0001524358-26-000022 | 10-Q | XBRL Viewer | Marriott Vacations Worldwide Corp

Print Document

DEBT - 2027 Convertible Notes (Details) - 2027 Convertible Notes	3 Months Ended
	Mar. 31, 2026 $ / shares	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	0.0053162
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 188.10

- 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

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 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-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 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	50.30%	43.60%
Cumulative adjustment for foreign tax provision	$ 6

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS


2.			SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

New Accounting Standards

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 Financial Accounting Standards Board issued accounting standards update (“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. We adopted ASU 2024-04 on a prospective basis on January 1, 2026, with no impact to our financial statements or 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. We adopted ASU 2025-05 on a prospective basis on January 1, 2026, with no material impact to our financial statements or disclosures.

Accounting Standards Update 2025-11 - “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”)

In December 2025, the FASB issued ASU 2025-11, which updates ASC 270 to improve clarity and consistency, without fundamentally altering the nature or scope of interim reporting requirements. The guidance provides a comprehensive list of interim disclosures required by GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the last annual reporting period. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We adopted ASU 2025-11 on a prospective basis on January 1, 2026, with no impact to our financial statements or disclosures.

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 2025-09 - “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” (“ASU 2025-09”)

In November 2025, the FASB issued ASU 2025-09, which amends certain aspects of hedge accounting guidance under Accounting Standards Codification (“ASC”) 815. The amendments clarify the assessment of risk for cash flow hedges; provide guidance on hedges of forecasted interest payments on choose‑your‑rate debt; expand the application of hedge accounting to certain nonfinancial forecasted transactions; permit the use of net written options as hedging instruments; and address the accounting for dual hedges of foreign‑currency‑denominated debt. This update is effective for annual periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. We are evaluating the impact that the adoption of this update, including the timing of implementation, will have on our financial statements and disclosures.

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION


1.			BASIS OF PRESENTATION

The Interim 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 Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim 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. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”). 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 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 or loss 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 and volatility in the broader macroeconomic environment, including inflation, the impact of changing trade policy, 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.

In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, general macroeconomic conditions, including inflationary pressures and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2025 Annual Report.

We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted prior to the ILG Acquisition and the associated brands as “Legacy-MVW.” We refer to the business and brand that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. 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.

Certain amounts from the prior fiscal year have been reclassified to conform to the current period presentation.

Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

VARIABLE INTEREST ENTITIES - Schedule of Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	$ 2,567	$ 2,565
Interest receivable	416	428
Restricted cash	328	327
Total	9,636	9,757
Interest payable	383	376
Securitized debt	2,304	2,146
Total	7,644	7,764
Variable Interest Entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	2,070	1,900
Interest receivable	17	15
Restricted cash	93	81
Total	2,180
Interest payable	4	4
Securitized debt	2,329	2,173
Total	2,333
Securitized debt \| Variable Interest Entity
Variable Interest Entity [Line Items]
Securitized debt	2,329
Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	1,731
Interest receivable	14
Restricted cash	80
Total	1,825
Interest payable	3
Total	1,989
Vacation Ownership Notes Receivable Securitizations \| Securitized debt \| Variable Interest Entity
Variable Interest Entity [Line Items]
Securitized debt	1,986	$ 2,173
Warehouse Credit Facility \| Variable Interest Entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	339
Interest receivable	3
Restricted cash	13
Total	355
Interest payable	1
Total	344
Warehouse Credit Facility \| Securitized debt \| Variable Interest Entity
Variable Interest Entity [Line Items]
Securitized debt	$ 343

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Mar. 31, 2026 USD ($) vacation_ownership_unit
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 140
Guarantor obligations, maximum exposure, remainder of year	$ 22
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, ownership percentage	95.00%
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 12
Revolving corporate credit facility, net \| Securitization Transaction
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	11
Letter of credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	13
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
Thailand \| 60 Unit Transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 37
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
INDONESIA \| 32 Unit Transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 11
Bali, Indonesia \| 32 Unit Transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, remainder of 2026	10
Purchase commitment obligation due, 2027	$ 1
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	32
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 130
Purchase commitment obligation due, remainder of 2026	51
Purchase commitment obligation due, 2027	34
Purchase commitment obligation due, 2028	17
Purchase commitment obligation due, 2029	11
Purchase commitment obligation due, 2030	11
Purchase commitment obligation due, thereafter	$ 6

DEBT - Senior Notes (Details) - Senior notes	Mar. 31, 2026 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

BUSINESS SEGMENTS - Additional Information (Details)	3 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating business segments	2
Number of reportable business segments	2

STOCKHOLDERS’ EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	75,897,059	75,891,531
Common stock, shares outstanding (in shares)	34,335,139	34,124,033
Treasury stock, shares (in shares)	41,561,920	41,767,498
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 322

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,567	$ 2,565
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	2,070	1,900
Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	497	665
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	93	152
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	404	513
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	2,511	2,503
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	2,021	1,843
Originated \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	490	660
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	93	152
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	397	508
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	56	62
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	49	57
Acquired \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	7	5
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	0	0
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 7	$ 5

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS


7.			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 March 31, 2026				At December 31, 2025
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,567	$	2,658	$	2,565	$	2,645
Contracts receivable for financed VOI sales, net	72		72		95		95
Other assets	165		165		168		168
Total financial assets	$	2,804	$	2,895	$	2,828	$	2,908

Securitized debt, net	$	(2,304)	$	(2,343)	$	(2,146)	$	(2,196)
Term Loan, net	(778)		(784)		(780)		(788)
Revolving Corporate Credit Facility, net	(306)		(310)		—		—
2028 Notes, net	(349)		(345)		(348)		(346)
2029 Notes, net	(497)		(472)		(497)		(479)
2033 Notes, net	(567)		(547)		(567)		(553)
2026 Convertible Notes, net	—		—		(575)		(564)
2027 Convertible Notes, net	(570)		(542)		(569)		(548)
Total financial liabilities	$	(5,371)	$	(5,343)	$	(5,482)	$	(5,474)

Vacation Ownership Notes Receivable


	At March 31, 2026				At December 31, 2025
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	2,070	$	2,157	$	1,900	$	1,975

Eligible for securitization	93		97		152		157
Not eligible for securitization	404		404		513		513
Non-securitized	497		501		665		670

Total	$	2,567	$	2,658	$	2,565	$	2,645

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. 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 $165 million and $168 million of company owned insurance policies (the “COLI policies”) acquired on the lives of certain participants in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”) at March 31, 2026 and December 31, 2025, respectively, that are held in a rabbi trust. The rabbi trust is considered a VIE, which we consolidate because we are the primary beneficiary as we direct the activities of the trust and are the beneficiary of the 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 12 “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 12 “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 12 “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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

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

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.


	Three Months Ended
(in millions, except per share amounts)	March 31, 2026		March 31, 2025
Net income attributable to common stockholders	$	22	$	56
Shares for basic earnings per share	34.5		35.1
Basic earnings per share	$	0.64	$	1.60


	Three Months Ended
(in millions, except per share amounts)	March 31, 2026		March 31, 2025
Net income attributable to common stockholders	$	22	$	56
Add back of interest expense related to convertible notes, net of tax	—		5
Numerator used to calculate diluted earnings per share	$	22	$	61

Shares for basic earnings per share	34.5		35.1
Effect of dilutive shares outstanding

Restricted stock units	0.3		0.2
2026 Convertible Notes	—		3.7
2027 Convertible Notes	—		3.0
Shares for diluted earnings per share	34.8		42.0
Diluted earnings per share	$	0.64	$	1.46

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ (4,000,000)
Contract with customer, contract assets	0	$ 0
Contract with customer, liability, revenue recognized	$ 120,000,000

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

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:


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Service-based RSUs	$	9	$	6



SARs	1		1

	$	10	$	7

Schedule of Unrecognized Compensation Cost, Unvested Awards

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


($ in millions)	At March 31, 2026		At December 31, 2025
Service-based RSUs	$	51	$	26
Performance-based RSUs	8		7
Market-based RSUs	8		—
	67		33
SARs	11		2

	$	78	$	35

Schedule of Assumptions used to Estimate Fair Value of Grants

The following table outlines the assumptions used to estimate the fair value of grants during the first quarter of 2026:


Expected volatility			50.41% - 50.73%
Dividend yield			4.40% - 4.56%
Risk-free rate			3.73% - 3.95%
Expected term (in years)			6.00 - 6.25

DISPOSITIONS (Details) - Cancun, Mexico - Discontinued Operations, Disposed of by Sale - Vacation Ownership $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposals	$ 50
Net assets	50
Gain on disposal	$ 2

BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Areas

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 attributable to common stockholders.


	Three Months Ended
	March 31, 2026						March 31, 2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Total		Vacation Ownership		Exchange & Third-Party Management		Total
Revenues from external customers	$	1,193	$	57	$	1,250	$	1,135	$	58	$	1,193
Reconciliation of revenues
Corporate and other(1)					7						7
Total consolidated revenues					$	1,257					$	1,200

Cost of vacation ownership products	(46)		—				(42)		—
Marketing and sales	(242)		—				(234)		—
Management and exchange	(72)		(30)				(72)		(29)
Rental	(143)		—				(126)		—
Financing(2)	(41)		—				(36)		—
Royalty fee	(28)		—				(28)		—
Other segment items(3)	(433)		(3)				(376)		(1)
Segment Adjusted EBITDA	188		24		212		221		28		249
Corporate and other(1)					(51)						(57)
Interest expense, net(2)					(44)						(40)
Depreciation and amortization					(34)						(38)
Share-based compensation expense					(10)						(7)
Amortization of cloud computing software implementation costs					(1)						(1)
Certain items					(27)						(5)
Provision for income taxes					(23)						(45)
Net income attributable to common stockholders					$	22					$	56

(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)Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

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

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,731	$	339	$	2,070
Interest receivable	14		3		17
Restricted cash	80		13		93
Total	$	1,825	$	355	$	2,180
Consolidated Liabilities
Interest payable	$	3	$	1	$	4
Securitized debt	1,986		343		2,329
Total	$	1,989	$	344	$	2,333

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 the first quarter of 2026:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	67	$	11	$	78
Interest expense	$	25	$	3	$	28
Debt issuance cost amortization	$	3	$	—	$	3

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:


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Cash Inflows

Principal receipts	$	153	$	141
Interest receipts	68		65

Total	221		206
Cash Outflows
Principal payments	(150)		(140)
Voluntary repurchases of defaulted vacation ownership notes receivable	(38)		(43)

Interest payments	(25)		(23)

Total	(213)		(206)
Net Cash Flows	$	8	$	—

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


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	354	$	206
Principal receipts	17		17
Interest receipts	8		9

Total	379		232
Cash Outflows
Principal payments	(10)		(14)


Interest payments	(2)		(3)
Funding of restricted cash	(2)		(9)
Total	(14)		(26)
Net Cash Flows	$	365	$	206

- 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

STOCKHOLDERS’ EQUITY - Schedule of Cash Dividend Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.80	$ 0.79

DISPOSITIONS

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

DISPOSITIONS


3.			DISPOSITIONS

Cancun, Mexico

During the first quarter of 2026, we disposed of an entity that owned and operated a Vacation Ownership segment hotel in Cancun, Mexico, for proceeds of $50 million, consistent with our strategy to monetize non-core assets. The net carrying value of the entity disposed of, as of the date of the disposition, was $50 million, the majority of which was comprised of property and equipment that was recorded in Other Assets on our balance sheet. As a result of this disposition, we recorded a gain of $2 million in Gains and other income, net on our Income Statements for the three months ended March 31, 2026, which related to the realization of cumulative foreign currency translation gains.

