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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-37794________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement forthe past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company’ in Rule 12b-2of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements. Table of Contents Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo As of June 30, 2025, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $3,607million (based on theclosing sale price of the common stock on that date on the New York Stock Exchange). There were 81,423,992 shares of the registrant’s Common Stock outstanding as of February19, 2026. DOCUMENTS INCORPORATED BY REFERENCE The registrant has incorporated by reference into Part III of this report certain portions of its proxy statement for its 2026 annual meeting of stockholders,which is expected to be filed pursuant to Regulation 14A within 120 days after the end of the registrant’s fiscal year ended December31, 2025. HILTON GRAND VACATIONS INC.FORM 10-K TABLE OF CONTENTSYEAR ENDED DECEMBER 31, 2025 PART I Item 1 – BusinessItem 1A – Risk FactorsItem 1B – Unresolved Staff Comments Item 1C – CybersecurityItem 2 – PropertiesItem 3 – Legal ProceedingsItem 4 – Mine Safety Disclosures PART II Item 5 – Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities43Item 6 - [Reserved]44Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations45Item 7A – Quantitative and Qualitative Disclosures About Market Risk65Item 8 – Financial Statements and Supplementary Data66Item 9 – Changes in and Disagreements with Accountants on Accounting and Financial Disclosure117Item 9A – Controls and Procedures117Item 9B – Other Information117Item 9C – Disclosure Regarding Foreign Jurisdictions that Prevent Inspections117 PART III 118 Item 10 – Directors, Executive Officers and Corporate Governance118Item 11 – Executive Compensation118Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters118Item 13 – Certain Relationships and Related Transactions, and Director Independence118Item 14 – Principal Accountant Fees and Services118 PART IV118 Item 15 – Exhibits and Financial Statement Schedules118Item 16 – Form 10-K Summary118 EXHIBIT INDEX SIGNATURES PART I Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of