What is Travel + Leisure's vacation ownership — inventory?

Travel + Leisure (TNL) reported vacation ownership — inventory of $9M in Q4 2025.

What does vacation ownership — inventory mean?

Reflects the value of real estate interests and vacation ownership units held for sale or development within the segment. This inventory is critical to the company's ability to generate future revenue through the sale of vacation ownership interests.

Travel + Leisure TNL Vacation Ownership — Inventory

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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%

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:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory.

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 vacation ownership — inventory?: Travel + Leisure (TNL) reported vacation ownership — inventory of $9M in Q4 2025.
What does vacation ownership — inventory mean?: Reflects the value of real estate interests and vacation ownership units held for sale or development within the segment. This inventory is critical to the company's ability to generate future revenue through the sale of vacation ownership interests.