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Travel + Leisure TNL Travel and Membership — Goodwill

Other segment segments

Vacation Ownership
$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$4.74B+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:Goodwill.

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
Line itemBalance as of December 31, 2024Goodwill Acquired During 2025Foreign ExchangeBalance as of December 31, 2025
Travel and Membership$933—$6$939
Vacation Ownership33——33
Total Company$966—$6$972

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

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.

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