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Travel + Leisure TNL Deferred exchange-related revenue — Contract with Customer, Liability

Other product segments

Subscription revenue
$147M-2.6%
Deferred subscription revenue
$146M-5.8%

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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:ContractWithCustomerLiability.

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 itemJune 30,2026December 31, 2025
Deferred subscription revenue$146$147
Deferred VOI trial package revenue134138
Deferred VOI incentive revenue8890
Deferred exchange-related revenue (a)5757
Deferred co-branded credit card programs revenue3436
Deferred other revenue41
Total$463$469

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's deferred exchange-related revenue — contract with customer, liability?
Travel + Leisure (TNL) reported deferred exchange-related revenue — contract with customer, liability of $57M in Q2 2026.
How has Travel + Leisure's deferred exchange-related revenue — contract with customer, liability changed year-over-year?
Travel + Leisure's deferred exchange-related revenue — contract with customer, liability decreased by 6.6% year-over-year, from $61M to $57M.
What is the long-term trend for Travel + Leisure's deferred exchange-related revenue — contract with customer, liability?
Over 4 years (2021 to 2025), Travel + Leisure's deferred exchange-related revenue — contract with customer, liability has grown at a -1.2% compound annual growth rate (CAGR), from $251M to $239M.
What does deferred exchange-related revenue — contract with customer, liability mean?
This represents the portion of consideration received from customers for exchange-related services that has not yet been recognized as revenue. It reflects a contractual obligation to provide future travel or membership exchange benefits to members. This liability is a key indicator of the company's unearned service obligations within its travel and membership business.

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