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Travel + Leisure TNL Service and membership fees — 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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WTWMembership and other income
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COSTMembership — Total Revenue
$4.06B+12.7%
Allstate logo
ALLMembership and other income
$719M-5.6%
Caesars Entertainment, Inc. logo
CZRHotel — Net revenues
$487M+1.0%
Vail Resorts logo
MTNResort net revenue
$1.21B-7.0%
Marriott International logo
MARNet fee revenues — Total Revenue
$1.4B+12.1%

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:Revenues.

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 service and membership fees — net revenues?
Travel + Leisure (TNL) reported service and membership fees — net revenues of $396M in Q1 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 5.0% year-over-year, from $417M 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.