0001524358-26-000010 | 10-K | XBRL Viewer | Marriott Vacations Worldwide Corp

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LEASES - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Lease Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 16	$ 19	$ 31
Amortization of right-of-use assets	13	12	10
Interest on lease liabilities	13	13	11
Variable lease cost	2	2	3
Lease, cost	$ 44	$ 46	$ 55

INCOME TAXES - Effective Income Tax Rate Prior to ASU Adoption (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21.00%	21.00%	21.00%
U.S. state income taxes, net of U.S. federal tax benefit	1.20%	4.60%	4.50%
Share-based compensation, net of Section 162(m) limitation		0.80%	0.30%
Other permanent differences		1.00%	(3.00%)
Tax rate changes		0.30%	(0.80%)
Non-U.S. income	(13.70%)	9.40%	2.70%
Tax credits		(0.80%)	(0.60%)
Unrecognized tax benefits		(6.30%)	5.50%
Change in valuation allowance		(2.60%)	7.10%
Other items		1.60%	(0.20%)
Effective rate	(2.80%)	29.00%	36.50%

DEBT - 2028 Notes (Details) $ in Millions	12 Months Ended
DEBT - 2028 Notes (Details) $ in Millions	Dec. 31, 2019 USD ($)
2028 Notes \| Senior notes
Debt Instrument [Line Items]
Proceeds from issuance of senior debt	$ 346

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-Based Payment Arrangements, Allocation of Share-Based Compensation Costs by Plan

The following table details our share-based compensation expense related to award grants to our officers, directors, and employees. We recognized $7 million of tax benefits associated with share-based compensation during each of the three years ended December 31, 2025, 2024, and 2023.


($ in millions)	2025		2024		2023
Service-based RSUs	$	31	$	30	$	29
Performance-based RSUs	4		—		—
	35		30		29
SARs	3		3		2
	$	38	$	33	$	31

Schedule of Unrecognized Compensation Cost, Unvested Awards

The following table details our deferred compensation costs related to unvested awards:


($ in millions)	At Year-End 2025(1)		At Year-End 2024
Service-based RSUs	$	26	$	24
Performance-based RSUs	7		5
	33		29
SARs	2		1
	$	35	$	30

(1)As of December 31, 2025, the weighted average remaining term for RSU grants outstanding at year-end 2025 was one to three years and we expect that deferred compensation expense will be recognized over a weighted average term of two years.

Schedule of Outstanding RSUs and the Associated Weighted Average Grant-Date Fair Values

The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values:


	2025
	Service-based			Performance-based			Total
	Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2024	783,527	$	102.50	375,832	$	116.13	1,159,359	$	106.92
Granted	581,375	$	62.86	423,863	$	63.38	1,005,238	$	63.07
Distributed	(278,406)	$	111.12	(8,923)	$	152.12	(287,329)	$	112.40
Forfeited	(42,199)	$	79.34	(191,569)	$	104.63	(233,768)	$	100.07
Outstanding at year-end 2025	1,044,297	$	79.07	599,203	$	81.96	1,643,500	$	80.12

Schedule of Outstanding SARs and the Associated Weighted Average Exercise Prices

The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices:


	2025
	Number of SARs	Weighted Average Exercise Price Per SAR
Outstanding at year-end 2024	758,729	$	116.59
Granted	245,440	$	61.22
Exercised	(22,511)	$	69.63
Forfeited or expired	(24,089)	$	82.56
Outstanding at year-end 2025(1)(2)	957,569	$	104.36

(1)As of December 31, 2025, outstanding SARs had an aggregate intrinsic value of $1 million and a weighted average remaining term of 5 years.

(2)As of December 31, 2025, 630,361 SARs with a weighted average exercise price of $118.38 had no intrinsic value, and a weighted average remaining contractual term of 4 years were exercisable.

Schedule of Assumptions used to Estimate Fair Value of Grants

The following table outlines the assumptions used to estimate the fair value of grants in 2025, 2024, and 2023:


	2025	2024	2023
Expected volatility	45.79% - 51.27%	45.78%	40.47%
Dividend yield	4.35% - 6.64%	3.21%	1.87%
Risk-free rate	3.81% - 4.03%	4.23%	4.07%
Expected term (in years)	3.5 - 6.25	6.25	6.25

LEASES - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows for finance leases	$ 13	$ 14	$ 7
Operating cash flows for operating leases	23	24	33
Financing cash flows for finance leases	7	6	5
Right of Use Assets Obtained in Exchange in Exchange for Lease Obligations [Abstract]
Operating leases	10	23	31
Finance leases	$ 7	$ 16	$ 88

INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 1,101	$ 1,097
Accumulated amortization	(432)	(370)
Finite-lived intangible assets, net	669	727
Indefinite-lived intangible assets
Indefinite-lived intangible assets	42	63
Intangibles, net	711	790
Trade names
Indefinite-lived intangible assets
Indefinite-lived intangible assets	42	63
Member relationships
Definite-lived intangible assets
Finite-lived intangible assets, gross	672	670
Management contracts
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 429	$ 427

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW,” or the “Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered notes in the Financial Statements, unless otherwise noted. We refer to Marriott International, Inc. as “Marriott International” and Marriott International’s Marriott Bonvoy customer loyalty program as “Marriott Bonvoy.” Additionally, we use the term “Marriott Vacation Ownership” to refer to our Marriott, Sheraton, and Westin branded businesses and the term “Hyatt Vacation Ownership” to refer to our Hyatt branded business. We also use certain other terms that are defined within these Financial Statements. The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income attributable to common stockholders and MVW stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainties in the broader macroeconomic environment, including inflation, continuing high interest rates, mixed economic indicators, increased consumer debt, continuing global insecurity and political uncertainty, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material. Reclassifications For the year ended December 31, 2025, we separately presented Modernization expense in our Income Statements. As a result, prior year amounts were reclassified from Restructuring expense to conform to the current year presentation. Additionally during the year ended December 31, 2025, we reclassified $6 million of certain amounts related to ongoing litigation from General and administrative expense to Litigation charges in order to conform our 2024 results with our current year presentation. Acquisition of Welk On April 1, 2021 (the “Welk Acquisition Date”), we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. We refer to the business and brand that we acquired in the Welk Acquisition as “Legacy-Welk.” During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. Acquisition of ILG On September 1, 2018, we completed the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), through a series of transactions (the “ILG Acquisition”), after which ILG became our indirect wholly-owned subsidiary. We refer to our business associated with brands that existed prior to the ILG Acquisition as “Legacy-MVW” and to ILG’s business and brands that we acquired as “Legacy-ILG.” The businesses acquired from ILG that we currently operate as part of our Vacation Ownership business include Vistana Signature Experiences, which includes vacation ownership products branded as Sheraton or Westin, and Hyatt Vacation Ownership. The businesses acquired from ILG that we currently operate as part of our Exchange & Third-Party Management business include Interval International and Aqua-Aston Hospitality.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Total MVW Stockholders' Equity	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022			75,700,000
Beginning balance at Dec. 31, 2022	$ 2,498	$ 2,496	$ 1	$ (2,054)	$ 3,941	$ 15	$ 593	$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	252	254					254	(2)
Foreign currency translation adjustments	11	11				11
Derivative instrument adjustment	(10)	(10)				(10)
Share-based compensation plans (in shares)			100,000
Share-based compensation plans	22	22		8	14
Repurchase of common stock	(286)	(286)		(286)
Dividends	(105)	(105)					(105)
Ending balance (in shares) at Dec. 31, 2023			75,800,000
Ending balance at Dec. 31, 2023	2,382	2,382	$ 1	(2,332)	3,955	16	742	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	217	218					218	(1)
Foreign currency translation adjustments	(21)	(21)				(21)
Derivative instrument adjustment	(3)	(3)				(3)
Share-based compensation plans (in shares)			100,000
Share-based compensation plans	30	30		10	20
Repurchase of common stock	(56)	(56)		(56)
Dividends	$ (108)	(108)					(108)
Ending balance (in shares) at Dec. 31, 2024	75,852,678		75,900,000
Ending balance at Dec. 31, 2024	$ 2,441	2,442	$ 1	(2,378)	3,975	(8)	852	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(307)	(308)					(308)	1
Foreign currency translation adjustments	(3)	(3)				(3)
Derivative instrument adjustment	0
Share-based compensation plans	33	33		12	21
Repurchase of common stock	(61)	(61)		(61)
Dividends	$ (110)	(110)					(110)
Ending balance (in shares) at Dec. 31, 2025	75,891,531		75,900,000
Ending balance at Dec. 31, 2025	$ 1,993	$ 1,993	$ 1	$ (2,427)	$ 3,996	$ (11)	$ 434	$ 0

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-Accrual Notes Receivable That Are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due
Investment in vacation ownership notes receivable on non-accrual status	$ 185	$ 195
Non-Securitized
Financing Receivable, Past Due
Investment in vacation ownership notes receivable on non-accrual status	165	171
Securitized
Financing Receivable, Past Due
Investment in vacation ownership notes receivable on non-accrual status	$ 20	$ 24

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Principal Payments Year
2026	$ 583
2027	583
2028	358
2029	508
2030	8
Thereafter	1,323
Total	3,363
Term Loan \| Term Loan, net
Debt Principal Payments Year
2026	8
2027	8
2028	8
2029	8
2030	8
Thereafter	748
Total	788
Senior notes \| 2028 Notes
Debt Principal Payments Year
2026	0
2027	0
2028	350
2029	0
2030	0
Thereafter	0
Total	350	$ 350
Senior notes \| 2029 Notes
Debt Principal Payments Year
2026	0
2027	0
2028	0
2029	500
2030	0
Thereafter	0
Total	500	500
Senior notes \| 2033 Notes
Debt Principal Payments Year
2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	575
Total	575	0
Convertible Notes \| 2026 Convertible Notes
Debt Principal Payments Year
2026	575
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total	575	575
Convertible Notes \| 2027 Convertible Notes
Debt Principal Payments Year
2026	0
2027	575
2028	0
2029	0
2030	0
Thereafter	0
Total	$ 575	$ 575

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 4,672	$ 4,625	$ 4,405
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,786	2,749	2,519
Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,886	1,876	1,886
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	14	6	(3)
Corporate and Other \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	14	6	(3)
Corporate and Other \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Vacation Ownership \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,445	4,388	4,146
Vacation Ownership \| Operating Segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,689	2,652	2,411
Vacation Ownership \| Operating Segments \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,756	1,736	1,735
Exchange & Third-Party Management \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	213	231	262
Exchange & Third-Party Management \| Operating Segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	83	91	111
Exchange & Third-Party Management \| Operating Segments \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 130	$ 140	$ 151

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets
Inventory	$ 108	$ 74
Provision for doubtful accounts and sales reserve	178	166
Convertible debt	12	24
Deferred compensation	50	42
Property and equipment	129	73
Non-cash compensation	17	15
Net operating loss and capital loss carryforwards	180	143
Accrued expenses	24	30
Tax credits	29	30
Finance lease assets	51	50
Other, net	81	31
Deferred tax assets	859	678
Less valuation allowance	(270)	(163)
Net deferred tax assets	589	515
Deferred Tax Liabilities
Long lived intangible assets	(171)	(189)
Deferred sales of VOIs	(537)	(549)
Finance lease liabilities	(42)	(43)
Other, net	(45)	(41)
Deferred tax liabilities	(795)	(822)
Total net deferred tax liabilities	$ (206)	$ (307)

FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash surrender value of life insurance	$ 168	$ 131

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	$ 2,565	$ 2,440
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	1,900	1,917
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	152	94
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	513	429
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	665	523
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	2,503	2,333
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	1,843	1,824
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	152	92
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	508	417
Originated \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	660	509
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	62	107
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	57	93
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	0	2
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	5	12
Acquired \| Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net of reserves	$ 5	$ 14

LEASES - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 23
2027	16
2028	12
2029	10
2030	7
Thereafter	16
Total lease payments	84
Less: Imputed interest	(11)
Operating lease liabilities	73	$ 94
Finance Leases
2026	18
2027	16
2028	14
2029	13
2030	13
Thereafter	448
Total lease payments	522
Less: Imputed interest	(324)
Finance Leases	198	199
Total
2026	41
2027	32
2028	26
2029	23
2030	20
Thereafter	464
Total lease payments	606
Less: Imputed interest	(335)
Lease liability	$ 271	$ 293

STOCKHOLDERS’ EQUITY - Cash Dividend Declared (Details) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Dividends per share (in usd per share)	$ 0.80	$ 0.79	$ 0.79	$ 0.79	$ 3.17	$ 3.07	$ 2.92

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Classifications of Consolidated VIE Assets and Liabilities

The following table shows consolidated assets, which are collateral for the obligations of the VIEs related to our vacation ownership notes receivable securitizations, and consolidated liabilities included on our Balance Sheet at December 31, 2025:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,900	$	—	$	1,900
Interest receivable	15		—		15
Restricted cash	81		—		81
Total	$	1,996	$	—	$	1,996
Consolidated Liabilities
Interest payable	$	4	$	—	$	4
Securitized debt	2,173		—		2,173
Total	$	2,177	$	—	$	2,177

Schedule of Interest Income and Expense Recognized as a Result of our Involvement with Variable Interest Entities

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during 2025:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	267	$	26	$	293
Interest expense	$	95	$	12	$	107
Debt issuance cost amortization	$	11	$	1	$	12
Administrative expenses	$	1	$	—	$	1

Schedule of Cash Flows Between Company and Variable Interest Entities

The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs:


($ in millions)	2025		2024
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	910	$	866
Principal receipts	578		565
Interest receipts	267		266
Reserve release	105		245
Total	1,860		1,942
Cash Outflows
Principal payments	(567)		(553)
Voluntary repurchases of defaulted vacation ownership notes receivable	(155)		(161)
Voluntary clean-up call	(64)		(92)
Interest payments	(95)		(95)
Funding of restricted cash	(103)		(243)
Total	(984)		(1,144)
Net Cash Flows	$	876	$	798

The following table shows cash flows between us and the Warehouse Credit Facility VIE:


($ in millions)	2025		2024
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	477	$	449
Principal receipts	49		25
Interest receipts	27		16
Reserve release	16		11
Total	569		501
Cash Outflows
Principal payments	(42)		(18)
Voluntary repurchases of defaulted vacation ownership notes receivable	(2)		(3)
Repayment of Warehouse Credit Facility	(557)		(455)
Interest payments	(12)		(9)
Funding of restricted cash	(13)		(9)
Total	(626)		(494)
Net Cash Flows	$	(57)	$	7

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS

The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts and contracts receivable (excluding contracts receivable for financed VOI sales, net), deposits included in Other assets, Accounts payable, Advance deposits, Accrued liabilities, and derivative instruments, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.


	At December 31, 2025				At December 31, 2024
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,565	$	2,645	$	2,440	$	2,508
Contracts receivable for financed VOI sales, net	95		95		89		89
Other assets	168		168		131		131
Total financial assets	$	2,828	$	2,908	$	2,660	$	2,728

Securitized debt, net	$	(2,146)	$	(2,196)	$	(2,136)	$	(2,147)
Term Loan, net	(780)		(788)		(786)		(796)
Revolving Corporate Credit Facility, net	—		—		(122)		(125)
2028 Notes, net	(348)		(346)		(348)		(336)
2029 Notes, net	(497)		(479)		(496)		(467)
2033 Notes, net	(567)		(553)		—		—
2026 Convertible notes, net	(575)		(564)		(572)		(546)
2027 Convertible notes, net	(569)		(548)		(566)		(541)
Total financial liabilities	$	(5,482)	$	(5,474)	$	(5,026)	$	(4,958)

Vacation Ownership Notes Receivable


	At December 31, 2025				At December 31, 2024
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	1,900	$	1,975	$	1,917	$	1,981

Eligible for securitization	152		157		94		98
Not eligible for securitization	513		513		429		429
Non-securitized	665		670		523		527

Total	$	2,565	$	2,645	$	2,440	$	2,508

We estimate the fair value of our vacation ownership notes receivable that have been securitized using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model uses default rates, prepayment rates, coupon rates, and loan terms for our securitized vacation ownership notes receivable portfolio as key drivers of risk and relative value to determine the fair value of the underlying vacation ownership notes receivable. We concluded that this fair value measurement should be categorized within Level 3.

Due to factors that impact the general marketability of our vacation ownership notes receivable that have not been securitized, as well as current market conditions, we bifurcate our non-securitized vacation ownership notes receivable at each balance sheet date into those eligible and not eligible for securitization using criteria applicable to current securitization transactions in the asset-backed securities (“ABS”) market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Asia or Europe. In some cases, eligibility may also be determined based on the credit score of the borrower, the remaining term of the loans and

other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable.

The table above shows the bifurcation of our vacation ownership notes receivable that have not been securitized into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria. We estimate the fair value of the portion of our vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as vacation ownership notes receivable that have been securitized. We value the remaining vacation ownership notes receivable that have not been securitized at their carrying value, rather than using our pricing model. We believe that the carrying value of these particular vacation ownership notes receivable approximates fair value because the stated, or otherwise imputed, interest rates of these loans are generally consistent with current market rates and the reserve for these vacation ownership notes receivable appropriately accounts for risks in default rates, prepayment rates, discount rates, and loan terms. We concluded that this fair value measurement should be categorized within Level 3.

Contracts Receivable for Financed VOI Sales

At the time at which we recognize revenue for our VOI sales, we temporarily record a contract receivable for financed VOI sales, until the time at which we originate a vacation ownership note receivable, which occurs at closing. We believe that the carrying value of the contracts receivable for financed VOI sales approximates fair value because the stated, or otherwise imputed, interest rates of these receivables are generally consistent with current market rates and the reserve for these contracts receivable for financed VOI sales appropriately accounts for risks in default rates. We concluded that this fair value measurement should be categorized within Level 3.

Other Assets

Other assets include $168 million and $131 million of COLI policies acquired on the lives of certain participants in the Marriott Vacations Worldwide Deferred Compensation Plan at December 31, 2025 and December 31, 2024, respectively, that are held in a rabbi trust. The carrying value of the COLI policies is equal to their cash surrender value (Level 2 inputs).

Securitized Debt

We generate cash flow estimates by modeling all bond tranches for our active vacation ownership notes receivable securitization transactions, with consideration for the collateral specific to each tranche. The key drivers in our analysis include default rates, prepayment rates, bond interest rates, and other structural factors, which we use to estimate the projected cash flows. In order to estimate market credit spreads by rating, we obtain indicative credit spreads from investment banks that actively issue and facilitate the market for vacation ownership securities and determine an average credit spread by rating level of the different tranches. We then apply those estimated market spreads to swap rates in order to estimate an underlying discount rate for calculating the fair value of the active bonds payable. We concluded that this fair value measurement should be categorized within Level 3.

Term Loan

We estimate the fair value of our Term Loan (as defined in Footnote 15 “Debt”) using quotes from securities dealers as of the last trading day for the quarter; however, this loan has only a limited trading history and volume, and as such, this fair value estimate is not necessarily indicative of the value at which the Term Loan could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3.

Revolving Corporate Credit Facility

We estimate that the gross carrying value of our Revolving Corporate Credit Facility (as defined in Footnote 15 “Debt”) approximates fair value as the contractual interest rate is variable plus an applicable margin. We concluded that this fair value measurement should be categorized within Level 3.

Senior Notes

We estimate the fair value of our 2028 Notes, 2029 Notes, and 2033 Notes (each as defined in Footnote 15 “Debt”) using quoted market prices as of the last trading day for the quarter; however, these notes have only a limited trading history and volume, and as such, this fair value estimate is not necessarily indicative of the value at which these notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2.

Convertible Notes

We estimate the fair value of our convertible notes using quoted market prices as of the last trading day for the quarter; however, these notes have only a limited trading history and volume, and as such, this fair value estimate is not necessarily indicative of the value at which the convertible notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2.

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The MVW Equity Plan is maintained for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) RSUs of our common stock, (2) SARs relating to our common stock, and (3) stock options to purchase our common stock. A total of approximately 3 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of December 31, 2025, approximately 1 million shares were available for grants under the MVW Equity Plan.


($ in millions)	2025		2024		2023
Service-based RSUs	$	31	$	30	$	29
Performance-based RSUs	4		—		—
	35		30		29
SARs	3		3		2
	$	38	$	33	$	31

The following table details our deferred compensation costs related to unvested awards:


($ in millions)	At Year-End 2025(1)		At Year-End 2024
Service-based RSUs	$	26	$	24
Performance-based RSUs	7		5
	33		29
SARs	2		1
	$	35	$	30

Restricted Stock Units

We have issued RSUs that vest over time, which we refer to as service-based RSUs, and RSUs that vest based on performance with respect to established criteria, which we refer to as performance-based RSUs.

The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values:


	2025
	Service-based			Performance-based			Total
	Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2024	783,527	$	102.50	375,832	$	116.13	1,159,359	$	106.92
Granted	581,375	$	62.86	423,863	$	63.38	1,005,238	$	63.07
Distributed	(278,406)	$	111.12	(8,923)	$	152.12	(287,329)	$	112.40
Forfeited	(42,199)	$	79.34	(191,569)	$	104.63	(233,768)	$	100.07
Outstanding at year-end 2025	1,044,297	$	79.07	599,203	$	81.96	1,643,500	$	80.12

The weighted average grant-date fair value per RSU granted in 2024 and 2023 was $86.73 and $143.08, respectively. The fair value of the RSUs which vested in 2025, 2024, and 2023 was $23 million, $22 million, and $36 million, respectively.

Stock Appreciation Rights

The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices:


	2025
	Number of SARs	Weighted Average Exercise Price Per SAR
Outstanding at year-end 2024	758,729	$	116.59
Granted	245,440	$	61.22
Exercised	(22,511)	$	69.63
Forfeited or expired	(24,089)	$	82.56
Outstanding at year-end 2025(1)(2)	957,569	$	104.36

(1)As of December 31, 2025, outstanding SARs had an aggregate intrinsic value of $1 million and a weighted average remaining term of 5 years.

(2)As of December 31, 2025, 630,361 SARs with a weighted average exercise price of $118.38 had no intrinsic value, and a weighted average remaining contractual term of 4 years were exercisable.

The weighted average grant-date fair value per SAR granted in 2025, 2024, and 2023 was $18.83, $34.58, and $58.50, respectively. The SARs which vested in 2025, 2024, and 2023 did not have any intrinsic value. The aggregate intrinsic value of SARs which were exercised in 2025, 2024, and 2023 was less than $1 million, $1 million, and less than $1 million, respectively.

We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts.

The following table outlines the assumptions used to estimate the fair value of grants in 2025, 2024, and 2023:


	2025	2024	2023
Expected volatility	45.79% - 51.27%	45.78%	40.47%
Dividend yield	4.35% - 6.64%	3.21%	1.87%
Risk-free rate	3.81% - 4.03%	4.23%	4.07%
Expected term (in years)	3.5 - 6.25	6.25	6.25

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Carrying Values of Leases and Classification on Balance Sheet

The following table presents the carrying values of our leases and the classification on our Balance Sheet.


($ in millions)	Balance Sheet Classification	At December 31, 2025		At December 31, 2024
Operating lease assets	Other assets	$	57	$	74
Finance lease assets	Property and equipment, net	164		168
		$	221	$	242

Operating lease liabilities	Accrued liabilities	$	73	$	94
Finance lease liabilities	Debt, net	198		199
		$	271	$	293

Schedule of Lease, Cost

The following table presents the lease costs and the classification on our Income Statements for 2025, 2024, and 2023.


($ in millions)	Income Statement Classification	2025		2024		2023
Operating lease cost	Marketing and sales expense General and administrative expense	$	16	$	19	$	31
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	13		12		10
Interest on lease liabilities	Financing expense	13		13		11
Variable lease cost	Marketing and sales expense	2		2		3
		$	44	$	46	$	55

The following table presents additional information about our lease obligations.


	At December 31, 2025	At December 31, 2024
Weighted-average remaining lease term
Operating leases	5.6 years	6.2 years
Finance leases	34.4 years	35.1 years
Weighted-average discount rate
Operating leases	6.5%	6.5%
Finance leases	6.5%	6.5%

Other Information

The following table presents supplemental cash flow information for 2025, 2024, and 2023.


($ in millions)	2025		2024		2023
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	13	$	14	$	7
Operating cash flows for operating leases	$	23	$	24	$	33
Financing cash flows for finance leases	$	7	$	6	$	5

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	10	$	23	$	31
Finance leases	$	7	$	16	$	88

Schedule of Lessee, Operating Lease, Liability, Maturity

The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2025.


($ in millions)	Operating Leases		Finance Leases		Total
2026	$	23	$	18	$	41
2027	16		16		32
2028	12		14		26
2029	10		13		23
2030	7		13		20
Thereafter	16		448		464
Total lease payments	84		522		606
Less: Imputed interest	(11)		(324)		(335)
	$	73	$	198	$	271

Schedule of Finance Lease, Liability, Fiscal Year Maturity

The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2025.


($ in millions)	Operating Leases		Finance Leases		Total
2026	$	23	$	18	$	41
2027	16		16		32
2028	12		14		26
2029	10		13		23
2030	7		13		20
Thereafter	16		448		464
Total lease payments	84		522		606
Less: Imputed interest	(11)		(324)		(335)
	$	73	$	198	$	271

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes And Noncontrolling Interests

The following table presents the components of our (losses) or income before income taxes and noncontrolling interests for the last three fiscal years:


($ in millions)	2025		2024		2023
United States	$	(244)	$	281	$	419
Non-U.S. jurisdictions	(55)		25		(21)
	$	(299)	$	306	$	398

Schedule of Provision for or Benefit from Income Taxes

Our (provision for) or benefit from income taxes consisted of:


($ in millions)		2025		2024		2023
Current	– U.S. Federal	$	(73)	$	(28)	$	(123)
	– U.S. State	(24)		(20)		(21)
	– Non-U.S.	(14)		(7)		(62)
		(111)		(55)		(206)

Deferred	– U.S. Federal	95		(23)		27
	– U.S. State	23		(15)		12
	– Non-U.S.	(15)		4		21
		103		(34)		60
		$	(8)	$	(89)	$	(146)

Schedule of Reconciliation of US Statutory Income Tax Rate to Our Effective Income Tax Rate

The following table reconciles the U.S. statutory income tax rate to our effective income tax rate for 2025:


	2025
$ in millions	Amount		Percent
Tax at U.S. Federal Statutory Tax Rate	$	(63)	21.0%
State and Local Income Tax, Net of Federal Effect(1)	(4)		1.2%
Foreign Tax Effects
Mexico
Investment basis difference	(36)		12.0%
Valuation allowance established on investment basis difference	36		(12.0%)
Valuation allowance established due to updated realizability assessment	37		(12.4%)
Change in position regarding interest expense deductibility	(13)		4.4%
Other	3		(1.0%)
Australia
Released valuation allowance due to updated realizability assessment	(7)		2.2%
Other	1		(0.3%)
Other foreign jurisdictions	20		(6.6%)
Total Foreign Tax Effects	41		(13.7%)

Effect of Cross-Border Tax Laws
Deferred withholding taxes	5		(1.6%)
Other	—		(0.1%)
Total Effect of Cross-Border Tax Laws	5		(1.8%)

Nontaxable or Nondeductible Items
Investment basis difference	(10)		3.4%
Goodwill impairment	33		(11.2%)
Other	4		(1.2%)
Total Nontaxable or Nondeductible Items	27		(9.0%)

Other adjustments	2		(0.6%)
Total Tax Provision	$	8	(2.8%)

(1)State taxes in Hawaii and California made up the majority of the tax effect in this category.

The following table reconciles the U.S. statutory income tax rate to our effective income tax rate for 2024 and 2023:


	2024	2023
U.S. statutory income tax rate	21.0%	21.0%
U.S. state income taxes, net of U.S. federal tax benefit	4.6	4.5
Share-based compensation, net of Section 162(m) limitation	0.8	0.3

Other permanent differences(1)	1.0	(3.0)
Tax rate changes	0.3	(0.8)
Non-U.S. income	9.4	2.7
Tax credits	(0.8)	(0.6)
Unrecognized tax benefits	(6.3)	5.5
Change in valuation allowance	(2.6)	7.1
Other items	1.6	(0.2)
Effective rate	29.0%	36.5%

(1)The 2024 permanent differences are primarily related to non-deductible interest, other expenses and foreign taxes

partially offset by non-taxable income. The 2023 permanent differences are primarily related to non-taxable income and foreign taxes deducted in the U.S.

