Hilton Grand Vacations reports $1.96B revenue

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For the quarterly period ended June September 30, 2026

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The number of shares outstanding of the registrant s common stock, par value $0.01 per share, as of July 23, October 22, 2026 was 77,724,145 75,822,729 .

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Financial statements 148 changes

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Restricted cash 296 332

June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 272 227 $ 239

Restricted cash 275 332

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Other assets 657 410

Timeshare financing receivables, net 3,591 3,676 3,115

Inventory 2,546 2,388 2,522

Property and equipment, net 899 929 859

Operating lease right-of-use assets, net 63 76 72

Investments in unconsolidated affiliates 20 18 63

Goodwill 1,986 1,987 1,985

Intangible assets, net 1,592 1,568 1,670

Other assets 387 410

TOTAL ASSETS (variable interest entities - $ 2,642 2,835 and $ 2,601 )

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Advanced deposits 228 228

Accounts payable, accrued expenses and other $ 1,169 1,102 $ 1,018

Advanced deposits 225 228

Debt, net 4,876 4,885 4,545

Non-recourse debt, net 2,896 2,891 2,716

Operating lease liabilities 79 106 89

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Total liabilities (variable interest entities - $ 2,884 2,896 and $ 2,824 )

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Preferred stock, $ 0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of June September 30, 2026 and December 31, 2025

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78,017,947 75,818,689 shares issued and outstanding as of June September 30, 2026, and

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Accumulated (deficit) retained earnings

Additional paid-in capital 1,230 1,216 1,276

Accumulated retained earnings 112 34

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Three Months Ended June 30, Six Months Ended June 30,

Sales of VOIs, net $ 507 $ 469 $ 962 $ 847

Three Months Ended September 30, Nine Months Ended September 30,

Sales of VOIs, net $ 1,124 $ 473 $ 2,086 $ 1,320

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Financing 144 126 282 251

Resort and club management 189 183 374 366

Rental and ancillary services 210 195 407 382

Cost reimbursements 150 128 299 261

Total revenues 1,358 1,266 2,643 2,414

Cost of VOI sales 38 38 83 63

Sales and marketing 482 479 919 904

Financing 58 54 109 109

Resort and club management 61 56 120 110

Rental and ancillary services 220 203 436 409

General and administrative 67 58 116 104

Acquisition and integration-related 14 26 26 54

Depreciation and amortization 71 59 142 126

License fees 58 52 111 101

Cost reimbursements 150 128 299 261

Total operating expenses 1,267 1,154 2,409 2,242

Interest expense ( 70 ) ( 79 ) ( 143 ) ( 156 )

Other gain (loss), net 4 ( 1 ) 10

Income before income taxes 23 43 97 37

Income tax expense ( 8 ) ( 15 ) ( 14 ) ( 21 )

Net income 15 28 83 16

Financing 149 128 431 379

Resort and club management 196 193 570 559

Rental and ancillary services 194 186 601 568

Cost reimbursements 153 132 452 393

Total revenues 1,961 1,300 4,604 3,714

Cost of VOI sales 207 43 290 106

Sales and marketing 584 497 1,503 1,401

Financing 55 53 164 162

Resort and club management 60 58 180 168

Rental and ancillary services 201 190 637 599

General and administrative 76 58 192 162

Acquisition and integration-related 13 24 39 78

Depreciation and amortization 70 67 212 193

License fees 57 56 168 157

Loss on sale and impairment, 48 1 48 net ( 7 ) 1 41 2

Cost reimbursements 153 132 452 393

Total operating expenses 1,469 1,179 3,878 3,421

Interest expense ( 78 ) ( 79 ) ( 221 ) ( 235 )

Equity in earnings from unconsolidated affiliates 2 1 6 7 11 8 17

Other (loss) gain, net ( 1 ) ( 3 ) ( 2 ) 7

Income before income taxes 414 45 511 82

Income tax expense ( 117 ) ( 15 ) ( 131 ) ( 36 )

Net income 297 30 380 46

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Net income attributable to stockholders $ 12 291 $ 25 $ 78 369 $ 8 33

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Basic $ 0.15 $ 0.26 $ 0.97 $ 0.09

Diluted $ 0.15 $ 0.25 $ 0.95 $ 0.08

Basic $ 3.78 $ 0.28 $ 4.65 $ 0.37

Diluted $ 3.70 $ 0.28 $ 4.54 $ 0.36

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Three Months Ended June 30, Six Months Ended June 30,

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and 68 more changes in the filing

Business 396 changes

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Our operations primarily consist of selling vacation ownership intervals and vacation ownership interests (collectively, VOIs or VOI ) for us and third parties; financing and servicing loans provided to consumers for their VOI purchases; operating resorts and timeshare plans; and managing our exchange programs. As of June September 30, 2026, we had approximately 200 properties located in the United States ( U.S. ), Europe, Canada, the Caribbean, Mexico, and Japan.

