v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 272 $ 239
Restricted cash 296 332
Accounts receivable, net 312 270
Timeshare financing receivables, net 3,591 3,115
Inventory 2,546 2,522
Property and equipment, net 899 859
Operating lease right-of-use assets, net 63 72
Investments in unconsolidated affiliates 20 63
Goodwill 1,986 1,985
Intangible assets, net 1,592 1,670
Other assets 657 410
TOTAL ASSETS (variable interest entities - $2,642 and $2,601) 12,234 11,537
LIABILITIES AND EQUITY    
Accounts payable, accrued expenses and other 1,169 1,018
Advanced deposits 228 228
Debt, net 4,876 4,545
Non-recourse debt, net 2,896 2,716
Operating lease liabilities 79 89
Deferred revenue 864 637
Deferred income tax liabilities 864 864
Total liabilities (variable interest entities - $2,884 and $2,824) 10,976 10,097
Commitments and contingencies - see Note 18
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 78,017,947 shares issued and outstanding as of June 30, 2026, and 83,133,678 shares issued and outstanding as of December 31, 2025 1 1
Additional paid-in capital 1,230 1,276
Accumulated (deficit) retained earnings (101) 34
Accumulated other comprehensive loss (28) (22)
Total stockholders' equity 1,102 1,289
Noncontrolling interest 156 151
Total equity 1,258 1,440
TOTAL LIABILITIES AND EQUITY $ 12,234 $ 11,537