Travel + Leisure Co. (TNL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.91	$1.88	-1.6%	—	$1.1B	—
Q1 26	$1.31	$1.45	+10.7%	—	$961M	—
Q4 25	$1.82	$1.83	+0.5%	—	$1B	—
Q3 25	$1.73	$1.8	+4.0%	—	$1B	—
Q2 25	$1.66	$1.65	-0.6%	—	$1B	—
Q1 25	$1.12	$1.11	-0.9%	—	$934M	—
Q4 24	$1.69	$1.72	+1.8%	—	$971M	—
Q3 24	$1.49	$1.57	+5.4%	—	$993M	—
Q2 24	$1.41	$1.52	+7.8%	—	$985M	—
Q1 24	$0.86	$0.97	+12.8%	—	$916M	—
Q4 23	$1.37	$1.98	+44.5%	—	$936M	—
Q3 23	$1.46	$1.54	+5.5%	—	$986M	—
Q2 23	$1.32	$1.33	+0.8%	—	$949M	—
Q1 23	$0.78	$0.89	+14.1%	—	$879M	—
Q4 22	$1.22	$1.3	+6.6%	—	$899M	—
Q3 22	$1.28	$1.28	0.0%	—	$937M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.51	—	—	$4B	—
FY24	—	$5.87	—	—	$3.9B	—
FY23	—	$5.31	—	—	$3.8B	—
FY22	—	$4.28	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.7B	$3.8B	$3.9B	$4B	$2.2B	$3.1B	$3.6B	$3.8B	$3.9B	$4B
YoY change	-24.3%	+3.09%	+3.28%	+2.85%	-46.6%	+45.1%	+13.8%	+5.13%	+3.04%	+4.06%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.7B	3.8B	3.9B	4B	2.2B	3.1B	3.6B	3.8B	3.9B	4B
Cost of revenue	221M	224M	271M	292M	103M	238M	236M	245M	228M	408M
Gross profit	3.5B	3.6B	3.7B	3.8B	2.1B	2.9B	3.3B	3.5B	3.6B	3.6B
Gross margin	94%	94.1%	93.1%	92.8%	95.2%	92.4%	93.4%	93.5%	94.1%	89.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.1B	1.1B	1.1B	1.2B	727M	797M	930M	961M	1B	1.1B
Operating expenses	2.7B	2.8B	2.8B	2.8B	1.9B	2.2B	2.5B	2.6B	2.8B	2.9B
Operating income	670M	684M	758M	825M	74M	616M	679M	748M	752M	582M
Operating margin	18.1%	18%	19.3%	20.4%	3.43%	19.7%	19%	19.9%	19.5%	14.5%
Non-operating income, net	-2M	-217M	-197M	10M	-165M	8M	-4M	-25M	-4M	-22M
Pretax income	542M	318M	396M	680M	-276M	429M	486M	485M	513M	337M
Income tax	190M	-328M	130M	191M	-23M	116M	130M	94M	135M	107M
Net income	612M	855M	672M	507M	-255M	308M	357M	396M	411M	230M
Net margin	16.6%	22.5%	17.1%	12.5%	-11.8%	9.83%	10%	10.6%	10.6%	5.72%
EBITDA	825M	854M	939M	976M	221M	749M	826M	876M	896M	—
EPS	5.56	8.46	6.8	5.5	-2.97	3.56	4.28	5.31	5.87	3.51
Diluted EPS	5.53	8.4	6.77	5.48	-2.97	3.52	4.24	5.28	5.82	3.44

