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Travel + Leisure TNL Subscription revenue — Remaining performance obligations

Other product segments

Deferred subscription revenue
$83M-4.6%

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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:RevenueRemainingPerformanceObligation.

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 item202620272028ThereafterTotal
Subscription revenue$82$32$15$18$147
VOI trial package revenue126444138
VOI incentive revenue9090
Exchange-related revenue5321157
Co-branded credit card programs revenue4442436
Other revenue11
Total$356$42$24$47$469

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Travel + Leisure's subscription revenue — remaining performance obligations?
Travel + Leisure (TNL) reported subscription revenue — remaining performance obligations of $82M in Q4 2025.
What does subscription revenue — remaining performance obligations mean?
This metric quantifies the total transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. It reflects the backlog of subscription services that the company is contractually obligated to provide to members in future periods. This provides visibility into the company's long-term revenue pipeline and the stability of its recurring subscription model.

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