2026 HGV Earnings

[dayooper]

Previous Investor Calls/Reports

2025 Q4/Annual Earnings Call
2025 Q3 Earnings Call
2025 Q2 Earnings Call
2025 Q1 Earnings Call
2024 Q4/Annual Earnings Call
2024 Q3 Earnings Call
2024 Q2 Earnings Call
2024 Q1 Investor Call
2023 Q4/Annual Earnings Call
2023 Q3 Earnings Call
2023 Q2 Earnings Call
2023 Q1 Earnings Call
2022 Q3 Earnings Call
2022 Q1 Earnings Call
2021 Q3 Earnings Call

Highlights from Trading View

Hilton Grand Vacations reported first-quarter 2026 results with total revenues of $1.285 billion and adjusted EBITDA attributable to stockholders of $249 million. Net income attributable to stockholders was $66 million, while adjusted diluted EPS was $0.99. The company raised its full-year 2026 adjusted EBITDA guidance (excluding deferrals/recognitions) to $1.225–$1.265 billion and repurchased $150 million of stock in the quarter.

Financial Highlights

• Total revenues: $1.285 billion for Q1 2026 (reported; included a net construction deferral of $25 million affecting total revenues).
• Adjusted EBITDA attributable to stockholders: $249 million for Q1 2026 (included a net construction deferral of $18 million).
• Net income attributable to stockholders: $66 million; diluted EPS: $0.79.
• Adjusted net income attributable to stockholders: $83 million; adjusted diluted EPS: $0.99.
• Share repurchases: 3.3 million shares bought for $150 million during Q1 2026; $237 million remaining under the 2025 repurchase plan as of April 23, 2026.

Business Highlights

• Contract sales totaled $719 million for the quarter; tours increased 8.5% while VPG declined 8.1% year-over-year.
• Real estate sales and financing segment revenue increased to $754 million, driven by a $77 million rise in Sales of VOIs, net, and higher fee-for-service/package revenues.
• Real estate segment adjusted EBITDA margin improved to 28.0% (from 20.6% a year earlier), reflecting efficiency gains and lower net construction deferrals versus prior-year period.
• Resort operations and club management revenues rose to $402 million with rental revenue up $9 million; resort segment adjusted EBITDA was $128 million.
• Liquidity and balance sheet actions: completed a $500 million timeshare loan securitization (HGV Trust 2026-1) in April; $261 million cash and $591 million available on the revolving facility as of March 31, 2026

Quote from HGV CEO Mark Wang from businesswire.com

“We delivered results that exceeded our expectations in the first quarter, driven by disciplined execution and efficiency initiatives that fueled strong Adjusted EBITDA growth and meaningful margin expansion,” said Mark Wang, CEO of Hilton Grand Vacations. “We also continued to attract new buyers and deepen engagement across our platform, underscoring the strength of our value proposition. Our team is executing well against our strategic initiatives, and the momentum we’re seeing gives us the confidence to raise our Adjusted EBITDA outlook for the year.”

My uninformed reaction: This quarter was an improvement over last year at this time and even more than Q4 2025. After the report was released, HGV stock prices rose 2%. There were a few articles dated February and March that were posing the question "Is HGV undervalued right now?" When the earnings call transcript comes out later today, we will get HGV's spin on why they did well. Travel and Leisure (Wyndham) had a good quarter and Marriot Vacation Club (VAC) is expected to exceed quarterly expectations when they report May 5th so the industry as whole exceeded expectations.

 

[GT75]

Thank you @dayooper.

 

[dayooper]

Earnings Call Transcript

I tried to keep from doubling up on the above highlights and tried to focus on the customer side of the information.

Highlights from the earnings transcript:

• Max membership is at 277,000 members, up 29% from last year
• New buyer transactions up 8% from this time last year
• They have purchased the full developer rights of Elara. No longer 3rd party but completely owned
• Elara owners can now upgrade into any HGVC property, not just stuck with Elara upgrades.
• Identified 8 properties that no longer fit their portfolio and have contracted a 3rd party for the disposition of those assets.
• More properties will be disposed of in the next 12-24 months. They talked about most owners being in a trust, but there are some legacy owners that will be offered club membership. Sounds like they are talking about DRI/HVC properties
• Really touting the HGV Owners Experience activities a a benefit that will get people purchasing to enroll in MAX. Biggest program among the timeshare companies.
• They are about 4-7 years away from "acquiring the tail” on the South Carolina resorts (I’ don’t know what that means). They talked about acquiring the tail in Elara as well.
• Unusual weather in Hawaii drove down occupancy but didn’t have as big an effect on the sales. Between Hawaii floods, NE ice and cold Florida temps, they lost about $5 million.

