Hilton Grand Vacations Inc. (HGV) Balance Sheet

NYSE: HGVAssets, liabilities, debt and equity over 10 years.

HGV balance sheet, 2025

December 31, 2025 · U.S. dollars

$11.54B assets = $10.10B liabilities + $1.44B equity

Both columns are drawn to the same scale: what HGV owns equals what it owes plus shareholders’ equity. Hover a block for its value.

HGV financial health

Current ratio5.20

Comfortable · current assets cover current liabilities 5.20×

Debt / equity5.70

High leverage · $5.70 of debt for each $1 of equity

Equity / assets11.2%

Thin equity · of assets funded by shareholders

Cash / debt7.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles31.7%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

HGV balance sheet trends, 2016–2025

Hilton Grand Vacations Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$2.18B2016	$11.54B2025	+20.3%/yr
Total liabilities	$2.01B2016	$10.10B2025	+19.6%/yr
Shareholders’ equity	$167.0M2016	$1.29B2025	+25.5%/yr
Cash & short-term investments	$48.0M2016	$571.0M2025	+31.7%/yr
Total debt	$1.34B2016	$7.35B2025	+20.8%/yr
Net cash (debt)	−$1.29B2016	−$6.78B2025	−$5.5B
Working capital	$1.37B2016	$5.23B2025	+$3.9B
Book value per share	$1.692016	$14.092025	+26.6%/yr
Current ratio	4.122016	5.202025	+1.08
Debt / equity	8.012016	5.702025	−2.31
Shares outstanding	99.0M2016	91.5M2025	−0.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

HGV assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

HGV liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

HGV debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

HGV balance sheet

Hilton Grand Vacations Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$571.0M	$328.0M	$589.0M	$223.0M	$432.0M	$526.0M	$67.0M	$108.0M	$246.0M	$48.0M
Cash & equivalents	$571.0M	$328.0M	$589.0M	$223.0M	$432.0M	$526.0M	$67.0M	$108.0M	$246.0M	$48.0M
Short-term investments	—	—	$42.0M	$72.0M	$2.0M	—	—	—	$51.0M	$103.0M
Receivables	$3.38B	$3.35B	$2.62B	$2.29B	$2.06B	$1.09B	$1.33B	$1.27B	$1.18B	$1.15B
Inventory	$2.52B	$2.24B	$1.40B	$1.16B	$1.24B	$702.0M	$558.0M	$527.0M	$509.0M	$513.0M
Other current assets	$0	$534.0M	$406.0M	$449.0M	$427.0M	$0	$85.0M	$72.0M	$51.0M	$103.0M
Total current assets	$6.48B	$6.46B	$5.01B	$4.13B	$4.16B	$2.32B	$2.04B	$1.98B	$1.99B	$1.81B
Property, plant & equipment (net)	$931.0M	$876.0M	$819.0M	$874.0M	$826.0M	$553.0M	$838.0M	$559.0M	$238.0M	$256.0M
Goodwill & intangible assets	$3.65B	$3.77B	$2.58B	$2.69B	$2.82B	$81.0M	$89.0M	$81.0M	$72.0M	$70.0M
Long-term investments	$63.0M	$73.0M	$71.0M	$72.0M	$59.0M	$51.0M	$44.0M	$38.0M	$41.0M	$0
Other non-current assets	$410.0M	$265.0M	$204.0M	$239.0M	$141.0M	$128.0M	$68.0M	$95.0M	$44.0M	$42.0M
Total assets	$11.54B	$11.44B	$8.69B	$8.00B	$8.01B	$3.13B	$3.08B	$2.75B	$2.38B	$2.18B
Liabilities
Accounts payable	$58.0M	$180.0M	$144.0M	$83.0M	$63.0M	$20.0M	$24.0M	$51.0M	$45.0M	$31.0M
Short-term debt	$0	$27.0M	$29.0M	$92.0M	$518.0M	$227.0M	$747.0M	$217.0M	$242.0M	$154.0M
Deferred revenue	$637.0M	$252.0M	$215.0M	$190.0M	$237.0M	$379.0M	$301.0M	$196.0M	$213.0M	$209.0M
Total current liabilities	$1.25B	$1.32B	$1.14B	$1.15B	$866.0M	$596.0M	$599.0M	$520.0M	$552.0M	$440.0M
Long-term debt	$7.26B	$6.92B	$4.51B	$2.65B	$2.91B	$1.16B	$1.57B	$1.36B	$1.06B	$1.18B
Lease obligations	$89.0M	$100.0M	$78.0M	$94.0M	$87.0M	$67.0M	$76.0M	—	—	—
Other long-term liabilities	$1.59B	$1.30B	$913.0M	$2.06B	$2.24B	$1.00B	$335.0M	$254.0M	$249.0M	$389.0M
Total liabilities	$10.10B	$9.55B	$6.57B	$5.85B	$6.02B	$2.76B	$2.51B	$2.14B	$1.87B	$2.01B
Shareholders' equity
Common stock & paid-in capital	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	$34.0M	$352.0M	$593.0M	$529.0M	$357.0M	$181.0M	$390.0M	$441.0M	$355.0M	$28.0M
Treasury stock	—	—	—	—	—	—	—	—	$0	—
Accumulated other comprehensive income	−$22.0M	—	$17.0M	$39.0M	—	—	−$110.0M	−$83.0M	−$65.0M	−$56.0M
Minority interest	$151.0M	$143.0M	$0	—	—	—	—	—	$0	—
Total shareholders' equity	$1.29B	$1.75B	$2.12B	$2.15B	$1.99B	$374.0M	$570.0M	$616.0M	$518.0M	$167.0M
Key figures
Total debt	$7.35B	$7.02B	$4.59B	$3.85B	$4.33B	$1.99B	$2.32B	$1.58B	$1.31B	$1.34B
Net cash (debt)	−$6.78B	−$6.69B	−$4.00B	−$3.62B	−$3.90B	−$1.47B	−$2.25B	−$1.47B	−$1.06B	−$1.29B
Working capital	$5.23B	$5.13B	$3.87B	$2.98B	$3.30B	$1.73B	$1.44B	$1.46B	$1.44B	$1.37B
Tangible book value	−$2.37B	−$2.02B	−$461.0M	−$542.0M	−$830.0M	$293.0M	$481.0M	$535.0M	$446.0M	$97.0M
Book value per share	$14.09	$16.99	$18.95	$17.93	$19.67	$4.39	$6.38	$6.29	$5.18	$1.69
Shares outstanding	91.5M	103.1M	111.6M	120.0M	101.1M	85.2M	89.3M	98.0M	100.0M	99.0M
Current ratio	5.20	4.87	4.39	3.60	4.81	3.89	3.41	3.81	3.60	4.12
Quick ratio	3.17	2.78	2.81	2.20	2.88	2.72	2.33	2.66	2.59	2.72
Debt / equity	5.70	4.01	2.17	1.79	2.18	5.33	4.07	2.56	2.52	8.01
Equity / assets	11.2%	15.3%	24.4%	26.9%	24.8%	11.9%	18.5%	22.4%	21.7%	7.7%

