Travel + Leisure TNL Exchange-related revenue — Remaining performance obligations

Other product segments

Deferred subscription revenue

$86M-2.3%

Subscription revenue

$82M-4.7%

Similar metrics at other companies

PAGPTerminalling, storage and other agreement revenues — Remaining performance obligation

$426M-43.3%

PEGASubscription license — Revenue remaining performance obligation

$78.44M+73.6%

WHOther — Remaining performance obligation

$18M-45.5%

OTEXCustomer support — Remaining performance obligation

$1.9B+5.6%

WEXOther revenue — Performance obligations expected to be satisfied

$124.8M+7.7%

OTEXCloud services and subscriptions — Remaining performance obligation

$2.6B+13.0%

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:RevenueRemainingPerformanceObligation.

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 — remaining performance obligations?: Travel + Leisure (TNL) reported exchange-related revenue — remaining performance obligations of $53M in Q4 2025.
What does exchange-related revenue — remaining performance obligations mean?: Quantifies the total transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. This metric provides visibility into the backlog of exchange services that the company is contractually obligated to provide to members. It is a critical measure for assessing the long-term revenue visibility and the health of the membership exchange ecosystem.