Hilton Grand Vacations Inc

Latest Results (18.05.2026):

Hilton Grand Vacations Inc. reported results for the first quarter of 2026 (Q1 2026): total contract sales of $719 million, total revenues of $1.285 billion, net income attributable to stockholders of $66 million (diluted EPS $0.79) and adjusted diluted EPS of $0.99, with adjusted EBITDA attributable to stockholders of $249 million. Results and guidance were impacted modestly by construction-related deferrals and the company raised its full‑year 2026 Adjusted EBITDA (excluding deferrals/recognitions) outlook.

Top-line and contracts

Total revenues were $1.285 billion in Q1 2026 (including a net construction revenue deferral of $25 million). Contract sales were $719 million (down $2 million year-over-year). Tours rose 8.5% while VPG fell 8.1%; fee-for-service represented 16.7% of contract sales.

Profitability

Net income attributable to stockholders was $66 million (diluted EPS $0.79). Adjusted net income attributable to stockholders was $83 million (adjusted diluted EPS $0.99). Adjusted EBITDA attributable to stockholders was $249 million; both net income and Adjusted EBITDA were reduced by a net construction deferral of $18 million in the quarter.

Segment performance — Real Estate

The Real Estate Sales & Financing segment generated $754 million of revenues and $211 million of Adjusted EBITDA in Q1 2026, with an Adjusted EBITDA margin of 28.0% (up materially year‑over‑year from 20.6%). Sales of VOIs increased and financing revenue rose $13 million.

Segment performance — Resort & Club

Resort Operations and Club Management revenues were $402 million with segment Adjusted EBITDA of $128 million and a margin of 31.8%, slightly below the prior‑year margin (34.0%), while rental & ancillary operations reported a roughly flat loss vs. prior year.

Cash flow, liquidity and leverage

Unrestricted cash and cash equivalents were $261 million and restricted cash $291 million as of March 31, 2026. Liquidity included $591 million available on the revolver and $150 million remaining under the Timeshare Facility; total corporate debt, net was $4.8 billion (weighted avg rate 5.649%) and non‑recourse debt $2.6 billion (weighted avg 5.028%). Trailing‑12‑month net leverage was ~3.9x.

Free cash flow and adjusted FCF

Free cash flow was $108 million for Q1 2026 (versus $6 million a year earlier). Adjusted free cash flow was negative $37 million (which includes net non‑recourse debt activity and one‑time items).

Capital return and corporate actions

During Q1 2026 HGV repurchased 3.3 million shares for $150 million (including ~904,000 shares for $41 million from April 1–23); $237 million remains available under the 2025 Repurchase Plan. Subsequent events: April 16 securitization of $500 million in timeshare loans; April 24 asset purchase agreement to dispose of certain properties; April 29 acquisition of the remaining 75% interest in Elara for $129 million (subject to adjustments).

Guidance

HGV raised its prior full‑year 2026 Adjusted EBITDA guidance (excluding deferrals/recognitions) to $1.225 billion–$1.265 billion, up from $1.185 billion–$1.225 billion, citing strong execution and margin expansion.

Construction deferrals impact

Under ASC 606, Q1 2026 included net construction deferrals of $18 million (sales deferrals of $25M, partially offset by cost/other effects); these deferrals reduced reported net income and Adjusted EBITDA and are disclosed separately from non‑GAAP Adjusted EBITDA guidance.