HGV on NYSE

Hilton Grand Vacations

Logo: Hilton Worldwide, Public domain, via Wikimedia Commons⁴

American timeshare company

Hilton Grand Vacations Inc. is a multi-national company that is based in Orlando, Florida, United States.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

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TickerHGV on NYSE¹
Industrytimeshare¹
HeadquartersOrlando¹
Websitewww.hiltongrandvacations.com
Incorporated inDE⁵
Business address6355 Metrowest Boulevard, Suite 180, Orlando, Fl 32835⁵
Filer categoryLarge accelerated filer⁵

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Hilton Grand Vacations Inc. is a multi-national company that is based in Orlando, Florida, United States. It manages and operates the Hilton Worldwide timeshare and vacation ownership brands under an exclusive licensing agreement with Hilton Worldwide. HGV was formerly a wholly owned subsidiary of Hilton Worldwide until it was spun off into a publicly traded company in 2017. Even though HGV is an independent company post spin-off, Hilton Worldwide still retains full ownership of the Hilton Grand Vacation Club, Hilton Vacation Club, and Hilton Club brands that HGV manages and operates for them. These timeshare brands are all part of Hilton Worldwide's portfolio of 22 hotel and resort brands.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.8%Net margin⁷

1.1%Revenue growth, 2025⁷

6.3%Return on equity⁷

3.53×Debt to equity⁷

$230.0MFree cash flow⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Sales Of Vacation Ownership Intervals Net brought in 36% of the revenue Hilton Grand Vacations broke down this way in fiscal 2025.

Sales Of Vacation Ownership Intervals Net$1.8B⁷36%down 5% from 2024
Resort And Club Management$778.0M⁷15%up 8% from 2024
Rental And Ancillary Service$746.0M⁷15%up 2% from 2024
Fee-For-Services Commissions, Package Sales And Other Fees$664.0M⁷13%up 4% from 2024
Cost Reimbursements$534.0M⁷11%up 3% from 2024
Financing$513.0M⁷10%up 11% from 2024

Products and services by year

Products and services	2023	2024	2025
Sales Of Vacation Ownership Intervals Net	$1.4B	$1.9B	$1.8B
Resort And Club Management	$569.0M	$722.0M	$778.0M
Rental And Ancillary Service	$666.0M	$733.0M	$746.0M
Fee-For-Services Commissions, Package Sales And Other Fees	$634.0M	$637.0M	$664.0M
Cost Reimbursements	$386.0M	$516.0M	$534.0M
Financing	$307.0M	$464.0M	$513.0M

Business segments

Real Estate Sales And Financing brought in 66% of the revenue Hilton Grand Vacations broke down this way in fiscal 2025.

Real Estate Sales And Financing$3.0B⁷66%down 1% from 2024
Resort Operations And Club Management$1.5B⁷34%up 5% from 2024

Business segments by year

Business segments	2023	2024	2025
Real Estate Sales And Financing	$2.4B	$3.0B	$3.0B
Resort Operations And Club Management	$1.2B	$1.5B	$1.5B

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Other costs97¢$4.4B
Income tax2¢$76.0M
Profit2¢$81.0M

Out of $4.5B in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Share buybacks

Capital spending10¢$70.0M
Share buybacks90¢$600.0M

Out of $300.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$4.5B in 2025+146% since 2019

Net income⁸⁹¹⁰¹¹⁷$81.0M in 2025−62% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$5.0B	$5.0B	$4.0B
General and administrative	$215.0M	$199.0M	$194.0M
Depreciation and amortization	$273.0M	$268.0M	$213.0M
Impairment expense	$3.0M	$2.0M	$3.0M
Total operating expenses	$4.6B	$4.5B	$3.4B
Interest expense	-$311.0M	-$329.0M	-$178.0M
Equity in earnings from unconsolidated affiliates	$19.0M	$18.0M	$12.0M
Other gain (loss), net	$7.0M	-$11.0M	$2.0M
Income before income taxes	$175.0M	$136.0M	$449.0M
Income tax expense	-$76.0M	-$76.0M	-$136.0M
Net income	$99.0M	$60.0M	$313.0M
Net income attributable to noncontrolling interest	$18.0M	$13.0M	$0
Net income attributable to stockholders	$81.0M	$47.0M	$313.0M
Basic (in dollars per share)	$0.90	$0.46	$2.84
Diluted (in dollars per share)	$0.89	$0.45	$2.80

