Filing Flows › Hilton Grand Vacations (HGV) › Q4 2025
Hilton Grand Vacations (HGV) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Hilton Grand Vacations (HGV) reported revenue of $1.3B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +3% from the quarter before. Operating margin was 12.5%, net earnings $48.0M (3.6% of revenue).
Hilton Grand Vacations, Q4 2025: revenue $1.3B (+4% year over year), operating margin 12.5%, net earnings $48.0M, operating cash flow $167M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +3% | +4% |
| Operating profit | $167M | +38% | +25% |
| Net earnings | $48.0M | +92% | +140% |
| Operating cash flow | $167M | +391% | +59% |
| Free cash flow | $125M | — | +160% |
What changed
Revenue was $1.3B in Q4 2025, up 4% year over year and up 3% from the previous quarter. Sales of VOIs, net was the largest line at 37% of revenue.
Operating profit was $0.17B, a 12.5% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 10% margin then. Total costs grew 1% against revenue growth of 4%. Net earnings were $0.05B, up 140% year over year. The effective tax rate was 43.0%.
Operating cash flow was $0.17B (up 59% year over year), 315% of net income including minority interests. Non-cash charges added back $0.08B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.02B. After software capitalization costs ($0.02B) and capital expenditures for property and equipment ($0.02B), free cash flow as the company reports it was $0.12B.
Questions
What was Hilton Grand Vacations' revenue in the fourth quarter 2025?
Hilton Grand Vacations (HGV) reported revenue of $1.3B for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +3% from the quarter before.
Was Hilton Grand Vacations profitable in the fourth quarter 2025?
Operating profit was $167M (12.5% of revenue) and net earnings $48.0M.