v3.26.1
REVENUE AND RECEIVABLES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE AND RECEIVABLES
4. REVENUE AND RECEIVABLES
Sources of Revenue by Segment
Three Months Ended June 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$430 $— $— $430 
Ancillary revenues74 1 — 75 
Management fee revenues56 2 — 58 
Exchange and other services revenues36 39 17 92 
Management and exchange166 42 17 225 
Rental165 8 — 173 
Cost reimbursements407 4 (11)400 
Revenue from contracts with customers1,168 54 6 1,228 
Financing92 — — 92 
Total Revenues$1,260 $54 $6 $1,320 
Three Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$370 $— $— $370 
Ancillary revenues75 1 — 76 
Management fee revenues55 1 — 56 
Exchange and other services revenues35 39 13 87 
Management and exchange165 41 13 219 
Rental150 10 — 160 
Cost reimbursements413 2 (8)407 
Revenue from contracts with customers1,098 53 5 1,156 
Financing90 — — 90 
Total Revenues$1,188 $53 $5 $1,246 
Six Months Ended June 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$773 $— $— $773 
Ancillary revenues139 2 — 141 
Management fee revenues112 4 (1)115 
Exchange and other services revenues71 80 34 185 
Management and exchange322 86 33 441 
Rental332 17 — 349 
Cost reimbursements842 8 (20)830 
Revenue from contracts with customers2,269 111 13 2,393 
Financing184 — — 184 
Total Revenues$2,453 $111 $13 $2,577 
Six Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$725 $— $— $725 
Ancillary revenues140 2 — 142 
Management fee revenues110 4 (1)113 
Exchange and other services revenues70 81 28 179 
Management and exchange320 87 27 434 
Rental309 20 — 329 
Cost reimbursements791 4 (15)780 
Revenue from contracts with customers2,145 111 12 2,268 
Financing178 — — 178 
Total Revenues$2,323 $111 $12 $2,446 
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
Three Months Ended June 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$658 $22 $6 $686 
Goods or services transferred at a point in time510 32 — 542 
Revenue from contracts with customers$1,168 $54 $6 $1,228 
Three Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$649 $20 $5 $674 
Goods or services transferred at a point in time449 33 — 482 
Revenue from contracts with customers$1,098 $53 $5 $1,156 
Six Months Ended June 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$1,345 $44 $13 $1,402 
Goods or services transferred at a point in time924 67 — 991 
Revenue from contracts with customers$2,269 $111 $13 $2,393 
Six Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$1,268 $41 $12 $1,321 
Goods or services transferred at a point in time877 70 — 947 
Revenue from contracts with customers$2,145 $111 $12 $2,268 
Sale of Vacation Ownership Products
Revenues were reduced during the second quarter and first half of 2026 by $7 million and $11 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.
Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either June 30, 2026 or December 31, 2025.
($ in millions)At June 30, 2026At December 31, 2025
Receivables from Contracts with Customers
Accounts and contracts receivable, net$290 $271 
Vacation ownership notes receivable, net2,587 2,565 
$2,877 $2,836 
Contract Liabilities(1)
Advance deposits
$166 $163 
Deferred revenue and other
416 371 
$582 $534 
(1)Includes $105 million and $99 million of other refundable deposits at June 30, 2026 and December 31, 2025, respectively.
Revenue recognized during the second quarter and first half of 2026 that was included in our contract liabilities balance at December 31, 2025 was $94 million and $214 million, respectively.
Remaining Performance Obligations
Our recorded contract liabilities (excluding other refundable deposits) represent the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2026. At June 30, 2026, approximately 90% of the recorded contract liabilities are expected to be recognized as revenue over the next two years.
Accounts and Contracts Receivable
Accounts and contracts receivable is composed of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
($ in millions)At June 30, 2026At December 31, 2025
Receivables from contracts with customers, net$290 $271 
Interest receivable20 20 
Tax receivable64 77 
Indemnification assets35 40 
Employee tax credit receivable1 4 
Other18 16 
$428 $428