Total assets¹⁴⁸⁹¹⁰¹¹⁷$11.5B in 2025+275% since 2019

Total liabilities¹⁴⁸⁹¹⁰¹¹⁷$10.1B in 2025+302% since 2019

Shareholders’ equity⁸¹⁰¹¹⁷$1.3B in 2025+126% since 2019

Cash¹⁴⁹¹⁰¹¹⁷$239.0M in 2025+257% since 2019

Long-term debt¹⁴⁸⁹¹⁰¹¹⁷$4.5B in 2025+449% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$239.0M	$328.0M	$589.0M
Restricted cash	$332.0M	$438.0M	$296.0M
Accounts receivable, net	$270.0M	$315.0M
Timeshare financing receivables, net	$3.1B	$3.0B
Inventory	$2.5B	$2.2B
Property and equipment, net	$859.0M	$792.0M
Operating lease right-of-use assets, net	$72.0M	$84.0M
Investments in unconsolidated affiliates	$63.0M	$73.0M
Goodwill	$2.0B	$2.0B
Intangible assets, net	$1.7B	$1.8B
Other assets	$410.0M	$390.0M
Accounts payable, accrued expenses and other	$1.0B	$1.1B
Advanced deposits	$228.0M	$226.0M
Debt, net	$4.5B	$4.6B
Non-recourse debt, net	$2.7B	$2.3B
Operating lease liabilities	$89.0M	$100.0M
Deferred revenues	$637.0M	$252.0M
Deferred income tax liabilities	$864.0M	$925.0M
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of December 31, 2025 and 2024	$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
Additional paid-in capital	$1.3B	$1.4B
Accumulated retained earnings	$34.0M	$352.0M
Accumulated other comprehensive loss	-$22.0M	$0
Total stockholders' equity	$1.3B	$1.8B
Noncontrolling interest	$151.0M	$143.0M
Total equity	$1.4B	$1.9B	$2.1B
TOTAL LIABILITIES AND EQUITY	$11.5B	$11.4B
Total assets	$11.5B	$11.4B
Total liabilities	$10.1B	$9.5B
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	300.0M shares	300.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Preferred stock, shares outstanding (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	3.0B shares	3.0B shares
Common stock, shares issued (in shares)	83.1M shares	96.7M shares
Common stock, shares outstanding (in shares)	83.1M shares	96.7M shares

Cash from operations⁸⁹¹⁰¹¹⁷$300.0M in 2025+110% since 2019

Capital spending⁸⁹¹⁰¹¹⁷$70.0M in 2025+89% since 2019

Free cash flow⁸⁹¹⁰¹¹⁷$230.0M in 2025+117% since 2019

Share buybacks⁸⁹¹⁰¹¹⁷$600.0M in 2025+112% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$99.0M	$60.0M	$313.0M
Depreciation and amortization	$273.0M	$268.0M	$213.0M
Amortization of deferred financing costs, acquisition premiums and other	$73.0M	$83.0M	$33.0M
Provision for loan losses	$442.0M	$377.0M	$171.0M
Impairment expense	$3.0M	$2.0M	$3.0M
Other (gain) loss, net	-$7.0M	$11.0M	-$2.0M
Share-based compensation	$64.0M	$47.0M	$40.0M
Deferred income tax benefit	-$56.0M	-$29.0M	-$23.0M
Equity in earnings from unconsolidated affiliates	-$19.0M	-$18.0M	-$12.0M
Return on investment in unconsolidated affiliates	$28.0M	$16.0M	$16.0M
Accounts receivable, net	$57.0M	$224.0M	$10.0M
Timeshare financing receivables	-$669.0M	-$563.0M	-$315.0M
Inventory	-$120.0M	-$78.0M	-$64.0M
Purchases and development of real estate for future conversion to inventory	-$96.0M	-$127.0M	-$39.0M
Other assets	-$54.0M	-$8.0M	-$8.0M
Accounts payable, accrued expenses and other	-$105.0M	$21.0M	-$86.0M
Advanced deposits	$2.0M	$6.0M	$29.0M
Deferred revenues	$385.0M	$17.0M	$33.0M
Net cash provided by operating activities	$300.0M	$309.0M	$312.0M
Acquisitions, net of cash, cash equivalents and restricted cash acquired	$0	-$1.4B	-$74.0M
Capital expenditures for property and equipment (excluding inventory)	-$70.0M	-$42.0M	-$31.0M
Software capitalization costs	-$76.0M	-$84.0M	-$44.0M
Other	$0	-$1.0M	-$9.0M
Net cash used in investing activities	-$146.0M	-$1.6B	-$158.0M
Proceeds from debt	$2.8B	$2.8B	$758.0M
Proceeds from non-recourse debt	$3.7B	$1.8B	$868.0M
Repayment of debt	-$2.9B	-$1.4B	-$373.0M
Repayment of non-recourse debt	-$3.3B	-$1.6B	-$694.0M
Payment of debt issuance costs	-$27.0M	-$62.0M	-$7.0M
Repurchase and retirement of common stock	-$600.0M	-$432.0M	-$368.0M
Payment of withholding taxes on vesting of restricted stock units	-$9.0M	-$21.0M	-$14.0M
Proceeds from employee stock plan purchases	$15.0M	$12.0M	$8.0M
Proceeds from stock option exercises	$13.0M	$7.0M	$9.0M
Distributions to noncontrolling interest holder	-$10.0M	-$10.0M	$0
Other	-$6.0M	-$2.0M	-$4.0M
Net cash (used in) provided by financing activities	-$338.0M	$1.2B	$183.0M
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	-$11.0M	-$13.0M	-$7.0M
Net (decrease) increase in cash, cash equivalents and restricted cash	-$195.0M	-$119.0M	$330.0M

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The story

Founded by Hilton Worldwide.¹

Hilton Grand Vacations was launched in 1992 as a subsidiary of Hilton Worldwide, this was the first venture into the timeshare and vacation ownership industry by the Hilton brand. In 2017 HGV was spun off from Hilton Worldwide into a separate publicly traded company, allowing for HGV to be able to focus solely on the timeshare and vacation ownership aspect of the Hilton brand.

