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Travel + Leisure TNL Eliminations — 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—
Deferred subscription revenue
$42M-2.3%
Subscription revenue
$42M—
Fee-for-Service commissions
$11M—
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$4.74B+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: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
Subscription revenues42438486
Ancillary revenues661213
Total Travel and Membership157166321345
Corporate and other
Ancillary revenues—111
Eliminations(1)(2)(3)(4)
Total Corporate and other(1)(1)(2)(3)
Net revenues$1,063$1,018$2,024$1,951

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's eliminations — net revenues?
Travel + Leisure (TNL) reported eliminations — net revenues of -$1M in Q2 2026.
How has Travel + Leisure's eliminations — net revenues changed year-over-year?
Travel + Leisure's eliminations — net revenues increased by 50.0% year-over-year, from -$2M to -$1M.
What does eliminations — net revenues mean?
This metric represents the net revenue adjustments required to reconcile inter-segment transactions during the consolidation process. It reflects the elimination of internal sales and transfers between business units to ensure that reported consolidated revenue accurately reflects external customer activity. Monitoring this figure helps investors understand the magnitude of internal business activity and the impact of inter-segment pricing on overall financial reporting.

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