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Travel + Leisure TNL Management fee revenues — 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%
Fee-for-Service commissions
$11M-31.3%
Eliminations
-$2M
Ancillary revenues
$1M

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WHManagement fees — Royalties and franchise fee revenues
$3M
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HLTManagement Service Base — Revenue
$95M+8.0%
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REGManagement fee revenues
$6.93M+1.8%

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 management fee revenues — net revenues?
Travel + Leisure (TNL) reported management fee revenues — net revenues of $116M in Q1 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 1.8% year-over-year, from $114M to $116M.
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.