.0M
$2.0M
$3.0M
$17.0M
Other (gain) loss, net
($7.0M)
$11.0M
($2.0M)
$3.0M
Share-based compensation
$64.0M
$47.0M
$40.0M
$46.0M
Deferred income tax benefit
($56.0M)
($29.0M)
($23.0M)
($38.0M)
Equity in earnings from unconsolidated affiliates
($19.0M)
($18.0M)
($12.0M)
($13.0M)
Return on investment in unconsolidated affiliates
$28.0M
$16.0M
$16.0M
$0
Accounts receivable, net
$57.0M
$224.0M
$10.0M
($177.0M)
Timeshare financing receivables
($669.0M)
($563.0M)
($315.0M)
($224.0M)
Inventory
($120.0M)
($78.0M)
($64.0M)
$100.0M
Purchases and development of real estate for future conversion to inventory
($96.0M)
($127.0M)
($39.0M)
($8.0M)
Other assets
($54.0M)
($8.0M)
($8.0M)
($34.0M)
Accounts payable, accrued expenses and other
($105.0M)
$21.0M
($86.0M)
$294.0M
Advanced deposits
$2.0M
$6.0M
$29.0M
$37.0M
Deferred revenues
$385.0M
$17.0M
$33.0M
($46.0M)
Net cash provided by operating activities
$300.0M
$309.0M
$312.0M
$747.0M
Acquisitions, net of cash, cash equivalents and restricted cash acquired
$0
($1.4B)
($74.0M)
$0
Capital expenditures for property and equipment (excluding inventory)
($70.0M)
($42.0M)
($31.0M)
($58.0M)
Software capitalization costs
($76.0M)
($84.0M)
($44.0M)
($39.0M)
Other
$0
($1.0M)
($8.0M)
—
Net cash used in investing activities
($146.0M)
($1.6B)
($158.0M)
($97.0M)
Proceeds from debt
$2.8B
$2.8B
$758.0M
$40.0M
Proceeds from non-recourse debt
$3.7B
$1.8B
$868.0M
$769.0M
Repayment of debt
($2.9B)
($1.4B)
($373.0M)
($313.0M)
Repayment of non-recourse debt
($3.3B)
($1.6B)
($694.0M)
($990.0M)
Payment of debt issuance costs
($27.0M)
($62.0M)
($7.0M)
($13.0M)
Repurchase and retirement of common stock
($600.0M)
($432.0M)
($368.0M)
($272.0M)
Payment of withholding taxes on vesting of restricted stock units
($9.0M)
($21.0M)
($14.0M)
($8.0M)
Proceeds from employee stock plan purchases
$15.0M
$12.0M
$8.0M
$5.0M
Proceeds from stock option exercises
$13.0M
$7.0M
$9.0M
$2.0M
Distributions to noncontrolling interest holder
($10.0M)
($10.0M)
—
—
Other
($6.0M)
($2.0M)
($4.0M)
($2.0M)
Net cash (used in) provided by financing activities
($338.0M)
$1.2B
$183.0M
($782.0M)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
($11.0M)
($13.0M)
($7.0M)
($8.0M)
Net (decrease) increase in cash, cash equivalents and restricted cash
($195.0M)
($119.0M)
$330.0M
($140.0M)
Cash, cash equivalents and restricted cash, beginning of year
$766.0M
$885.0M
$555.0M
$695.0M
Cash, cash equivalents and restricted cash, end of year
$571.0M
—
—
—
Less: Restricted cash
$332.0M
$438.0M
$296.0M
$332.0M
Cash and cash equivalents
$239.0M
$328.0M
$589.0M
$223.0M
Hilton Grand Vacations Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$83.0M
$68.0M
$46.0M
$16.0M
Depreciation and amortization
$142.0M
$71.0M
$193.0M
$126.0M
Amortization of deferred financing costs, acquisition premiums and other
$31.0M
$15.0M
$57.0M
$37.0M
Provision for loan losses
$211.0M
$89.0M
$311.0M
$180.0M
Loss on sale and impairment
$48.0M
—
—
—
Other loss (gain), net
$1.0M
$1.0M
($7.0M)
($10.0M)
Share-based compensation
$36.0M
$11.0M
$54.0M
$35.0M
Deferred income tax expense
$0
$0
$6.0M
$6.0M
Equity in earnings from unconsolidated affiliates
($7.0M)
($5.0M)
($17.0M)
($11.0M)
Return on investment in unconsolidated affiliates
$7.0M
$1.0M
$10.0M
$5.0M
Accounts receivable, net
($28.0M)
($3.0M)
($117.0M)
($123.0M)
Timeshare financing receivables, net
($302.0M)
($113.0M)
($471.0M)
($224.0M)
Inventory
($17.0M)
($11.0M)
($85.0M)
($63.0M)
Purchases and development of real estate for future conversion to inventory
($29.0M)
($15.0M)
($73.0M)
($61.0M)
Other assets
($249.0M)
($412.0M)
($102.0M)
($222.0M)
Accounts payable, accrued expenses and other
$109.0M
$238.0M
($61.0M)
$99.0M
Advanced deposits
($1.0M)
$5.0M
$3.0M
$9.0M
Deferred revenue
$227.0M
$188.0M
$384.0M
$299.0M
Net cash provided by operating activities
$262.0M
$128.0M
$133.0M
$99.0M
Acquisitions, net of cash, cash equivalents and restricted cash acquired
($100.0M)
—
$0
$0
Capital expenditures for property and equipment (excluding inventory)
($9.0M)
($6.0M)
($50.0M)
($29.0M)
Software capitalization costs
($32.0M)
($14.0M)
($54.0M)
($37.0M)
Net cash used in investing activities
($141.0M)
($20.0M)
($104.0M)
($66.0M)
Proceeds from debt
$1.3B
$755.0M
$2.2B
$1.4B
Proceeds from non-recourse debt
$1.5B
$585.0M
$2.8B
$1.7B
Repayment of debt
($968.0M)
($545.0M)
($2.2B)
($1.5B)
Repayment of non-recourse debt
($1.6B)
($752.0M)
($2.6B)
($1.5B)
Payment of debt issuance costs
($13.0M)
$0
($21.0M)
($13.0M)
Repurchase and retirement of common stock
($300.0M)
($150.0M)
($450.0M)
($300.0M)
Payment of withholding taxes on vesting of restricted stock units
($18.0M)
($14.0M)
($9.0M)
($8.0M)
Proceeds from employee stock plan purchases
$8.0M
—
$8.0M
$8.0M
Proceeds from stock option exercises
$19.0M
$1.0M
$11.0M
$2.0M
Other
($3.0M)
($2.0M)
$0
$0
Net cash used in financing activities
($115.0M)
($122.0M)
($252.0M)
($213.0M)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
($9.0M)
($5.0M)
$0
$6.0M
Net decrease in cash, cash equivalents and restricted cash
($3.0M)
($19.0M)
($223.0M)
($174.0M)
Cash, cash equivalents and restricted cash, beginning of period
$571.0M
$571.0M
$766.0M
$766.0M
Cash, cash equivalents and restricted cash, end of period