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

Travel + Leisure (TNL) reported travel and membership — net revenues of $165M in Q1 2026.

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

Travel + Leisure's travel and membership — net revenues decreased by 8.3% year-over-year, from $180M to $165M.

What does travel and membership — net revenues mean?

The total revenue generated by the Travel and Membership segment after deducting applicable taxes and adjustments. It serves as the primary indicator of the segment's market demand and top-line performance. Growth in this metric reflects the successful expansion of membership bases and travel service utilization.

Travel + Leisure TNL Travel and Membership — Net revenues

Other segment segments

Vacation Ownership

$877M+7.7%

Similar metrics at other companies

GBTGTravel revenue — Total Revenue

$665M+33.3%

BJMembership — Total Revenue

$107.74M+1.3%

GBTGAll other countries — Total Revenue

$188.5M+18.0%

CZRHotel — Net revenues

$487M+1.0%

GBTGReportable Segment — Total Revenue

$840M+35.3%

DALTravel-related services — Operating revenue

$506M+7.2%

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:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Travel + Leisure’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Travel + Leisure's travel and membership — net revenues?: Travel + Leisure (TNL) reported travel and membership — net revenues of $165M in Q1 2026.
How has Travel + Leisure's travel and membership — net revenues changed year-over-year?: Travel + Leisure's travel and membership — net revenues decreased by 8.3% year-over-year, from $180M to $165M.
What does travel and membership — net revenues mean?: The total revenue generated by the Travel and Membership segment after deducting applicable taxes and adjustments. It serves as the primary indicator of the segment's market demand and top-line performance. Growth in this metric reflects the successful expansion of membership bases and travel service utilization.