Travel & Leisure Co. TNL

Consumer discretionary SIC 7011 - Hotels & Motels NAICS Accommodation and Food Services › Accommodation › Traveler Accommodation derived NYSE

Travel + Leisure Co. is a leading leisure travel company. We provide vacation experiences and travel inspiration to millions of owners, members, and subscribers through our diverse portfolio of products and services. Travel + Leisure Co. has the following segments as of December 31, 2025:

•Vacation Ownership includes the world's largest vacation ownership business based on number of owners and resorts, with 797,000 owner families and more than 280 vacation club resort locations. We provide vacation ownership experiences under popular hospitality and leisure brands, including Club Wyndham, WorldMark, Margaritaville Vacation Club, Sports Illustrated Resorts, Eddie Bauer Adventure Club, and Accor Vacation Club.

Last close 64.93 2026-10-23
Market cap $3.97B 2026-06-30 share count
52-week range 60.34 - 81.00

Valuation FY2025 figures against the last close

P/S1.0x
P/E18.9x
P/FCF7.6x
EV/EBITDA13.7x
Dividend yield3.7%
Diluted EPS3.44

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Non-US
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 3.5B (88.2%) 88% United States Non-US, FY2025: 476M (11.8%) 12% Non-US FY2024 United States, FY2024: 3.4B (88.1%) 88% Non-US, FY2024: 460M (11.9%) 12% FY2023 United States, FY2023: 3.3B (88.5%) 89% Non-US, FY2023: 430M (11.5%) 11%
Region FY2025FY2024FY2023
United States $3.54B $3.40B $3.32B
Non-US $476.0M $460.0M $430.0M

