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Travel & Leisure Co. (TNL) stock

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NYSE: TNL NYSE Hotels, Resorts & Cruise Lines Next results ~January 26, 2027

C Fundamentals grade

Travel & Leisure Co. is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 41% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 41% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Travel & Leisure Co. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 10 selling1 purchase and 28 sales by directors and officers, last 12 monthsInsider trades
  • Funds190 adding, 247 cuttingOf 56 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Travel & Leisure files

10-Q filed October 27: Travel & Leisure Co.

Revenue for the twelve months to September 2026 was $4.15bn, up 4.6% on a year earlier, about the same pace as a quarter earlier. That puts it 14 of 16 for growth among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin fell to 10.0% from 12.8% a year earlier. Operating margin narrowed to 13.0% from 19.7%. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share.

Our model value for Travel & Leisure is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 22: Travel & Leisure Co.

Revenue for the twelve months to June 2026 was $4.15bn, up 4.6% on a year earlier, about the same pace as a quarter earlier. That puts it 11 of 13 for growth among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin fell to 10.0% from 12.8% a year earlier. Operating margin narrowed to 13.0% from 19.7%. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from C+ to C.

10-Q on SEC EDGAR

Where Travel & Leisure Co. stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.09bn, up 4.5% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 10.8% from 12.6% a year earlier. Operating margin narrowed to 13.7% from 19.3%. The diluted share count is down 5.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 3 financial-health checks. At that price, our model says the market is pricing in about 8.4% a year of cash-flow growth for five years, faster than the 5.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Travel & Leisure Co.'s trailing-twelve-month revenue grew 4.6% year on year, with a free-cash-flow margin of 10.0%. Where it stands out: gross margin of 92.7% ranks 1 of 14 hotels, resorts & cruise lines companies we cover. Where it lags: long-term debt as % of assets of 83.1% ranks 24 of 24 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$95 per share in the base case (~$48–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin compressing: TTM gross margin fell to 92.7%, down 5.6pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.9% in a year, so each share owns more of the business.

Things to watch

  • Margins narrowing. Operating margin is down 6.7 points on a year ago.
  • Gross margin slipping. Gross margin is down 5.6 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 83.1% ranks 24 of 24 hotels, resorts & cruise lines companies we cover (median 41.9%).
  • Below peers: revenue growth. Revenue growth of 4.6% ranks 20 of 25 hotels, resorts & cruise lines companies we cover (median 9.7%).
  • Heavily shorted. 13.5% of the shares available to trade are sold short (9.2 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$2.21 against an average estimate of $2.06: beat by 7.5%
Revenue
$1.10bn, up 5.5% on a year earlier
Share reaction
+4.2% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
adjusted EBITDA $275m to $285m (third quarter 2026); gross VOI sales $700m to $740m (third quarter 2026)
Next report
October 27, 2026; average EPS estimate $2.23

Travel & Leisure's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.4%
  • 1 week+15.1%
  • 1 month+20.0%
  • This year+9.9%
  • 1 year+24.4%
  • 5 years+62.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.2B
Operating margin
13.0%
Net margin
5.7%
EPS (TTM, diluted)
$3.65