I have bolded the parts on HGV buying full developer rights at Elara and HGV identifying 8 properties that "don't fit their portfolio" with more coming in the next 12-24 months. I'll have more thoughts later.

 

[RebelR]

Highlights from the earnings transcript:

• Identified 8 properties that no longer fit their portfolio and have contracted a 3rd party for the disposition of those assets.

Thanks for this, do we have any idea what the 8 properties are? (a quick google search didn't result in any answers)

 

[dayooper]

Thanks for this, do we have any idea what the 8 properties are? (a quick google search didn't result in any answers)

That was the first I have heard of that. I really don't know what they are. My assumption is they are DRI/HVC because they talked about the owners being mostly in the trust with a very small amount of legacy owners they have to consider. I suppose it could be BlueGreen as well.

Last summer, Wyndham started the process of removing 14 properties from their system so HGV isn't alone in this.

 

[dioxide45]

Thanks for this, do we have any idea what the 8 properties are? (a quick google search didn't result in any answers)

We know Beach Quarters is a goner. Management is being transferred to Lemonjuice. It's a former DRI.

Temporary Closure of Beach Quarters Resort, VA Beach, VA, 11/14/2025 - 1/8/2027

A few days ago, I received an email from Hilton Grand Vacations (See attachment) notifying me that the Beach Quarters Resort shut down on November 14, 2025 in order to assess and repair the concrete balconies. This sounds a lot like what happened at Turtle Cay last year, although I understand...

tugbbs.com

Perhaps Sunset Ridge too.

Timeshare maintenance fees in TN

We own a timeshare in TN that was bought out by Diamond and is now part of Hilton Grand. We got it for free in 2010 or 11. Our maint. fees almost doubled from what we were originally paying compared to the last few years after Diamond took over. This morning we got a letter saying there...

tugbbs.com

 

[chosshaul]

What 8 properties do you all think are most likely to go? My guess is some of diamond properties that haven’t been branded as HGV yet. They have a couple of Vegas and Orlando properties in that bucket that may be excess for what they actually need in those areas. Hopefully they keep most of the international options as those make the max label much more versatile

 

[dayooper]

What 8 properties do you all think are most likely to go? My guess is some of diamond properties that haven’t been branded as HGV yet. They have a couple of Vegas and Orlando properties in that bucket that may be excess for what they actually need in those areas. Hopefully they keep most of the international options as those make the max label much more versatile

Couldn't tell you but there are a few DRI properties in Orlando that don't really look like they belong. I think that there won't be any HGVC properties on that list. Flamingo is 30 years old (built in 1994) but there's no trust for us Flamingo members to go into unless they would push us toward HVC/DRI. I don't think any of the SW Florida resorts would be on that list as they don't own anything there. It's now considered an external exchange. The only other underperforming property would be Anderson but they don't own that either. Chicago? Are there BlueGreen properties on the list as well?

Looking at Lemonjuice's website, one of the things they specialize is handling the closure of timeshares and condo properties. Going by what happened with Wyndham, there will be little information released until the properties are ready to vote for dissolution.

 

[Zenichiro]

They actually mentioned this in the last earning call. I believe there will be a few Orlando Arizona and Vegas worth selling. Obviously Turtle Cay and Beach Quarters Resort may not be worth repairing.

 

[dayooper]

We know Beach Quarters is a goner. Management is being transferred to Lemonjuice. It's a former DRI.

Temporary Closure of Beach Quarters Resort, VA Beach, VA, 11/14/2025 - 1/8/2027

A few days ago, I received an email from Hilton Grand Vacations (See attachment) notifying me that the Beach Quarters Resort shut down on November 14, 2025 in order to assess and repair the concrete balconies. This sounds a lot like what happened at Turtle Cay last year, although I understand...

tugbbs.com

Perhaps Sunset Ridge too.

Timeshare maintenance fees in TN

We own a timeshare in TN that was bought out by Diamond and is now part of Hilton Grand. We got it for free in 2010 or 11. Our maint. fees almost doubled from what we were originally paying compared to the last few years after Diamond took over. This morning we got a letter saying there...

tugbbs.com

Do you know what "acquiring the tail" means in reference to timeshare sales or timeshares in general?

