Hilton Grand Vacations (HGV) financial statements
Hilton Grand Vacations reported revenue of $5.0B in fiscal 2025, up 13.7% a year over 9 years.
Net income was $81M and the operating margin 9.1%, against 20.4% in 2016.
Free cash flow was $154M, and the company returned $600M in net buybacks.
The diluted share count fell 8% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hilton Grand Vacations's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.7B | $2.0B | $1.8B | $894M | $2.3B | $3.8B | $4.0B | $5.0B | $5.0B |
| Selling, general and admin | $697M | $767M | $120M | $118M | $92M | $151M | $212M | $194M | $199M | $215M |
| Operating income | $323M | $337M | $434M | $315M | -$245M | $390M | $611M | $613M | $458M | $460M |
| Interest expense | $3M | $27M | $30M | $43M | $43M | $105M | $142M | $178M | $329M | $311M |
| Pre-tax income | $293M | $311M | $403M | $273M | -$280M | $269M | $481M | $449M | $136M | $175M |
| Income tax | $125M | -$16M | $105M | $57M | -$79M | $93M | $129M | $136M | $76M | $76M |
| Net income | $168M | $327M | $298M | $216M | -$201M | $176M | $352M | $313M | $47M | $81M |
| EPS (diluted) | $1.70 | $3.28 | $3.05 | $2.42 | -$2.36 | $1.75 | $2.93 | $2.80 | $0.45 | $0.89 |
| Diluted shares | 99M | 100M | 98M | 89M | 85M | 101M | 120M | 112M | 103M | 92M |
| Operating margin | 20.4% | 19.7% | 21.7% | 17.1% | -27.4% | 16.7% | 15.9% | 15.4% | 9.2% | 9.1% |
| Net margin | 10.6% | 19.1% | 14.9% | 11.7% | -22.5% | 7.5% | 9.2% | 7.9% | 0.9% | 1.6% |
Balance sheet
Fiscal years, from Hilton Grand Vacations's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $48M | $246M | $108M | $67M | $428M | $432M | $223M | $589M | $328M | $239M |
| Receivables | — | — | $153M | $174M | $119M | $302M | $511M | $507M | $315M | $270M |
| Property, plant and equipment | $256M | $238M | $559M | $778M | $501M | $756M | $798M | $758M | $792M | $859M |
| Goodwill | — | — | — | — | $0 | $1.4B | $1.4B | $1.4B | $2.0B | $2.0B |
| Total assets | $2.2B | $2.4B | $2.8B | $3.1B | $3.1B | $8.0B | $8.0B | $8.7B | $11.4B | $11.5B |
| Total liabilities | $2.0B | $1.9B | $2.1B | $2.5B | $2.8B | $6.0B | $5.9B | $6.6B | $9.5B | $10.1B |
| Shareholders' equity | $167M | $518M | $616M | $570M | $374M | $2.0B | $2.2B | $2.1B | $1.8B | $1.3B |
| Net debt | -$48M | -$246M | -$108M | -$67M | -$428M | -$432M | -$223M | -$589M | -$328M | -$239M |
Cash flow
Fiscal years, from Hilton Grand Vacations's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $182M | $356M | -$164M | $143M | $79M | $168M | $747M | $312M | $309M | $300M |
| Capital spending | $34M | $47M | $58M | $61M | $31M | $39M | $97M | $75M | $126M | $146M |
| Free cash flow | $148M | $309M | -$222M | $82M | $48M | $129M | $650M | $237M | $183M | $154M |
| Stock-based compensation | $0 | $15M | $16M | $22M | $15M | $48M | $46M | $40M | $47M | $64M |
| Share buybacks (net) | — | — | -$183M | -$283M | -$10M | $0 | -$272M | -$368M | -$432M | -$600M |
| Net borrowing | $200M | -$10M | $122M | $195M | — | — | — | — | — | — |
| Free cash flow margin | 9.3% | 18.1% | -11.1% | 4.5% | 5.4% | 5.5% | 16.9% | 6.0% | 3.7% | 3.1% |
Questions
What was Hilton Grand Vacations's revenue in 2025?
$5.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hilton Grand Vacations generate?
$154M in fiscal 2025 (operating cash flow minus capital spending).
From Hilton Grand Vacations's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.