Description

Hilton Grand Vacations: Can 8% Tour Growth Offset VPG Pressure?

Hilton Grand Vacations reported first quarter 2026 results reflecting a generally stable business environment amid ongoing external uncertainties. The company achieved contract sales in line with prior guidance while delivering adjusted EBITDA of $267 million, representing 8% growth year-over-year and a 130 basis point expansion in margins. Total revenue grew modestly by 2% to $1.2 billion. The company emphasized adjusted metrics excluding net contract sales deferrals under ASC 606, which impacted reported GAAP revenues due to project construction timelines. New buyer growth was a positive contributor with tours increasing by 8.5% and new buyer transactions reaching the highest first-quarter levels since 2023, up 8% year-over-year. While the volume per guest (VPG) declined 8%, consistent with expectations tied to prior product launch comparisons and a higher new buyer mix with lower VPGs, margin expansion and cost efficiencies helped offset the revenue pressures.