# EDGAR Filing Document

**Accession Number:** 0001133311
**File Stem:** 0001133311-26-000009
**Filing Date:** 2026-4
**Character Count:** 39781
**Document Hash:** 77b6539ab216b0622d150c51bb4803ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133311-26-000009.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001133311-26-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260423

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRAVELZOO
- **CENTRAL INDEX KEY:** 0001133311
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 364415727
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50171
- **FILM NUMBER:** 26886896

**BUSINESS ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 35TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2124844900

**MAIL ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 35TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRAVELZOO INC
- **DATE OF NAME CHANGE:** 20010126

?xml version='1.0' encoding='ASCII'? tzoo-20260423

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**____________________________________________________**

**FORM 8-K**

**____________________________________________________**

**CURRENT REPORT**

**Pursuant To Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** April 23, 2026

____________________________________________________

![image0a212a14.jpg](tzoo-20260423_g1.jpg)

(Exact name of registrant as specified in its charter)

____________________________________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-50171** | **36-4415727** |
| (State or Other<br>Jurisdiction of<br>Incorporation) | **(Commission**<br>**File Number)** | (I.R.S. Employer<br>Identification No.) |
| <br>**590 Madison Avenue, 35th Floor**<br>**New York, New York** | <br>**590 Madison Avenue, 35th Floor**<br>**New York, New York** | **10022** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| &nbsp;&nbsp;<br>**Registrant's telephone number, including area code +1 (212) 516-1300** | &nbsp;&nbsp;<br>**Registrant's telephone number, including area code +1 (212) 516-1300** | &nbsp;&nbsp;<br>**Registrant's telephone number, including area code +1 (212) 516-1300** |
| (Former Name or Former Address, if Changed Since Last Report) | (Former Name or Former Address, if Changed Since Last Report) | (Former Name or Former Address, if Changed Since Last Report) |

---

____________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ &nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ &nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ &nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ &nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | TZOO | The NASDAQ Stock Market |

---

------

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐&nbsp;&nbsp;&nbsp;&nbsp;

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On April 23, 2026, Travelzoo (the "Company") reported its first quarter 2026 financial results. A copy of the Company's press release containing this information is being furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

See Item 2.02, "Results of Operations and Financial Condition," above.

In addition, a copy of the supplemental earnings presentation discussed during the Company's earnings call is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits. See Exhibit Index

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | TRAVELZOO | TRAVELZOO |
| Date: | April 23, 2026 | By: | /s/ JEFF HOFFMAN |
|  |  |  | Jeff Hoffman<br>Financial Controller, North America |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[99.1](ex-99103x31x20268xk.htm)</u> | Press Release, dated April 23, 2026. |
| <u>[99.2](q12026presentationfinal.htm)</u> | Supplemental earnings presentation provided in connection with the first quarter 2025 earnings call of Travelzoo, dated April 23, 2026. |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![travellogo11062017a13a.jpg](travellogo11062017a13a.jpg) | Travelzoo <br>590 Madison Avenue<br>35th Floor<br>New York, NY 10022<br>Investor Relations:<br>ir@travelzoo.com  |

---

<u>FOR IMMEDIATE RELEASE</u>

**Travelzoo Reports First Quarter 2026 Results**

**NEW YORK, April 23, 2026** — Travelzoo® (NASDAQ: TZOO):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $24.3 million, up 5% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated operating profit of $3.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP consolidated operating profit of $3.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flow from operations of $3.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings per share (EPS) of $0.23

Travelzoo, the club for travel enthusiasts, today announced financial results for the first quarter ended March 31, 2026. Consolidated revenue was $24.3 million, up 5% from $23.1 million year-over-year. In constant currencies, revenue was $23.6 million, up 2% year-over-year. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.

In Q1, we continued to invest significantly in acquiring more Club Members when we saw that we can achieve a positive return on investment (ROI). Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. In Q1, the number of renewals of memberships jumped to the highest ever. Because renewals of memberships have no acquisition costs, this had a positive impact on EPS. Going forward, we expect renewals of memberships to further increase because of a growing base of members. We refer to our investor presentation.

Net Income attributable to Travelzoo was $2.5 million for Q1 2026, or $0.23 per share, compared with $0.26 per share in the prior-year period.