SECURITIZED DEBT (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026		At December 31, 2025
Vacation ownership notes receivable securitizations, gross(1)	$	1,986	$	2,173
Unamortized debt discount and issuance costs	(24)		(27)
	1,962		2,146

Warehouse Credit Facility, gross(2)	343		—
Unamortized debt issuance costs(3)	(1)		—
	342		—

	$	2,304	$	2,146

(1)Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%.
(2)Effective interest rate as of March 31, 2026 was 4.8%.
(3) 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 March 31, 2026.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2026, remaining	$	131	$	18	$	149
2027	173		19		192
2028	179		306		485
2029	180		—		180
2030	182		—		182
Thereafter	1,141		—		1,141
	$	1,986	$	343	$	2,329

(1)Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2026.


	Payments Year
($ in millions)	Remaining 2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	6	$	8	$	8	$	8	$	8	$	748	$	786
Revolving Corporate Credit Facility	—		—		—		—		310		—		310
2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575

2027 Convertible Notes	—		575		—		—		—		—		575
	$	6	$	583	$	358	$	508	$	318	$	1,323	$	3,096

REVENUE AND RECEIVABLES - Schedule of Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,165	$ 1,112
Cost reimbursements	430	373
Financing	92	88
TOTAL REVENUES	1,257	1,200
Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	343	355
Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	66	66
Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	57	57
Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	93	92
Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	216	215
Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	176	169
Operating segments
Disaggregation of Revenue [Line Items]
TOTAL REVENUES	1,250	1,193
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7	7
Cost reimbursements	(9)	(7)
Financing	0	0
TOTAL REVENUES	7	7
Corporate and Other \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	(1)
Corporate and Other \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	17	15
Corporate and Other \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	16	14
Corporate and Other \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Vacation Ownership \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,101	1,047
Cost reimbursements	435	378
Financing	92	88
TOTAL REVENUES	1,193	1,135
Vacation Ownership \| Operating segments \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	343	355
Vacation Ownership \| Operating segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65	65
Vacation Ownership \| Operating segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	56	55
Vacation Ownership \| Operating segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	35	35
Vacation Ownership \| Operating segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	156	155
Vacation Ownership \| Operating segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	167	159
Exchange & Third-Party Management \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	57	58
Cost reimbursements	4	2
Financing	0	0
TOTAL REVENUES	57	58
Exchange & Third-Party Management \| Operating segments \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Exchange & Third-Party Management \| Operating segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	1
Exchange & Third-Party Management \| Operating segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2	3
Exchange & Third-Party Management \| Operating segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	41	42
Exchange & Third-Party Management \| Operating segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	44	46
Exchange & Third-Party Management \| Operating segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 9	$ 10

REVENUE AND RECEIVABLES - Schedule of Accounts and Contracts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers, net	$ 276	$ 271
Interest receivable	20	20
Tax receivable	60	77
Indemnification assets	37	40
Employee tax credit receivable	4	4
Other	19	16
Accounts receivable, including VIE, after allowance for credit loss	$ 416	$ 428

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

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


	At March 31, 2026				At December 31, 2025
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,567	$	2,658	$	2,565	$	2,645
Contracts receivable for financed VOI sales, net	72		72		95		95
Other assets	165		165		168		168
Total financial assets	$	2,804	$	2,895	$	2,828	$	2,908

Securitized debt, net	$	(2,304)	$	(2,343)	$	(2,146)	$	(2,196)
Term Loan, net	(778)		(784)		(780)		(788)
Revolving Corporate Credit Facility, net	(306)		(310)		—		—
2028 Notes, net	(349)		(345)		(348)		(346)
2029 Notes, net	(497)		(472)		(497)		(479)
2033 Notes, net	(567)		(547)		(567)		(553)
2026 Convertible Notes, net	—		—		(575)		(564)
2027 Convertible Notes, net	(570)		(542)		(569)		(548)
Total financial liabilities	$	(5,371)	$	(5,343)	$	(5,482)	$	(5,474)

Vacation Ownership Notes Receivable


	At March 31, 2026				At December 31, 2025
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	2,070	$	2,157	$	1,900	$	1,975

Eligible for securitization	93		97		152		157
Not eligible for securitization	404		404		513		513
Non-securitized	497		501		665		670

Total	$	2,567	$	2,658	$	2,565	$	2,645

BUSINESS SEGMENTS - Schedule of Reconciliation of Adjusted EBITDA to Net Income or Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total consolidated revenues	$ 1,257	$ 1,200
Marketing and sales	(242)	(234)
Financing	(41)	(36)
Royalty fee	(28)	(28)
Interest expense	(44)	(40)
Depreciation and amortization	(34)	(38)
Share-based compensation expense	(10)	(7)
Amortization of cloud computing software implementation costs	(1)	(1)
Certain items	(27)	(5)
Provision for income taxes	(23)	(45)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	22	56
Line of Credit \| Warehouse Credit Facility
Segment Reporting Information [Line Items]
Interest expense		4
Cost of vacation ownership products
Segment Reporting Information [Line Items]
Expenses	(46)	(42)
Management and exchange
Segment Reporting Information [Line Items]
Expenses	(120)	(117)
Rental
Segment Reporting Information [Line Items]
Expenses	(140)	(123)
Operating segments
Segment Reporting Information [Line Items]
Total consolidated revenues	1,250	1,193
Segment Adjusted EBITDA	212	249
Operating segments \| Vacation Ownership
Segment Reporting Information [Line Items]
Total consolidated revenues	1,193	1,135
Marketing and sales	(242)	(234)
Financing	(41)	(36)
Royalty fee	(28)	(28)
Other segment items	(433)	(376)
Segment Adjusted EBITDA	188	221
Operating segments \| Vacation Ownership \| Cost of vacation ownership products
Segment Reporting Information [Line Items]
Expenses	(46)	(42)
Operating segments \| Vacation Ownership \| Management and exchange
Segment Reporting Information [Line Items]
Expenses	(72)	(72)
Operating segments \| Vacation Ownership \| Rental
Segment Reporting Information [Line Items]
Expenses	(143)	(126)
Operating segments \| Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Total consolidated revenues	57	58
Other segment items	(3)	(1)
Segment Adjusted EBITDA	24	28
Operating segments \| Exchange & Third-Party Management \| Management and exchange
Segment Reporting Information [Line Items]
Expenses	(30)	(29)
Corporate and Other
Segment Reporting Information [Line Items]
Total consolidated revenues	7	7
Corporate and other	$ (51)	$ (57)

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Inventory [Line Items]
Real estate inventory, increase true up	$ 5	$ 13
Amount of completed vacation ownership units classified as property and equipment	230		$ 224
Inventory deposits	34		31
Other Assets
Inventory [Line Items]
Inventory deposits	25		26
Accounts Receivable
Inventory [Line Items]
Inventory deposits	$ 9		$ 5

SECURITIZED DEBT - Additional Information (Details)	1 Months Ended	3 Months Ended
SECURITIZED DEBT - Additional Information (Details)	May 05, 2026 USD ($) class	Mar. 31, 2026 USD ($) loan Rate
Debt Instrument [Line Items]
Number of notes receivable pools outstanding \| loan		12
Number of notes receivable pools under performance triggers \| loan		0
Number of notes receivable pools out of compliance \| loan		0
Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 470,000,000
Warehouse Credit Facility
Debt Instrument [Line Items]
Basis spread \| Rate		1.10%
Warehouse Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Credit facility		$ 500,000,000
MVW 2026-1 LLC \| Subsequent event
Debt Instrument [Line Items]
Vacation ownership notes, number of classes \| class	3
MVW 2026-1 LLC \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 460,000,000
Debt, weighted average interest rate	4.86%
MVW 2026-1 LLC \| Class A Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 277,000,000
Debt, stated interest rate	4.67%
MVW 2026-1 LLC \| Class B Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 97,000,000
Debt, stated interest rate	4.97%
MVW 2026-1 LLC \| Class C Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 86,000,000
Debt, stated interest rate	5.36%

MODERNIZATION

3 Months Ended

Mar. 31, 2026

Modernization [Abstract]

MODERNIZATION


17.			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.


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Advisory services	$	—	$	9
Consulting (implementation)	9		—
Transition costs	3		—
Technology	4		—
Other	—		1
	$	16	$	10

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


($ in millions)
Balance at December 31, 2025	$	26
Modernization expenses	16
Cash payments	(17)

Balance at March 31, 2026	$	25

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 by us subject to a termination penalty. As of March 31, 2026, our aggregate expected obligation under these arrangements is $131 million, of which $31 million, $27 million, $26 million, $26 million, $18 million, and $3 million is expected to be paid in the remainder of 2026, 2027, 2028, 2029, 2030, and thereafter, respectively, and the total penalties for early termination are $25 million.

