v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Net Revenues Property management fee and reimbursable revenues were (in millions):
Three Months Ended
March 31,
20262025
Management fee revenues$116 $114 
Reimbursable revenues107 109 
Property management fees and reimbursable revenues$223 $223 
The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions):
Three Months Ended
March 31,
20262025
Vacation Ownership
Vacation ownership interest sales$427 $384 
Property management fees and reimbursable revenues223 223 
Consumer financing113 112 
Fee-for-Service commissions11 16 
Ancillary revenues24 20 
Total Vacation Ownership798 755 
Travel and Membership
Transaction revenues117 130 
Subscription revenues42 43 
Ancillary revenues6 7 
Total Travel and Membership165 180 
Corporate and other
Ancillary revenues— 1 
Eliminations(2)(2)
Total Corporate and other(2)(1)
Net revenues$961 $934 
Schedule of Contract Liabilities Contract liabilities consisted of (in millions):
March 31,
2026		December 31, 2025
Deferred subscription revenue$151 $147 
Deferred VOI trial package revenue137 138 
Deferred VOI incentive revenue88 90 
Deferred exchange-related revenue (a)
58 57 
Deferred co-branded credit card programs revenue34 36 
Deferred other revenue 11 1 
Total$479 $469 
(a)Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. As of both March 31, 2026 and December 31, 2025, there were $1 million of these contractual liabilities included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.
Changes in contract liabilities for the periods presented were as follows (in millions):
Three Months Ended
March 31,
20262025
Beginning balance$469 $459 
Additions93 110 
Revenue recognized(83)(82)
Ending balance$479 $487 
Schedule of Performance Obligations
The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions):
4/1/2026 - 3/31/20274/1/2027 - 3/31/20284/1/2028 - 3/31/2029ThereafterTotal
Subscription revenue$86 $32 $15 $18 $151 
VOI trial package revenue125 4 4 4 137 
VOI incentive revenue88 — — — 88 
Exchange-related revenue55 2 1 — 58 
Co-branded credit card programs revenue4 4 4 22 34 
Other revenue11 — — — 11 
Total$369 $42 $24 $44 $479