Schedule of Components of Deferred Tax Assets and Liabilities

The following table presents the significant components of our deferred tax assets and liabilities:


($ in millions)	At Year-End 2025		At Year-End 2024
Deferred Tax Assets
Inventory	$	108	$	74
Provision for doubtful accounts and sales reserve	178		166
Convertible debt	12		24
Deferred compensation	50		42

Property and equipment	129		73
Non-cash compensation	17		15

Net operating loss and capital loss carryforwards	180		143
Accrued expenses	24		30
Tax credits	29		30
Finance lease assets	51		50
Other, net	81		31
Deferred tax assets	859		678
Less valuation allowance	(270)		(163)
Net deferred tax assets	589		515

Deferred Tax Liabilities
Long lived intangible assets	(171)		(189)
Deferred sales of VOIs	(537)		(549)
Finance lease liabilities	(42)		(43)

Other, net	(45)		(41)
Deferred tax liabilities	(795)		(822)

Total net deferred tax liabilities	$	(206)	$	(307)

Schedule of Income Taxes Paid, Net of Refunds

The following table presents the components of our income taxes paid, net of refunds by jurisdiction for 2025:


($ in millions)	2025
Federal	$	106
California	7
Other U.S. states	12
Mexico	7
Aruba	7
Other foreign countries	4
	$	143

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows:


($ in millions)	2025		2024		2023
Unrecognized tax benefits at beginning of year	$	23	$	106	$	25
Increases related to tax positions taken during a prior period	3		8		87
Increases related to tax positions taken during the current period	3		—		—

Decreases related to tax positions taken during a prior period	—		(82)		(6)
Decreases as a result of a lapse of the applicable statute of limitations	(2)		(9)		—
Unrecognized tax benefits at end of year	$	27	$	23	$	106

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Composition of Property and Equipment

The following table details the composition of our property and equipment balances:


($ in millions)	At Year-End 2025		At Year-End 2024
Land and land improvements	$	285	$	427
Buildings and leasehold improvements	804		854
Furniture, fixtures and other equipment	162		148
Information technology	398		401
Construction in progress	40		43
	1,689		1,873
Accumulated depreciation	(739)		(703)
	$	950	$	1,170

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Financial Assets and Liabilities


	At December 31, 2025				At December 31, 2024
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,565	$	2,645	$	2,440	$	2,508
Contracts receivable for financed VOI sales, net	95		95		89		89
Other assets	168		168		131		131
Total financial assets	$	2,828	$	2,908	$	2,660	$	2,728

Securitized debt, net	$	(2,146)	$	(2,196)	$	(2,136)	$	(2,147)
Term Loan, net	(780)		(788)		(786)		(796)
Revolving Corporate Credit Facility, net	—		—		(122)		(125)
2028 Notes, net	(348)		(346)		(348)		(336)
2029 Notes, net	(497)		(479)		(496)		(467)
2033 Notes, net	(567)		(553)		—		—
2026 Convertible notes, net	(575)		(564)		(572)		(546)
2027 Convertible notes, net	(569)		(548)		(566)		(541)
Total financial liabilities	$	(5,482)	$	(5,474)	$	(5,026)	$	(4,958)

Vacation Ownership Notes Receivable


	At December 31, 2025				At December 31, 2024
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	1,900	$	1,975	$	1,917	$	1,981

Eligible for securitization	152		157		94		98
Not eligible for securitization	513		513		429		429
Non-securitized	665		670		523		527

Total	$	2,565	$	2,645	$	2,440	$	2,508

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	$ 2,146,000,000	$ 2,136,000,000
Secured debt, net	2,146,000,000	2,136,000,000
Variable Interest Entity
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	2,173,000,000	2,163,000,000
Securitized debt \| Variable Interest Entity
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	$ 2,173,000,000
Debt, weighted average interest rate	4.80%
Securitized debt \| Variable Interest Entity \| Warehouse Credit Facility
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	$ 0	124,000,000
Unamortized debt discount and issuance costs	0	(2,000,000)
Secured debt, net	0	122,000,000
Debt instrument, unamortized discount	2,000,000
Securitized debt \| Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	2,173,000,000	2,039,000,000
Unamortized debt discount and issuance costs	(27,000,000)	(25,000,000)
Secured debt, net	$ 2,146,000,000	$ 2,014,000,000
Securitized debt \| Minimum \| Variable Interest Entity
Debt Instrument [Line Items]
Debt, stated interest rate	1.50%
Securitized debt \| Maximum \| Variable Interest Entity
Debt Instrument [Line Items]
Debt, stated interest rate	6.60%

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2025

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Composition Of Vacation Ownership Notes Receivable Balances, Net of Reserves

The following table shows the composition of our vacation ownership notes receivable balances, net of reserves.


	December 31, 2025						December 31, 2024
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,843	$	57	$	1,900	$	1,824	$	93	$	1,917

Eligible for securitization(1)	152		—		152		92		2		94
Not eligible for securitization(1)	508		5		513		417		12		429
Non-securitized	660		5		665		509		14		523

Total	$	2,503	$	62	$	2,565	$	2,333	$	107	$	2,440

(1)Refer to Footnote 6 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

Schedule of Interest Income Associated With Vacation Ownership Notes Receivable

The following table summarizes interest income associated with vacation ownership notes receivable.


($ in millions)	2025		2024		2023
Interest income associated with vacation ownership notes receivable — securitized	$	293	$	288	$	276
Interest income associated with vacation ownership notes receivable — non-securitized	56		43		36
Total interest income associated with vacation ownership notes receivable	$	349	$	331	$	312

Schedule of Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable

The following table shows future contractual principal payments, net of an $8 million reserve, and interest rates for our acquired vacation ownership notes receivable at December 31, 2025.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2026	$	3	$	17	$	20
2027	1		14		15
2028	1		8		9
2029	—		6		6
2030	—		4		4
Thereafter	—		8		8
Balance at December 31, 2025	$	5	$	57	$	62
Weighted average stated interest rate	13.8%		14.2%		14.1%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

Schedule of Financing Receivable Credit Quality Indicators

The following tables show acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Acquired Vacation Ownership Notes Receivable as of December 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	18	$	13	$	2	$	2	$	35
Hyatt Vacation Ownership	22		13		—		—		35
	$	40	$	26	$	2	$	2	$	70


	Acquired Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	30	$	21	$	3	$	5	$	59
Hyatt Vacation Ownership	34		22		—		1		57
	$	64	$	43	$	3	$	6	$	116

Schedule of Financing Receivable, Nonaccrual

The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.


	Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025	$	165	$	20	$	185
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2024	$	171	$	24	$	195

Schedule of Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of December 31, 2025 and December 31, 2024.


	December 31, 2025						December 31, 2024
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	27	$	67	$	94	$	29	$	74	$	103
91 – 120 days past due	12		17		29		11		19		30
Greater than 120 days past due	153		3		156		160		5		165
Total past due	192		87		279		200		98		298
Current	720		2,101		2,821		579		2,099		2,678
Total vacation ownership notes receivable	$	912	$	2,188	$	3,100	$	779	$	2,197	$	2,976

Originated

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable

The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at December 31, 2025.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2026	$	104	$	146	$	250
2027	79		154		233
2028	71		161		232
2029	61		163		224
2030	48		167		215
Thereafter	297		1,052		1,349
Balance at December 31, 2025	$	660	$	1,843	$	2,503
Weighted average stated interest rate	11.9%		13.3%		12.9%
Range of stated interest rates	0.0% to 20.9%		0.0% to 20.9%		0.0% to 20.9%

Schedule of Notes Receivable Reserves

The following table summarizes the activity related to our originated vacation ownership notes receivable reserve.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2022	$	149	$	213	$	362
Increase in vacation ownership notes receivable reserve	188		40		228
Securitizations	(211)		211		—
Clean-up call	99		(99)		—
Write-offs	(135)		—		(135)
Defaulted vacation ownership notes receivable repurchase activity(1)	105		(105)		—
Balance at December 31, 2023	195		260		455
Increase in vacation ownership notes receivable reserve	218		53		271
Securitizations	(193)		193		—
Clean-up call	80		(80)		—
Write-offs	(199)		—		(199)
Defaulted vacation ownership notes receivable repurchase activity(1)	151		(151)		—
Balance at December 31, 2024	252		275		527
Increase in vacation ownership notes receivable reserve	168		51		219
Securitizations	(208)		208		—
Clean-up call	99		(99)		—
Write-offs	(219)		—		(219)
Defaulted vacation ownership notes receivable repurchase activity(1)	150		(150)		—
Balance at December 31, 2025	$	242	$	285	$	527

(1)Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable.

Schedule of Financing Receivable Credit Quality Indicators

The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Originated Vacation Ownership Notes Receivable as of December 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,627	$	639	$	59	$	412	$	2,737
Hyatt Vacation Ownership	211		76		3		3		293
	$	1,838	$	715	$	62	$	415	$	3,030


	Originated Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,513	$	634	$	58	$	365	$	2,570
Hyatt Vacation Ownership	210		75		2		3		290
	$	1,723	$	709	$	60	$	368	$	2,860

The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of December 31, 2025, and gross write-offs by brand for the year ended December 31, 2025.


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2025		2024		2023		2022		2021 & Prior		Total
700 +	$	550	$	409	$	250	$	180	$	238	$	1,627
600 - 699	170		148		107		86		128		639
< 600	19		13		9		7		11		59
No Score	191		102		56		27		36		412
	$	930	$	672	$	422	$	300	$	413	$	2,737

Gross write-offs	$	8	$	45	$	52	$	34	$	44	$	183


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2025		2024		2023		2022		2021 & Prior		Total
700 +	$	87	$	48	$	34	$	27	$	15	$	211
600 - 699	29		18		13		10		6		76
< 600	2		1		—		—		—		3
No Score	1		—		1		1		—		3
	$	119	$	67	$	48	$	38	$	21	$	293

Gross write-offs	$	2	$	11	$	10	$	9	$	4	$	36

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average FICO score within loan pool			729	725
Average estimated rate of default for all outstanding loans			13.51%	13.96%
Estimated default rate increases that would have resulted an increase in allowance for credit losses			0.50%
Financing receivable, allowance for credit losses, that would have been increased			$ 15	$ 14
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in vacation ownership notes receivable reserve			219	271	$ 228
Time sharing transactions reserve			527	$ 527	$ 455	$ 362
Originated \| Reserve Review
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in vacation ownership notes receivable reserve	$ 70	$ 59
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time sharing transactions reserve			$ 8

BUSINESS SEGMENTS - Revenues Excluding Cost Reimbursements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Disclosure [Line Items]
Revenues excluding cost reimbursement	$ 3,334	$ 3,278	$ 3,166
United States
Segment Reporting Disclosure [Line Items]
Revenues excluding cost reimbursement	2,855	2,797	2,722
All other countries
Segment Reporting Disclosure [Line Items]
Revenues excluding cost reimbursement	$ 479	$ 481	$ 444

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2025
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition We account for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Sale of Vacation Ownership Products We market and sell vacation ownership products in our Vacation Ownership segment. Vacation ownership products include deeded vacation ownership products, deeded beneficial interests, rights to use real estate and other interests in trusts that solely hold real estate (collectively “vacation ownership products” or “VOIs”). Vacation ownership products may be sold for cash or we may provide financing. In connection with the sale of vacation ownership products, we provide sales incentives to certain purchasers. Incentives typically include Marriott Bonvoy points, Hyatt’s customer loyalty program points (“World of Hyatt” points), or an alternative sales incentive that we refer to as “plus points.” Plus points are redeemable for stays at our resorts or for use in an exclusive selection of travel packages provided by third-party tour operators (the “Explorer Collection” or “BEYOND”), generally up to two years from the date of issuance. Upon execution of a legal sales agreement, we typically receive an upfront deposit from our customer with the remainder of the purchase price for the vacation ownership product to either be collected at closing (“cash contract”) or financed by the customer through our financing programs (“financed contract”). Refer to “Financing Revenues” below for further information regarding financing terms. Customer deposits received for contracts are recorded as Advance deposits on our Balance Sheets until the point in time at which control of the vacation ownership product has transferred to the customer. Our assessment of collectability of the transaction price for sales of vacation ownership products is aligned with our credit granting policies for financed contracts. In determining the consideration to which we expect to be entitled for financed contracts, we include estimated variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the customer class and the results of our static pool analyses, which primarily rely on historical payment data by customer class. We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the VOI they have acquired. Variable consideration which has not been included within the transaction price is presented as a reserve on contracts receivable or vacation ownership notes receivable. Revisions to estimates of variable consideration from the sale of vacation ownership products impact the reserve on contracts receivable and originated vacation ownership notes receivable and can increase or decrease revenue. Revenues were reduced during 2025 by $10 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. Additionally, revenues were reduced during 2024 and 2023 by $68 million and $69 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods due to the increase in our reserve for originated vacation ownership notes receivable. See Footnote 5 “Vacation Ownership Notes Receivable” for additional information on our reserve for vacation ownership notes receivable and adjustments recorded for the years presented. In addition, we account for cash incentives provided to customers as a reduction of the transaction price. Refer to “Arrangements with Multiple Performance Obligations” below for a description of our methods of allocating transaction price to each performance obligation. We recognize revenues from the sale of vacation ownership products when control of the vacation ownership product is transferred to the customer and the transaction price is deemed collectible, which typically correlates to expiration of the statutory rescission period. At the time at which we recognize revenue for VOIs, we temporarily record a contract receivable for both cash contracts and financed contracts, until the time at which we collect the cash or originate a vacation ownership note receivable, which occurs at closing. Revenue for plus points is recorded as Deferred revenue and other on our Balance Sheets at closing and is recognized as rental revenue upon transfer of control to the customer, which typically occurs upon delivery of the incentive, or at the point in time when the incentive is redeemed. For incentives provided by third parties (i.e. Marriott Bonvoy points, World of Hyatt points, third-party Explorer Collection offerings, or BEYOND), we evaluated whether we control the underlying good or service prior to delivery to the customer. We concluded that we are an agent for those incentives which we do not control prior to delivery and as such record the related revenue net of the related cost upon recognition. Management and Exchange Revenues and Cost Reimbursements Revenues Ancillary Revenues Ancillary revenues consist of goods and services that are sold or provided by us at food and beverage outlets, golf courses and other retail and service outlets located at our resorts. Payments for such goods and services are generally received at the point of sale in the form of cash or credit card charges. For goods and services sold, we evaluate whether we control the underlying goods or services prior to delivery to the customer. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. We recognize ancillary revenue at the point in time when goods have been provided and/or services have been rendered. Management Fee Revenues and Cost Reimbursements Revenues We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain accounting and administrative services for owners’ associations, condominium owners and hotels. We generate revenue from fees we earn for managing vacation ownership resorts, clubs, owners’ associations, condominiums and hotels. In our Vacation Ownership segment, these fees are earned regardless of usage or occupancy and are typically based on either a percentage of the budgeted costs to operate the resorts or a fixed fee arrangement (“VO management fee revenues”). In our Exchange & Third-Party Management segment, we earn base management fees which are typically either (i) fixed amounts, (ii) amounts based on a percentage of adjusted gross lodging revenue, or (iii) various revenue sharing agreements based on stated formulas (“Base management fee revenues”) and incentive management fees, which are generally a percentage of either operating profits or improvement in operating profits (“Incentive management fees”). In addition, we receive reimbursement of costs incurred on behalf of our customers, which consist of actual expenses with no added margin (“cost reimbursements”). Vacation Ownership segment cost reimbursements revenues exclude amounts that we have paid to the owners’ associations related to maintenance fees for unsold vacation ownership products, as we have concluded that such payments are consideration payable to a customer. Management fees are collected over time or upfront depending upon the specific management contract. Cost reimbursements are received over time and considered variable consideration. We have determined that a significant financing component does not exist as a substantial amount of the consideration promised by the customer is paid when the associated variable consideration is determined. We evaluated the nature of the management services provided and concluded that the management services constitute a series of distinct services to be accounted for as a single performance obligation transferred over time. We use an input method, the number of days that management services are provided, to recognize VO management fee revenues and base management fee revenues, which is consistent with the pattern of transfer to the customers who receive and consume the benefits as services are provided each day. We recognize Incentive management fees as earned throughout the incentive period based on actual results, which is subject to estimation of the transaction price. Any consideration we receive in advance of services being rendered is recorded as Deferred revenue and other on our Balance Sheets and is recognized ratably across the service period to which it relates. We recognize variable consideration for Cost reimbursements revenues when the reimbursable costs are incurred. Other Services Revenues Other services revenues includes revenues from membership fees, club dues and additional fees for services we provide to customers. Membership fees and club dues are received in advance of providing access to the exchange services, are recorded as Deferred revenue and other on our Balance Sheets and are earned regardless of whether exchange services are provided. Generally, Interval Network memberships are cancellable and refundable on a pro-rata basis, with the exception of the Interval Network’s Platinum tier which is non-refundable. We have determined that exchange services constitute a stand-ready obligation for us to provide unlimited access to exchange services over a defined period of time, when and if a customer (or customer of a customer) requests. We have determined that customers benefit from the stand-ready obligation evenly throughout the period in which the customer has access to exchange services and as such, recognize membership fees and club dues on a straight-line basis over the related period of time. Transaction-based fees are typically collected at a point in time and are recognized as revenue at the point in time at which the relevant goods or services are transferred to the customer. For transaction-based fees, we evaluate whether we control the underlying goods or services prior to delivery to the customer. Transaction-based fees from exchanges and other transactions in our Exchange & Third-Party Management segment are generally recognized when confirmation of the transaction is provided and services have been rendered. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. Financing Revenues We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten to fifteen years. Generally, payments commence under the financing contracts 30 to 60 days after closing. We earn interest income from the financing arrangements on the principal balance outstanding over the life of the arrangement and record that interest income in Financing revenues on our Income Statements. Financing revenues include transaction-based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered. Rental Revenues In our Vacation Ownership segment, we generate revenue from rentals of inventory that we hold for sale as interests in our vacation ownership programs, inventory that we control because our owners have elected alternative usage options permitted under our vacation ownership programs and rentals of owned-hotel properties. In our Exchange & Third-Party Management segment, we offer vacation rental opportunities for managed properties and to members of the Interval Network and certain other membership programs from seasonal oversupply or underutilized space, as well as sourced resort accommodations. We receive payments for rentals primarily through credit card charges. We generally recognize rental revenues when occupancy has occurred, which is consistent with the period in which the customer benefits from such service. We recognize rental revenue from the utilization of plus points issued in connection with the sale of vacation ownership products, as described in “Sale of Vacation Ownership Products” above, when occupancy has occurred. We also generate revenues from vacation packages sold to our customers. The packages have an expiration period of six to twenty-four months, and payments for such packages are non-refundable and generally paid by the customer in advance. Payments received in advance are recorded as Advance deposits on our Balance Sheets until the revenue is recognized, when occupancy has occurred. For rental revenues associated with vacation ownership products which we own and which are registered and held for sale, to the extent that the proceeds are less than costs, revenues are reported net in accordance with ASC Topic 978, “Real Estate – Time-Sharing Activities.” For certain rental revenues associated with our Exchange & Third-Party Management segment, revenue is recognized when confirmation of the transaction is provided because we concluded we are an agent for these transactions. Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In cases where the standalone selling price is not readily available, we generally determine the standalone selling prices utilizing the adjusted market approach, using prices from similar contracts, our historical pricing on similar contracts, our internal marketing and selling data and other internal and external inputs we deem to be appropriate. Receivables, Contract Assets & Contract Liabilities As discussed above, the payment terms and conditions in our customer contracts vary. In some cases, customers prepay for their goods and services; in other cases, after appropriate credit evaluations, payment is due in arrears. When the timing of our delivery of goods and services is different from the timing of the payments made by customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance or when we have a right to consideration that is unconditional before the transfer of goods or services to a customer). Receivables are recorded when the right to consideration becomes unconditional. Contract liabilities are recognized as revenue as (or when) we perform under the contract. See Footnote 3 “Revenue and Receivables” for additional information related to our receivables, contract assets and contract liabilities. Costs Incurred to Sell Vacation Ownership Products We charge marketing and sales costs we incur to sell vacation ownership products to expense when incurred. Earnings Per Share Attributable to Common Stockholders Basic earnings or loss per share attributable to common stockholders is calculated by dividing the net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings or loss per share attributable to common stockholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per share attributable to common stockholders by application of the treasury stock method. Variable Interest Entities We consolidate entities under our control, including VIEs where we are deemed to be the primary beneficiary. In accordance with the applicable accounting guidance for the consolidation of VIEs, we analyze our variable interests, including loans, guarantees and equity investments, to determine if an entity in which we have a variable interest is a VIE. Our analysis includes both quantitative and qualitative reviews. We base our quantitative analysis on the forecasted cash flows of the entity, and our qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analyses to determine if we must consolidate a VIE because we are its primary beneficiary. Fair Value Measurements We have several financial instruments that we are required to disclose at fair value on a recurring basis. See Footnote 6 “Financial Instruments” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities. ASC Topic 820, “Fair Value Measurements” (“ASC 820”) defines fair value as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure fair value of our assets and liabilities using inputs from the following three levels of the fair value hierarchy: •Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. •Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). •Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data. Cash and Cash Equivalents We consider all highly liquid investments with an initial purchase maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash Restricted cash primarily consists of cash restricted for use by consolidated owners’ associations which is designated for resort operations and other specific uses, such as reserves, cash held in a reserve account related to vacation ownership notes receivable securitizations, cash collected for maintenance fees to be remitted to owners’ associations, and deposits received and held in escrow, primarily associated with the sale of vacation ownership products. Accounts Receivable Accounts receivable are comprised of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our credit loss reserve for accounts receivable by considering a number of factors, including previous loss history, our judgment as to the specific customer’s current ability to pay its obligation and the condition of the general economy. We write off accounts receivable when they become uncollectible once we have exhausted all means of collection. Accounts receivable is presented net of a reserve for credit losses of $9 million and $10 million at December 31, 2025 and December 31, 2024, respectively. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income. Loan Loss Reserves Acquired Vacation Ownership Notes Receivable Reserve for Credit Losses As part of both the ILG Acquisition and Welk Acquisition, we acquired existing portfolios of vacation ownership notes receivable. We account for these acquired vacation ownership notes receivable using the purchased credit deteriorated assets provision of the current expected credit loss model, whereby we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. The estimates of the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses. Any changes in the reserve for credit losses are recorded as Financing expenses on our Income Statements. For acquired vacation ownership notes receivable, the estimated collateral value is transferred from vacation ownership notes receivable to inventory upon foreclosure or revocation of the related vacation ownership note receivable. Contracts Receivable and Originated Vacation Ownership Notes Receivable Reserve We record the difference between the contract receivable or vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our contracts receivable or originated vacation ownership notes receivable, as applicable. See Footnote 5 “Vacation Ownership Notes Receivable” for further information. Past Due and Defaulted Although we consider loans to owners to be past due if we do not receive payment within 30 days of the due date, we suspend accrual of interest only on those loans that are over 90 days past due. For Legacy-MVW vacation ownership notes receivable, we consider loans over 150 days past due to be in default and fully reserve such amounts, less an estimate for reinstatement. For Legacy-ILG and Legacy-Welk vacation ownership notes receivable, we consider loans over 120 days past due to be in default and fully reserve such amounts, less an estimate for reinstatement. We apply payments we receive for vacation ownership notes receivable on non-accrual status first to interest, then to principal and any remainder to fees. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We do not accept payments for vacation ownership notes receivable during the foreclosure process unless the amount is sufficient to pay all past due principal, interest, fees and penalties owed and fully reinstate the note. We write off vacation ownership notes receivable against the reserve once we receive title to the vacation ownership products through the foreclosure or deed-in-lieu process or, in certain circumstances, when revocation is complete. Inventory Our inventory consists primarily of completed vacation ownership products. We carry our inventory at the lower of (1) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes plus other costs incurred during construction, or (2) estimated fair value, less costs to sell, which can result in impairment charges and/or recoveries of previous impairments. We account for vacation ownership inventory and cost of vacation ownership products in accordance with the authoritative guidance for accounting for real estate time-sharing transactions, which defines a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to the guidance for accounting for real estate time-sharing transactions, we do not reduce inventory for the cost of vacation ownership products related to variable consideration which has not been included within the transaction price (accordingly, no adjustment is made when inventory is reacquired upon default of the related originated vacation ownership note receivable). These standards provide for changes in estimates which include future revenues, inclusive of the pricing assumptions from sales of vacation ownership products within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-up activity, and to be recorded in Cost of vacation ownership product expenses on the Income Statements in the period that the changes occurred in order to retrospectively adjust the margin previously recorded subject to those estimates to the amounts that would have been recorded historically had the revised estimates been used. Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $40 million, $39 million and $36 million during 2025, 2024 and 2023, respectively. Property and Equipment Property and equipment includes our sales centers, golf courses, information technology, including internal use software, finance lease assets, and other assets used in the normal course of business, as well as land held for future vacation ownership product development, and undeveloped and partially developed land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. In addition, fully developed VOIs are classified as property and equipment until they are registered and available for sale. We record property and equipment at cost, including capitalized interest and real estate taxes incurred during active development. We capitalize the cost of improvements that extend the useful life of property and equipment when incurred. We expense all repair and maintenance costs as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to forty years), and we amortize leasehold improvements over the shorter of the asset life or lease term. Cloud Computing Arrangements We have entered into various cloud computing arrangements that are considered service contracts. We capitalize certain qualified implementation costs incurred in connection with these arrangements, including both internal and external costs. Capitalization of costs begins when the preliminary project stage is completed, management with the relevant authority authorizes and commits to the funding of the project, and it is probable that the project will be completed and will be used to perform the function intended. We cease capitalization of such costs when the implementation activities are complete. Capitalized implementation costs of $35 million are recorded in Other assets on our Balance Sheets as of both December 31, 2025 and December 31, 2024. We amortize capitalized implementation costs to an operating expense using the straight-line method over the term of the cloud computing arrangement (3 to 5 years). To the extent that we conclude we will not complete a project, we expect to cease using the services such capitalized costs are related to or expect to terminate the cloud computing arrangement early, we write off the remaining capitalized cost. Leases We account for leases in accordance with ASC Topic 842, “Leases” (“ASC 842”). We determine if an arrangement is or contains a lease at contract inception. Operating leases include lease arrangements for land, office space, real estate, sales centers, as well as various facilities and equipment supporting our operations, with varying terms and renewal option periods. Finance leases include lease arrangements for our corporate headquarters in Orlando, Florida, as well as other operations space. We also have a long-term finance lease for land underlying an operating hotel. In addition, we lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets is limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Short-term leases, which have an initial term of a year or less, are not recorded on the balance sheet. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macroeconomic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. Because the rate implicit in our leases is not readily determinable, we use our incremental borrowing rate as the discount rate, which approximates the interest rate at which we could borrow on a collateralized basis with similar terms and payments and in similar economic environments. Right-of-use assets exclude the unamortized portion of lease incentives received. Certain of our lease agreements include variable rental payments that are based on a percentage of sales over contractual levels and others include rental payments adjusted periodically for inflation. Additionally, with respect to our real estate leases, we do not separate lease and non-lease components. Impairment of Long-Lived Assets and Other Intangible Assets We assess long-lived assets, including property and equipment, leases, and definite-lived intangible assets, for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. We assess indefinite-lived intangible assets for potential impairment and continued indefinite use annually, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount. If the carrying value of the asset exceeds the fair value, we recognize an impairment loss in the amount of that excess. Goodwill We perform an annual review for the potential impairment of the carrying value of goodwill in the fourth quarter, or more frequently if events or circumstances indicate a possible impairment. For purposes of evaluating goodwill for impairment, we have two reporting units, which are also our reportable operating segments. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we perform a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount. Qualitative factors that we consider include, for example, macroeconomic and industry conditions, overall financial performance, and other relevant entity-specific events. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. We may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill. We calculate the estimated fair value of a reporting unit using a weighting of the income and market approaches. For the income approach, we use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues, expenses, EBITDA margin, and related cash flows based on assumed long-term growth rates and demand trends; expected future investments to grow new units; and estimated discount rates. For the market approach, we use internal analyses based primarily on market comparables. We base these assumptions on our historical data and experience, in consideration of industry projections, micro and macro general economic condition projections, and our expectations. Derivative Instruments We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our financial statements. A derivative qualifies for hedge accounting if we expect it to be highly effective in offsetting the underlying hedged exposure and we fulfill the hedge documentation requirements. We may designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. If a qualifying hedge is deemed effective, we record changes in fair value in other comprehensive income. We assess the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. We are exposed to market risk from changes in interest rates, currency exchange rates, and debt prices. We manage our exposure to these risks by monitoring available financing alternatives, through pricing policies that may take into account currency exchange rates, and by entering into derivative arrangements. We may use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates and currency exchange rates. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk and we do not use derivatives for trading or speculative purposes. Loss Contingencies We are subject to various legal proceedings and claims in the normal course of business, the outcomes of which are subject to significant uncertainty. We record an accrual for loss contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances. Defined Contribution Plan We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees. We recognized compensation expense (net of cost reimbursements from owners’ associations) for our participating employees totaling $25 million in 2025, $24 million in 2024, and $24 million in 2023. Deferred Compensation Plan Certain members of our senior management have the opportunity to participate in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”), which we maintain and administer. Under both the Deferred Compensation Plan and the Marriott International EDC (as defined below), participating employees are able to defer payment and income taxation of a portion of their salary and bonus. It also provides participants with the opportunity for long-term capital appreciation by crediting their accounts with notional earnings. Prior to the spin-off of MVW from Marriott International (the “Marriott Spin-Off”), certain members of our senior management had the opportunity to participate in the Marriott International, Inc. Executive Deferred Compensation Plan (the “Marriott International EDC”), which Marriott International maintains and administers. Subsequent to the Marriott Spin-Off, we remain liable to reimburse Marriott International for distributions to participants who were employees of Marriott Vacations Worldwide at the time of the Marriott Spin-Off, including earnings thereon. To support our ability to meet a portion of our obligations under the Deferred Compensation Plan, we acquired company owned insurance policies (the “COLI policies”) on the lives of certain participants in the Deferred Compensation Plan, the proceeds of which are intended to be aligned with the investment alternatives elected by plan participants and are payable to a rabbi trust with the Company as grantor. For both 2025 and 2024, participants were able to select a rate of return based on market-based investment alternatives for up to 100% of their contributions and existing balances, with one of those options being a fixed rate of return of 3.5%. We consolidate the liabilities of the Deferred Compensation Plan and the related assets, which consist of the COLI policies held in the rabbi trust. The rabbi trust is considered a VIE. We are the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust. At December 31, 2025 and December 31, 2024, the value of the assets held in the rabbi trust was $168 million and $131 million, respectively, and is included in the Other line within assets on our Balance Sheets. Share-Based Compensation Costs During 2024, our stockholders approved the Amended and Restated Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”), which supersedes the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan and the Interval Leisure Group, Inc. 2013 Stock and Incentive Plan (collectively, the “Prior Plans”). No new awards will be granted under the Prior Plans and all awards that were granted under the Prior Plans will remain outstanding and continue to be governed by the Prior Plans. The MVW Equity Plan is maintained for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) restricted stock and restricted stock units (“RSUs”) of our common stock, (2) stock appreciation rights (“SARs”) relating to our common stock, and (3) stock options to purchase our common stock. We follow the provisions of ASC Topic 718 “Compensation—Stock Compensation,” which requires that a company measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, share-based awards granted to our employees, other than RSUs with performance vesting conditions, vest ratably over a four-year period. For share-based awards with service-only vesting conditions, we record compensation expense on a straight-line basis over the requisite service period. For RSUs with performance vesting conditions, the number of RSUs earned, if any, is determined following the end of a performance period (typically three years) based upon the achievement over that period of specific quantitative operating financial measures and we recognize compensation expense once it is probable that the corresponding performance condition will be achieved. SARs awarded under the MVW Equity Plan are granted at exercise prices or strike prices equal to the market price of our common stock on the date of grant (this price is referred to as the “base value”). SARs generally expire ten years after the date of grant and both vest and become exercisable in cumulative installments of one quarter of the grant per year in each of the first four years following the date of grant. Upon exercise of SARs, our employees and non-employee directors receive a number of shares of our common stock equal to the number of SARs being exercised, multiplied by the quotient of (a) the market price of the common stock on the date of exercise (this price is referred to as the “final value”) minus the base value, divided by (b) the final value. We recognize the expense associated with these awards on our Income Statements based on the fair value of the awards as of the date that the share-based awards are granted and adjust that expense to the estimated number of awards that we expect will vest or be earned. The fair value of RSUs represents the number of awards granted multiplied by the average of the high and low market price of our common stock on the date the awards are granted, reduced by the present value of the dividends expected to be paid on the shares during the vesting period, discounted at a risk-free interest rate. We generally determine the fair value of SARs using the Black-Scholes option valuation model, which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. We issue shares from authorized shares upon the exercise of SARs held by our employees and directors. For share-based awards granted to non-employee directors, we recognize compensation expense on the grant date based on the fair value of the awards as of that date. See Footnote 17 “Share-Based Compensation” for more information on the MVW Equity Plan. Employee Stock Purchase Plan During 2015, our Board of Directors adopted, and our stockholders subsequently approved, the Marriott Vacations Worldwide Corporation Employee Stock Purchase Plan (the “ESPP”), which became effective during 2015. A total of 500,000 shares of common stock may be purchased under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share not less than 95% of the fair market value per share of common stock on the purchase date, up to a maximum threshold established by the plan administrator for the offering period. Non-U.S. Operations The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency for our consolidated entities operating outside of the United States is generally the currency of the economic environment in which the entity primarily generates and expends cash. For consolidated entities whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate Income Statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of equity. We report gains and losses from currency exchange rate changes related to intercompany receivables and payables that are not of a long-term investment nature, as well as gains and losses from non-U.S. currency transactions, in the Gains (losses) and other income (expense), net line on our Income Statements. Income Taxes We file income tax returns, including with respect to our subsidiaries, in various jurisdictions around the world. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the provision for income tax in the period that includes the enactment date. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of deferred tax liabilities or the valuations of deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates. We record a valuation allowance on deferred taxes if we determine it is more likely than not that we will not fully realize the future benefit of deferred tax assets. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which impacts the provision for income taxes. We file tax returns after the close of our fiscal year end and adjust our estimated tax receivable or liability to the actual tax receivable or tax due per the filed tax returns in the provision for income tax. For purposes of Global Intangible Low-Taxed Income, we have elected to use the period cost method and therefore have not recorded deferred taxes for basis differences expected to reverse in future periods. For tax positions we have taken, or expect to take, in a tax return we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. Based on our evaluations of tax positions, we believe that potential tax exposures have been recorded appropriately. Additionally, we recognize accrued interest and penalties related to our unrecognized tax benefits as a component of tax expense. New Accounting Standards Accounting Standards Update 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, which is intended to enhance the transparency and decision usefulness of income tax disclosures. We adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The adoption did not have a material impact on our financial statements or disclosures other than the addition of incremental disclosures intended to enhance and expand our annual effective tax rate reconciliation disclosure and income taxes paid disclosure. See Footnote 4 “Income Taxes” for the additional disclosures required by the adoption of ASU 2023-09. Future Adoption of Accounting Standards Accounting Standards Update 2024-03 - “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”) In November 2024, the FASB issued ASU 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This update is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis, with early adoption permitted. We are evaluating the impact that the adoption of this update, including the timing of implementation, will have on our disclosures. Accounting Standards Update 2024-04 - “Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” (“ASU 2024-04”) In November 2024, the FASB issued ASU 2024-04, which requires an entity to account for certain early settlements of convertible debt instruments as an induced conversion if the inducement offer includes the issuance of all consideration (in form and amount) issuable under the conversion privileges provided in the terms of the existing convertible debt instrument. This update is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. We adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method. We expect to adopt ASU 2024-04 effective January 1, 2026 with no material impact to our financial statements and disclosures. Accounting Standards Update 2025-05 - “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”) In July 2025, the FASB issued ASU 2025-05, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and contract assets. Under this expedient, entities may assume that conditions existing at the balance sheet date will persist for the remaining life of the asset, which simplifies the estimation process by eliminating the need to forecast future economic conditions for short-term assets. This update is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, and is to be adopted on a prospective basis, with early adoption permitted. We are evaluating the impact of ASU 2025-05 but do not expect a material impact on our financial statements and disclosures.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Management We have implemented a cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the escalation of certain cybersecurity incidents. At the management level, our SVP-GIS is responsible for the assessment and management of risks from cybersecurity threats. Our SVP-GIS has extensive cybersecurity knowledge and skills gained from over 25 years of experience in government and industries including retail and manufacturing, and industry certifications including Certified Information Systems Security Professional (“CISSP”) from ISC Squared and Global Information Assurance Certification (“GIAC”) from SANS Institute. Our SVP-GIS also has experience in forensic investigations, strategic cyber risk management, and cybersecurity program development. Our SVP-GIS leads the team responsible for implementing, monitoring and maintaining cybersecurity policies and practices across our business and reports directly to our EVP-CIO. Our SVP- GIS’s direct reports include a number of experienced cybersecurity leaders responsible for various aspects of our cybersecurity program, each of whom is supported by a team of experienced cybersecurity professionals. The functions that report to our SVP-GIS include: cybersecurity risk management, Payment Card Industry compliance, and cybersecurity testing; operation of protective cybersecurity tools and systems; cybersecurity monitoring, incident response, and digital forensics; cybersecurity research and development and support for information technology and cybersecurity functions. Our SVP-GIS works closely with our Law Department and regularly engages expert consultants and other third parties to assist with assessing, identifying, and managing cybersecurity risks and to oversee compliance with legal, regulatory and contractual cybersecurity requirements. The EVP-CIO and SVP-GIS also periodically attend Audit Committee meetings to report on any material developments. Risk Management and Strategy We employ systems and processes designed to oversee, identify, and reduce the potential impact of a cybersecurity incident at a third-party vendor, service provider or customer or otherwise implicating the third-party technology and systems we use. Our processes and systems include automated tools and technical safeguards managed and monitored by our cybersecurity team. We currently carry cybersecurity insurance, however, we cannot assure you that we will be able to maintain such policies in the future or that they will be sufficient to cover all potential cybersecurity events or losses we incur in connection with such events. We require our associates to receive annual training on our cybersecurity policies and practices. This may include, but is not limited to, training regarding information classification and handling, data privacy, physical security, phishing, malware and ransomware, social engineering, identifying and reporting information security incidents, and secure credit card handling, as well as additional topics based on job roles and responsibilities. We also maintain written cybersecurity policies and procedures that apply to the entire Company and third parties who handle our data or have access to our information technology systems. These policies and procedures establish the framework for our cybersecurity program and cover topics such as acceptable use of information systems, cybersecurity risk management, access management, audit and logging, patching, and cybersecurity requirements for numerous technologies. These policies and procedures are reviewed at least annually, updated as necessary, and integrated into employee training programs and our technology procurement process. We are also subject to the Payment Card Industry Data Security Standard and perform an annual self-assessment according to the requirements set forth by the Payment Card Industry Security Standards Council. Incident Response We have adopted an Incident Response Plan (the “IRP”) that applies in the event of a cybersecurity threat or incident to provide a standardized framework for responding to cybersecurity incidents. The IRP sets out a coordinated approach to investigating, containing, documenting and mitigating incidents, including reporting findings and keeping senior management and other key stakeholders informed and involved as appropriate. The IRP applies to all Company personnel (including third-party contractors, vendors and partners) that perform functions or services that require access to secure Company information, and to all devices and network services that are owned or managed by the Company. The SVP-GIS is responsible for maintaining our IRP. Potentially significant threats are escalated to an interdisciplinary data breach response team (the “DBRT”), which is led by our EVP-CIO and co-chaired by the SVP-GIS, our head of data privacy, and a representative from our Law Department. The DBRT is responsible for oversight and handling of significant cybersecurity threats, incidents, and issues through a documented process. Potentially material cybersecurity incidents are escalated by our EVP-CIO to executive management and reviewed with members of the Company’s Disclosure Committee. Material Cybersecurity Risk, Threats & Incidents Routinely, we partner with and use third-party service providers and products that host, manage, or control sensitive data. We and the companies we work with have experienced cybersecurity incidents involving our data and systems, including ransomware and other forms of malware and computer virus attacks, unauthorized access, systems failures and temporary disruptions. For example, in June 2018, we identified forged and fraudulently induced electronic payment disbursements we made to third parties in an aggregate amount of $10 million resulting from unauthorized third-party access to our email system. Risks from cybersecurity incidents, including as a result of the June 2018 incident, have not materially affected us, including our business strategy, results of operations or financial condition for the periods covered by this Annual Report, and we do not believe that such risks are reasonably likely to have such an effect over the long term. Additional information on cybersecurity risks we face can be found in Part I, Item 1A “Risk Factors” of this Annual Report under the heading “Failure to maintain the integrity of internal or customer data or to protect our information systems from cyber-attacks could disrupt our business, damage our reputation, and subject us to costs, fines or lawsuits,” which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented a cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the escalation of certain cybersecurity incidents. We employ systems and processes designed to oversee, identify, and reduce the potential impact of a cybersecurity incident at a third-party vendor, service provider or customer or otherwise implicating the third-party technology and systems we use. Our processes and systems include automated tools and technical safeguards managed and monitored by our cybersecurity team. We currently carry cybersecurity insurance, however, we cannot assure you that we will be able to maintain such policies in the future or that they will be sufficient to cover all potential cybersecurity events or losses we incur in connection with such events. We require our associates to receive annual training on our cybersecurity policies and practices. This may include, but is not limited to, training regarding information classification and handling, data privacy, physical security, phishing, malware and ransomware, social engineering, identifying and reporting information security incidents, and secure credit card handling, as well as additional topics based on job roles and responsibilities. We also maintain written cybersecurity policies and procedures that apply to the entire Company and third parties who handle our data or have access to our information technology systems. These policies and procedures establish the framework for our cybersecurity program and cover topics such as acceptable use of information systems, cybersecurity risk management, access management, audit and logging, patching, and cybersecurity requirements for numerous technologies. These policies and procedures are reviewed at least annually, updated as necessary, and integrated into employee training programs and our technology procurement process. We are also subject to the Payment Card Industry Data Security Standard and perform an annual self-assessment according to the requirements set forth by the Payment Card Industry Security Standards Council. Incident Response We have adopted an Incident Response Plan (the “IRP”) that applies in the event of a cybersecurity threat or incident to provide a standardized framework for responding to cybersecurity incidents. The IRP sets out a coordinated approach to investigating, containing, documenting and mitigating incidents, including reporting findings and keeping senior management and other key stakeholders informed and involved as appropriate. The IRP applies to all Company personnel (including third-party contractors, vendors and partners) that perform functions or services that require access to secure Company information, and to all devices and network services that are owned or managed by the Company. The SVP-GIS is responsible for maintaining our IRP. Potentially significant threats are escalated to an interdisciplinary data breach response team (the “DBRT”), which is led by our EVP-CIO and co-chaired by the SVP-GIS, our head of data privacy, and a representative from our Law Department. The DBRT is responsible for oversight and handling of significant cybersecurity threats, incidents, and issues through a documented process. Potentially material cybersecurity incidents are escalated by our EVP-CIO to executive management and reviewed with members of the Company’s Disclosure Committee.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board is responsible for overseeing our processes for assessing and managing enterprise risk, including with respect to cybersecurity. The Board considers our risk profile when reviewing our annual business plan and incorporates risk assessment into its decisions. Our Board has delegated the primary responsibility for oversight of cybersecurity risk to the Audit Committee. The Audit Committee regularly reviews our cybersecurity and data security risks and mitigation strategies. At least twice each year, the Audit Committee receives reports and presentations from members of our team responsible for overseeing our cybersecurity risk management, including our Senior Vice President, Global Information Security (“SVP-GIS”) and our Executive Vice President and Chief Information Officer (“EVP-CIO”), and periodically receives reports and presentations from third parties. These reports may address a wide range of topics, including recent developments, evolving standards, third-party and independent reviews, the threat environment, technological trends and cybersecurity considerations arising with respect to our peers and third parties. The Audit Committee reports to the Board on cybersecurity matters. We also have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee in a timely manner.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board is responsible for overseeing our processes for assessing and managing enterprise risk, including with respect to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	At least twice each year, the Audit Committee receives reports and presentations from members of our team responsible for overseeing our cybersecurity risk management, including our Senior Vice President, Global Information Security (“SVP-GIS”) and our Executive Vice President and Chief Information Officer (“EVP-CIO”), and periodically receives reports and presentations from third parties.
Cybersecurity Risk Role of Management [Text Block]	Our Board has delegated the primary responsibility for oversight of cybersecurity risk to the Audit Committee. The Audit Committee regularly reviews our cybersecurity and data security risks and mitigation strategies. At least twice each year, the Audit Committee receives reports and presentations from members of our team responsible for overseeing our cybersecurity risk management, including our Senior Vice President, Global Information Security (“SVP-GIS”) and our Executive Vice President and Chief Information Officer (“EVP-CIO”), and periodically receives reports and presentations from third parties. These reports may address a wide range of topics, including recent developments, evolving standards, third-party and independent reviews, the threat environment, technological trends and cybersecurity considerations arising with respect to our peers and third parties. The Audit Committee reports to the Board on cybersecurity matters. We also have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At the management level, our SVP-GIS is responsible for the assessment and management of risks from cybersecurity threats. Our SVP-GIS has extensive cybersecurity knowledge and skills gained from over 25 years of experience in government and industries including retail and manufacturing, and industry certifications including Certified Information Systems Security Professional (“CISSP”) from ISC Squared and Global Information Assurance Certification (“GIAC”) from SANS Institute. Our SVP-GIS also has experience in forensic investigations, strategic cyber risk management, and cybersecurity program development. Our SVP-GIS leads the team responsible for implementing, monitoring and maintaining cybersecurity policies and practices across our business and reports directly to our EVP-CIO. Our SVP- GIS’s direct reports include a number of experienced cybersecurity leaders responsible for various aspects of our cybersecurity program, each of whom is supported by a team of experienced cybersecurity professionals. The functions that report to our SVP-GIS include: cybersecurity risk management, Payment Card Industry compliance, and cybersecurity testing; operation of protective cybersecurity tools and systems; cybersecurity monitoring, incident response, and digital forensics; cybersecurity research and development and support for information technology and cybersecurity functions. Our SVP-GIS works closely with our Law Department and regularly engages expert consultants and other third parties to assist with assessing, identifying, and managing cybersecurity risks and to oversee compliance with legal, regulatory and contractual cybersecurity requirements. The EVP-CIO and SVP-GIS also periodically attend Audit Committee meetings to report on any material developments.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our SVP-GIS has extensive cybersecurity knowledge and skills gained from over 25 years of experience in government and industries including retail and manufacturing, and industry certifications including Certified Information Systems Security Professional (“CISSP”) from ISC Squared and Global Information Assurance Certification (“GIAC”) from SANS Institute. Our SVP-GIS also has experience in forensic investigations, strategic cyber risk management, and cybersecurity program development. Our SVP-GIS leads the team responsible for implementing, monitoring and maintaining cybersecurity policies and practices across our business and reports directly to our EVP-CIO.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee reports to the Board on cybersecurity matters. We also have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported to the Audit Committee in a timely manner.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table details the carrying amount of our goodwill at December 31, 2025 and December 31, 2024, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition.