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During the third quarter of 2026, we made certain changes to our allowance for financing receivables methodology which was accounted for prospectively as a change in accounting estimate under ASC 250, Accounting Changes and Error Corrections ( ASC 250 ). Refer to Note 6: Timeshare Financing Receivables for additional information.

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On April 29, 2026 ( Elara Acquisition Date ), we completed the acquisition of the remaining 75 % ownership interest in BRE Ace LLC ( Elara ), which owns the Elara timeshare resort, from BRE Ace Holdings LLC (the Elara Acquisition ) for a total cash consideration of $ 131 million. of which $ 3 million was accrued for within Accounts payable, accrued expenses and other as of June 30, 2026. The transaction resulted in a controlling 100 % ownership interest in Elara. Costs related to the Elara Acquisition for the three and six nine months ended June September 30, 2026 were $ 2 1 million and $ 3 million, which were expensed as incurred, and reflected as Acquisition and integration-related expense in our unaudited condensed consolidated statements of income.

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Prior to obtaining a controlling financial interest, we accounted for our 25 % investment in Elara as an equity method investment. In accordance with the accounting for step-acquisitions, we recognized a loss of $ 1 million which was included in Other gain (loss) gain, net in our unaudited condensed consolidated statements of income for the three and six nine months ended June September 30, 2026. The acquisition-date fair value of the previously held interest was based upon the grossed-up value of the cash consideration for the incremental remaining 75 % interest.

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Cash consideration for incremental remaining 75 % interest

Effective settlement of preexisting relationships (2) (1)

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Fair value of previously held 25 % ownership interest (3) (2)

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(1) The $ 131 million of cash consideration for the incremental 75 % interest consists of $ 128 million paid on April 29, 2026 upon completion of the Elara Acquisition and $ 3 million accrued for within Accounts payable, accrued expenses and other as of June 30, 2026 for certain post-closing adjustments based on the terms and conditions of the purchase agreement.

(2) (1) The amount primarily represents our effective settlement of outstanding payables to Elara. No gain or loss was recognized upon settlement as amounts were determined to be reflective of fair market value.

(3) (2) The amount was determined based upon the grossed up value of the cash consideration for the incremental remaining 75 % interest.

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Total assets acquired $ 496 495

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Net assets acquired $ 167 166

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(1) The $ 411 million of Timeshare financing receivables, net includes $ 293 295 million of securitized timeshare financing receivables,net receivables, net and $ 118 116 million unsecuritized timeshare financing receivables, net.

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We acquired timeshare financing receivables, net which consist of loans to customers who purchased vacation ownership products and chose to finance their purchases. These timeshare financing receivables, net are collateralized by the underlying VOIs and generally have 10-year amortizing repayment terms. We preliminarily estimated the fair value of the timeshare financing receivables using a discounted cash flow model, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivables. Our preliminarily estimated fair value of securitized timeshare financing receivables, net, is $ 293 295 million and unsecuritized timeshare financing receivables, net is $ 118 116 million. We are continuing to evaluate the significant assumptions underlying the discounted cash flow model including default severity and prepayment assumptions, which could result in changes to our preliminary estimate. See Note 6: Timeshare Financing Receivables, net for additional information.

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We acquired property and equipment, which includes buildings and improvements, furniture, fixtures and equipment. For our preliminary analysis, we estimated the fair value of the property and equipment using the cost approach. In determining the fair value using the cost approach, we estimated the reproduction cost by applying BLS trending indices to the historical capitalized costs within the fixed asset details. In addition, furniture, fixtures, and equipment assets were held at their carrying value, which is our best estimate of fair value at this time given the information available. We are continuing to assess the cost assumptions and property conditions, which could result in changes to these preliminary values.

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We have recorded a preliminary estimate of $ 1 2 million of goodwill in connection with the Elara Acquisition. We have allocated the acquired goodwill to our Real Estate Sales and Financing segment. Our allocations may change throughout the measurement period as we continue to finalize the fair value of assets acquired and liabilities assumed in the Elara Acquisition. The majority of Goodwill is expected to be deductible for tax purposes.

