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Travel + Leisure TNL Deferred exchange-related revenue — Net revenues

Other product segments

Vacation ownership interest sales

$427M+11.2%

Property management fees and reimbursable revenues

$223M0.0%

Consumer financing

$113M+0.9%

Transaction revenues

$97M-7.6%

Subscription revenue

$43M-6.5%

Deferred subscription revenue

$42M-2.3%

Fee-for-Service commissions

$11M-31.3%

Eliminations

-$2M—

Ancillary revenues

$1M—

Similar metrics at other companies

NJRDeferred Revenue

$41.98M+52.7%

EADeferred net revenue (other) — Deferred revenue, current

$127M+38.0%

CSTMRevenue recognized that was included in deferred income at the beginning of the period

$12M+9.1%

TXGProducts and Services, Excluding Grant Revenue — Deferred Revenue

$24.3M+16.3%

CSTMRevenue deferred to contract liabilities

$12M-7.7%

EADeferred net revenue (online-enabled games) — Deferred revenue, current

$2.49B+37.9%

Other financials

Income statement

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

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

Operating cash flow$38.0M-68.6%

CapEx$19.0M-9.5%

Free cash flow$19.0M-81.0%

Valuation

Market cap$4.79B+39.8%

Enterprise value$9.04B+23.7%

P/E12.9×+2.3×

P/S1.2×+0.3×

Profitability

Gross margin93%-4.9pp

Operating margin14.3%-4.8pp

Net margin10.4%-0.6pp

FCF margin10.9%-0.7pp

Returns & leverage

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 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 exchange-related revenue — net revenues?: Travel + Leisure (TNL) reported deferred exchange-related revenue — net revenues of $9M in Q1 2026.
How has Travel + Leisure's deferred exchange-related revenue — net revenues changed year-over-year?: Travel + Leisure's deferred exchange-related revenue — net revenues decreased by 0.0% year-over-year, from $9M to $9M.
What does deferred exchange-related revenue — net revenues mean?: This metric tracks the amount of deferred exchange-related revenue that has been recognized as net revenue during the current reporting period. It serves as a bridge between the company's deferred liability balance and its realized income statement performance. It is essential for understanding the timing and velocity of revenue conversion from membership-based travel products.