($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Total Consolidated


Balance at December 31, 2024	2,770		347		3,117
Impairment	—		(159)		(159)

Balance at December 31, 2025	$	2,770	$	188	$	2,958

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

VARIABLE INTEREST ENTITIES - Additional Information (Details) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2025 USD ($) vacation_ownership_unit	Sep. 30, 2024 USD ($) vacation_ownership_unit	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Defaulted mortgage loans repurchased, net of substitutions				$ (157)	$ 164	$ 123
Voluntary repurchase of other non-defaulted notes receivable				731	615	$ 774
Accounts and contracts receivable, net (including $15 and $16 from VIEs, respectively)				428	387
Waikiki Hawaii
Variable Interest Entity [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit	48	38
Asset acquisition, consideration transferred	$ 82	$ 65
Payments for asset acquisitions	80
Asset acquisition, inventory	$ 2
Purchase of retail space			$ 48
Waikiki Hawaii
Variable Interest Entity [Line Items]
Purchase commitment obligation due, 2026				41
Variable Interest Entity
Variable Interest Entity [Line Items]
Noncontrolling interest in variable interest entity				0
Accounts and contracts receivable, net (including $15 and $16 from VIEs, respectively)				15	$ 16
Variable Interest Entity, Not Primary Beneficiary \| Waikiki Hawaii
Variable Interest Entity [Line Items]
Accounts and contracts receivable, net (including $15 and $16 from VIEs, respectively)				1
Note receivable				1
Property, plant and equipment				4
Maximum loss exposure, amount				$ 5

STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock Repurchase Activity Under Current Stock Repurchase Program

The following table summarizes share repurchase activity under our Share Repurchase Program:


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost Basis of Shares Repurchased		Average Price Paid per Share
As of December 31, 2024	25,790,550	$	2,461	$	95.40
For the year ended December 31, 2025	1,004,613	61		$	61.26
As of December 31, 2025	26,795,163	$	2,522	$	94.12

Schedule of Cash Dividend Declared

We declared cash dividends to holders of common stock during the year ended December 31, 2025 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt and approval of our Board of Directors. There can be no assurance that we will pay dividends in the future.

Declaration Date

Stockholder Record Date

Distribution Date

Dividend per Share

February 20, 2025

March 5, 2025

March 19, 2025

$0.79

May 12, 2025

May 23, 2025

June 6, 2025

$0.79

September 3, 2025

September 17, 2025

October 1, 2025

$0.79

December 12, 2025

December 24, 2025

January 7, 2026

$0.80

MODERNIZATION

12 Months Ended

Dec. 31, 2025

Modernization [Abstract]

MODERNIZATION

In November 2024, we announced the creation of a Strategic Business Operations office focused on accelerating our growth and driving operating efficiencies in all areas of our business while increasing organizational agility. The Strategic Business Operations office was created to modernize and optimize our processes and systems, including through advanced technology and automation; increase sales efficiency and inventory optimization; and capture significant savings from initiatives related to procurement and corporate overhead.

The following table shows the composition of our Modernization expense for 2025 and 2024:


($ in millions)	2025		2024
Advisory	$	87	$	4
Transition Costs	18		—
Technology	12		—
Other	5		—
	$	122	$	4

The following table presents the activity for this accrual on our Balance Sheet related to our Modernization efforts.


($ in millions)	SBO Initiatives
Balance at December 31, 2024	$	1
Modernization charges	122
Cash payments	(97)
Balance at December 31, 2025	$	26

During the third quarter of 2025, we entered into outsourced service arrangements and completed the transition of a portion of certain corporate overhead functions to outsourced service providers. The arrangements are for terms of five to six years, and are cancellable for convenience subject to a termination penalty. As of December 31, 2025,our aggregate expected obligation under these arrangements is $142 million, of which $42 million, $27 million, $26 million, $26 million, $18 million, and $3 million is expected to be paid in 2026, 2027, 2028, 2029, 2030, and thereafter, respectively, and the total penalties for early termination were $17 million.

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income attributable to common stockholders	$ (308)	$ 218	$ 254
Numerator used to calculate diluted (loss) earnings per share	$ (308)	$ 237	$ 273
Shares for basic (loss) earnings per share (in shares)	34,900	35,400	36,500
Basic (loss) earnings per share (in usd per share)	$ (8.84)	$ 6.16	$ 6.96
Effect of dilutive shares outstanding
Employee SARs (in shares)	0	0	100
Restricted stock units (in shares)	0	100	300
Shares for diluted earnings (loss) per share (in shares)	34,900	42,100	43,500
Diluted earnings (loss) per share (in usd per share)	$ (8.84)	$ 5.61	$ 6.28
Shares excluded from the calculation of diluted earnings per share (in shares)	6,200
Performance Shares
Effect of dilutive shares outstanding
Shares excluded from the calculation of diluted earnings per share (in shares)		222	193
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Add back of interest expense related to convertible notes, net of tax	$ 0	$ 19	$ 19
Effect of dilutive shares outstanding
Interest expense, debt, excluded from calculation	$ 18
2026 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	0	3,600	3,500
2027 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	0	3,000	3,100

BUSINESS SEGMENTS - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment source	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Disclosure [Line Items]
Number of reportable business segments \| segment	2
Number of operating segments \| segment	2
Gain (loss) from litigation settlement	$ (17)	$ (23)	$ (13)
General and administrative expense	(242)	$ (237)	$ (273)
Revision of Prior Period, Reclassification, Adjustment
Segment Reporting Disclosure [Line Items]
Gain (loss) from litigation settlement	6
General and administrative expense	$ 6
Vacation Ownership
Segment Reporting Disclosure [Line Items]
Number of primary sources \| source	4

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 4,672	$ 4,625	$ 4,405
Cost reimbursements	1,698	1,689	1,561
Financing	360	342	322
Total Revenues	5,032	4,967	4,727
Cost of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,464	1,448	1,460
Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	276	270	257
Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	226	214	201
Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	358	359	355
Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	860	843	813
Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	650	645	571
Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	5,018	4,961	4,730
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	14	6	(3)
Cost reimbursements	(43)	(43)	(42)
Financing	0	0	0
Total Revenues	14	6	(3)
Corporate and Other \| Cost of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Corporate and Other \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Corporate and Other \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(3)	(5)	(3)
Corporate and Other \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	60	54	42
Corporate and Other \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	57	49	39
Corporate and Other \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Vacation Ownership \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4,445	4,388	4,146
Cost reimbursements	1,733	1,723	1,587
Financing	360	342	322
Total Revenues	4,805	4,730	4,468
Vacation Ownership \| Operating Segments \| Cost of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,464	1,448	1,460
Vacation Ownership \| Operating Segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	273	266	252
Vacation Ownership \| Operating Segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	221	207	180
Vacation Ownership \| Operating Segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	139	139	136
Vacation Ownership \| Operating Segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	633	612	568
Vacation Ownership \| Operating Segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	615	605	531
Exchange & Third-Party Management \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	213	231	262
Cost reimbursements	8	9	16
Financing	0	0	0
Total Revenues	213	231	262
Exchange & Third-Party Management \| Operating Segments \| Cost of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0
Exchange & Third-Party Management \| Operating Segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3	4	5
Exchange & Third-Party Management \| Operating Segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8	12	24
Exchange & Third-Party Management \| Operating Segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	159	166	177
Exchange & Third-Party Management \| Operating Segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	170	182	206
Exchange & Third-Party Management \| Operating Segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 35	$ 40	$ 40

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation expected timing percentage	90.00%
Expected timing of satisfaction, period	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCKHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At December 31, 2025, there were 75,891,531 shares of Marriott Vacations Worldwide common stock issued, of which 34,124,033 shares were outstanding and 41,767,498 shares were held as treasury stock. At December 31, 2024, there were 75,852,678 shares of Marriott Vacations Worldwide common stock issued, of which 34,877,925 shares were outstanding and 40,974,753 shares were held as treasury stock. Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $0.01 per share, none of which were issued or outstanding as of December 31, 2025 or December 31, 2024.

Share Repurchase Program

From time to time, with the approval of our Board of Directors, we may undertake programs to purchase shares of our common stock (each, a “Share Repurchase Program”). During the second quarter of 2023, our Board of Directors

increased the then-remaining authorization under our previously approved Share Repurchase Program to authorize purchases up to $600 million and extended the term of this program to December 31, 2024. During the fourth quarter of 2024, our Board of Directors extended the term of this program to December 31, 2025. During the fourth quarter of 2025, our Board of Directors extended the term of this program to December 31, 2026. As of December 31, 2025, approximately $322 million remained available for share repurchases under the current Share Repurchase Program.

Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements, contractual restrictions, and other factors. In connection with the current Share Repurchase Program, we are authorized to adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The authorization for the current Share Repurchase Program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. Acquired shares of our common stock are currently held as treasury shares and carried at cost in our Financial Statements.

The following table summarizes share repurchase activity under our Share Repurchase Program:


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost Basis of Shares Repurchased		Average Price Paid per Share
As of December 31, 2024	25,790,550	$	2,461	$	95.40
For the year ended December 31, 2025	1,004,613	61		$	61.26
As of December 31, 2025	26,795,163	$	2,522	$	94.12

Dividends

Declaration Date

Stockholder Record Date

Distribution Date

Dividend per Share

February 20, 2025

March 5, 2025

March 19, 2025

$0.79

May 12, 2025

May 23, 2025

June 6, 2025

$0.79

September 3, 2025

September 17, 2025

October 1, 2025

$0.79

December 12, 2025

December 24, 2025

January 7, 2026

$0.80

Subsequent to the end of 2025, on February 19, 2026, our Board of Directors declared a quarterly dividend of $0.80 per share to be paid on March 18, 2026 to stockholders of record as of March 4, 2026.

- Definition

The entire disclosure for equity.

+ References

+ Details

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Amount of completed vacation ownership units classified as property and equipment	$ 224	$ 271
Inventory [Line Items]
Inventory deposits	31	33
Other Assets
Inventory [Line Items]
Inventory deposits	26	29
Accounts Receivable
Inventory [Line Items]
Inventory deposits	$ 5	$ 4

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Composition of Inventory

The following table shows the composition of our inventory balances:


($ in millions)	At Year-End 2025		At Year-End 2024


Real estate inventory(1)	$	684	$	725
Other	8		10
	$	692	$	735

(1)Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable.

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Receivables
Accounts and contracts receivable, net	$ 271	$ 250
Vacation ownership notes receivable, net of reserves	2,565	2,440
Receivables	2,836	2,690
Contract Liabilities
Advance deposits	163	162
Deferred revenue and other	371	354
Contract Liabilities	534	516
Other refundable deposits	$ 99	$ 105

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	3.0
Number of shares available for grant (in shares)	1.0
Share-based compensation tax benefit	$ 7,000,000	$ 7,000,000	$ 7,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)	$ 63.07
Aggregate intrinsic value, vested	$ 23,000,000	$ 22,000,000	$ 36,000,000
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)	$ 18.83	$ 34.58	$ 58.50
Aggregate intrinsic value, vested	$ 0	$ 0
Aggregate intrinsic value, exercised (less than in 2023)	$ 1,000,000	$ 1,000,000	$ 1,000,000
Employees and Non Employee Directors \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)		$ 86.73	$ 143.08

RESTRUCTURING AND IMPAIRMENT (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Impairment [Abstract]

Schedule of Restructuring Costs

As a result, we incurred restructuring costs in 2025, all of which related to the Asia Pacific strategy change, as follows:


($ in millions)	2025
Severance	$	5
Cancellation of purchase commitment for inventory	10
	$	15

Schedule of Impairment Charges

We incurred impairment charges during 2025, 2024, and 2023 as follows:


($ in millions)	2025		2024		2023
Property, equipment, and other assets	$	160	$	—	$	4
Future phases of existing resorts	131		—		—
Legacy-Welk inventory	75		28		—
Khao Lak, Thailand inventory	27		—		—
Leases	2		—		16
Equity method investment	2		—		8
Investment in management contract	—		2		4
Goodwill	159		—		—
Trade names	21		—		—

Total Impairment charges	$	577	$	30	$	32

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The following table details the composition of our property and equipment balances:


($ in millions)	At Year-End 2025		At Year-End 2024
Land and land improvements	$	285	$	427
Buildings and leasehold improvements	804		854
Furniture, fixtures and other equipment	162		148
Information technology	398		401
Construction in progress	40		43
	1,689		1,873
Accumulated depreciation	(739)		(703)
	$	950	$	1,170

See Footnote 20 “Restructuring and Impairment” for information on the impairment of property and equipment.

SECURITIZED DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Securitized Vacation Ownership Debt

The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs.


($ in millions)	At December 31, 2025		At December 31, 2024
Vacation ownership notes receivable securitizations, gross(1)	$	2,173	$	2,039
Unamortized debt discount and issuance costs	(27)		(25)
	2,146		2,014

Warehouse Credit Facility, gross	—		124
Unamortized debt issuance costs(2)	—		(2)
	—		122


	$	2,146	$	2,136

(1)Interest rates as of December 31, 2025 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%.

(2)Excludes $2 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Warehouse Credit Facility at that time.

Scheduled Future Principal Payments for Debt

The following table shows anticipated future principal payments for our securitized debt as of December 31, 2025.


