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Hilton Grand Vacations cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$73.0M in Q3 2026 · $473M over twelve months

Operating cash flow$87.0M
Capital spending−$14.0M
Free cash flow+$73.0M
Cash / net income0.3×

Analysis

In Q3 2026, Hilton Grand Vacations generated $87.0M of operating cash flow and spent $14.0M on capital projects, leaving free cash flow of $73.0M. That is $60.0M more than in Q3 2025 ($13.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $516M; the largest uses were buybacks ($560M), acquisitions ($103M), other investing ($75.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($165M), other financing ($69.0M); the cash balance fell by $41.0M.

Operating cash flow was $87.0M against net income of $297M — 0.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$600M, prepaid and other assets +$266M, inventory +$171M.

Free cash flow

Hilton Grand Vacations: free cash flow by quarterHilton Grand Vacations: free cash flow by quarter$90.0MQ4 2024$24.0MQ1 2025$46.0MQ2 2025$13.0MQ3 2025$147MQ4 2025$122MQ1 2026$131MQ2 2026$73.0MQ3 2026
Operating cash flow less capital spending.
Hilton Grand Vacations: operating cash flow against capital spendingHilton Grand Vacations: operating cash flow against capital spendingOperating cash flowCapital spending$105M$15.0MQ4 2024$38.0M$14.0MQ1 2025$61.0M$15.0MQ2 2025$34.0M$21.0MQ3 2025$167M$20.0MQ4 2025$128M$6.0MQ1 2026$134M$3.0MQ2 2026$87.0M$14.0MQ3 2026
Latest (Q3 2026): Operating cash flow $87.0M, Capital spending $14.0M.

Capital allocation, year by year

Hilton Grand Vacations: where the cash came from (up) and went (down), by fiscal yearHilton Grand Vacations: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $168MFY2021: Net borrowing $1.8BFY2021: Shares issued $13.0MFY2021: Capital spending −$18.0MFY2021: Acquisitions −$1.6B$2.0BFY2021FY2022: Operating cash flow $747MFY2022: Net borrowing −$273MFY2022: Shares issued $2.0MFY2022: Capital spending −$58.0MFY2022: Buybacks −$272M$749MFY2022FY2023: Operating cash flow $312MFY2023: Net borrowing $559MFY2023: Shares issued $9.0MFY2023: Capital spending −$31.0MFY2023: Acquisitions −$74.0MFY2023: Buybacks −$368M$880MFY2023FY2024: Operating cash flow $309MFY2024: Net borrowing $1.4BFY2024: Shares issued $7.0MFY2024: Capital spending −$42.0MFY2024: Acquisitions −$1.4BFY2024: Buybacks −$432M$1.7BFY2024FY2025: Operating cash flow $300MFY2025: Net borrowing −$118MFY2025: Shares issued $13.0MFY2025: Capital spending −$70.0MFY2025: Buybacks −$600M$313MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were acquisitions ($3.1B) and buybacks ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$227M
Debt$4.9B
Net debt$4.7B

Hilton Grand Vacations funds itself: free cash flow was $473M over the last twelve months, and $227M of cash and investments stands against $4.9B of debt.

Where the cash came from and went

Hilton Grand Vacations: sources (+) and uses (−) of cash, Q3 2026Hilton Grand Vacations: sources (+) and uses (−) of cash, Q3 2026Buybacks−$110MOperating cash flow$87.0MCash drawn (+) / kept (−)$66.0MOther financing−$34.0MNet borrowing (+) / repaid (−)$22.0MOther investing−$21.0MCapital spending−$14.0MExchange rates$7.0MAcquisitions−$3.0M
Hilton Grand Vacations: sources (+) and uses (−) of cash, TTM to Q3 2026Hilton Grand Vacations: sources (+) and uses (−) of cash, 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 profit to cash

Hilton Grand Vacations: net income to operating cash flow, Q3 2026Hilton Grand Vacations: net income to operating cash flow, Q3 2026Net income$297MDepreciation & amortization$70.0MStock-based pay$20.0MGains on disposals$7.0MOther non-cash$1.0MReceivables$56.0MInventory$171MPayables−$78.0MDeferred revenue−$600MPrepaid and other assets$266MOperating cash flow$87.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$87.0M−$14.0M−$3.0M−$110M$22.0M—$66.0M$73.0M
Q2 2026$134M−$3.0M—−$150M$107M$18.0M−$16.0M$131M
Q1 2026$128M−$6.0M—−$150M$43.0M$1.0M$19.0M$122M
Q4 2025$167M−$20.0M—−$150M−$174M$2.0M−$28.0M$147M
Q3 2025$34.0M−$21.0M—−$150M$136M$9.0M$49.0M$13.0M
Q2 2025$61.0M−$15.0M—−$150M$135M$2.0M−$21.0M$46.0M
Q1 2025$38.0M−$14.0M—−$150M−$161M—$195M$24.0M
Q4 2024$105M−$15.0M—−$125M−$429M—−$225M$90.0M

Hilton Grand Vacations: income statement and cash flow

Hilton Grand Vacations, Q3 2026: revenue $2.0B (+51% year over year), operating margin 25.1%. The chart follows the revenue to costs, profit and cash.

Hilton Grand Vacations: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.