TRAVELZOO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TRAVELZOO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	114	107	111	105	53.6	62.7	70.6	84.5	83.9	91.7
Cost of revenue	13.9	12.9	12.3	11.4	10.6	11.4	10	10.9	10.5	18.1
Gross profit	100	93.6	99.1	93.5	43	51.3	60.6	73.5	73.4	73.6
Research and development	9.1	9.22	8.99	6.71	3.08	2.59	2.06	2.11	2.41	2.55
Selling and marketing	58.4	57.3	58.5	51.3	30.6	30.3	33.1	37.8	34.5	45.3
General and administrative	22.7	22.6	23.3	18.4	20.5	19.8	17.9	18.1	18.1	18.9
Operating expenses	90.2	89.1	90.8	76.4	57.1	52.6	53	58	54.9	66.7
Operating income	10.2	4.55	8.24	17	-14.1	-1.31	7.56	15.6	18.5	6.9
Interest expense					0.03
Other non-operating income	-0.19	0.17	0.05	-0.04	0.46	4.01	2.4	1.54	0.59	0.75
Pre-tax income	10	4.72	8.29	17	-13.6	2.69	9.96	17.1	19.1	7.66
Income tax	3.99	3.13	3.63	4.71	-2.44	1.78	3.27	5.11	5.4	2.68
Income from continuing operations	6.01	1.59	4.66	12.3	-10	0.92	6.69	11.9	13.6	4.7
Net income to minority interests				0	-1.15	-0.01	-0.01	0.1	0.12	0.28
Net income	6.63	3.53	4.66	4.16	-13.4	0.91	6.63	12.4	13.6	4.7
EBITDA	12.7	6.62	10.1	18.4	-11.8	0.51	9.75	17.5	19.4	7.21
EPS, basic	0.47	0.27	0.38	0.35	-1.18	0.08	0.54	0.83	1.08	0.42
EPS, diluted	0.47	0.27	0.37	0.35	-1.18	0.07	0.53	0.83	1.06	0.41
Shares, basic (weighted)	14	12.9	12.3	11.8	11.3	11.6	12.4	14.9	12.6	11.2
Shares, diluted (weighted)	14	12.9	12.5	12	11.3	13	12.6	15	12.9	11.5

Balance sheet

	FY2016	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	26.8	22.6	18	18.7	63.1	43.8	18.7	15.7	17.1	10
Receivables	14.4	11.8	12.6	11.2	4.52	14.9	13.8	13	12.8	10.7
Inventory									0	0.12
Other current assets	0.44	0.28	0.17	0.07	0.09	0.08	0.14	0.09	0.14	0.09
Total current assets	44.5	37.2	33.2	36.1	70	65.1	35.6	30.8	31.8	23.4
Property, plant and equipment	6.16	4.92	3.79	2.86	1.35	0.66	0.66	0.58	0.42	0.23
Lease right-of-use assets				8.14	8.54	7.7	7.44	6.02	5.66	4.05
Goodwill				0	10.9	10.9	10.9	10.9	10.9	10.9
Intangible assets				0	4.53	3.43	3.65	2.09	1.5	1.45
Long-term investments		0	2.69	2.48	0
Total assets	53.5	45.7	43.4	54.5	102	99.7	67.3	55.4	54.7	45.2
Accounts payable	19.7	19.1	17.1	6.38	7	3.41	4.27	4.55	6.16	7.76
Accrued liabilities	8.7	8.7	7.85	6.28	8.65	10.2	5.05	3.66	3.4	3.93
Deferred revenue	0.72	0.83	1.34	0.79	2.69	1.73	2.22	2.04	6.55	8.73
Total current liabilities	29.8	29.6	26.8	35	82.9	87.9	47.5	34.2	36.5	34.2
Long-term debt				0	0.81	0
Lease liabilities				7.92	10.8	9.11	8.33	6.72	5.65	4.18
Other non-current liabilities				0.44	1.09	2.36	0.99	0.91	0.38	0
Total liabilities	35.5	32.6	29.4	43.7	95.9	99.4	58.4	46.5	50.4	47.6
Paid-in capital	0	0	0	0	6.24	4.42	23.3	0.44	0	0
Retained earnings	21.7	16.6	18.2	14.2	-0.4	0.51	7.14	19.5	14.3	7.24
Treasury stock					0	-5.49	-7.13	0
Other comprehensive income	-3.79	-3.6	-4.21	-3.45	-4.06	-3.79	-4.91	-4.61	-5.33	-5.33
Shareholders' equity	18.1	13.1	14.1	10.9	1.89	-4.23	4.26	4.19	-0.46	-7.52
Minority interests				0	4.61	4.6	4.6	4.7	4.82	5.09
Total equity	18.1	13.1	14.1	10.9	1.89	-4.23	8.85	8.88	4.35	-2.42
Total liabilities and equity	53.5	45.7	43.4	54.5	102	99.7	67.3	55.4	54.7	45.2
Shares outstanding	13.5	12.5	12	11.5	11.4	12.1	15.7	13.6	11.8	10.9

