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Travel + Leisure TNL VOI incentive revenue — Contract Liabilities

Other product segments

Deferred subscription revenue
$151M-3.2%
Subscription revenue
$147M-2.6%

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RITMIncentive income — Revenue
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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:ContractWithCustomerLiability.

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 VOI incentive revenue — contract liabilities?
Travel + Leisure (TNL) reported VOI incentive revenue — contract liabilities of $90M in Q4 2025.
How has Travel + Leisure's VOI incentive revenue — contract liabilities changed year-over-year?
Travel + Leisure's VOI incentive revenue — contract liabilities increased by 4.7% year-over-year, from $86M to $90M.
What does VOI incentive revenue — contract liabilities mean?
This metric represents the total deferred revenue or contract liability balance associated with vacation ownership incentive programs. It reflects payments received from customers for which the company has not yet satisfied its performance obligations under the incentive agreement. Monitoring this balance helps investors assess future revenue potential and the timing of service delivery within the vacation ownership segment.