1/10

------

Non-GAAP operating profit was $3.5 million. Non-GAAP operating profit excludes stock option expenses ($35,000) and severance expenses ($15,000). Please refer to "Non-GAAP Financial Measures" and the tabular reconciliation below.

"We will continue to leverage Travelzoo's global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complimentary airport lounge access worldwide in case of a delayed flight," said Holger Bartel, Travelzoo's Global CEO. "Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do."

**Travelzoo North America**

North America business segment revenue increased 4% year-over-year to $15.7 million. Operating profit for Q1 2026 was $3.2 million, or 21% of revenue, compared to operating profit of $3.6 million or 24% of revenue in the prior-year period.

**Travelzoo Europe**

Europe business segment revenue increased 8% year-over-year to $7.3 million. Operating profit for Q1 2026 was $279,000, or 4% of revenue, compared to operating profit of $228,000, or 3% of revenue in the prior-year period.

**Jack's Flight Club** 

Jack's Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue increased 2% year-over-year to $1.3 million. Jack's Flight Club's revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating loss for Q1 2026 was $48,000, compared to operating profit of $12,000 in the prior-year period.

**New Initiatives**

New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $17,000. Operating loss for Q1 2026 was $34,000.

In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo's brand, business model, and members in Australia, Japan, New Zealand, and Singapore. Under these arrangements, Travelzoo's existing members in Australia, Japan, New

2/10

------

Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue from the licensee in Australia was $10,000 for Q1 2026. Licensing revenue from the licensee in Japan was $7,000 for Q1 2026. Licensing revenue is expected to increase going forward.

**Reach**

Travelzoo reaches 30 million travelers. This includes Jack's Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.

**Income Taxes**

The reported income tax provision and reserves for Q1 2026 are $942,000. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its tax liability for Q1 2026.

**Balance Sheet**

As of March 31, 2026, cash, cash equivalents and restricted cash were $11.3 million. Cash flow from operations was $3.9 million.

Deferred revenue increased because membership fees are earned over the subscription period. Membership fees revenue is recognized ratably over the subscription period.

**Share Repurchase Program**

During Q1 2026, the Company repurchased 500,000 shares of its outstanding common stock.

**Looking Ahead** 

For Q2 2026, we expect year-over-year revenue growth to continue. We also expect revenue growth in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we acquire new members, and as more Legacy Members become Club Members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are possible. We might see attractive opportunities to increase marketing. We expense marketing costs immediately.

In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join.

3/10

------

**Non-GAAP Financial Measures**

Management calculates non-GAAP operating income when evaluating the financial performance of the business. Calculation of non-GAAP operating income, also called "non-GAAP operating profit" in this press release and today's earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

**Conference Call**

Travelzoo will host a conference call to discuss first quarter 2026 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• download the management presentation (PDF format) to be discussed in the conference call

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access the webcast.

**About Travelzoo**

We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words "expect", "predict", "project", "anticipate", "believe", "estimate", "intend", "plan", "seek" and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

4/10

------

**Travelzoo**

**Condensed Consolidated Statements of Operations**

**(Unaudited)**

**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| Revenues | $24273 | $23140 |
| Cost of revenues | 5236 | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 19037 | 18968 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 11116 | 10225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product development | 664 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3812 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 15592 | 15164 |
| Operating income | 3445 | 3804 |
| Other income (loss), net | (5) | 629 |
| Income from operations before income taxes | 3440 | 4433 |
| Income tax expense | 942 | 1173 |
| Net income | 2498 | 3260 |
| Net income attributable to non-controlling interest | 20 | 93 |
| Net income attributable to Travelzoo | $2478 | $3167 |
| Net income per share—basic | $0.23 | $0.27 |
| Net income per share—diluted | $0.23 | $0.26 |
| Shares used in per share calculation—basic | 10837 | 11670 |
| Shares used in per share calculation—diluted | 10837 | 12249 |

---

5/10

------

**Travelzoo**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $10571 | $10007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 13592 | 10723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid income taxes | 1527 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 2797 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 28487 | 23396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits and other | 206 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 4120 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 754 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 4793 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 181 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 1450 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 10944 | 10944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $50935 | $45192 |
| **Liabilities and Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $8327 | $7761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchant payables | 13453 | 11665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other | 4572 | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 10657 | 8728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 142 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 2116 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 39267 | 34170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term tax liability | 10316 | 9260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 4507 | 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 54090 | 47614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 104 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax indemnification | (9537) | (9537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 6461 | 7243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (5297) | (5331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Travelzoo stockholders' equity (deficit) | (8269) | (7516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 5114 | 5094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (3155) | (2422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $50935 | $45192 |

