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Travel + Leisure TNL Management fee revenues — 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
Fee-for-Service commissions
$11M
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
Management fee revenues$117$114$233$228
Reimbursable revenues113103219212
Property management fees and reimbursable revenues$230$217$452$440

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's management fee revenues — net revenues?
Travel + Leisure (TNL) reported management fee revenues — net revenues of $117M in Q2 2026.
How has Travel + Leisure's management fee revenues — net revenues changed year-over-year?
Travel + Leisure's management fee revenues — net revenues increased by 2.6% year-over-year, from $114M to $117M.
What does management fee revenues — net revenues mean?
This metric represents the recurring revenue generated from providing property management and administrative services to vacation ownership resorts and associations. It reflects the company's ability to monetize its operational footprint and maintain long-term service relationships with resort properties. As a stable revenue stream, it serves as a key indicator of the company's recurring service model performance independent of new vacation ownership interest sales.

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