Travelzoo Inc. is an Internet company that publishes deals from more than 2,000 travel, entertainment and local businesses such as restaurants and spas. It has 28 million members in North America, Europe, and Asia Pacific and 25 offices worldwide. Companies pay to advertise their deals with Travelzoo, but only those approved by Travelzoo are listed.3 Its shares trade on Nasdaq under the symbol TZOO.1Wikipedia text CC BY-SA 4.0
Travelzoo Inc. is an Internet company that publishes deals from more than 2,000 travel, entertainment and local businesses such as restaurants and spas. It has 28 million members in North America, Europe, and Asia Pacific and 25 offices worldwide.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Share buybacks
Capital spending0¢$65.0K
Share buybacks100¢$13.0M
Out of $5.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9
Financial statements
Revenue10111213149$91.7M in 2025−13% since 2019Gross profit10111213149$73.6M in 2025−21% since 2019Operating income10111213149$6.9M in 2025−59% since 2019Net income10111213149$4.7M in 2025+13% since 2019
Revenue1516$23.2M in Q2 FY2026−4% since Q1 FY2026Gross profit1516$16.1M in Q2 FY2026−15% since Q1 FY2026Operating income1516-$2.8M in Q2 FY2026Net income1516-$2.1M in Q2 FY2026
Every line of the income statement as filed: the last 2 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
Revenues
$91.7M
$83.9M
Cost of revenues
$18.1M
$10.5M
Gross profit
$73.6M
$73.4M
Sales and marketing
$45.3M
$34.5M
Product development
$2.6M
$2.4M
General and administrative
$18.9M
$18.1M
Total operating expenses
$66.7M
$54.9M
Operating income
$6.9M
$18.5M
Other income, net
$753.0K
$588.0K
Income before income taxes
$7.7M
$19.1M
Income tax expense
$2.7M
$5.4M
Net income
$5.0M
$13.7M
Net income attributable to non-controlling interest
$279.0K
$118.0K
Net income attributable to Travelzoo
$4.7M
$13.6M
Net income per share - basic (in dollars per share)
$0.42
$1.08
Net income per share - diluted (in dollars per share)
$0.41
$1.06
Shares used in per share calculation from operationsbasic (in shares)
11.2M shares
12.6M shares
Shares used in per share calculation from operationsdiluted (in shares)
11.5M shares
12.9M shares
No quarter-by-quarter statement was filed.
Total assets10111213149$45.2M in 2025−17% since 2019Total liabilities10111213149$47.6M in 2025+9% since 2019Shareholders’ equity11171213149-$7.5M in 2025Cash10111213149$10.0M in 2025−47% since 2019
Total assets1516$47.8M in Q2 FY2026+6% since Q1 FY2025Total liabilities1516$54.4M in Q2 FY2026+14% since Q1 FY2025Shareholders’ equity1516-$11.7M in Q2 FY2026+56% since Q1 FY2025Cash1516$6.8M in Q2 FY2026−32% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$10.0M
$17.1M
Accounts receivable, net of allowance of $1,222 and $1,612 as of December 31, 2025 and 2024, respectively
$10.7M
$12.8M
Prepaid income taxes
$1.4M
$736.0K
Prepaid expenses and other
$1.3M
$1.1M
Total current assets
$23.4M
$31.8M
Deposits and other
$166.0K
$374.0K
Deferred tax assets
$4.2M
$3.4M
Restricted cash
$756.0K
$675.0K
Operating lease right-of-use assets
$4.0M
$5.7M
Property and equipment, net
$231.0K
$423.0K
Intangible assets, net
$1.4M
$1.5M
Goodwill
$10.9M
$10.9M
Total assets
$45.2M
$54.7M
Accounts payable
$7.8M
$6.2M
Merchant payables
$11.7M
$16.3M
Accrued expenses and other
$3.9M
$3.4M
Deferred revenue
$8.7M
$6.5M
Operating lease liabilities
$1.8M
$2.5M
Income tax payable
$279.0K
$1.6M
Total current liabilities
$34.2M
$36.5M
Long-term tax liabilities
$9.3M
$7.9M
Long-term operating lease liabilities
$4.2M
$5.6M
Other long-term liabilities
$0
$376.0K
Total liabilities
$47.6M
$50.4M
Preferred stock, $0.01 par value per share (5,000 shares authorized; none issued)
$0
$0
Common stock, $0.01 par value (20,000 shares authorized as of December 31, 2025 and 2024, respectively; 10,932 shares issued and outstanding as of December 31, 2025 and 11,836 shares issued and outstanding as of December 31, 2024)
$109.0K
$118.0K
Additional paid-in capital
$0
$0
Tax indemnification
-$9.5M
-$9.5M
Retained earnings
$7.2M
$14.3M
Accumulated other comprehensive loss
-$5.3M
-$5.3M
Total Travelzoo stockholders equity (deficit)
-$7.5M
-$462.0K
Non-controlling interest
