Travel & Leisure Co. TNL
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3.51 | 5.87 | 5.31 | 4.28 | 3.56 | -2.97 | 5.50 | 6.80 | 8.29 | 5.56 |
| EPS, diluted | 3.44 | 5.82 | 5.28 | 4.24 | 3.52 | -2.97 | 5.48 | 6.77 | 8.24 | 5.52 |
| Shares, diluted (wtd. avg.) | $66.9M | $70.7M | $75.0M | $84.2M | $87.3M | $86.1M | $92.4M | $99.2M | $103.7M | $110.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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