v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues        
Revenues $ 1,961 $ 1,300 $ 4,604 $ 3,714
Expenses        
General and administrative 76 58 192 162
Depreciation and amortization 70 67 212 193
Loss on sale and impairment, net (7) 1 41 2
Total operating expenses 1,469 1,179 3,878 3,421
Interest expense (78) (79) (221) (235)
Equity in earnings from unconsolidated affiliates 1 6 8 17
Other (loss) gain, net (1) (3) (2) 7
Income before income taxes 414 45 511 82
Income tax expense (117) (15) (131) (36)
Net income 297 30 380 46
Net income attributable to noncontrolling interest 6 5 11 13
Net income attributable to stockholders $ 291 $ 25 $ 369 $ 33
Earnings per share attributable to stockholders:        
Basic (in dollars per share) $ 3.78 $ 0.28 $ 4.65 $ 0.37
Diluted (in dollars per share) $ 3.70 $ 0.28 $ 4.54 $ 0.36
Sales of VOIs, net        
Revenues        
Revenues $ 1,124 $ 473 $ 2,086 $ 1,320
Fee-for-service commissions, package sales and other fees        
Revenues        
Revenues 145 188 464 495
Financing        
Revenues        
Revenues 149 128 431 379
Expenses        
Expenses 55 53 164 162
Resort and club management        
Revenues        
Revenues 196 193 570 559
Expenses        
Expenses 60 58 180 168
Rental and ancillary services        
Revenues        
Revenues 194 186 601 568
Expenses        
Expenses 201 190 637 599
Cost reimbursements        
Revenues        
Revenues 153 132 452 393
Expenses        
Expenses 153 132 452 393
Cost of VOI sales        
Expenses        
Expenses 207 43 290 106
Sales and marketing        
Expenses        
Expenses 584 497 1,503 1,401
Acquisition and integration-related        
Expenses        
Expenses 13 24 39 78
License fees        
Expenses        
Expenses $ 57 $ 56 $ 168 $ 157