($ in millions)	Vacation Ownership Notes Receivable Securitizations
Payments Year

2026	$	185
2027	189
2028	192
2029	191
2030	193
Thereafter	1,223
	$	2,173

The following table shows scheduled principal payments for our debt, excluding finance leases, as of December 31, 2025.


	Payments Year
($ in millions)	2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	8	$	8	$	8	$	8	$	8	$	748	$	788

2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575
2026 Convertible Notes	575		—		—		—		—		—		575
2027 Convertible Notes	—		575		—		—		—		—		575
	$	583	$	583	$	358	$	508	$	8	$	1,323	$	3,363

SHARE-BASED COMPENSATION - Changes in Outstanding SARs and Weighted Average Exercise Prices (Details) - SARs $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of SARs
Outstanding at beginning of year (in shares) \| shares	758,729
Granted (in shares) \| shares	245,440
Exercised (in shares) \| shares	(22,511)
Forfeited (in shares) \| shares	(24,089)
Outstanding at ending of year (in shares) \| shares	957,569
Weighted Average Exercise Price Per SAR
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 116.59
Granted (in usd per share) \| $ / shares	61.22
Exercised (in usd per share) \| $ / shares	69.63
Forfeited (in usd per share) \| $ / shares	82.56
Outstanding at year-end (in usd per share) \| $ / shares	$ 104.36
Intrinsic value, outstanding \| $	$ 1
Outstanding, weighted average remaining contractual life	5 years
Exercisable (in shares) \| shares	630,361
Exercisable, weighted average value (in usd per share) \| $ / shares	$ 118.38
Aggregate intrinsic value, exercisable \| $	$ 0
Outstanding, weighted average remaining contractual terms	4 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Defined Contribution Plan and Deferred Compensation Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Defined contribution plan, cost	$ 25	$ 24	$ 24
Variable Interest Entity \| Fair Value, Inputs, Level 2
Share-based Compensation Arrangement by Share-based Payment Award
Cash surrender value of life insurance	$ 168	$ 131
Deferred Compensation Plan \| Marriott International
Share-based Compensation Arrangement by Share-based Payment Award
Minimum required fixed rate of return	3.50%	3.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable
Reserve for credit losses for accounts receivable	$ 9	$ 10

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 38	$ 33	$ 31
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	35	30	29
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	31	30	29
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	4	0	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 3	$ 3	$ 2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES - Carrying Values of Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease assets	$ 57	$ 74
Finance lease assets	164	168
Lease right of use asset	221	242
Operating lease liabilities	73	94
Finance lease liabilities	198	199
Lease liability	$ 271	$ 293
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other (including $168 and $131 from VIEs, respectively)	Other (including $168 and $131 from VIEs, respectively)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Debt And Finance Lease Obligations Net	Debt And Finance Lease Obligations Net

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	Dec. 31, 2025
Minimum
Property, Plant and Equipment
Estimated useful lives of the assets	3 years
Maximum
Property, Plant and Equipment
Estimated useful lives of the assets	40 years

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	12 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%
Administrative expenses	$ 242	$ 237	$ 273
Gain (loss) from litigation settlement	(17)	$ (23)	$ (13)
Revision of Prior Period, Reclassification, Adjustment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Administrative expenses	(6)
Gain (loss) from litigation settlement	$ 6

INVENTORY

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At Year-End 2025		At Year-End 2024


Real estate inventory(1)	$	684	$	725
Other	8		10
	$	692	$	735

In addition to the above, at December 31, 2025 and December 31, 2024, we had $224 million and $271 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products.

We also had deposits on future purchases of inventory of $31 million at December 31, 2025, of which $26 million was included in Other assets and $5 million was included in Accounts and contracts receivable, net on our Balance Sheet, and $33 million at December 31, 2024, of which $29 million was included in Other assets and $4 million was included in Accounts and contracts receivable, net on our Balance Sheet.

See Footnote 20 “Restructuring and Impairment” for information on the impairment of inventory.

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) shares in Millions	12 Months Ended
	Dec. 31, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	6.2
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	0.2
Convertible Notes \| 2026 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	3.0
Convertible Notes \| 2027 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	3.0

SHARE-BASED COMPENSATION - Changes in Outstanding RSUs and Weighted Average Grant Date Fair Values (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Units (RSUs)
Number of Awards
Outstanding at beginning of year (in shares) \| shares	1,159,359
Granted (in shares) \| shares	1,005,238
Distributed (in shares) \| shares	(287,329)
Forfeited (in shares) \| shares	(233,768)
Outstanding at ending of year (in shares) \| shares	1,643,500
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 106.92
Granted (in usd per share) \| $ / shares	63.07
Distributed (in usd per share) \| $ / shares	112.40
Forfeited (in usd per share) \| $ / shares	100.07
Outstanding at ending of year (in usd per share) \| $ / shares	$ 80.12
Service-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) \| shares	783,527
Granted (in shares) \| shares	581,375
Distributed (in shares) \| shares	(278,406)
Forfeited (in shares) \| shares	(42,199)
Outstanding at ending of year (in shares) \| shares	1,044,297
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 102.50
Granted (in usd per share) \| $ / shares	62.86
Distributed (in usd per share) \| $ / shares	111.12
Forfeited (in usd per share) \| $ / shares	79.34
Outstanding at ending of year (in usd per share) \| $ / shares	$ 79.07
Performance-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) \| shares	375,832
Granted (in shares) \| shares	423,863
Distributed (in shares) \| shares	(8,923)
Forfeited (in shares) \| shares	(191,569)
Outstanding at ending of year (in shares) \| shares	599,203
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) \| $ / shares	$ 116.13
Granted (in usd per share) \| $ / shares	63.38
Distributed (in usd per share) \| $ / shares	152.12
Forfeited (in usd per share) \| $ / shares	104.63
Outstanding at ending of year (in usd per share) \| $ / shares	$ 81.96

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2598330
Entity Address, Address Line One	7812 Palm Parkway
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32836
City Area Code	407
Local Phone Number	206-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VAC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,180,020,753
Entity Common Stock, Shares Outstanding		34,305,473
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement prepared for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001524358

INTANGIBLE ASSETS - Indefinite-Lived Intangible Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 63
Impairment	$ (21)
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment
Ending balance	$ 42

BUSINESS SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment Revenues and Adjusted EBITDA

The table below presents the following for the periods presented: revenues, disaggregated by segment, reconciled to consolidated revenue; segment expenses, including significant expense categories and amounts that align with segment-level information regularly provided to our CODM; and segment Adjusted EBITDA reconciled to Net income or loss attributable to common stockholders.


	2025						2024						2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Total		Vacation Ownership		Exchange & Third-Party Management		Total		Vacation Ownership		Exchange & Third-Party Management		Total
Revenues from external customers	$	4,805	$	213	$	5,018	$	4,730	$	231	$	4,961	$	4,468	$	262	$	4,730
Reconciliation of revenues
Corporate and other(1)					14						6						(3)
Total consolidated revenues					$	5,032					$	4,967					$	4,727

Cost of vacation ownership products	(184)		—				(200)		—				(224)		—
Marketing and sales	(943)		—				(919)		—				(823)		—
Management and exchange	(291)		(117)				(293)		(122)				(270)		(118)
Rental	(537)		—				(498)		—				(466)		—
Financing	(150)		—				(146)		—				(113)		—
Royalty fee	(113)		—				(114)		—				(117)		—
Other segment items(2)(3)	(1,719)		(5)				(1,712)		(7)				(1,572)		(14)
Segment Adjusted EBITDA	868		91		959		848		102		950		883		130		1,013
Corporate and other(1)(3)					(208)						(214)						(252)
Interest expense, net					(169)						(162)						(145)
Depreciation and amortization					(149)						(146)						(135)
Share-based compensation expense					(38)						(33)						(31)
Amortization of cloud computing software implementation costs(3)					(6)						(3)						—
Certain items(3)					(689)						(85)						(50)
Provision for income taxes					(8)						(89)						(146)
Net (loss) income attributable to common stockholders					$	(308)					$	218					$	254

(1)Corporate and Other consists of results that are not allocable to our segments, including company-wide general and administrative expenses, and transaction and integration costs. In addition, Corporate and Other includes revenues and expenses from Consolidated Property Owners’ Associations. Our CODM does not use this information for operating segment resource allocations.

(2)Other segment items include cost reimbursements, share-based compensation, amortization of cloud computing software implementation costs, and other.

(3)Prior year amounts have been reclassified to conform with our current year presentation.

Depreciation and Amortization


($ in millions)	2025		2024		2023
Vacation Ownership	$	106	$	100	$	93
Exchange & Third-Party Management	24		28		31
Total segment depreciation and amortization	130		128		124
Corporate and other	19		18		11
	$	149	$	146	$	135

Schedule of Capital Expenditures (Including Inventory)

Capital Expenditures (including inventory)


($ in millions)	2025		2024		2023
Vacation Ownership	$	302	$	237	$	171
Exchange & Third-Party Management	—		2		—
Total segment capital expenditures	302		239		171
Corporate and other	4		11		63
	$	306	$	250	$	234

Schedule of Revenue by Geographic Areas

Revenues Excluding Cost Reimbursements


($ in millions)	2025		2024		2023
United States	$	2,855	$	2,797	$	2,722
All other countries	479		481		444
	$	3,334	$	3,278	$	3,166

Schedule of Fixed Assets by Geographic Areas

Property and Equipment, net


($ in millions)	At December 31, 2025		At December 31, 2024
United States	$	870	$	1,033
All other countries	80		137
	$	950	$	1,170

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

The following table details the composition of our intangible asset balances:


($ in millions)	At Year-End 2025		At Year-End 2024
Definite-lived intangible assets
Member relationships	$	672	$	670
Management contracts	429		427
	1,101		1,097
Accumulated amortization	(432)		(370)
	669		727
Indefinite-lived intangible assets
Trade names	42		63
	$	711	$	790

Definite-Lived Intangible Assets

Definite-lived intangible assets, all of which were acquired as part of the ILG and Welk Acquisitions, are amortized on a straight-line basis over their estimated useful lives, ranging from 15 to 20 years. We recorded amortization expense of $62 million, $60 million, and $61 million during 2025, 2024, and 2023, respectively, in the Depreciation and amortization line of our Income Statements. We estimate that our annual amortization expense will continue to be approximately $60 million for each of the next five fiscal years.

Indefinite-Lived Intangible Assets

The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment.


($ in millions)	Trade Names and Trademarks
Balance at December 31, 2024	$	63
Impairment	(21)
Balance at December 31, 2025	$	42

We performed our annual impairment test of indefinite-lived intangible assets during the fourth quarter of 2025. We used the relief of royalty method under the income approach in calculating the fair value of the trade names and trademarks (Level 3). As a result of our annual impairment test, we recorded a non-cash impairment charge of $21 million in the

Impairment line on our Income Statement, which was primarily attributed to the decline in estimated future revenues in comparison to prior estimates.

VACATION OWNERSHIP NOTES RECEIVABLE - Vacation Ownership Notes Receivable, Brand and FICO Score (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 3,100	$ 2,976
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3,030	2,860
Originated \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,737	2,570
Originated \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	293	290
Originated \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,838	1,723
Originated \| 700 + \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,627	1,513
Originated \| 700 + \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	211	210
Originated \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	715	709
Originated \| 600 - 699 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	639	634
Originated \| 600 - 699 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	76	75
Originated \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	62	60
Originated \| Less Than 600 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	59	58
Originated \| Less Than 600 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3	2
Originated \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	415	368
Originated \| No Score \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	412	365
Originated \| No Score \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3	3
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	70	116
Acquired \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	35	59
Acquired \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	35	57
Acquired \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	40	64
Acquired \| 700 + \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	18	30
Acquired \| 700 + \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	22	34
Acquired \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	26	43
Acquired \| 600 - 699 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	13	21
Acquired \| 600 - 699 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	13	22
Acquired \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	3
Acquired \| Less Than 600 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	3
Acquired \| Less Than 600 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	0
Acquired \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	6
Acquired \| No Score \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	5
Acquired \| No Score \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 0	$ 1

MODERNIZATION - Schedule of Rollforward of Reserves (Details) - SBO Initiatives $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Modernization Reserve Rollforward [Roll Forward]
Beginning balance	$ 1
Modernization charges	122
Cash payments	(97)
Ending balance	$ 26

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Interest income	$ 349	$ 331	$ 312
Interest expense, net	(169)	(162)	(145)
Administrative expenses	242	$ 237	$ 273
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	293
Interest expense, net	107
Debt issuance cost amortization	12
Administrative expenses	1
Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	267
Interest expense, net	95
Debt issuance cost amortization	11
Administrative expenses	1
Warehouse Credit Facility \| Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	26
Interest expense, net	12
Debt issuance cost amortization	1
Administrative expenses	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

MODERNIZATION (Tables)

12 Months Ended

Dec. 31, 2025

Modernization [Abstract]

Schedule of Modernization Costs

The following table shows the composition of our Modernization expense for 2025 and 2024:


($ in millions)	2025		2024
Advisory	$	87	$	4
Transition Costs	18		—
Technology	12		—
Other	5		—
	$	122	$	4

Schedule of Modernization Reserve

The following table presents the activity for this accrual on our Balance Sheet related to our Modernization efforts.


($ in millions)	SBO Initiatives
Balance at December 31, 2024	$	1
Modernization charges	122
Cash payments	(97)
Balance at December 31, 2025	$	26

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income or Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 5,032	$ 4,967	$ 4,727
Marketing and sales	(943)	(919)	(823)
Financing	(150)	(146)	(113)
Royalty fee	(113)	(114)	(117)
Interest expense, net	(169)	(162)	(145)
Depreciation and amortization	(149)	(146)	(135)
Share-based compensation expense	(38)	(33)	(31)
Amortization of cloud computing software implementation costs	(6)	(3)	0
Certain items	(689)	(85)	(50)
Provision for income taxes	(8)	(89)	(146)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	(308)	218	254
Cost of vacation ownership products
Segment Reporting Information [Line Items]
Expenses	(184)	(200)	(224)
Management and exchange
Segment Reporting Information [Line Items]
Expenses	(476)	(482)	(442)
Rental
Segment Reporting Information [Line Items]
Expenses	(523)	(481)	(452)
Operating Segments
Segment Reporting Information [Line Items]
Total consolidated revenues	5,018	4,961	4,730
Segment Adjusted EBITDA	959	950	1,013
Depreciation and amortization	(130)	(128)	(124)
Operating Segments \| Vacation Ownership
Segment Reporting Information [Line Items]
Total consolidated revenues	4,805	4,730	4,468
Marketing and sales	(943)	(919)	(823)
Financing	150	146	113
Royalty fee	113	114	117
Other segment items	(1,719)	(1,712)	(1,572)
Segment Adjusted EBITDA	868	848	883
Depreciation and amortization	(106)	(100)	(93)
Operating Segments \| Vacation Ownership \| Cost of vacation ownership products
Segment Reporting Information [Line Items]
Expenses	(184)	(200)	(224)
Operating Segments \| Vacation Ownership \| Management and exchange
Segment Reporting Information [Line Items]
Expenses	(291)	(293)	(270)
Operating Segments \| Vacation Ownership \| Rental
Segment Reporting Information [Line Items]
Expenses	(537)	(498)	(466)
Operating Segments \| Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Total consolidated revenues	213	231	262
Other segment items	(5)	(7)	(14)
Segment Adjusted EBITDA	91	102	130
Depreciation and amortization	(24)	(28)	(31)
Operating Segments \| Exchange & Third-Party Management \| Management and exchange
Segment Reporting Information [Line Items]
Expenses	(117)	(122)	(118)
Corporate and Other
Segment Reporting Information [Line Items]
Total consolidated revenues	14	6	(3)
Corporate and other	(208)	(214)	(252)
Depreciation and amortization	$ (19)	$ (18)	$ (11)

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs:


($ in millions)		At December 31, 2025		At December 31, 2024
Corporate Credit Facility
	Term Loan(1)	$	788	$	796
	Unamortized debt discount and issuance costs	(8)		(10)
		780		786

	Revolving Corporate Credit Facility	—		125
	Unamortized debt issuance costs(2)	—		(3)
		—		122
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(2)		(2)
		348		348

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(3)		(4)
		497		496

	2033 Notes	575		—
	Unamortized debt discount and issuance costs	(8)		—
		567		—
Convertible Notes
	2026 Convertible Notes	575		575
	Unamortized debt discount and issuance costs	—		(3)
		575		572

	2027 Convertible Notes	575		575
	Unamortized debt discount and issuance costs	(6)		(9)
		569		566

Finance Leases		198		199


		$	3,534	$	3,089

(1)The effective interest rate as of December 31, 2025 was 6.0%.

(2)Excludes $4 million of unamortized debt issuance costs classified as a component of Other Assets on our Balance Sheet as of December 31, 2025, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of December 31, 2025.


	Payments Year
($ in millions)	2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	8	$	8	$	8	$	8	$	8	$	748	$	788

2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575
2026 Convertible Notes	575		—		—		—		—		—		575
2027 Convertible Notes	—		575		—		—		—		—		575
	$	583	$	583	$	358	$	508	$	8	$	1,323	$	3,363

Corporate Credit Facility

Our corporate credit facility (the “Corporate Credit Facility”) provides support for our business, including ongoing liquidity and letters of credit, and consists of a term loan facility (the “Term Loan”) and a revolving credit facility (the “Revolving Corporate Credit Facility”), which includes a letter of credit sub-facility.

During the first quarter of 2025, we entered into an amendment to the Corporate Credit Facility (the “Amendment”), which, among other things; increased the borrowing capacity of our Revolving Corporate Credit Facility from $750 million to $800 million; extended the termination date from March 31, 2027 to March 24, 2030; and reduced certain fees and interest costs. The Amendment also increased the letter of credit sub-facility of the Revolving Corporate Credit Facility from $75 million to $150 million.

Additionally, the Amendment provided for a new $450 million senior secured delayed-draw term loan facility (the “Delayed-Draw Term Loan”) scheduled to mature on December 31, 2027, which was subsequently terminated in the third quarter of 2025 in connection with the issuance of the 2033 Notes (as defined and discussed below). We did not draw on the Delayed-Draw Term Loan at any time.

Borrowings under the Revolving Corporate Credit Facility generally bear interest at a floating rate (SOFR or Prime) plus an applicable margin that varies from 0.50% to 2.00% depending on the type of loan and our leverage. In addition, we pay a commitment fee on the unused availability under the Revolving Corporate Credit Facility at a rate that varies from 20 to 25 basis points per annum, also depending on our leverage.

Any amounts borrowed under the Corporate Credit Facility, as well as obligations with respect to letters of credit issued pursuant to the Revolving Corporate Credit Facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrower under, and guarantors of, that facility (which include MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose entities).

During the second quarter of 2025, we entered into a $300 million interest rate swap pursuant to which we pay interest at a fixed rate of 3.344% and receive interest at a floating rate (SOFR) through May 2027 to hedge a portion of our interest rate risk on the Term Loan. This interest rate swap has been designated and qualifies as a cash flow hedge of interest rate risk and is recorded in Other Liabilities on our Balance Sheet as of December 31, 2025. We characterize payments we make or receive in connection with this derivative instrument as interest expense and a reclassification of accumulated other comprehensive income or loss for presentation purposes.

The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during 2025, 2024 and 2023. There were no reclassifications to the Income Statement for any of the periods presented below.


($ in millions)	2025		2024		2023
Derivative Instrument Adjustment, Beginning of Year	$	—	$	3	$	13
Other comprehensive loss before reclassifications	—		(3)		(10)


Derivative Instrument Adjustment, End of Year	$	—	$	—	$	3

Senior Notes

Our senior notes include:

•$350 million aggregate principal amount of 4.750% Senior Unsecured Notes due 2028 issued in 2019 with a maturity date of January 15, 2028 (the “2028 Notes”).

•$500 million aggregate principal amount of 4.500% Senior Unsecured Notes due 2029 issued in 2021 with a maturity date of June 15, 2029 (the “2029 Notes”).

•$575 million aggregate principal amount of 6.500% Senior Unsecured Notes due 2033 issued in 2025 with a maturity date of October 1, 2033 (the “2033 Notes”).

2028 Notes

We issued the 2028 Notes under an indenture with The Bank of New York Mellon Trust Company, N.A., as trustee. We received net proceeds of $346 million from the offering, after deducting the underwriting discount and estimated expenses. We pay interest on the 2028 Notes on March 15 and September 15 of each year. We may redeem some or all of the 2028 Notes prior to maturity under the terms provided in the indenture.

2029 Notes

We issued the 2029 Notes under an indenture with The Bank of New York Mellon Trust Company, N.A., as trustee. We received net proceeds of $493 million from the offering, after deducting the underwriting fees and transaction expenses. We pay interest on the 2029 Notes on June 15 and December 15 of each year. We may redeem some or all of the 2029 Notes prior to maturity under the terms provided in the indenture.

2033 Notes

We issued the 2033 Notes under an indenture with the Bank of New York Mellon Trust Company, N.A, as trustee. We received net proceeds of $567 million from the offering, after deducting the underwriting fees and transaction expenses, and used these net proceeds to repay our 2026 Convertible Notes (as defined below) subsequent to the end of 2025. We will pay interest on the 2033 Notes on April 1 and October 1 of each year, commencing on April 1, 2026. We may redeem some or all of the 2033 Notes prior to maturity under the terms provided in the indenture.

Convertible Notes

2026 Convertible Notes

During 2021, we issued $575 million aggregate principal amount of convertible senior notes (the “2026 Convertible Notes”) that bear interest at a rate of 0.00%. The 2026 Convertible Notes mature on January 15, 2026, unless earlier repurchased or converted in accordance with their terms prior to that date.

The conversion rate of the 2026 Convertible Notes is subject to adjustment for certain events as described in the indenture governing the notes and was subject to adjustment as of December 31, 2025 to 6.6865 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $149.56 per share of our common stock), as a result of the dividends we declared since issuance of the 2026 Convertible Notes that were greater than the quarterly dividend we paid when the 2026 Convertible Notes were issued. As of December 31, 2025, upon conversion, we will pay or deliver cash for the principal balance of the notes, and settle any conversion premium in, shares of our common stock. As of December 31, 2025, the effective interest rate was 0.55%. Amortization of debt issuance costs related to the 2026 Convertible Notes was $3 million in each of the three years ended December 31, 2025, 2024, and 2023.

The 2026 Convertible Notes matured at par subsequent to the end of 2025, on January 15, 2026, at which time none of the 2026 Convertible Notes were converted and all were settled in cash, and the deferred financing costs were fully amortized.

2026 Convertible Note Hedges and Warrants

In connection with the offering of the 2026 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (the “2026 Convertible Note Hedges”), covering a total of 3.8 million shares of our common stock, and warrant transactions (the “2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges warrants to acquire 3.8 million shares of our common stock, in each case, as of December 31, 2025. The strike prices of the 2026

Convertible Note Hedges and the 2026 Warrants were subject to adjustment to $149.56 and $186.94, respectively, as of December 31, 2025 and no 2026 Convertible Note Hedges or 2026 Warrants have been exercised.

The 2026 Convertible Note Hedges expired upon the maturity of the 2026 Convertible Notes, subsequent to the end of 2025, and none were exercised. The 2026 Warrants expire in ratable portions over the 70 trading day period commencing on April 15, 2026.

2027 Convertible Notes

During 2022, we issued $575 million aggregate principal amount of convertible senior notes (the “2027 Convertible Notes”) that bear interest at a rate of 3.25%. The 2027 Convertible Notes mature on December 15, 2027, unless earlier repurchased or converted in accordance with their terms prior to that date.

The conversion rate of the 2027 Convertible Notes is subject to adjustment for certain events as described in the indenture governing the notes and was subject to adjustment as of December 31, 2025 to 5.3099 shares of common stock per $1,000 principal amount of 2027 Convertible Notes (equivalent to a conversion price of $188.33 per share of our common stock), as a result of the dividends we declared since issuance of the 2027 Convertible Notes that were greater than the quarterly dividend we paid when the 2027 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of December 31, 2025, the effective interest rate was 3.88%. Contractual interest expense related to the 2027 Convertible Notes was $19 million and amortization of debt issuance costs was $3 million in each of the three years ended December 31, 2025, 2024, and 2023.

2027 Convertible Note Hedges and Warrants

In connection with the offering of the 2027 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (the “2027 Convertible Note Hedges”), covering a total of 3.1 million shares of our common stock, and warrant transactions (the “2027 Warrants”), whereby we sold to the counterparties to the 2027 Convertible Note Hedges warrants to acquire 3.1 million shares of our common stock, in each case, as of December 31, 2025. The strike prices of the 2027 Convertible Note Hedges and the 2027 Warrants were subject to adjustment to $188.33 and $284.26, respectively, as of December 31, 2025, and no 2027 Convertible Note Hedges or 2027 Warrants have been exercised.

Finance Leases

See Footnote 13 “Leases” for information on our finance leases. Non-cash financing activities related to our lease liabilities during 2025, 2024, and 2023, were $7 million, $16 million, and $108 million, respectively.

Security and Guarantees

Amounts borrowed under the Corporate Credit Facility, as well as obligations with respect to letters of credit issued pursuant to the Corporate Credit Facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrowers under, and guarantors of, that facility (which include MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose entities), subject to certain exceptions. In addition, the Corporate Credit Facility, the 2026 Convertible Notes, the 2027 Convertible Notes, the 2028 Notes, the 2029 Notes, and the 2033 Notes are guaranteed by MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose entities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Composition of Intangible Asset Balances

The following table details the composition of our intangible asset balances:


($ in millions)	At Year-End 2025		At Year-End 2024
Definite-lived intangible assets
Member relationships	$	672	$	670
Management contracts	429		427
	1,101		1,097
Accumulated amortization	(432)		(370)
	669		727
Indefinite-lived intangible assets
Trade names	42		63
	$	711	$	790

Schedule of Impaired Intangible Assets

The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment.


($ in millions)	Trade Names and Trademarks
Balance at December 31, 2024	$	63
Impairment	(21)
Balance at December 31, 2025	$	42

DEBT - Corporate Credit Facility (Details) - USD ($)	9 Months Ended
DEBT - Corporate Credit Facility (Details) - USD ($)	Dec. 31, 2025	Apr. 01, 2026	Sep. 30, 2025	Jun. 30, 2025	Apr. 01, 2025	Mar. 31, 2025
Debt Instrument [Line Items]
Notional amount				$ 300,000,000
Derivative, fixed interest rate	3.344%
Line of Credit \| Delayed Draw Term Loan (DDTL)
Debt Instrument [Line Items]
Credit facility			$ 450,000,000
Revolving Credit Facility \| Revolving Corporate Credit Facility
Debt Instrument [Line Items]
Credit facility					$ 800,000,000	$ 750,000,000
Revolving Credit Facility \| Revolving Corporate Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Commitment fee percentage	0.20%
Revolving Credit Facility \| Revolving Corporate Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Commitment fee percentage	0.25%
Letter of Credit \| Revolving Corporate Credit Facility
Debt Instrument [Line Items]
Credit facility						$ 75,000,000
Letter of Credit \| Revolving Corporate Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Credit facility		$ 150,000,000

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,363
Finance Leases	198	$ 199
Debt and lease obligation	3,534	3,089
Unamortized debt issuance expense	4
Term Loan \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	788	796
Unamortized debt discount and issuance costs	(8)	(10)
Long-term debt	780	786
Term Loan \| Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 788
Interest rate, effective percentage	6.00%
Revolving Corporate Credit Facility \| Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	125
Unamortized debt discount and issuance costs	0	(3)
Long-term debt	0	122
2028 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	350	350
Unamortized debt discount and issuance costs	(2)	(2)
Long-term debt	348	348
2029 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500	500
Unamortized debt discount and issuance costs	(3)	(4)
Long-term debt	497	496
2033 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	575	0
Unamortized debt discount and issuance costs	(8)	0
Long-term debt	$ 567	0
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
2026 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 575	575
Unamortized debt discount and issuance costs	0	(3)
Long-term debt	$ 575	572
2027 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
2027 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 575	575
Unamortized debt discount and issuance costs	(6)	(9)
Long-term debt	$ 569	$ 566

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Balances, Net of Unamortized Debt Issuance Costs

The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs:


($ in millions)		At December 31, 2025		At December 31, 2024
Corporate Credit Facility
	Term Loan(1)	$	788	$	796
	Unamortized debt discount and issuance costs	(8)		(10)
		780		786

	Revolving Corporate Credit Facility	—		125
	Unamortized debt issuance costs(2)	—		(3)
		—		122
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(2)		(2)
		348		348

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(3)		(4)
		497		496

	2033 Notes	575		—
	Unamortized debt discount and issuance costs	(8)		—
		567		—
Convertible Notes
	2026 Convertible Notes	575		575
	Unamortized debt discount and issuance costs	—		(3)
		575		572

	2027 Convertible Notes	575		575
	Unamortized debt discount and issuance costs	(6)		(9)
		569		566

Finance Leases		198		199


		$	3,534	$	3,089

(1)The effective interest rate as of December 31, 2025 was 6.0%.

Scheduled Future Principal Payments for Debt

The following table shows anticipated future principal payments for our securitized debt as of December 31, 2025.


($ in millions)	Vacation Ownership Notes Receivable Securitizations
Payments Year

2026	$	185
2027	189
2028	192
2029	191
2030	193
Thereafter	1,223
	$	2,173

The following table shows scheduled principal payments for our debt, excluding finance leases, as of December 31, 2025.