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%
Interest Expense [Line Items]
Interest expense, nonoperating	$ (44)	$ (40)
Line of Credit \| Warehouse Credit Facility
Interest Expense [Line Items]
Interest expense, operating	$ 3
Interest expense, nonoperating		$ 4

SECURITIZED DEBT - Schedule of Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Securitized debt	$ 2,304	$ 2,146
Securitized debt
Debt Instrument [Line Items]
Secured debt, net	2,304	2,146
Variable Interest Entity
Debt Instrument [Line Items]
Securitized debt	2,329	2,173
Variable Interest Entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt	$ 2,329
Debt, weighted average interest rate	4.80%
Variable Interest Entity \| Securitized debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt	$ 343	0
Unamortized debt discount and issuance costs	(1)	0
Secured debt, net	$ 342	0
Interest rate, effective percentage	4.80%
Unamortized debt issuance costs	$ 2
Variable Interest Entity \| Securitized debt \| Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	1.50%
Variable Interest Entity \| Securitized debt \| Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	6.60%
Vacation Ownership Notes Receivable Securitizations \| Variable Interest Entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt	$ 1,986	2,173
Unamortized debt discount and issuance costs	(24)	(27)
Secured debt, net	$ 1,962	$ 2,146

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average FICO score within originated loan pool	730	729
Average estimated rate of default for all outstanding loans	13.36%	13.51%
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	$ 15
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time sharing transactions reserve	7
Write-offs	$ 2

CONTINGENCIES AND COMMITMENTS

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS


10.			CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of March 31, 2026, 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 $130 million, of which we expect $51 million, $34 million, $17 million, $11 million, $11 million and $6 million will be paid in the remainder of 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 $37 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 2027, and $33 million in 2028.

•In connection with our recent 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 in 2028. See Footnote 3 “Dispositions” for further details on our sale of a hotel in Cancun in the first quarter of 2026.

•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 2026, and we expect to make remaining payments with respect to these units when specific construction milestones are completed as follows: $10 million in the remainder of 2026 and $1 million in 2027.

•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 15 “Variable Interest Entities” for additional information and our activities relating to the VIE involved in this commitment.

As of March 31, 2026, we had $12 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 12 “Debt”), of which $11 million were related to and in lieu of reserves required for certain of our outstanding securitization transactions. In addition, as of March 31, 2026, we had $13 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.

Surety bonds issued as of March 31, 2026 totaled $140 million, the majority of which were requested by federal, state or local governments in connection with our operations.

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 March 31, 2026, our expected commitment for the remainder of 2026 is $22 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.

REVENUE AND RECEIVABLES - Schedule of Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$ 276	$ 271
Vacation ownership notes receivable, net	2,567	2,565
Receivables from contracts with customers	2,843	2,836
Contract Liabilities
Advance deposits	172	163
Deferred revenue and other	466	371
Contract liabilities	638	534
Other refundable deposits	$ 108	$ 99

EARNINGS PER SHARE - Schedule of Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common stockholders	$ 22	$ 56
Shares for basic earnings per share (in shares)	34.5	35.1
Basic earnings per share (in usd per share)	$ 0.64	$ 1.60
Numerator used to calculate diluted earnings per share	$ 22	$ 61
Effect of dilutive shares outstanding
Restricted stock units (in shares)	0.3	0.2
Shares for diluted earnings per share (in shares)	34.8	42.0
Diluted earnings per share (in usd per share)	$ 0.64	$ 1.46
2026 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	0.0	3.7
2027 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	0.0	3.0
Convertible Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Add back of interest expense related to convertible notes, net of tax	$ 0	$ 5
Convertible Notes \| 2027 Convertible Notes
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Add back of interest expense related to convertible notes, net of tax	$ 5	$ 5

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Notes Receivable Reserves (Details) - Originated $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 527
Increase in vacation ownership notes receivable reserve	53
Securitizations	0
Write-offs	(46)
Defaulted vacation ownership notes receivable repurchase activity	0
Ending balance	534
Non-securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	242
Increase in vacation ownership notes receivable reserve	50
Securitizations	(56)
Write-offs	(46)
Defaulted vacation ownership notes receivable repurchase activity	36
Ending balance	226
Securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	285
Increase in vacation ownership notes receivable reserve	3
Securitizations	56
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(36)
Ending balance	$ 308

FINANCIAL INSTRUMENTS - Schedule of Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,567	$ 2,565
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,658	2,645
Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,070	1,900
Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,157	1,975
Non-securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	497	665
Non-securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	501	670
Non-securitized \| Eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	93	152
Non-securitized \| Eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	97	157
Non-securitized \| Not eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	404	513
Non-securitized \| Not eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 404	$ 513

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Origination Year, Vacation Ownership Notes Receivable, Brand and FICO Score Prior Year (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 3,108	$ 3,100
700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1,893	1,878
600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	730	740
Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	65	64
No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	420	418
Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	239
2025	863
2024	614
2023	386
2022 & Prior	683
Total vacation ownership notes receivable	2,785	2,772
Gross write-offs
2026	0
2025	9
2024	11
2023	7
2022 & Prior	11
Total	38
Marriott Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	153
2025	514
2024	371
2023	227
2022 & Prior	397
Total vacation ownership notes receivable	1,662	1,645
Marriott Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	33
2025	164
2024	139
2023	100
2022 & Prior	209
Total vacation ownership notes receivable	645	652
Marriott Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	5
2025	18
2024	13
2023	8
2022 & Prior	18
Total vacation ownership notes receivable	62	61
Marriott Vacation Ownership \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	48
2025	167
2024	91
2023	51
2022 & Prior	59
Total vacation ownership notes receivable	416	414
Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	31
2025	105
2024	60
2023	43
2022 & Prior	84
Total vacation ownership notes receivable	323	328
Gross write-offs
2026	0
2025	2
2024	3
2023	1
2022 & Prior	4
Total	10
Hyatt Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	25
2025	74
2024	43
2023	31
2022 & Prior	58
Total vacation ownership notes receivable	231	233
Hyatt Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	5
2025	28
2024	16
2023	11
2022 & Prior	25
Total vacation ownership notes receivable	85	88
Hyatt Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	0
2025	2
2024	1
2023	0
2022 & Prior	0
Total vacation ownership notes receivable	3	3
Hyatt Vacation Ownership \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2026	1
2025	1
2024	0
2023	1
2022 & Prior	1
Total vacation ownership notes receivable	$ 4	$ 4

INVENTORY

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORY


9.			INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At March 31, 2026		At December 31, 2025


Real estate inventory(1)	$	672	$	684
Other	8		8
	$	680	$	692

(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.

Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $5 million during the first quarter of 2026 and $13 million during the first quarter of 2025.

In addition to the above, at March 31, 2026 and December 31, 2025, we had $230 million and $224 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 $34 million at March 31, 2026, of which $25 million was included in Other assets and $9 million was included in Accounts and contracts receivable, net on our Balance Sheet, and $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

MODERNIZATION - Schedule of Modernization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Modernization Costs [Line Items]
Modernization	$ 16	$ 10
Advisory services
Modernization Costs [Line Items]
Modernization	0	9
Implementation Consultants
Modernization Costs [Line Items]
Modernization	9	0
Transition costs
Modernization Costs [Line Items]
Modernization	3	0
Technology
Modernization Costs [Line Items]
Modernization	4	0
Other
Modernization Costs [Line Items]
Modernization	$ 0	$ 1

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corp
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		34,343,064
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Mar. 31, 2026 USD ($)
Future Minimum Payments Receivable [Line Items]
2026, remaining	$ 210
2027	250
2028	242
2029	231
2030	222
Thereafter	1,412
Balance at March 31, 2026	$ 2,567
Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.90%
Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%
Non-securitized
Future Minimum Payments Receivable [Line Items]
2026, remaining	$ 81
2027	74
2028	62
2029	51
2030	38
Thereafter	191
Balance at March 31, 2026	$ 497
Non-securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	11.40%
Non-securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Non-securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%
Securitized
Future Minimum Payments Receivable [Line Items]
2026, remaining	$ 129
2027	176
2028	180
2029	180
2030	184
Thereafter	1,221
Balance at March 31, 2026	$ 2,070
Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	13.40%
Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT


12.			DEBT

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


($ in millions)		At March 31, 2026		At December 31, 2025
Corporate Credit Facility
	Term Loan(1)	$	786	$	788
	Unamortized debt discount and issuance costs	(8)		(8)
		778		780

	Revolving Corporate Credit Facility(2)	310		—
	Unamortized debt issuance costs(3)	(4)		—
		306		—
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(1)		(2)
		349		348

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

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

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(5)		(6)
		570		569

Finance Leases		198		198
		$	3,265	$	3,534

(1)The effective interest rate as of March 31, 2026 was 5.9%.
(2)The effective interest rate as of March 31, 2026 was 5.3%.
(3) 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 March 31, 2026.


	Payments Year
($ in millions)	Remaining 2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	6	$	8	$	8	$	8	$	8	$	748	$	786
Revolving Corporate Credit Facility	—		—		—		—		310		—		310
2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575

2027 Convertible Notes	—		575		—		—		—		—		575
	$	6	$	583	$	358	$	508	$	318	$	1,323	$	3,096

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 an $800 million term loan facility (the “Term Loan”) which is scheduled to mature on April 1, 2031, and a revolving credit facility with a borrowing capacity of $800 million (the “Revolving Corporate Credit Facility”), which includes a letter of credit sub-facility of $150 million, that terminates on March 24, 2030.

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 Assets on our Balance Sheet as of March 31, 2026 and 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.

Senior Notes

Our senior notes include:

•$350 million aggregate principal amount of 4.750% Senior Unsecured Notes due 2028 issued in the fourth quarter of 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 the second quarter of 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 the third quarter of 2025 with a maturity date of October 1, 2033 (the “2033 Notes”).

Convertible Notes

2026 Convertible Notes Maturity

During 2021, we issued $575 million aggregate principal amount of convertible senior notes (the “2026 Convertible Notes”) that bore interest at a rate of 0.00%. The 2026 Convertible Notes matured at par 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. Amortization of debt issuance costs related to the 2026 Convertible Notes was less than $1 million during the first quarter of 2026 and $1 million for the first quarter of 2025.

