Travelzoo Reports Third Quarter 2026 Results

Club Members rose 65% year-over-year as marketing spending increased and membership fees were recognized over 12 months.

Rhea-AI Summary

Travelzoo (NASDAQ: TZOO) reported third-quarter 2026 revenue of $22.9 million, up 3% year-over-year, while posting an operating loss. The quarter ended September 30 produced a $2.6 million operating loss, versus $488,000 operating income a year earlier. Net loss attributable to Travelzoo was $2.009 million, or $0.20 per share, versus earnings of $0.01 per share.

Club Members increased 65% year-over-year. Marketing costs were expensed immediately, while membership fees are recognized over 12 months. Operating cash flow was $1.819 million, versus $374,000 used a year earlier. Cash, cash equivalents and restricted cash ended at $8.844 million. North America and Europe revenue grew, but both segments posted operating losses. Travelzoo expects revenue growth in Q4 and subsequent quarters, with profitability increasing over time as recurring membership fees are recognized; it expects short-term net income fluctuations.

16 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 17 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue increased 3% year-over-year to $22.9 million.
• Moderate pointClub Members increased 65% year-over-year in Q3 2026.
• Moderate pointQ3 operating cash flow reached $1.819 million, versus $374,000 used a year earlier.
• Moderate pointDeferred revenue increased to $13.523 million at September 30, 2026, from $8.728 million at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Revenue growth is expected by Travelzoo in Q4 2026 and subsequent quarters.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Profitability is expected by Travelzoo to increase over time as recurring membership fees are recognized.

10 minor points

• Minor pointNorth America Q3 revenue increased 4% year-over-year to $14.8 million.
• Minor pointEurope Q3 revenue increased 5% year-over-year to $6.9 million.
• Minor pointJack's Flight Club Q3 operating profit increased to $34,000 from $20,000 a year earlier.
• Minor pointNew Initiatives Q3 operating loss narrowed to $3,000 from $20,000 a year earlier.
• Minor pointQ3 product development expense declined to $589,000 from $631,000 a year earlier.
• Minor pointQ3 income tax benefit was $436,000, versus a $245,000 expense a year earlier.
• Minor pointNine-month revenue increased to $70.391 million from $69.245 million a year earlier.
• Minor pointNine-month product development expense declined to $1.855 million from $1.963 million a year earlier.
• Minor pointNine-month general and administrative expense declined to $12.872 million from $13.420 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Licensing revenue is expected by Travelzoo to increase going forward.

Negative

• Moderate pointQ3 operating loss was $2.560 million, versus $488,000 operating income a year earlier.
• Moderate pointQ3 attributable net loss was $2.009 million, or $0.20 per share, versus $0.01 earnings per share.
• Moderate pointQ3 gross profit declined to $17.162 million from $17.679 million a year earlier.
• Moderate pointQ3 sales and marketing expense increased to $14.604 million from $12.198 million a year earlier.
• Moderate pointCash, cash equivalents and restricted cash declined to $8.844 million from $10.763 million during the first nine months.
• Moderate pointTotal stockholders' deficit widened to $9.761 million at September 30, 2026, from $2.422 million at December 31, 2025.

11 minor points

• Minor pointQ3 general and administrative expense increased to $4.529 million from $4.362 million a year earlier.
• Minor pointNorth America Q3 operating loss was $1.376 million, versus $1.128 million operating profit a year earlier.
• Minor pointEurope Q3 operating loss widened to $1.215 million from $640,000 a year earlier.
• Minor pointJack's Flight Club Q3 revenue decreased 15% year-over-year to $1.2 million.
• Minor pointNine-month operating loss was $1.878 million, versus $6.352 million operating income a year earlier.
• Minor pointNine-month attributable net loss was $1.667 million, versus $4.720 million net income a year earlier.
• Minor pointNine-month diluted EPS fell to a $0.16 loss from $0.39 earnings a year earlier.
• Minor pointNine-month gross profit declined to $52.303 million from $56.113 million a year earlier.
• Minor pointNine-month sales and marketing expense increased to $39.454 million from $34.378 million a year earlier.
• Minor pointNine-month operating cash flow declined to $4.003 million from $4.209 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Short-term net income fluctuations are likely, Travelzoo expects.