Growth

Revenue growth
+4.6%
Change in growth rate
+0.1 pts
Share count change
−4.9%

Cash

Free cash flow (TTM)
$417M
FCF margin
10.0%
Stock pay % of revenue
1.5%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Announcement
  4. Our research
  5. Product
  6. Announcement
  7. Announcement
  8. Partnership
  9. Results
  10. Announcement
  11. Announcement
  12. Announcement
  13. Insider trade
  14. Announcement
  15. Dividend
  16. Announcement
  17. Announcement
  18. Insider trade
  19. Insider trade
  20. Insider trade
  21. Insider trade
  22. Results
  23. Guidance
  24. Product
  25. Product
  26. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Travel & Leisure Co. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 41% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Travel & Leisure Co. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$140 ~$110–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Travel & Leisure Co. with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$22.13$23.93$37.19$26.39$39.61$36.21$45.60$31.16$35.06$47.24$68.72$75.52
Market value$2.6bn$2.6bn$3.9bn$2.6bn$3.7bn$3.1bn$4.0bn$2.6bn$2.6bn$3.3bn$4.6bn$4.9bn
+ Net debt (− = net cash)$5.2bn$5.3bn$6.0bn$5.0bn$5.2bn$5.2bn$4.9bn$5.1bn$5.4bn$5.4bn$5.3bn$5.8bn
Enterprise value$7.8bn$8.0bn$9.8bn$7.6bn$8.9bn$8.3bn$8.9bn$7.7bn$8.0bn$8.8bn$9.9bn$10.6bn
Multiples
Price / sales 0.5x0.7x1.0x0.7x0.9x1.4x1.3x0.7x0.7x0.9x1.1x1.2x
Price / earnings 4.3x4.3x4.5x3.9x7.2x—12.9x7.3x6.6x8.1x20.0x20.7x
Price / free cash flow 3.3x3.1x4.4x7.6x10.6x10.2x7.8x6.7x9.5x8.7x8.8x11.6x
EV / EBITDA 7.2x9.6x17.1x11.6x9.5xn/m12.0x10.0x9.6x10.3x14.7x15.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

70 /100

Strong moat

How hard Travel & Leisure's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 5.9% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 95.9%, moving by 1.9 percentage points (standard deviation) across 8 years.

  • Durability 7 / 20

    Operating margin has been a median 17.6%; its worst year was 2.7%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 26.2% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.75 +22% $4.2bn +4%
Next $8.80 +14% $4.4bn +5%

Next year's EPS estimate has moved +0.6% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.7% on 90 days ago. In the last 30 days, 0 analysts raised Travel & Leisure Co.'s forecast and 0 cut it.

Consensus EPS forecast Travel & Leisure Co., last 90 days
$7.50 $8.00 $8.50 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.55 Current fiscal year, 60 days ago: $7.61 Current fiscal year, 30 days ago: $7.57 Current fiscal year, 7 days ago: $7.57 Current fiscal year, Now: $7.75 $7.75 Next fiscal year, 90 days ago: $8.74 Next fiscal year, 60 days ago: $8.96 Next fiscal year, 30 days ago: $8.82 Next fiscal year, 7 days ago: $8.79 Next fiscal year, Now: $8.80 $8.80

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.55$8.74
60 days ago $7.61$8.96
30 days ago $7.57$8.82
7 days ago $7.57$8.79
Now $7.75$8.80

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.06 $2.21 +7.5%
Jun 2026 $1.91 $1.88 −1.3%
Mar 2026 $1.31 $1.45 +10.5%
Dec 2025 $1.82 $1.83 +0.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 22, 2026
  • Adjusted EBITDA 2026 full year $1,065m to $1,085m Non-GAAP Raised
    “Adjusted EBITDA of $1,065 million to $1,085 million” source
  • Gross VOI sales · Vacation Ownership 2026 full year $2.6bn to $2.675bn Non-GAAP Raised
    “Gross VOI sales of $2.600 billion to $2.675 billion” source
  • VPG · Vacation Ownership 2026 full year $3,325 to $3,375 Non-GAAP Raised
    “VPG of $3,325 to $3,375” source
  • Adjusted EBITDA third quarter 2026 $275m to $285m Non-GAAP
    “Adjusted EBITDA of $275 million to $285 million” source
  • Gross VOI sales · Vacation Ownership third quarter 2026 $700m to $740m Non-GAAP
    “Gross VOI sales of $700 million to $740 million” source
  • VPG · Vacation Ownership third quarter 2026 $3,300 to $3,350 Non-GAAP
    “VPG of $3,300 to $3,350” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

13 analysts, Oct 2026
Buy1185%
Hold215%
Sell00%

Monthly trend

  1. Oct 202629213
  2. Sep 202629112
  3. Aug 2026210113
  4. Jul 202629112

Counts of recommendations published by analysts covering Travel & Leisure Co., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.5%
of tradable shares
Days to cover
9.21
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
4.5%
of shares
Employees
19,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +24.4%

$60.69 on October 31, 2025 to $75.52

ThenNowEffect
Revenue (last 12 months) $3.9bn $4.1bn +4.5%
Net margin 10.1% 5.8% −42.6%
P/E multiple 10.5x 20.7x +97.1%
Share count 69m 65m +5.3%

Biggest factor: p/e multiple.