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	986M	936M	916M	985M	993M	971M	934M	1B	1B	1B	961M	1.1B
Cost of revenue	72M	57M	67M	54M	62M	45M	57M	55M	46M	249M	68M	62M
Gross profit	914M	879M	849M	931M	931M	926M	877M	963M	998M	776M	893M	1B
Gross margin	92.7%	93.9%	92.7%	94.5%	93.8%	95.4%	93.9%	94.6%	95.6%	75.7%	92.9%	94.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	249M	235M	233M	272M	263M	258M	246M	268M	284M	286M	263M	302M
Operating expenses	677M	644M	671M	714M	697M	688M	691M	725M	752M	740M	704M	759M
Operating income	209M	206M	150M	189M	205M	209M	156M	207M	215M	4M	157M	210M
Operating margin	21.2%	22%	16.4%	19.2%	20.6%	21.5%	16.7%	20.3%	20.6%	0.39%	16.3%	19.8%
Non-operating income, net	—	-15M	2M	4M	-15M	6M	1M	—	—	-23M	5M	2M
Pretax income	148M	127M	92M	133M	130M	157M	101M	152M	158M	-73M	108M	155M
Income tax	38M	-2M	26M	36M	33M	39M	28M	44M	47M	-12M	29M	46M
Net income	110M	129M	66M	129M	97M	119M	73M	108M	111M	-61M	79M	109M
Net margin	11.2%	13.8%	7.21%	13.1%	9.77%	12.3%	7.82%	10.6%	10.6%	-5.95%	8.22%	10.3%
EBITDA	242M	239M	184M	224M	239M	249M	188M	241M	250M	43M	194M	246M
EPS	1.5	1.78	0.93	1.82	1.4	1.75	1.09	1.63	1.7	-0.95	1.25	1.75
Diluted EPS	1.49	1.77	0.92	1.81	1.39	1.72	1.07	1.62	1.67	-0.95	1.22	1.72

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.8B	5.4B	3.5B	4.8B	3.9B	4.8B	3B	—	3.5B	4.6B	3.9B
Enterprise value	9.1B	11.6B	8.5B	10.1B	9.2B	9.8B	8.2B	—	9B	10.1B	9.5B
Shares outstanding	110M	103M	98.9M	92.1M	86.1M	86.5M	83.4M	74.5M	70.1M	65.6M	65.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	6.2	6.3	5.27	9.39	—	15.5	8.5	—	8.6	20.1	17.2
P/S	1.03	1.42	0.9	1.18	1.79	1.53	0.85	—	0.92	1.15	0.95
P/B	5.28	6.96	-6.23	-9.09	-3.99	-6.02	-3.36	—	-4.02	-4.71	-3.93
EV/EBITDA	11	13.6	9.09	10.4	41.8	13.1	9.95	—	10.1	—	10.2
EV/Sales	2.47	3.06	2.17	2.5	4.27	3.14	2.3	—	2.34	2.51	2.32
Earnings yield	16.1%	15.9%	19%	10.6%	—	6.44%	11.8%	—	11.6%	4.97%	5.81%
FCF yield	22.3%	16.3%	9.68%	7.23%	7.9%	10.7%	12.8%	—	10.8%	11.3%	14.2%
PEG	—	—	—	—	—	—	—	—	—	—	2.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	94%	94.1%	93.1%	92.8%	95.2%	92.4%	93.4%	93.5%	94.1%	89.9%	94.2%
Operating margin	18.1%	18%	19.3%	20.4%	3.43%	19.7%	19%	19.9%	19.5%	14.5%	19.8%
Net margin	16.6%	22.5%	17.1%	12.5%	-11.8%	9.83%	10%	10.6%	10.6%	5.72%	5.79%
ROE	85.2%	110.5%	-118.1%	-96.8%	26.3%	-38.8%	-39.5%	-43.2%	-46.7%	-23.4%	-23.4%
ROA	6.23%	8.18%	9.39%	6.8%	-3.35%	4.68%	5.28%	5.88%	6.1%	3.4%	7.36%
ROIC	7.21%	9.73%	11.5%	12.3%	1.68%	10.6%	11.6%	13.4%	12%	8.85%	9.09%
Return on tangible assets	11.5%	10.2%	13.2%	9.7%	-4.7%	7.28%	8.05%	8.97%	9.37%	5.21%	5.22%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.86	2.88	3.17	6.95	4.81	3.9	4.18	4.07	4.09	3.9	3.2
Quick ratio	0.7	2.45	2.43	5.39	3.65	2.86	3.13	3.1	3.04	2.98	2.35
Debt / equity	7.58	8.17	-9.21	-11	-6.79	-6.86	-6.36	-6.25	-6.44	-5.84	-0.06
Debt / assets	0.55	0.61	0.73	0.77	0.86	0.83	0.85	0.85	0.84	0.85	0.83
Net debt / EBITDA	6.44	7.32	5.32	5.49	24.3	6.75	6.27	6.19	6.12	—	7.41
Interest coverage	5.08	3.05	3.33	5.2	-0.44	3.17	3.49	2.93	3.06	2.45	2.5
Effective tax rate	35.1%	0%	32.8%	28.1%	0%	27%	26.7%	19.4%	26.3%	31.8%	31.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	33.6	37	39.7	43.9	25.1	36.2	42.8	50.3	55.1	61.3	64.4
EPS (basic)	5.56	8.46	6.8	5.5	-2.97	3.56	4.28	5.31	5.87	3.51	3.51
EPS (diluted)	5.53	8.4	6.77	5.48	-2.97	3.52	4.24	5.28	5.82	3.44	3.7
Book value per share	6.53	7.51	-5.75	-5.69	-11.2	-9.18	-10.8	-12.3	-12.6	-15	-16.6
FCF per share	7.69	8.53	3.47	3.74	3.54	5.91	4.68	3.7	5.46	7.97	6.97
Cash per share	1.15	0.7	2.46	4.34	14	4.58	6.87	4.21	2.62	4.05	4.6
Capex per share	1.06	1.04	1	1.17	0.8	0.66	0.62	0.99	1.16	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.17%	2.81%	2.52%	2.67%	3.19%	1.82%	1.46%	1.97%	2.1%	—	—
Capex / operating cash flow	142.7%	-254.8%	-32.4%	152.1%	-63.9%	12.2%	48.6%	274.1%	540%	—	—
Payout ratio	36.4%	28.3%	28.9%	32.7%	-54.1%	35.4%	37.8%	34.3%	34.5%	64.8%	62.7%
Dividend yield	5.88%	4.49%	5.47%	3.49%	3.57%	2.28%	4.45%	—	4.02%	3.22%	3.73%

