Hilton Grand Vacations Inc. (HGV) Income Statement
HGV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHGV revenue and net income
Where HGV's revenue goes
2025Each bar shows an amount and its share of revenue. HGV kept 1.6% of revenue as net income.
HGV profit margins
HGV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.3% | +9.6% | +41.4% | +13.1% |
| Gross profit | +0.9% | +30.9% | +79.9% | +19.7% |
| Operating income | −19.5% | −6.9% | — | +5.7% |
| Net income | +72.3% | −38.7% | — | −7.4% |
| EPS (diluted) | −22.7% | −15.4% | +63.6% | +1.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HGV quarterly EPS vs estimates
Hilton Grand Vacations beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.02).
HGV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.05B | $4.98B | $3.98B | $3.83B | $2.33B | $894.0M | $1.84B | $2.00B | $1.71B | $1.58B |
| Cost of revenue | $2.19B | $2.15B | $2.75B | $2.56B | $1.48B | $742.0M | $1.31B | $1.31B | $1.15B | $1.06B |
| Gross profit | $2.86B | $2.83B | $1.23B | $1.27B | $855.0M | $152.0M | $527.0M | $685.0M | $557.0M | $519.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | — |
| Sales, general & admin | $2.09B | $836.0M | $194.0M | $212.0M | $151.0M | $92.0M | $212.0M | $215.0M | $191.0M | $172.0M |
| Total operating expenses | $2.30B | $2.14B | $545.0M | $580.0M | $357.0M | $152.0M | $212.0M | $251.0M | $220.0M | $196.0M |
| Operating income | $561.0M | $697.0M | $684.0M | $695.0M | $498.0M | −$28.0M | $315.0M | $434.0M | $337.0M | $323.0M |
| Interest income | $292.0M | $311.0M | $166.0M | $129.0M | $95.0M | $38.0M | $39.0M | $30.0M | $26.0M | $29.0M |
| Interest expense | $311.0M | $329.0M | $178.0M | $142.0M | $105.0M | $43.0M | $43.0M | $30.0M | $27.0M | $29.0M |
| Income before taxes | $175.0M | $136.0M | $449.0M | $481.0M | $269.0M | −$280.0M | $273.0M | $403.0M | $311.0M | $293.0M |
| Income taxes | $76.0M | $76.0M | $136.0M | $129.0M | $93.0M | −$79.0M | $57.0M | $105.0M | −$16.0M | $125.0M |
| Net income | $81.0M | $47.0M | $313.0M | $352.0M | $176.0M | −$201.0M | $216.0M | $298.0M | $327.0M | $168.0M |
| EBITDA | $759.0M | $733.0M | $840.0M | $867.0M | $500.0M | −$192.0M | $367.0M | $469.0M | $367.0M | $346.0M |
| EPS (diluted) | $2.11 | $2.73 | $3.24 | $3.48 | $1.98 | $0.18 | $2.58 | $3.15 | $2.01 | $0.76 |
| Gross margin | 56.7% | 56.9% | 30.9% | 33.2% | 36.6% | 17.0% | 28.7% | 34.3% | 32.6% | 32.8% |
| Operating margin | 11.1% | 14.0% | 17.2% | 18.1% | 21.3% | −3.1% | 17.1% | 21.7% | 19.7% | 20.4% |
| Net margin | 1.6% | 0.9% | 7.9% | 9.2% | 7.5% | −22.5% | 11.8% | 14.9% | 19.1% | 10.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.58B | $1.28B | $1.33B | $1.30B | $1.27B | $1.15B | $1.28B | $1.31B | $1.24B | $1.16B | $1.02B | $1.02B |
| Cost of revenue | $882.0M | $591.0M | $145.0M | $543.0M | $958.0M | $540.0M | $937.0M | −$685.0M | $995.0M | $899.0M | $433.0M | $154.0M |
| Gross profit | $702.0M | $694.0M | $1.19B | $757.0M | $308.0M | $608.0M | $347.0M | $1.99B | $240.0M | $257.0M | $586.0M | $864.0M |
| Sales, general & admin | $549.0M | $49.0M | $53.0M | $555.0M | $58.0M | $471.0M | $52.0M | $203.0M | $58.0M | $45.0M | $94.0M | $210.0M |
