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Travel + Leisure TNL Fee-for-Service commissions — 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%
Eliminations
-$2M
Ancillary revenues
$1M

Similar metrics at other companies

Marriott International logo
MARNet fee revenues — Total Revenue
$1.4B+12.1%
Wyndham Hotels & Resorts, Inc. logo
WHManagement fees — Royalties and franchise fee revenues
$3M
Hyatt Hotels logo
HNet fees — Total revenues
$310M+8.0%
Voya Financial logo
VOYAFee income
$604M+6.0%
Wyndham Hotels & Resorts, Inc. logo
WHOwned Hotel Revenues — Royalties and franchise fee revenues
$1M
Cousins Properties logo
CUZFees and other — Total Revenues
$2M-72.6%

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 fee-for-service commissions — net revenues?
Travel + Leisure (TNL) reported fee-for-service commissions — net revenues of $11M in Q1 2026.
How has Travel + Leisure's fee-for-service commissions — net revenues changed year-over-year?
Travel + Leisure's fee-for-service commissions — net revenues decreased by 31.3% year-over-year, from $16M to $11M.
What does fee-for-service commissions — net revenues mean?
This metric represents the net revenue generated from commissions earned by providing vacation ownership management and sales services on behalf of third-party developers. It reflects the company's ability to monetize its operational expertise and brand infrastructure without the capital intensity of direct asset ownership. This revenue stream is a key indicator of the company's service-based business model efficiency and its role as a strategic partner in the broader hospitality ecosystem.