Last 3 years +140.3%

$31.42 on November 3, 2023 to $75.52

ThenNowEffect
Revenue (last 12 months) $3.7bn $4.1bn +11.7%
Net margin 10.0% 5.8% −41.6%
P/E multiple 6.8x 20.7x +202.3%
Share count 79m 65m +21.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TNL+26%−32%+13%+35%+46%+10%
Industry peers (median)+27%−23%+46%+24%+6%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TNL58%42%42%75%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TNL−28%−44%−24%−19%−32%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 68% from January 22, 2018 to March 23, 2020. Getting back needed a 211% gain, reached on February 5, 2021, 319 days after the low.

Price behaviour

52-week range
$59.21 – $77.73
From 52-week high
−2.8%
vs 50-day average
+14.9%
vs 200-day average
+8.8%
Volatility (1 year)
33%
Beta vs S&P 500
0.89

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.3%
After a week
7 up, 4 down
typical move ±6.7%
After a month
5 up, 6 down
typical move ±9.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +4.2% +0.9% — —
July 22, 2026 +0.1% −1.3% +5.9% −3.6%
April 22, 2026 −14.5% +0.6% −17.1% −14.3%
February 18, 2026 +3.5% +0.2% +3.7% −3.4%
October 22, 2025 +7.4% +0.1% +5.1% +1.2%
July 23, 2025 +6.7% +0.9% +7.0% +2.4%
April 23, 2025 +2.6% +3.7% +3.0% +12.3%
February 19, 2025 −0.6% −0.2% −2.0% −16.2%
October 23, 2024 +4.8% −0.7% +8.3% +19.2%
July 24, 2024 −8.3% −2.8% −6.7% −13.6%
April 24, 2024 −0.8% −0.4% −5.1% −6.9%
February 21, 2024 +10.6% +2.2% +9.3% +14.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Travel & Leisure Co. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Travel & Leisure Co.
$3.7B $3.8B $3.9B $4B $4.1B $4.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.8B Revenue (TTM), FY24 Q1: $3.8B Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $3.8B Revenue (TTM), FY24 Q4: $3.9B Revenue (TTM), FY25 Q1: $3.9B Revenue (TTM), FY25 Q2: $3.9B Revenue (TTM), FY25 Q3: $4B Revenue (TTM), FY25 Q4: $4B Revenue (TTM), FY26 Q1: $4B Revenue (TTM), FY26 Q2: $4.1B Revenue (TTM), FY26 Q3: $4.2B $4.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.8B
FY24 Q1 $3.8B
FY24 Q2 $3.8B
FY24 Q3 $3.8B
FY24 Q4 $3.9B
FY25 Q1 $3.9B
FY25 Q2 $3.9B
FY25 Q3 $4B
FY25 Q4 $4B
FY26 Q1 $4B
FY26 Q2 $4.1B
FY26 Q3 $4.2B
Revenue growth, TTM YoY Travel & Leisure Co.