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($ in millions) Three Months Ended June September 30, Six Nine Months Ended June September 30,

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Sales of VOIs, net $ 507 $ 469 $ 962 $ 847

Sales of VOIs, net $ 1,124 $ 473 $ 2,086 $ 1,320

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Interest income 133 114 258 229

Other financing revenue 11 12 24 22

Interest income 141 119 399 348

Other financing revenue 8 9 32 31

Real estate sales and financing segment revenues $ 809 1,418 $ 760 789 $ 1,563 2,981 $ 1,405 2,194 ($ in millions) Three Months Ended June September 30, Six Nine Months Ended June September 30,

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Club management $ 72 $ 70 $ 142 $ 142

Resort management 117 113 232 224

Ancillary services 16 15 30 28

Club management $ 78 $ 78 $ 220 $ 220

Resort management 118 115 350 339

Ancillary services 15 13 45 41

Resort operations and club management segment revenues $ 399 390 $ 378 379 $ 781 1,171 $ 748 1,127 (1) Excludes intersegment eliminations. See Note 17: Business Segments for additional information.

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Our accounts receivable that relate to our contracts with customers include amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.

Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.

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Receivables from contracts with customers: June September 30, 2026 December 31, 2025

Accounts receivable, net $ 224 220 $ 200

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Total $ 3,815 3,896 $ 3,315

(1) Includes $ 816 721 million and $ 528 million of acquired timeshare financing receivables, net, as of June September 30, 2026 and December 31, 2025.

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Advanced deposits $ 228 $ 228

Contract liabilities: June September 30, 2026 December 31, 2025

Advanced deposits $ 225 $ 228

Deferred sales of VOIs of projects under construction 539 460

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(1) The balance includes $ 51 million and $ 52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June both September 30, 2026 and December 31, 2025. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.

Revenue earned for the three and six nine months ended June September 30, 2026, which was included in the contract liabilities balance at December 31, 2025, was $ 66 475 million and $ 179 654 million.

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During the six months ended June 30, 2026, we deferred $ 116 million of Sales of VOI, net related to projects under construction, which were partially offset by a recognition of $ 37 million of Sales of VOI, net related to the completion of a project in Japan. We expect to recognize the revenue, costs of VOI sales and direct selling costs related to the project under construction as of June 30, 2026, upon its planned completion by the end of 2026.

($ in millions) June September 30, 2026 December 31, 2025

Sales of VOIs, net $ 539 $ 460

Cost of VOI sales 152 133

Sales and marketing expense 88 74

During the nine months ended September 30, 2026, we recognized $ 602 million of Sales of VOI, net related to the completion of projects in Japan and Hawaii, which were partially offset by deferrals of $ 145 million of Sales of VOI, net related to the Japan and Hawaii projects under construction earlier in the year.

The following table includes the remaining transaction price related to our contract liabilities as of June September 30, 2026:

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Advanced deposits $ 228 225 18 months Upon customer stays

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Bonus point incentive liability 113 120 18 - 30 months

70 37 1 year Straight-line basis

111 76 1 year Straight-line basis

Revenue allocated to remaining performance obligations for management fees, which includes unearned revenue and amounts expected to be invoiced and recognized as revenue for the remainder of 2026, was $ 153 76 million as of June September 30, 2026.

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($ in millions) June September 30, 2026 December 31, 2025

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Real estate and financing 45 60 40

Resort and club operations 163 144 142

Other receivables 15 4

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The changes in our allowance were as follows during the six nine months ended June September 30, 2026:

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Current period provision for expected credit losses 4 13 14 31 6 23 17 46

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Balance as of June September 30, 2026

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($ in millions) June 30,

Securitized $ 2,116 $ 1,734 $ 583 $ 373

Timeshare financing receivables, gross 3,970 3,665 1,008 649

($ in millions) September 30,

Securitized $ 1,948 $ 1,734 $ 524 $ 373

Timeshare financing receivables, gross 4,128 3,665 894 649

Unamortized non-credit acquisition net premium 27 23 34

Less: allowance for financing receivables losses ( 1,195 1,173 ) ( 1,078 ) ( 219 196 ) ( 155 )

Timeshare financing receivables, net $ 2,775 2,955 $ 2,587 $ 816 721 $ 528 (1) Includes amounts used as collateral to secure a the non-recourse revolving timeshare receivable credit facility ( Timeshare Facility ) and the non-recourse revolving timeshare receivable credit facility for Big Cedar ( Big Cedar Timeshare Facility ) as well as amounts held as future collateral for securitization activities.