	Payments Year
($ in millions)	2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	8	$	8	$	8	$	8	$	8	$	748	$	788

2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575
2026 Convertible Notes	575		—		—		—		—		—		575
2027 Convertible Notes	—		575		—		—		—		—		575
	$	583	$	583	$	358	$	508	$	8	$	1,323	$	3,363

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)


($ in millions)	2025		2024		2023
Derivative Instrument Adjustment, Beginning of Year	$	—	$	3	$	13
Other comprehensive loss before reclassifications	—		(3)		(10)


Derivative Instrument Adjustment, End of Year	$	—	$	—	$	3

DEBT - 2026 Convertible Notes (Details) - 2026 Convertible Notes	1 Months Ended	12 Months Ended
	Jan. 16, 2026 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Interest rate, effective percentage		0.55%
Convertible Notes
Debt Instrument [Line Items]
Principal amount					$ 575,000,000
Debt, stated interest rate					0.00%
Conversion ratio		0.0066865
Conversion price (in usd per share) \| $ / shares		$ 149.56
Debt issuance cost amortization		$ 3,000,000	$ 3,000,000	$ 3,000,000
Convertible Notes \| Subsequent Event
Debt Instrument [Line Items]
Debt conversion amount	$ 0

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	6,200,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)		643,167	287,125
SARs \| Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price securities, excluded from computation of earnings per share (in usd per share)		$ 93.73	$ 143.38
SARs \| Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price securities, excluded from computation of earnings per share (in usd per share)		$ 173.88	$ 173.88

BUSINESS SEGMENTS - Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Other Significant Reconciling Item
Capital expenditures (including inventory)	$ 306	$ 250	$ 234
Operating Segments
Segment Reporting, Other Significant Reconciling Item
Capital expenditures (including inventory)	302	239	171
Operating Segments \| Vacation Ownership
Segment Reporting, Other Significant Reconciling Item
Capital expenditures (including inventory)	302	237	171
Operating Segments \| Exchange & Third-Party Management
Segment Reporting, Other Significant Reconciling Item
Capital expenditures (including inventory)	0	2	0
Corporate and Other
Segment Reporting, Other Significant Reconciling Item
Capital expenditures (including inventory)	$ 4	$ 11	$ 63

CONTINGENCIES AND COMMITMENTS	12 Months Ended
CONTINGENCIES AND COMMITMENTS	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of December 31, 2025, we had the following commitments outstanding: •We have various agreements for cloud computing and outsourcing of development, maintenance and support related to information technology that we use in the normal course of business. We expect aggregate obligations under these contracts of $131 million, of which we expect $78 million, $28 million, $11 million, $5 million, $6 million and $3 million will be paid in 2026, 2027, 2028, 2029, 2030, and thereafter, respectively. •We have a commitment to purchase property and vacation ownership units located in Nashville, Tennessee, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of 168 vacation ownership units in 2027, and we expect to make payments when specific construction milestones are completed of $122 million in 2027. •We have a remaining commitment of $11 million to purchase 32 vacation ownership units located in Bali, Indonesia, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of these vacation ownership units in 2027, and we expect to make remaining payments with respect to these units when specific construction milestones are completed as follows: $10 million in 2026 and $1 million in 2027. •We have a remaining commitment of $41 million to purchase 60 vacation ownership units located in Khao Lak, Thailand, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of these vacation ownership units in 2026, and we expect to make remaining payments with respect to these units as follows: $4 million in 2026, $4 million in 2027, and $33 million in 2028. •We have a commitment to acquire real estate in Waikiki, Hawaii for use in our Vacation Ownership segment via our involvement with a VIE. Refer to Footnote 18 “Variable Interest Entities” for additional information about this commitment, including purchases that occurred during 2025 and 2024 pursuant to this commitment, and for additional information about our activities relating to the VIE involved in this commitment. •In connection with our sale of a hotel in Cancun, we entered into a commitment to purchase vacation ownership units located in Puerto Vallarta, Mexico, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of 64 vacation ownership units in 2028, and we expect to make payments of $46 million when specific construction milestones are completed in 2028. Surety bonds issued as of December 31, 2025 totaled $140 million, the majority of which were requested by federal, state or local governments in connection with our operations. As of December 31, 2025, we had $13 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 15 “Debt”), of which $12 million were related to and in lieu of reserves required for certain of our outstanding securitization transactions. In addition, as of December 31, 2025, we had $25 million in letters of credit outstanding that were related to and in lieu of reserves required for certain other outstanding securitization transactions, which were not issued pursuant to, nor do they impact our borrowing capacity under, the Revolving Corporate Credit Facility. Guarantees We have a commitment to an owners’ association that we manage to pay for any shortfall between the actual expenses incurred by the owners’ association and the income received by the owners’ association, in lieu of our payment of maintenance fees for unsold inventory. The agreement will terminate on the earlier of: 1) sale of 95% of the total ownership interests in the owners’ association; or 2) written notification of termination by either party. At December 31, 2025, our expected commitment for 2026 is $29 million, which will ultimately be recorded as a component of rental expense on our income statement. Loss Contingencies In the ordinary course of our business, various claims and lawsuits have been filed or are pending against us. A number of these lawsuits and claims may exist at any given time. We record and accrue for legal contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances. We have accrued for certain pending claims and lawsuits, but the amount accrued is not material individually or in the aggregate. For matters not requiring accrual, we do not believe that the ultimate outcome of such matters, individually or in the aggregate, will materially harm our financial position, cash flows, or overall trends in results of operations based on information currently available. However, legal proceedings are inherently uncertain, and while we believe that our accruals, where required, are adequate and/or we have valid defenses to the claims asserted, unfavorable rulings could occur that could, individually or in the aggregate, have a material adverse effect on our business, financial condition, or operating results.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

GOODWILL - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
GOODWILL - Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 3,117
Goodwill	(159)	$ 0	$ 0
Ending balance	2,958	3,117
Vacation Ownership
Goodwill [Roll Forward]
Beginning balance	2,770
Goodwill	0
Ending balance	2,770	2,770
Exchange & Third-Party Management
Goodwill [Roll Forward]
Beginning balance	347
Goodwill	(159)
Ending balance	$ 188	$ 347

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Income Tax Provision

The following table presents the components of our (losses) or income before income taxes and noncontrolling interests for the last three fiscal years:


($ in millions)	2025		2024		2023
United States	$	(244)	$	281	$	419
Non-U.S. jurisdictions	(55)		25		(21)
	$	(299)	$	306	$	398

Our (provision for) or benefit from income taxes consisted of:


($ in millions)		2025		2024		2023
Current	– U.S. Federal	$	(73)	$	(28)	$	(123)
	– U.S. State	(24)		(20)		(21)
	– Non-U.S.	(14)		(7)		(62)
		(111)		(55)		(206)

Deferred	– U.S. Federal	95		(23)		27
	– U.S. State	23		(15)		12
	– Non-U.S.	(15)		4		21
		103		(34)		60
		$	(8)	$	(89)	$	(146)

Deferred Income Taxes

The following table presents the significant components of our deferred tax assets and liabilities:


($ in millions)	At Year-End 2025		At Year-End 2024
Deferred Tax Assets
Inventory	$	108	$	74
Provision for doubtful accounts and sales reserve	178		166
Convertible debt	12		24
Deferred compensation	50		42

Property and equipment	129		73
Non-cash compensation	17		15

Net operating loss and capital loss carryforwards	180		143
Accrued expenses	24		30
Tax credits	29		30
Finance lease assets	51		50
Other, net	81		31
Deferred tax assets	859		678
Less valuation allowance	(270)		(163)
Net deferred tax assets	589		515

Deferred Tax Liabilities
Long lived intangible assets	(171)		(189)
Deferred sales of VOIs	(537)		(549)
Finance lease liabilities	(42)		(43)

Other, net	(45)		(41)
Deferred tax liabilities	(795)		(822)

Total net deferred tax liabilities	$	(206)	$	(307)

In 2025, the change in valuation allowance is primarily attributable to changes in our assessment of the realizability of net deferred tax assets related to certain entities in Mexico.

We have $7 million in foreign capital loss carryforwards, $20 million in foreign tax credits, and $159 million of foreign net operating loss carryforwards, some of which will expire in 2026; however, a significant portion of the net operating loss carryforwards have indefinite carryforward periods. We have $11 million of state net operating loss carryforwards, the majority of which will not expire within the next five years, $4 million of business interest deduction carryforwards and $6 million of state tax credit carryforwards, both of which have an indefinite carryforward period.

We continue to assert indefinite reinvestment in the basis of certain foreign subsidiaries. Accordingly, no deferred taxes have been accrued with respect to these outside basis differences. An estimate of the applicable tax impact is not practicable to determine.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate

The following table reconciles the U.S. statutory income tax rate to our effective income tax rate for 2025:


	2025
$ in millions	Amount		Percent
Tax at U.S. Federal Statutory Tax Rate	$	(63)	21.0%
State and Local Income Tax, Net of Federal Effect(1)	(4)		1.2%
Foreign Tax Effects
Mexico
Investment basis difference	(36)		12.0%
Valuation allowance established on investment basis difference	36		(12.0%)
Valuation allowance established due to updated realizability assessment	37		(12.4%)
Change in position regarding interest expense deductibility	(13)		4.4%
Other	3		(1.0%)
Australia
Released valuation allowance due to updated realizability assessment	(7)		2.2%
Other	1		(0.3%)
Other foreign jurisdictions	20		(6.6%)
Total Foreign Tax Effects	41		(13.7%)

Effect of Cross-Border Tax Laws
Deferred withholding taxes	5		(1.6%)
Other	—		(0.1%)
Total Effect of Cross-Border Tax Laws	5		(1.8%)

Nontaxable or Nondeductible Items
Investment basis difference	(10)		3.4%
Goodwill impairment	33		(11.2%)
Other	4		(1.2%)
Total Nontaxable or Nondeductible Items	27		(9.0%)

Other adjustments	2		(0.6%)
Total Tax Provision	$	8	(2.8%)

(1)State taxes in Hawaii and California made up the majority of the tax effect in this category.

The following table reconciles the U.S. statutory income tax rate to our effective income tax rate for 2024 and 2023:


	2024	2023
U.S. statutory income tax rate	21.0%	21.0%
U.S. state income taxes, net of U.S. federal tax benefit	4.6	4.5
Share-based compensation, net of Section 162(m) limitation	0.8	0.3

Other permanent differences(1)	1.0	(3.0)
Tax rate changes	0.3	(0.8)
Non-U.S. income	9.4	2.7
Tax credits	(0.8)	(0.6)
Unrecognized tax benefits	(6.3)	5.5
Change in valuation allowance	(2.6)	7.1
Other items	1.6	(0.2)
Effective rate	29.0%	36.5%

(1)The 2024 permanent differences are primarily related to non-deductible interest, other expenses and foreign taxes

partially offset by non-taxable income. The 2023 permanent differences are primarily related to non-taxable income and foreign taxes deducted in the U.S.

We conduct business in countries that grant “holidays” from income taxes for ten to thirty-year periods. These holidays expire through 2034 and may be impacted by the global minimum tax rules (Pillar 2) set forth for large multinational corporations.

Income Taxes Paid, net of Refunds

The following table presents the components of our income taxes paid, net of refunds by jurisdiction for 2025:


($ in millions)	2025
Federal	$	106
California	7
Other U.S. states	12
Mexico	7
Aruba	7
Other foreign countries	4
	$	143

Timing of Estimated Tax Payments

As part of the federal tax relief provided by the Internal Revenue Service for businesses in areas of Florida affected by hurricanes during 2024, we were permitted to defer certain federal income tax payments without incurring interest or penalties. As a result, we deferred $38 million of estimated tax payments from 2024 to 2025. Similarly, in 2024, under comparable relief measures related to hurricanes in 2023, we deferred $32 million of estimated tax payments from 2023 to 2024. In addition, in 2023, under similar circumstances, we deferred $45 million of estimated tax payments from 2022 to 2023. None of our 2025 estimated tax payments were deferred into 2026.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows:


($ in millions)	2025		2024		2023
Unrecognized tax benefits at beginning of year	$	23	$	106	$	25
Increases related to tax positions taken during a prior period	3		8		87
Increases related to tax positions taken during the current period	3		—		—

Decreases related to tax positions taken during a prior period	—		(82)		(6)
Decreases as a result of a lapse of the applicable statute of limitations	(2)		(9)		—
Unrecognized tax benefits at end of year	$	27	$	23	$	106

The increase in 2025 is attributable to reserves established for interest relief provided under government relief programs, including amounts reported on the 2024 U.S. corporate income tax return and estimated amounts expected to be claimed on the 2025 return. The increase in the unrecognized tax benefits during 2023 and subsequent decrease during 2024 is primarily related to an $80 million proposed tax method change in 2023, which was filed with the IRS in 2024.

The total amount of gross interest and penalties accrued relating to unrecognized tax benefits was $41 million at December 31, 2025 and $37 million at December 31, 2024, which is predominantly attributable to non-U.S. jurisdictions. We recognized an income tax expense of $4 million in 2025, an income tax benefit of $11 million in 2024, and an income tax expense of $20 million in 2023 related to accrued interest and penalties. Unrecognized tax benefits (including interest and penalties) of $32 million and $29 million, net of indemnification, would have impacted the effective tax rate for the years ended December 31, 2025 and December 31, 2024, respectively, if recognized.

We anticipate $36 million of unrecognized tax benefits, including interest and penalties, to be indemnified pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood Hotels & Resorts Worldwide, Inc., Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., (the “Tax Matters Agreement”) and consequently have recorded a corresponding indemnification asset. The unrecognized tax benefits, including accrued interest and penalties, are included in Other liabilities on our Balance Sheets.

Our income tax returns remain subject to examination by the relevant tax authorities. Certain returns are currently under audit in various jurisdictions for tax years 2007 through 2020. The amount of the unrecognized tax benefits may change within the next twelve months as a result of audits or resolution of audit-related matters.

Other

As of December 31, 2025, the $14 million tax reserve for non-income tax issues is predominantly related to the ILG Acquisition. We expect that we will be indemnified for liabilities of $4 million in connection with the Legacy-ILG non-income tax matters pursuant to the Tax Matters Agreement and consequently have recorded a corresponding indemnification asset.

During the third quarter of 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, making several provisions of the Tax Cuts and Jobs Act permanent. Under ASC 740, “Income Taxes,” the effects of changes in tax laws must be recognized in the period of enactment. We have evaluated the impact of OBBBA and have incorporated the effect of these changes into our financial statements. For the provisions effective in 2025, there was no material impact to our effective tax rate for the year ended December 31, 2025, but we continue to assess the potential impact of these law changes, including provisions becoming effective in 2026, on our business and financial results.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with customer, contract assets	$ 0	$ 0
Contract with customer, liability, revenue recognized	$ 339,000,000

VACATION OWNERSHIP NOTES RECEIVABLE - Origination Year, Vacation Ownership Notes Receivable, Brand and FICO Score Prior Year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 3,100	$ 2,976
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,030	2,860
Originated \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,838	1,723
Originated \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	715	709
Originated \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	62	60
Originated \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	415	368
Originated \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	930
2024	672
2023	422
2022	300
2021 & Prior	413
Total	2,737	2,570
Gross write-offs 2025	8
Gross write-offs 2024	45
Gross write-offs 2023	52
Gross write-offs 2022	34
Gross write-offs 2021 & Prior	44
Total	183
Originated \| Marriott Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	550
2024	409
2023	250
2022	180
2021 & Prior	238
Total	1,627	1,513
Originated \| Marriott Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	170
2024	148
2023	107
2022	86
2021 & Prior	128
Total	639	634
Originated \| Marriott Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	19
2024	13
2023	9
2022	7
2021 & Prior	11
Total	59	58
Originated \| Marriott Vacation Ownership \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	191
2024	102
2023	56
2022	27
2021 & Prior	36
Total	412	365
Originated \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	119
2024	67
2023	48
2022	38
2021 & Prior	21
Total	293	290
Gross write-offs 2025	2
Gross write-offs 2024	11
Gross write-offs 2023	10
Gross write-offs 2022	9
Gross write-offs 2021 & Prior	4
Total	36
Originated \| Hyatt Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	87
2024	48
2023	34
2022	27
2021 & Prior	15
Total	211	210
Originated \| Hyatt Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	29
2024	18
2023	13
2022	10
2021 & Prior	6
Total	76	75
Originated \| Hyatt Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	2
2024	1
2023	0
2022	0
2021 & Prior	0
Total	3	2
Originated \| Hyatt Vacation Ownership \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2025	1
2024	0
2023	1
2022	1
2021 & Prior	0
Total	$ 3	$ 3

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,565	$ 2,440
Contracts receivable for financed VOI sales, net	95	89
Other assets	168	131
Total financial assets	2,828	2,660
Total financial liabilities	(5,482)	(5,026)
Carrying Amount \| Securitized debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,146)	(2,136)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,645	2,508
Contracts receivable for financed VOI sales, net	95	89
Other assets	168	131
Total financial assets	2,908	2,728
Total financial liabilities	(5,474)	(4,958)
Fair Value \| Securitized debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,196)	(2,147)
2028 Notes \| Carrying Amount \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(348)	(348)
2028 Notes \| Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(346)	(336)
2029 Notes \| Carrying Amount \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(497)	(496)
2029 Notes \| Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(479)	(467)
2033 Notes \| Carrying Amount \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(567)	0
2033 Notes \| Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(553)	0
2026 Convertible Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(575)	(572)
2026 Convertible Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(564)	(546)
2027 Convertible Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(569)	(566)
2027 Convertible Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(548)	(541)
Line of Credit \| Term Loan, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(780)	(786)
Line of Credit \| Term Loan, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(788)	(796)
Line of Credit \| Revolving Corporate Credit Facility \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	0	(122)
Line of Credit \| Revolving Corporate Credit Facility \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 0	$ (125)

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - $ / shares	2 Months Ended	12 Months Ended
	Feb. 27, 2026	Dec. 31, 2025
2026 Convertible Note Hedges \| Subsequent Event
Debt Instrument [Line Items]
Trading period	70 days
2026 Convertible Note Hedges \| 2026 Convertible Notes
Debt Instrument [Line Items]
Indexed shares (in shares)		3,800,000
Strike price (in usd per share)		$ 149.56
Convertible note hedges exercised (in shares)		0
2026 Convertible Note Hedges \| 2026 Convertible Notes \| Subsequent Event
Debt Instrument [Line Items]
Convertible note hedges exercised (in shares)	0
2026 Warrants \| 2026 Convertible Notes
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)		3,800,000
Strike price (in usd per share)		$ 186.94
Number of warrants exercised (in shares)		0
2026 Warrants \| 2026 Convertible Notes \| Subsequent Event
Debt Instrument [Line Items]
Number of warrants exercised (in shares)	0

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Outflows
Voluntary repurchases of defaulted vacation ownership notes receivable	$ (157)	$ 164	$ 123
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	910	866
Principal receipts	578	565
Interest receipts	267	266
Reserve release	105	245
Total	1,860	1,942
Cash Outflows
Principal payments	(567)	(553)
Voluntary repurchases of defaulted vacation ownership notes receivable	(155)	(161)
Voluntary clean-up call	(64)	(92)
Interest payments	(95)	(95)
Funding of restricted cash	(103)	(243)
Total	(984)	(1,144)
Net Cash Flows	876	798
Warehouse Credit Facility
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	477	449
Principal receipts	49	25
Interest receipts	27	16
Reserve release	16	11
Total	569	501
Cash Outflows
Principal payments	(42)	(18)
Voluntary repurchases of defaulted vacation ownership notes receivable	(2)	(3)
Repayment of Warehouse Credit Facility	(557)	(455)
Interest payments	(12)	(9)
Funding of restricted cash	(13)	(9)
Total	(626)	(494)
Net Cash Flows	$ (57)	$ 7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer
Date of issuance period	2 years
Decrease in revenue due to change in estimate of variable consideration for performance obligations	$ (10)	$ (68)	$ (69)
Minimum
Revenue from External Customer
Number of years for payments to commence under financing contracts after closing	10 years
Number of days for payments to commence under financing contracts after closing	30 days
Package expiration period	6 months
Maximum
Revenue from External Customer
Number of years for payments to commence under financing contracts after closing	15 years
Number of days for payments to commence under financing contracts after closing	60 days
Package expiration period	24 months

REVENUE AND RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers, net	$ 271	$ 250
Interest receivable	20	20
Tax receivable	77	57
Indemnification assets	40	34
Employee tax credit receivable	4	10
Other	16	16
Accounts receivable, including VIE, after allowance for credit loss	$ 428	$ 387

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vacation Ownership Notes Receivable Reserve (Details)	12 Months Ended
	Dec. 31, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period in which loan considered past due	30 days
Period in which loan suspend accrual of interest	90 days
Legacy MVW
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period in which loan considered default loan	150 days
ILG, Inc And Welk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period in which loan considered default loan	120 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 65
-Paragraph 17
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 65
-Paragraph 17
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 65
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT - Senior Notes (Details) - Senior notes	Dec. 31, 2025 USD ($)
2028 Notes
Debt Instrument [Line Items]
Principal amount	$ 350,000,000
Debt, stated interest rate	4.75%
2029 Notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	4.50%
2033 Notes
Debt Instrument [Line Items]
Principal amount	$ 575,000,000
Debt, stated interest rate	6.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Increase in carrying value of inventories	$ 40	$ 39	$ 36

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 35	$ 30
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	33	29
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	26	24
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	7	5
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 2	$ 1
Outstanding, weighted average remaining contractual terms	4 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Outstanding, weighted average remaining contractual terms	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Outstanding, weighted average remaining contractual terms	3 years
Deferred compensation expense weighted average expected recognition period	2 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2025 reportingUnit
Accounting Policies [Abstract]
Number of reporting units	2

INCOME TAXES - (Provision for) Benefit from Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
– U.S. Federal	$ (73)	$ (28)	$ (123)
– U.S. State	(24)	(20)	(21)
– Non-U.S.	(14)	(7)	(62)
Current income tax expense (benefit)	(111)	(55)	(206)
Deferred
– U.S. Federal	95	(23)	27
– U.S. State	23	(15)	12
– Non-U.S.	(15)	4	21
Deferred income taxes	103	(34)	60
Provision for income taxes	$ (8)	$ (89)	$ (146)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (307)	$ 217	$ 252
Other comprehensive (loss) income:
Foreign currency translation adjustments	(3)	(21)	11
Derivative instrument adjustment, net of tax	0	(3)	(10)
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(3)	(24)	1
Net (income) loss attributable to noncontrolling interests	(1)	1	2
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1)	1	2
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (311)	$ 194	$ 255

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount of Net Income (Loss) attributable to noncontrolling interest.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings or loss per share attributable to common stockholders is calculated by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted earnings or loss per share attributable to common stockholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, except in periods when there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings or loss per share applicable to common stockholders by application of the treasury stock method.

The shares issuable on exercise of the warrants sold in connection with the issuance of our convertible notes will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the respective strike price. If the price of our common stock exceeds the respective strike price of any of the warrants, we will include the dilutive effect of the additional shares that may be issued upon exercise of the warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method, to the extent that the additional shares are dilutive. The convertible note hedges purchased in connection with each issuance of the convertible notes are considered to be anti-dilutive and do not impact our calculation of diluted earnings per share attributable to common stockholders for any periods presented herein.

The tables below illustrate the reconciliation of the earnings or loss and number of shares used in our calculation of basic and diluted earnings or loss per share attributable to common stockholders.


(in millions, except per share amounts)	2025		2024		2023
Net (loss) income attributable to common stockholders	$	(308)	$	218	$	254
Shares for basic (loss) earnings per share	34.9		35.4		36.5
Basic (loss) earnings per share	$	(8.84)	$	6.16	$	6.96


(in millions, except per share amounts)	2025		2024(1)		2023(1)
Net (loss) income attributable to common stockholders	$	(308)	$	218	$	254
Add back of interest expense related to convertible notes, net of tax(2)	—		19		19
Numerator used to calculate diluted (loss) earnings per share	$	(308)	$	237	$	273

Shares for basic (loss) earnings per share	34.9		35.4		36.5
Effect of dilutive shares outstanding(3)
Employee SARs	—		—		0.1
Restricted stock units	—		0.1		0.3
2026 Convertible Notes	—		3.6		3.5
2027 Convertible Notes	—		3.0		3.1
Shares for diluted (loss) earnings per share	34.9		42.1		43.5
Diluted (loss) earnings per share	$	(8.84)	$	5.61	$	6.28

(1)The computations of diluted earnings per share attributable to common stockholders above exclude approximately 222,000 and 193,000 shares of common stock, the maximum number of shares issuable as of December 31, 2024 and December 31, 2023, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.

(2)For the year ended December 31, 2025, $18 million of interest expense related to convertible notes, net of tax, was excluded from the above calculation of diluted net loss per share attributable to common stockholders as the effects of inclusion would have been anti-dilutive.

(3)For the year ended December 31, 2025, the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common stockholders as the effects of including these securities would have been anti-dilutive.


(in millions, except per share amounts)			2025
Restricted stock units			0.2
2026 Convertible Notes			3.0
2027 Convertible Notes			3.0
			6.2

In accordance with the applicable accounting guidance for calculating earnings per share, for the year ended December 31, 2024, we excluded from our calculation of diluted earnings per share 643,167 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $93.73 to $173.88, were greater than the average market price of our common stock for the applicable period.

For the year ended December 31, 2023, we excluded from our calculation of diluted earnings per share 287,125 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $143.38 to $173.88, were greater than the average market price of our common stock for the applicable period.

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted-average remaining lease term
Operating leases	5 years 7 months 6 days	6 years 2 months 12 days
Finance leases	34 years 4 months 24 days	35 years 1 month 6 days
Weighted-average discount rate
Operating leases	6.50%	6.50%
Finance leases	6.50%	6.50%

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Expected volatility minimum	45.79%
Expected volatility maximum	51.27%
Expected volatility		45.78%	40.47%
Dividend yield		3.21%	1.87%
Risk-free rate minimum	3.81%
Risk-free rate maximum	4.03%
Risk-free rate		4.23%	4.07%
Expected term (in years)		6 years 3 months	6 years 3 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Dividend yield	4.35%
Expected term (in years)	3 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Dividend yield	6.64%
Expected term (in years)	6 years 3 months

INCOME TAXES - Income Taxes Paid, Net of Refunds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 106
Income taxes paid, net of refunds	143	$ 133	$ 141
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income tax paid, state and local, after refund received	7
Other U.S. states
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income tax paid, state and local, after refund received	12
Mexico
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income tax paid, foreign, after refund received	7
Aruba
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income tax paid, foreign, after refund received	7
Other foreign countries
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income tax paid, foreign, after refund received	$ 4

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Dec. 31, 2025 USD ($)
Originated
Future Minimum Payments Receivable [Line Items]
2026	$ 250
2027	233
2028	232
2029	224
2030	215
Thereafter	1,349
Balance at December 31, 2023	$ 2,503
Originated \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.90%
Originated \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	20.90%
Originated \| Non-Securitized
Future Minimum Payments Receivable [Line Items]
2026	$ 104
2027	79
2028	71
2029	61
2030	48
Thereafter	297
Balance at December 31, 2023	$ 660
Originated \| Non-Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	11.90%
Originated \| Non-Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated \| Non-Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	20.90%
Originated \| Securitized
Future Minimum Payments Receivable [Line Items]
2026	$ 146
2027	154
2028	161
2029	163
2030	167
Thereafter	1,052
Balance at December 31, 2023	$ 1,843
Originated \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	13.30%
Originated \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	20.90%
Acquired
Future Minimum Payments Receivable [Line Items]
2026	$ 20
2027	15
2028	9
2029	6
2030	4
Thereafter	8
Balance at December 31, 2023	$ 62
Acquired \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	14.10%
Acquired \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Acquired \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%
Acquired \| Non-Securitized
Future Minimum Payments Receivable [Line Items]
2026	$ 3
2027	1
2028	1
2029	0
2030	0
Thereafter	0
Balance at December 31, 2023	$ 5
Acquired \| Non-Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	13.80%
Acquired \| Non-Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Acquired \| Non-Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%
Acquired \| Securitized
Future Minimum Payments Receivable [Line Items]
2026	$ 17
2027	14
2028	8
2029	6
2030	4
Thereafter	8
Balance at December 31, 2023	$ 57
Acquired \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	14.20%
Acquired \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Acquired \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%

VACATION OWNERSHIP NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

VACATION OWNERSHIP NOTES RECEIVABLE

The following table shows the composition of our vacation ownership notes receivable balances, net of reserves.


	December 31, 2025						December 31, 2024
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,843	$	57	$	1,900	$	1,824	$	93	$	1,917

Eligible for securitization(1)	152		—		152		92		2		94
Not eligible for securitization(1)	508		5		513		417		12		429
Non-securitized	660		5		665		509		14		523

Total	$	2,503	$	62	$	2,565	$	2,333	$	107	$	2,440

(1)Refer to Footnote 6 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

We reflect interest income associated with vacation ownership notes receivable in our Income Statements in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable.


($ in millions)	2025		2024		2023
Interest income associated with vacation ownership notes receivable — securitized	$	293	$	288	$	276
Interest income associated with vacation ownership notes receivable — non-securitized	56		43		36
Total interest income associated with vacation ownership notes receivable	$	349	$	331	$	312

Vacation Ownership Notes Receivable Reserve

The estimates of the variable consideration for originated vacation ownership notes receivable and the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses and estimates regarding future defaults.

In the third quarter of 2023, we increased our vacation ownership notes receivable reserve to reflect then-current trends in delinquencies and default rates. As a result, we increased our originated vacation ownership notes receivable reserve by $59 million. We estimated the amount of the increase in our sales reserve primarily using information from a historical period of increased defaults. The additional reserve recorded in 2023 was the result of an adjustment to our future default rate estimate to reflect then-current macroeconomic conditions, including inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity.

In the second quarter of 2024, we increased our sales reserve by $70 million to reflect the then-current macroeconomic conditions, including the cumulative impact of inflation on consumers and the related impact on year-over-year increases in maintenance fees for 2023 and 2024, which we believed were driving continued elevated delinquencies and default rates, higher consumer debt levels, continued high interest rates, uncertainty around timing and frequency of interest rate adjustments, and continued mixed economic indicators.