---

6/10

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**Travelzoo**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income | $2498 | $3260 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 56 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 35 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | (25) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency effects | 77 | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of loss (net recoveries) on accounts receivable and refund reserve | 11 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2873) | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid income taxes | (267) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses, deposits and other | (1531) | (418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 565 | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchant payables | 1909 | (1651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other | 554 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1983 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | (50) | (949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 909 | 158 |
| Net cash provided by operating activities | 3851 | 3284 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (8) | (21) |
| Net cash used in investing activities | (8) | (21) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (3267) | (8918) |
| Net cash used in financing activities | (3267) | (8918) |
| Effect of exchange rate on cash, cash equivalents and restricted cash | (14) | 142 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 562 | (5513) |
| Cash, cash equivalents and restricted cash at beginning of period | 10763 | 17740 |
| Cash, cash equivalents and restricted cash at end of period | $11325 | $12227 |

---

7/10

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**Travelzoo**

**Segment Information from Continuing Operations**

**(Unaudited)**

**(In thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | **Travelzoo North<br>America** | **Travelzoo Europe** | **Jack's Flight Club** | **New Initiatives** | **Consolidated** |
| Revenues from unaffiliated customers | $15326 | $7585 | $1345 | $17 | $24273 |
| Intersegment revenues | 341 | (308) | (33) |  |  |
| Total net revenues | 15667 | 7277 | 1312 | 17 | 24273 |
| Sales and marketing expenses | 6003 | 4521 | 592 |  | 11116 |
| Other expenses | 6416 | 2477 | 768 | 51 | 9712 |
| Operating profit (loss) | 3248 | 279 | (48) | (34) | 3445 |
| Other income (loss), net |  |  |  |  | (5) |
| Income from operations before income taxes |  |  |  |  | 3440 |
| **Three months ended March 31, 2025** | **Travelzoo North<br>America** | **Travelzoo Europe** | **Jack's Flight Club** | **New Initiatives** | **Consolidated** |
| Revenues from unaffiliated customers | $14830 | $6970 | $1323 | $17 | $23140 |
| Intersegment revenues | 298 | (258) | (40) |  |  |
| Total net revenues | 15128 | 6712 | 1283 | 17 | 23140 |
| Sales and marketing expenses | 5700 | 3902 | 623 |  | 10225 |
| Other expenses | 5834 | 2582 | 648 | 47 | 9111 |
| Operating profit (loss) | 3594 | 228 | 12 | (30) | 3804 |
| Other income, net |  |  |  |  | 629 |
| Income from operations before income taxes |  |  |  |  | 4433 |

---

8/10

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**Travelzoo**

**Reconciliation of GAAP to Non-GAAP Information**

**(Unaudited)**

**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
| | **Three months ended** | **Three months ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| GAAP operating expense | $15592 | $15164 |
| Non-GAAP adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles (A) |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock option expenses (B) | 35 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance-related expenses (C) | 15 | 222 |
| Non-GAAP operating expense | 15542 | 14547 |
| GAAP operating income | 3445 | 3804 |
| Non-GAAP adjustments (A through C) | 50 | 617 |
| Non-GAAP operating income | 3495 | 4421 |

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9/10

## Exhibit 99.2

![](q12026presentationfinal001.jpg)

First Quarter 2026 Performance April 23, 2026

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2 \| First Quarter 2026 Performance Important Notice to Investors Please read this management presentation together with the Company's press release issued earlier today announcing the Company's first quarter 2026 financial results and in conjunction with the Company's recent Annual Report and Quarterly Reports as filed with the Securities and Exchange Commission (SEC). Certain statements contained in this presentation that are not historical facts may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects, expected future financial guidance and intentions, markets in which we participate and other statements contained in this presentation that are not historical facts. When used in this presentation, the words "expect," "predict," "project," "anticipate," "believe," "estimate," "intend," "plan," "seek" and similar expressions are generally intended to identify forward looking statements. Because these forward looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward looking statements to reflect events or circumstances occurring after the date of this presentation.

