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Travel + Leisure TNL VOI trial package revenue — Contract Liabilities

Other product segments

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

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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 trial package revenue — contract liabilities?
Travel + Leisure (TNL) reported VOI trial package revenue — contract liabilities of $138M in Q4 2025.
How has Travel + Leisure's VOI trial package revenue — contract liabilities changed year-over-year?
Travel + Leisure's VOI trial package revenue — contract liabilities decreased by 2.8% year-over-year, from $142M to $138M.
What does VOI trial package revenue — contract liabilities mean?
This metric represents the deferred revenue balance associated with vacation ownership interest trial packages that have been sold but for which the performance obligations have not yet been fully satisfied. It reflects the amount of consideration received from customers for which the company is still obligated to provide travel or hospitality services. Monitoring this balance helps investors assess the company's future revenue pipeline and the pace at which trial customers are consuming their purchased travel benefits.