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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Hilton Grand Vacations reported revenue of $4.5B in the fiscal year ended Dec 2025, up 1.1% from the year before. Operating income was −$74M, an operating margin of −1.6%, and net income was $81M. Operating cash flow of $300M less capital expenditure of $70M left free cash flow of $230M. Net debt was $4.3B.
Ranks among the 14 lodging companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,335 | 3,538 | 3,592 | 4,465 | 4,513 |
| Operating incomederived: revenue − total costs | 390 | 314 | 227 | −58.0 | −74.0 |
| Interest expense | 105 | 142 | 178 | 329 | 311 |
| Pre-tax income | 269 | 481 | 449 | 136 | 175 |
| Income tax | 93.0 | 129 | 136 | 76.0 | 76.0 |
| Net income | 176 | 352 | 313 | 47.0 | 81.0 |
| Diluted EPS | 1.75 | 2.93 | 2.80 | 0.45 | 0.89 |
| Diluted shares | 101 | 120 | 112 | 103 | 91.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 432 | 223 | 589 | 328 | 239 |
| Receivables | 302 | 511 | 507 | 315 | 270 |
| Net PP&E | 756 | 798 | 758 | 792 | 859 |
| Goodwill | 1,377 | 1,416 | 1,418 | 1,985 | 1,985 |
| Total assets | 8,008 | 8,004 | 8,685 | 11,442 | 11,537 |
| Deferred revenue | 112 | 190 | 215 | 252 | 917 |
| Long-term debt | 2,913 | 2,651 | 3,049 | 4,601 | 4,545 |
| Total liabilities | 6,020 | 5,853 | 6,570 | 9,547 | 10,097 |
| Shareholders' equity | 1,988 | 2,151 | 2,115 | 1,752 | 1,289 |
| Backlog (remaining obligations) | – | – | – | – | 306 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 168 | 747 | 312 | 309 | 300 |
| Capital expenditure | 18.0 | 58.0 | 31.0 | 42.0 | 70.0 |
| Free cash flow | 150 | 689 | 281 | 267 | 230 |
| Depreciation & amortisation | 126 | 244 | 213 | 268 | 273 |
| Stock-based compensation | 48.0 | 46.0 | 40.0 | 47.0 | 64.0 |
| Acquisitions | 1,592 | 0.0 | 74.0 | 1,444 | 0.0 |
| Share buybacks | 0.0 | 272 | 368 | 432 | 600 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 51.5% | 1.5% | 24.3% | 1.1% |
| Operating income growth (YoY) | – | −19.5% | −27.7% | −125.6% | – |
| EPS growth (YoY) | – | 67.4% | −4.4% | −83.9% | 97.8% |
| Operating margin | 16.7% | 8.9% | 6.3% | −1.3% | −1.6% |
| Net margin | 7.5% | 9.9% | 8.7% | 1.1% | 1.8% |
| Return on equityBlank when equity is negative | 8.9% | 16.4% | 14.8% | 2.7% | 6.3% |
| Free cash flow margin | 6.4% | 19.5% | 7.8% | 6.0% | 5.1% |
| Cash conversion (CFO ÷ net income) | 0.95x | 2.12x | 1.00x | 6.57x | 3.70x |
| Receivable days | 47 | 53 | 52 | 26 | 22 |
| Interest cover | 3.71x | 2.21x | 1.28x | −0.18x | −0.24x |
| Debt ÷ equity | 1.47x | 1.23x | 1.44x | 2.63x | 3.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,481 | 2,428 | 2,460 | 4,273 | 4,306 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.