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Revenue (Tables)
3 Months Ended
Mar. 31, 2026
Revenue [Abstract]  
Disaggregation of Revenue from Contracts with Customers Revenue by major customer acquisition channel for our home warranties and other revenue is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In millions)

 

2026

 

 

2025

 

Renewals

 

$

 

352

 

 

$

 

333

 

Real estate(1)

 

 

 

28

 

 

 

 

27

 

Direct-to-consumer(1)

 

 

 

31

 

 

 

 

32

 

Non-warranty and other

 

 

 

41

 

 

 

 

33

 

Total

 

$

 

451

 

 

$

 

426

 

 

(1)
First-year revenue only.
Change in Deferred Revenue

A summary of the changes in deferred revenue, including the long-term portion, for the three months ended March 31, 2026 is as follows:

 

(In millions)

 

 

 

Balance as of December 31, 2025

 

$

 

126

 

Deferral of revenue

 

 

 

114

 

Recognition of deferred revenue

 

 

 

(49

)

Balance as of March 31, 2026

 

$

 

191