Hilton Grand Vacations (HGV) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased to $1.36 billion, up 7.3% year-over-year, driven by real estate sales and resort operations.

• Adjusted EBITDA attributable to stockholders rose to $293 million, up 5.4% year-over-year, with margins expanding to 23%.

• Net income attributable to stockholders was $12 million, down from $25 million in Q2 2025, primarily due to a $48 million loss on sale and impairment of properties.

• Strategic priorities advanced with asset dispositions, HGV Max membership expansion, and significant share repurchases.

• Completed the acquisition of the remaining 75% interest in the Elara resort for $131 million, expanding the resort portfolio.

Financial highlights

• Contract sales were $810 million, down 2.9% year-over-year, with tours up 6.1% but VPG down 8.6%.

• Adjusted free cash flow was $180 million for Q2 2026, with a 61% conversion rate from EBITDA.

• Real estate profit margin improved to 25.4% from 21.2% year-over-year.

• Resort operations and club management revenue increased 6.2% to $430 million.

• Cash and cash equivalents at June 30, 2026 were $272 million.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance (excluding deferrals/recognitions) reiterated at $1.225–$1.265 billion.

• Expect full-year contract sales to be flat to down slightly, with VPG projected to decline low- to mid-single digits.

• Tour growth for the year projected to be positive low- to mid-single digits.