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 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 3.9 million shares of our common stock.

The 2026 Convertible Note Hedges expired upon the maturity of the 2026 Convertible Notes on January 15, 2026, and none were exercised. The 2026 Warrants expire in ratable portions over the 70 trading day period commencing on April 15, 2026. As of March 31, 2026, the strike price of the 2026 Warrants was subject to adjustment to approximately $184.74 as a result of the dividends we declared since the issuance of the 2026 Warrants that were greater than the

quarterly dividend we paid when the 2026 Warrants were issued. As of March 31, 2026, no 2026 Warrants have been exercised.

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 March 31, 2026 to 5.3162 shares of common stock per $1,000 principal amount of 2027 Convertible Notes (equivalent to a conversion price of $188.10 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 March 31, 2026, the effective interest rate was 3.88%.

The following table provides the components of interest expense related to the 2027 Convertible Notes.


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Contractual interest expense	$	4	$	4
Amortization of debt issuance costs	1		1
	$	5	$	5

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 March 31, 2026. The strike prices of the 2027 Convertible Note Hedges and the 2027 Warrants were subject to adjustment to $188.10 and $283.92, respectively, as of March 31, 2026, and no 2027 Convertible Note Hedges or 2027 Warrants have been exercised.

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 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
-SubTopic 40
-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
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-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
-SubTopic 40
-Name Accounting Standards Codification
-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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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
-SubTopic 20
-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
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

SHARE-BASED COMPENSATION - Schedule of Deferred Compensation Costs (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 78	$ 35
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	67	33
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	51	26
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	8	7
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	8	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 11	$ 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

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Vacation Ownership Notes Receivable, Brand and FICO Score (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 3,108	$ 3,100
Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,785	2,772
Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	323	328
700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,893	1,878
700 + \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,662	1,645
700 + \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	231	233
600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	730	740
600 - 699 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	645	652
600 - 699 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	85	88
Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	65	64
Less Than 600 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	62	61
Less Than 600 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3	3
No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	420	418
No Score \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	416	414
No Score \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 4	$ 4

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 948
-SubTopic 310
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477011/948-310-45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

BUSINESS SEGMENTS


16.			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.

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 and modernization, 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 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 attributable to common stockholders, before interest expense (excluding consumer financing interest expense), 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.

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

Segment Revenues and Adjusted EBITDA


	Three Months Ended
	March 31, 2026						March 31, 2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Total		Vacation Ownership		Exchange & Third-Party Management		Total
Revenues from external customers	$	1,193	$	57	$	1,250	$	1,135	$	58	$	1,193
Reconciliation of revenues
Corporate and other(1)					7						7
Total consolidated revenues					$	1,257					$	1,200

Cost of vacation ownership products	(46)		—				(42)		—
Marketing and sales	(242)		—				(234)		—
Management and exchange	(72)		(30)				(72)		(29)
Rental	(143)		—				(126)		—
Financing(2)	(41)		—				(36)		—
Royalty fee	(28)		—				(28)		—
Other segment items(3)	(433)		(3)				(376)		(1)
Segment Adjusted EBITDA	188		24		212		221		28		249
Corporate and other(1)					(51)						(57)
Interest expense, net(2)					(44)						(40)
Depreciation and amortization					(34)						(38)
Share-based compensation expense					(10)						(7)
Amortization of cloud computing software implementation costs					(1)						(1)
Certain items					(27)						(5)
Provision for income taxes					(23)						(45)
Net income attributable to common stockholders					$	22					$	56

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

- 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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

REVENUE AND RECEIVABLES - Schedule of Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,165	$ 1,112
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	716	648
Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	449	464
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7	7
Corporate and Other \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7	7
Corporate and Other \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Vacation Ownership \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,101	1,047
Vacation Ownership \| Operating segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	687	620
Vacation Ownership \| Operating segments \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	414	427
Exchange & Third-Party Management \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	57	58
Exchange & Third-Party Management \| Operating segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	22	21
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	$ 35	$ 37

- 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 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 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01	Mar. 31, 2026
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation expected timing (percentage)	90.00%
Expected timing of satisfaction (in years)	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

MODERNIZATION - Schedule of Rollforward of Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Modernization Reserve Rollforward [Roll Forward]
Modernization expenses	$ 16	$ 10
SBO Initiatives
Modernization Reserve Rollforward [Roll Forward]
Beginning balance	26
Modernization expenses	16
Cash payments	(17)
Ending balance	$ 25

STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

STOCKHOLDERS’ EQUITY


13.			STOCKHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At March 31, 2026, there were 75,897,059 shares of Marriott Vacations Worldwide common stock issued, of which 34,335,139 shares were outstanding and 41,561,920 shares were held as treasury stock. 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. 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 March 31, 2026 or December 31, 2025.

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”). As of March 31, 2026, approximately $322 million remained available for share repurchases under the current Share Repurchase Program, which authorizes share repurchases through December 31, 2026.

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, 2025	26,795,163	$	2,522	$	94.12
For the first quarter of 2026	—	—		$	—
As of March 31, 2026	26,795,163	$	2,522	$	94.12

Dividends

We declared cash dividends to holders of our common stock during the first quarter of 2026 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 19, 2026

March 4, 2026

March 18, 2026

$0.80

- Definition

The entire disclosure for equity.

+ References

+ Details

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Composition of Inventory

The following table shows the composition of our inventory balances:


($ in millions)	At March 31, 2026		At December 31, 2025


Real estate inventory(1)	$	672	$	684
Other	8		8
	$	680	$	692

(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.

INCOME TAXES

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES


5.			INCOME TAXES

Our provision for income taxes is calculated using an estimated annual effective tax rate (“AETR”), which is based upon projected annual income or loss, including anticipated losses in certain jurisdictions, non-deductible expenses under applicable federal and local tax laws, statutory rates, and planned tax strategies across the jurisdictions in which we operate. Certain items that do not relate directly to ordinary income are excluded from the AETR and are recognized in the period in which they occur.

Our effective tax rate was 50.3% and 43.6% for the three months ended March 31, 2026 and March 31, 2025, respectively.

The effective tax rate for the three months ended March 31, 2026 differed from the blended U.S. federal and state statutory tax rate primarily due to a permanent adjustment related to interest on installment sales, higher projected foreign losses, for which a valuation allowance was recorded, and discrete income tax adjustments, primarily associated with foreign operations, including a $6 million cumulative adjustment related to a foreign tax provision, and share-based compensation.

The effective tax rate for the three months ended March 31, 2025 differed from the blended U.S. federal and state statutory tax rate primarily due to lower pre-tax book income forecast at that time for the year 2025, which was largely driven by our modernization efforts and related costs expected to be incurred, higher expected foreign losses, for which a valuation allowance was recorded, and discrete income tax adjustments, primarily related to share-based compensation.

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 2024. 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.

During the third quarter of 2025, the One Big Beautiful Bill Act 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. The provisions effective during the first quarter of 2026, did not have a material impact on our effective tax rate for the quarter ended March 31, 2026, but we continue to assess the potential impact of these legal changes, including provisions that become effective later in 2026, on our business and financial results.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-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
-Name Accounting Standards Codification
-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

SECURITIZED DEBT - Schedule of Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
2026, remaining	$ 6
2027	583
2028	358
2029	508
2030	318
Thereafter	1,323
Total	3,096
Securitized debt \| Vacation Ownership Receivables and Warehouse Credit Facility
Debt Instrument [Line Items]
2026, remaining	149
2027	192
2028	485
2029	180
2030	182
Thereafter	1,141
Total	2,329
Variable Interest Entity \| Securitized debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
2026, remaining	18
2027	19
2028	306
2029	0
2030	0
Thereafter	0
Total	343
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations \| Securitized debt
Debt Instrument [Line Items]
2026, remaining	131
2027	173
2028	179
2029	180
2030	182
Thereafter	1,141
Total	$ 1,986

SHARE-BASED COMPENSATION - Schedule of Assumptions Used to Estimate Fair Value of Grants (Details)	3 Months Ended
	Mar. 31, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility minimum	50.41%
Expected volatility maximum	50.73%
Risk-free rate minimum	3.73%
Risk-free rate maximum	3.95%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	4.40%
Expected term (in years)	6 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	4.56%
Expected term (in years)	6 years 3 months

- 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

VARIABLE INTEREST ENTITIES - Schedule of Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Principal receipts	$ 153	$ 141
Interest receipts	68	65
Total	221	206
Cash Outflows
Principal payments	(150)	(140)
Voluntary repurchases of defaulted vacation ownership notes receivable	(38)	(43)
Interest payments	(25)	(23)
Total	(213)	(206)
Net Cash Flows	8	0
Warehouse Credit Facility
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	354	206
Principal receipts	17	17
Interest receipts	8	9
Total	379	232
Cash Outflows
Principal payments	(10)	(14)
Interest payments	(2)	(3)
Funding of restricted cash	(2)	(9)
Total	(14)	(26)
Net Cash Flows	$ 365	$ 206

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total interest income associated with vacation ownership notes receivable	$ 90	$ 86
Interest income - securitized vacation ownership notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total interest income associated with vacation ownership notes receivable	78	74
Interest income - non-securitized vacation ownership notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total interest income associated with vacation ownership notes receivable	$ 12	$ 12

DEBT - Schedule of Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,096
Finance Leases	198	$ 198
Debt and lease obligation	3,265	3,534
Term Loan \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	786	788
Unamortized debt discount and issuance costs	(8)	(8)
Long-term debt	$ 778	780
Interest rate, effective percentage	5.90%
Revolving Corporate Credit Facility, net \| Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 310	0
Unamortized debt discount and issuance costs	(4)	0
Long-term debt	$ 306	0
Interest rate, effective percentage	5.30%
Unamortized debt issuance costs		4
2028 Notes \| Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 350	350
Unamortized debt discount and issuance costs	(1)	(2)
Long-term debt	349	348
2029 Notes \| Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	500	500
Unamortized debt discount and issuance costs	(3)	(3)
Long-term debt	497	497
2033 Notes \| Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	575	575
Unamortized debt discount and issuance costs	(8)	(8)
Long-term debt	567	567
2026 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	0	575
Unamortized debt discount and issuance costs	0	0
Long-term debt	$ 0	575
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	(5)	(6)
Long-term debt	$ 570	$ 569

