v3.26.1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues by Product and Segment from Contracts with Customers
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 $748 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Schedule of Accounts Receivable from Contracts with Customers and Composition of Contract Liabilities
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net on our condensed consolidated balance sheets:
($ 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 $528 million of acquired timeshare financing receivables, net, as of June 30, 2026 and December 31, 2025.
The following table presents the composition of our contract liabilities:
($ 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 $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Schedule of Deferred Revenue, Deferred Cost of VOI Sales and Deferred Direct Selling Costs from Sales of VOIs Related to Projects under Construction The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)June 30, 2026December 31, 2025
Sales of VOIs, net$539 $460 
Cost of VOI sales152 133 
Sales and marketing expense88 74 
Schedule of Remaining Transaction Price Related to Advanced Deposits, Club Activation Fees and Bonus Points Incentive Liability
The following table includes the remaining transaction price related to our contract liabilities as of June 30, 2026:
($ 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