Hilton Grand Vacations (HGV) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results, with revenue rising to as high as $1.31 billion, up between 2.8% and 11.9% year-over-year, and adjusted EBITDA increasing up to 38% year-over-year, reaching as high as $267 million, exceeding expectations and supporting increased full-year guidance.

• Net income attributable to stockholders was $66 million, reversing a net loss in Q1 2025.

• New buyer transactions and member base grew, with HGV Max members up 29% to 277,000.

• Strategic initiatives included acquiring the remaining 75% of Elara JV, optimizing inventory through non-core property dispositions, and investing in member experiences.

• Share repurchases totaled $150 million in Q1, with $237 million remaining under the current plan.

Financial highlights

• Total revenue before cost reimbursements grew to as high as $1.31 billion, up 2%–11.9% year-over-year.

• Adjusted EBITDA reached up to $267 million, up 7.7%–38% year-over-year, with margins expanding by up to 130 bps.

• Real estate contract sales were $719 million, with new buyer contract sales rising to over 26% of total.

• VPG was nearly $3,800, down 8% as expected, driven by normalization post-HGV Max launch and higher new buyer mix.

• Net income attributable to stockholders was $66 million; diluted EPS was $0.79.

Outlook and guidance

• Raised 2026 adjusted EBITDA guidance to $1.225–$1.265 billion, up $40 million at midpoint, reflecting Elara contribution and Q1 outperformance.

• Full-year contract sales growth expected in low single digits, with VPG down slightly and tour growth in low- to mid-single digits.

• Q2 adjusted EBITDA expected to grow low to mid-single digits year-over-year, including $3 million from Elara.

• Conversion rate for 2026 expected in lower half of 55%-65% range.