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 198	$ 185
Non-securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	174	165
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 24	$ 20

- 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/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-12

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

+ Details

VACATION OWNERSHIP NOTES RECEIVABLE - Schedule of Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	$ 3,108	$ 3,100
Non-securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	725	912
Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	2,383	2,188
Total past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	297	279
Total past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	200	192
Total past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	97	87
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	99	94
31 – 90 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	26	27
31 – 90 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	73	67
91 – 120 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	28	29
91 – 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	8	12
91 – 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	20	17
Greater than 120 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	170	156
Greater than 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	166	153
Greater than 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	4	3
Current
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	2,811	2,821
Current \| Non-securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	525	720
Current \| Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	$ 2,286	$ 2,101

- 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

+ Details

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUES
Revenue from contracts with customers	$ 1,165	$ 1,112
Financing	92	88
TOTAL REVENUES	1,257	1,200
EXPENSES
Marketing and sales	242	234
Financing	41	36
Royalty fee	28	28
General and administrative	64	61
Depreciation and amortization	34	38
Litigation charges	2	7
Modernization	16	10
Restructuring	6	0
Impairment	0	2
Cost reimbursements	430	373
TOTAL EXPENSES	1,169	1,071
Gains and other income, net	2	13
Interest expense, net	(44)	(40)
Other	(1)	0
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	45	102
Provision for income taxes	(23)	(45)
NET INCOME	22	57
Net income attributable to noncontrolling interests	0	(1)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 22	$ 56
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic (in usd per share)	$ 0.64	$ 1.60
Diluted (in usd per share)	0.64	1.46
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.80	$ 0.79
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 343	$ 355
EXPENSES
Expenses	46	42
Management and exchange
REVENUES
Revenue from contracts with customers	216	215
EXPENSES
Expenses	120	117
Rental
REVENUES
Revenue from contracts with customers	176	169
EXPENSES
Expenses	140	123
Cost reimbursements
REVENUES
Revenue from contracts with customers	$ 430	$ 373

FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 165	$ 168

DEBT - Corporate Credit Facility (Details) - USD ($)	Mar. 31, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Notional amount		$ 300,000,000
Derivative, fixed interest rate		3.344%
Line of Credit \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	$ 800,000,000
Revolving corporate credit facility, net \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	800,000,000
Letter of credit \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	$ 150,000,000

- 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

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 268	$ 406
Restricted cash (including $93 and $81 from VIEs, respectively)	328	327
Accounts and contracts receivable, net (including $17 and $15 from VIEs, respectively)	416	428
Vacation ownership notes receivable, net (including $2,070 and $1,900 from VIEs, respectively)	2,567	2,565
Inventory	680	692
Property and equipment, net	944	950
Goodwill	2,958	2,958
Intangibles, net	696	711
Other (including $165 and $168 from VIEs, respectively)	779	720
TOTAL ASSETS	9,636	9,757
LIABILITIES AND EQUITY
Accounts payable	270	358
Advance deposits	172	163
Accrued liabilities (including $4 and $4 from VIEs, respectively)	383	376
Deferred revenue and other	466	371
Payroll and benefits liability	221	218
Deferred compensation liability	214	225
Securitized debt, net (including $2,329 and $2,173 from VIEs, respectively)	2,304	2,146
Debt, net	3,265	3,534
Other	120	142
Deferred taxes	229	231
TOTAL LIABILITIES	7,644	7,764
Contingencies and Commitments (Note 10)
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; 75,897,059 and 75,891,531 shares issued, respectively	1	1
Treasury stock — at cost; 41,561,920 and 41,767,498 shares, respectively	(2,415)	(2,427)
Additional paid-in capital	3,989	3,996
Accumulated other comprehensive loss	(12)	(11)
Retained earnings	429	434
TOTAL MVW STOCKHOLDERS' EQUITY	1,992	1,993
Noncontrolling interests	0	0
TOTAL EQUITY	1,992	1,993
TOTAL LIABILITIES AND EQUITY	$ 9,636	$ 9,757

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE


8.			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.


	Three Months Ended
(in millions, except per share amounts)	March 31, 2026		March 31, 2025
Net income attributable to common stockholders	$	22	$	56
Shares for basic earnings per share	34.5		35.1
Basic earnings per share	$	0.64	$	1.60


	Three Months Ended
(in millions, except per share amounts)	March 31, 2026		March 31, 2025
Net income attributable to common stockholders	$	22	$	56
Add back of interest expense related to convertible notes, net of tax	—		5
Numerator used to calculate diluted earnings per share	$	22	$	61

Shares for basic earnings per share	34.5		35.1
Effect of dilutive shares outstanding

Restricted stock units	0.3		0.2
2026 Convertible Notes	—		3.7
2027 Convertible Notes	—		3.0
Shares for diluted earnings per share	34.8		42.0
Diluted earnings per share	$	0.64	$	1.46

We excluded $4 million of interest expense, net of tax, and 3.1 million of potentially dilutive securities related to convertible notes from the above calculation of diluted earnings per share attributable to common stockholders for the three months ended March 31, 2026, as the effects would have been anti-dilutive.

The computations of diluted earnings per share attributable to common stockholders above exclude approximately 890,000 and 529,000 shares of common stock, the maximum number of shares issuable as of March 31, 2026 and March 31, 2025, respectively, upon the vesting of certain performance-based and market-based awards, because the performance or market conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.

In accordance with the applicable accounting guidance for calculating earnings per share, for the first quarter of 2026, we excluded from our calculation of diluted earnings per share 1,195,884 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $68.03 to $173.88, were greater than the average market price of our common stock for the applicable period.

For the first quarter of 2025, we excluded from our calculation of diluted earnings per share 788,607 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $71.17 to $173.88, were greater than the average market price of our common stock for the applicable period.

DEBT - Schedule of Interest Expense Related To The Convertible Notes (Details) - Convertible Notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Interest expense	$ 0	$ 5
2027 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	4	4
Amortization of debt issuance costs	1	1
Interest expense	$ 5	$ 5

- 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

SHARE-BASED COMPENSATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under the plan (in shares)	3,000,000
Shares available for grants under the plan (less than) (in shares)	1,000,000
Restricted stock units \| Employees and non employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	581,550
Stock awards granted, weighted average grant date fair value (in usd per share) \| $ / shares	$ 61.39
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum earnable amount of shares (in shares)	300,000
Performance period (in years)	3 years
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted, weighted average grant date fair value (in usd per share) \| $ / shares	$ 51.38
Maximum earnable amount of shares (in shares)	300,000
Performance period (in years)	3 years 6 months
Expected volatility rate (as a percent)	45.57%
Risk free interest rate (as a percent)	3.54%
Dividend yield	4.56%
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	473,405
Stock awards granted, weighted average grant date fair value (in usd per share) \| $ / shares	$ 23.59
Stock awards granted, weighted average exercise date fair value (in usd per share) \| $ / shares	$ 68.21

VACATION OWNERSHIP NOTES RECEIVABLE

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

VACATION OWNERSHIP NOTES RECEIVABLE


6.			VACATION OWNERSHIP NOTES RECEIVABLE

The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. 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. Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition.


	March 31, 2026						December 31, 2025
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	2,021	$	49	$	2,070	$	1,843	$	57	$	1,900

Eligible for securitization(1)	93		—		93		152		—		152
Not eligible for securitization(1)	397		7		404		508		5		513
Non-securitized	490		7		497		660		5		665

Total	$	2,511	$	56	$	2,567	$	2,503	$	62	$	2,565

(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

The following table shows future principal payments, net of reserves, and interest rates for our vacation ownership notes receivable at March 31, 2026.


($ in millions)	Non-Securitized		Securitized		Total
2026, remaining	$	81	$	129	$	210
2027	74		176		250
2028	62		180		242
2029	51		180		231
2030	38		184		222
Thereafter	191		1,221		1,412
Balance at March 31, 2026	$	497	$	2,070	$	2,567
Weighted average stated interest rate	11.4%		13.4%		12.9%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

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 vacation ownership interest (“VOI”) they have acquired.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 730 and 729, at March 31, 2026 and December 31, 2025, respectively, based upon the FICO score of the borrower at the time of origination.

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


	Vacation Ownership Notes Receivable as of March 31, 2026
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,662	$	645	$	62	$	416	$	2,785
Hyatt Vacation Ownership	231		85		3		4		323
	$	1,893	$	730	$	65	$	420	$	3,108


	Vacation Ownership Notes Receivable as of December 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,645	$	652	$	61	$	414	2,772
Hyatt Vacation Ownership	233		88		3		4		328
	$	1,878	$	740	$	64	$	418	$	3,100

The following tables detail the origination year of our vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2026, and gross write-offs by brand for the first quarter of 2026.


	Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2026		2025		2024		2023		2022 & Prior		Total
700 +	$	153	$	514	$	371	$	227	$	397	$	1,662
600 - 699	33		164		139		100		209		645
< 600	5		18		13		8		18		62
No Score	48		167		91		51		59		416
	$	239	$	863	$	614	$	386	$	683	$	2,785

Gross write-offs	$	—	$	9	$	11	$	7	$	11	$	38


	Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2026		2025		2024		2023		2022 & Prior		Total
700 +	$	25	$	74	$	43	$	31	$	58	$	231
600 - 699	5		28		16		11		25		85
< 600	—		2		1		—		—		3
No Score	1		1		—		1		1		4
	$	31	$	105	$	60	$	43	$	84	$	323

Gross write-offs	$	—	$	2	$	3	$	1	$	4	$	10

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


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Interest income - securitized vacation ownership notes receivable	$	78	$	74
Interest income - non-securitized vacation ownership notes receivable	12		12
Total interest income associated with vacation ownership notes receivable	$	90	$	86

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.

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 during the first quarter of 2026.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2025	$	242	$	285	$	527
Increase in vacation ownership notes receivable reserve	50		3		53
Securitizations	(56)		56		—

Write-offs	(46)		—		(46)
Defaulted vacation ownership notes receivable repurchase activity(1)	36		(36)		—
Balance at March 31, 2026	$	226	$	308	$	534

(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.