Yield

3.73%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.60

ex-dividend Sep 16, 2026

Payout ratio

63%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$0.60
Jun 12, 2026	$0.60
Mar 20, 2026	$0.60

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$986M	$936M	$916M	$985M	$993M	$971M	$934M	$1B	$1B	$1B	$961M	$1.1B
YoY change	+5.23%	+4.12%	+4.21%	+3.79%	+0.71%	+3.74%	+1.97%	+3.35%	+5.14%	+5.56%	+2.89%	+4.42%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	127M	72M	243M	400M	1.2B	396M	573M	314M	184M	266M
Receivables	376M	195M	121M	144M	115M	131M	160M	179M	155M	165M
Inventory	310M	1.2B	1.2B	1.2B	1.3B	1.2B	1.2B	1.1B	1.2B	1.1B
Total current assets	1.7B	8.4B	5.2B	5.4B	5.6B	4.5B	4.8B	4.8B	4.8B	4.8B
Property, plant & equipment	344M	279M	136M	258M	167M	115M	49M	36M	13M	52M
Goodwill & intangibles	4.5B	2.1B	2.1B	2.2B	2.2B	2.4B	2.3B	2.3B	2.4B	2.3B
Total assets	9.8B	10.4B	7.2B	7.5B	7.6B	6.6B	6.8B	6.7B	6.7B	6.8B
Accounts payable	213M	232M	66M	73M	62M	62M	65M	73M	67M	62M
Short-term debt	217M	321M	—	—	—	—	—	—	—	—
Total current liabilities	2B	2.9B	1.6B	772M	1.2B	1.2B	1.1B	1.2B	1.2B	1.2B
Long-term debt	5.2B	6B	5.2B	5.8B	6.6B	5.4B	5.8B	5.7B	5.7B	5.7B
Total liabilities	9.1B	9.7B	7.7B	8B	8.6B	7.4B	7.7B	7.7B	7.6B	7.7B
Shareholders' equity	718M	774M	-569M	-524M	-968M	-794M	-904M	-917M	-880M	-982M
Total debt	5.4B	6.3B	5.2B	5.8B	6.6B	5.4B	5.8B	5.7B	5.7B	5.7B
Net debt	5.3B	6.3B	5B	5.4B	5.4B	5.1B	5.2B	5.5B	5.5B	5.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	238M	314M	479M	166M	194M	184M	188M	212M	240M	266M	254M	282M
Receivables	184M	179M	187M	176M	152M	155M	171M	175M	173M	165M	152M	152M
Inventory	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.1B	1.2B	1.2B
Total current assets	4.4B	4.8B	4.8B	4.5B	4.6B	4.8B	4.6B	4.6B	4.7B	4.8B	4.7B	4.7B
Property, plant & equipment	-30M	36M	-19M	-27M	-31M	13M	-45M	-38M	-35M	52M	-42M	-45M
Goodwill & intangibles	2.3B	2.3B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.3B	2.3B	2.3B
Total assets	6.7B	6.7B	7B	6.7B	6.7B	6.7B	6.8B	6.8B	6.9B	6.8B	6.8B	6.9B
Accounts payable	71M	73M	65M	50M	55M	67M	67M	69M	66M	62M	63M	59M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.3B	1.2B	1.3B	1.3B	1.3B	1.2B	1.3B	1.3B	1.4B	1.2B	1.4B	1.5B
Long-term debt	5.6B	5.7B	5.9B	5.6B	5.6B	5.7B	5.7B	5.6B	5.6B	5.7B	5.8B	5.7B
