v3.26.3
REVENUE AND RECEIVABLES
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE AND RECEIVABLES
4. REVENUE AND RECEIVABLES
Sources of Revenue by Segment
Three Months Ended September 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$459 $— $— $459 
Ancillary revenues67 1 — 68 
Management fee revenues56 1 (1)56 
Exchange and other services revenues34 37 17 88 
Management and exchange157 39 16 212 
Rental146 9 — 155 
Cost reimbursements451 4 (9)446 
Revenue from contracts with customers1,213 52 7 1,272 
Financing95 — — 95 
Total Revenues$1,308 $52 $7 $1,367 
Three Months Ended September 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$358 $— $— $358 
Ancillary revenues69 1 — 70 
Management fee revenues56 2 (1)57 
Exchange and other services revenues33 40 14 87 
Management and exchange158 43 13 214 
Rental142 8 — 150 
Cost reimbursements462 2 (13)451 
Revenue from contracts with customers1,120 53 — 1,173 
Financing90 — — 90 
Total Revenues$1,210 $53 $— $1,263 
Nine Months Ended September 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$1,232 $— $— $1,232 
Ancillary revenues206 3 — 209 
Management fee revenues168 5 (2)171 
Exchange and other services revenues105 117 51 273 
Management and exchange479 125 49 653 
Rental478 26 — 504 
Cost reimbursements1,293 12 (29)1,276 
Revenue from contracts with customers3,482 163 20 3,665 
Financing279 — — 279 
Total Revenues$3,761 $163 $20 $3,944 
Nine Months Ended September 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$1,083 $— $— $1,083 
Ancillary revenues209 3 — 212 
Management fee revenues166 6 (2)170 
Exchange and other services revenues103 121 42 266 
Management and exchange478 130 40 648 
Rental451 28 — 479 
Cost reimbursements1,253 6 (28)1,231 
Revenue from contracts with customers3,265 164 12 3,441 
Financing268 — — 268 
Total Revenues$3,533 $164 $12 $3,709 
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
Three Months Ended September 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$684 $21 $7 $712 
Goods or services transferred at a point in time529 31 — 560 
Revenue from contracts with customers$1,213 $52 $7 $1,272 
Three Months Ended September 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$691 $20 $— $711 
Goods or services transferred at a point in time429 33 — 462 
Revenue from contracts with customers$1,120 $53 $— $1,173 
Nine Months Ended September 30, 2026
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$2,029 $66 $20 $2,115 
Goods or services transferred at a point in time1,453 97 — 1,550 
Revenue from contracts with customers$3,482 $163 $20 $3,665 
Nine Months Ended September 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$1,959 $62 $12 $2,033 
Goods or services transferred at a point in time1,306 102 — 1,408 
Revenue from contracts with customers$3,265 $164 $12 $3,441 
Sale of Vacation Ownership Products
Revenues were reduced during the third quarter and first three quarters of 2026 by $4 million and $15 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.
Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either September 30, 2026 or December 31, 2025.
($ in millions)At September 30, 2026At December 31, 2025
Receivables from Contracts with Customers
Accounts and contracts receivable, net$285 $271 
Vacation ownership notes receivable, net2,676 2,565 
$2,961 $2,836 
Contract Liabilities(1)
Advance deposits
$167 $163 
Deferred revenue and other
358 371 
$525 $534 
(1)Includes $103 million and $99 million of other refundable deposits at September 30, 2026 and December 31, 2025, respectively.
Revenue recognized during the third quarter and first three quarters of 2026 that was included in our contract liabilities balance at December 31, 2025 was $80 million and $294 million, respectively.
Remaining Performance Obligations
Our recorded contract liabilities (excluding other refundable deposits) represent the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2026. At September 30, 2026, approximately 90% of the recorded contract liabilities are expected to be recognized as revenue over the next two years.
Accounts and Contracts Receivable
Accounts and contracts receivable is composed of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
($ in millions)At September 30, 2026At December 31, 2025
Receivables from contracts with customers, net$285 $271 
Interest receivable20 20 
Tax receivable58 77 
Indemnification assets35 40 
Other21 20 
$419 $428