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Hilton Grand Vacations HGV License fees — Expenses

Other product segments

Sales and marketing
$437M+2.8%
Cost reimbursements
$149M+12.0%
Cost of VOI sales
$45M+80.0%
Acquisition and integration-related
$12M-57.1%

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XHRManagement and franchise fees — Expenses
$12.1M+0.8%
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XHRRooms expenses — Expenses
$39.36M+0.1%
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XHRUndistributed expenses — Expenses
$67.87M-0.9%
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XHRFood and beverage expenses — Expenses
$66.34M-0.3%
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HSTOther property-level expenses — Expenses
$94M-12.1%

Other financials

Income statement

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Revenue$1.3B+11.9%
Net income$66.0M+488%
EPS (diluted)$0.79+565%

Balance sheet

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Cash & equivalents$552.0M-3.2%
Total debt$4.8B+5.6%
Total equity$1.2B-24.4%
Total assets$11.9B+1.2%

Cash flow

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Operating cash flow$128.0M+237%
CapEx$6.0M-57.1%
Free cash flow$122.0M+408%

Valuation

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Market cap$3.61B-8.8%
Enterprise value$7.9B-1.7%
P/E22×-47.4×
P/S0.7×-0.1×

Profitability

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Net margin3.2%+2.5pp
FCF margin6.3%+0.3pp

Returns & leverage

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Return on equity11.8%+9.9pp
Debt / equity+1.1×

Where this comes from

Reported directly by Hilton Grand Vacations in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServicesSold.

The source filing: Hilton Grand Vacations’s 10-Q, filed April 30, 2026.

Filed
Apr 30, 2026, 11:37 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001674168-26-000065
Line itemThree Months Ended March 31, 2026Three Months Ended March 31, 2025
General and administrative4946
Acquisition and integration-related expense1228
Depreciation and amortization7167
License fee expense5349
Cost reimbursements149133
Total operating expenses1,1421,088
Interest expense(73)(77)
Equity in earnings from unconsolidated affiliates55

Item 1. Financial Statements

FAQ

What is Hilton Grand Vacations's license fees — expenses?
Hilton Grand Vacations (HGV) reported license fees — expenses of $53M in Q1 2026.
How has Hilton Grand Vacations's license fees — expenses changed year-over-year?
Hilton Grand Vacations's license fees — expenses increased by 8.2% year-over-year, from $49M to $53M.
What is the long-term trend for Hilton Grand Vacations's license fees — expenses?
Over 4 years (2021 to 2025), Hilton Grand Vacations's license fees — expenses has grown at a 27.9% compound annual growth rate (CAGR), from $80M to $214M.
What does license fees — expenses mean?
This metric represents the recurring costs incurred by the company for the right to use a third-party brand name, intellectual property, or proprietary reservation systems in its operations. It reflects the royalty or licensing obligations paid to external partners to leverage established brand equity within the timeshare and hospitality market. Monitoring this expense provides insight into the cost structure associated with brand-dependent business models and the impact of brand licensing agreements on operating margins.

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