For our acquired vacation ownership notes receivable, the remaining reserve was $7 million as of March 31, 2026, and we recorded $2 million of write-offs for the three months ended March 31, 2026.

Vacation Ownership Notes Receivable on Non-Accrual Status

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 13.36% as of March 31, 2026 and 13.51% as of December 31, 2025. 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 both March 31, 2026 and December 31, 2025.

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 March 31, 2026	$	174	$	24	$	198
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025	$	165	$	20	$	185

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2026 and December 31, 2025.



	As of March 31, 2026						As of December 31, 2025
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	26	$	73	$	99	$	27	$	67	$	94
91 – 120 days past due	8		20		28		12		17		29
Greater than 120 days past due	166		4		170		153		3		156
Total past due	200		97		297		192		87		279
Current	525		2,286		2,811		720		2,101		2,821
Total vacation ownership notes receivable	$	725	$	2,383	$	3,108	$	912	$	2,188	$	3,100

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES


15.			VARIABLE INTEREST ENTITIES

Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,731	$	339	$	2,070
Interest receivable	14		3		17
Restricted cash	80		13		93
Total	$	1,825	$	355	$	2,180
Consolidated Liabilities
Interest payable	$	3	$	1	$	4
Securitized debt	1,986		343		2,329
Total	$	1,989	$	344	$	2,333

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first quarter of 2026:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	67	$	11	$	78
Interest expense	$	25	$	3	$	28
Debt issuance cost amortization	$	3	$	—	$	3

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


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Cash Inflows

Principal receipts	$	153	$	141
Interest receipts	68		65

Total	221		206
Cash Outflows
Principal payments	(150)		(140)
Voluntary repurchases of defaulted vacation ownership notes receivable	(38)		(43)

Interest payments	(25)		(23)

Total	(213)		(206)
Net Cash Flows	$	8	$	—

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


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	354	$	206
Principal receipts	17		17
Interest receipts	8		9

Total	379		232
Cash Outflows
Principal payments	(10)		(14)


Interest payments	(2)		(3)
Funding of restricted cash	(2)		(9)
Total	(14)		(26)
Net Cash Flows	$	365	$	206

Under the terms of our vacation ownership notes receivable securitizations and Warehouse Credit Facility, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. 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 March 31, 2026, 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 March 31, 2026.

INVENTORY - Schedule of Composition of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Real estate inventory	$ 672	$ 684
Other	8	8
Inventory	$ 680	$ 692

MODERNIZATION (Tables)

3 Months Ended

Mar. 31, 2026

Modernization [Abstract]

Schedule of Modernization Costs

The following table shows the composition of our Modernization expense.


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Advisory services	$	—	$	9
Consulting (implementation)	9		—
Transition costs	3		—
Technology	4		—
Other	—		1
	$	16	$	10

Schedule of Modernization Reserve

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


($ in millions)
Balance at December 31, 2025	$	26
Modernization expenses	16
Cash payments	(17)

Balance at March 31, 2026	$	25

STOCKHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

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, 2025	26,795,163	$	2,522	$	94.12
For the first quarter of 2026	—	—		$	—
As of March 31, 2026	26,795,163	$	2,522	$	94.12

Schedule of Cash Dividend Declared

Declaration Date

Stockholder Record Date

Distribution Date

Dividend per Share

February 19, 2026

March 4, 2026

March 18, 2026

$0.80

DEBT - 2027 Convertible Note Hedges and Warrants (Details) - 2027 Convertible Notes	3 Months Ended
	Mar. 31, 2026 $ / shares shares
2027 Convertible Note Hedges
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)	3,100,000
Strike price (in usd per share) \| $ / shares	$ 188.10
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	$ 283.92
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

EARNINGS PER SHARE - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Interest expense related to convertible notes excluded from calculation	$ 4
Convertible Notes \| 2027 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	3,100,000
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	890,000	529,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	1,195,884	788,607
SARs \| Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 68.03	$ 71.17
SARs \| Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 173.88	$ 173.88

SHARE-BASED COMPENSATION - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10	$ 7
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	9	6
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1

- 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

REVENUE AND RECEIVABLES

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES


4.			REVENUE AND RECEIVABLES

Sources of Revenue by Segment


	Three Months Ended March 31, 2026
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	343	$	—	$	—	$	343

Ancillary revenues	65		1		—		66
Management fee revenues	56		2		(1)		57
Exchange and other services revenues	35		41		17		93
Management and exchange	156		44		16		216

Rental	167		9		—		176

Cost reimbursements	435		4		(9)		430
Revenue from contracts with customers	1,101		57		7		1,165

Financing	92		—		—		92
Total Revenues	$	1,193	$	57	$	7	$	1,257


	Three Months Ended March 31, 2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	355	$	—	$	—	$	355

Ancillary revenues	65		1		—		66
Management fee revenues	55		3		(1)		57
Exchange and other services revenues	35		42		15		92
Management and exchange	155		46		14		215

Rental	159		10		—		169

Cost reimbursements	378		2		(7)		373
Revenue from contracts with customers	1,047		58		7		1,112

Financing	88		—		—		88
Total Revenues	$	1,135	$	58	$	7	$	1,200

Timing of Revenue from Contracts with Customers by Segment

The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.


	Three Months Ended March 31, 2026
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	687	$	22	$	7	$	716
Goods or services transferred at a point in time	414		35		—		449
Revenue from contracts with customers	$	1,101	$	57	$	7	$	1,165


	Three Months Ended March 31, 2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	620	$	21	$	7	$	648
Goods or services transferred at a point in time	427		37		—		464
Revenue from contracts with customers	$	1,047	$	58	$	7	$	1,112

Sale of Vacation Ownership Products

Revenues were reduced during the first quarter of 2026 by $4 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.

Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities

The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2026 or December 31, 2025.


($ in millions)	At March 31, 2026		At December 31, 2025
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	276	$	271
Vacation ownership notes receivable, net	2,567		2,565
	$	2,843	$	2,836
Contract Liabilities(1)
Advance deposits	$	172	$	163
Deferred revenue and other	466		371
	$	638	$	534

(1)Includes $108 million and $99 million of other refundable deposits at March 31, 2026 and December 31, 2025, respectively.

Revenue recognized during the first quarter of 2026 that was included in our contract liabilities balance at December 31, 2025 was $120 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 March 31, 2026. At March 31, 2026, approximately 90% of the recorded contract liabilities are expected to be recognized as revenue over the next two years.

Accounts and Contracts Receivable

Accounts and contracts receivable is composed of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:


($ in millions)	At March 31, 2026		At December 31, 2025
Receivables from contracts with customers, net	$	276	$	271
Interest receivable	20		20
Tax receivable	60		77
Indemnification assets	37		40
Employee tax credit receivable	4		4
Other	19		16
	$	416	$	428

- 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)
-Publisher FASB
-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

INTERIM 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	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2024			75,900,000
Beginning balance at Dec. 31, 2024	$ 2,441	$ 2,442	$ 1	$ (2,378)	$ 3,975	$ (8)	$ 852	$ (1)
Increase (Decrease) in Stockholders' Equity
Net income	57	56					56	1
Foreign currency translation adjustments	(1)	(1)				(1)
Derivative instrument adjustment	0
Share-based compensation plans	1	1		8	(7)
Repurchase of common stock	(36)	(36)		(36)
Dividends	(27)	(27)					(27)
Ending balance (in shares) at Mar. 31, 2025			75,900,000
Ending balance at Mar. 31, 2025	$ 2,435	2,435	$ 1	(2,406)	3,968	(9)	881	0
Beginning balance (in shares) at Dec. 31, 2025	75,891,531		75,900,000
Beginning balance at Dec. 31, 2025	$ 1,993	1,993	$ 1	(2,427)	3,996	(11)	434	0
Increase (Decrease) in Stockholders' Equity
Net income	22	22					22	0
Reclassification of foreign currency translation adjustments realized upon disposition of entity	(2)	(2)				(2)
Derivative instrument adjustment	1	1				1
Share-based compensation plans	5	5		12	(7)
Dividends	$ (27)	(27)					(27)
Ending balance (in shares) at Mar. 31, 2026	75,897,059		75,900,000
Ending balance at Mar. 31, 2026	$ 1,992	$ 1,992	$ 1	$ (2,415)	$ 3,989	$ (12)	$ 429	$ 0

MODERNIZATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
MODERNIZATION - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Mar. 31, 2026
Minimum
Modernization Costs [Line Items]
Outsourced service arrangements, term	5 years
Maximum
Modernization Costs [Line Items]
Outsourced service arrangements, term	6 years
Service arrangements
Modernization Costs [Line Items]
Purchase obligation		$ 131
Obligation for remainder of 2026		31
Obligation for 2027		27
Obligation for 2028		26
Obligation for 2029		26
Obligation for 2030		18
Obligation thereafter		3
Early contract termination fees		$ 25

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES
Net income	$ 22	$ 57
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used in) provided by operating activities:
Depreciation and amortization of intangibles	34	38
Amortization of debt discount and issuance costs	5	5
Vacation ownership notes and contracts receivable reserve	50	50
Share-based compensation	10	7
Impairment	0	2
Foreign currency remeasurement loss (gain)	3	(3)
Deferred income taxes	(1)	(15)
Net change in assets and liabilities:
Accounts and contracts receivable	15	0
Vacation ownership notes receivable originations	(241)	(233)
Vacation ownership notes receivable collections	185	176
Inventory	11	1
Other assets	(122)	(129)
Accounts payable, advance deposits and accrued liabilities	(47)	(13)
Deferred revenue and other	95	88
Payroll and benefit liabilities	4	(13)
Deferred compensation liability	(8)	(5)
Other liabilities	(15)	(5)
Purchase and development of property for future transfer to inventory	0	(2)
Other, net	(4)	2
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(4)	8
INVESTING ACTIVITIES
Proceeds from disposition of entity	50	0
Capital expenditures for property and equipment (excluding inventory)	(8)	(14)
Purchase of company owned life insurance	0	(4)
Net cash, cash equivalents and restricted cash provided by (used in) investing activities	42	(18)
FINANCING ACTIVITIES
Borrowings from securitization transactions	354	206
Repayment of debt related to securitization transactions	(198)	(197)
Proceeds from debt	885	340
Repayments of debt	(1,152)	(277)
Finance lease payment	(2)	(2)
Payment of debt and securitized debt issuance costs	0	(5)
Repurchase of common stock	0	(36)
Payment of dividends	(55)	(55)
Payment of withholding taxes on vesting of restricted stock units	(6)	(6)
Net cash, cash equivalents and restricted cash used in financing activities	(174)	(32)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	1
Change in cash, cash equivalents and restricted cash	(137)	(41)
Cash, cash equivalents and restricted cash, beginning of period	733	528
Cash, cash equivalents and restricted cash, end of period	596	487
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of treasury stock for employee stock purchase plan	1	1
Interest paid, net of amounts capitalized	53	54
Income taxes paid, net of refunds	$ 4	$ 4

