Travelzoo (TZOO) Income Statement

25Y historyFree accessUpdated daily

Revenue growth has decelerated to 4.9% in 2026Q1 while gross margins have contracted from a 2024Q2 peak of 88.1% to 78.4%, reflecting mounting pressure on the company's core advertising-driven business model.

Annual statement

TZOO Income Statement

Travelzoo (TZOO) annual income statement — 25-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01

Sales/Revenue	92.15M	91.72M	83.9M	84.48M	70.6M	62.71M	53.6M	104.92M	111.32M	106.52M	128.55M	141.72M	142.08M	158.23M	151.17M	148.34M	112.78M	93.97M	81.4M	78.91M	69.53M	50.77M	33.68M	17.99M	9.85M	6.15M
Revenue Growth %	4.93%	9.32%	-0.68%	19.66%	12.58%	17%	-48.91%	-5.75%	4.5%	-17.14%	-9.29%	-0.25%	-10.21%	4.67%	1.91%	31.53%	20.02%	15.44%	3.16%	13.5%	36.94%	50.75%	87.2%	82.69%	60.18%	-
Cost of Goods Sold	21.08M	18.08M	10.47M	10.93M	10M	11.39M	10.56M	11.44M	12.27M	12.91M	14.31M	18.82M	17.91M	17.4M	15.74M	13.28M	7.25M	5.63M	3M	2.1M	1.04M	878.1K	694.71K	399.04K	351.17K	304.08K
COGS % of Revenue	-	19.71%	12.48%	12.94%	14.17%	18.16%	19.71%	10.9%	11.02%	12.12%	11.13%	13.28%	12.6%	11%	10.42%	8.95%	6.43%	5.99%	3.68%	2.66%	1.49%	1.73%	2.06%	2.22%	3.57%	4.95%
Gross Profit	71.07M	73.64M	73.43M	73.54M	60.6M	51.32M	43.04M	93.49M	99.05M	93.61M	114.24M	122.89M	124.17M	140.83M	135.42M	135.06M	105.53M	88.34M	78.41M	76.81M	68.49M	49.89M	32.98M	17.59M	9.5M	5.84M
Gross Margin %	77.12%	80.29%	87.52%	87.06%	85.83%	81.84%	80.29%	89.1%	88.98%	87.88%	88.87%	86.72%	87.4%	89%	89.58%	91.05%	93.57%	94.01%	96.32%	97.34%	98.51%	98.27%	97.94%	97.78%	96.43%	95.05%
Gross Profit Growth %	-	0.29%	-0.15%	21.37%	18.07%	19.25%	-53.97%	-5.62%	5.81%	-18.05%	-7.04%	-1.03%	-11.83%	3.99%	0.27%	27.98%	19.45%	12.67%	2.08%	12.16%	37.26%	51.27%	87.5%	85.25%	62.51%	-
Operating Expenses	69.35M	66.74M	54.94M	57.97M	53.04M	52.64M	57.11M	76.45M	90.82M	89.07M	103.17M	115.75M	103.12M	138.55M	109.93M	120.04M	82.02M	74.64M	75.3M	56.19M	38.73M	35.02M	21.95M	13.85M	8.02M	4.63M
OpEx % of Revenue	-	72.76%	65.48%	68.62%	75.13%	83.93%	106.55%	72.86%	81.58%	83.61%	80.26%	81.67%	72.58%	87.56%	72.72%	80.92%	72.72%	79.42%	92.5%	71.21%	55.71%	68.98%	65.18%	77%	81.44%	75.29%
Selling, General & Admin	66.86M	64.19M	52.53M	55.86M	50.98M	50.05M	51.11M	69.74M	81.82M	79.85M	93.73M	103.22M	110.7M	116.55M	106.93M	120.04M	82.02M	74.64M	75.3M	56.19M	38.73M	35.02M	21.95M	13.85M	8.02M	4.63M
SG&A % of Revenue	-	69.98%	62.61%	66.12%	72.2%	79.8%	95.35%	66.47%	73.5%	74.96%	72.91%	72.83%	77.92%	73.66%	70.74%	80.92%	72.72%	79.42%	92.5%	71.21%	55.71%	68.98%	65.18%	77%	81.44%	75.29%
