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Travel + Leisure TNL Ancillary revenues — Net revenues

Other product segments

Vacation ownership interest sales
$524M+10.5%
Property management fees and reimbursable revenues
$230M
Consumer financing
$113M+0.9%
Transaction revenues
$109M
Deferred subscription revenue
$42M-2.3%
Subscription revenue
$42M
Fee-for-Service commissions
$11M
Eliminations
-$1M

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Other financials

Income statement

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Revenue$1.1B+4.4%
Gross profit$1.0B+3.7%
Operating income$210.0M+1.9%
Net income$109.0M+0.9%
EPS (diluted)$1.72+6.2%

Balance sheet

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Cash & equivalents$471.0M+21.7%
Total debt$4.5B+4.4%
Total equity-$1.0B-19.6%
Total assets$6.9B+1.3%

Cash flow

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Operating cash flow$220.0M-5.2%
CapEx$25.0M-32.4%
Free cash flow$195.0M0.0%

Valuation

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Market cap$4.74B+22.5%
Enterprise value$8.78B+12.5%
P/E11.6×+2.1×
P/S1.2×+0.2×

Profitability

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Gross margin92.9%-5.1pp
Operating margin14.2%-5.1pp
Net margin10.4%-0.6pp
FCF margin10.8%-1.8pp

Returns & leverage

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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:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Travel + Leisure’s 10-Q, filed July 22, 2026.

Filed
Jul 22, 2026, 11:22 AM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q3 2026
Accession
0001361658-26-000053
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Subscription revenues42438486
Ancillary revenues661213
Total Travel and Membership157166321345
Corporate and other
Ancillary revenues111
Eliminations(1)(2)(3)(4)
Total Corporate and other(1)(1)(2)(3)
Net revenues$1,063$1,018$2,024$1,951

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's ancillary revenues — net revenues?
Travel + Leisure (TNL) reported ancillary revenues — net revenues of $0 in Q2 2026.
How has Travel + Leisure's ancillary revenues — net revenues changed year-over-year?
Travel + Leisure's ancillary revenues — net revenues decreased by 100.0% year-over-year, from $1M to $0.
What does ancillary revenues — net revenues mean?
This metric represents the net revenue generated from secondary or supplemental travel-related products and services that fall outside of core vacation ownership interest sales. It captures income streams from activities such as travel exchange services, membership fees, and other value-added hospitality offerings. Monitoring this metric helps investors assess the company's ability to diversify its income beyond primary asset sales and leverage its existing member base for recurring revenue.

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