As of June September 30, 2026 and December 31, 2025, we had timeshare financing receivables of $ 297 713 million and $ 710 million securing the Timeshare Facility and the Big Cedar Timeshare Facility.

We recognize interest income on our timeshare financing receivables as earned. As of both June September 30, 2026 and December 31, 2025, we had interest receivable outstanding of $ 27 million and $ 26 million on our originated timeshare financing receivables. As of June September 30, 2026 and December 31, 2025, we had interest receivable outstanding of $ 6 million and $ 4 million on our acquired timeshare financing receivables. Interest receivable is included in Other Assets within our condensed consolidated balance sheets. The interest rate charged on the notes correlates to the risk profile of the customer at the time of purchase and the percentage of the purchase that is financed, among other factors. As of June September 30, 2026, our originated timeshare financing receivables had interest rates ranging from 2.0 % to 25.8 %, a weighted-average interest rate of 14.4 14.2 %, a weighted-average remaining term of 9.0 years and maturities through 2041. As of September 30, 2026, our acquired timeshare financing receivables had interest rates ranging from 2.0 % to 25.0 %, a weighted-average interest rate of 14.9 %, a weighted-average remaining term of 6.7 6.5 years and maturities through 2041.

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During the third quarter of 2026, we made certain changes to our allowance for financing receivables methodology to reflect the continued integration of our previously acquired businesses and our expectation that future owners will represent a composite of all historical owners. The changes to methodology include combining the historical performance of timeshare financing receivables from these businesses into a single static pool model that stratifies the receivables by FICO score and equity percentage at the time of sale, consistent with our integrated underwriting standards. These changes are accounted for prospectively as a change in accounting estimate under ASC 250. As a result, we recorded a $ 55 million decrease in the allowance for originated timeshare financing receivable. The change reduced the provision for financing receivable losses which resulted in an increase to Sales of VOIs, net in our condensed consolidated statements of income.

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Write-offs ( 107 ) ( 39 )

Write-offs ( 217 ) ( 80 )

Inventory recoveries 14 39

Balance as of June September 30, 2026

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Write-offs ( 84 ) ( 132 )

Write-offs ( 164 ) ( 169 )

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Forward-looking statements 1 change

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This Quarterly Report on Form 10-Q includes discussion of terms that are not recognized terms under U.S. Generally Accepted Accounting Principles ( U.S. GAAP ), and financial measures that are not calculated in accordance with U.S. GAAP, including earnings before interest expense (excluding interest expense relating to our non-recourse debt), taxes and depreciation and amortization ( EBITDA ), Adjusted EBITDA, Adjusted EBITDA Attributable to Stockholders, fee-for-service commissions, and brand fees, sales and marketing expense, net, sales revenue, real estate expense, and profits and profit margins for our real estate, financing, resort and club management, and rental and ancillary services.

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Controls and procedures 1 change

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There were no changes in our internal control over financial reporting during the second third quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Risk factors 1 change

As of June September 30, 2026, there have been no material changes from the risk factors previously disclosed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025. These risk factors may be important to understanding statements in the Form 10-Q and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes in Part I, Item 1, Financial Statements and Part 1, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q.

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Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities (c) Issuer Purchases of Equity Securities 14 changes

On July 31, 2025, the Company announced the Board of Directors approved the 2025 Repurchase Plan authorizing the repurchase of up to an aggregate of $600 million of the Company s outstanding shares of common stock over a two-year period, expiring in July 2027. On August 20, 2026, the Company announced the Board of Directors approved an additional share repurchase program, the 2026 Repurchase Plan, authorizing the repurchase of up to an aggregate of $600 million of the Company s outstanding shares of common stock over a two-year period, expiring in August 2028. The 2026 Repurchase Plan will commence once the 2025 Repurchase Plan is fully completed.

During the three months ended June September 30, 2026, we repurchased the following shares:

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April 1 - April 30, 2026 1,189,357 $ 45.02 1,189,357 $ 224,093,826

May 1 - May 31, 2026 625,424 49.09 625,424 193,393,647

June 1 - June 30, 2026 1,298,791 50.66 1,298,791 127,593,670

Total 3,113,572 $ 48.19 3,113,572

The number of shares that we repurchased includes 750,000 shares that we repurchased from the Selling Stockholders on June 4, 2026 in connection with the offer and sale by the Selling Stockholders of 5,000,000 shares of our common stock that they owned in an underwritten public offering. See Note 16: Related Party Transactions for additional information.