$5.1M
$4.8M
$4.7M
Total stockholders equity (deficit)
-$2.4M
$4.4M
$8.9M
Total liabilities and stockholders equity (deficit)
$45.2M
$54.7M
Accounts receivable, net of allowance
$1.2M
$1.6M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
20.0M shares
20.0M shares
Common stock, shares issued (in shares)
10.9M shares
11.8M shares
Common stock, shares outstanding (in shares)
10.9M shares
11.8M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$10.0M
$17.1M
Accounts receivable, net of allowance of $1,222 and $1,612 as of December 31, 2025 and 2024, respectively
$10.7M
$12.8M
Prepaid income taxes
$1.4M
$736.0K
Prepaid expenses and other
$1.3M
$1.1M
Total current assets
$23.4M
$31.8M
Deposits and other
$166.0K
$374.0K
Deferred tax assets
$4.2M
$3.4M
Restricted cash
$756.0K
$675.0K
Operating lease right-of-use assets
$4.0M
$5.7M
Property and equipment, net
$231.0K
$423.0K
Intangible assets, net
$1.4M
$1.5M
Goodwill
$10.9M
$10.9M
Total assets
$45.2M
$54.7M
Accounts payable
$7.8M
$6.2M
Merchant payables
$11.7M
$16.3M
Accrued expenses and other
$3.9M
$3.4M
Deferred revenue
$8.7M
$6.5M
Operating lease liabilities
$1.8M
$2.5M
Income tax payable
$279.0K
$1.6M
Total current liabilities
$34.2M
$36.5M
Long-term tax liabilities
$9.3M
$7.9M
Long-term operating lease liabilities
$4.2M
$5.6M
Other long-term liabilities
$0
$376.0K
Total liabilities
$47.6M
$50.4M
Preferred stock, $0.01 par value per share (5,000 shares authorized; none issued)
$0
$0
Common stock, $0.01 par value (20,000 shares authorized as of December 31, 2025 and 2024, respectively; 10,932 shares issued and outstanding as of December 31, 2025 and 11,836 shares issued and outstanding as of December 31, 2024)
$109.0K
$118.0K
Additional paid-in capital
$0
$0
Tax indemnification
-$9.5M
-$9.5M
Retained earnings
$7.2M
$14.3M
Accumulated other comprehensive loss
-$5.3M
-$5.3M
Total Travelzoo stockholders equity (deficit)
-$7.5M
-$462.0K
Non-controlling interest
$5.1M
$4.8M
$4.7M
Total stockholders equity (deficit)
-$2.4M
$4.4M
$8.9M
Total liabilities and stockholders equity (deficit)
$45.2M
$54.7M
Accounts receivable, net of allowance
$1.2M
$1.6M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
20.0M shares
20.0M shares
Common stock, shares issued (in shares)
10.9M shares
11.8M shares
Common stock, shares outstanding (in shares)
10.9M shares
11.8M shares
Cash from operations10111213149$5.7M in 2025−50% since 2019Capital spending10111213149$65.0K in 2025−86% since 2019Free cash flow10111213149$5.6M in 2025−48% since 2019Share buybacks10111213149$13.0M in 2025+20% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
Net income
$5.0M
$13.7M
Depreciation and amortization
$305.0K
$907.0K
Stock-based compensation
$1.4M
$1.6M
Deferred income tax
-$558.0K
-$518.0K
Net foreign currency effect
-$215.0K
-$33.0K
Provision for accounts receivable and refund reserves
$182.0K
$40.0K
Accounts receivable
$2.4M
-$145.0K
Prepaid income taxes
-$617.0K
-$107.0K
Prepaid expenses and other
$181.0K
$950.0K
Accounts payable
$1.5M
$1.7M
Merchant payables
-$5.2M
-$4.1M
Accrued expenses and other
$214.0K
-$282.0K
Deferred revenue
$2.0M
$4.6M
Income tax payable
-$1.4M
$857.0K
Other liabilities
$446.0K
$1.9M
Net cash provided by operating activities
$5.7M
$21.1M
Purchases of property and equipment
-$65.0K
-$177.0K
Net cash used in investing activities
-$65.0K
-$177.0K
Repurchase of common stock
-$13.0M
-$18.9M
Proceeds from payment of promissory note
$0
$1.8M
Exercise of stock options, net of taxes paid for net share settlement of equity awards
-$104.0K
-$1.8M
Net cash used in financing activities
-$13.1M
-$19.0M
Effect of exchange rate changes on cash and cash equivalents
$495.0K
-$599.0K
Net increase (decrease) in cash, cash equivalents and restricted cash
-$7.0M
$1.4M
Cash paid (refund) for income taxes, net
$3.8M
$1.9M
Right-of-use assets obtained in exchange for lease obligationsoperating leases
$321.0K
$1.3M
Cash paid for amounts included in the measurement of lease liabilities
Travelzoo sits at the top of its group. 10 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Travelzoo
Ocho Investments LLC Filed SCHEDULE 13G/A on Travelzoo, latest Feb 13, 2026 (3 filings since Oct 16, 2024)
