What is Travel + Leisure's contract liabilities?

Travel + Leisure (TNL) reported contract liabilities of $479M in Q1 2026.

How has Travel + Leisure's contract liabilities changed year-over-year?

Travel + Leisure's contract liabilities decreased by 1.6% year-over-year, from $487M to $479M.

What is the long-term trend for Travel + Leisure's contract liabilities?

Over 5 years (2020 to 2025), Travel + Leisure's contract liabilities has grown at a 0.9% compound annual growth rate (CAGR), from $448M to $469M.

What does contract liabilities mean?

Revenue collected or billed in advance of performance — deferred revenue under ASC 606 terminology, representing future revenue obligations.

Travel + Leisure TNL Contract Liabilities

Contract Liabilities at other companies

Vail ResortsMTN

$95.1M-6.0%

Hyatt HotelsH

$1.07B+25.5%

Wyndham Hotels & Resorts, Inc.WH

$232M+3.6%

Equity Lifestyle PropertiesELS

$220.32M-4.4%

Hilton WorldwideHLT

——

Life Time Group HoldingsLTH

——

Segments

By product

See full

Deferred subscription revenue$151M-3.2%

Subscription revenue$147M-2.6%

Other financials

Income statement

See full

Revenue$961.0M+2.9%

Gross profit$926.0M+1.6%

Operating income$159.0M+1.9%

Net income$79.0M+8.2%

EPS (diluted)$1.22+14.0%

Balance sheet

See full

Cash & equivalents$456.0M+24.3%

Total debt$4.7B+11.9%

Total equity-$1.0B-13.2%

Total assets$6.8B+1.1%

Cash flow

See full

Operating cash flow$38.0M-68.6%

CapEx$19.0M-9.5%

Free cash flow$19.0M-81.0%

Valuation

See full

Market cap$4.79B+39.8%

Enterprise value$9.04B+23.7%

P/E12.9×+2.3×

P/S1.2×+0.3×

Profitability

See full

Gross margin93%-4.9pp

Operating margin14.3%-4.8pp

Net margin10.4%-0.6pp

FCF margin10.9%-0.7pp

Returns & leverage

See full

Return on equity122.1%—

Debt / equity6.6×—

Current ratio1.2×—

Where this comes from

Reported directly by Travel + Leisure in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiability.

The official record: Travel + Leisure’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Travel + Leisure's contract liabilities?: Travel + Leisure (TNL) reported contract liabilities of $479M in Q1 2026.
How has Travel + Leisure's contract liabilities changed year-over-year?: Travel + Leisure's contract liabilities decreased by 1.6% year-over-year, from $487M to $479M.
What is the long-term trend for Travel + Leisure's contract liabilities?: Over 5 years (2020 to 2025), Travel + Leisure's contract liabilities has grown at a 0.9% compound annual growth rate (CAGR), from $448M to $469M.
What does contract liabilities mean?: Revenue collected or billed in advance of performance — deferred revenue under ASC 606 terminology, representing future revenue obligations.