2% 3% 4% 5% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.1% Revenue growth, TTM YoY, FY24 Q1: 4.1% Revenue growth, TTM YoY, FY24 Q2: 4.3% Revenue growth, TTM YoY, FY24 Q3: 3.2% Revenue growth, TTM YoY, FY24 Q4: 3.1% Revenue growth, TTM YoY, FY25 Q1: 2.5% Revenue growth, TTM YoY, FY25 Q2: 2.4% Revenue growth, TTM YoY, FY25 Q3: 3.6% Revenue growth, TTM YoY, FY25 Q4: 4.0% Revenue growth, TTM YoY, FY26 Q1: 4.2% Revenue growth, TTM YoY, FY26 Q2: 4.5% Revenue growth, TTM YoY, FY26 Q3: 4.6% 4.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.1%
FY24 Q1 4.1%
FY24 Q2 4.3%
FY24 Q3 3.2%
FY24 Q4 3.1%
FY25 Q1 2.5%
FY25 Q2 2.4%
FY25 Q3 3.6%
FY25 Q4 4.0%
FY26 Q1 4.2%
FY26 Q2 4.5%
FY26 Q3 4.6%
Operating margin (TTM) Travel & Leisure Co.
12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 19.2% Operating margin (TTM), FY24 Q1: 19.3% Operating margin (TTM), FY24 Q2: 19.3% Operating margin (TTM), FY24 Q3: 18.8% Operating margin (TTM), FY24 Q4: 19.0% Operating margin (TTM), FY25 Q1: 19.1% Operating margin (TTM), FY25 Q2: 19.3% Operating margin (TTM), FY25 Q3: 19.7% Operating margin (TTM), FY25 Q4: 13.8% Operating margin (TTM), FY26 Q1: 13.7% Operating margin (TTM), FY26 Q2: 13.7% Operating margin (TTM), FY26 Q3: 13.0% 13.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 19.2%
FY24 Q1 19.3%
FY24 Q2 19.3%
FY24 Q3 18.8%
FY24 Q4 19.0%
FY25 Q1 19.1%
FY25 Q2 19.3%
FY25 Q3 19.7%
FY25 Q4 13.8%
FY26 Q1 13.7%
FY26 Q2 13.7%
FY26 Q3 13.0%
FCF margin (TTM) Travel & Leisure Co.
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.4% FCF margin (TTM), FY24 Q1: 8.2% FCF margin (TTM), FY24 Q2: 9.9% FCF margin (TTM), FY24 Q3: 11.2% FCF margin (TTM), FY24 Q4: 9.9% FCF margin (TTM), FY25 Q1: 11.7% FCF margin (TTM), FY25 Q2: 12.6% FCF margin (TTM), FY25 Q3: 12.8% FCF margin (TTM), FY25 Q4: 13.0% FCF margin (TTM), FY26 Q1: 10.9% FCF margin (TTM), FY26 Q2: 10.8% FCF margin (TTM), FY26 Q3: 10.0% 10.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.4%
FY24 Q1 8.2%
FY24 Q2 9.9%
FY24 Q3 11.2%
FY24 Q4 9.9%
FY25 Q1 11.7%
FY25 Q2 12.6%
FY25 Q3 12.8%
FY25 Q4 13.0%
FY26 Q1 10.9%
FY26 Q2 10.8%
FY26 Q3 10.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Travel & Leisure took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4B
  2. Cost of revenue $273M · 6.8%
  3. Gross profit $3.7B · 93.2%
  4. Selling, general and admin $498M · 12.4%
  5. Other operating costs $2.7B · 67.1%
  6. Operating income $553M · 13.8%
  7. Income tax $107M · 2.7%
  8. Interest and other $216M · 5.4%
  9. Net income $230M · 5.7%