Forager Capital Management, LLC Filed SCHEDULE 13G/A on Travelzoo, latest Jan 8, 2025 (2 filings since Feb 15, 2022)
RENAISSANCE TECHNOLOGIES LLC Filed SCHEDULE 13G on Travelzoo, latest Nov 13, 2024
Forager Fund, L.P. Filed SC 13G/A on Travelzoo, latest Feb 15, 2023
TravelzooNew York, New York, United States
Flights Explorer UK Ltd (100% owned by JFC Travel Group Co.) Subsidiary · United Kingdom
Jack’s Flight Club (Canada) Inc. Subsidiary · Canada
JFC Travel Group Co. (60%) Subsidiary · Delaware, United States
Metaverse Travel Experiences, LLC Subsidiary · Delaware, United States
Travelzoo (Asia) Limited Subsidiary · Hong Kong
Travelzoo (Canada) Inc. Subsidiary · Canada
Travelzoo (Europe) Limited, with branches in France, Spain, and Germany Subsidiary · United Kingdom
Travelzoo (USA) Inc. (f/k/a Travelzoo Local Inc.) Subsidiary · Delaware, United States
Travelzoo Meta LTD Subsidiary · United Kingdom
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Travelzoo reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We are headquartered in New York, New York, where we occupy approximately 13,500 square feet of leased office space. In addition to our New York office, we have several leased offices throughout the U.S. and Canada for our North America operations, including offices in Chicago, Illinois; Miami, Florida and Toronto, Ontario. We also have leased offices for our Europe operations in Germany, Spain, and the U.K., including offices in Barcelona, Berlin, London, and Munich.
We believe that our leased facilities are adequate to meet our current needs; however, we intend to expand our operations and therefore may require additional facilities in the future. We believe that such additional facilities are available.
In October 1998, Travelzoo founder Ralph Bartel, a former print and television journalist, launched Travelzoo.com with an initial investment of $10,000. In September 2000, Travelzoo published its first Top 20 and e-mailed one million U.S. members. In December 2003, Travelzoo became publicly traded on the NASDAQ SmallCap Market under the ticker symbol "TZOO".
In April 2004, Travelzoo announced that the company's publications had reached over 7 million members, a 75% increase over the 4 million members Travelzoo counted in April 2003.
On March 31, 2006, Travelzoo announced that Forbes.com rated the Travelzoo Web site as one of the best Web sites for travel-related information and travel deals.
Travelzoo acquired Travelzoo Asia Pacific in 2015 to take advantage of the region's increased travel growth.
In October 2015, Travelzoo's CEO Chris Loughlin announced he would step down by the end of the year, to be succeeded temporarily by chairman Holger Bartel.
In September 2024, Litchfield Hills Research initiated coverage on shares of Travelzoo (NASDAQ:TZOO) with a Buy rating and set a price target of $35.00.
Oct 27, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.01 a share, on Oct 28, 2025.60
When it reported results
Jul 28, 2026Reported quarterly or annual results48
Apr 23, 2026Reported quarterly or annual results49
Feb 19, 2026Reported quarterly or annual results51
Oct 28, 2025Reported quarterly or annual results52
Jul 23, 2025Reported quarterly or annual results53
Apr 29, 2025Reported quarterly or annual results55
Feb 25, 2025Reported quarterly or annual results56
Oct 23, 2024Reported quarterly or annual results57
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
285 filings to the SEC since October 2021: 6 annual reports, 19 quarterly reports, 37 major events, 179 insider forms, 7 large holders, 37 other. The latest 20:
269 open-market trades by officers, directors and large owners since October 2021: 7 buys and 262 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
Holger BartelGlobal Chief Executive Officer Head of Strategy
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 71. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 11, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Travelzoo names in Item 1A of its 10-K filed Mar 11, 2026: 43 risks under these headings, as written.18
Risks Related to Our Financial Condition and Business Model
We cannot assure you that we will be profitable.