Research & Development	2.48M	2.55M	2.41M	2.11M	2.06M	2.59M	3.08M	6.71M	8.99M	9.22M	9.45M	12.53M	11.57M	8.83M	31K	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	2.78%	2.87%	2.5%	2.92%	4.13%	5.75%	6.39%	8.08%	8.66%	7.35%	8.84%	8.15%	5.58%	0.02%	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	-15K	0	2.92M	0	48K	173K	-187K	0	141K	429K	309K	0	0	0	0	0	0	0	0	0	0	0
Operating Income	1.72M	6.91M	18.5M	15.57M	7.56M	-1.31M	-14.07M	17.04M	8.24M	4.54M	11.07M	7.15M	21.05M	2.28M	25.49M	15.02M	23.51M	13.71M	3.11M	20.62M	29.75M	14.87M	11.03M	3.74M	1.42M	882.3K
Operating Margin %	1.87%	7.53%	22.05%	18.43%	10.7%	-2.09%	-26.26%	16.24%	7.4%	4.27%	8.61%	5.04%	14.82%	1.44%	16.86%	10.13%	20.85%	14.59%	3.82%	26.14%	42.79%	29.29%	32.76%	20.78%	14.44%	14.35%
Operating Income Growth %	-	-62.67%	18.79%	106.06%	675.55%	90.67%	-182.58%	106.86%	81.25%	-58.94%	54.88%	-66.05%	824.06%	-91.06%	69.68%	-36.11%	71.52%	340.63%	-84.92%	-30.68%	100.09%	34.78%	195.09%	162.98%	61.14%	-
EBITDA	1.84M	7.21M	19.41M	17.46M	9.75M	505K	-11.87M	18.2M	10.07M	6.62M	13.6M	9.93M	23.87M	5.26M	28.03M	17.75M	25.9M	15.7M	3.78M	20.82M	29.88M	15.04M	11.19M	3.9M	1.62M	1.02M
EBITDA Margin %	2%	7.86%	23.13%	20.67%	13.8%	0.81%	-22.14%	17.35%	9.04%	6.21%	10.58%	7.01%	16.8%	3.32%	18.54%	11.96%	22.97%	16.71%	4.64%	26.38%	42.98%	29.62%	33.24%	21.69%	16.41%	16.61%
EBITDA Growth %	-87.93%	-62.85%	11.11%	79.2%	1829.9%	104.26%	-165.19%	80.83%	52.05%	-51.32%	36.88%	-58.39%	354.05%	-81.24%	57.93%	-31.48%	64.97%	315.56%	-81.85%	-30.34%	98.74%	34.33%	186.88%	141.46%	58.3%	-
D&A (Non-Cash Add-back)	121K	303K	907K	1.89M	2.19M	1.82M	2.21M	1.16M	1.83M	2.08M	2.53M	2.79M	2.82M	2.98M	2.54M	2.73M	2.39M	1.99M	667K	193K	131K	166.96K	161.33K	163.28K	194.37K	138.63K
EBIT	1.69M	7.66M	19.09M	17.11M	9.96M	2.69M	-11.15M	17.04M	8.24M	4.54M	10.19M	3.82M	17.81M	1.16M	25.49M	15.02M	23.51M	13.71M	13.31M	20.62M	29.75M	15.82M	11.03M	3.74M	1.48M	1.22M
Net Interest Income	0	0	0	0	0	0	167K	0	0	0	0	0	141K	429K	305K	383K	166K	61K	284K	1.31M	1.25M	960.77K	126.5K	13.19K	3.97K	2.7K
Interest Income	0	0	0	0	0	0	167K	0	0	0	0	0	141K	429K	305K	383K	166K	61K	298K	1.31M	1.25M	960.77K	126.5K	13.19K	3.97K	2.7K
Interest Expense	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14K	0	0	0	0	0	0	0
Other Income/Expense	233K	753K	588K	1.54M	2.4M	4.01M	455K	-42K	48K	173K	-187K	-1.24M	-3.15M	-25K	309K	302K	-31K	-17K	798K	1.49M	1.25M	946.08K	126.82K	13.19K	3.97K	2.7K
Pretax Income	1.96M	7.66M	19.09M	17.11M	9.96M	2.69M	-13.62M	17M	8.29M	4.72M	10.88M	5.9M	21.19M	2.71M	25.8M	15.32M	23.48M	13.69M	3.91M	22.11M	31M	15.82M	11.16M	3.75M	1.43M	885K