Hilton Grand Vacations Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$272.0M	$552.0M	$571.0M	$215.0M	$269.0M	$259.0M	$328.0M	$297.0M	$328.0M	$678.0M	$885.0M	$227.0M
Cash & equivalents	$272.0M	$552.0M	$571.0M	$215.0M	$269.0M	$259.0M	$328.0M	$297.0M	$328.0M	$678.0M	$885.0M	$227.0M
Short-term investments	—	—	—	—	—	—	—	—	$46.0M	$48.0M	$42.0M	$61.0M
Receivables	$3.90B	$274.0M	$3.38B	$3.50B	$444.0M	$3.36B	$3.32B	$3.41B	$3.50B	$3.54B	$2.62B	$2.26B
Inventory	$2.55B	$2.54B	$2.52B	$2.45B	$2.41B	$2.30B	$2.24B	$2.24B	$1.93B	$1.80B	$1.40B	$1.31B
Other current assets	$0	$3.13B	$0	$328.0M	$0	$0	$563.0M	$244.0M	$273.0M	$0	$110.0M	$308.0M
Total current assets	$3.13B	$6.50B	$6.48B	$6.50B	$3.12B	$2.93B	$6.46B	$6.19B	$6.03B	$6.03B	$5.01B	$4.11B
Property, plant & equipment (net)	$1.04B	$940.0M	$931.0M	$928.0M	$1.00B	$946.0M	$876.0M	$841.0M	$986.0M	$1.04B	$819.0M	$851.0M
Goodwill & intangible assets	$3.58B	$3.61B	$3.65B	$3.71B	$3.75B	$3.79B	$3.77B	$3.75B	$3.82B	$3.87B	$2.58B	$2.60B
Long-term investments	$20.0M	$68.0M	$63.0M	$79.0M	$74.0M	$72.0M	$73.0M	$73.0M	$78.0M	$78.0M	$71.0M	$74.0M
Other non-current assets	$4.46B	$818.0M	$410.0M	$466.0M	$3.80B	$4.05B	$265.0M	$293.0M	$553.0M	$650.0M	$204.0M	$377.0M
Total assets	$12.23B	$11.94B	$11.54B	$11.68B	$11.74B	$11.79B	$11.44B	$11.15B	$11.47B	$11.66B	$8.69B	$8.01B
Liabilities
Accounts payable	$1.17B	$1.27B	$1.02B	$1.07B	$1.22B	$1.34B	$180.0M	$1.06B	$1.16B	$1.18B	$144.0M	$942.0M
Short-term debt	—	—	$0	$0	$0	$0	$0	$0	$243.0M	$382.0M	$20.0M	$942.0M
Deferred revenue	$864.0M	—	$637.0M	$635.0M	$551.0M	$520.0M	$252.0M	$213.0M	$321.0M	$382.0M	$394.0M	$414.0M
Total current liabilities	$1.40B	$1.50B	$1.25B	$1.70B	$551.0M	$1.86B	$1.32B	$1.27B	$1.48B	$1.36B	$1.14B	$1.36B
Long-term debt	$7.77B	$7.31B	$7.26B	$7.19B	$7.07B	$6.93B	$6.92B	$6.60B	$6.61B	$6.68B	$4.51B	$3.77B
Lease obligations	$79.0M	$86.0M	$89.0M	$91.0M	$95.0M	$99.0M	$100.0M	$103.0M	$101.0M	$103.0M	$78.0M	$80.0M
Other long-term liabilities	$1.81B	$1.77B	$1.59B	$1.25B	$2.47B	$1.26B	$1.30B	$2.35B	$1.30B	$1.47B	$942.0M	$737.0M
Total liabilities	$10.98B	$10.59B	$10.10B	$10.14B	$10.10B	$10.06B	$9.55B	$9.17B	$9.39B	$9.50B	$6.57B	$5.86B
Shareholders' equity
Common stock & paid-in capital	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Retained earnings (deficit)	−$101.0M	−$5.0M	$34.0M	$88.0M	$167.0M	$238.0M	$352.0M	$414.0M	$456.0M	$521.0M	$593.0M	$588.0M
Accumulated other comprehensive income	−$28.0M	−$25.0M	−$22.0M	−$12.0M	−$5.0M	−$7.0M	—	$2.0M	$5.0M	$15.0M	$17.0M	$24.0M
Minority interest	$156.0M	$153.0M	$151.0M	$156.0M	—	—	—	—	—	—	—	—
Total shareholders' equity	$1.10B	$1.20B	$1.29B	$1.39B	$1.49B	$1.58B	$1.75B	$1.84B	$1.92B	$2.00B	$2.12B	$2.15B
Key figures
Total debt	$7.85B	$7.39B	$7.35B	$7.28B	$7.17B	$7.03B	$7.02B	$6.71B	$6.71B	$6.78B	$4.59B	$4.71B
Net cash (debt)	−$7.58B	−$6.84B	−$6.78B	−$7.07B	−$6.90B	−$6.77B	−$6.69B	−$6.41B	−$6.38B	−$6.10B	−$3.71B	−$4.48B
Working capital	$1.73B	$5.00B	$5.23B	$4.79B	$2.57B	$1.07B	$5.13B	$4.92B	$4.55B	$4.67B	$3.87B	$2.75B
Tangible book value	−$2.48B	−$2.42B	−$2.37B	−$2.33B	−$2.26B	−$2.20B	−$2.02B	−$1.91B	−$1.90B	−$1.87B	−$461.0M	−$454.0M
Book value per share	$13.17	$14.30	$13.50	$14.50	$15.93	$16.58	$17.52	$18.09	$18.39	$19.07	$19.23	$19.37
Shares outstanding	83.7M	83.7M	95.5M	95.5M	93.4M	95.5M	100.0M	102.0M	104.3M	105.1M	110.0M	110.9M
Current ratio	2.24	4.33	5.20	3.82	5.66	1.58	4.87	4.88	4.07	4.44	4.39	3.03
Quick ratio	2.99	0.55	3.17	2.18	1.29	1.95	2.75	2.92	2.59	3.11	3.07	1.84
Debt / equity	7.12	6.18	5.70	5.26	4.81	4.44	4.01	3.63	3.50	3.38	2.17	2.19
Equity / assets	9.0%	10.0%	11.2%	11.9%	12.7%	13.4%	15.3%	16.5%	16.7%	17.2%	24.4%	26.8%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