Cash flow statement

	FY2016	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.63	3.53	4.66	4.16	-14.6	0.9	6.63	12.5	13.7	4.98
Depreciation and amortization	2.53	2.08	1.83	1.32	2.31	1.82	2.19	1.89	0.91	0.31
Stock-based compensation	0.93	1.01	0.92	0.99	6.2	3.75	1.81	1.57	1.65	1.45
Deferred income tax	-0.2	0.04	-0.42	0.26	-4.77	0.81	0.77	0.05	-0.52	-0.56
Change in receivables	1.31	3.07	-1.52	-0.73	6.2	-9.74	1.32	1.09	-0.15	2.37
Cash from operations	8.72	2.08	5.32	11.2	47	-8.08	-23.1	10.7	21.1	5.66
Capital expenditures	-0.91	-0.74	-0.75	-0.47	-0.25	-0.03	-0.46	-0.26	-0.18	-0.07
Acquisitions	0.06	0	0
Sales and maturities of investments					0	0.13	0	0.22	0
Cash from investing	-0.91	2.15	-3.69	-1.15	2.07	0.1	-1.32	-0.04	-0.18	-0.07
Stock issued			0	1.71	0.06	0	1.01	0
Share buybacks	-9.66	-9.71	-5.29	-10.8	-1.21	-5.49	-1.64	-16.8	-18.9	-13
Cash from financing	-15.3	-9.71	-5.29	-9.11	-6.98	-11.2	1.28	-14.2	-19	-13.1
Exchange rate effect	-0.88	1.25	-0.88	0.27	1.57	-0.26	-2.46	0.53	-0.6	0.5
Net change in cash	-8.33	-4.24	-4.54	1.25	43.7	-19.4	-25.6	-2.99	1.35	-6.98
Free cash flow	7.81	1.34	4.57	10.8	46.8	-8.11	-23.6	10.4	20.9	5.6
Interest paid	0.09	0	0	0	0.14	0	0
Income taxes paid	3.31	6.2	4.28	4.72	1.95	3.12	1.15	-0	1.94	3.84

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.1%	Gross profit / revenue.
Operating margin	1.9%	Operating income / revenue.
EBITDA margin	2.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.1%	Pre-tax income / revenue.
Net margin	0.5%	Net income / revenue.
FCF margin	3.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.5%	Cash from operations / revenue.
Effective tax rate	67.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.0%	Net income / average total assets.
R&D / revenue	2.7%	Research and development expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.0%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-62.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-62.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-65.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-61.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-73.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-34.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-73.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-34.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-17.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-15.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-10.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.64x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	113.8%	Total liabilities / total assets.
Working capital	-$14.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$24.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.93x	Revenue / average total assets.
Fixed asset turnover	698x	Revenue / average property, plant and equipment.
Receivables turnover	6.34x	Revenue / average receivables.
Days sales outstanding	58 days	365 x average receivables / revenue.
Days payables	142 days	365 x average accounts payable / cost of revenue.
FCF conversion	682.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.93	Revenue / diluted weighted shares.
FCF per share	$0.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.32	Cash from operations / diluted weighted shares.
Book value per share	-$1.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.36	Tangible book value / shares outstanding.
Cash per share	$0.67	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	209.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$56.9M	Share price x shares outstanding.
Enterprise value	$50.1M	Market cap + total debt - cash - short-term investments.
P/E	121x	Market cap / net income. Only when net income is positive.
P/S	0.62x	Market cap / revenue.
P/FCF	17.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.4x	Market cap / cash from operations, when positive.
EV/Sales	0.54x	Enterprise value / revenue.
EV/EBIT	29.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	11.9%	(Dividends paid + share buybacks) / market cap.

What was TRAVELZOO's revenue in fiscal 2025?

TRAVELZOO reported revenue of $91.7M for fiscal 2025, 9.3% higher than the year before.

Was TRAVELZOO profitable in fiscal 2025?

Yes. Net income was $4.7M, a net margin of 5.1%.

How much free cash flow did TRAVELZOO generate in fiscal 2025?

Cash from operations of $5.7M minus capital expenditures of $65.0K left free cash flow of $5.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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