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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Real Estate Sales and Financing Segment2026202520262025
Sales of VOIs, net$507 $469 $962 $847 
Fee-for-service commissions, package sales and other fees
158 165 319 307 
Interest income133 114 258 229 
Other financing revenue11 12 24 22 
Real estate sales and financing segment revenues$809 $760 $1,563 $1,405 
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Resort Operations and Club Management Segment2026202520262025
Club management$72 $70 $142 $142 
Resort management117 113 232 224 
Rental(1)
194 180 377 354 
Ancillary services16 15 30 28 
Resort operations and club management segment revenues$399 $378 $781 $748 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Receivables from Contracts with Customers and Contract Liabilities
Our accounts receivable that relate to our contracts with customers include amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the
passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net on our condensed consolidated balance sheets:
($ in millions)
Receivables from contracts with customers:June 30, 2026December 31, 2025
Accounts receivable, net$224 $200 
Timeshare financing receivables, net(1)
3,591 3,115 
Total$3,815 $3,315 
(1) Includes $816 million and $528 million of acquired timeshare financing receivables, net, as of June 30, 2026 and December 31, 2025.
Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on vacation packages for future stays at our resorts, deferred revenues related to sales of VOIs of projects under construction, club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future and other deferred revenue.
The following table presents the composition of our contract liabilities:
($ in millions)
Contract liabilities:June 30, 2026December 31, 2025
Advanced deposits$228 $228 
Deferred sales of VOIs of projects under construction539 460 
Club activation fees and annual dues
152 74 
Bonus point incentive liability(1)
113 113 
Other111 42 
Total1,143 917 
(1)The balance includes $51 million and $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Revenue earned for the three and six months ended June 30, 2026, which was included in the contract liabilities balance at December 31, 2025, was $66 million and $179 million.
Transaction Price Allocated to Remaining Performance Obligations
Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Deferred VOI sales primarily include the deferred revenues of sales associated with projects under construction. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)June 30, 2026December 31, 2025
Sales of VOIs, net$539 $460 
Cost of VOI sales152 133 
Sales and marketing expense88 74 
During the six months ended June 30, 2026, we deferred $116 million of Sales of VOI, net related to projects under construction, which were partially offset by a recognition of $37 million of Sales of VOI, net related to the completion of a project in Japan. We expect to recognize the revenue, costs of VOI sales and direct selling costs related to the project under construction as of June 30, 2026, upon its planned completion by the end of 2026.
The following table includes the remaining transaction price related to our contract liabilities as of June 30, 2026:
($ in millions)Remaining
Transaction Price		Recognition PeriodRecognition Method
Advanced deposits$228 18 monthsUpon customer stays
Club activation fees82 7 yearsStraight-line basis over average inventory holding period
Bonus point incentive liability113 
18 - 30 months
Upon redemption
Annual club dues
70 1 year
Straight-line basis
Other
111 1 year
Straight-line basis
Revenue allocated to remaining performance obligations for management fees, which includes unearned revenue and amounts expected to be invoiced and recognized as revenue for the remainder of 2026, was $153 million as of June 30, 2026.