 

[clintw]

Do you know what "acquiring the tail" means in reference to timeshare sales or timeshares in general?

They are referring to acquiring the remaining unsold timeshare inventory that sits in a joint‑venture. Instead of leaving that last chunk inside the JV, HGV has agreed to buy it outright from the JV, effectively converting that remaining inventory into 100% HGV‑owned.

 

[Eric B]

From the context, I would guess that means acquisition of the entirety of developer rights, including the ROFR and unsold inventory.

 

[Zenichiro]

So this means the Westgate owners will be offered to convert at Elara?

 

[JohnnyO]

Do you know what "acquiring the tail" means in reference to timeshare sales or timeshares in general?

From grok

Yes, in the context of timeshare sales (especially for large developers like Hilton Grand Vacations or HGV), “acquiring the tail” (or “inventory tail” / “tail acquisition”) has a specific business meaning.


What It Means


It refers to the developer (HGV in this case) buying the remaining unsold inventory of timeshare units/points/weeks at a particular resort or project, typically toward the end of its primary sales and development phase (the “tail end”).


• Many timeshare resorts, especially big ones like HGV’s Elara in Las Vegas, start as joint ventures (JVs) or fee-for-service arrangements where a partner holds some of the inventory.


• As sales progress over years, most units sell to individual owners. What’s left is the “tail” — the leftover unsold slices of inventory.


• The developer then “acquires the tail” by purchasing those remaining units/rights from the JV partner or other holder. This gives them full ownership and control of the remaining product.


Why Companies Do This


• It allows the developer to shift from a JV/fee-based model to full ownership.


• They can then sell the remaining inventory directly, use it for their owner base, or integrate it more tightly into their points-based system (like HGV’s club).


• It’s often done when the project is mature (“at the right point in the asset’s life cycle”), as it aligns with strategies focused on existing owners and new buyers.


Recent HGV Example


HGV executives discussed this exact topic in their Q1 2026 earnings call (just released). They announced an agreement to purchase the inventory tail of their Elara resort in Las Vegas, moving it from a JV to a fully owned property. They described it as a “classic tail acquisition.”


They also noted that for other projects, they’re still years away from acquiring the tail (e.g., 4–7 years out, depending on sales pace).


This is standard industry terminology for major timeshare companies (HGV, Marriott Vacation Club, Wyndham, etc.) when they mop up the last bits of a project’s unsold product.

 

[dayooper]

@clintw @Eric B @JohnnyO That’s what I thought. It makes sense for Elara in that regard. My next question would be who/what they are buying. I know there’s Westgate inventory still out there but I believe they are talking about Blackrock. They were in with Hilton on the purchase of Elara and would still own there.

The bigger issue is that Mark Wang said they were going to acquire the tail from the 3rd party in South Carolina, but not until 4-7 years down the road. If that’s true, that’s pretty huge. My guess is they would acquire Ocean 22 first. It was the first purpose built HGVC property in South Carolina under the joint venture with Strand. Interesting.

 

[GT75]

The bigger issue is that Mark Wang said they were going to acquire the tail from the 3rd party in South Carolina, but not until 4-7 years down the road. If that’s true, that’s pretty huge.

HGV needs to buy OO first and now. I want to purchase resale at rock bottom prices with no ROFR.

 

[Zenichiro]

HGV needs to buy OO first and now. I want to purchase resale at rock bottom prices with no ROFR.

100% Now that would be awesome!

 

[dayooper]

HGV needs to buy OO first and now. I want to purchase resale at rock bottom prices with no ROFR.

I agree. I’ll be first in line for that one.

 

[RebelR]

 

[Magus]

Yep just got that email too

 

[dioxide45]

Were any of these resorts even available through Max?

 

[RebelR]

Were any of these resorts even available through Max?

The California one definitely was, I was thinking of booking it for LA28 but I guess I can't now. Not sure about the others.

 

[Reddart]

Were any of these resorts even available through Max?

Looks like they all are, to varying degrees.

 

[dioxide45]

Looks like they all are, to varying degrees.

Thanks. This is probably more a question for the HVC forum, but I wonder how much inventory at these resorts are in the US Collection trust? When they offload them won't that inventory go with it to Lemonjuice? There will just be that much less inventory available in the US Collection for HVC to sell as points.

 

[chosshaul]

Yeah I was figuring a bunch would be Orlando area. Too bad about the California one though, Max needs more Cali properties and west coast options. It looks like the other Rivera beach resort is still in HGV? That one has a good location