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Travel + Leisure TNL Exchange-related revenue — Managed property owner's association

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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 tnl:ManagedPropertyOwnersAssociation.

The source filing: Travel + Leisure’s 10-K, filed February 18, 2026.

Filed
Feb 18, 2026, 10:08 AM EST
Fiscal year
FY2025
Accession
0001361658-26-000009

One of the associations that the Company manages paid the Travel and Membership segment $35 million, $35 million, and $36 million for exchange services during 2025, 2024, and 2023.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Travel + Leisure's exchange-related revenue — managed property owner's association?
Travel + Leisure (TNL) reported exchange-related revenue — managed property owner's association of 0.3 in Q4 2025.
How has Travel + Leisure's exchange-related revenue — managed property owner's association changed year-over-year?
Travel + Leisure's exchange-related revenue — managed property owner's association decreased by 0.0% year-over-year, from 0.3 to 0.3.
What is the long-term trend for Travel + Leisure's exchange-related revenue — managed property owner's association?
Over 3 years (2022 to 2025), Travel + Leisure's exchange-related revenue — managed property owner's association has grown at a 0.0% compound annual growth rate (CAGR), from 1 to 1.
What does exchange-related revenue — managed property owner's association mean?
Reflects the revenue generated from providing management and administrative services to property owner associations within the exchange network. This stream represents recurring service-based income derived from the oversight and maintenance of vacation properties. It highlights the company's role in operational stewardship and its ability to generate stable, fee-based cash flows from managed assets.

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