Total liabilities	7.7B	7.7B	7.9B	7.6B	7.6B	7.6B	7.7B	7.7B	7.7B	7.7B	7.9B	7.9B
Shareholders' equity	-997M	-917M	-925M	-884M	-861M	-880M	-903M	-853M	-821M	-982M	-1B	-1B
Total debt	5.6B	5.7B	5.9B	5.6B	5.6B	5.7B	5.7B	5.6B	5.6B	5.7B	5.8B	5.7B
Net debt	5.4B	5.5B	5.4B	5.4B	5.4B	5.5B	5.5B	5.4B	5.3B	5.5B	5.5B	5.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	352M	646M	266M	489M	-253M	313M	356M	391M	378M	230M
Depreciation & amortization	127M	136M	138M	121M	126M	124M	119M	112M	115M	124M
Stock-based compensation	57M	59M	129M	24M	20M	32M	45M	38M	41M	57M
Change in working capital	-525M	-525M	-988M	-703M	50M	-2M	-452M	-557M	-581M	-491M
Operating cash flow	82M	-42M	-306M	71M	-108M	468M	107M	27M	15M	640M
Capital expenditure	-117M	-107M	-99M	-108M	-69M	-57M	-52M	-74M	-81M	—
Investing cash flow	-140M	-151M	-99M	-44M	-60M	-93M	-45M	-80M	-125M	10M
Dividends paid	-223M	-242M	-194M	-166M	-138M	-109M	-135M	-136M	-142M	-149M
Share repurchases	-619M	-599M	-330M	-340M	-128M	-25M	-351M	-309M	-234M	-301M
Financing cash flow	-538M	-497M	-1.7B	-285M	504M	-1.3B	-189M	-490M	-449M	-429M
Net change in cash	-596M	-690M	-2.1B	-258M	336M	-904M	-127M	-543M	-559M	221M
Free cash flow	846M	879M	343M	344M	305M	511M	390M	276M	383M	523M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	110M	124M	66M	129M	97M	86M	73M	108M	110M	-61M	79M	109M
Depreciation & amortization	28M	29M	28M	28M	30M	29M	30M	31M	31M	32M	32M	32M
Stock-based compensation	9M	7M	9M	11M	9M	12M	14M	12M	12M	19M	13M	15M
Change in working capital	-156M	-111M	-128M	-110M	-124M	-227M	-84M	-64M	-184M	-159M	-189M	-87M
Operating cash flow	-10M	42M	9M	33M	3M	-38M	67M	93M	163M	124M	38M	220M
Capital expenditure	-14M	-32M	-17M	-21M	-20M	-23M	-21M	-37M	—	—	—	—
Investing cash flow	-13M	-32M	-57M	-25M	-20M	-23M	-22M	-26M	-3M	-6M	1M	-1M
Dividends paid	-33M	-32M	-38M	-35M	-35M	-34M	-41M	-37M	-36M	-35M	-41M	-37M
Share repurchases	-67M	-40M	-25M	-69M	-68M	-72M	-70M	-70M	-71M	-90M	-87M	-88M
Financing cash flow	-58M	-56M	212M	-471M	-113M	-84M	-50M	-192M	-104M	-83M	23M	-178M
Net change in cash	-81M	-46M	164M	-463M	-130M	-145M	-5M	-125M	56M	35M	62M	41M
Free cash flow	74M	120M	30M	153M	125M	75M	100M	195M	136M	92M	19M	195M

Travel + Leisure Co. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history