TRAVELZOOTZOO
TRAVELZOO Segments Disclosure
Segment Reporting and Significant Customer Information
During 2025, the Company had four reportable operating segments: Travelzoo North America, Travelzoo Europe, Jack’s Flight Club and New Initiatives. Travelzoo North America consists of the Company’s operations in the U.S. and Canada. Travelzoo Europe consists of the Company’s operations in France, Germany, Spain and the U.K. Jack’s Flight Club consists of subscription revenues from premium members to access and receive flight deals from Jack’s Flight Club via email or mobile applications. New Initiatives consists of Travelzoo’s licensing activities in certain Asia Pacific territories, the Travelzoo META subscription service and MTE.
Our chief operating decision maker ("CODM") is our Global Chief Executive Officer. The CODM primarily use operating income (loss) to evaluate each segment's performance allocate resources and make capital investments. We allocate certain software and license costs, such as IT and customer support, across all segments but do not allocate expenses such as legal-related costs or income taxes. Financial information is utilized along with forecasts to enable the CODM to manage our business across all operating segments.
For the year ended December 31, 2025, Travelzoo North America operations comprised 66% of revenues, Travelzoo Europe operations comprised 28% of revenues and Jack's Flight Club comprised 6% of revenues.
The following is a summary of operating results by business segment (in thousands):
| Year Ended December 31, 2025 | Travelzoo North America | Travelzoo Europe | Jack's Flight Club | New Initiatives | Consolidated | ||||||||||||||||||||||||
| Revenues from unaffiliated customers | $ | 59,001 | $ | 27,122 | $ | 5,516 | $ | 80 | $ | 91,719 | |||||||||||||||||||
| Intersegment revenues | 1,291 | (1,146) | (145) | — | — | ||||||||||||||||||||||||
| Total net revenues | 60,292 | 25,976 | 5,371 | 80 | 91,719 | ||||||||||||||||||||||||
| Sales and marketing (1) | 25,501 | 17,396 | 2,370 | — | 45,267 | ||||||||||||||||||||||||
| Other costs and expenses (2) | 25,795 | 10,895 | 2,663 | 195 | 39,548 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 8,996 | $ | (2,315) | $ | 338 | $ | (115) | $ | 6,904 | |||||||||||||||||||
| Other income, net | $ | 753 | |||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 7,657 | |||||||||||||||||||||||||||
(1) Includes advertising and promotional costs, employee-related expenses for sales, marketing, and production teams, conference participation costs, professional services, public relations expenses, and facilities costs.
(2) Includes costs and expenses related to cost of revenues, product development, and general and administrative. Travelzoo North America and Travelzoo Europe general and administrative expenses include stock based compensation of $1.4 million and $0, respectively.
| Year Ended December 31, 2024 | Travelzoo North America | Travelzoo Europe | Jack's Flight Club | New Initiatives | Consolidated | ||||||||||||||||||||||||
| Revenues from unaffiliated customers | $ | 54,968 | $ | 24,113 | $ | 4,714 | $ | 107 | $ | 83,902 | |||||||||||||||||||
| Intersegment revenues | 124 | (42) | (82) | — | — | ||||||||||||||||||||||||
| Total net revenues | $ | 55,092 | $ | 24,071 | $ | 4,632 | $ | 107 | $ | 83,902 | |||||||||||||||||||
| Sales and marketing (1) | 19,748 | 12,561 | 1,881 | 280 | 34,470 | ||||||||||||||||||||||||
| Other costs and expenses (2) | 19,461 | 8,429 | 2,707 | 337 | 30,934 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 15,883 | $ | 3,081 | $ | 44 | $ | (510) | 18,498 | ||||||||||||||||||||
| Other income, net | $ | 588 | |||||||||||||||||||||||||||
| Income from continuing operations before income taxes | $ | 19,086 | |||||||||||||||||||||||||||
(1) Includes advertising and promotional costs, employee-related expenses for sales, marketing, and production teams, conference participation costs, professional services, public relations expenses, and facilities costs.
(2) Includes costs and expenses related to cost of revenues, product development, and general and administrative. Travelzoo North America and Travelzoo Europe general and administrative include stock based compensation of $1.5 million and $0, respectively.
A measure of segment assets is not currently provided to the Chief Operating Decision Maker and has therefore not been provided.
As of December 31, 2025, the Company did not have any customers that accounted for 10% or more of revenue. For the year ended December 31, 2024, the Company had one customer that accounted for more than 10% of revenues at $8.8 million across Travelzoo North America and Travelzoo Europe. As of December 31, 2025 and 2024, the Company did not have any customers that accounted for 10% or more of accounts receivable.
The following table sets forth the breakdown of revenues (in thousands) by category Advertising and Commerce, Membership Fees, and Other. Advertising and Commerce includes travel publications (Top 20, Travelzoo website, Standalone email newsletters, Travelzoo Network), Getaways vouchers, hotel platform, vacation packages, Local Deals vouchers and entertainment offers (vouchers and direct bookings). Membership Fees includes subscription fees paid by Travelzoo, Jack’s Flight Club and Travelzoo META members. Other includes licensing fees from license agreements and the retail business acquired with MTE.
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Advertising and Commerce | $ | 78,446 | $ | 78,396 | |||||||
| Membership Fees | 13,193 | 5,399 | |||||||||
| Other | 80 | 107 | |||||||||
| Total revenues | $ | 91,719 | $ | 83,902 | |||||||
The following table sets forth revenues for individual countries that comprised 10% or more of total revenue (in thousands):
The Company disaggregates its revenue by geographic region based on the location of the legal entity providing the service.| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenue | |||||||||||
| United States | $ | 55,301 | $ | 49,473 | |||||||
| United Kingdom | 19,894 | 20,607 | |||||||||
| Rest of the world | 16,524 | 13,822 | |||||||||
| Total revenues | $ | 91,719 | $ | 83,902 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 11, 2026 | Showing above |
| 2024 | Mar 19, 2025 | |
| 2023 | Mar 22, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Mar 31, 2021 | |
| 2019 | Mar 20, 2020 | |
| 2018 | Mar 11, 2019 | |
| 2017 | Mar 16, 2018 | |
| 2016 | Mar 15, 2017 | |
| 2015 | Mar 14, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.