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3 \| First Quarter 2026 Performance Part 1: First Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

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4 \| First Quarter 2026 Performance 23.1 24.3 Q1 2025 Q1 2026 Revenue increased 5% year-over-year. Even though we invested more in the growth of Club Members, operating profit remained stable. Revenue $ millions Operating Profit $ millions 3.8 3.4 Q1 2025 Q1 2026

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5 \| First Quarter 2026 Performance Investments in the acquisition of Club Members are attractive, as they have a quick payback. \* Most new Club Members join on a trial basis. Acquisition cost here is presented for Club Members who paid the annual fee—after trial conversion. \*\* Membership fee increased to $50 in the U.S. for NEW on January 1, 2026 and for RENEWALS on February 1, 2026. Payback on member acquisition is positive within a quarter, even though revenue recognition is delayed Return from Club Members Acquired in the Quarter and Future Periods Q1 2026, U.S. market $ Average Acquisition Cost of Annual Club Members\* Q1 2026, U.S. market $ Additional revenue from transactions within the same quarter 1st year annual membership fee $50 Additional advertising revenue Future membership and other revenue $14 ($28) ($38) Q1 2025 Q2 2025 ($40) Q3 2025 ($27) Q4 2025 ($34) Q1 2026

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6 \| First Quarter 2026 Performance As a reminder, with subscription businesses, membership fee revenue is recognized ratably over the subscription period, whereas acquisition costs are expensed immediately when incurred. Example: New member joins on March 15, 2026, paying a membership fee of $50 per annum Revenue Recognition $ Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 $50 $2.08 $12.50 $12.50 $12.50 $10.42 Payment by member Revenue recognized Revenue recognized

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7 \| First Quarter 2026 Performance Higher member acquisition expenses, coupled with only a small portion of revenue recognized in the quarter, reduces EPS in the current quarter. But we expect EPS to increase over time. Direct Member Acquisition Costs in Q1 2026\* $ millions Q1 2026 Q2 2026 Q3 2026 and forward($1.9) Impact on Earnings per Share\*\* $0.09 $0.09 min. $0.20($0.13) Net impact ($0.04) \* Includes direct marketing expenses over which we have full discretion—and which we fully record in the quarter. Does not include fixed expenses like marketing staff, nor expenses for creating certain Club Offers which we utilize to attract and retain Club Members. But these on average contribute to income, rather than lower it. \*\* Assuming constant tax rate. $3.0+ Revenue Generated from these Members in Q1 2026 and in Future Periods $ millions $1.3 1.3

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8 \| First Quarter 2026 Performance Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 This strategy is fueling member growth. New Club Members come roughly half from Legacy Members and half from those new to Travelzoo. Number of Travelzoo Club Members at End of Each Quarter

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9 \| First Quarter 2026 Performance Membership fees, which are more stable and predictable, are adding revenue and are becoming a larger share. This year, we expect them to account for over 20% of revenue. Advertising and Commerce Global Revenues $ millions 19.4 20.9 20.0 18.7 19.1 20.7 20.9 18.6 18.3 19.7 Q4 2023 Q1 2024 Q2 2024 Membership Fees 1.2 1.1 1.2 1.4 1.6 2.4 3.0 3.6 4.1 4.6 Includes advertising and commerce revenues from travel companies, local and entertainment businesses and other partners Includes membership fees and subscription revenues from both Travelzoo and Jack's Flight Club Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

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10 \| First Quarter 2026 Performance 0.2 0.3 Revenue growth came from all segments. Revenue $ millions North America Segment Europe Segment Operating Profit $ millions 6.7 7.3 0.0 Jack's Flight Club Segment 1.32 1.35 3.6 3.2 15.1 15.7 Q1 2025 Q1 2026 Q1 2025 Q1 2026 (0.0)

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11 \| First Quarter 2026 Performance Acquiring more Club Members reduces operating margin in the short term. As the number of membership renewals—which do not require acquisition expenses—grows, operating margins should increase again over time.\* Operating Margin 4% 7% 9% 11% 18% 22% 8% 14% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 (26%) (2%) \* Quarterly fluctuations in operating margin are likely. When we see attractive opportunities to increase marketing, margins decrease as we expense marketing costs immediately. Lower marketing expenses, as well as higher recurring renewals, on the other hand, increase the margin.

