v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Components of Operating Lease Costs
The components of lease costs for operating leases, inclusive of leases assumed as a part of the Anywhere Merger, for the three and six months ended June 30, 2026 and 2025 was as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease costs54 $27 105 $54 
Short-term lease costs4 — 9 1 
Sublease income— (1)(2)(3)
Variable lease costs12 10 31 19 
Total$70 $36 $143 $71 
Supplemental Lease Balance Sheet Information
Supplemental balance sheet information related to the Company's leases was as follows (in millions):
Lease TypeBalance Sheet ClassificationJune 30, 2026December 31, 2025
Assets:
Operating lease assetsOperating lease right-of-use assets$690 $381
Finance lease assetsProperty and equipment, net7 —
Total lease assets, net$697 $381
Liabilities:
Current:
Operating lease liabilitiesCurrent lease liabilities$178$99
Finance lease liabilitiesCurrent lease liabilities4—
Non-current:
Operating lease liabilitiesNon-current lease liabilities594354
Finance lease liabilitiesNon-current lease liabilities2—
Total lease liabilities$778$453
Schedule of Weighted-average Remaining Lease Term and Discount Rate
The following table represents the weighted-average remaining lease term and discount rate for the Company’s operating leases:
June 30, 2026December 31, 2025
Weighted average remaining lease term (years):
Operating leases4.85.1
Finance leases2.00.0
Weighted average discount rate:
Operating leases6.3%6.1%
Finance leases5.5%—%
Schedule of Operating Lease Liability Maturity
Future undiscounted lease payments for the Company’s operating and finance lease liabilities are as follows as of June 30, 2026 (in millions):

Operating LeasesFinance LeasesTotal
Remaining 2026
$107 $2 $109 
2027
222 3 225 
2028183 1 184 
2029148 — 148 
203097 — 97 
Thereafter147 — 147 
Total future lease payments904 6 910 
Less: imputed interest132 — 132 
Present value of lease liabilities$772 $6 $778 
Schedule of Finance Lease Liability Maturity
Future undiscounted lease payments for the Company’s operating and finance lease liabilities are as follows as of June 30, 2026 (in millions):

Operating LeasesFinance LeasesTotal
Remaining 2026
$107 $2 $109 
2027
222 3 225 
2028183 1 184 
2029148 — 148 
203097 — 97 
Thereafter147 — 147 
Total future lease payments904 6 910 
Less: imputed interest132 — 132 
Present value of lease liabilities$772 $6 $778 
Schedule of Cash Flow, Supplemental Disclosures
Supplemental cash flow information related to leases was as follows (in millions):

Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$118 $65 
Financing cash flows from finance leases3 — 
Supplemental non-cash information:
Lease assets obtained in exchange for lease obligations:
Operating leases$84 $41 
Finance leases1 —