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Travel + Leisure TNL Travel and Membership — Cost of vacation ownership interests

Other segment segments

Vacation Ownership
$23M+9.5%

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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:CostOfGoodsAndServicesSold.

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
Net revenuesVacation OwnershipTravel and MembershipTotal
Sales administration58
Consumer financing interest33
Licensing fees30
Cost of sales2350
Fee-for-Service expenses7
Developer obligations (f)1
Contact center18
Resort services8

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's travel and membership — cost of vacation ownership interests?
Travel + Leisure (TNL) reported travel and membership — cost of vacation ownership interests of $50M in Q2 2026.
How has Travel + Leisure's travel and membership — cost of vacation ownership interests changed year-over-year?
Travel + Leisure's travel and membership — cost of vacation ownership interests increased by 2.0% year-over-year, from $49M to $50M.
What is the long-term trend for Travel + Leisure's travel and membership — cost of vacation ownership interests?
Over 3 years (2022 to 2025), Travel + Leisure's travel and membership — cost of vacation ownership interests has grown at a 1.1% compound annual growth rate (CAGR), from $187M to $193M.
What does travel and membership — cost of vacation ownership interests mean?
This represents the direct costs associated with the inventory of vacation ownership interests sold within the travel and membership segment. It reflects the underlying value of the real estate or usage rights transferred to customers during the reporting period. Monitoring this cost helps assess the profitability of inventory sales and the efficiency of product sourcing.

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