Pretax Margin %	2.12%	8.35%	22.75%	20.26%	14.11%	4.29%	-25.41%	16.2%	7.44%	4.43%	8.46%	4.17%	14.92%	1.71%	17.07%	10.33%	20.82%	14.57%	4.8%	28.02%	44.6%	31.15%	33.14%	20.85%	14.48%	14.4%
Income Tax	1.33M	2.68M	5.4M	5.11M	3.27M	1.78M	-2.44M	4.71M	3.63M	3.13M	4.25M	-4.96M	4.84M	7.72M	7.6M	12.01M	10.32M	7.27M	8.03M	13M	14.2M	7.85M	5.12M	1.7M	572.61K	521.27K
Effective Tax Rate %	67.81%	34.98%	28.31%	29.83%	32.84%	66.02%	17.9%	27.72%	43.75%	66.26%	39.06%	-84.01%	22.84%	285.11%	29.46%	78.34%	43.97%	53.12%	205.3%	58.8%	45.81%	49.65%	45.9%	45.36%	40.16%	58.9%
Net Income	471K	4.7M	13.56M	12.37M	6.63M	911K	-13.42M	4.16M	4.66M	3.53M	6.63M	10.86M	16.35M	-5.01M	18.2M	3.32M	13.16M	8.62M	-4.12M	9.11M	16.8M	7.96M	6.04M	2.05M	853.07K	363.74K
Net Margin %	0.51%	5.12%	16.17%	14.64%	9.4%	1.45%	-25.04%	3.96%	4.19%	3.31%	5.16%	7.67%	11.51%	-3.17%	12.04%	2.24%	11.67%	9.17%	-5.06%	11.54%	24.17%	15.68%	17.93%	11.4%	8.66%	5.92%
Net Income Growth %	-95.71%	-65.35%	9.69%	86.4%	628.21%	106.79%	-423.06%	-10.86%	32.04%	-46.77%	-38.96%	-33.56%	426.32%	-127.54%	448.3%	-74.77%	52.67%	309.38%	-145.19%	-45.79%	111.01%	31.9%	194.49%	140.32%	134.53%	-
Net Income (Continuing)	630K	4.98M	13.68M	12.01M	6.69M	915K	-11.18M	12.29M	4.66M	1.59M	6.01M	8.52M	13.06M	-5.01M	18.2M	3.32M	13.16M	13.71M	5.91M	9.11M	16.8M	7.96M	6.04M	2.05M	853.07K	363.74K
Discontinued Operations	0	0	0	460K	-59K	-13K	-3.39M	-8.13M	0	1.94M	624K	2.34M	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	5.14M	5.09M	4.82M	4.7M	4.59M	4.6M	4.61M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	0.04	0.41	1.06	0.83	0.53	0.07	-1.18	0.35	0.37	0.27	0.47	0.74	1.10	-0.33	1.14	0.20	0.80	0.52	-0.25	0.57	1.01	0.45	0.33	0.10	0.04	0.02
EPS Growth %	-95.37%	-61.32%	27.71%	56.6%	645.43%	106.03%	-437.14%	-5.41%	37.04%	-42.55%	-36.49%	-32.73%	433.33%	-128.95%	470%	-75%	53.85%	308%	-143.86%	-43.56%	124.44%	36.36%	230%	150%	113.9%	-
EPS (Basic)	-	0.42	1.08	0.83	0.54	0.08	-1.18	0.35	0.38	0.27	0.47	0.74	1.11	-0.33	1.15	0.20	0.80	0.53	-0.29	0.61	1.08	0.49	0.36	0.11	0.04	0.02
Diluted Shares Outstanding	10.66M	11.48M	12.85M	14.96M	12.56M	12.99M	11.34M	12.04M	12.51M	12.89M	14M	14.72M	14.81M	15.27M	15.9M	16.41M	16.45M	16.42M	16.19M	16.07M	16.71M	17.73M	18.47M	20.53M	19.9M	19.43M
Basic Shares Outstanding	10.58M	11.18M	12.59M	14.9M	12.37M	11.65M	11.34M	11.81M	12.32M	12.88M	14M	14.72M	14.77M	15.27M	15.87M	16.32M	16.44M	16.41M	14.27M	14.85M	15.5M	16.25M	16.88M	19.43M	19.43M	19.43M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityStrained

