Travel + Leisure TNL Subscription revenue — Remaining performance obligations

Other product segments

Deferred subscription revenue

$86M-2.3%

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CVLTTotal subscription — Revenue, remaining performance obligation, percentage recognized

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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:RevenueRemainingPerformanceObligation.

The official record: Travel + Leisure’s 10-K, filed February 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

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.