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

Other product segments

Vacation ownership interest sales
$427M+11.2%
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

Similar metrics at other companies

Vornado Realty logo
VNOProperty Management Fee — Revenue from related parties
$1.1M+2.3%
Hilton Worldwide logo
HLTReimbursement Revenue — Revenue
$1.76B+7.7%
W.P. Carey Inc. logo
WPCRevenue From Reimbursements — Operating property revenues
$0-100%
Hilton Worldwide logo
HLTManagement Service Base — Revenue
$95M+8.0%
Choice Hotels International logo
CHHRevenue for reimbursable costs from franchised and managed properties — Total revenues
$123.9M+0.4%
Marriott International logo
MARCost reimbursement revenue — Total Revenue
$4.84B+4.1%

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 property management fees and reimbursable revenues — net revenues?
Travel + Leisure (TNL) reported property management fees and reimbursable revenues — net revenues of $223M in Q1 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 decreased by 0.0% year-over-year, from $223M to $223M.
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.