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Travel + Leisure TNL Travel and Membership — Asset impairments, net

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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:AssetImpairmentCharges.

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

(a)Comprised of trademarks and tradenames the Company has acquired that are expected to generate future cash flows for an indefinite period of time. During 2025, the Company recorded a $1 million tradename impairment at the Travel and Membership segment.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Travel + Leisure's travel and membership — asset impairments, net?
Travel + Leisure (TNL) reported travel and membership — asset impairments, net of $250K in Q4 2025.
What is the long-term trend for Travel + Leisure's travel and membership — asset impairments, net?
Over 2 years (2021 to 2025), Travel + Leisure's travel and membership — asset impairments, net has grown at a -59.2% compound annual growth rate (CAGR), from -$6M to $1M.
What does travel and membership — asset impairments, net mean?
The net reduction in the carrying value of assets when their fair value falls below their book value, indicating potential underperformance or obsolescence. This metric highlights operational risks and the need for asset write-downs within the segment.

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