News Explained

During Q3, Travelzoo repurchased 256,898 shares of its outstanding common stock.

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Market move: TZOO -3.81% vs previous close. 3Q26 earnings report

$4.65 – $5.82 Day Range

$50.20M Mkt Cap at Last Price

On Oct 27, the day this news came out, the latest delayed price for TZOO is 3.81% below the previous close. The latest delayed price is $4.92.

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Key Figures

Revenue: $22.9 million; up 3% year-over-year Operating loss: $2.6 million Net loss attributable to Travelzoo: $2.0 million +5 more

Revenue

$22.9 million; up 3% year-over-year

Q3 2026

Operating loss

$2.6 million

Consolidated, Q3 2026

Net loss attributable to Travelzoo

$2.0 million

Q3 2026

EPS

$(0.20) per share

Q3 2026, compared with $0.01 per share in the prior-year period

Cash flow from operations

$1.8 million

Q3 2026

Club Members

Up 65% year-over-year

Q3 2026

Cash, cash equivalents and restricted cash

$8.8 million

As of September 30, 2026

Shares repurchased

256,898 shares

Q3 2026

Previous Earnings Reports

2 past events · Latest: Jul 28

Same Type 2 events

1. Jul 28

   Q2 earnings report

   24h Move

   -25.9%

   Reported an operating loss and year-over-year revenue decline amid investment in growing paid membership.

2. Oct 28

   Q3 earnings report

   24h Move

   -17.2%

   Reported year-over-year revenue growth and operating profit for the comparable prior-year quarter.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

eps, non-gaap, deferred revenue, gaap

4 terms

eps financial

"Earnings per share (EPS) of $(0.20)"

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

View in glossary

non-gaap financial

"Non-GAAP operating loss was $2.1 million."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

deferred revenue financial

"Deferred revenue increased because membership fees are earned over the subscription period."

Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.

View in glossary

gaap financial

"not required by, or presented in accordance with, generally accepted accounting principles"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Oct. 27, 2026 /PRNewswire/ -- Travelzoo® (NASDAQ: TZOO):

• Revenue of $22.9 million, up 3% year-over-year
• Consolidated operating loss of $2.6 million
• Non-GAAP consolidated operating loss of $2.1 million
• Cash flow from operations of $1.8 million
• Earnings per share (EPS) of $(0.20)
• Club Members up 65% year-over-year

Travelzoo, the club for travel enthusiasts, today announced financial results for the third quarter ended September 30, 2026. Consolidated revenue was $22.9 million, up 3% from $22.2 million year-over-year. In constant currencies, revenue was $23.0 million. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.

In Q3, we continued to invest significantly in growing Club Members and accelerated the shift towards membership fees revenue. Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. Going forward, we expect new and recurring membership fees revenue from a growing base of members. We refer to our investor presentation.

Net Loss attributable to Travelzoo was $2.0 million for Q3 2026, or $(0.20) per share, compared with $0.01 per share in the prior-year period.

Non-GAAP operating loss was $2.1 million. Non-GAAP operating loss excludes stock option expenses ($338,000) and severance expense ($150,000). Please refer to "Non-GAAP Financial Measures" and the tabular reconciliation below.

"We will continue to leverage Travelzoo's global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complimentary airport lounge access worldwide in case of a delayed flight," said Holger Bartel, Travelzoo's Global CEO. "Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do."

Travelzoo North America
North America business segment revenue increased 4% year-over-year to $14.8 million. Operating loss for Q3 2026 was $1.4 million, or 9% of revenue, compared to operating profit of $1.1 million or 8% of revenue in the prior-year period.