Fluctuations in our operating results may negatively impact our stock price.
Expansion of product offerings may result in additional costs that exceed revenue and may trigger additional stock price volatility.
Our voucher products may be adversely impacted by competition and changing consumer demand for vouchers.
A change in our estimate of our refund rates with respect to unredeemed vouchers could result in a change of our reported revenues and an increase in our refund rates could reduce our liquidity and adversely affect our profitability.
Impairments of goodwill, long-term investments and long-lived assets have a negative impact on our results of operations.
Our business could be negatively affected by reliance on digital platforms and changes in search engine algorithms or other traffic-generating arrangements.
Trends in consumer use of mobile devices continue to create challenges.
We may have exposure to additional tax liabilities.
Adverse application of state and local tax laws could have an adverse effect on our business and results of operation.
Our business model may not be adaptable to a changing market.
The other 32 risks
If we fail to retain existing advertisers or add new advertisers, our revenue and business will be harmed.
If our advertisers and content do not meet the needs and expectations of our members, our business could suffer.
Our business relies heavily on email and other messaging services, and any restrictions on the sending of emails or messages or a decrease in member willingness to receive emails or messages could adversely affect our revenue and business.
“Cookie”, “pixel” and tracking technology laws could negatively impact the way we do business.
Our reported reach may be higher than the actual reach and may not be representative of the number of persons who are active potential customers.
We may not be able to obtain sufficient funds to grow our business and equity or debt financing may be on adverse terms.
We may be sensitive to recessions or other macroeconomic circumstances or events affecting the travel industry generally.
Our operations could be significantly hindered by the occurrence of a natural disaster or other catastrophic event.
We are subject to payments-related and fraud risks.
Our financial results may be adversely affected by changes in United States generally accepted accounting principles, and we may incur significant costs to adjust our accounting systems and processes to comply.
Failure to meet environmental, social, and governance ("ESG") expectations or standards or achieve the Company's voluntary ESG-related goals may adversely impact our business, reputation, brand, results of operations, and/or financial condition.
Risks Related to Our Markets and Strategy
Our international operations may result in operating losses and are subject to other material risks.
We may not be able to continue developing awareness of our brand names.
If we fail to retain our existing members or acquire new members, our revenue and business will be harmed.
We may not be able to attract travel and entertainment companies or Internet users if we do not continually enhance and develop the content and features of our products and services.
Our business and growth will suffer if we are unable to hire and retain highly skilled personnel.
Intense competition may adversely affect our ability to achieve or maintain market share and operate profitably.
We may not be able to access third-party technology upon which we depend.
Acquisitions, investments, licensing arrangements and joint ventures could result in operating difficulties, dilution, and other harmful consequences that may adversely impact our business and results of operations.
The pre-purchasing of vouchers and hotel inventory could create additional risks or liabilities for our business.
Because we recognize revenue from subscriptions for our club membership over the term of the subscription, downturns or upturns may not be immediately reflected in our operating results.
Risks Related to Legal Uncertainty
We may become subject to shareholder lawsuits over alleged securities violations due to volatile stock price.
We are subject to laws and regulations worldwide, changes to which could increase the Company’s costs and individually or in the aggregate adversely affect the Company’s business.
The CARD Act and similar state and foreign laws may harm our Local Deals and Getaways business.
Certain gift card laws could require us to materially increase the estimated liability recorded in our financial statements and our operating results could be materially and adversely affected.
Tax treatment of companies engaged in Internet commerce may adversely affect the use of our services and our results.
We may suffer liability as a result of information transmitted over the Internet and claims related to our service offerings.
Certain laws and regulations could be expanded to include Travelzoo products or services, including vouchers.
Our internal control over financial reporting may not be effective which could impact our business.
We may be unable to protect our registered trademark or other proprietary intellectual property rights and may face liability from intellectual property litigation.
Risks Related to Investment in our Shares
Our stock price has been volatile historically and may continue to be volatile.
We have a significant shareholder.
Legal proceedings
The information set forth under Note 5–Commitments and Contingencies to the accompanying consolidated financial statements included in Part II, Item 8 of this report is incorporated herein by reference.