Beginning in the third quarter of 2024, we also increased our sales reserve rate to reflect higher expected cumulative losses on new originations, consistent with more recent trends. While our delinquency rates for 2025 have declined from those experienced in 2024 and 2023, we do not expect to lower the sales reserve for new originations until we have sufficient, sustained evidence of continued improvement in delinquency and default rates.

Credit Quality Indicators - Vacation Ownership Notes Receivable

We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the VOI they have acquired.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 729 and 725 at December 31, 2025 and December 31, 2024, respectively, based upon the FICO score of the borrower at the time of origination.

Originated Vacation Ownership Notes Receivable

Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG and Legacy-Welk subsequent to each respective acquisition date, and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at December 31, 2025.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2026	$	104	$	146	$	250
2027	79		154		233
2028	71		161		232
2029	61		163		224
2030	48		167		215
Thereafter	297		1,052		1,349
Balance at December 31, 2025	$	660	$	1,843	$	2,503
Weighted average stated interest rate	11.9%		13.3%		12.9%
Range of stated interest rates	0.0% to 20.9%		0.0% to 20.9%		0.0% to 20.9%

For originated vacation ownership notes receivable, we record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. The following table summarizes the activity related to our originated vacation ownership notes receivable reserve.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2022	$	149	$	213	$	362
Increase in vacation ownership notes receivable reserve	188		40		228
Securitizations	(211)		211		—
Clean-up call	99		(99)		—
Write-offs	(135)		—		(135)
Defaulted vacation ownership notes receivable repurchase activity(1)	105		(105)		—
Balance at December 31, 2023	195		260		455
Increase in vacation ownership notes receivable reserve	218		53		271
Securitizations	(193)		193		—
Clean-up call	80		(80)		—
Write-offs	(199)		—		(199)
Defaulted vacation ownership notes receivable repurchase activity(1)	151		(151)		—
Balance at December 31, 2024	252		275		527
Increase in vacation ownership notes receivable reserve	168		51		219
Securitizations	(208)		208		—
Clean-up call	99		(99)		—
Write-offs	(219)		—		(219)
Defaulted vacation ownership notes receivable repurchase activity(1)	150		(150)		—
Balance at December 31, 2025	$	242	$	285	$	527

The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Originated Vacation Ownership Notes Receivable as of December 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,627	$	639	$	59	$	412	$	2,737
Hyatt Vacation Ownership	211		76		3		3		293
	$	1,838	$	715	$	62	$	415	$	3,030


	Originated Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,513	$	634	$	58	$	365	$	2,570
Hyatt Vacation Ownership	210		75		2		3		290
	$	1,723	$	709	$	60	$	368	$	2,860


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2025		2024		2023		2022		2021 & Prior		Total
700 +	$	550	$	409	$	250	$	180	$	238	$	1,627
600 - 699	170		148		107		86		128		639
< 600	19		13		9		7		11		59
No Score	191		102		56		27		36		412
	$	930	$	672	$	422	$	300	$	413	$	2,737

Gross write-offs	$	8	$	45	$	52	$	34	$	44	$	183


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2025		2024		2023		2022		2021 & Prior		Total
700 +	$	87	$	48	$	34	$	27	$	15	$	211
600 - 699	29		18		13		10		6		76
< 600	2		1		—		—		—		3
No Score	1		—		1		1		—		3
	$	119	$	67	$	48	$	38	$	21	$	293

Gross write-offs	$	2	$	11	$	10	$	9	$	4	$	36

Acquired Vacation Ownership Notes Receivable

Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of an $8 million reserve, and interest rates for our acquired vacation ownership notes receivable at December 31, 2025.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2026	$	3	$	17	$	20
2027	1		14		15
2028	1		8		9
2029	—		6		6
2030	—		4		4
Thereafter	—		8		8
Balance at December 31, 2025	$	5	$	57	$	62
Weighted average stated interest rate	13.8%		14.2%		14.1%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

The following tables show acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Acquired Vacation Ownership Notes Receivable as of December 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	18	$	13	$	2	$	2	$	35
Hyatt Vacation Ownership	22		13		—		—		35
	$	40	$	26	$	2	$	2	$	70


	Acquired Vacation Ownership Notes Receivable as of December 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	30	$	21	$	3	$	5	$	59
Hyatt Vacation Ownership	34		22		—		1		57
	$	64	$	43	$	3	$	6	$	116

Vacation Ownership Notes Receivable on Non-Accrual Status

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rate of 13.51% as of December 31, 2025 and 13.96% as of December 31, 2024. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in the related vacation ownership notes receivable reserve of $15 million as of December 31, 2025 and $14 million as of December 31, 2024.

The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.


	Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025	$	165	$	20	$	185
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2024	$	171	$	24	$	195

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of December 31, 2025 and December 31, 2024.


	December 31, 2025						December 31, 2024
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	27	$	67	$	94	$	29	$	74	$	103
91 – 120 days past due	12		17		29		11		19		30
Greater than 120 days past due	153		3		156		160		5		165
Total past due	192		87		279		200		98		298
Current	720		2,101		2,821		579		2,099		2,678
Total vacation ownership notes receivable	$	912	$	2,188	$	3,100	$	779	$	2,197	$	2,976

DEBT - Finance Leases (Details) - USD ($) $ in Millions	12 Months Ended
DEBT - Finance Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Liabilities assumed	$ 7	$ 16	$ 108

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 285	$ 427
Buildings and leasehold improvements	804	854
Furniture, fixtures and other equipment	162	148
Information technology	398	401
Construction in progress	40	43
Property and equipment, gross	1,689	1,873
Accumulated depreciation	(739)	(703)
Property and equipment, net	$ 950	$ 1,170

SECURITIZED DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

SECURITIZED DEBT

The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs.


($ in millions)	At December 31, 2025		At December 31, 2024
Vacation ownership notes receivable securitizations, gross(1)	$	2,173	$	2,039
Unamortized debt discount and issuance costs	(27)		(25)
	2,146		2,014

Warehouse Credit Facility, gross	—		124
Unamortized debt issuance costs(2)	—		(2)
	—		122


	$	2,146	$	2,136

(1)Interest rates as of December 31, 2025 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%.

All of our securitized debt is non-recourse. See Footnote 18 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt.

The following table shows anticipated future principal payments for our securitized debt as of December 31, 2025.


($ in millions)	Vacation Ownership Notes Receivable Securitizations
Payments Year

2026	$	185
2027	189
2028	192
2029	191
2030	193
Thereafter	1,223
	$	2,173

Vacation Ownership Notes Receivable Securitizations

Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During 2025, and as of December 31, 2025, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of December 31, 2025, we had 12 securitized vacation ownership notes receivable pools outstanding.

As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors.

During the second quarter of 2025, we securitized a pool of $459 million of vacation ownership notes receivable. In connection with the securitization, $450 million in vacation ownership loan backed notes were issued by MVW 2025-1 LLC (the “2025-1 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2025-1 LLC: $277 million of Class A Notes, $93 million of Class B Notes, and $80 million of Class C Notes. The Class A Notes have an interest rate of 4.97%, the Class B Notes have an interest rate of 5.21%, and the Class C Notes have an interest rate of 5.75%, for an overall weighted average interest rate of 5.16%. Proceeds from the transaction, net of fees, were used to repay the outstanding obligations on our warehouse credit facility (as defined below) and for other general corporate purposes.

During the fourth quarter of 2025, we securitized a pool of $479 million of vacation ownership notes receivable. In connection with the securitization, $470 million in vacation ownership loan backed notes were issued by MVW 2025-2 LLC (the “2025-2 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2025-2 LLC: $283 million of Class A Notes, $106 million of Class B Notes, and $81 million of Class C Notes. The Class A Notes have an interest rate of 4.48%, the Class B Notes have an interest rate of 4.72%, and the Class C Notes have an interest rate of 4.97%, for an overall weighted average interest rate of 4.62%. Proceeds from the transaction, net of fees, were used to repay the outstanding obligations on our warehouse credit facility (as defined below) and for other general corporate purposes.

Warehouse Credit Facility

Our warehouse credit facility (the “Warehouse Credit Facility”), which has a borrowing capacity of $500 million, allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis. If not renewed prior to termination, any amounts outstanding under the Warehouse Credit Facility would become due and payable 13 months after termination, at which time all principal and interest collected with respect to the vacation ownership notes receivable held in the Warehouse Credit Facility would be redirected to the lenders to pay down the outstanding debt under the facility.

During the second quarter of 2025, we amended certain agreements associated with our Warehouse Credit Facility (the “Warehouse Amendment”). The Warehouse Amendment extended the revolving period from June 11, 2026 to June 11, 2027, and changed the credit spread from 115 basis points over the Secured Overnight Financing Rate (“SOFR”) to 110 basis points over SOFR. The Warehouse Amendment made no other material changes to the Warehouse Credit Facility.

The advance rate for vacation ownership notes receivable securitized using the Warehouse Credit Facility varies based on the characteristics of the securitized vacation ownership notes receivable. We also pay unused facility and other fees under the Warehouse Credit Facility. We generally expect to securitize our vacation ownership notes receivable, including any vacation ownership notes receivable held in the Warehouse Credit Facility, in the ABS market typically twice a year.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Employee Stock Purchase Plan (Details)	12 Months Ended
	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	3,000,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	500,000
Percentage of fair market value of common stock (not less than)	95.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT - 2029 Notes (Details) $ in Millions	12 Months Ended
DEBT - 2029 Notes (Details) $ in Millions	Dec. 31, 2021 USD ($)
2029 Notes \| Senior notes
Debt Instrument [Line Items]
Proceeds from issuance of senior debt	$ 493

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BUSINESS SEGMENTS - Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Property and equipment, net	$ 950	$ 1,170
United States
Segment Reporting Information [Line Items]
Property and equipment, net	870	1,033
All other countries
Segment Reporting Information [Line Items]
Property and equipment, net	$ 80	$ 137

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings or Loss Per Share


(in millions, except per share amounts)	2025		2024		2023
Net (loss) income attributable to common stockholders	$	(308)	$	218	$	254
Shares for basic (loss) earnings per share	34.9		35.4		36.5
Basic (loss) earnings per share	$	(8.84)	$	6.16	$	6.96


(in millions, except per share amounts)	2025		2024(1)		2023(1)
Net (loss) income attributable to common stockholders	$	(308)	$	218	$	254
Add back of interest expense related to convertible notes, net of tax(2)	—		19		19
Numerator used to calculate diluted (loss) earnings per share	$	(308)	$	237	$	273

Shares for basic (loss) earnings per share	34.9		35.4		36.5
Effect of dilutive shares outstanding(3)
Employee SARs	—		—		0.1
Restricted stock units	—		0.1		0.3
2026 Convertible Notes	—		3.6		3.5
2027 Convertible Notes	—		3.0		3.1
Shares for diluted (loss) earnings per share	34.9		42.1		43.5
Diluted (loss) earnings per share	$	(8.84)	$	5.61	$	6.28

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


(in millions, except per share amounts)			2025
Restricted stock units			0.2
2026 Convertible Notes			3.0
2027 Convertible Notes			3.0
			6.2

REVENUE AND RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,464	$	—	$	—	$	1,464

Ancillary revenues	273		3		—		276
Management fee revenues	221		8		(3)		226
Exchange and other services revenues	139		159		60		358
Management and exchange	633		170		57		860

Rental	615		35		—		650

Cost reimbursements	1,733		8		(43)		1,698
Revenue from contracts with customers	4,445		213		14		4,672

Financing	360		—		—		360
Total Revenues	$	4,805	$	213	$	14	$	5,032


	2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,448	$	—	$	—	$	1,448

Ancillary revenues	266		4		—		270
Management fee revenues	207		12		(5)		214
Exchange and other services revenues	139		166		54		359
Management and exchange	612		182		49		843

Rental	605		40		—		645

Cost reimbursements	1,723		9		(43)		1,689
Revenue from contracts with customers	4,388		231		6		4,625

Financing	342		—		—		342
Total Revenues	$	4,730	$	231	$	6	$	4,967


	2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,460	$	—	$	—	$	1,460

Ancillary revenues	252		5		—		257
Management fee revenues	180		24		(3)		201
Exchange and other services revenues	136		177		42		355
Management and exchange	568		206		39		813

Rental	531		40		—		571

Cost reimbursements	1,587		16		(42)		1,561
Revenue from contracts with customers	4,146		262		(3)		4,405

Financing	322		—		—		322
Total Revenues	$	4,468	$	262	$	(3)	$	4,727

Schedule of Revenue Remaining Performance Obligation

The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years.


	2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	2,689	$	83	$	14	$	2,786
Goods or services transferred at a point in time	1,756		130		—		1,886
Revenue from contracts with customers	$	4,445	$	213	$	14	$	4,672


	2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	2,652	$	91	$	6	$	2,749
Goods or services transferred at a point in time	1,736		140		—		1,876
Revenue from contracts with customers	$	4,388	$	231	$	6	$	4,625


	2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	2,411	$	111	$	(3)	$	2,519
Goods or services transferred at a point in time	1,735		151		—		1,886
Revenue from contracts with customers	$	4,146	$	262	$	(3)	$	4,405

Schedule of Contract with Customer, Asset and Liability

The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either December 31, 2025 or December 31, 2024.


($ in millions)	At December 31, 2025		At December 31, 2024
Receivables
Accounts and contracts receivable, net	$	271	$	250
Vacation ownership notes receivable, net	2,565		2,440
	$	2,836	$	2,690

Contract Liabilities
Advance deposits(1)	$	163	$	162
Deferred revenue and other(1)	371		354
	$	534	$	516

(1)Includes $99 million and $105 million of other refundable deposits at December 31, 2025 and December 31, 2024, respectively.

Schedule of Accounts and Nontrade Receivable

The following table shows the composition of our accounts and contracts receivable balances:


($ in millions)	At December 31, 2025		At December 31, 2024
Receivables from contracts with customers, net	$	271	$	250
Interest receivable	20		20
Tax receivable	77		57
Indemnification assets	40		34
Employee tax credit receivable	4		10
Other	16		16
	$	428	$	387

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits
Unrecognized tax benefits at beginning of year	$ 23	$ 106	$ 25
Increases related to tax positions taken during a prior period	3	8	87
Increases related to tax positions taken during the current period	3	0	0
Decreases related to tax positions taken during a prior period	0	(82)	(6)
Decreases as a result of a lapse of the applicable statute of limitations	(2)	(9)	0
Unrecognized tax benefits at end of year	$ 27	$ 23	$ 106

STOCKHOLDERS’ EQUITY - Additional Information (Details) - USD ($)		3 Months Ended				12 Months Ended
	Feb. 19, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)		100,000,000				100,000,000	100,000,000
Common stock, par value (in usd per share)		$ 0.01				$ 0.01	$ 0.01
Common stock, shares issued (in shares)		75,891,531				75,891,531	75,852,678
Common stock, shares outstanding (in shares)		34,124,033				34,124,033	34,877,925
Treasury stock, shares (in shares)		41,767,498				41,767,498	40,974,753
Preferred stock, shares authorized (in shares)		2,000,000				2,000,000	2,000,000
Preferred stock, par value (in usd per share)		$ 0.01				$ 0.01	$ 0.01
Preferred stock, issued (in shares)		0				0	0
Preferred stock, outstanding (in shares)		0				0	0
Stock repurchase program, authorized amount							$ 600,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 322,000,000				$ 322,000,000
Dividends per share (in usd per share)		$ 0.80	$ 0.79	$ 0.79	$ 0.79	$ 3.17	$ 3.07	$ 2.92
Subsequent Event
Stockholders Equity [Line Items]
Dividends per share (in usd per share)	$ 0.80

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation Costs (Details) - shares	12 Months Ended
	Dec. 31, 2025	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)	1,000,000
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
Prior Plans
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)		0
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Employees and Non Employee Directors \| SARs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
Stock awards, expiration from grant date	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEBT - 2027 Convertible Notes (Details) - 2027 Convertible Notes	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
Convertible Notes
Debt Instrument [Line Items]
Principal amount				$ 575,000,000
Debt, stated interest rate				3.25%
Conversion ratio	0.0053099
Conversion price (in usd per share) \| $ / shares	$ 188.33
Interest expense, debt, excluding amortization	$ 19,000,000	$ 19,000,000	$ 19,000,000
Debt issuance cost amortization	$ 3,000,000	$ 3,000,000	$ 3,000,000

RESTRUCTURING AND IMPAIRMENT - Schedule of Restructuring Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 15
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5	$ 6	$ 6
Cancellation of purchase commitment for inventory
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) - Originated - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	$ 527	$ 455	$ 362
Increase in vacation ownership notes receivable reserve	219	271	228
Securitizations	0	0	0
Clean-up call	0	0	0
Write-offs	(219)	(199)	(135)
Defaulted vacation ownership notes receivable repurchase activity	0	0	0
Ending balance	527	527	455
Non-Securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	252	195	149
Increase in vacation ownership notes receivable reserve	168	218	188
Securitizations	(208)	(193)	(211)
Clean-up call	99	80	99
Write-offs	(219)	(199)	(135)
Defaulted vacation ownership notes receivable repurchase activity	150	151	105
Ending balance	242	252	195
Securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	275	260	213
Increase in vacation ownership notes receivable reserve	51	53	40
Securitizations	208	193	211
Clean-up call	(99)	(80)	(99)
Write-offs	0	0	0
Defaulted vacation ownership notes receivable repurchase activity	(150)	(151)	(105)
Ending balance	$ 285	$ 275	$ 260

REVENUE AND RECEIVABLES

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES

Sources of Revenue by Segment


	2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,464	$	—	$	—	$	1,464

Ancillary revenues	273		3		—		276
Management fee revenues	221		8		(3)		226
Exchange and other services revenues	139		159		60		358
Management and exchange	633		170		57		860

Rental	615		35		—		650

Cost reimbursements	1,733		8		(43)		1,698
Revenue from contracts with customers	4,445		213		14		4,672

Financing	360		—		—		360
Total Revenues	$	4,805	$	213	$	14	$	5,032


	2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,448	$	—	$	—	$	1,448

Ancillary revenues	266		4		—		270
Management fee revenues	207		12		(5)		214
Exchange and other services revenues	139		166		54		359
Management and exchange	612		182		49		843

Rental	605		40		—		645

Cost reimbursements	1,723		9		(43)		1,689
Revenue from contracts with customers	4,388		231		6		4,625

Financing	342		—		—		342
Total Revenues	$	4,730	$	231	$	6	$	4,967


	2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,460	$	—	$	—	$	1,460

Ancillary revenues	252		5		—		257
Management fee revenues	180		24		(3)		201
Exchange and other services revenues	136		177		42		355
Management and exchange	568		206		39		813

Rental	531		40		—		571

Cost reimbursements	1,587		16		(42)		1,561
Revenue from contracts with customers	4,146		262		(3)		4,405

Financing	322		—		—		322
Total Revenues	$	4,468	$	262	$	(3)	$	4,727

Timing of Revenue from Contracts with Customers by Segment

The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years.


	2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	2,689	$	83	$	14	$	2,786
Goods or services transferred at a point in time	1,756		130		—		1,886
Revenue from contracts with customers	$	4,445	$	213	$	14	$	4,672


	2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	2,652	$	91	$	6	$	2,749
Goods or services transferred at a point in time	1,736		140		—		1,876
Revenue from contracts with customers	$	4,388	$	231	$	6	$	4,625


	2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	2,411	$	111	$	(3)	$	2,519
Goods or services transferred at a point in time	1,735		151		—		1,886
Revenue from contracts with customers	$	4,146	$	262	$	(3)	$	4,405

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 December 31, 2025 or December 31, 2024.


($ in millions)	At December 31, 2025		At December 31, 2024
Receivables
Accounts and contracts receivable, net	$	271	$	250
Vacation ownership notes receivable, net	2,565		2,440
	$	2,836	$	2,690

Contract Liabilities
Advance deposits(1)	$	163	$	162
Deferred revenue and other(1)	371		354
	$	534	$	516

(1)Includes $99 million and $105 million of other refundable deposits at December 31, 2025 and December 31, 2024, respectively.

Revenue recognized during the year ended December 31, 2025 that was included in our contract liabilities balance at December 31, 2024 was $339 million.

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 December 31, 2025. At December 31, 2025, 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 comprised 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 December 31, 2025		At December 31, 2024
Receivables from contracts with customers, net	$	271	$	250
Interest receivable	20		20
Tax receivable	77		57
Indemnification assets	40		34
Employee tax credit receivable	4		10
Other	16		16
	$	428	$	387

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income (loss)	$ (307)	$ 217	$ 252
Adjustments to reconcile net (loss) income to net cash, cash equivalents, and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	149	146	135
Amortization of debt discount and issuance costs	24	26	23
Vacation ownership notes receivable reserve	222	279	230
Share-based compensation	38	33	31
Impairment	577	30	30
Gains and other income, net	0	(5)	(6)
Foreign currency remeasurement (gain) loss	(22)	13	(6)
Deferred income taxes	(103)	38	(64)
Net change in assets and liabilities:
Accounts and contracts receivable	(40)	(16)	(105)
Vacation ownership notes receivable originations	(1,030)	(1,015)	(987)
Vacation ownership notes receivable collections	679	632	596
Inventory	27	(33)	87
Other assets	(56)	(23)	(44)
Accounts payable, advance deposits and accrued liabilities	(5)	9	1
Deferred revenue and other	15	(27)	34
Payroll and benefit liabilities	(2)	16	(46)
Deferred compensation liability	7	11	15
Other liabilities	(3)	(109)	78
Purchase and development of property for future transfer to inventory	(140)	(10)	(27)
Other, net	(2)	(7)	5
Net cash, cash equivalents, and restricted cash provided by operating activities	28	205	232
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(57)	(57)	(118)
Purchase of company owned life insurance	(16)	(16)	(10)
Purchase and development of property for future sale	0	(50)	0
Dispositions, net	3	8	16
Net cash, cash equivalents, and restricted cash used in investing activities	(70)	(115)	(112)
FINANCING ACTIVITIES
Borrowings from securitization transactions	1,397	1,324	1,492
Repayment of debt related to securitization transactions	(1,387)	(1,282)	(1,331)
Proceeds from debt	1,740	2,135	1,070
Repayments of debt	(1,298)	(2,107)	(1,221)
Finance lease incentive	0	0	10
Finance lease payment	(7)	(6)	(5)
Payment of debt and securitized debt issuance costs	(26)	(25)	(12)
Repurchase of common stock	(61)	(56)	(286)
Payment of dividends	(110)	(107)	(106)
Payment of withholding taxes on vesting of restricted stock units	(7)	(8)	(12)
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities	241	(132)	(401)
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash	6	(4)	1
Change in cash, cash equivalents, and restricted cash	205	(46)	(280)
Cash, cash equivalents, and restricted cash, beginning of year	528	574	854
Cash, cash equivalents, and restricted cash, end of year	733	528	574
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from inventory to property and equipment	1	21	12
Non-cash transfer from property and equipment to inventory	19	93	57
Non-cash transfer from property and equipment to other assets	54	52	0
Non-cash transfer from other assets to property and equipment	59	0	0
Non-cash issuance of treasury stock for employee stock purchase plan	5	5	5
Dividends payable	27	28	27
Interest paid, net of amounts capitalized	237	247	204
Income taxes paid, net of refunds	$ 143	$ 133	$ 141

DEBT - 2027 Convertible Note Hedges and Warrants (Details) - 2027 Convertible Notes	12 Months Ended
	Dec. 31, 2025 $ / shares shares
2027 Convertible Note Hedges
Debt Instrument [Line Items]
Indexed shares (in shares)	3,100,000
Strike price (in usd per share) \| $ / shares	$ 188.33
Convertible note hedges exercised (in shares)	0
2027 Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	3,100,000
Strike price (in usd per share) \| $ / shares	$ 284.26
Number of warrants exercised (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RESTRUCTURING AND IMPAIRMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 15
Impairment for certain property and equipment earmarked for disposal		160
Future phases of existing resorts		131	$ 0	$ 0
Lease impairment	$ 16	2
Legacy-Welk inventory
Restructuring Cost and Reserve [Line Items]
Inventory		75	28	0
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 5	$ 6	$ 6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVENTORY -Schedule of Composition of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Real estate inventory	$ 684	$ 725
Other	8	10
Inventory	$ 692	$ 735

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Restricted cash	$ 327	$ 331
Accounts receivable, including VIE, after allowance for credit loss	428	387
Vacation ownership notes receivable, net of reserves	2,565	2,440
Other assets	720	641
Accrued liabilities	376	384
Securitized debt	$ 2,146	$ 2,136
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	75,891,531	75,852,678
Treasury stock, shares (in shares)	41,767,498	40,974,753
Variable Interest Entity
Restricted cash	$ 81	$ 82
Accounts receivable, including VIE, after allowance for credit loss	15	16
Vacation ownership notes receivable, net of reserves	1,900	1,917
Other assets	168	131
Accrued liabilities	4	4
Securitized debt	$ 2,173	$ 2,163

INCOME TAXES - Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Tax at U.S. Federal Statutory Tax Rate	$ (63)
State and Local Income Tax, Net of Federal Effect	(4)
Other foreign jurisdictions	41
Deferred withholding taxes	5
Other	0
Total Effect of Cross-Border Tax Laws	5
Investment basis difference	(10)
Goodwill impairment	33
Other	4
Total Nontaxable or Nondeductible Items	27
Total Tax Provision	$ 8	$ 89	$ 146
Percent
U.S. statutory income tax rate	21.00%	21.00%	21.00%
State and Local Income Tax, Net of Federal Effect	1.20%	4.60%	4.50%
Other		1.60%	(0.20%)
Other foreign jurisdictions	(13.70%)	9.40%	2.70%
Deferred withholding taxes	(1.60%)
Other	(0.10%)
Total Effect of Cross-Border Tax Laws	(1.80%)
Investment basis difference	3.40%
Goodwill impairment	(11.20%)
Other	(1.20%)
Total Nontaxable or Nondeductible Items	(9.00%)
Effective rate	(2.80%)	29.00%	36.50%
Mexico
Amount
Investment basis difference	$ (36)
Valuation allowance established on investment basis difference	36
Valuation allowance established due to updated realizability assessment	37
Change in position regarding interest expense deductibility	(13)
Other	$ 3
Percent
Investment basis difference	12.00%
Valuation allowance established on investment basis difference	(12.00%)
Valuation allowance established due to updated realizability assessment	(12.40%)
Change in position regarding interest expense deductibility	4.40%
Other	(1.00%)
Australia
Amount
Other	$ 1
Released valuation allowance due to updated realizability assessment	$ (7)
Percent
Other	(0.30%)
Released valuation allowance due to updated realizability assessment	2.20%
Other foreign jurisdictions
Amount
Other foreign jurisdictions	$ 20
Percent
Other foreign jurisdictions	(6.60%)
United States
Amount
Other	$ 2
Percent
Other	(0.60%)

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES
Revenue from contracts with customers	$ 4,672	$ 4,625	$ 4,405
Financing	360	342	322
TOTAL REVENUES	5,032	4,967	4,727
EXPENSES
Marketing and sales	943	919	823
Financing	150	146	113
Royalty fee	113	114	117
General and administrative	242	237	273
Depreciation and amortization	149	146	135
Litigation charges	17	23	13
Modernization	122	4	0
Restructuring	15		6
Impairment	577	30	32
Cost reimbursements	1,698	1,689	1,561
TOTAL EXPENSES	5,209	4,477	4,191
Gains (losses) and other income (expense), net	47	(1)	47
Interest expense, net	(169)	(162)	(145)
Transaction and integration costs	0	(18)	(37)
Other	0	(3)	(3)
(LOSS) INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	(299)	306	398
Provision for income taxes	(8)	(89)	(146)
NET (LOSS) INCOME	(307)	217	252
Net (income) loss attributable to noncontrolling interests	(1)	1	2
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (308)	$ 218	$ 254
(LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic (in usd per share)	$ (8.84)	$ 6.16	$ 6.96
Diluted (in usd per share)	(8.84)	5.61	6.28
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 3.17	$ 3.07	$ 2.92
Cost of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 1,464	$ 1,448	$ 1,460
EXPENSES
Expenses	184	200	224
Management and exchange
REVENUES
Revenue from contracts with customers	860	843	813
EXPENSES
Expenses	476	482	442
Rental
REVENUES
Revenue from contracts with customers	650	645	571
EXPENSES
Expenses	523	481	452
Cost reimbursements
REVENUES
Revenue from contracts with customers	$ 1,698	$ 1,689	$ 1,561

RESTRUCTURING AND IMPAIRMENT

12 Months Ended

Dec. 31, 2025

Restructuring and Impairment [Abstract]

RESTRUCTURING AND IMPAIRMENT

20. RESTRUCTURING AND IMPAIRMENT

Restructuring Costs

2025 Asia Pacific Strategy Change

In the fourth quarter of 2025 we reassessed the strategy for our Asia Pacific vacation ownership business as part of our initiatives to drive strong profitability and improve cash flow. As a result, we scaled back growth expectations and right‑sized our business in the region. This includes reducing tours for first‑time buyers in select countries in the region where our borrowers have higher default rates, reducing headcount in the region, deferring the purchase of inventory and canceling a purchase commitment for inventory. As a result, we incurred restructuring costs in 2025, all of which related to the Asia Pacific strategy change, as follows:


($ in millions)	2025
Severance	$	5
Cancellation of purchase commitment for inventory	10
	$	15

2024 and 2023

Additionally during each of the years ended December 31, 2024 and December 31, 2023, we incurred $6 million of restructuring charges relating to severance.