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12 \| First Quarter 2026 Performance 8% 4% 13% 21% 8% 17% 3% 3% 4% The investments in Club Members occur in all key markets. Over time, we expect margins to return to previous levels or even exceed them. North America Operating Margin Europe Operating Margin 31% 27% 22% 29% 31% 26% 25% 33% 24% 17% 8% 10% 21% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (4%) (14%) (10%) (16%)

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13 \| First Quarter 2026 Performance 3.8 0.6 4.4 Q1 2025 \* GAAP operating profit + amortization of intangibles + stock option expenses + severance-related expenses = non-GAAP operating profit Total non-GAAP operating profit was $3.5 million or 14% of revenue. Non-GAAP Operating Profit\* $ millions GAAP Operating Profit Adjustments Non-GAAP Operating Profit\* 3.4 .1 3.5 Q1 2026

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14 \| First Quarter 2026 Performance Items excluded in the calculation of non-GAAP operating profit: $ millions Q1 2025 Q1 2026 Adjustments 0.62 0.05 Amortization of intangibles 0.03 — Stock option expense 0.37 0.04 Severance-related expenses 0.22 0.01

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15 \| First Quarter 2026 Performance 12.2 10.8 11.3 Q1 2025 Q4 2025 Q1 2026 Cash flow from operations was $3.9 million. Our cash balance increased, even though we repurchased 500,000 shares of our stock in Q1. Cash Balance at End of Quarter\* $ millions \* Includes cash, cash equivalents and restricted cash

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16 \| First Quarter 2026 Performance Part 1: First Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

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17 \| First Quarter 2026 Performance The must-have membership for the travel enthusiast Membership empowers you to live your life as a travel enthusiast to the fullest, while respecting different cultures. Annual membership ($50 for a 12-month period in the U.S.) provides: • Access to Club Offers negotiated and rigorously vetted for us travel enthusiasts You won't find them anywhere else. • First access to our weekly Top 20®, giving travel enthusiasts a first choice • Complimentary access to airport lounges worldwide in case of flight delays • Travel Enthusiast HotlineTM—24/7 complimentary assistance wherever you travel • Culinary Journeys (coming soon)

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18 \| First Quarter 2026 Performance A few of the exclusive Club Offers that we created for Club Members during Q1: $299—The Azores: 4 nights w/flights from the U.S. £299pp—A week in a Tuscan castle with car hire $299 (reg. $519)—Member rate at iconic resort where 23 presidents have stayed 40% off—5-star stay for two on Anguilla, voted best island in the Caribbean

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19 \| First Quarter 2026 Performance Perfect for the travel enthusiast: Worldwide complimentary lounge access in case of flight delays Complimentary access to an airport lounge if flight is delayed by at least one hour. The benefit is good on any flight on any airline, regardless of where they booked. Bring up to three family members or guests for free. For an unlimited number of trips.

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20 \| First Quarter 2026 Performance Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences. Sources: Travelzoo Trends Global Survey; October 2025; n=8,039 Travelzoo members. \* Meta Business Suite; April 2026; global demographics based on Facebook and Instagram followers across six markets; global figures represent a simple average of market-level platform splits. \*\* Travelzoo Domestic Travel Survey in the U.S.; January 2026; n=1,425 Travelzoo members, 500 general population respondents; the median excludes respondents who did not specify their household income; the median is determined based on the selected income range from the survey, with the midpoint of that range rounded to the nearest thousand. 88% are likely to book an unplanned trip with an attractive offer 90% are open to new destinations and travel ideas 69% plan to take 2+ international trips in 2026 73% female 27% male\* 62% ages 45+ 38% ages 18-44\* Our Members Compared to the General Population Median Household Income\*\* Member Sentiment and Demographics U.S. Travelzoo members U.S. general population $150,000 $63,000

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21 \| First Quarter 2026 Performance Part 1: First Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

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22 \| First Quarter 2026 Performance Management focus • Grow the number of (paying) members and accelerate revenue growth by converting Legacy Members and adding new Club Members • Retain, and grow, our profitable advertising business from the popular Top 20® product • Accelerate revenue growth which drives future profits in spite of temporarily lower EPS • Grow Jack's Flight Club's subscription revenue • Develop Travelzoo META with discipline

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23 \| First Quarter 2026 Performance Part 1: First Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

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24 \| First Quarter 2026 Performance

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NASDAQ: TZOO HAVE A GOOD DAY! For questions, please contact Travelzoo Investor Relations: ir@travelzoo.com

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