| Total operating expenses | $549.0M | $539.0M | $1.00B | $611.0M | $169.0M | $520.0M | $169.0M | $1.79B | $98.0M | $80.0M | $411.0M | $684.0M |
| Operating income | $153.0M | $155.0M | $188.0M | $146.0M | $139.0M | $88.0M | $178.0M | $200.0M | $142.0M | $177.0M | $175.0M | $180.0M |
| Interest income | — | — | $74.0M | $73.0M | $73.0M | $72.0M | $73.0M | $80.0M | — | — | — | $43.0M |
| Interest expense | $70.0M | $73.0M | $546.0M | $79.0M | $79.0M | $77.0M | $79.0M | $84.0M | $87.0M | $79.0M | $45.0M | $45.0M |
| Income before taxes | $23.0M | $74.0M | $93.0M | $45.0M | $43.0M | −$6.0M | $49.0M | $93.0M | $7.0M | −$13.0M | $108.0M | $136.0M |
| Income taxes | $8.0M | $6.0M | $40.0M | −$15.0M | $15.0M | $6.0M | $23.0M | $61.0M | $3.0M | −$11.0M | $40.0M | $44.0M |
| Net income | $12.0M | $66.0M | $48.0M | $60.0M | $25.0M | −$17.0M | $20.0M | $154.0M | $2.0M | −$4.0M | $68.0M | $92.0M |
| EBITDA | $164.0M | $218.0M | $719.0M | $191.0M | $181.0M | $138.0M | $198.0M | $245.0M | $162.0M | $128.0M | $210.0M | $245.0M |
| EPS (diluted) | $0.89 | $0.99 | $0.88 | $0.60 | $0.54 | $0.09 | $0.49 | $0.67 | $0.62 | $0.95 | $0.62 | $0.98 |
| Gross margin | 44.3% | 54.0% | 89.1% | 58.2% | 24.3% | 53.0% | 27.0% | 152.5% | 19.4% | 22.2% | 57.5% | 84.9% |
| Operating margin | 9.7% | 12.1% | 14.1% | 11.2% | 11.0% | 7.7% | 13.9% | 15.3% | 11.5% | 15.3% | 17.2% | 17.7% |
| Net margin | 0.8% | 5.1% | 3.6% | 4.6% | 2.0% | −1.5% | 1.6% | 11.8% | 0.2% | −0.3% | 6.7% | 9.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HGV's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HGV financial results
In fiscal year 2025 (ended December 31, 2025), Hilton Grand Vacations reported revenue of $5.0 billion, up 1.3% from the year before. It had net income of $81.0 million (up 72.3%), a net profit margin of 1.6%. Diluted earnings per share came to $2.11. Over five years revenue grew at an average rate of 41.4% a year.
See the HGV stock overview for the latest quote and news, or the HGV chart for price history and technical indicators.
HGV income statement FAQ
What is Hilton Grand Vacations's annual revenue?
Hilton Grand Vacations reported total revenue of $5.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.3% from $5.0 billion the previous year.
Is Hilton Grand Vacations profitable?
Yes. Hilton Grand Vacations reported net income of $81.0 million in fiscal 2025, a net profit margin of 1.6%; its operating margin was 11.1%.
What is Hilton Grand Vacations's gross margin?
Hilton Grand Vacations's gross margin was 56.7% in fiscal 2025: for every $100 of revenue, Hilton Grand Vacations kept $57 after the direct cost of its products and services.
How fast is Hilton Grand Vacations growing?
Revenue grew 41.4% a year on average over the last five fiscal years, from $894.0 million to $5.0 billion.
What are Hilton Grand Vacations's earnings per share?
Hilton Grand Vacations earned $2.11 per diluted share in fiscal 2025, compared with $2.73 a year earlier.
When will Hilton Grand Vacations report its next earnings?
Hilton Grand Vacations is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Hilton Grand Vacations's fiscal year end?
Hilton Grand Vacations's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.