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Travel + Leisure TNL Service and membership fees — 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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$29.72M-0.4%
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VVVOil changes and related fees — Net revenues
$311.83M+4.9%

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:Revenues.

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
Net revenues
Vacation ownership interest sales$524$474$951$858
Service and membership fees396407792823
Consumer financing113112226224
Other30255546
Net revenues1,0631,0182,0241,951
Expenses
Operating457457898902

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's service and membership fees — net revenues?
Travel + Leisure (TNL) reported service and membership fees — net revenues of $396M in Q2 2026.
How has Travel + Leisure's service and membership fees — net revenues changed year-over-year?
Travel + Leisure's service and membership fees — net revenues decreased by 2.7% year-over-year, from $407M to $396M.
What is the long-term trend for Travel + Leisure's service and membership fees — net revenues?
Over 4 years (2021 to 2025), Travel + Leisure's service and membership fees — net revenues has grown at a 1.8% compound annual growth rate (CAGR), from $1.5B to $1.62B.
What does service and membership fees — net revenues mean?
This metric represents the total net revenue generated from recurring service fees, membership dues, and management contracts associated with vacation ownership and travel club programs. It reflects the stability and predictability of the company's annuity-like income streams derived from maintaining resort properties and providing ongoing travel benefits to members. Growth in this area indicates strong customer retention and the successful expansion of the company's recurring revenue base.

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