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Travel + Leisure Co.

TNL

Travel + Leisure Co. • NYSE
$68.58 ▲ 0.34% (+0.23)
Market Cap $4.41 B
52w High $70.43
52w Low $37.77
Dividend Yield 2.18%
P/E 11.35
Volume 218.57K
Outstanding Shares 64.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.044B ▲ $284M ▼ $111M ▲ 10.632% ▲ $1.68 ▲ $249M ▲
Q2-2025 $1.018B ▲ $300M ▲ $108M ▲ 10.609% ▲ $1.63 ▲ $240M ▲
Q1-2025 $934M ▼ $276M ▼ $73M ▼ 7.816% ▼ $1.09 ▼ $188M ▼
Q4-2024 $971M ▼ $290M ▼ $119M ▲ 12.255% ▲ $1.73 ▲ $246M ▲
Q3-2024 $993M $308M $97M 9.768% $1.39 $223M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $240M ▲ $6.892B ▲ $7.713B ▲ $-821M ▲
Q2-2025 $212M ▲ $6.809B ▲ $7.662B ▼ $-852M ▲
Q1-2025 $188M ▲ $6.764B ▲ $7.667B ▲ $-903M ▼
Q4-2024 $184M ▼ $6.735B ▲ $7.615B ▲ $-881M ▼
Q3-2024 $194M $6.698B $7.559B $-862M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $291M ▲ $516M ▲ $-30M ▼ $-360M ▼ $85M ▲ $431M ▲
Q2-2025 $108M ▲ $232M ▲ $-26M ▼ $-192M ▼ $20M ▼ $195M ▲
Q1-2025 $73M ▼ $121M ▲ $-22M ▲ $-63M ▲ $38M ▲ $100M ▲
Q4-2024 $86M ▼ $98M ▼ $-23M ▼ $-84M ▲ $-20M ▼ $75M ▼
Q3-2024 $97M $145M $-20M $-113M $17M $125M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Travel and Membership
Travel and Membership
 $160.00M ▲$180.00M ▲$170.00M ▼$170.00M ▲
Vacation Ownership
Vacation Ownership
 $810.00M ▲$760.00M ▼$850.00M ▲$880.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Travel + Leisure’s income statement shows a company that has rebuilt itself well after the pandemic shock. Sales have grown steadily each year since 2020, and profits have followed the same direction, moving from losses to solid, repeatable earnings. Profitability looks fairly healthy for a travel‑related business: gross profits are strong, operating profits have crept higher, and earnings per share have climbed faster than overall profit, likely helped by share repurchases. The business clearly benefits from recurring, fee‑based revenue from vacation ownership and membership programs. Key risk factors on the income side are its exposure to the economic cycle and interest rates. Because this is a discretionary travel business with a financing component, a downturn in consumer confidence or tighter credit conditions could quickly pressure sales and margins, even though the recent trend has been positive.

Balance Sheet

Balance Sheet The balance sheet is the most cautious area. Total assets have been fairly stable, but the company carries a large amount of debt and reports negative shareholders’ equity throughout the period. Negative equity often reflects heavy buybacks and the structure of timeshare and financing businesses, but it still means there is a thinner financial cushion in a severe downturn. Cash on hand is relatively modest compared with debt levels, and cash balances have drifted down from the pandemic peak. The business model relies on ongoing access to credit markets and securitization structures, which can work well in normal conditions but add refinancing and interest‑rate risk. Overall, leverage is high, and while that can amplify returns in good times, it also makes the company more sensitive to shocks in travel demand or credit availability.

Cash Flow

Cash Flow Cash flow is a relative strength. The company has generated positive operating cash flow in each of the last five years, including during the pandemic, which highlights the resilience of its recurring maintenance fees and membership income. Free cash flow has consistently stayed positive after investment spending, and capital expenditures are modest and stable. This suggests an asset‑light tilt in parts of the business and leaves room for debt service, dividends, and buybacks. The main watchpoint is that strong cash generation has to be weighed against the heavy debt load. As long as operations remain healthy, cash flows look supportive, but a sharp travel slowdown could compress this buffer.

Competitive Edge

Competitive Edge Travel + Leisure holds a distinctive position in vacation ownership and travel services, anchored by the well‑known Travel + Leisure magazine brand and a large network of vacation club resorts. Its model is built around recurring revenue from ownership, exchange, and membership programs, which provides stability compared with more purely transactional travel businesses. The company benefits from scale, a broad resort footprint, and a sizable, committed owner base that can be upsold into additional products and services. Diversification across vacation clubs, exchange networks, and brand licensing further reduces dependence on any single segment. Competition remains intense, both from other branded vacation ownership players and from alternative lodging options like home‑sharing platforms. The company’s key defenses are brand strength, curated experience offerings, and entrenched customer relationships, but it must keep evolving to stay ahead of shifting traveler preferences.

Innovation and R&D

Innovation and R&D Innovation for Travel + Leisure is less about traditional lab research and more about reimagining the vacation model and using technology smartly. The company is expanding beyond classic timeshares into a broader travel ecosystem: subscription travel clubs, the Travel + Leisure For Business platform for corporate loyalty and events, and new branded resort concepts such as Margaritaville Vacation Club and Sports Illustrated Resorts. These moves open doors to new customer groups and more diversified revenue streams. On the technology side, the use of virtual reality tours, mobile apps for seamless trip management, and proprietary sustainability tracking tools show a focus on both customer experience and operational insight. Brand extensions into licensed products and global expansion through acquisitions, like Accor Vacation Club, further support its long‑term moat—but they also introduce execution risk, especially as the company manages many growth initiatives at once.

Summary

Travel + Leisure today looks like a mature, profitable travel company that has successfully bounced back from the pandemic and is actively reshaping itself for the future of leisure travel. On the plus side, it shows steady revenue and earnings growth, solid margins, and reliable free cash flow backed by recurring fees and memberships. Its powerful brand, large resort network, and diversified offerings form a meaningful competitive moat, and its push into subscriptions, B2B travel solutions, and co‑branded resorts broadens its opportunity set. On the risk side, the capital structure is aggressive, with high leverage and negative equity, making the company more sensitive to economic downturns, higher interest rates, or disruptions in credit markets. The core business is also firmly cyclical, tied to consumer confidence and discretionary spending. Overall, this is a travel business with strong cash generation and brand assets, offset by a leveraged balance sheet and exposure to the ups and downs of the broader economy. The future path will depend heavily on continued demand for leisure travel, the success of its newer platforms and resort concepts, and disciplined management of debt and capital allocation.

NEWS

November 25, 2025 · 4:30 PM UTC

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November 25, 2025 · 7:00 AM UTC

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November 24, 2025 · 7:00 AM UTC

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November 19, 2025 · 12:00 PM UTC

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November 5, 2025 · 4:30 PM UTC

Travel + Leisure Co. Declares Cash Dividend

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