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - 2026 Convertible Notes - $ / shares		3 Months Ended
	Apr. 15, 2026	Mar. 31, 2026	Jan. 15, 2026
2026 Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)		3,900,000
Strike price (in usd per share)		$ 184.74
Number of warrants exercised (in shares)		0
2026 Warrants \| Subsequent event
Debt Instrument [Line Items]
Trading period	70 days
2026 Convertible Note Hedges
Debt Instrument [Line Items]
Convertible note hedges exercised (in shares)			0

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 22	$ 57
Other comprehensive income (loss):
Foreign currency translation adjustments	0	(1)
Reclassification of foreign currency translation adjustments realized upon disposition of entities	(2)	0
Derivative instrument adjustment, net of tax	1	0
OTHER COMPREHENSIVE LOSS, NET OF TAX	(1)	(1)
Net income attributable to noncontrolling interests	0	(1)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(1)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 21	$ 55

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2026

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

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


	March 31, 2026						December 31, 2025
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	2,021	$	49	$	2,070	$	1,843	$	57	$	1,900

Eligible for securitization(1)	93		—		93		152		—		152
Not eligible for securitization(1)	397		7		404		508		5		513
Non-securitized	490		7		497		660		5		665

Total	$	2,511	$	56	$	2,567	$	2,503	$	62	$	2,565

(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.

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 vacation ownership notes receivable at March 31, 2026.


($ in millions)	Non-Securitized		Securitized		Total
2026, remaining	$	81	$	129	$	210
2027	74		176		250
2028	62		180		242
2029	51		180		231
2030	38		184		222
Thereafter	191		1,221		1,412
Balance at March 31, 2026	$	497	$	2,070	$	2,567
Weighted average stated interest rate	11.4%		13.4%		12.9%
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 vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Vacation Ownership Notes Receivable as of March 31, 2026
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,662	$	645	$	62	$	416	$	2,785
Hyatt Vacation Ownership	231		85		3		4		323
	$	1,893	$	730	$	65	$	420	$	3,108


	Vacation Ownership Notes Receivable as of December 31, 2025
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,645	$	652	$	61	$	414	2,772
Hyatt Vacation Ownership	233		88		3		4		328
	$	1,878	$	740	$	64	$	418	$	3,100


	Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2026		2025		2024		2023		2022 & Prior		Total
700 +	$	153	$	514	$	371	$	227	$	397	$	1,662
600 - 699	33		164		139		100		209		645
< 600	5		18		13		8		18		62
No Score	48		167		91		51		59		416
	$	239	$	863	$	614	$	386	$	683	$	2,785

Gross write-offs	$	—	$	9	$	11	$	7	$	11	$	38


	Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2026		2025		2024		2023		2022 & Prior		Total
700 +	$	25	$	74	$	43	$	31	$	58	$	231
600 - 699	5		28		16		11		25		85
< 600	—		2		1		—		—		3
No Score	1		1		—		1		1		4
	$	31	$	105	$	60	$	43	$	84	$	323

Gross write-offs	$	—	$	2	$	3	$	1	$	4	$	10

Schedule of Interest Income Associated With Vacation Ownership Notes Receivable

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


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Interest income - securitized vacation ownership notes receivable	$	78	$	74
Interest income - non-securitized vacation ownership notes receivable	12		12
Total interest income associated with vacation ownership notes receivable	$	90	$	86

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 March 31, 2026	$	174	$	24	$	198
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2025	$	165	$	20	$	185

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 March 31, 2026 and December 31, 2025.



	As of March 31, 2026						As of December 31, 2025
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	26	$	73	$	99	$	27	$	67	$	94
91 – 120 days past due	8		20		28		12		17		29
Greater than 120 days past due	166		4		170		153		3		156
Total past due	200		97		297		192		87		279
Current	525		2,286		2,811		720		2,101		2,821
Total vacation ownership notes receivable	$	725	$	2,383	$	3,108	$	912	$	2,188	$	3,100

Originated

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

Schedule of Notes Receivable Reserves

The following table summarizes the activity related to our originated vacation ownership notes receivable reserve during the first quarter of 2026.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2025	$	242	$	285	$	527
Increase in vacation ownership notes receivable reserve	50		3		53
Securitizations	(56)		56		—

Write-offs	(46)		—		(46)
Defaulted vacation ownership notes receivable repurchase activity(1)	36		(36)		—
Balance at March 31, 2026	$	226	$	308	$	534

(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.

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Principles of Consolidation	The Interim 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 Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim 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. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”). 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 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 or loss 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 and volatility in the broader macroeconomic environment, including inflation, the impact of changing trade policy, 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. In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, general macroeconomic conditions, including inflationary pressures and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2025 Annual Report. We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted prior to the ILG Acquisition and the associated brands as “Legacy-MVW.” We refer to the business and brand that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. 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.
Reclassifications	Certain amounts from the prior fiscal year have been reclassified to conform to the current period presentation.
New Accounting Standards and Future Adoption of Accounting Standards	New Accounting Standards 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 Financial Accounting Standards Board issued accounting standards update (“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. We adopted ASU 2024-04 on a prospective basis on January 1, 2026, with no impact to our financial statements or 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. We adopted ASU 2025-05 on a prospective basis on January 1, 2026, with no material impact to our financial statements or disclosures. Accounting Standards Update 2025-11 - “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”) In December 2025, the FASB issued ASU 2025-11, which updates ASC 270 to improve clarity and consistency, without fundamentally altering the nature or scope of interim reporting requirements. The guidance provides a comprehensive list of interim disclosures required by GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the last annual reporting period. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We adopted ASU 2025-11 on a prospective basis on January 1, 2026, with no impact to our financial statements or disclosures. 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 2025-09 - “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” (“ASU 2025-09”) In November 2025, the FASB issued ASU 2025-09, which amends certain aspects of hedge accounting guidance under Accounting Standards Codification (“ASC”) 815. The amendments clarify the assessment of risk for cash flow hedges; provide guidance on hedges of forecasted interest payments on choose‑your‑rate debt; expand the application of hedge accounting to certain nonfinancial forecasted transactions; permit the use of net written options as hedging instruments; and address the accounting for dual hedges of foreign‑currency‑denominated debt. This update is effective for annual periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. We are evaluating the impact that the adoption of this update, including the timing of implementation, will have on our financial statements and disclosures.

SECURITIZED DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

SECURITIZED DEBT


11.			SECURITIZED DEBT

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


($ in millions)	At March 31, 2026		At December 31, 2025
Vacation ownership notes receivable securitizations, gross(1)	$	1,986	$	2,173
Unamortized debt discount and issuance costs	(24)		(27)
	1,962		2,146

Warehouse Credit Facility, gross(2)	343		—
Unamortized debt issuance costs(3)	(1)		—
	342		—

	$	2,304	$	2,146

(1)Interest rates as of March 31, 2026 range from 1.5% to 6.6%, with a weighted average interest rate of 4.8%.
(2)Effective interest rate as of March 31, 2026 was 4.8%.
(3) 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.

All of our securitized debt is non-recourse. See Footnote 15 “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 March 31, 2026.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2026, remaining	$	131	$	18	$	149
2027	173		19		192
2028	179		306		485
2029	180		—		180
2030	182		—		182
Thereafter	1,141		—		1,141
	$	1,986	$	343	$	2,329

(1)Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions.

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 the first quarter of 2026, and as of March 31, 2026, we had 12 securitized vacation ownership notes receivable pools outstanding, none of which were out of compliance with their respective established parameters.

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.

Subsequent to the end of the first quarter of 2026, we securitized a pool of $470 million of vacation ownership notes receivable. In connection with the securitization, $460 million in vacation ownership loan backed notes were issued by MVW 2026-1 LLC (the “2026-1 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2026-1 LLC: $277 million of Class A Notes, $97 million of Class B Notes, and $86 million of Class C Notes. The Class A Notes have an interest rate of 4.67%, the Class B Notes have an interest rate of 4.97%, and the Class C Notes have an interest rate of 5.36%, for an overall weighted average interest rate of 4.86%. Proceeds from the transaction, net of fees, were used to repay outstanding credit facility obligations and for other general corporate purposes.

Warehouse Credit Facility

Our warehouse credit facility (the “Warehouse Credit Facility”), allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis, has a borrowing capacity of $500 million, and expires on June 11, 2027. The credit spread for the Warehouse Credit Facility is 110 basis points over the Secured Overnight Financing Rate (“SOFR”).

REVENUE AND RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended March 31, 2026
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	343	$	—	$	—	$	343

Ancillary revenues	65		1		—		66
Management fee revenues	56		2		(1)		57
Exchange and other services revenues	35		41		17		93
Management and exchange	156		44		16		216

Rental	167		9		—		176

Cost reimbursements	435		4		(9)		430
Revenue from contracts with customers	1,101		57		7		1,165

Financing	92		—		—		92
Total Revenues	$	1,193	$	57	$	7	$	1,257


	Three Months Ended March 31, 2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	355	$	—	$	—	$	355

Ancillary revenues	65		1		—		66
Management fee revenues	55		3		(1)		57
Exchange and other services revenues	35		42		15		92
Management and exchange	155		46		14		215

Rental	159		10		—		169

Cost reimbursements	378		2		(7)		373
Revenue from contracts with customers	1,047		58		7		1,112

Financing	88		—		—		88
Total Revenues	$	1,135	$	58	$	7	$	1,200

Schedule of Revenue Remaining Performance Obligation

The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.