Travelzoo Europe
Europe business segment revenue increased 5% year-over-year to $6.9 million. Operating loss for Q3 2026 was $1.2 million, or 18% of revenue, compared to operating loss of $0.6 million, or 10% of revenue in the prior-year period.

Jack's Flight Club
Jack's Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue decreased 15% year-over-year to $1.2 million. Jack's Flight Club's revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating profit for Q3 2026 was $34,000, compared to operating profit of $20,000 in the prior-year period.

New Initiatives
New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $27,000. Operating loss for Q3 2026 was $3,000.

In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo's brand, business model, and members in Australia, Japan, New Zealand, and Singapore. Under these arrangements, Travelzoo's existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue from the licensee in Australia was $11,000 for Q3 2026. Licensing revenue from the licensee in Japan was $5,000 for Q3 2026. Licensing revenue is expected to increase going forward.

Reach
Travelzoo reaches 30 million travelers. This includes Jack's Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.

In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join. In Q3, the number of Club Members increased by 65% year-over-year.

Income Taxes
The reported income tax benefit for Q3 2026 was $436,000.

Balance Sheet
As of September 30, 2026, cash, cash equivalents and restricted cash were $8.8 million. Cash flow from operations was $1.8 million.

Deferred revenue increased because membership fees are earned over the subscription period. Membership fees revenue is recognized ratably over the subscription period.

Share Repurchase Program
During Q3 2026, the Company repurchased 256,898 shares of its outstanding common stock.

Looking Ahead
For Q4 2026, we expect year-over-year revenue growth. We also expect revenue growth in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we grow Club Members, and as more Legacy Members become Club Members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are likely.

Non-GAAP Financial Measures
Management calculates non-GAAP operating income when evaluating the financial performance of the business. Calculation of non-GAAP operating income, also called "non-GAAP operating profit" in this press release and today's earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

Conference Call
Travelzoo will host a conference call to discuss third quarter 2026 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to

• download the management presentation (PDF format) to be discussed in the conference call
• access the webcast.

About Travelzoo
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words "expect", "predict", "project", "anticipate", "believe", "estimate", "intend", "plan", "seek" and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Travelzoo Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts)
	Three months ended				Nine months ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenues	$      22,910		$      22,198		$      70,391		$      69,245
Cost of revenues	5,748		4,519		18,088		13,132
Gross profit	17,162		17,679		52,303		56,113
Operating expenses:
Sales and marketing	14,604		12,198		39,454		34,378
Product development	589		631		1,855		1,963
General and administrative	4,529		4,362		12,872		13,420
Total operating expenses	19,722		17,191		54,181		49,761
Operating income (loss)	(2,560)		488		(1,878)		6,352
Other income, net	166		(64)		436		727
Income (loss) before income taxes	(2,394)		424		(1,442)		7,079
Income tax expense (benefit)	(436)		245		124		2,158
Net income (loss)	(1,958)		179		(1,566)		4,921
Net income attributable to non-controlling interest	51		29		101		201
Net income (loss) attributable to Travelzoo	$       (2,009)		$           150		$       (1,667)		$        4,720
Net income (loss) per share—basic	$         (0.20)		$          0.01		$         (0.16)		$          0.41
Net income (loss) per share—diluted	$         (0.20)		$          0.01		$         (0.16)		$          0.39
Shares used in per share calculation—basic	10,197		10,987		10,449		11,585
Shares used in per share calculation—diluted	10,197		11,213		10,449		11,974

 

