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Travel + Leisure TNL Reimbursable 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

Similar metrics at other companies

Valaris logo
VALReimbursable revenues
$35.3M-17.7%
Hilton Worldwide logo
HLTReimbursement Revenue — Revenue
$1.76B+7.7%
Marriott International logo
MARCost reimbursement revenue — Total Revenue
$4.84B+4.1%
W.P. Carey Inc. logo
WPCRevenue From Reimbursements — Operating property revenues
$0-100%
Hyatt Hotels logo
HRevenues for reimbursed costs — Total revenues
$945M+6.7%
Hilton Worldwide logo
HLTTotalrevenuesexcludingreimbursablerevenues — Revenue
$1.18B+11.0%

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 reimbursable revenues — net revenues?
Travel + Leisure (TNL) reported reimbursable revenues — net revenues of $107M in Q1 2026.
How has Travel + Leisure's reimbursable revenues — net revenues changed year-over-year?
Travel + Leisure's reimbursable revenues — net revenues decreased by 1.8% year-over-year, from $109M to $107M.
What does reimbursable revenues — net revenues mean?
This metric represents revenue generated from the reimbursement of costs incurred by the company while performing services on behalf of third-party property owners or managed resort associations. It reflects the pass-through nature of operational expenses where the company is compensated for managing properties without retaining the underlying margin on those specific costs. Tracking this figure helps investors distinguish between core service-based revenue and administrative cost recovery activities.