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Travel + Leisure TNL Travel and Membership — Marketing

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Vacation Ownership
$132M+15.8%

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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:MarketingExpense.

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
Total consolidated revenues$1,063
Less:
Property management expense180
Marketing1329
Commissions121
General and administrative (d)6523
Sales administration58
Consumer financing interest33

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's travel and membership — marketing?
Travel + Leisure (TNL) reported travel and membership — marketing of $9M in Q2 2026.
How has Travel + Leisure's travel and membership — marketing changed year-over-year?
Travel + Leisure's travel and membership — marketing decreased by 18.2% year-over-year, from $11M to $9M.
What is the long-term trend for Travel + Leisure's travel and membership — marketing?
Over 3 years (2022 to 2025), Travel + Leisure's travel and membership — marketing has grown at a -12.0% compound annual growth rate (CAGR), from $63M to $43M.
What does travel and membership — marketing mean?
Expenditures incurred to promote travel products, membership programs, and brand awareness to prospective customers. This metric measures the investment intensity required to drive segment revenue and customer acquisition. Analyzing this relative to revenue growth helps assess the return on marketing spend.

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