Travelzoo Condensed Consolidated Balance Sheets (Unaudited) (In thousands)
	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$            8,090		$          10,007
Accounts receivable, net	11,198		10,723
Prepaid income taxes	2,093		1,364
Prepaid expenses and other	1,958		1,302
Total current assets	23,339		23,396
Deposits and other	397		166
Deferred tax assets	4,964		4,202
Restricted cash	754		756
Operating lease right-of-use assets	4,737		4,047
Property and equipment, net	117		231
Intangible assets, net	1,450		1,450
Goodwill	10,944		10,944
Total assets	$          46,702		$          45,192
Liabilities and Equity
Current liabilities:
Accounts payable	$          10,468		$           7,761
Merchant payables	10,419		11,665
Accrued expenses and other	5,003		3,926
Deferred revenue	13,523		8,728
Income tax payable	27		279
Operating lease liabilities	2,197		1,811
Total current liabilities	41,637		34,170
Long-term tax liability	10,675		9,260
Long-term operating lease liabilities	4,151		4,184
Total liabilities	56,463		47,614
Common stock	100		109
Tax indemnification	(9,537)		(9,537)
Retained earnings (losses)	(151)		7,243
Accumulated other comprehensive loss	(5,368)		(5,331)
Total Travelzoo stockholders' equity (deficit)	(14,956)		(7,516)
Non-controlling interest	5,195		5,094
Total stockholders' equity (deficit)	(9,761)		(2,422)
Total liabilities and stockholders' equity	$          46,702		$          45,192

 

Travelzoo Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
	Three months ended				Nine months ended
	September 30,				September 30,
	2026		2025		2026		2025
Cash flows from operating activities:
Net income (loss)	$       (1,958)		$           179		$       (1,566)		$        4,921
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44		57		153		239
Stock-based compensation	338		399		1,057		1,108
Deferred income tax	(219)		(1)		(972)		4
Net foreign currency effects	14		71		66		(224)
Provision of loss (net recoveries) on accounts receivable and refund reserve	(35)		(93)		(182)		30
Changes in operating assets and liabilities:
Accounts receivable	3,367		(988)		(490)		756
Prepaid income taxes	(271)		(154)		(846)		84
Prepaid expenses, deposits and other	(98)		(559)		(620)		(702)
Accounts payable	983		2,314		1,667		2,134
Merchant payables	(286)		(612)		(1,100)		(5,053)
Accrued expenses and other	(540)		(981)		1,193		859
Deferred revenue	783		643		4,881		2,363
Income tax payable	(44)		(576)		(165)		(2,583)
Other liabilities	(259)		(73)		927		273
Net cash (used) provided by operating activities	1,819		(374)		4,003		4,209
Cash flows from investing activities:
Purchases of property and equipment	(33)		(15)		(46)		(49)
Net cash used in investing activities	(33)		(15)		(46)		(49)
Cash flows from financing activities:
Repurchase of common stock	(530)		(1,545)		(5,735)		(12,964)
Exercise of stock options and taxes paid for net share settlement of equity awards	—		—		—		(104)
Net cash used in financing activities	(530)		(1,545)		(5,735)		(13,068)
Effect of exchange rate on cash, cash equivalents and restricted cash	(4)		(17)		(141)		415
Net increase (decrease) in cash, cash equivalents and restricted cash	1,252		(1,951)		(1,919)		(8,493)
Cash, cash equivalents and restricted cash at beginning of period	7,592		11,198		10,763		17,740
Cash, cash equivalents and restricted cash at end of period	$        8,844		$        9,247		$        8,844		$        9,247

 

Travelzoo Segment Information from Continuing Operations (Unaudited) (In thousands)
Three months ended September 30, 2026	Travelzoo North America		Travelzoo Europe		Jack's Flight Club		New Initiatives		Consolidated
Revenues from unaffiliated customers	$     14,664		$       7,031		$       1,188		$            27		$        22,910
Intersegment revenues	137		(114)		(23)		—		—
Total net revenues	14,801		6,917		1,165		27		22,910
Sales and marketing expenses	9,069		5,097		438		—		14,604
Other expenses	7,108		3,035		693		30		10,866
Operating profit (loss)	(1,376)		(1,215)		34		(3)		(2,560)
Other income, net									166
Loss from operations before income taxes									(2,394)
Three months ended September 30, 2025	Travelzoo North America		Travelzoo Europe		Jack's Flight Club		New Initiatives		Consolidated
Revenues from unaffiliated customers	$     13,728		$       7,036		$       1,407		$            27		$        22,198
Intersegment revenues	503		(471)		(32)		—		—
Total net revenues	14,231		6,565		1,375		27		22,198
Sales and marketing expenses	6,998		4,549		651		—		12,198
Other expenses	6,105		2,655		704		48		9,512
Operating profit (loss)	1,128		(640)		20		(20)		488
Other loss, net									(64)
Income from operations before income taxes									424

