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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
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 Segment2025202420252024
Sales of VOIs, net$473 $550 $1,320 $1,459 
Fee-for-service commissions, package sales and other fees
188 159 495 471 
Interest income119 96 348 280 
Other financing revenue9 9 31 31 
Real estate sales and financing segment revenues$789 $814 $2,194 $2,241 
($ in millions)Three Months Ended September 30,Nine Months Ended September 30,
Resort Operations and Club Management Segment2025202420252024
Club management$78 $74 $220 $204 
Resort management115 105 339 312 
Rental(1)
173 171 527 521 
Ancillary services13 12 41 38 
Resort operations and club management segment revenues$379 $362 $1,127 $1,075 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Receivables from Contracts with Customers and Contract Liabilities
Our accounts receivable that relate to our contracts with customers include amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:
($ in millions)September 30, 2025December 31, 2024
Receivables from contracts with customers:
Accounts receivable, net$279 $219 
Timeshare financing receivables, net(1)
3,059 3,006 
Total$3,338 $3,225 
(1) Includes $583 million and $878 million of acquired timeshare financing receivables, net, as of September 30, 2025 and December 31, 2024, respectively.
Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on vacation packages for future stays at our resorts, deferred revenues related to sales of VOIs of projects under construction, club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future, deferred maintenance fees and other deferred revenue.
The following table presents the composition of our contract liabilities:
($ in millions)September 30, 2025December 31, 2024
Contract liabilities:
Advanced deposits$228 $226 
Deferred sales of VOIs of projects under construction399 92 
Club activation fees and annual dues
107 70 
Bonus point incentive liability(1)
112 104 
Maintenance fees
15 12 
Other revenue
58 26 
(1)The balance includes $56 million and $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Revenue earned for the three and nine months ended September 30, 2025, which was included in the contract liabilities balance at December 31, 2024, was approximately $39 million and $197 million, respectively.
Transaction Price Allocated to Remaining Performance Obligations
Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on vacation packages and (iv) bonus points that may be redeemed in the future.
Deferred VOI sales primarily include the deferred revenues of sales associated with projects under construction. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)September 30, 2025December 31, 2024
Sales of VOIs, net$399 $92 
Cost of VOI sales114 28 
Sales and marketing expense64 13 
During the nine months ended September 30, 2025, we deferred $307 million of Sales of VOI, net related to projects under construction. We expect to recognize the revenue, costs of VOI sales and direct selling costs related to the projects under construction as of September 30, 2025, upon their completion in 2026.
The following table includes the remaining transaction price related to our contract liabilities as of September 30, 2025:
($ in millions)Remaining
Transaction Price		Recognition PeriodRecognition Method
Advanced deposits$228 18 monthsUpon customer stays
Club activation fees74 7 yearsStraight-line basis over average inventory holding period
Bonus point incentive liability112 
18 - 30 months
Upon redemption
Annual club dues
33 1 year
Straight-line basis
Maintenance fees
15 1 year
Straight-line basis
Other revenue
58 1 year
Straight-line basis