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Travel + Leisure TNL Deferred VOI trial package revenue — Contract with Customer, Liability

Other product segments

Deferred subscription revenue
$151M-3.2%
Subscription revenue
$147M-2.6%

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Other financials

Income statement

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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

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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

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Operating cash flow$38.0M-68.6%
CapEx$19.0M-9.5%
Free cash flow$19.0M-81.0%

Valuation

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Market cap$4.79B+39.8%

Profitability

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Gross margin93%-4.9pp
Operating margin14.3%-4.8pp
Net margin10.4%-0.6pp
FCF margin10.9%-0.7pp

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 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 VOI trial package revenue — contract with customer, liability?
Travel + Leisure (TNL) reported deferred VOI trial package revenue — contract with customer, liability of $137M in Q1 2026.
How has Travel + Leisure's deferred VOI trial package revenue — contract with customer, liability changed year-over-year?
Travel + Leisure's deferred VOI trial package revenue — contract with customer, liability decreased by 4.9% year-over-year, from $144M to $137M.
What is the long-term trend for Travel + Leisure's deferred VOI trial package revenue — contract with customer, liability?
Over 4 years (2021 to 2025), Travel + Leisure's deferred VOI trial package revenue — contract with customer, liability has grown at a 10.4% compound annual growth rate (CAGR), from $383M to $569M.
What does deferred VOI trial package revenue — contract with customer, liability mean?
This metric represents the balance of consideration received from customers for vacation ownership interest trial packages that has not yet been recognized as revenue. It reflects the company's obligation to provide future travel or hospitality services associated with these trial programs. This liability serves as a key indicator of future revenue potential tied to the conversion of trial members into long-term vacation ownership interest holders.