HGV financial position

At the end of fiscal 2025 (December 31, 2025), Hilton Grand Vacations had total assets of $11.5 billion (up 0.8% from a year earlier), total liabilities of $10.1 billion and shareholders' equity of $1.3 billion. It held $571.0 million in cash and short-term investments against $7.3 billion of debt, net debt of $6.8 billion. Its current ratio was 5.20. In the latest quarter (ended June 30, 2026) total assets were $12.2 billion and equity $1.1 billion.

Related: HGV income statement, HGV cash flow statement, HGV key metrics. See the HGV stock overview for the latest quote and news.

HGV balance sheet FAQ

What are Hilton Grand Vacations's total assets?

Hilton Grand Vacations reported total assets of $11.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.4 billion a year earlier.

How much debt does Hilton Grand Vacations have?

Hilton Grand Vacations had $7.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 5.70.

How much cash does Hilton Grand Vacations have?

Hilton Grand Vacations held $571.0 million in cash and short-term investments at the end of fiscal 2025; with $7.3 billion of debt that is net debt of $6.8 billion.

What is Hilton Grand Vacations's book value?

Hilton Grand Vacations's shareholders' equity (book value) was $1.3 billion at the end of fiscal 2025, or $14.09 per share.

What is Hilton Grand Vacations's current ratio?

Hilton Grand Vacations had current assets of $6.5 billion and current liabilities of $1.2 billion, a current ratio of 5.20 (it can cover its short-term obligations).

How much goodwill does Hilton Grand Vacations have?

Hilton Grand Vacations carried $3.7 billion of goodwill and intangible assets, 31.7% of total assets, at the end of fiscal 2025.