Short answer
TRAVELZOO (TZOO) filed its fiscal 2025 10-K annual report with the SEC on Mar 11, 2026. It reported revenue of $92M (+9.3% year over year) and net income of $5M.
- Top risk flagged: EU unilateral services tax risks with inconsistent application across jurisdictions potentially impacting Travelzoo’s results and cash flows
FY2025 key financial metrics · XBRL
- Revenue
- $92M
- +9.3% YoY
- Net income
- $5M
- −65.4% YoY
- Operating margin
- 7.5%
- −14.5 pp YoY
- Gross margin
- 80.3%
- −7.2 pp YoY
- EPS (diluted)
- $0.41
- −61.3% YoY
- ROE
- -62.5%
- +2873.4 pp YoY
- Operating cash flow
- $6M
- −73.2% YoY
Source: XBRL data from the TRAVELZOO (TZOO) FY2025 10-K on SEC EDGAR. USD.
TRAVELZOO FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global internet media company offering curated travel deals and subscription travel services via multi-channel digital platforms
- New emphasis on paid Travelzoo membership: $40 annual fee introduced in 2024 for new US, Canada, UK, Germany members; raised to $50 in US for new members in 2026
- Strategic expansion into Metaverse travel experiences through Travelzoo META launched in 2023 and acquisition of Metaverse Travel Experiences LLC in 2022
- Revenue segmentation: 66% from North America, 28% Europe, 6% Jack’s Flight Club; reach of 30 million travelers and 8.1 million mobile app downloads
- Noteworthy shift to multi-channel digital advertising focus, especially social media video formats, reflecting 14.3% growth in global social ad spend in 2024
Management Discussion & Analysis
- Revenue not explicitly stated; segment revenue mix Travelzoo North America 66%, Europe 28%, Jack’s Flight Club 6% of total revenues in 2025
- No clear YoY revenue or profitability figures disclosed for 2025 vs 2024, no operating or net margin % provided
- Best performing segment by revenue Travelzoo North America (66% share); smallest Jack’s Flight Club (6% share)
- Licensing royalties $68,000 in 2025 vs $71,000 in 2024, no details on buybacks, dividends, or capex disclosed
- Forward outlook: 2026 includes $50 US membership fee increase, rollout of Travelzoo META Metaverse travel experiences as new club benefits
Risk Factors
- EU unilateral services tax risks with inconsistent application across jurisdictions potentially impacting Travelzoo’s results and cash flows
- Exposure to geopolitical conflicts including Ukraine war, Israel-Hamas war, and Iran conflict affecting travel demand and advertiser spending
- Heavy reliance on digital advertising platforms with generative AI possibly reducing traffic and increasing member acquisition costs
- Competition risk from travel metasearch engines and reliance on mobile platforms requiring ongoing product innovation to avoid loss of market share
- Negative working capital of $10.8 million with $11.7 million merchant payables and potential need for external financing under volatile market conditions
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