Hilton Grand Vacations Stock Earnings Reports

Hilton Grand Vacations reported a solid first quarter driven by disciplined execution and cost efficiencies. Key financials: adjusted EBITDA to shareholders grew 8% year-over-year to $267 million (23% margin, +130 bps) and management raised full-year adjusted EBITDA guidance by $40 million at the midpoint to a range of $1.225B–$1.265B. Contract sales were $719 million (slightly down, as expected), tours grew 8.5% to 189,000, and new-buyer transactions were up ~8%—the strongest Q1 since 2023. VPG declined ~8% to ~$3,800 due to mix (higher new-buyer share) and lapping HGV Max launch comps. Financing portfolio: combined gross receivables $4.4 billion with an allowance of ~$1.3 billion (29%); consolidated annualized default rate improved to 10.1% and the provision declined to ~14.9% (management expects mid-teens for the year). Strategic actions: management completed a transaction to acquire the remaining interest in Elara (initial outflow ~ $130 million, net cash use ~$45 million) — expected to add about $20 million to 2026 EBITDA — and signed an agreement to dispose of eight noncore properties, expected to deliver $10–$12 million of annual run-rate adjusted EBITDA when closed. Capital returns and liquidity: repurchased $150 million of stock in the quarter (additional $41 million in April), remain committed to ~$150 million per quarter of buybacks subject to leverage constraints; liquidity was $852 million (cash + revolver availability) and total net leverage was ~3.9x TTM. Management emphasized resilience of demand (prepaid members, HGV Max value), cost discipline, and opportunistic portfolio optimization as drivers of continued free-cash-flow and shareholder returns.