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Hilton Grand Vacations (HGV) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Hilton Grand Vacations (HGV) Q3 2026 earnings results →

Q3 2026 Revenue up 51% year over year to $2.0B · 15¢ of every $1 of revenue kept as net profit · operating margin 25.1%

Hilton Grand Vacations made $2.0B in Q3 2026 (+51% Y/Y): Sales of VOIs, net $1.1B, Resort and club management $196M, Rental and ancillary services $194M. Operating margin 25.1%, net earnings $291M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$2.0B
Year over year+51%
Operating margin25.1%
Net earnings$291M
Operating cash flow$87.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Hilton Grand Vacations Q3 2026 revenue breakdown: Sankey diagram of revenue (Sales of VOIs, net, Resort and club management, Rental and ancillary services, Cost reimbursements), costs, profit and cash flow
Hilton Grand Vacations Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.0B in Q3 2026, up 51% year over year and up 44% from the previous quarter. Sales of VOIs, net was the largest line at 57% of revenue. Sales of VOIs, net added $0.65B year over year (up 138%), 98% of the total change. Fee-for-service commissions, package sales and other fees declined 23%.

Operating profit was $0.49B, a 25.1% margin (up 15.8 points year over year). Of the extra revenue versus Q3 2025, 56% reached operating profit, above the 9% margin then. Total costs grew 25% against revenue growth of 51%. The fastest-growing cost line was General & admin (+31%). Net earnings were $0.29B, up 1064% year over year. The effective tax rate was 28.3%.

Operating cash flow was $0.09B (up 156% year over year), 29% of net income including minority interests. Non-cash charges added back $0.07B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.30B. After software capitalization costs ($0.02B) and capital expenditures for property and equipment ($0.01B), free cash flow as the company reports it was $0.05B.

Quarterly history

Hilton Grand Vacations revenue by quarterHilton Grand Vacations revenue by quarter$1.1BQ1 2025$1.3BQ2 2025$1.3BQ3 2025$1.3BQ4 2025$1.3BQ1 2026$1.4BQ2 2026$2.0BQ3 2026
Hilton Grand Vacations net earnings by quarterHilton Grand Vacations net earnings by quarter−$12.0MQ1 2025$25.0MQ2 2025$25.0MQ3 2025$48.0MQ4 2025$66.0MQ1 2026$12.0MQ2 2026$291MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$2.0B+51%25.1%$291M$87.0M
Q2 202610-QJul 30, 2026$1.4B+7%6.7%$12.0M$134M
Q1 202610-QApr 30, 2026$1.3B+12%11.1%$66.0M$128M
Q4 202510-KFeb 26, 2026$1.3B+4%12.5%$48.0M$167M
Q3 202510-QOct 30, 2025$1.3B-0.5%9.3%$25.0M$34.0M
Q2 202510-QJul 31, 2025$1.3B+2%8.8%$25.0M$61.0M
Q1 202510-QMay 1, 2025$1.1B-0.7%5.2%−$12.0M$38.0M

Charts

Hilton Grand Vacations: revenue growth, year over year and quarter over quarterHilton Grand Vacations: revenue growth, year over year and quarter over quarterY/YQ/Q-1%Q1 2025+2%+10%Q2 20250%+3%Q3 2025+4%+3%Q4 2025+12%-4%Q1 2026+7%+6%Q2 2026+51%+44%Q3 2026
Latest (Q3 2026): Y/Y +51%, Q/Q +44%.
Hilton Grand Vacations: where the cash came from (+) and went (−), TTM to Q3 2026Hilton Grand Vacations: where the cash came from (+) and went (−), TTM to Q3 2026Buybacks−$560MOperating cash flow$516MNet borrowing (+) / repaid (−)$165MAcquisitions−$103MOther investing−$75.0MOther financing$69.0MCapital spending−$43.0MCash drawn (+) / kept (−)$41.0MShares issued$21.0MTaxes on employees’ shares−$18.0MExchange rates−$13.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Hilton Grand Vacations: profit against cash, quarter by quarterHilton Grand Vacations: profit against cash, quarter by quarterNet incomeOperating cash flow$26.0M$105MQ4 2024−$12.0M$38.0MQ1 2025$28.0M$61.0MQ2 2025$30.0M$34.0MQ3 2025$53.0M$167MQ4 2025$68.0M$128MQ1 2026$15.0M$134MQ2 2026$297M$87.0MQ3 2026
Latest (Q3 2026): Net income $297M, Operating cash flow $87.0M.
Hilton Grand Vacations: diluted shares by fiscal yearHilton Grand Vacations: diluted shares by fiscal year85MFY2020101MFY2021120MFY2022112MFY2023103MFY202492MFY2025
+7.6% since FY2020: more shares outstanding (issuance, stock pay).
Hilton Grand Vacations in its industry: growth against margin (5 companies, SIC 7000)Hilton Grand Vacations in its industry: growth against margin (5 companies, SIC 7000)revenue growth, year over year →↑ operating marginmedian +13%median 7%CVEOTHPismo Coast Village IncMDLKHGV (+51%, 25%)
Hotels, Rooming Houses, Camps & Other Lodging Places; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Hilton Grand Vacations

On January 3, 2017, HGV became an independent publicly traded company as a result of Hilton Worldwide Holdings Inc.'s (“Hilton”) tax-free spin-off of each of HGV and Park Hotels & Resorts Inc. (“Park”). HGV's common stock is listed on the New York Stock Exchange under the symbol “HGV.” Following the spin-off, Hilton did not retain any ownership in HGV. In connection with the spin-off, we entered into agreements with Hilton and other third parties, including licenses to use the Hilton Grand Vacations brand. For more information regarding these agreements, see “— Business—Agreements with Hilton Worldwide Holdings. ”

In its own words, from its 10-K, filed Feb 26, 2026.

Hilton Grand Vacations against its Hotels, Rooming Houses, Camps & Other Lodging Places peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +51% against the peers' median +13%. Operating margin: 25.1% against the peers' median 6.9%.

CompanyQuarterRevenueY/YOp. margin
HGV Hilton Grand VacationsQ3 2026$2.0B+51%25.1%
CVEO CiveoQ3 2026$193M+13%6.9%
TH Target HospitalityQ2 2026$85.5M+39%-8.8%
Pismo Coast VillageQ3 FY26$3.1M+6%24.0%
MDLK ModuLinkQ2 2026$360K+6%-24.9%

Source: Hilton Grand Vacations 10-Q on SEC EDGAR · CIK 1674168 · Hotels, Rooming Houses, Camps & Other Lodging Places

13F: who owns HGV and who is buying

Largest holders of HGV (13F)Largest holders of HGV (13F)Apollo Management Holdings, L.P.$654MBlackRock$423MHill Path Capital LP$341MVanguard Group$279MCAS Investment Partners, LLC$273MNorth Peak Capital Management, LLC$233MDimensional Fund Advisors LP$207MVanguard Portfolio Management LLC$163MVanguard Capital Management LLC$147MMudita Advisors LLP$147M
Funds' net buying of HGV by quarter (13F)Funds' net buying of HGV by quarter (13F)$50.1M2024-09−$151M2024-12$20.6M2025-03−$164M2025-06−$259M2025-09−$261M2025-12−$83.0M2026-03−$146M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HGV

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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