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Travel + Leisure TNL Fee-for-Service commissions — Net revenues

Other product segments

Vacation ownership interest sales
$524M+10.5%
Property management fees and reimbursable revenues
$230M—
Consumer financing
$113M+0.9%
Transaction revenues
$109M—
Deferred subscription revenue
$42M-2.3%
Subscription revenue
$42M—
Eliminations
-$1M—
Ancillary revenues
$0—

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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 us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Travel + Leisure’s 10-Q, filed July 22, 2026.

Filed
Jul 22, 2026, 11:22 AM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q3 2026
Accession
0001361658-26-000053
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Vacation ownership interest sales$524$474$951$858
Property management fees and reimbursable revenues230217452440
Consumer financing113112226224
Fee-for-Service commissions11262242
Ancillary revenues29245445
Total Vacation Ownership9078531,7051,609
Travel and Membership
Transaction revenues109117225246

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's fee-for-service commissions — net revenues?
Travel + Leisure (TNL) reported fee-for-service commissions — net revenues of $11M in Q2 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 57.7% year-over-year, from $26M 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.

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