v3.26.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Net Revenues Property management fee and reimbursable revenues were (in millions):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Management fee revenues$127 $113 $360 $340 
Reimbursable revenues121 105 341 317 
Property management fees and reimbursable revenues$248 $218 $701 $657 
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 EndedNine Months Ended
September 30,September 30,
2026202520262025
Vacation Ownership
Vacation ownership interest sales$545 $494 $1,497 $1,352 
Property management fees and reimbursable revenues248 218 701 657 
Consumer financing118 115 344 339 
Fee-for-Service commissions12 22 33 64 
Ancillary revenues30 27 83 74 
Total Vacation Ownership953 876 2,658 2,486 
Travel and Membership
Transaction revenues102 119 328 365 
Subscription revenues41 43 125 129 
Ancillary revenues7 7 18 20 
Total Travel and Membership150 169 471 514 
Corporate and other
Ancillary revenues— 1 1 2 
Eliminations(2)(2)(5)(6)
Total Corporate and other(2)(1)(4)(4)
Net revenues$1,101 $1,044 $3,125 $2,996 
Schedule of Contract Liabilities Contract liabilities consisted of (in millions):
September 30,
2026		December 31, 2025
Deferred subscription revenue$143 $147 
Deferred VOI trial package revenue133 138 
Deferred VOI incentive revenue88 90 
Deferred exchange-related revenue (a)
55 57 
Deferred co-branded credit card programs revenue32 36 
Deferred other revenue 3 1 
Total$454 $469 
(a)Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. As of both September 30, 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):
Nine Months Ended
September 30,
20262025
Beginning balance$469 $459 
Additions238 278 
Revenue recognized(253)(246)
Ending balance$454 $491 
Schedule of Performance Obligations
The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions):
10/1/2026 - 9/30/202710/1/2027 - 9/30/202810/1/2028 - 9/30/2029ThereafterTotal
Subscription revenue$80 $31 $14 $18 $143 
VOI trial package revenue119 5 5 4 133 
VOI incentive revenue88 — — — 88 
Exchange-related revenue52 2 1 — 55 
Co-branded credit card programs revenue4 4 4 20 32 
Other revenue3 — — — 3 
Total$346 $42 $24 $42 $454