v3.26.1
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
We operate our business through the following two reportable segments based on the nature of the products and services provided:
•Real estate sales and financing – We market and sell VOIs that we own. We also source VOIs through fee-for-service agreements with third-party developers. Related to the sales of the VOIs that we own, we provide consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of VOIs and revenue from servicing the loans. We also generate fee revenue from servicing the loans provided by third-party developers to purchasers of their VOIs.
•Resort operations and club management – We manage the clubs and earn activation fees, annual dues and transaction fees from member exchanges for other vacation products. We also earn fees for managing the timeshare properties. We generate rental revenue from unit rentals of unsold inventory and inventory made available due to ownership exchanges under our club programs. We also earn revenue from food and beverage, retail and spa outlets at our timeshare properties.
Our chief operating decision maker “CODM” is our Chief Executive Officer. The CODM is our primary decision maker and is responsible for allocating resources to the components of the company and assessing company performance. The CODM uses Adjusted EBITDA to allocate resources (including employees and financial or capital resources) in the budgeting and forecasting process as well as assess performance and profitability for each segment. The performance of our operating segments, which are also our reportable segments, is evaluated based on adjusted earnings before interest expense (excluding non-recourse debt), taxes, depreciation and amortization (“EBITDA”). We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) other gains and losses, including asset dispositions and foreign currency transactions; (ii) debt restructurings/retirements; (iii) non-cash impairment losses; (iv) share-based and other compensation expenses; and (v) other items, including but not limited to costs associated with acquisitions, restructuring, amortization of premiums and discounts resulting from purchase accounting, and other non-cash and one-time charges.
We do not include equity in earnings from unconsolidated affiliates in our measures of segment operating performance.
The table below presents revenues for our reportable segment results which include the acquired Elara operations, within both segments as of the Elara Acquisition Date, reconciled to consolidated amounts:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2026202520262025
Revenues:
Real estate sales and financing$809 $760 $1,563 $1,405 
Resort operations and club management(1)
430 405 832 796 
Total segment revenues1,239 1,165 2,395 2,201 
Cost reimbursements150 128 299 261 
Intersegment eliminations(1)
(31)(27)(51)(48)
Total revenues$1,358 $1,266 $2,643 $2,414 
(1)Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
The following tables present Adjusted EBITDA for our reportable segments:
($ in millions)
For the three months ended June 30, 2026
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$809 $399 $1,208 
Intersegment revenues— 31 31 
Total segment revenues809 430 1,239 (a)
Less:
Cost of VOI sales
38 — 38 
Selling expense200 — 200 
Marketing expense267 — 267 
Financing expense58 — 58 
Club expense— 24 24 
Property management expense— 37 37 
Rental expense— 207 207 
Other expenses15 13 28 
Total segment expenses578 (b)281 (c)859 
Other:
Share-based compensation expense6 4 10 
Other segment adjustment items5 1 6 (d)
Intersegment elimination(31)— (31)(a)
Segment Adjusted EBITDA$211 $154 $365 
For the six months ended June 30, 2026
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,563 $781 $2,344 
Intersegment revenues— 51 51 
Total segment revenues1,563 832 2,395 (a)
Less:
Cost of VOI sales
83 — 83 
Selling expense381 — 381 
Marketing expense506 — 506 
Financing expense109 — 109 
Club expense— 46 46 
Property management expense— 74 74 
Rental expense— 411 411 
Other expenses32 25 57 
Total segment expenses1,111 556 1,667 
Other:
Share-based compensation expense10 5 15 
Other segment adjustment items11 1 12 (d)
Intersegment elimination(51)— (51)(a)
Segment Adjusted EBITDA$422 $282 $704 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI sales, Sales and Marketing, and Financing expense on the unaudited condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the unaudited condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
($ in millions)
For the three months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$760 $378 $1,138 
Intersegment revenues— 27 27 
Total segment revenues760 405 1,165 (a)
Less:
Cost of VOI sales
38 — 38 
Selling expense206 — 206 
Marketing expense265 — 265 
Financing expense54 — 54 
Club expense— 21 21 
Property management expense— 35 35 
Rental expense— 191 191 
Other expenses8 12 20 
Total segment expenses571 (b)259 (c)830 
Other:
Share-based compensation expense5 3 8 
Other segment adjustment items9 — 9 (d)
Intersegment elimination(27)— (27)(a)
Segment Adjusted EBITDA$176 $149 $325 
For the six months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,405 $748 $2,153 
Intersegment revenues— 48 48 
Total segment revenues1,405 796 2,201 (a)
Less:
Cost of VOI sales
63 — 63 
Selling expense401 — 401 
Marketing expense495 — 495 
Financing expense109 — 109 
Club expense— 41 41 
Property management expense— 69 69 
Rental expense— 386 386 
Other expenses8 23 31 
Total segment expenses1,076 519 1,595 
Other:
Share-based compensation expense9 5 14 
Other segment adjustment items19 — 19 (d)
Intersegment elimination(48)— (48)(a)
Segment Adjusted EBITDA$309 $282 $591 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI sales, Sales and Marketing, and Financing expense on the unaudited condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the unaudited condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
The following table presents Adjusted EBITDA for our reportable segments reconciled to net income and net income attributable to stockholders:
 Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2026202520262025
Adjusted EBITDA:
Real estate sales and financing(1)
$211 $176 $422 $309 
Resort operations and club management(1)
154 149 282 282 
Segment Adjusted EBITDA365 325 704 591 
Acquisition and integration-related(14)(26)(26)(54)
General and administrative(67)(58)(116)(104)
Depreciation and amortization(71)(59)(142)(126)
License fees(58)(52)(111)(101)
Other gain (loss), net— 4 (1)10 
Interest expense(70)(79)(143)(156)
Income tax expense(8)(15)(14)(21)
Equity in earnings from unconsolidated affiliates2 6 7 11 
Loss on sale and impairment(48)(1)(48)(1)
Other adjustment items(2)
(16)(17)(27)(33)
Net income15 28 83 16 
Net income attributable to noncontrolling interest3 3 5 8 
Net income attributable to stockholders$12 $25 $78 $8 
(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.
(2)These amounts include costs associated with share-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.
The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
($ in millions)June 30, 2026December 31, 2025
Real estate sales and financing$8,242 $7,807 
Resort operations and club management3,345 3,140 
Total segment assets11,587 10,947 
Corporate647 590 
Total assets$12,234 $11,537 
The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:
Six Months Ended June 30,
($ in millions)20262025
Real estate sales and financing$43 $76 
Resort operations and club management1 1 
Total segment capital expenditures
44 77 
Corporate8 28 
Total capital expenditures
$52 $105