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Travel + Leisure TNL Deferred subscription revenue — 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—
Subscription revenue
$42M—
Fee-for-Service commissions
$11M—
Eliminations
-$1M—
Ancillary revenues
$0—

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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$4.77B+22.5%
Enterprise value$8.81B+12.5%
P/E11.7×+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
Vacation ownership interest sales$524$474$951$858
Property management fees and reimbursable revenues230217452440
Consumer financing113112226224
Fee-for-Service commissions11262242
Ancillary revenues29245445
Total Vacation Ownership9078531,7051,609
Travel and Membership
Transaction revenues109117225246

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's deferred subscription revenue — net revenues?
Travel + Leisure (TNL) reported deferred subscription revenue — net revenues of $42M in Q2 2026.
How has Travel + Leisure's deferred subscription revenue — net revenues changed year-over-year?
Travel + Leisure's deferred subscription revenue — net revenues decreased by 2.3% year-over-year, from $43M to $42M.
What does deferred subscription revenue — net revenues mean?
This represents the amount of deferred subscription revenue that has been recognized as net revenue during the reporting period upon the satisfaction of performance obligations. It reflects the actual conversion of membership liabilities into earned income through the delivery of travel and leisure services. Tracking this helps investors evaluate the company's ability to successfully fulfill its service commitments and generate recurring cash flow.

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