The purpose of the 2017 spin-off of Hilton Grand Vacations (and Hilton's lodging real estate investment trust now known as Park Hotels & Resorts) from Hilton Worldwide into separate companies was to transform Hilton Worldwide into an asset-light company, making it more efficient for its shareholders due to it having less capital investments. This means that following the spin-offs, Hilton Worldwide now mainly owns the Hilton brands and not the majority of the physical properties that bear the Hilton name, meaning that it is not responsible for their operation or real estate costs, thus driving up their profits and shareholder value. For HGV this means that Hilton Worldwide owns and licenses the Hilton timeshare brands to HGV in a very similar fashion to how it licenses its hotel brands to the independent franchisees and companies that own and operate the majority of its hotels. Perhaps the largest benefit of the spin-off is the fact that it allows HGV to focus solely on its particular business sector, thus growing and expanding the Hilton timeshare brands at a faster rate.

On March 10, 2021, Hilton Grand Vacations announced its intention to acquire Diamond Resorts for $1.4 billion. The acquisition was completed on August 2, 2021.

On November 6, 2023, Hilton Grand Vacations announced its intention to acquire Bluegreen Corporation for $1.5 billion. The acquisition was completed on January 17, 2024.

From Wikipedia’s article on Hilton Grand Vacations, shared under CC BY-SA 4.0.⁶

Products and brands

The Hilton Grand Vacation Club consists of the original Hilton Grand Vacations timeshare resorts; these resorts are considered the top-tier properties in the Hilton Grand Vacations portfolio.

The Hilton Vacation Club consists of resorts that were once a part of Diamond Resorts or Bluegreen Corporation but have now been rebranded as Hilton properties.

The Hilton Club consists of destinations that are in urban settings and are located in the downtown areas of popular major cities. These properties are often HGV exclusive sections of existing Hilton branded hotels rather than standalone resorts.

Diamond Resorts is a wholly owned subsidiary of Hilton Grand Vacations. It was once a separate timeshare resort and ownership company until it was purchased by HGV in 2021. The majority of Diamond Resorts properties will be rebranded to Hilton Vacation Club resorts, but some will retain the Diamond Resorts name.

Read the full text

Embarc Resorts is a wholly owned subsidiary of Hilton Grand Vacations. It was once a separate timeshare resort and ownership company until it was purchased by Diamond Resorts in 2015, and when HGV purchased Diamond in 2021 it was added to the list of HGV subsidiaries. Many of the Embarc properties are being rebranded to Hilton Grand Vacation Club resorts, but some may retain the Embarc name.

Bluegreen Vacations is a wholly owned subsidiary of Hilton Grand Vacations. It was once a separate timeshare resort and ownership company until it was purchased by HGV in 2024. The majority of Bluegreen Vacations properties will be rebranded to Hilton Vacation Club resorts, but some will retain the Bluegreen Vacations name.

From Wikipedia’s article on Hilton Grand Vacations, shared under CC BY-SA 4.0.⁶

Subsidiaries and ownership

Parent company

Hilton Worldwide

From Wikidata.¹

Recent filings

Oct 8, 2026SCHEDULE 13G
Oct 2, 20264
Aug 14, 2026SCHEDULE 13D
Aug 7, 20264
Aug 6, 2026144
Jul 30, 20268-K
Jul 30, 202610-Q
Jul 17, 20268-K
Jul 2, 20268-K
Jul 2, 20263
Jul 2, 20264
Jun 24, 2026SCHEDULE 13D/A
Jun 24, 20264 OWNERSHIP DOCUMENT
Jun 8, 2026SCHEDULE 13D/A
Jun 8, 20264 OWNERSHIP DOCUMENT

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataHilton Grand Vacations on Wikidata
2
SEC EDGARHilton Grand Vacations filings on SEC EDGAR
3
WikipediaHilton Grand Vacations on Wikipedia
4
Wikimedia CommonsHilton Grand Vacations logo by Hilton Worldwide, Public domain
5
SEC EDGARHilton Grand Vacations filings on SEC EDGAR
6
WikipediaHilton Grand Vacations on Wikipedia (revision used)
7
SEC EDGARHilton Grand Vacations 10-K for fiscal 2025
8
SEC EDGARHilton Grand Vacations 10-K for fiscal 2019
9
SEC EDGARHilton Grand Vacations 10-K for fiscal 2020
10
SEC EDGARHilton Grand Vacations 10-K for fiscal 2021
11
SEC EDGARHilton Grand Vacations 10-K for fiscal 2022
12
SEC EDGARHilton Grand Vacations 10-Q for fiscal 2026
13
SEC EDGARHilton Grand Vacations 10-Q for fiscal 2026
14
SEC EDGARHilton Grand Vacations 10-K for fiscal 2019