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Travel + Leisure TNL Subscription revenue — Contract Liabilities

Other product segments

Deferred subscription revenue
$146M-5.8%

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FOS
FOSLLicensing Income — Contract Liabilities
$300K

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:ContractWithCustomerLiability.

The source filing: Travel + Leisure’s 10-K, filed February 18, 2026.

Filed
Feb 18, 2026, 10:08 AM EST
Fiscal year
FY2025
Accession
0001361658-26-000009
Line itemAs of December 31, 2025As of December 31, 2024
Deferred subscription revenue$147$151
Deferred VOI trial package revenue138142
Deferred VOI incentive revenue9086
Deferred exchange-related revenue (a)5758
Deferred co-branded credit card programs revenue3621
Deferred other revenue11
Total$469$459

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Travel + Leisure's subscription revenue — contract liabilities?
Travel + Leisure (TNL) reported subscription revenue — contract liabilities of $147M in Q4 2025.
How has Travel + Leisure's subscription revenue — contract liabilities changed year-over-year?
Travel + Leisure's subscription revenue — contract liabilities decreased by 2.6% year-over-year, from $151M to $147M.
What does subscription revenue — contract liabilities mean?
This represents the deferred revenue balance arising from subscription-based contracts where cash has been collected from customers in advance of the performance obligations being satisfied. It serves as a key indicator of future revenue recognition potential and customer commitment within the subscription business segment. Monitoring this balance helps investors assess the company's ability to secure long-term service agreements and manage deferred income liabilities.

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