What is Travel + Leisure's travel and membership — goodwill?

Travel + Leisure (TNL) reported travel and membership — goodwill of $939M in Q4 2025.

How has Travel + Leisure's travel and membership — goodwill changed year-over-year?

Travel + Leisure's travel and membership — goodwill increased by 0.6% year-over-year, from $933M to $939M.

What does travel and membership — goodwill mean?

The cumulative balance of goodwill recorded on the balance sheet for the segment, representing the premium paid for past acquisitions that has not yet been impaired. It reflects the long-term strategic value attributed to the segment's historical growth through acquisitions.

Travel + Leisure TNL Travel and Membership — Goodwill

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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:Goodwill.

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 — goodwill?: Travel + Leisure (TNL) reported travel and membership — goodwill of $939M in Q4 2025.
How has Travel + Leisure's travel and membership — goodwill changed year-over-year?: Travel + Leisure's travel and membership — goodwill increased by 0.6% year-over-year, from $933M to $939M.
What does travel and membership — goodwill mean?: The cumulative balance of goodwill recorded on the balance sheet for the segment, representing the premium paid for past acquisitions that has not yet been impaired. It reflects the long-term strategic value attributed to the segment's historical growth through acquisitions.