Shares of revenue. Source: Travel & Leisure's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3,750 3,851 4,254 4,534 5,009 5,281 4,878 3,692 3,806 3,931 4,043 2,160 3,134 3,567 3,750 3,864 4,021 4,150
Gross profit — — — — — — — — 3,656 3,748 3,857 2,158 2,977 3,410 3,617 3,772 3,748 3,849
EBITDA 744 863 913 1,006 1,090 1,137 1,092 830 575 661 933 21 742 772 832 848 677 672
Operating income 594 718 767 852 910 941 935 658 439 523 812 −105 618 653 720 733 553 541
Net income 293 379 417 400 432 529 612 611 854 672 507 −255 308 357 396 411 230 235
Diluted EPS $1.61 $2.05 $2.51 $2.75 $3.21 $4.18 $5.14 $5.52 $8.24 $6.77 $5.48 −$2.97 $3.52 $4.24 $5.28 $5.82 $3.44 $3.65
Growth (year on year)
Revenue −12.4% +2.7% +10.5% +6.6% +10.5% +5.4% −7.6% −24.3% +3.1% +3.3% +2.8% −46.6% +45.1% +13.8% +5.1% +3.0% +4.1% +4.6%
EBITDA — +16.0% +5.8% +10.2% +8.3% +4.3% −4.0% −24.0% −30.7% +15.0% +41.1% −97.7% — +4.0% +7.8% +1.9% −20.2% −25.6%
Operating income — +20.9% +6.8% +11.1% +6.8% +3.4% −0.6% −29.6% −33.3% +19.1% +55.3% −112.9% — +5.7% +10.3% +1.8% −24.6% −30.8%
Net income — +29.4% +10.0% −4.1% +8.0% +22.5% +15.7% −0.2% +39.8% −21.3% −24.6% −150.3% — +15.9% +10.9% +3.8% −44.0% −42.8%
Diluted EPS — +27.3% +22.4% +9.6% +16.7% +30.2% +23.0% +7.4% +49.3% −17.8% −19.1% −154.2% — +20.5% +24.5% +10.2% −40.9% −39.9%
Margins
Gross margin — — — — — — — — 96.1% 95.3% 95.4% 99.9% 95.0% 95.6% 96.5% 97.6% 93.2% 92.7%
EBITDA margin 19.8% 22.4% 21.5% 22.2% 21.8% 21.5% 22.4% 22.5% 15.1% 16.8% 23.1% 1.0% 23.7% 21.6% 22.2% 21.9% 16.8% 16.2%
Operating margin 15.8% 18.6% 18.0% 18.8% 18.2% 17.8% 19.2% 17.8% 11.5% 13.3% 20.1% −4.9% 19.7% 18.3% 19.2% 19.0% 13.8% 13.0%
Net margin 7.8% 9.8% 9.8% 8.8% 8.6% 10.0% 12.5% 16.5% 22.4% 17.1% 12.5% −11.8% 9.8% 10.0% 10.6% 10.6% 5.7% 5.7%
Free-cash-flow margin 14.8% 12.2% 18.0% 17.6% 15.4% 14.2% 16.4% 22.9% 23.1% 8.7% 8.5% 14.1% 16.3% 10.9% 7.4% 9.9% 13.0% 10.0%
Cash flow
Cash from operations 689 635 1,003 1,004 1,008 984 991 963 986 442 452 374 568 442 350 464 640 512
Capital spending 135 167 239 208 238 235 189 117 107 99 108 69 57 52 74 81 117 95
Free cash flow 554 468 764 796 770 749 802 846 879 343 344 305 511 390 276 383 523 417
Stock-based pay 37 39 42 41 53 57 58 57 59 129 24 20 32 45 38 41 57 62
Free cash flow after stock pay 517 429 722 755 717 692 744 789 820 214 320 285 479 345 238 342 466 355
Balance sheet
Cash 155 156 142 195 194 183 −33 113 48 218 355 1,196 369 550 282 167 253 306
Total debt 2,015 3,744 4,015 4,562 4,841 5,053 5,181 5,441 6,006 5,238 5,575 6,418 5,313 5,642 5,646 5,591 5,598 6,066
Net debt (negative = net cash) 1,860 3,588 3,873 4,367 4,647 4,870 5,214 5,328 5,958 5,020 5,220 5,222 4,944 5,092 5,364 5,424 5,345 5,760
Diluted shares 182m 185m 166m 145m 135m 127m 119m 111m 104m 99m 92m 86m 87m 84m 75m 71m 67m 64m
Returned to shareholders
Dividends 29 86 99 134 156 179 202 223 242 194 166 138 109 135 136 142 149 149
Buybacks — 235 893 631 593 646 658 619 599 330 340 128 25 351 309 234 301 340
Total returned 29 321 992 765 749 825 860 842 841 524 506 266 134 486 445 376 450 489

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 3 checks passed · September 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $306m of cash against $6.1bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $512m of operating cash flow against $6.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $541m against $228m of interest.

