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Travel + Leisure TNL Eliminations — 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%
Ancillary revenues
$1M

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$1.98B+15.3%
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$7.99B+11.8%

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%
Enterprise value$9.04B+23.7%
P/E12.9×+2.3×
P/S1.2×+0.3×

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: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 eliminations — net revenues?
Travel + Leisure (TNL) reported eliminations — net revenues of -$2M in Q1 2026.
How has Travel + Leisure's eliminations — net revenues changed year-over-year?
Travel + Leisure's eliminations — net revenues decreased by 0.0% year-over-year, from -$2M to -$2M.
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.