From July 1, 2026 through July 23, 2026, we repurchased approximately 0.5 million shares for $25 million. As of July 23, 2026, we had $103 million of remaining availability under the 2025 Repurchase Plan.

July 1 - July 31, 2026 563,791 $ 50.01 563,791 $ 99,397,312

August 1 - August 31, 2026 1,637,381 44.89 1,637,381 625,893,890

September 1 - September 30, 2026 211,355 40.90 211,355 617,249,321

Total 2,412,527 $ 45.74 2,412,527

(1) Under our publicly announced 2025 repurchase Plan, plans, we may repurchase shares in the open market, in privately negotiated transactions, accelerated share repurchase programs, or such other manner as determined by us, including through repurchase plans complying with the rules and regulations of the SEC. The timing and actual number of shares repurchased under any share repurchase plan will depend on a variety of factors, including the stock price, available liquidity and market conditions. The shares are retired upon repurchase. The share repurchase plans do not obligate HGV to repurchase any dollar amount or number of shares of common stock, and they may be suspended or discontinued at any time.

As of October 22, 2026, we had $17 million of remaining availability under the 2025 Repurchase Plan and $600 million of remaining availability under the 2026 Repurchase Plan.

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(c) Rule 10b5-1 Trading Arrangements.

On May 22, 2026 , Charles R. Corbin , the Company s Senior Executive Vice President, General Counsel and Corporate Operations , adopted a Rule 10b5-1 trading arrangement, as such term is defined in Item 408(a) of Regulation S-K, for the sale of the Company s common stock (the Rule 10b5-1 Trading Plan ) that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The 10b5-1 Trading Plan provides for the potential exercise of vested stock options granted to Mr. Corbin on May 10, 2018, March 5, 2019 and March 22, 2021 and the associated sale of up to 60,401 shares of common stock. The 10b5-1 Trading Plan expires on May 21, 2027 or upon the earlier execution of all transactions under the 10b5-1 Trading Plan.

Exhibits 9 changes

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10.1 Omnibus A mendment No. 5 , dated as of May 20, 2026, to the Amended and Restated Receivables Loan A greement, by and among the Borrower, as borrower, Computershare Trust Company, N.A., as securities intermediary and paying agent, Bank of America, N.A., as administrative agent and structuring agent, certain financial institutions as conduit lenders, certain financial institutions as commit ted lenders, and certain financial institutions as managing agents (incorporated by reference to Exhibit 10.1 to the Registrant s Current Report on Form 8-K (File No. 001-37794) filed on May 20, 2026).

10.2 Hilton Grand Vacations Inc. 2023 Omnibus Incentive Plan, as amended (incorporated by reference to Exhibit 10.1 to the Registrant s Current Report on Form 8-K (File No. 001-37794) filed on May 8, 2026).

10.3* Form of Restricted Stock Unit Agreement for Employees under the Hilton Grand Vacations Inc. 2023 Omnibus Incentive Plan, as amended.

10.4* Form of Restricted Stock Unit Agreement for Non-Employee Directors under the Hilton Grand Vacations Inc. 2023 Omnibus Incentive Plan, as amended.

10.5* Form of Restricted Stock Unit Agreement for CEO under the Hilton Grand Vacations Inc. 2023 Omnibus Incentive Plan, as amended.

10.6* Form of Performance Stock Unit Agreement for Employees under the Hilton Grand Vacations Inc. 2023 Omnibus Incentive Plan, as amended.

10.7* Form of Performance Stock Unit Agreement for CEO under the Hilton Grand Vacations Inc. 2023 Omnibus Incentive Plan, as amended.

10.1 Amendment No. 10 to the Credit Agreement, dated as of July 17, 2026, by and among Hilton Grand Vacations Inc., Hilton Grand Vacations Parent LLC, Hilton Grand Vacations Borrower LLC, the guarantors from time to time party thereto, the lenders from time to time party thereto and Wells Fargo Bank, National Association (as successor to Bank of America, N.A.), as administrative agent and collateral agent (incorporated by reference to Exhibit 10.1 to the Registrant s Current Report on Form 8-K (File No. 001-37794) filed on July 17, 2026).

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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this 30 29 th day of July October 2026.

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