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Travel + Leisure TNL Travel and Membership — CapEx

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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%

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:SegmentExpenditureAdditionToLongLivedAssets.

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 travel and membership — capex?
Travel + Leisure (TNL) reported travel and membership — capex of $4.25M in Q4 2025.
How has Travel + Leisure's travel and membership — capex changed year-over-year?
Travel + Leisure's travel and membership — capex decreased by 10.5% year-over-year, from $4.75M to $4.25M.
What is the long-term trend for Travel + Leisure's travel and membership — capex?
Over 4 years (2021 to 2025), Travel + Leisure's travel and membership — capex has grown at a 0.0% compound annual growth rate (CAGR), from $17M to $17M.
What does travel and membership — capex mean?
Funds used by the Travel and Membership segment to acquire, upgrade, and maintain physical assets such as technology platforms or operational facilities. These investments are essential for sustaining long-term growth and improving service quality. Tracking this helps assess the segment's commitment to modernization and infrastructure development.