Travel + Leisure TNL VOI incentive revenue — Remaining performance obligations

Other product segments

Deferred subscription revenue

$86M-2.3%

Subscription revenue

$82M-4.7%

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$85M-4.5%

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:RevenueRemainingPerformanceObligation.

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 — remaining performance obligations?: Travel + Leisure (TNL) reported VOI incentive revenue — remaining performance obligations of $90M in Q4 2025.
What does VOI incentive revenue — remaining performance obligations mean?: This metric quantifies the aggregate transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied as of the reporting date for vacation ownership incentive contracts. It provides visibility into the backlog of services or benefits the company is contractually obligated to provide to members in the future. This is a key indicator of long-term revenue visibility and the health of the membership-based business model.