HGVHIGH SIGNALFINANCIAL10-K

HGV shows significant financial stress with a 27% decline in stockholders' equity and 61% increase in credit losses, despite higher net income.

The substantial decline in stockholders' equity from $1.8B to $1.3B combined with a dramatic 61% increase in provision for credit losses indicates potential deterioration in loan portfolio quality and financial position. While net income increased 72%, this appears overshadowed by the underlying balance sheet weakening and increased credit risk provisions suggesting customers may be struggling to pay their vacation ownership loans.

Comparing 2026-02-26 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

HGV presents a mixed but concerning financial picture with net income surging 72% to $81M while credit losses spiked 61% to $121M and interest expenses rose 25% to $178M. The balance sheet deteriorated significantly with stockholders' equity falling 26% to $1.3B and cash declining 27% to $239M, even as the company aggressively bought back $600M in shares (up 39%). This combination of increased credit provisions, declining equity, and reduced cash position alongside aggressive capital returns suggests potential financial strain despite improved reported earnings.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+72.3%
$47.0M→$81.0M

Net income grew 72.3% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+66.7%
$42.0M→$70.0M

Capital expenditure jumped 66.7% — major investment cycle underway; assess returns on deployment.

Provision for Credit Losses
P&L
+61.3%
$75.0M→$121.0M

Credit loss provisions surged 61.3% — management flagging significant deterioration in loan quality ahead.

Share Buybacks
Cash Flow
+38.9%
$432.0M→$600.0M

Share repurchases increased 38.9% — management returning capital, signals confidence in intrinsic value.

Cash & Equivalents
Balance Sheet
-27.1%
$328.0M→$239.0M

Cash decreased 27.1% — monitor burn rate and upcoming capital needs.

Stockholders Equity
Balance Sheet
-26.4%
$1.8B→$1.3B

Equity decreased 26.4% — buybacks or losses reducing book value, monitor solvency ratios.

Interest Expense
P&L
+25.4%
$142.0M→$178.0M

Interest costs rose 25.4% — monitor debt levels and coverage ratio in rising rate environment.

Accounts Receivable
Balance Sheet
-14.3%
$315.0M→$270.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-03
ADDED
o Yes x No As of June 30, 2025, the aggregate market value of the registrant s common stock held by non-affiliates of the registrant was $ 3,607 million (based on the closing sale price of the common stock on that date on the New York Stock Exchange).
There were 81,423,992 shares of the registrant s Common Stock outstanding as of February 19, 2026.
Following the spin-off, Hilton did not retain any ownership in HGV.
Our operations primarily consist of: selling VOIs for us and third parties; financing and servicing loans provided to consumers for their VOI purchases; operating resorts and timeshare plans; and managing our exchange programs through which members may receive HGV Max benefits.
Together our timeshare plans and exchange programs are collectively referred to as Clubs .
As of December 31, 2025, we have over 200 properties located in the United States ( U.S.
A significant number of our properties and VOIs are concentrated in Florida, Europe, Hawaii, South Carolina, California, Arizona, Nevada, and Virginia.
We have rebranded many of the properties acquired in the Diamond Acquisition, and we expect to continue this process for the remaining planned Diamond properties.
During 2025, we began rebranding certain properties acquired in the Bluegreen Acquisition to Hilton Grand Vacations brands and expect to continue this process for the majority of the Bluegreen properties.
As of December 31, 2025, we had more than 720,000 members across our Club offerings.
REMOVED
o Yes x No As of June 28, 2024, the aggregate market value of the registrant s common stock held by non-affiliates of the registrant was $ 4,042 million (based on the closing sale price of the common stock on that date on the New York Stock Exchange).
There were 95,280,832 shares of the registrant s Common Stock outstanding as of February 20, 2025.
Legacy-HGV refers to our business and operations that existed both prior to and following the Diamond and Bluegreen Acquisitions (as defined below).
Following the spin-off, Hilton did not retain any ownership in our company.
We refer to the business that we acquired from Diamond as Legacy-Diamond .
The Bluegreen Acquisition is expected to broaden HGV s offerings, customer reach and sales locations.
We refer to the business that we acquired from Bluegreen as Legacy-Bluegreen .
Our operations primarily consist of: selling vacation ownership intervals and vacation ownership interests (collectively, VOIs or VOI ) for us and third parties; financing and servicing loans provided to consumers for their VOI purchases; operating resorts and timeshare plans; and managing our clubs and exchange programs that include HGV Max, Hilton Grand Vacations Club, Hilton Club, Diamond clubs and Bluegreen Vacation Club (collectively referred to as Clubs ).
As of December 31, 2024, we had over 200 properties located in the United States ( United States or U.S.
A significant number of our properties and VOIs are concentrated in Florida, Europe, Hawaii, South Carolina, California, Arizona, Virginia, and Nevada, inclusive of the new locations acquired in connection with the Bluegreen Acquisition.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →