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Travel + Leisure TNL Deferred VOI incentive 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 VOI incentive revenue — contract with customer, liability?
Travel + Leisure (TNL) reported deferred VOI incentive revenue — contract with customer, liability of $88M in Q2 2026.
How has Travel + Leisure's deferred VOI incentive revenue — contract with customer, liability changed year-over-year?
Travel + Leisure's deferred VOI incentive revenue — contract with customer, liability increased by 3.5% year-over-year, from $85M to $88M.
What is the long-term trend for Travel + Leisure's deferred VOI incentive revenue — contract with customer, liability?
Over 4 years (2021 to 2025), Travel + Leisure's deferred VOI incentive revenue — contract with customer, liability has grown at a 10.0% compound annual growth rate (CAGR), from $239M to $350M.
What does deferred VOI incentive revenue — contract with customer, liability mean?
This represents the portion of vacation ownership interest incentive revenue that has been billed or collected but not yet recognized as revenue under accounting standards. It functions as a contract liability reflecting the company's obligation to provide future services or benefits associated with the incentive program. Investors monitor this to assess the volume of advance payments received for future vacation ownership performance obligations.

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