As the company reported it, from the “Segment Information (Schedule of Geographic Segment Information) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $4.02B$3.86B$3.75B$3.57B$3.13B$2.16B$4.04B$3.93B$3.81B$3.69B
Cost of revenue $273.0M$92.0M$133.0M$157.0M$157.0M$2.0M$186.0M$183.0M$150.0M—
Gross profit $3.75B$3.77B$3.62B$3.41B$2.98B$2.16B$3.86B$3.75B$3.66B—
SG&A $498.0M$475.0M$454.0M$479.0M$434.0M$398.0M$491.0M$513.0M$580.0M$568.0M
Total operating expenses $3.47B$3.13B$3.03B$2.91B$2.52B$2.27B$3.30B$3.41B$3.37B$3.03B
Operating income $553.0M$733.0M$720.0M$653.0M$618.0M-$105.0M$812.0M$523.0M$439.0M$658.0M
Interest expense ——$251.0M$195.0M$198.0M$192.0M$162.0M$170.0M$155.0M$133.0M
Pre-tax income $337.0M$513.0M$485.0M$486.0M$429.0M-$276.0M$680.0M$396.0M$318.0M$542.0M
Income tax $107.0M$135.0M$94.0M$130.0M$116.0M$23.0M$191.0M$130.0M$328.0M$190.0M
Net income $230.2M$411.0M$396.4M$356.4M$307.8M-$255.0M$507.0M$672.0M$854.0M$611.0M
EPS, basic 3.515.875.314.283.56-2.975.506.808.295.56
EPS, diluted 3.445.825.284.243.52-2.975.486.778.245.52
Shares, diluted (wtd. avg.) 66.9M70.7M75.0M84.2M87.3M86.1M92.4M99.2M103.7M110.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $253.0M$167.0M$282.0M$688.0M$497.0M$1.20B$355.0M$218.0M$48.0M$333.0M
Short-term investments $18.0M$18.0M$19.0M$18.0M$21.0M$26.0M$35.0M$25.0M$24.0M$14.0M
Receivables ———————$121.0M$195.0M$376.0M
Inventory $1.13B$1.23B$1.14B$1.19B$1.22B$1.35B$1.20B$1.22B$1.25B$310.0M
Total current assets ————————$2.96B$1.81B
Property, plant and equipment $531.0M$591.0M$655.0M$658.0M$689.0M$666.0M$680.0M$712.0M$822.0M$1.03B
Goodwill $972.0M$966.0M$962.0M$955.0M$961.0M$964.0M$970.0M$922.0M$911.0M$1.22B
Other intangibles $201.0M$209.0M$199.0M$207.0M$219.0M$131.0M$143.0M$109.0M$143.0M$343.0M
Total assets $6.76B$6.74B$6.74B$6.76B$6.59B$7.61B$7.45B$7.16B$10.45B$9.82B
Accounts payable ———————$66.0M$232.0M$213.0M
Short-term debt ————————$104.0M$22.0M
Total current liabilities ————————$2.54B$2.03B
Long-term debt $5.60B$5.59B$5.65B$5.64B$5.31B$6.42B$5.58B———
Total liabilities $7.74B$7.62B$7.66B$7.66B$7.38B$8.58B$7.98B$7.73B$9.68B$9.10B
Retained earnings $2.41B$2.33B$2.07B$1.81B$1.59B$1.39B$1.78B$1.44B$2.50B$1.98B
Total equity -$981.0M-$881.0M-$917.0M-$904.0M-$794.0M-$968.0M-$524.0M-$569.0M$774.0M$633.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $640.0M$464.0M$350.0M$442.0M$568.0M$374.0M$452.0M$442.0M$986.0M$963.0M
Depreciation and amortisation $124.0M$115.0M$112.0M$119.0M$124.0M$126.0M$121.0M$138.0M$136.0M$172.0M
Stock-based compensation $57.0M$41.0M$38.0M$45.0M$32.0M$20.0M$24.0M$129.0M$59.0M$57.0M
Capital expenditure $117.0M$81.0M$74.0M$52.0M$57.0M$69.0M$108.0M$99.0M$107.0M$117.0M
Investing cash flow -$107.0M-$124.0M-$80.0M-$50.0M-$93.0M-$65.0M-$66.0M-$725.0M-$362.0M-$346.0M
Financing cash flow -$443.0M-$458.0M-$500.0M-$196.0M-$1.29B$502.0M-$289.0M$280.0M-$558.0M-$586.0M
Dividends paid $149.0M$142.0M$136.0M$135.0M$109.0M$138.0M$166.0M$194.0M$242.0M$223.0M
Buybacks $301.0M$234.0M$309.0M$351.0M$25.0M$128.0M$340.0M$330.0M$599.0M$619.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001361658-26-000019.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 3.7B Net income, FY2016: 611M Revenue, FY2017: 3.8B Gross profit, FY2017: 3.7B Net income, FY2017: 854M Revenue, FY2018: 3.9B Gross profit, FY2018: 3.7B Net income, FY2018: 672M Revenue, FY2019: 4B Gross profit, FY2019: 3.9B Net income, FY2019: 507M Revenue, FY2020: 2.2B Gross profit, FY2020: 2.2B Net income, FY2020: -255M Revenue, FY2021: 3.1B Gross profit, FY2021: 3B Net income, FY2021: 307.8M Revenue, FY2022: 3.6B Gross profit, FY2022: 3.4B Net income, FY2022: 356.4M Revenue, FY2023: 3.8B Gross profit, FY2023: 3.6B Net income, FY2023: 396.4M Revenue, FY2024: 3.9B Gross profit, FY2024: 3.8B Net income, FY2024: 411M Revenue, FY2025: 4B Gross profit, FY2025: 3.7B Net income, FY2025: 230.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.69B $3.81B $3.93B $4.04B $2.16B $3.13B $3.57B $3.75B $3.86B $4.02B
Gross profit — $3.66B $3.75B $3.86B $2.16B $2.98B $3.41B $3.62B $3.77B $3.75B
Net income $611.0M $854.0M $672.0M $507.0M -$255.0M $307.8M $356.4M $396.4M $411.0M $230.2M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 7011

TickerCompanyMarket capP/ERevenue growth
MAR MARRIOTT INTERNATIONAL INC /MD/ $101.88B 41.1x 4.3%
HLT Hilton Worldwide Holdings Inc. $78.69B 57.1x 7.7%
LVS LAS VEGAS SANDS CORP $23.11B 15.2x 15.2%
H Hyatt Hotels Corp $16.27B — 6.8%
WYNN WYNN RESORTS LTD $7.49B 23.2x 0.1%
MGM MGM Resorts International $7.06B 36.9x 1.7%
CZR Caesars Entertainment, Inc. $5.87B — 2.1%
WH WYNDHAM HOTELS & RESORTS, INC. $5.37B 29.0x 1.8%