v3.26.1
REVENUE AND RECEIVABLES
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE AND RECEIVABLES
4. REVENUE AND RECEIVABLES
Sources of Revenue by Segment
Three Months Ended March 31, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$343 $— $— $343 
Ancillary revenues65 1 — 66 
Management fee revenues56 2 (1)57 
Exchange and other services revenues35 41 17 93 
Management and exchange156 44 16 216 
Rental167 9 — 176 
Cost reimbursements435 4 (9)430 
Revenue from contracts with customers1,101 57 7 1,165 
Financing92 — — 92 
Total Revenues$1,193 $57 $7 $1,257 
Three Months Ended March 31, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$355 $— $— $355 
Ancillary revenues65 1 — 66 
Management fee revenues55 3 (1)57 
Exchange and other services revenues35 42 15 92 
Management and exchange155 46 14 215 
Rental159 10 — 169 
Cost reimbursements378 2 (7)373 
Revenue from contracts with customers1,047 58 7 1,112 
Financing88 — — 88 
Total Revenues$1,135 $58 $7 $1,200 
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
Three Months Ended March 31, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$687 $22 $7 $716 
Goods or services transferred at a point in time414 35 — 449 
Revenue from contracts with customers$1,101 $57 $7 $1,165 
Three Months Ended March 31, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$620 $21 $7 $648 
Goods or services transferred at a point in time427 37 — 464 
Revenue from contracts with customers$1,047 $58 $7 $1,112 
Sale of Vacation Ownership Products
Revenues were reduced during the first quarter of 2026 by $4 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.
Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2026 or December 31, 2025.
($ in millions)At March 31, 2026At December 31, 2025
Receivables from Contracts with Customers
Accounts and contracts receivable, net$276 $271 
Vacation ownership notes receivable, net2,567 2,565 
$2,843 $2,836 
Contract Liabilities(1)
Advance deposits
$172 $163 
Deferred revenue and other
466 371 
$638 $534 
(1)Includes $108 million and $99 million of other refundable deposits at March 31, 2026 and December 31, 2025, respectively.
Revenue recognized during the first quarter of 2026 that was included in our contract liabilities balance at December 31, 2025 was $120 million.
Remaining Performance Obligations
Our recorded contract liabilities (excluding other refundable deposits) represent the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2026. At March 31, 2026, approximately 90% of the recorded contract liabilities are expected to be recognized as revenue over the next two years.
Accounts and Contracts Receivable
Accounts and contracts receivable is composed of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
($ in millions)At March 31, 2026At December 31, 2025
Receivables from contracts with customers, net$276 $271 
Interest receivable20 20 
Tax receivable60 77 
Indemnification assets37 40 
Employee tax credit receivable4 4 
Other19 16 
$416 $428