Impairment Charges

We incurred impairment charges during 2025, 2024, and 2023 as follows:


($ in millions)	2025		2024		2023
Property, equipment, and other assets	$	160	$	—	$	4
Future phases of existing resorts	131		—		—
Legacy-Welk inventory	75		28		—
Khao Lak, Thailand inventory	27		—		—
Leases	2		—		16
Equity method investment	2		—		8
Investment in management contract	—		2		4
Goodwill	159		—		—
Trade names	21		—		—

Total Impairment charges	$	577	$	30	$	32

During the fourth quarter of 2025, as part of our broader financial strategic review, we conducted a comprehensive review to assess the strategic alignment of inventory and property and equipment within our North America vacation ownership business. This review focused on assessing inventory needs in light of our current inventory holdings and identifying opportunities to monetize certain non-core assets. The conclusions drawn from the strategic review identified indicators of impairment for certain assets. As a result of our impairment analyses, we recorded a non‑cash impairment related to assets associated with future phases of our existing resorts. The carrying values of the assets associated with these resorts exceeded their estimated fair values because the carrying values included historical allocations of common infrastructure costs incurred when we built the resorts. In addition, we recorded a non-cash impairment related to certain property and equipment identified for disposition including a hotel in Cancun, Mexico, which was classified as a component of Other assets as it was held for sale and ultimately disposed of in January 2026.

For assets where fair value was determined using the sales-comparison method of the market approach, Level 3 inputs were applied in the valuation process. The fair value measurement was based on analyses of sales and offerings of comparable properties and adjusted to reflect the differences between the asset being valued and the comparable assets, such as market conditions, location, size, physical characteristics, zoning, density and site conditions.

For assets where fair value was determined utilizing the income approach, Level 3 inputs were applied in the valuation process. The fair value measurement was based on discounted cash flow analyses and consideration was given to potential alternative uses of the assets in accordance with the highest and best use requirements outlined in ASC 820. Level 3 inputs utilized in the valuation process included projections of revenue, expense and the estimated discount rates applied.

Property, Equipment, and Other Assets Identified for Disposition

A $160 million non-cash impairment was recognized for certain non-core Property and equipment and Other assets identified for disposition. We estimated the fair value of the assets using the sales-comparison method of the market approach, which in certain instances also considered brokers’ opinion of value and our own transaction history, Level 3 inputs, or in the case of our hotel located in Cancun, Mexico, was based on a binding sales contract with a third party, which is a Level 3 input.

Future Phases of Existing Resorts

During 2025, we recorded non-cash impairment charges of $131 million as a result of decisions to forgo build out of future phases of existing resorts which were classified as a component of Property and equipment, net. We estimated the fair value of these assets using the sales-comparison method of the market approach. We also considered other inputs, including a non-binding letter of intent, Level 3.

Legacy-Welk Inventory

During 2025 and 2024, we recorded non-cash impairment charges of $75 million and $28 million, respectively, related to Legacy-Welk inventory. The 2024 impairment reflected an elongated pace of sales at a higher marketing and selling cost than the estimates used in purchase accounting. The 2025 impairment reflected a further elongated pace of sales at a higher marketing and selling cost as the Hyatt-branded vacation ownership business continues to underperform

expectations. We used the income approach to estimate the fair value of the assets less costs to sell in both 2025 and 2024.

Khao Lak, Thailand Inventory

We recorded a $27 million non-cash impairment for vacation ownership units classified in Inventory due to the strategy change in Asia Pacific which elongated the pace of sales and changed our marketing approach. We used the income approach to estimate the fair value less costs to sell of the inventory.

Leases

During 2025, we recorded a $2 million impairment related to an operating lease and related assets in our Exchange & Third-Party Management segment.

Upon our relocation to our new corporate headquarters during the fourth quarter of 2023, we recorded a non-cash impairment charge of $16 million to the right-to-use asset related to the operating leases for our previous corporate headquarters as we did not expect proceeds from subleasing these spaces to exceed our future obligations under the operating leases.

Goodwill and Trade Names

See Footnote 10 “Goodwill” and Footnote 11 “Intangible Assets” for information on the impairments of goodwill and trade names recorded during 2025.

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations

We periodically securitize, without recourse, through bankruptcy remote special purpose entities, notes receivable originated in connection with the sale of vacation ownership products. These vacation ownership notes receivable securitizations provide funding for general corporate purposes. In a vacation ownership notes receivable securitization, several classes of debt securities issued by a special purpose entity are generally collateralized by a single pool of transferred assets, which consist of vacation ownership notes receivable. With each vacation ownership notes receivable securitization, we may retain all or a portion of the securities that are issued, and certain residual interests.

We created these bankruptcy remote special purpose entities to serve as a mechanism for holding assets and related liabilities, and the entities have no equity investment at risk, making them VIEs. We continue to service the vacation ownership notes receivable, transfer all proceeds collected to these special purpose entities, and retain rights to receive benefits that are potentially significant to the entities. Accordingly, we concluded that we are the entities’ primary beneficiary and, therefore, consolidate them. There is no noncontrolling interest balance related to these entities and the creditors of these entities do not have general recourse to us.


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,900	$	—	$	1,900
Interest receivable	15		—		15
Restricted cash	81		—		81
Total	$	1,996	$	—	$	1,996
Consolidated Liabilities
Interest payable	$	4	$	—	$	4
Securitized debt	2,173		—		2,173
Total	$	2,177	$	—	$	2,177

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during 2025:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	267	$	26	$	293
Interest expense	$	95	$	12	$	107
Debt issuance cost amortization	$	11	$	1	$	12
Administrative expenses	$	1	$	—	$	1

The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs:


($ in millions)	2025		2024
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	910	$	866
Principal receipts	578		565
Interest receipts	267		266
Reserve release	105		245
Total	1,860		1,942
Cash Outflows
Principal payments	(567)		(553)
Voluntary repurchases of defaulted vacation ownership notes receivable	(155)		(161)
Voluntary clean-up call	(64)		(92)
Interest payments	(95)		(95)
Funding of restricted cash	(103)		(243)
Total	(984)		(1,144)
Net Cash Flows	$	876	$	798

The following table shows cash flows between us and the Warehouse Credit Facility VIE:


($ in millions)	2025		2024
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	477	$	449
Principal receipts	49		25
Interest receipts	27		16
Reserve release	16		11
Total	569		501
Cash Outflows
Principal payments	(42)		(18)
Voluntary repurchases of defaulted vacation ownership notes receivable	(2)		(3)
Repayment of Warehouse Credit Facility	(557)		(455)
Interest payments	(12)		(9)
Funding of restricted cash	(13)		(9)
Total	(626)		(494)
Net Cash Flows	$	(57)	$	7

Under the terms of our vacation ownership notes receivable securitizations, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. We made voluntary repurchases of defaulted vacation ownership notes receivable of $157 million during 2025, $164 million during 2024 and $123 million during 2023. We also made voluntary repurchases of $731 million, $615 million and $774 million of other non-defaulted vacation ownership notes receivable during 2025, 2024 and 2023, respectively, to retire previous vacation ownership notes receivable securitizations and to repay the Warehouse Credit Facility. Our maximum exposure to potential loss relating to the special purpose entities that purchase, sell, and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance of the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral.

Other Variable Interest Entities

We have a commitment to purchase completed vacation ownership units located in Waikiki, Hawaii for $41 million in 2026. The property is held by a VIE for which we are not the primary beneficiary. We do not control the decisions that most significantly impact the economic performance of the entity as we cannot prevent the variable interest entity from selling the property at a higher price. Accordingly, we have not consolidated the VIE. As of December 31, 2025, our Balance Sheet reflected $1 million in Accounts and contracts receivable, net, including a note receivable of less than $1 million and $4 million in Property and equipment, net. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $5 million as of December 31, 2025.

During the third quarter of 2025, we acquired 48 completed vacation ownership units located at our Marriott Vacation Club, Waikiki property for $82 million. The transaction was accounted for as an asset acquisition with $80 million of the purchase price allocated to Property and Equipment, net, representing the portion of vacation ownership units purchased that are not registered and available for sale in their current form, and the remaining $2 million was allocated to Inventory.

During the third quarter of 2024, we acquired 38 completed vacation ownership units located at our Marriott Vacation Club, Waikiki property for $65 million. The transaction was accounted for as an asset acquisition with all of the purchase price allocated to Inventory, as all of the vacation ownership units were registered and available for sale in their current form. Additionally, during the first quarter of 2024, we acquired retail space located at our Marriott Vacation Club, Waikiki property for $48 million. The transaction was accounted for as an asset acquisition and the acquired property is included in Property and Equipment, net on our Balance Sheet as of December 31, 2025.

GOODWILL

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

The following table details the carrying amount of our goodwill at December 31, 2025 and December 31, 2024, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition.


($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Total Consolidated


Balance at December 31, 2024	2,770		347		3,117
Impairment	—		(159)		(159)

Balance at December 31, 2025	$	2,770	$	188	$	2,958

We performed our annual goodwill impairment test as of October 1, 2025 and prepared a quantitative assessment for both the Vacation Ownership and the Exchange & Third-Party Management reporting units. We utilized a combination of the income and market approaches to estimate the fair value of our reporting units (Level 3) and concluded that there was no impairment of the Vacation Ownership unit. We recognized a non-cash impairment charge of $159 million in the Impairment line on our Income Statement during 2025 related to the Exchange & Third-Party Management reporting unit, as a result of the change in expected future operating results based on a sustained decline in operating performance in comparison to prior expectations and the impact of market factors, including a decline in our stock price and market capitalization. Accumulated impairment losses to Goodwill in our Exchange & Third-Party Management reporting unit at December 31, 2025 and December 31, 2024 were $232 million and $73 million, respectively.

- Definition

The entire disclosure for goodwill.

+ References + Details

BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENTS

We define our reportable segments based on the way in which the chief operating decision maker (“CODM”), currently our chief executive officer, manages the operations of the Company for purposes of allocating resources and assessing performance. We operate in two operating and reportable business segments: Vacation Ownership and Exchange & Third-Party Management. These segments are managed independently due to the differing nature of their products and services.

Vacation Ownership includes a diverse portfolio of resorts that includes some of the world’s most iconic brands licensed under exclusive, long-term relationships. We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Vacation Club brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. We also have a license to use the St. Regis brand for specified fractional ownership products.

Our Vacation Ownership segment generates most of its revenues from four primary sources: selling vacation ownership products; managing vacation ownership resorts, clubs, and owners’ associations; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory.

Exchange & Third-Party Management includes an exchange network and membership programs, as well as provision of management services to other resorts and lodging properties. We provide these services through our Interval International and Aqua-Aston businesses. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange, and rental transactions, property and owners’ association management, and other related products and services.

Our CODM evaluates the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation and amortization, other gains and losses, equity in earnings or losses from our joint ventures, and noncontrolling interest to each of our segments as appropriate. Corporate and other represents that portion of our results that are not allocable to our segments, including those relating to consolidated owners’ associations, as our CODM does not use this information to make operating segment resource allocations.

Our CODM uses Adjusted Earnings before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) to evaluate the profitability of our operating segments, and the components of net income or loss attributable to common stockholders excluded from Adjusted EBITDA are not separately evaluated. Our CODM reviews budget-to-actual and/or forecast-to-actual variances on a monthly basis using Adjusted EBITDA to make decisions about capital allocation and resource distribution to the segments. Adjusted EBITDA is defined as net income or loss attributable to common stockholders, before interest expense (excluding consumer financing interest expense associated with term securitization transactions), income taxes, depreciation and amortization, excluding share-based compensation expense and amortization of cloud computing software implementation costs, and adjusted for certain items that affect the comparability of our operating performance. We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.

During the first quarter of 2025, we began excluding Amortization of cloud computing software implementation costs, which are not included in Depreciation and amortization, from Adjusted EBITDA for comparability purposes, to address the considerable variability among companies in the utilization of productive assets, and have reclassified prior year amounts to conform with our current year presentation.

Additionally, during the year ended December 31, 2025, we reclassified $6 million of certain prior year amounts related to ongoing litigation from General and administrative expense to Litigation charges in order to conform with our current year presentation.

Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income or loss attributable to common stockholders is presented below.

Segment Revenues and Adjusted EBITDA


	2025						2024						2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Total		Vacation Ownership		Exchange & Third-Party Management		Total		Vacation Ownership		Exchange & Third-Party Management		Total
Revenues from external customers	$	4,805	$	213	$	5,018	$	4,730	$	231	$	4,961	$	4,468	$	262	$	4,730
Reconciliation of revenues
Corporate and other(1)					14						6						(3)
Total consolidated revenues					$	5,032					$	4,967					$	4,727

Cost of vacation ownership products	(184)		—				(200)		—				(224)		—
Marketing and sales	(943)		—				(919)		—				(823)		—
Management and exchange	(291)		(117)				(293)		(122)				(270)		(118)
Rental	(537)		—				(498)		—				(466)		—
Financing	(150)		—				(146)		—				(113)		—
Royalty fee	(113)		—				(114)		—				(117)		—
Other segment items(2)(3)	(1,719)		(5)				(1,712)		(7)				(1,572)		(14)
Segment Adjusted EBITDA	868		91		959		848		102		950		883		130		1,013
Corporate and other(1)(3)					(208)						(214)						(252)
Interest expense, net					(169)						(162)						(145)
Depreciation and amortization					(149)						(146)						(135)
Share-based compensation expense					(38)						(33)						(31)
Amortization of cloud computing software implementation costs(3)					(6)						(3)						—
Certain items(3)					(689)						(85)						(50)
Provision for income taxes					(8)						(89)						(146)
Net (loss) income attributable to common stockholders					$	(308)					$	218					$	254

(2)Other segment items include cost reimbursements, share-based compensation, amortization of cloud computing software implementation costs, and other.

(3)Prior year amounts have been reclassified to conform with our current year presentation.

Depreciation and Amortization


($ in millions)	2025		2024		2023
Vacation Ownership	$	106	$	100	$	93
Exchange & Third-Party Management	24		28		31
Total segment depreciation and amortization	130		128		124
Corporate and other	19		18		11
	$	149	$	146	$	135

Capital Expenditures (including inventory)


($ in millions)	2025		2024		2023
Vacation Ownership	$	302	$	237	$	171
Exchange & Third-Party Management	—		2		—
Total segment capital expenditures	302		239		171
Corporate and other	4		11		63
	$	306	$	250	$	234

Revenues Excluding Cost Reimbursements


($ in millions)	2025		2024		2023
United States	$	2,855	$	2,797	$	2,722
All other countries	479		481		444
	$	3,334	$	3,278	$	3,166

Property and Equipment, net


($ in millions)	At December 31, 2025		At December 31, 2024
United States	$	870	$	1,033
All other countries	80		137
	$	950	$	1,170

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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+ Details

GOODWILL - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Impairment	$ 159	$ 0	$ 0
Exchange & Third-Party Management
Goodwill
Impairment	159
Accumulated impairment losses to goodwill	$ 232	$ 73

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 406	$ 197
Restricted cash (including $81 and $82 from VIEs, respectively)	327	331
Accounts and contracts receivable, net (including $15 and $16 from VIEs, respectively)	428	387
Vacation ownership notes receivable, net (including $1,900 and $1,917 from VIEs, respectively)	2,565	2,440
Inventory	692	735
Property and equipment, net	950	1,170
Goodwill	2,958	3,117
Intangibles, net	711	790
Other (including $168 and $131 from VIEs, respectively)	720	641
TOTAL ASSETS	9,757	9,808
LIABILITIES AND EQUITY
Accounts payable	358	343
Advance deposits	163	162
Accrued liabilities (including $4 and $4 from VIEs, respectively)	376	384
Deferred revenue and other	371	354
Payroll and benefits liability	218	220
Deferred compensation liability	225	195
Securitized debt, net (including $2,173 and $2,163 from VIEs, respectively)	2,146	2,136
Debt, net	3,534	3,089
Other	142	139
Deferred taxes	231	345
TOTAL LIABILITIES	7,764	7,367
Contingencies and commitments (Note 12)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,891,531 and 75,852,678 shares issued, respectively	1	1
Treasury stock — at cost; 41,767,498 and 40,974,753 shares, respectively	(2,427)	(2,378)
Additional paid-in capital	3,996	3,975
Accumulated other comprehensive income	(11)	(8)
Retained earnings	434	852
TOTAL MVW STOCKHOLDERS' EQUITY	1,993	2,442
Noncontrolling interests	0	(1)
TOTAL EQUITY	1,993	2,441
TOTAL LIABILITIES AND EQUITY	$ 9,757	$ 9,808

MODERNIZATION - Schedule of Modernization expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Modernization Costs [Line Items]
Modernization	$ 122	$ 4	$ 0
Advisory services
Modernization Costs [Line Items]
Modernization	87	4
Transition costs
Modernization Costs [Line Items]
Modernization	18	0
Technology
Modernization Costs [Line Items]
Modernization	12	0
Other
Modernization Costs [Line Items]
Modernization	$ 5	$ 0

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 349	$ 331	$ 312
Interest income associated with vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	293	288	276
Interest income associated with vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 56	$ 43	$ 36

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Financing Receivable, Past Due
Vacation ownership notes receivable	$ 3,100	$ 2,976
Non-Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	912	779
Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	2,188	2,197
31 – 90 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	94	103
31 – 90 days past due \| Non-Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	27	29
31 – 90 days past due \| Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	67	74
91 – 120 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	29	30
91 – 120 days past due \| Non-Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	12	11
91 – 120 days past due \| Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	17	19
Greater than 120 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	156	165
Greater than 120 days past due \| Non-Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	153	160
Greater than 120 days past due \| Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	3	5
Total past due
Financing Receivable, Past Due
Vacation ownership notes receivable	279	298
Total past due \| Non-Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	192	200
Total past due \| Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	87	98
Current
Financing Receivable, Past Due
Vacation ownership notes receivable	2,821	2,678
Current \| Non-Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	720	579
Current \| Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	$ 2,101	$ 2,099