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Rising Customer Acquisition Costs

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Revenue Growth Lacks Consistent Momentum

According to the provided quarterly data, Travelzoo's revenue growth has fluctuated significantly, moving from a 13.7% year-over-year increase in 2023Q4 to a more modest 4.9% in 2026Q1, suggesting that the company's transition toward a subscription-based model has yet to yield a stable, accelerating top-line trajectory.

The inconsistency in revenue growth suggests that the company is struggling to balance its legacy advertising-driven model with the newer membership fee strategy. Investors should monitor whether the recent deceleration reflects a genuine churn in the user base or merely a temporary friction point caused by the implementation of paywalls.

Structural Margin Compression Remains Evident

As reported in financial statements, Travelzoo's gross margins have contracted from a peak of 88.1% in 2024Q2 to 78.4% in 2026Q1, indicating that the cost of delivering services is rising faster than the company's ability to maintain its historical pricing power in a competitive digital landscape.

The erosion of gross margin is particularly concerning for a digital-first business that should theoretically benefit from high operating leverage. This trend suggests that the company may be forced to incur higher direct costs to maintain its curated content quality or to support the infrastructure required for its evolving membership platform.

Operating Leverage Under Significant Pressure

Based on the income statement data, operating margins have compressed sharply from 25.4% in 2024Q1 to 14.2% in 2026Q1, demonstrating that SG&A expenses are scaling disproportionately relative to gross profit, which may indicate inefficiencies in the company's current customer acquisition and retention efforts.

The inability to protect operating margins during periods of revenue growth suggests that the company's cost structure is becoming increasingly rigid. This warrants further investigation into whether the current SG&A spend is effectively driving long-term member value or if it is simply a defensive measure against rising digital advertising costs.

Sustainability of Current Profitability Models

Financial data reveals that net income has become increasingly volatile, with the company reporting a net loss in 2025Q4, which highlights the fragility of the current earnings profile and raises questions about the long-term viability of the business model without significant improvements in operational efficiency.

Short-sellers would likely focus on the erratic nature of the bottom line and the reliance on non-operating items to bolster net income in certain quarters. The transition to a subscription model appears to be a high-stakes pivot that has yet to demonstrate a clear path toward consistent, high-quality earnings growth.

TZOO — Frequently Asked Questions

Quick answers to the most common questions about buying TZOO stock.

What was Travelzoo's (TZOO) revenue in 2025?

For fiscal year 2025, Travelzoo (TZOO) reported total revenue of $91.7M. This represents a 1391.9% increase compared to $6.1M in 2001.

Is Travelzoo (TZOO) profitable?

Travelzoo (TZOO) is profitable, generating $4.7M in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.

What is Travelzoo's operating profit margin?

Travelzoo (TZOO) reported an operating income of $6.9M, resulting in an operating profit margin of 7.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Travelzoo's gross profit and gross margin?

Travelzoo (TZOO) generated $73.6M in gross profit for the year, representing a gross profit margin of 80.3%. This demonstrates the company's core pricing power and production efficiency.