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Travel + Leisure TNL Exchange-related revenue — Contract Liabilities

Other product segments

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

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CSTMRevenue deferred to contract liabilities
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GLPIContract Liabilities
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RBCContract With Customer Liability Revenue Recognized
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ONDSContract With Customer Liability Transfer To Revenue
-$7.48M-242%

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-K, filed February 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Travel + Leisure's exchange-related revenue — contract liabilities?
Travel + Leisure (TNL) reported exchange-related revenue — contract liabilities of $57M in Q4 2025.
How has Travel + Leisure's exchange-related revenue — contract liabilities changed year-over-year?
Travel + Leisure's exchange-related revenue — contract liabilities decreased by 1.7% year-over-year, from $58M to $57M.
What does exchange-related revenue — contract liabilities mean?
Represents the deferred revenue balance arising from exchange-related services where the company has received consideration but has not yet satisfied the performance obligations. This metric reflects the company's future service obligations to members within the exchange network. It serves as a key indicator of future revenue recognition potential as services are delivered over time.