TZOO earnings analysis
What we found in TZOO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Travelzoo’s Q2 results were materially weaker than expected: revenue fell 3% year over year to $23.208 million and diluted EPS declined to $(0.21) from $0.12, producing a $(2.762) million operating loss. The filing provides no quantitative guidance, although management expects year-over-year revenue growth in Q3 2026 and subsequent quarters. Continued Club Member investment, international-conflict uncertainty, and the sharp margin deterioration outweigh the announced $1.9 million share repurchase.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue missed estimates and declined YoY
- Q2 revenue was $23.208 million, down 3% year over year and 7.7% below the $25.151 million consensus estimate.
- EPS swung to a loss
- Diluted EPS was $(0.21), versus $0.12 in Q2 2025 and the $0.13 consensus estimate, a $0.34 per-share miss.
- Company continued share repurchases
- Travelzoo repurchased 200,000 shares for an aggregate $1.9 million during Q2, with 300,000 shares remaining under the authorized program at June 30, 2026.
- Management expects Q3 revenue growth
- Management expects year-over-year revenue growth in Q3 2026 and subsequent quarters, supported by ratable recognition of 12-month membership fees and growth in Club Members.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Operating performance deteriorated sharply
- The company reported a $(2.762) million operating loss in Q2, compared with an 8.6% operating margin in Q2 2025 and a 14.2% margin in Q1 2026.
- Demand and investment headwinds
- Revenue declined 3% year over year to $23.208 million, while management cited uncertainty from international conflicts and continued investment in Club Member growth as operating headwinds.
- No new risk-factor disclosure
- The filing states that the risk factors from the fiscal 2025 Form 10-K are incorporated by reference and does not identify new or modified risk factors; additional unknown risks may still materially affect results.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.21
- Operating margin
- -11.9%
What they said about what is next.
Management expects year-over-year revenue growth in Q3 2026 and subsequent quarters, driven by ratable recognition of 12-month membership fees and Club Member growth. No numerical revenue or EPS guidance was provided.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 14, 2026
- Travelzoo reported a Q1 2026 revenue of $24.3M, up 5% year-over-year from $23.14M, and a diluted EPS of $0.23, exceeding the consensus estimate of $0.15. Revenue growth was primarily driven by an increase in membership…
- 10-K · March 11, 2026
- Travelzoo's 2025 results show modest top-line growth (annual revenue of $91.0M, calculated from quarterly revenues of $23M, $24M, $22M and $22M) and positive net income of $5.0M (of which $4.7M was attributable to…
- 10-Q · August 12, 2025
- Travelzoo reported Q2 revenue of $23,906,000, up $2,765,000 (13.1%) versus Q2 2024, but gross margin compressed to 78.4% and operating income fell to $2,060,000. Diluted EPS declined to $0.12 from $0.23 a year earlier…
- 10-K · March 22, 2024
- Travelzoo's 2023 10‑K emphasizes its position as a digital advertising/media platform with 31.1 million members (up from 30.4 million in 2022) and a segment mix weighted to North America (66% of 2023 revenue).…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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