From Travel & Leisure Co.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$340M
Dividends (TTM)
$149M
Returned to shareholders
117%
of free cash flow
Buybacks, last 3 fiscal years
$844M
Diluted share count
−4.9%
year over year
Total shareholder yield
10.3%
dividends 3.1% + buybacks 7.2% of market value
Dividend payout ratio
63%
of net income paid out

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated TNL HTHT VAC HGV VIK H Median
Revenue, last 12 months $4.2bn $3.5bn $5.2bn $5.9bn $6.5bn $7.1bn $5.2bn
Revenue growth, last 12 months 4.6% 6.1% 1.7% 18.8% 21.9% 2.8% 9.7%
Revenue growth, 3-year average 3.8% 90.3% 2.6% 14.5% — 2.5% 8.0%
Revenue growth, latest quarter 5.5% — 5.9% 50.8% — −2.4% 8.1%
Gross margin 92.7% — 8.2% — 43.3% — 47.7%
Operating margin 13.0% 26.9% — — 23.1% — 16.0%
Operating margin, 3-year average 17.2% 15.2% — — — — 15.3%
Net margin 5.7% 20.1% −6.5% 7.0% 17.7% 2.6% 11.4%
Cash from operations / revenue 12.3% 33.1% 2.8% 8.7% 39.4% 4.6% 20.4%
Free-cash-flow margin 10.0% 28.1% 1.9% 8.0% — 2.6% 12.1%
Free-cash-flow margin, 3-year average 11.3% 15.6% 2.2% 5.0% — 4.3% 10.3%
Stock pay / revenue 1.5% 1.7% 0.8% 1.1% 1.4% 1.0% 1.3%
Change in share count −4.9% −0.9% −5.0% −12.5% 21.7% −1.2% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 4.6% 9.7% 20 of 25
Change in growth rate Growth +0.1pp -0.5pp 11 of 25
Gross margin Profitability 92.7% 47.7% 1 of 14
Operating margin Profitability 13.0% 16.0% 16 of 22
Net margin Profitability 5.7% 11.4% 17 of 25
Free-cash-flow margin Cash generation 10.0% 12.7% 15 of 24
Stock pay as % of revenue Cash generation 1.5% 1.4% 14 of 24
Long-term debt as % of assets Balance sheet 83.1% 41.9% 24 of 24
Change in share count Balance sheet -4.9% -3.5% 6 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Vacation Ownership Interest Sales $1.8B 45.9% ▲ 7.3%
Service and Membership Fees $1.6B 40.2% ▲ 0.5%
Consumer Financing Revenue $454M 11.3% ▲ 0.9%
Other Revenue $105M 2.6% ▲ 22.1%
Geography
Region Revenue Share YoY
United States $3.5B 88.2% ▲ 4.1%
Outside the US $476M 11.8% ▲ 3.5%

From Travel & Leisure Co.'s 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.8B
Institutions reporting
473
Shares held vs prior quarter
▲ 5.0%
Positions opened / closed
51 / 50

