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Travel + Leisure TNL Property management fees and reimbursable revenues — Net revenues

Other product segments

Vacation ownership interest sales
$524M+10.5%
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$4.77B+22.5%
Enterprise value$8.81B+12.5%
P/E11.7×+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 property management fees and reimbursable revenues — net revenues?
Travel + Leisure (TNL) reported property management fees and reimbursable revenues — net revenues of $230M in Q2 2026.
How has Travel + Leisure's property management fees and reimbursable revenues — net revenues changed year-over-year?
Travel + Leisure's property management fees and reimbursable revenues — net revenues increased by 6.0% year-over-year, from $217M to $230M.
What does property management fees and reimbursable revenues — net revenues mean?
This metric represents the recurring revenue generated from managing vacation ownership properties and the associated recovery of operating costs from owners' associations. It reflects the company's ability to maintain long-term service contracts and operational efficiency in managing resort assets. This revenue stream is critical for assessing the stability of the company's service-based business model and its ongoing relationship with vacation ownership members.

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