Hilton Grand Vacations Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Hilton Grand Vacations Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,583	1,711	1,999	1,838	894	2,335	3,835	3,978	4,981	5,047
Selling and marketing	605	663
General and administrative	92	104	120	118	92	151	212	194	199	215
Interest expense	3	27	30	43	43	105	142	178	329	311
Other non-operating income	-1	0	-1	-3	3	-26	-1	2	-11	7
Pre-tax income	293	311	403	273	-280	269	481	449	136	175
Income tax	125	-16	105	57	-79	93	129	136	76	76
Net income to minority interests							0	0	13	18
Net income	168	327	298	216	-201	176	352	313	47	81
EPS, basic	1.70	3.30	3.07	2.43	-2.36	1.77	2.98	2.84	0.46	0.90
EPS, diluted	1.70	3.28	3.05	2.42	-2.36	1.75	2.93	2.80	0.45	0.89
Shares, basic (weighted)	99	98.9	97.2	88.8	85	99.7	118	110	102	89.9
Shares, diluted (weighted)	99	99.6	97.9	89.3	85	101	120	112	103	91.5

Balance sheet

	FY2017	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	48	246	108	67	428	432	223	589	328	239
Receivables			153	174	119	302	511	507	315	270
Property, plant and equipment	256	238	559	778	501	756	798	758	792	859
Lease right-of-use assets				60	52	70	76	61	84	72
Goodwill					0	1,377	1,416	1,418	1,985	1,985
Intangible assets	70	72	81	77	81	1,441	1,277	1,158	1,787	1,670
Total assets	2,180	2,384	2,753	3,079	3,134	8,008	8,004	8,685	11,442	11,537
Deferred revenue					16	112
Total liabilities	2,013	1,866	2,137	2,509	2,760	6,020	5,853	6,570	9,547	10,097
Total debt	490	482	604	828	1,159	2,913	2,651	3,049	4,601	4,545
Paid-in capital	138	162	174	179	192	1,630	1,582	1,504	1,399	1,276
Retained earnings	28	355	441	390	181	357	529	593	352	34
Treasury stock						0	-272	-1,117	-1,549
Other comprehensive income					0	0	39	17	0	-22
Shareholders' equity	167	518	616	570	374	1,988	2,151	2,115	1,752	1,289
Minority interests								0	143	151
Total equity	167	518	616	570	374	1,988	2,151	2,115	1,895	1,440
Total liabilities and equity	2,180	2,384	2,753	3,079	3,134	8,008	8,004	8,685	11,442	11,537
Shares outstanding	98.8	99.1	94.6	85.5	85.2	120	114	106	96.7	83.1

Cash flow statement

	FY2017	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	168	327	298	216	-201	176	352	313	60	99
Depreciation and amortization	24	29	33	44	45	126	244	213	268	273
Stock-based compensation	0	15	16	22	15	48	46	40	47	64
Deferred income tax	23	-129	20	3	-123	58	-38	-23	-29	-56
Change in receivables	-30	12	-41	-20	56	-124	-177	10	224	57
Change in inventory	7	47	16	-4	-91	15	100	-64	-78	-120
Change in payables	28	95	-24	-17	-56	-48	294	-86	21	-105
Cash from operations	182	356	-164	143	79	168	747	312	309	300
Capital expenditures	-26	-35	-44	-37	-8	-18	-58	-31	-42	-70
Acquisitions				0	0	-1,592	0	-74	-1,444	0
Cash from investing	-34	-87	-57	-63	-33	-1,631	-97	-158	-1,571	-146
Debt issued	200	0	530	485	495	2,950	40	758	2,758	2,789
Debt repaid	0	-10	-408	-290	-165	-1,154	-313	-373	-1,353	-2,907
Stock issued	0	1		0	1	13	2	9	7	13
Share buybacks			-183	-283	-10	0	-272	-368	-432	-600
Cash from financing	-76	-123	104	-108	328	1,636	-782	183	1,156	-338
Exchange rate effect				0	0	-4	-8	-7	-13	-11
Net change in cash	72	146	-117	-28	374	169	-140	330	-119	-195
Free cash flow	156	321	-208	106	71	150	689	281	267	230
Interest paid	37	42	49	63	64	113	175	187	354	297
Income taxes paid		57	153	74	54	54	141	187	36	154

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $35.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	4.5%	Pre-tax income / revenue.
Net margin	2.9%	Net income / revenue.
FCF margin	7.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.8%	Cash from operations / revenue.
Effective tax rate	29.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	41.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	72.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-38.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	97.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-32.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-26.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	30.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-13.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-30.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	26.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-26.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	29.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-11.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-8.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	4.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.9%	Total debt / total assets.
Liabilities / assets	89.7%	Total liabilities / total assets.
Net debt	$4.60B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	29.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.48B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	5.87x	Revenue / average property, plant and equipment.
Receivables turnover	16.9x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
FCF conversion	273.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.87	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$65.22	Revenue / diluted weighted shares.
FCF per share	$5.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.72	Cash from operations / diluted weighted shares.
Book value per share	$14.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$31.74	Tangible book value / shares outstanding.
Cash per share	$3.49	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	145.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.78B	Share price x shares outstanding.
Enterprise value	$7.38B	Market cap + total debt - cash - short-term investments.
P/E	18.4x	Market cap / net income. Only when net income is positive.
P/S	0.53x	Market cap / revenue.
P/B	2.52x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	6.73x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.00x	Market cap / cash from operations, when positive.
EV/Sales	1.40x	Enterprise value / revenue.
EV/FCF	17.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.9%	Free cash flow / market cap.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	21.6%	(Dividends paid + share buybacks) / market cap.

What was Hilton Grand Vacations Inc.'s revenue in fiscal 2025?

Hilton Grand Vacations Inc. reported revenue of $5.05B for fiscal 2025, 1.3% higher than the year before.

Was Hilton Grand Vacations Inc. profitable in fiscal 2025?

Yes. Net income was $81.0M, a net margin of 1.6%.

How much free cash flow did Hilton Grand Vacations Inc. generate in fiscal 2025?

Cash from operations of $300.0M minus capital expenditures of $70.0M left free cash flow of $230.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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