Top buyers and sellers, Q2 2026: 190 institutions bought and 247 sold ; the biggest buyer was Millennium Management LLC (+1.1M shares) and the biggest seller Driehaus Capital Management LLC (−639K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $544M 7.1M 11.4% ▼ 0.4%
Vanguard Portfolio Management LLC $463M 6.1M 9.7% ▲ 0.9%
Vanguard Capital Management LLC $207M 2.7M 4.3% ▲ 0.1%
Invesco Ltd. $189M 2.5M 3.9% ▲ 4.6%
State Street Corp $165M 2.2M 3.5% ▲ 0.4%
LSV Asset Management $137M 1.8M 2.9% ▲ 9.0%
Geode Capital Management, LLC $128M 1.7M 2.7% ▲ 2.2%
Citadel Advisors LLC $117M 1.5M 2.4% ▲ 44.9%
Quantinno Capital Management LP $108M 1.4M 2.3% ▲ 7.8%
Morgan Stanley $104M 1.4M 2.2% ▲ 39.3%
Millennium Management LLC $103M 1.3M 2.2% ▲ 454.7%
AQR Capital Management LLC $99.9M 1.3M 2.1% ▼ 29.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Travel & Leisure Co.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $65,670 1 trade by 1 insider, last 12 months Insider sales History → $31.8M 28 trades by 10 insiders · 28% under pre-set plans
Net ▼ $31.8M net selling
Insider Date Trade Shares Price Value
Duncan Thomas Michael SVP, Chief Accounting Officer August 26, 2026 Sell 20,000 $74.16 $1.5M
Brown Michael Dean See Remarks August 6, 2026 Sell pre-set plan 200 $79.00 $15,800
Brown Michael Dean See Remarks August 5, 2026 Sell pre-set plan 4,150 $79.24 $328,846
Esfahani Sy Chief Technology Officer August 4, 2026 Sell 52,617 $78.00 $4.1M
Myers Jeffrey See Remarks August 4, 2026 Sell 34,000 $77.76 $2.6M
Richards Geoffrey See Remarks July 27, 2026 Sell 33,744 $75.65 $2.6M
Marshall Kimberly Chief Human Resources Officer July 23, 2026 Sell 32,691 $75.00 $2.5M
Herrera George Director June 16, 2026 Sell 500 $75.16 $37,580
Marshall Kimberly Chief Human Resources Officer June 4, 2026 Sell 28,000 $70.17 $2M
Post Denny Marie Director May 14, 2026 Sell 2,500 $63.83 $159,575
Hoag Erik D Chief Financial Officer April 23, 2026 Buy 1,000 $65.67 $65,670
Brown Michael Dean See Remarks April 17, 2026 Sell pre-set plan 9,443 $79.11 $747,036

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Travel & Leisure Co. disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded June 28, 2021, filed July 13, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 22, 2026
  • April 22, 2026
  • February 18, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Travel & Leisure Co. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Travel & Leisure Co. in brief

What does Travel & Leisure Co. do?
Travel & Leisure Co. is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Travel & Leisure Co.'s stock ticker?
Travel & Leisure Co. trades under the ticker TNL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Travel & Leisure Co.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Travel & Leisure Co. reported revenue of $4.2B, 4.6% higher than a year earlier, according to its SEC filings.
What is Travel & Leisure Co.'s free cash flow?
Travel & Leisure Co.'s free-cash-flow margin is 10.0% of revenue over the trailing twelve months, ranking 15 of the 24 hotels, resorts & cruise lines companies we cover.
Who are Travel & Leisure Co.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Travel & Leisure Co. buying back stock, and does it pay a dividend?
Travel & Leisure Co. spent $340M on share repurchases over the trailing twelve months, and its diluted share count fell 4.9% over the year.
What is Travel & Leisure Co.'s market cap?
On November 2, 2026, Travel & Leisure Co.'s market capitalisation was about $4.9B, with a price-to-earnings ratio of 20.7 and net debt of $5.8B. Market figures come from third-party market data and may be delayed.
Does Travel & Leisure Co. pay a dividend?
Yes: Travel & Leisure Co. paid $149M in dividends over the trailing twelve months, a dividend yield of 3.15% and a payout ratio of 63.4%.
Who are Travel & Leisure Co.'s competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Travel & Leisure Co. are H World Group Ltd, Marriott Vacations Worldwide Corp, Hilton Grand Vacations Inc., Viking Holdings Ltd and Hyatt Hotels Corp. The side-by-side comparison below sets their revenue, margins and growth against Travel & Leisure Co.'s.
Are insiders buying or selling Travel & Leisure Co. stock?
Over the last 12 months, Travel & Leisure Co.'s directors and officers reported 1 open-market purchases and 28 sales on Form 4. The insider trading page charts every trade.
When is Travel & Leisure Co.'s next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Travel & Leisure Co. announces its own schedule.