v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 227 $ 239
Restricted cash 275 332
Accounts receivable, net 274 270
Timeshare financing receivables, net 3,676 3,115
Inventory 2,388 2,522
Property and equipment, net 929 859
Operating lease right-of-use assets, net 76 72
Investments in unconsolidated affiliates 18 63
Goodwill 1,987 1,985
Intangible assets, net 1,568 1,670
Other assets 387 410
TOTAL ASSETS (variable interest entities - $2,835 and $2,601) 11,805 11,537
LIABILITIES AND EQUITY    
Accounts payable, accrued expenses and other 1,102 1,018
Advanced deposits 225 228
Debt, net 4,885 4,545
Non-recourse debt, net 2,891 2,716
Operating lease liabilities 106 89
Deferred revenue 263 637
Deferred income tax liabilities 864 864
Total liabilities (variable interest entities - $2,896 and $2,824) 10,336 10,097
Commitments and contingencies - see Note 18
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of September 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 75,818,689 shares issued and outstanding as of September 30, 2026, and 83,133,678 shares issued and outstanding as of December 31, 2025 1 1
Additional paid-in capital 1,216 1,276
Accumulated retained earnings 112 34
Accumulated other comprehensive loss (22) (22)
Total stockholders' equity 1,307 1,289
Noncontrolling interest 162 151
Total equity 1,469 1,440
TOTAL LIABILITIES AND EQUITY $ 11,805 $ 11,537