What is Travel + Leisure's deferred revenue?

Travel + Leisure (TNL) reported deferred revenue of $478M in Q1 2026.

How has Travel + Leisure's deferred revenue changed year-over-year?

Travel + Leisure's deferred revenue decreased by 1.6% year-over-year, from $486M to $478M.

What is the long-term trend for Travel + Leisure's deferred revenue?

Over 5 years (2020 to 2025), Travel + Leisure's deferred revenue has grown at a 0.9% compound annual growth rate (CAGR), from $447M to $468M.

What does deferred revenue mean?

Payments received from customers for goods or services to be delivered within one year — recognized as revenue as performance obligations are satisfied.

Travel + Leisure TNL Deferred Revenue

Deferred Revenue at other companies

Expedia Group, Inc.EXPE

$174M-1.1%

Walt DisneyDIS

$6.87B+11.7%

Vail ResortsMTN

$467M-0.3%

Hyatt HotelsH

$1.53B-2.5%

Wyndham Hotels & Resorts, Inc.WH

$110M-6.8%

Hilton WorldwideHLT

$1.7B+29.4%

Segments

By product

See full

Deferred subscription revenue$86M-2.3%

Subscription revenue$82M-4.7%

Other financials

Income statement

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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:DeferredRevenue.

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 deferred revenue?: Travel + Leisure (TNL) reported deferred revenue of $478M in Q1 2026.
How has Travel + Leisure's deferred revenue changed year-over-year?: Travel + Leisure's deferred revenue decreased by 1.6% year-over-year, from $486M to $478M.
What is the long-term trend for Travel + Leisure's deferred revenue?: Over 5 years (2020 to 2025), Travel + Leisure's deferred revenue has grown at a 0.9% compound annual growth rate (CAGR), from $447M to $468M.
What does deferred revenue mean?: Payments received from customers for goods or services to be delivered within one year — recognized as revenue as performance obligations are satisfied.