Nine months ended September 30, 2026	Travelzoo North America		Travelzoo Europe		Jack's Flight Club		New Initiatives		Consolidated
Revenues from unaffiliated customers	$     45,539		$     20,991		$       3,800		$            61		$        70,391
Intersegment revenues	610		(561)		(49)		—		—
Total net revenues	46,149		20,430		3,751		61		70,391
Sales and marketing expenses	23,379		14,439		1,636		—		39,454
Other expenses	22,394		8,125		2,163		133		32,815
Operating profit (loss)	376		(2,134)		(48)		(72)		(1,878)
Other income, net									436
Loss from operations before income taxes									(1,442)
Nine months ended September 30, 2025	Travelzoo North America		Travelzoo Europe		Jack's Flight Club		New Initiatives		Consolidated
Revenues from unaffiliated customers	$     44,296		$     20,745		$       4,140		$            64		$        69,245
Intersegment revenues	1,196		(1,084)		(112)		—		—
Total net revenues	45,492		19,661		4,028		64		69,245
Sales and marketing expenses	19,400		13,101		1,877		—		34,378
Other expenses	18,551		7,856		1,963		145		28,515
Operating profit (loss)	7,541		(1,296)		188		(81)		6,352
Other income, net									727
Income from operations before income taxes									7,079

 

Travelzoo Reconciliation of GAAP to Non-GAAP Information (Unaudited) (In thousands, except per share amounts)
	Three months ended				Nine months ended
	September 30,				September 30,
	2026		2025		2026		2025
GAAP operating expense	$      19,722		$      17,191		$      54,181		$      49,761
Non-GAAP adjustments:
Amortization of intangibles (A)	—		2		—		45
Stock option expenses (B)	338		399		1,057		1,108
Severance-related expenses (C)	150		167		165		395
Non-GAAP operating expense	19,234		16,623		52,959		48,213
GAAP operating income (loss)	(2,560)		488		(1,878)		6,352
Non-GAAP adjustments (A through C)	488		568		1,222		1,548
Non-GAAP operating income (loss)	(2,072)		1,056		(656)		7,900

Investor Relations:
ir@travelzoo.com 

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SOURCE Travelzoo

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Travelzoo's Q3 2026 revenue and earnings per share?

Travelzoo reported $22.9 million revenue and a $0.20 loss per share for the quarter ended September 30, 2026. Revenue increased 3% year-over-year, while the prior-year quarter produced earnings of $0.01 per share.

What does Travelzoo expect for Q4 2026?

Travelzoo expects year-over-year revenue growth in Q4 2026 and revenue growth in subsequent quarters. The company also expects profitability to increase over time as recurring membership fees are recognized, while short-term net income fluctuations remain likely.

How does Travelzoo distinguish Club Members from Legacy Members?

Club Members pay a membership fee and receive access to Club Offers and new benefits. Legacy Members joined before 2024 and continue to receive certain travel offers. Travelzoo introduced its membership fee in 2024.

What expenses did Travelzoo exclude from its Q3 2026 non-GAAP operating loss?

Travelzoo excluded $338,000 in stock option expenses and $150,000 in severance expense from its Q3 2026 non-GAAP operating loss of $2.1 million. Its GAAP consolidated operating loss was $2.6 million.