	Three Months Ended March 31, 2026
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	687	$	22	$	7	$	716
Goods or services transferred at a point in time	414		35		—		449
Revenue from contracts with customers	$	1,101	$	57	$	7	$	1,165


	Three Months Ended March 31, 2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	620	$	21	$	7	$	648
Goods or services transferred at a point in time	427		37		—		464
Revenue from contracts with customers	$	1,047	$	58	$	7	$	1,112

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 March 31, 2026 or December 31, 2025.


($ in millions)	At March 31, 2026		At December 31, 2025
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	276	$	271
Vacation ownership notes receivable, net	2,567		2,565
	$	2,843	$	2,836
Contract Liabilities(1)
Advance deposits	$	172	$	163
Deferred revenue and other	466		371
	$	638	$	534

(1)Includes $108 million and $99 million of other refundable deposits at March 31, 2026 and December 31, 2025, respectively.

Schedule of Accounts and Nontrade Receivable

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


($ in millions)	At March 31, 2026		At December 31, 2025
Receivables from contracts with customers, net	$	276	$	271
Interest receivable	20		20
Tax receivable	60		77
Indemnification assets	37		40
Employee tax credit receivable	4		4
Other	19		16
	$	416	$	428

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Restricted cash	$ 328	$ 327
Accounts and contracts receivable, net	416	428
Vacation ownership notes receivable, net	2,567	2,565
Other assets	779	720
Accrued liabilities	383	376
Secured debt, net	$ 2,304	$ 2,146
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)	75,897,059	75,891,531
Treasury stock, shares (in shares)	41,561,920	41,767,498
Variable Interest Entity
Restricted cash	$ 93	$ 81
Accounts and contracts receivable, net	17	15
Vacation ownership notes receivable, net	2,070	1,900
Other assets	165	168
Accrued liabilities	4	4
Secured debt, net	$ 2,329	$ 2,173

STOCKHOLDERS’ EQUITY - Schedule of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	41,767,498
Ending of period, number of shares repurchased (in shares)	41,561,920
Cost Basis of Shares Repurchased
Cost of shares repurchased		$ 36
Share Repurchase Program
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	26,795,163
Repurchase of common stock (in shares)	0
Ending of period, number of shares repurchased (in shares)	26,795,163
Cost Basis of Shares Repurchased
Beginning of period, cost of shares repurchased	$ 2,522
Cost of shares repurchased	0
Ending of period, cost of shares repurchased	$ 2,522
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)	$ 94.12
Average price paid per share (in usd per share)	0
Ending of period, average price paid per share (in usd per share)	$ 94.12

VARIABLE INTEREST ENTITIES - Schedule of Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Variable Interest Entity [Line Items]
Interest income	$ 90	$ 86
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	78
Interest expense	28
Debt issuance cost amortization	3
Variable Interest Entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	67
Interest expense	25
Debt issuance cost amortization	3
Variable Interest Entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	11
Interest expense	3
Debt issuance cost amortization	$ 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

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026		At December 31, 2025
Corporate Credit Facility
	Term Loan(1)	$	786	$	788
	Unamortized debt discount and issuance costs	(8)		(8)
		778		780

	Revolving Corporate Credit Facility(2)	310		—
	Unamortized debt issuance costs(3)	(4)		—
		306		—
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(1)		(2)
		349		348

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

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

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(5)		(6)
		570		569

Finance Leases		198		198
		$	3,265	$	3,534

(1)The effective interest rate as of March 31, 2026 was 5.9%.
(2)The effective interest rate as of March 31, 2026 was 5.3%.
(3) 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.

Scheduled Future Principal Payments for Debt

The following table shows anticipated future principal payments for our securitized debt as of March 31, 2026.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility(1)		Total
($ in millions)
Payment Year
2026, remaining	$	131	$	18	$	149
2027	173		19		192
2028	179		306		485
2029	180		—		180
2030	182		—		182
Thereafter	1,141		—		1,141
	$	1,986	$	343	$	2,329

(1)Excludes future Warehouse Credit Facility renewals or refinancing through ABS transactions.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2026.


	Payments Year
($ in millions)	Remaining 2026		2027		2028		2029		2030		Thereafter		Total
Term Loan	$	6	$	8	$	8	$	8	$	8	$	748	$	786
Revolving Corporate Credit Facility	—		—		—		—		310		—		310
2028 Notes	—		—		350		—		—		—		350
2029 Notes	—		—		—		500		—		—		500
2033 Notes	—		—		—		—		—		575		575

2027 Convertible Notes	—		575		—		—		—		—		575
	$	6	$	583	$	358	$	508	$	318	$	1,323	$	3,096

Schedule of Convertible Debt

The following table provides the components of interest expense related to the 2027 Convertible Notes.


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Contractual interest expense	$	4	$	4
Amortization of debt issuance costs	1		1
	$	5	$	5

DEBT - 2026 Convertible Notes Maturity (Details) - 2026 Convertible Notes - Convertible Notes - USD ($)		3 Months Ended
	Jan. 15, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2021
Debt Instrument [Line Items]
Principal amount				$ 575,000,000
Debt, stated interest rate				0.00%
Converted amount	$ 0
Amortization of debt issuance costs (less than in 2026)		$ 1,000,000	$ 1,000,000

- 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

FINANCIAL INSTRUMENTS - Schedule of Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,567	$ 2,565
Contracts receivable for financed VOI sales, net	72	95
Other assets	165	168
Total financial assets	2,804	2,828
Total financial liabilities	(5,371)	(5,482)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,658	2,645
Contracts receivable for financed VOI sales, net	72	95
Other assets	165	168
Total financial assets	2,895	2,908
Total financial liabilities	(5,343)	(5,474)
Securitized debt, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,304)	(2,146)
Securitized debt, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,343)	(2,196)
2028 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(349)	(348)
2028 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(345)	(346)
2029 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(497)	(497)
2029 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(472)	(479)
2033 Notes \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(567)	(567)
2033 Notes \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(547)	(553)
2026 Convertible Notes, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	0	(575)
2026 Convertible Notes, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	0	(564)
2027 Convertible Notes, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(570)	(569)
2027 Convertible Notes, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(542)	(548)
Line of Credit \| Term Loan, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(778)	(780)
Line of Credit \| Term Loan, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(784)	(788)
Line of Credit \| Revolving Corporate Credit Facility, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(306)	0
Line of Credit \| Revolving Corporate Credit Facility, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ (310)	$ 0

DEBT - Schedule of Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2026	$ 6
2027	583
2028	358
2029	508
2030	318
Thereafter	1,323
Total	3,096
Term Loan \| Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2026	6
2027	8
2028	8
2029	8
2030	8
Thereafter	748
Total	786	$ 788
Revolving Corporate Credit Facility
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2026	0
2027	0
2028	0
2029	0
2030	310
Thereafter	0
Total	310
Senior notes \| 2028 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2026	0
2027	0
2028	350
2029	0
2030	0
Thereafter	0
Total	350	350
Senior notes \| 2029 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2026	0
2027	0
2028	0
2029	500
2030	0
Thereafter	0
Total	500	500
Senior notes \| 2033 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	575
Total	575	575
Convertible Notes \| 2027 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2026	0
2027	575
2028	0
2029	0
2030	0
Thereafter	0
Total	$ 575	$ 575

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Interest receivable	$ 416	$ 428
Waikiki Hawaii
Variable Interest Entity [Line Items]
Purchase commitment obligation due, remainder of 2026	41
Waikiki Hawaii \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Interest receivable	1
Note receivable (less than)	1
Property, plant and equipment, gross	4
Maximum loss	$ 5

- 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

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION


14.			SHARE-BASED COMPENSATION

We maintain the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”) 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. A total of approximately 3 million shares were authorized for issuance pursuant to grants under the MVW Equity Plan. As of March 31, 2026, less than 1 million shares were available for grants under the MVW Equity Plan.

The following table details our share-based compensation expense related to award grants to our officers, directors, and employees:


	Three Months Ended
($ in millions)	March 31, 2026		March 31, 2025
Service-based RSUs	$	9	$	6



SARs	1		1

	$	10	$	7

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


($ in millions)	At March 31, 2026		At December 31, 2025
Service-based RSUs	$	51	$	26
Performance-based RSUs	8		7
Market-based RSUs	8		—
	67		33
SARs	11		2

	$	78	$	35

Restricted Stock Units

We granted 581,550 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $61.39, to our employees and non-employee directors during the first quarter of 2026. During the first quarter of 2026, we also granted one-time performance-based RSUs (the “PSUs”), which are subject to performance-based vesting conditions, to certain executives. A maximum of 300,000 RSUs may be earned under the performance-based RSU awards granted during the first quarter of 2026. The PSUs vest over a three-year performance period beginning January 1, 2026 subject to continuous service, and are earned based on the achievement of the highest cumulative performance metric achieved during any four consecutive quarters relative to specified performance thresholds.

During the first quarter of 2026, we also granted one-time market-based RSUs (“MRSUs”) to certain executives. A maximum of 300,000 shares can be earned under the MRSUs. The MRSUs vest over a 3.5 year performance period beginning January 1, 2026, subject to continuous service and are earned based on the Company’s stock price exceeding specified thresholds. The grant date fair value of $51.38 per share for the MRSUs, was determined using a Monte Carlo simulation model, based on an expected volatility of 45.57%, a risk-free interest rate of 3.54% and a dividend yield of 4.56%. Compensation expense for the MRSUs is recognized straight line over the requisite service period.

The PSUs and MRSUs are required to be settled in shares, or cash if sufficient shares are not available under the MVW Equity Plan, and are classified as equity under ASC 718, Compensation—Stock Compensation.

Stock Appreciation Rights

We granted 473,405 SARs, with a weighted average grant-date fair value of $23.59 and a weighted average exercise price of $68.21, to members of management during the first quarter of 2026. 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 term was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected term. 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 during the first quarter of 2026:


Expected volatility			50.41% - 50.73%
Dividend yield			4.40% - 4.56%
Risk-free rate			3.73% - 3.95%
Expected term (in years)			6.00 - 6.25