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Travel + Leisure TNL Transaction revenues — Net revenues

Other product segments

Vacation ownership interest sales
$524M+10.5%
Property management fees and reimbursable revenues
$230M—
Consumer financing
$113M+0.9%
Deferred subscription revenue
$42M-2.3%
Subscription revenue
$42M—
Fee-for-Service commissions
$11M—
Eliminations
-$1M—
Ancillary revenues
$0—

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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$4.77B+22.5%
Enterprise value$8.81B+12.5%
P/E11.7×+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:RevenueFromContractWithCustomerExcludingAssessedTax.

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
Ancillary revenues29245445
Total Vacation Ownership9078531,7051,609
Travel and Membership
Transaction revenues109117225246
Subscription revenues42438486
Ancillary revenues661213
Total Travel and Membership157166321345
Corporate and other

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's transaction revenues — net revenues?
Travel + Leisure (TNL) reported transaction revenues — net revenues of $109M in Q2 2026.
How has Travel + Leisure's transaction revenues — net revenues changed year-over-year?
Travel + Leisure's transaction revenues — net revenues decreased by 6.8% year-over-year, from $117M to $109M.
What does transaction revenues — net revenues mean?
This metric represents the net revenue generated from transactional activities within the travel and membership business segment, excluding recurring ownership-based fees. It captures income derived from individual travel bookings, exchange services, and other non-subscription leisure product sales. Monitoring this figure helps investors assess the company's ability to monetize consumer travel demand and the overall volume of activity within its leisure travel ecosystem.

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