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Travel + Leisure TNL VOI incentive revenue — Contract Liabilities

Other product segments

Subscription revenue
$147M-2.6%
Deferred subscription revenue
$146M-5.8%

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FOS
FOSLLicensing Income — Contract Liabilities
$300K

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:ContractWithCustomerLiability.

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 itemAs of December 31, 2025As of December 31, 2024
Deferred subscription revenue$147$151
Deferred VOI trial package revenue138142
Deferred VOI incentive revenue9086
Deferred exchange-related revenue (a)5758
Deferred co-branded credit card programs revenue3621
Deferred other revenue11
Total$469$459

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

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.

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