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

BUSINESS SEGMENTS - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	$ 149	$ 146	$ 135
Operating Segments
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	130	128	124
Operating Segments \| Vacation Ownership
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	106	100	93
Operating Segments \| Exchange & Third-Party Management
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	24	28	31
Corporate and Other
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	$ 19	$ 18	$ 11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Principles of Consolidation	The Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW,” or the “Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered notes in the Financial Statements, unless otherwise noted. We refer to Marriott International, Inc. as “Marriott International” and Marriott International’s Marriott Bonvoy customer loyalty program as “Marriott Bonvoy.” Additionally, we use the term “Marriott Vacation Ownership” to refer to our Marriott, Sheraton, and Westin branded businesses and the term “Hyatt Vacation Ownership” to refer to our Hyatt branded business. We also use certain other terms that are defined within these Financial Statements. The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income attributable to common stockholders and MVW stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.
Basis of Presentation	These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainties in the broader macroeconomic environment, including inflation, continuing high interest rates, mixed economic indicators, increased consumer debt, continuing global insecurity and political uncertainty, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.
Reclassifications	Reclassifications For the year ended December 31, 2025, we separately presented Modernization expense in our Income Statements. As a result, prior year amounts were reclassified from Restructuring expense to conform to the current year presentation. Additionally during the year ended December 31, 2025, we reclassified $6 million of certain amounts related to ongoing litigation from General and administrative expense to Litigation charges in order to conform our 2024 results with our current year presentation.
Revenue Recognition	Revenue Recognition We account for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). Sale of Vacation Ownership Products We market and sell vacation ownership products in our Vacation Ownership segment. Vacation ownership products include deeded vacation ownership products, deeded beneficial interests, rights to use real estate and other interests in trusts that solely hold real estate (collectively “vacation ownership products” or “VOIs”). Vacation ownership products may be sold for cash or we may provide financing. In connection with the sale of vacation ownership products, we provide sales incentives to certain purchasers. Incentives typically include Marriott Bonvoy points, Hyatt’s customer loyalty program points (“World of Hyatt” points), or an alternative sales incentive that we refer to as “plus points.” Plus points are redeemable for stays at our resorts or for use in an exclusive selection of travel packages provided by third-party tour operators (the “Explorer Collection” or “BEYOND”), generally up to two years from the date of issuance. Upon execution of a legal sales agreement, we typically receive an upfront deposit from our customer with the remainder of the purchase price for the vacation ownership product to either be collected at closing (“cash contract”) or financed by the customer through our financing programs (“financed contract”). Refer to “Financing Revenues” below for further information regarding financing terms. Customer deposits received for contracts are recorded as Advance deposits on our Balance Sheets until the point in time at which control of the vacation ownership product has transferred to the customer. Our assessment of collectability of the transaction price for sales of vacation ownership products is aligned with our credit granting policies for financed contracts. In determining the consideration to which we expect to be entitled for financed contracts, we include estimated variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the customer class and the results of our static pool analyses, which primarily rely on historical payment data by customer class. We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the VOI they have acquired. Variable consideration which has not been included within the transaction price is presented as a reserve on contracts receivable or vacation ownership notes receivable. Revisions to estimates of variable consideration from the sale of vacation ownership products impact the reserve on contracts receivable and originated vacation ownership notes receivable and can increase or decrease revenue. Revenues were reduced during 2025 by $10 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. Additionally, revenues were reduced during 2024 and 2023 by $68 million and $69 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods due to the increase in our reserve for originated vacation ownership notes receivable. See Footnote 5 “Vacation Ownership Notes Receivable” for additional information on our reserve for vacation ownership notes receivable and adjustments recorded for the years presented. In addition, we account for cash incentives provided to customers as a reduction of the transaction price. Refer to “Arrangements with Multiple Performance Obligations” below for a description of our methods of allocating transaction price to each performance obligation. We recognize revenues from the sale of vacation ownership products when control of the vacation ownership product is transferred to the customer and the transaction price is deemed collectible, which typically correlates to expiration of the statutory rescission period. At the time at which we recognize revenue for VOIs, we temporarily record a contract receivable for both cash contracts and financed contracts, until the time at which we collect the cash or originate a vacation ownership note receivable, which occurs at closing. Revenue for plus points is recorded as Deferred revenue and other on our Balance Sheets at closing and is recognized as rental revenue upon transfer of control to the customer, which typically occurs upon delivery of the incentive, or at the point in time when the incentive is redeemed. For incentives provided by third parties (i.e. Marriott Bonvoy points, World of Hyatt points, third-party Explorer Collection offerings, or BEYOND), we evaluated whether we control the underlying good or service prior to delivery to the customer. We concluded that we are an agent for those incentives which we do not control prior to delivery and as such record the related revenue net of the related cost upon recognition. Management and Exchange Revenues and Cost Reimbursements Revenues Ancillary Revenues Ancillary revenues consist of goods and services that are sold or provided by us at food and beverage outlets, golf courses and other retail and service outlets located at our resorts. Payments for such goods and services are generally received at the point of sale in the form of cash or credit card charges. For goods and services sold, we evaluate whether we control the underlying goods or services prior to delivery to the customer. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. We recognize ancillary revenue at the point in time when goods have been provided and/or services have been rendered. Management Fee Revenues and Cost Reimbursements Revenues We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain accounting and administrative services for owners’ associations, condominium owners and hotels. We generate revenue from fees we earn for managing vacation ownership resorts, clubs, owners’ associations, condominiums and hotels. In our Vacation Ownership segment, these fees are earned regardless of usage or occupancy and are typically based on either a percentage of the budgeted costs to operate the resorts or a fixed fee arrangement (“VO management fee revenues”). In our Exchange & Third-Party Management segment, we earn base management fees which are typically either (i) fixed amounts, (ii) amounts based on a percentage of adjusted gross lodging revenue, or (iii) various revenue sharing agreements based on stated formulas (“Base management fee revenues”) and incentive management fees, which are generally a percentage of either operating profits or improvement in operating profits (“Incentive management fees”). In addition, we receive reimbursement of costs incurred on behalf of our customers, which consist of actual expenses with no added margin (“cost reimbursements”). Vacation Ownership segment cost reimbursements revenues exclude amounts that we have paid to the owners’ associations related to maintenance fees for unsold vacation ownership products, as we have concluded that such payments are consideration payable to a customer. Management fees are collected over time or upfront depending upon the specific management contract. Cost reimbursements are received over time and considered variable consideration. We have determined that a significant financing component does not exist as a substantial amount of the consideration promised by the customer is paid when the associated variable consideration is determined. We evaluated the nature of the management services provided and concluded that the management services constitute a series of distinct services to be accounted for as a single performance obligation transferred over time. We use an input method, the number of days that management services are provided, to recognize VO management fee revenues and base management fee revenues, which is consistent with the pattern of transfer to the customers who receive and consume the benefits as services are provided each day. We recognize Incentive management fees as earned throughout the incentive period based on actual results, which is subject to estimation of the transaction price. Any consideration we receive in advance of services being rendered is recorded as Deferred revenue and other on our Balance Sheets and is recognized ratably across the service period to which it relates. We recognize variable consideration for Cost reimbursements revenues when the reimbursable costs are incurred. Other Services Revenues Other services revenues includes revenues from membership fees, club dues and additional fees for services we provide to customers. Membership fees and club dues are received in advance of providing access to the exchange services, are recorded as Deferred revenue and other on our Balance Sheets and are earned regardless of whether exchange services are provided. Generally, Interval Network memberships are cancellable and refundable on a pro-rata basis, with the exception of the Interval Network’s Platinum tier which is non-refundable. We have determined that exchange services constitute a stand-ready obligation for us to provide unlimited access to exchange services over a defined period of time, when and if a customer (or customer of a customer) requests. We have determined that customers benefit from the stand-ready obligation evenly throughout the period in which the customer has access to exchange services and as such, recognize membership fees and club dues on a straight-line basis over the related period of time. Transaction-based fees are typically collected at a point in time and are recognized as revenue at the point in time at which the relevant goods or services are transferred to the customer. For transaction-based fees, we evaluate whether we control the underlying goods or services prior to delivery to the customer. Transaction-based fees from exchanges and other transactions in our Exchange & Third-Party Management segment are generally recognized when confirmation of the transaction is provided and services have been rendered. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. Financing Revenues We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten to fifteen years. Generally, payments commence under the financing contracts 30 to 60 days after closing. We earn interest income from the financing arrangements on the principal balance outstanding over the life of the arrangement and record that interest income in Financing revenues on our Income Statements. Financing revenues include transaction-based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered. Rental Revenues In our Vacation Ownership segment, we generate revenue from rentals of inventory that we hold for sale as interests in our vacation ownership programs, inventory that we control because our owners have elected alternative usage options permitted under our vacation ownership programs and rentals of owned-hotel properties. In our Exchange & Third-Party Management segment, we offer vacation rental opportunities for managed properties and to members of the Interval Network and certain other membership programs from seasonal oversupply or underutilized space, as well as sourced resort accommodations. We receive payments for rentals primarily through credit card charges. We generally recognize rental revenues when occupancy has occurred, which is consistent with the period in which the customer benefits from such service. We recognize rental revenue from the utilization of plus points issued in connection with the sale of vacation ownership products, as described in “Sale of Vacation Ownership Products” above, when occupancy has occurred. We also generate revenues from vacation packages sold to our customers. The packages have an expiration period of six to twenty-four months, and payments for such packages are non-refundable and generally paid by the customer in advance. Payments received in advance are recorded as Advance deposits on our Balance Sheets until the revenue is recognized, when occupancy has occurred. For rental revenues associated with vacation ownership products which we own and which are registered and held for sale, to the extent that the proceeds are less than costs, revenues are reported net in accordance with ASC Topic 978, “Real Estate – Time-Sharing Activities.” For certain rental revenues associated with our Exchange & Third-Party Management segment, revenue is recognized when confirmation of the transaction is provided because we concluded we are an agent for these transactions. Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In cases where the standalone selling price is not readily available, we generally determine the standalone selling prices utilizing the adjusted market approach, using prices from similar contracts, our historical pricing on similar contracts, our internal marketing and selling data and other internal and external inputs we deem to be appropriate. Receivables, Contract Assets & Contract Liabilities As discussed above, the payment terms and conditions in our customer contracts vary. In some cases, customers prepay for their goods and services; in other cases, after appropriate credit evaluations, payment is due in arrears. When the timing of our delivery of goods and services is different from the timing of the payments made by customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance or when we have a right to consideration that is unconditional before the transfer of goods or services to a customer). Receivables are recorded when the right to consideration becomes unconditional. Contract liabilities are recognized as revenue as (or when) we perform under the contract.
Costs Incurred to Sell Vacation Ownership Products	Costs Incurred to Sell Vacation Ownership Products We charge marketing and sales costs we incur to sell vacation ownership products to expense when incurred.
Earnings Per Share Attributable to Common Stockholders	Earnings Per Share Attributable to Common Stockholders Basic earnings or loss per share attributable to common stockholders is calculated by dividing the net income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings or loss per share attributable to common stockholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per share attributable to common stockholders by application of the treasury stock method.
Variable Interest Entities	Variable Interest Entities We consolidate entities under our control, including VIEs where we are deemed to be the primary beneficiary. In accordance with the applicable accounting guidance for the consolidation of VIEs, we analyze our variable interests, including loans, guarantees and equity investments, to determine if an entity in which we have a variable interest is a VIE. Our analysis includes both quantitative and qualitative reviews. We base our quantitative analysis on the forecasted cash flows of the entity, and our qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analyses to determine if we must consolidate a VIE because we are its primary beneficiary.
Fair Value Measurements	Fair Value Measurements We have several financial instruments that we are required to disclose at fair value on a recurring basis. See Footnote 6 “Financial Instruments” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities. ASC Topic 820, “Fair Value Measurements” (“ASC 820”) defines fair value as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure fair value of our assets and liabilities using inputs from the following three levels of the fair value hierarchy: •Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. •Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). •Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an initial purchase maturity of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash restricted for use by consolidated owners’ associations which is designated for resort operations and other specific uses, such as reserves, cash held in a reserve account related to vacation ownership notes receivable securitizations, cash collected for maintenance fees to be remitted to owners’ associations, and deposits received and held in escrow, primarily associated with the sale of vacation ownership products.
Accounts Receivable	Accounts Receivable Accounts receivable are comprised of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our credit loss reserve for accounts receivable by considering a number of factors, including previous loss history, our judgment as to the specific customer’s current ability to pay its obligation and the condition of the general economy. We write off accounts receivable when they become uncollectible once we have exhausted all means of collection. Accounts receivable is presented net of a reserve for credit losses of $9 million and $10 million at December 31, 2025 and December 31, 2024, respectively. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income.
Acquired Vacation Ownership Notes Receivable Reserve for Credit Losses and Contracts Receivable and Originated Vacation Ownership Notes Receivable Reserve	Acquired Vacation Ownership Notes Receivable Reserve for Credit Losses As part of both the ILG Acquisition and Welk Acquisition, we acquired existing portfolios of vacation ownership notes receivable. We account for these acquired vacation ownership notes receivable using the purchased credit deteriorated assets provision of the current expected credit loss model, whereby we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. The estimates of the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses. Any changes in the reserve for credit losses are recorded as Financing expenses on our Income Statements. For acquired vacation ownership notes receivable, the estimated collateral value is transferred from vacation ownership notes receivable to inventory upon foreclosure or revocation of the related vacation ownership note receivable. Contracts Receivable and Originated Vacation Ownership Notes Receivable Reserve We record the difference between the contract receivable or vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our contracts receivable or originated vacation ownership notes receivable, as applicable.
Past Due and Defaulted	Past Due and Defaulted Although we consider loans to owners to be past due if we do not receive payment within 30 days of the due date, we suspend accrual of interest only on those loans that are over 90 days past due. For Legacy-MVW vacation ownership notes receivable, we consider loans over 150 days past due to be in default and fully reserve such amounts, less an estimate for reinstatement. For Legacy-ILG and Legacy-Welk vacation ownership notes receivable, we consider loans over 120 days past due to be in default and fully reserve such amounts, less an estimate for reinstatement. We apply payments we receive for vacation ownership notes receivable on non-accrual status first to interest, then to principal and any remainder to fees. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We do not accept payments for vacation ownership notes receivable during the foreclosure process unless the amount is sufficient to pay all past due principal, interest, fees and penalties owed and fully reinstate the note. We write off vacation ownership notes receivable against the reserve once we receive title to the vacation ownership products through the foreclosure or deed-in-lieu process or, in certain circumstances, when revocation is complete.
Inventory	Inventory Our inventory consists primarily of completed vacation ownership products. We carry our inventory at the lower of (1) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes plus other costs incurred during construction, or (2) estimated fair value, less costs to sell, which can result in impairment charges and/or recoveries of previous impairments. We account for vacation ownership inventory and cost of vacation ownership products in accordance with the authoritative guidance for accounting for real estate time-sharing transactions, which defines a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to the guidance for accounting for real estate time-sharing transactions, we do not reduce inventory for the cost of vacation ownership products related to variable consideration which has not been included within the transaction price (accordingly, no adjustment is made when inventory is reacquired upon default of the related originated vacation ownership note receivable). These standards provide for changes in estimates which include future revenues, inclusive of the pricing assumptions from sales of vacation ownership products within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-up activity, and to be recorded in Cost of vacation ownership product expenses on the Income Statements in the period that the changes occurred in order to retrospectively adjust the margin previously recorded subject to those estimates to the amounts that would have been recorded historically had the revised estimates been used.
Property and Equipment	Property and Equipment Property and equipment includes our sales centers, golf courses, information technology, including internal use software, finance lease assets, and other assets used in the normal course of business, as well as land held for future vacation ownership product development, and undeveloped and partially developed land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. In addition, fully developed VOIs are classified as property and equipment until they are registered and available for sale. We record property and equipment at cost, including capitalized interest and real estate taxes incurred during active development. We capitalize the cost of improvements that extend the useful life of property and equipment when incurred. We expense all repair and maintenance costs as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to forty years), and we amortize leasehold improvements over the shorter of the asset life or lease term.
Cloud Computing Arrangements	Cloud Computing Arrangements We have entered into various cloud computing arrangements that are considered service contracts. We capitalize certain qualified implementation costs incurred in connection with these arrangements, including both internal and external costs. Capitalization of costs begins when the preliminary project stage is completed, management with the relevant authority authorizes and commits to the funding of the project, and it is probable that the project will be completed and will be used to perform the function intended. We cease capitalization of such costs when the implementation activities are complete. Capitalized implementation costs of $35 million are recorded in Other assets on our Balance Sheets as of both December 31, 2025 and December 31, 2024. We amortize capitalized implementation costs to an operating expense using the straight-line method over the term of the cloud computing arrangement (3 to 5 years). To the extent that we conclude we will not complete a project, we expect to cease using the services such capitalized costs are related to or expect to terminate the cloud computing arrangement early, we write off the remaining capitalized cost.
Leases	Leases We account for leases in accordance with ASC Topic 842, “Leases” (“ASC 842”). We determine if an arrangement is or contains a lease at contract inception. Operating leases include lease arrangements for land, office space, real estate, sales centers, as well as various facilities and equipment supporting our operations, with varying terms and renewal option periods. Finance leases include lease arrangements for our corporate headquarters in Orlando, Florida, as well as other operations space. We also have a long-term finance lease for land underlying an operating hotel. In addition, we lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets is limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Short-term leases, which have an initial term of a year or less, are not recorded on the balance sheet. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macroeconomic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. Because the rate implicit in our leases is not readily determinable, we use our incremental borrowing rate as the discount rate, which approximates the interest rate at which we could borrow on a collateralized basis with similar terms and payments and in similar economic environments. Right-of-use assets exclude the unamortized portion of lease incentives received. Certain of our lease agreements include variable rental payments that are based on a percentage of sales over contractual levels and others include rental payments adjusted periodically for inflation. Additionally, with respect to our real estate leases, we do not separate lease and non-lease components.
Impairment of Long-Lived Assets and Other Intangible Assets	Impairment of Long-Lived Assets and Other Intangible Assets We assess long-lived assets, including property and equipment, leases, and definite-lived intangible assets, for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. We assess indefinite-lived intangible assets for potential impairment and continued indefinite use annually, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount. If the carrying value of the asset exceeds the fair value, we recognize an impairment loss in the amount of that excess.
Goodwill	Goodwill We perform an annual review for the potential impairment of the carrying value of goodwill in the fourth quarter, or more frequently if events or circumstances indicate a possible impairment. For purposes of evaluating goodwill for impairment, we have two reporting units, which are also our reportable operating segments. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we perform a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount. Qualitative factors that we consider include, for example, macroeconomic and industry conditions, overall financial performance, and other relevant entity-specific events. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. We may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill. We calculate the estimated fair value of a reporting unit using a weighting of the income and market approaches. For the income approach, we use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues, expenses, EBITDA margin, and related cash flows based on assumed long-term growth rates and demand trends; expected future investments to grow new units; and estimated discount rates. For the market approach, we use internal analyses based primarily on market comparables. We base these assumptions on our historical data and experience, in consideration of industry projections, micro and macro general economic condition projections, and our expectations.
Derivative Instruments	Derivative Instruments We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our financial statements. A derivative qualifies for hedge accounting if we expect it to be highly effective in offsetting the underlying hedged exposure and we fulfill the hedge documentation requirements. We may designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. If a qualifying hedge is deemed effective, we record changes in fair value in other comprehensive income. We assess the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. We are exposed to market risk from changes in interest rates, currency exchange rates, and debt prices. We manage our exposure to these risks by monitoring available financing alternatives, through pricing policies that may take into account currency exchange rates, and by entering into derivative arrangements. We may use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates and currency exchange rates. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk and we do not use derivatives for trading or speculative purposes.
Loss Contingencies	Loss Contingencies We are subject to various legal proceedings and claims in the normal course of business, the outcomes of which are subject to significant uncertainty. We record an accrual for loss contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances.
Defined Contribution Plan	Defined Contribution Plan We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees.
Deferred Compensation Plan	Deferred Compensation Plan Certain members of our senior management have the opportunity to participate in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”), which we maintain and administer. Under both the Deferred Compensation Plan and the Marriott International EDC (as defined below), participating employees are able to defer payment and income taxation of a portion of their salary and bonus. It also provides participants with the opportunity for long-term capital appreciation by crediting their accounts with notional earnings. Prior to the spin-off of MVW from Marriott International (the “Marriott Spin-Off”), certain members of our senior management had the opportunity to participate in the Marriott International, Inc. Executive Deferred Compensation Plan (the “Marriott International EDC”), which Marriott International maintains and administers. Subsequent to the Marriott Spin-Off, we remain liable to reimburse Marriott International for distributions to participants who were employees of Marriott Vacations Worldwide at the time of the Marriott Spin-Off, including earnings thereon. To support our ability to meet a portion of our obligations under the Deferred Compensation Plan, we acquired company owned insurance policies (the “COLI policies”) on the lives of certain participants in the Deferred Compensation Plan, the proceeds of which are intended to be aligned with the investment alternatives elected by plan participants and are payable to a rabbi trust with the Company as grantor. For both 2025 and 2024, participants were able to select a rate of return based on market-based investment alternatives for up to 100% of their contributions and existing balances, with one of those options being a fixed rate of return of 3.5%. We consolidate the liabilities of the Deferred Compensation Plan and the related assets, which consist of the COLI policies held in the rabbi trust. The rabbi trust is considered a VIE. We are the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust.
Share-Based Compensation Costs	Share-Based Compensation Costs During 2024, our stockholders approved the Amended and Restated Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”), which supersedes the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan and the Interval Leisure Group, Inc. 2013 Stock and Incentive Plan (collectively, the “Prior Plans”). No new awards will be granted under the Prior Plans and all awards that were granted under the Prior Plans will remain outstanding and continue to be governed by the Prior Plans. The MVW Equity Plan is maintained for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) restricted stock and restricted stock units (“RSUs”) of our common stock, (2) stock appreciation rights (“SARs”) relating to our common stock, and (3) stock options to purchase our common stock. We follow the provisions of ASC Topic 718 “Compensation—Stock Compensation,” which requires that a company measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, share-based awards granted to our employees, other than RSUs with performance vesting conditions, vest ratably over a four-year period. For share-based awards with service-only vesting conditions, we record compensation expense on a straight-line basis over the requisite service period. For RSUs with performance vesting conditions, the number of RSUs earned, if any, is determined following the end of a performance period (typically three years) based upon the achievement over that period of specific quantitative operating financial measures and we recognize compensation expense once it is probable that the corresponding performance condition will be achieved. SARs awarded under the MVW Equity Plan are granted at exercise prices or strike prices equal to the market price of our common stock on the date of grant (this price is referred to as the “base value”). SARs generally expire ten years after the date of grant and both vest and become exercisable in cumulative installments of one quarter of the grant per year in each of the first four years following the date of grant. Upon exercise of SARs, our employees and non-employee directors receive a number of shares of our common stock equal to the number of SARs being exercised, multiplied by the quotient of (a) the market price of the common stock on the date of exercise (this price is referred to as the “final value”) minus the base value, divided by (b) the final value. We recognize the expense associated with these awards on our Income Statements based on the fair value of the awards as of the date that the share-based awards are granted and adjust that expense to the estimated number of awards that we expect will vest or be earned. The fair value of RSUs represents the number of awards granted multiplied by the average of the high and low market price of our common stock on the date the awards are granted, reduced by the present value of the dividends expected to be paid on the shares during the vesting period, discounted at a risk-free interest rate. We generally determine the fair value of SARs using the Black-Scholes option valuation model, which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. We issue shares from authorized shares upon the exercise of SARs held by our employees and directors. For share-based awards granted to non-employee directors, we recognize compensation expense on the grant date based on the fair value of the awards as of that date. See Footnote 17 “Share-Based Compensation” for more information on the MVW Equity Plan.
Employee Stock Purchase Plan	Employee Stock Purchase Plan During 2015, our Board of Directors adopted, and our stockholders subsequently approved, the Marriott Vacations Worldwide Corporation Employee Stock Purchase Plan (the “ESPP”), which became effective during 2015. A total of 500,000 shares of common stock may be purchased under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share not less than 95% of the fair market value per share of common stock on the purchase date, up to a maximum threshold established by the plan administrator for the offering period.
Non-U.S. Operations	Non-U.S. Operations The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency for our consolidated entities operating outside of the United States is generally the currency of the economic environment in which the entity primarily generates and expends cash. For consolidated entities whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate Income Statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of equity. We report gains and losses from currency exchange rate changes related to intercompany receivables and payables that are not of a long-term investment nature, as well as gains and losses from non-U.S. currency transactions, in the Gains (losses) and other income (expense), net line on our Income Statements.
Income Taxes	Income Taxes We file income tax returns, including with respect to our subsidiaries, in various jurisdictions around the world. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the provision for income tax in the period that includes the enactment date. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of deferred tax liabilities or the valuations of deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates. We record a valuation allowance on deferred taxes if we determine it is more likely than not that we will not fully realize the future benefit of deferred tax assets. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which impacts the provision for income taxes. We file tax returns after the close of our fiscal year end and adjust our estimated tax receivable or liability to the actual tax receivable or tax due per the filed tax returns in the provision for income tax. For purposes of Global Intangible Low-Taxed Income, we have elected to use the period cost method and therefore have not recorded deferred taxes for basis differences expected to reverse in future periods. For tax positions we have taken, or expect to take, in a tax return we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. Based on our evaluations of tax positions, we believe that potential tax exposures have been recorded appropriately. Additionally, we recognize accrued interest and penalties related to our unrecognized tax benefits as a component of tax expense.
New Accounting Standards And Future Adoption of Accounting Standards	New Accounting Standards Accounting Standards Update 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, which is intended to enhance the transparency and decision usefulness of income tax disclosures. We adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The adoption did not have a material impact on our financial statements or disclosures other than the addition of incremental disclosures intended to enhance and expand our annual effective tax rate reconciliation disclosure and income taxes paid disclosure. See Footnote 4 “Income Taxes” for the additional disclosures required by the adoption of ASU 2023-09. Future Adoption of Accounting Standards Accounting Standards Update 2024-03 - “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”) In November 2024, the FASB issued ASU 2024-03, which requires additional information about specific expense categories in the notes to financial statements for both interim and annual reporting periods. This update is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis, with early adoption permitted. We are evaluating the impact that the adoption of this update, including the timing of implementation, will have on our disclosures. Accounting Standards Update 2024-04 - “Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” (“ASU 2024-04”) In November 2024, the FASB issued ASU 2024-04, which requires an entity to account for certain early settlements of convertible debt instruments as an induced conversion if the inducement offer includes the issuance of all consideration (in form and amount) issuable under the conversion privileges provided in the terms of the existing convertible debt instrument. This update is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted for all entities that have adopted the amendments in ASU 2020-06. We adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method. We expect to adopt ASU 2024-04 effective January 1, 2026 with no material impact to our financial statements and disclosures. Accounting Standards Update 2025-05 - “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”) In July 2025, the FASB issued ASU 2025-05, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and contract assets. Under this expedient, entities may assume that conditions existing at the balance sheet date will persist for the remaining life of the asset, which simplifies the estimation process by eliminating the need to forecast future economic conditions for short-term assets. This update is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, and is to be adopted on a prospective basis, with early adoption permitted. We are evaluating the impact of ASU 2025-05 but do not expect a material impact on our financial statements and disclosures.

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Deferred income taxes		$ 38	$ 32	$ 45
Increase (decrease) related to tax positions taken during a prior period		(80)	80
Unrecognized tax benefits, income tax penalties and interest accrued	$ 41	37
Income tax penalties and interest accrued, increase (decrease)	4	(11)	$ 20
Unrecognized tax benefits that would impact effective tax rate	32	$ 29
Business combination provisional information adjustment other liabilities tax matters	$ 14
Minimum
Income Taxes
Income tax holiday period	10 years
Maximum
Income Taxes
Income tax holiday period	30 years
Indemnified Tax Liability
Income Taxes
Unrecognized tax benefits, income tax penalties and interest accrued	$ 36
Business combination provisional information adjustment other liabilities tax matters	4
General Business Tax Credit Carryforward
Income Taxes
Tax credit carryforward, amount	4
Foreign Tax Jurisdiction
Income Taxes
Tax credit carryforward, amount	20
Operating loss carryforwards	159
Foreign Tax Jurisdiction \| Capital Loss Carryforward
Income Taxes
Tax credit carryforward, amount	7
State and Local Jurisdiction
Income Taxes
Tax credit carryforward, amount	6
Operating loss carryforwards	$ 11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cloud Computing Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Capitalized Computer Software Net [Line Items]
Capitalized computer software, net	$ 35	$ 35
Minimum
Capitalized Computer Software Net [Line Items]
Amortization period	3 years
Maximum
Capitalized Computer Software Net [Line Items]
Amortization period	5 years

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 583
2027	583
2028	358
2029	508
2030	8
Thereafter	1,323
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations \| Securitized debt
Debt Instrument [Line Items]
2026	185
2027	189
2028	192
2029	191
2030	193
Thereafter	1,223
Long-term debt	$ 2,173

INCOME TAXES - Components of Our Income Before Losses or Income Taxes and Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (244)	$ 281	$ 419
Non-U.S. jurisdictions	(55)	25	(21)
Income before income taxes and noncontrolling interests	$ (299)	$ 306	$ 398

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,442,000,000
Ending balance	1,993,000,000	$ 2,442,000,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Debt Instrument [Line Items]
Reclassification to Income Statement	0	0	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0	3,000,000	13,000,000
Other comprehensive loss before reclassifications	0	(3,000,000)	(10,000,000)
Ending balance	$ 0	$ 0	$ 3,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,565	$ 2,440
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,645	2,508
Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,900	1,917
Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,975	1,981
Non-Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	665	523
Non-Securitized \| Carrying Amount \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	152	94
Non-Securitized \| Carrying Amount \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	513	429
Non-Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	670	527
Non-Securitized \| Fair Value \| Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	157	98
Non-Securitized \| Fair Value \| Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 513	$ 429

STOCKHOLDERS’ EQUITY - Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	40,974,753
Ending of period, number of shares repurchased (in shares)	41,767,498	40,974,753
Cost Basis of Shares Repurchased
Cost of shares repurchased	$ 61	$ 56	$ 286
Share Repurchase Program
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	25,790,550
Repurchase of common stock (in shares)	1,004,613
Ending of period, number of shares repurchased (in shares)	26,795,163	25,790,550
Cost Basis of Shares Repurchased
Beginning of period, cost of shares repurchased	$ 2,461
Cost of shares repurchased	61
Ending of period, cost of shares repurchased	$ 2,522	$ 2,461
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)	$ 95.40
Average price paid per share (in usd per share)	61.26
Ending of period, average price paid per share (in usd per share)	$ 94.12	$ 95.40

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Dec. 31, 2025 USD ($) vacation_ownership_unit
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2030	$ 6
Surety bonds issued	140
Expected commitment for 2026	$ 29
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, ownership percentage	95.00%
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 13
Revolving Credit Facility \| Securitization Transaction
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	12
Letter of Credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	25
Nashville, Tennessee
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2027	$ 122
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	168
Bali, Indonesia \| 32 Unit Transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2026	$ 10
Purchase commitment obligation due, 2027	$ 1
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	32
INDONESIA \| 32 Unit Transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 11
Thailand \| 60 Unit Transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	41
Purchase commitment obligation due, 2026	4
Purchase commitment obligation due, 2027	4
Purchase commitment obligation due, 2028	$ 33
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	60
Puerto Vallarta, Mexico \| 64 Unit Transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2028	$ 46
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	64
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 131
Purchase commitment obligation due, 2026	78
Purchase commitment obligation due, 2027	28
Purchase commitment obligation due, 2028	11
Purchase commitment obligation due, 2029	5
Purchase obligation due, thereafter	$ 3

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	$ 2,565	$ 2,440
Interest receivable	428	387
Restricted cash	327	331
Assets	9,757	9,808
Interest payable	376	384
Securitized debt	2,146	2,136
Consolidated Liabilities Total	7,764	7,367
Variable Interest Entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	1,900	1,917
Interest receivable	15	16
Restricted cash	81	82
Assets	1,996
Interest payable	4	4
Securitized debt	2,173	2,163
Consolidated Liabilities Total	2,177
Securitized debt \| Variable Interest Entity
Variable Interest Entity [Line Items]
Securitized debt	2,173
Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	1,900
Interest receivable	15
Restricted cash	81
Assets	1,996
Interest payable	4
Consolidated Liabilities Total	2,177
Vacation Ownership Notes Receivable Securitizations \| Securitized debt \| Variable Interest Entity
Variable Interest Entity [Line Items]
Securitized debt	2,173	$ 2,039
Warehouse Credit Facility \| Variable Interest Entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	0
Interest receivable	0
Restricted cash	0
Assets	0
Interest payable	0
Consolidated Liabilities Total	0
Warehouse Credit Facility \| Securitized debt \| Variable Interest Entity
Variable Interest Entity [Line Items]
Securitized debt	$ 0

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Depreciation and amortization of intangibles	$ 62	$ 60	$ 61
Impairment charges for other intangible assets	21
ILG, Inc And Welk
Intangible Assets [Line Items]
Expected amortization expense, year one	60
Expected amortization expense, year two	60
Expected amortization expense, year three	60
Expected amortization expense, year four	60
Expected amortization expense, year five	$ 60
Minimum \| ILG, Inc And Welk
Intangible Assets [Line Items]
Estimated useful life	15 years
Maximum \| ILG, Inc And Welk
Intangible Assets [Line Items]
Estimated useful life	20 years

RESTRUCTURING AND IMPAIRMENT - Schedule of Impairment Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Impairment [Line Items]
Property, equipment, and other assets	$ 160	$ 0	$ 4
Future phases of existing resorts	131	0	0
Leases	2	0	16
Equity method investment	2	0	8
Investment in management contract	0	2	4
Goodwill	159	0	0
Trade names	21	0	0
Impairment	577	30	32
Legacy-Welk inventory
Impairment [Line Items]
Inventory	75	28	0
Khao Lak, Thailand inventory
Impairment [Line Items]
Inventory	$ 27	$ 0	$ 0

MODERNIZATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
MODERNIZATION - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2025
Service arrangements
Modernization Costs [Line Items]
Purchase obligation		$ 142
Obligation for 2026		42
Obligation for 2027		27
Obligation for 2028		26
Obligation for 2029		26
Obligation for 2030		18
Obligation, thereafter		3
Early contract termination fees		$ 17
Minimum
Modernization Costs [Line Items]
Outsourced service arrangements, term	5 years
Maximum
Modernization Costs [Line Items]
Outsourced service arrangements, term	6 years

SECURITIZED DEBT - Additional Information (Details)	3 Months Ended			9 Months Ended	12 Months Ended
SECURITIZED DEBT - Additional Information (Details)	Dec. 31, 2025 USD ($) loan class	Jun. 30, 2025 USD ($) class	Mar. 31, 2025	Dec. 31, 2025 USD ($) loan class Rate	Dec. 31, 2025 USD ($) loan class
Debt Instrument [Line Items]
Number of notes receivable pools under performance triggers \| loan					0
Number of notes receivable pools out of compliance \| loan	0			0	0
Number of notes receivable pools outstanding \| loan	12			12	12
Values of vacation ownership notes receivable that were securitized during the period	$ 479,000,000	$ 459,000,000
Line of Credit
Debt Instrument [Line Items]
Credit facility, payable period after termination					13 months
Warehouse Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate \| Rate				1.10%
Warehouse Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Credit facility	$ 500,000,000			$ 500,000,000	$ 500,000,000
Basis spread on variable rate			1.15%
MVW 2024-1 LLC
Debt Instrument [Line Items]
Vacation ownership notes, number of classes \| class		3
MVW 2024-1 LLC \| Securitized debt
Debt Instrument [Line Items]
Principal amount		$ 450,000,000
Debt, weighted average interest rate		5.16%
MVW 2024-1 LLC \| Securitized debt \| Class A Notes
Debt Instrument [Line Items]
Principal amount		$ 277,000,000
Debt, stated interest rate		4.97%
MVW 2024-1 LLC \| Securitized debt \| Class B Notes
Debt Instrument [Line Items]
Principal amount		$ 93,000,000
Debt, stated interest rate		5.21%
MVW 2024-1 LLC \| Securitized debt \| Class C Notes
Debt Instrument [Line Items]
Principal amount		$ 80,000,000
Debt, stated interest rate		5.75%
MVW 2025-2 LLC
Debt Instrument [Line Items]
Vacation ownership notes, number of classes \| class	3			3	3
MVW 2025-2 LLC \| Securitized debt
Debt Instrument [Line Items]
Principal amount	$ 470,000,000			$ 470,000,000	$ 470,000,000
Debt, weighted average interest rate	4.62%			4.62%	4.62%
MVW 2025-2 LLC \| Securitized debt \| Class A Notes
Debt Instrument [Line Items]
Principal amount	$ 283,000,000			$ 283,000,000	$ 283,000,000
Debt, stated interest rate	4.48%			4.48%	4.48%
MVW 2025-2 LLC \| Securitized debt \| Class B Notes
Debt Instrument [Line Items]
Principal amount	$ 106,000,000			$ 106,000,000	$ 106,000,000
Debt, stated interest rate	4.72%			4.72%	4.72%
MVW 2025-2 LLC \| Securitized debt \| Class C Notes
Debt Instrument [Line Items]
Principal amount	$ 81,000,000			$ 81,000,000	$ 81,000,000
Debt, stated interest rate	4.97%			4.97%	4.97%

LEASES

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

The following table presents the carrying values of our leases and the classification on our Balance Sheet.


($ in millions)	Balance Sheet Classification	At December 31, 2025		At December 31, 2024
Operating lease assets	Other assets	$	57	$	74
Finance lease assets	Property and equipment, net	164		168
		$	221	$	242

Operating lease liabilities	Accrued liabilities	$	73	$	94
Finance lease liabilities	Debt, net	198		199
		$	271	$	293

The following table presents the lease costs and the classification on our Income Statements for 2025, 2024, and 2023.


($ in millions)	Income Statement Classification	2025		2024		2023
Operating lease cost	Marketing and sales expense General and administrative expense	$	16	$	19	$	31
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	13		12		10
Interest on lease liabilities	Financing expense	13		13		11
Variable lease cost	Marketing and sales expense	2		2		3
		$	44	$	46	$	55

The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2025.


($ in millions)	Operating Leases		Finance Leases		Total
2026	$	23	$	18	$	41
2027	16		16		32
2028	12		14		26
2029	10		13		23
2030	7		13		20
Thereafter	16		448		464
Total lease payments	84		522		606
Less: Imputed interest	(11)		(324)		(335)
	$	73	$	198	$	271

Lease Term and Discount Rate

The following table presents additional information about our lease obligations.


	At December 31, 2025	At December 31, 2024
Weighted-average remaining lease term
Operating leases	5.6 years	6.2 years
Finance leases	34.4 years	35.1 years
Weighted-average discount rate
Operating leases	6.5%	6.5%
Finance leases	6.5%	6.5%

Other Information

The following table presents supplemental cash flow information for 2025, 2024, and 2023.


($ in millions)	2025		2024		2023
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	13	$	14	$	7
Operating cash flows for operating leases	$	23	$	24	$	33
Financing cash flows for finance leases	$	7	$	6	$	5

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	10	$	23	$	31
Finance leases	$	7	$	16	$	88

LEASES

The following table presents the carrying values of our leases and the classification on our Balance Sheet.


($ in millions)	Balance Sheet Classification	At December 31, 2025		At December 31, 2024
Operating lease assets	Other assets	$	57	$	74
Finance lease assets	Property and equipment, net	164		168
		$	221	$	242

Operating lease liabilities	Accrued liabilities	$	73	$	94
Finance lease liabilities	Debt, net	198		199
		$	271	$	293

The following table presents the lease costs and the classification on our Income Statements for 2025, 2024, and 2023.


($ in millions)	Income Statement Classification	2025		2024		2023
Operating lease cost	Marketing and sales expense General and administrative expense	$	16	$	19	$	31
Finance lease cost
Amortization of right-of-use assets	Depreciation and amortization	13		12		10
Interest on lease liabilities	Financing expense	13		13		11
Variable lease cost	Marketing and sales expense	2		2		3
		$	44	$	46	$	55

The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2025.


($ in millions)	Operating Leases		Finance Leases		Total
2026	$	23	$	18	$	41
2027	16		16		32
2028	12		14		26
2029	10		13		23
2030	7		13		20
Thereafter	16		448		464
Total lease payments	84		522		606
Less: Imputed interest	(11)		(324)		(335)
	$	73	$	198	$	271

Lease Term and Discount Rate

The following table presents additional information about our lease obligations.


	At December 31, 2025	At December 31, 2024
Weighted-average remaining lease term
Operating leases	5.6 years	6.2 years
Finance leases	34.4 years	35.1 years
Weighted-average discount rate
Operating leases	6.5%	6.5%
Finance leases	6.5%	6.5%

Other Information

The following table presents supplemental cash flow information for 2025, 2024, and 2023.


($ in millions)	2025		2024		2023
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases	$	13	$	14	$	7
Operating cash flows for operating leases	$	23	$	24	$	33
Financing cash flows for finance leases	$	7	$	6	$	5

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	10	$	23	$	31
Finance leases	$	7	$	16	$	88

DEBT - 2033 Notes (Details) $ in Millions	12 Months Ended
DEBT - 2033 Notes (Details) $ in Millions	Dec. 31, 2025 USD ($)
2033 Notes \| Senior notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Proceeds from issuance of senior debt	$ 567