v3.26.3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues by Product and Segment from Contracts with Customers
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.
($ in millions)Three Months Ended September 30,Nine Months Ended September 30,
Real Estate Sales and Financing Segment2026202520262025
Sales of VOIs, net$1,124 $473 $2,086 $1,320 
Fee-for-service commissions, package sales and other fees
145 188 464 495 
Interest income141 119 399 348 
Other financing revenue8 9 32 31 
Real estate sales and financing segment revenues$1,418 $789 $2,981 $2,194 
($ in millions)Three Months Ended September 30,Nine Months Ended September 30,
Resort Operations and Club Management Segment2026202520262025
Club management$78 $78 $220 $220 
Resort management118 115 350 339 
Rental(1)
179 173 556 527 
Ancillary services15 13 45 41 
Resort operations and club management segment revenues$390 $379 $1,171 $1,127 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Schedule of Accounts Receivable from Contracts with Customers and Composition of Contract Liabilities
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net on our condensed consolidated balance sheets:
($ in millions)
Receivables from contracts with customers:September 30, 2026December 31, 2025
Accounts receivable, net$220 $200 
Timeshare financing receivables, net(1)
3,676 3,115 
Total$3,896 $3,315 
(1) Includes $721 million and $528 million of acquired timeshare financing receivables, net, as of September 30, 2026 and December 31, 2025.
The following table presents the composition of our contract liabilities:
($ in millions)
Contract liabilities:September 30, 2026December 31, 2025
Advanced deposits$225 $228 
Deferred sales of VOIs of projects under construction— 460 
Club activation fees and annual dues
119 74 
Bonus point incentive liability(1)
120 113 
Other76 42 
Total$540 $917 
(1)The balance includes $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of both September 30, 2026 and December 31, 2025. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Schedule of Deferred Revenue, Deferred Cost of VOI Sales and Deferred Direct Selling Costs from Sales of VOIs Related to Projects under Construction The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)September 30, 2026December 31, 2025
Sales of VOIs, net$— $460 
Cost of VOI sales— 133 
Sales and marketing expense— 74 
Schedule of Remaining Transaction Price Related to Advanced Deposits, Club Activation Fees and Bonus Points Incentive Liability
The following table includes the remaining transaction price related to our contract liabilities as of September 30, 2026:
($ in millions)Remaining
Transaction Price		Recognition PeriodRecognition Method
Advanced deposits$225 18 monthsUpon customer stays
Club activation fees82 7 yearsStraight-line basis over average inventory holding period
Bonus point incentive liability120 
18 - 30 months
Upon redemption
Annual club dues
37 1 year
Straight-line basis
Other
76 1 year
Straight-line basis