TNL (Travel + Leisure Co.) Stock Financials & Earnings | Market Cap Arena

TNL (Travel + Leisure Co.) Stock Financials & Earnings | Market Cap Arena

TNLTravel + Leisure Co.

Mkt Cap$4B

Consumer Cyclical·Travel Services·🇺🇸 United States·NYSE

Revenue (TTM)$4.0B

Net Income (TTM)$231M

EPS (TTM)$3.41

Free Cash Flow (TTM)$818M

Gross Margin41.3%

Op. Margin15.3%

Net Margin5.7%

FCF Margin20.3%

P/S Ratio (TTM)1.1x

P/E Ratio (TTM)19.3x

YoY Rev Growth+4.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$879M	$404M	$138M
Q2 23	$949M	$462M	$183M
Q3 23	$986M	$486M	$207M
Q4 23	$936M	$470M	$191M
Q1 24	$916M	$411M	$150M
Q2 24	$985M	$489M	$189M
Q3 24	$993M	$497M	$189M
Q4 24	$971M	$496M	$206M
Q1 25	$934M	$432M	$156M
Q2 25	$1.0B	$506M	$206M
Q3 25	$1.0B	$576M	$214M
Q4 25	$1.0B	$148M	$39M

Valuation

Quarter	P/S	P/E
Q1 23	1.2x	12.0x
Q2 23	1.2x	12.2x
Q3 23	1.2x	12.4x
Q4 23	1.2x	11.2x
Q1 24	1.2x	11.2x
Q2 24	1.2x	10.3x
Q3 24	1.2x	10.6x
Q4 24	1.2x	10.8x
Q1 25	1.1x	10.7x
Q2 25	1.1x	11.2x
Q3 25	1.1x	10.8x
Q4 25	1.1x	19.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$7M	-$5M
Q2 23	$103M	$87M
Q3 23	$88M	$74M
Q4 23	$152M	$120M
Q1 24	$47M	$30M
Q2 24	$174M	$153M
Q3 24	$145M	$125M
Q4 24	$98M	$75M
Q1 25	$121M	$100M
Q2 25	$232M	$195M
Q3 25	$516M	$431M
Q4 25	$124M	$92M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$12M
Q2 23	$16M
Q3 23	$14M
Q4 23	$32M
Q1 24	$17M
Q2 24	$21M
Q3 24	$20M
Q4 24	$23M
Q1 25	$21M
Q2 25	$37M
Q3 25	$85M
Q4 25	$32M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+8.7%	+7.1%
Q2 23	+2.9%	+3.9%
Q3 23	+5.2%	+4.1%
Q4 23	+4.1%	+1.1%
Q1 24	+4.2%	+3.4%
Q2 24	+3.8%	+3.9%
Q3 24	+0.7%	+3.2%
Q4 24	+3.7%	+2.7%
Q1 25	+2.0%	+1.6%
Q2 25	+3.4%	+2.0%
Q3 25	+5.1%	+3.2%
Q4 25	+5.7%	+29.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$10M	1.1%
Q2 23	$12M	1.3%
Q3 23	$9M	0.9%
Q4 23	$7M	0.7%
Q1 24	$9M	1.0%
Q2 24	$11M	1.1%
Q3 24	$9M	0.9%
Q4 24	$12M	1.2%
Q1 25	$14M	1.5%
Q2 25	$12M	1.2%
Q3 25	$38M	3.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$124M	$112M
Q2 23	$114M	$127M
Q3 23	$108M	$141M
Q4 23	$107M	$128M
Q1 24	$112M	$121M
Q2 24	$128M	$144M
Q3 24	$111M	$152M
Q4 24	$125M	$133M
Q1 25	$122M	$124M
Q2 25	$116M	$152M
Q3 25	$122M	$162M
Q4 25	$138M	$147M

Revenue Segments

Quarter	Travel and Membership	Vacation Ownership
Q1 23	$200M	$685M
Q2 23	$179M	$768M
Q3 23	$174M	$812M
Q4 23	$158M	$776M
Q1 24	$193M	$725M
Q2 24	$177M	$807M
Q3 24	$168M	$825M
Q4 24	$157M	$814M
Q1 25	$180M	$755M
Q2 25	$166M	$853M
Q3 25	$169M	$876M
Q4 25	$147M	$877M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$196M	$0	$196M
Q2 23	$214M	$0	$214M
Q3 23	$238M	$0	$238M
Q4 23	$282M	$14M	$296M
Q1 24	$479M	$0	$479M
Q2 24	$166M	$0	$166M
Q3 24	$194M	$0	$194M
Q4 24	$167M	$17M	$184M
Q1 25	$188M	$0	$188M
Q2 25	$212M	$0	$212M
Q3 25	$240M	$0	$240M
Q4 25	$253M	$0	$253M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	78M	-2.7%
Q2 23	76M	-3.6%
Q3 23	74M	-2.5%
Q4 23	73M	-1.2%
Q1 24	72M	-1.0%
Q2 24	71M	-1.4%
Q3 24	70M	-1.1%
Q4 24	69M	-1.4%
Q1 25	68M	-1.4%
Q2 25	67M	-2.5%
Q3 25	67M	+0.0%
Q4 25	64M	-3.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$154K	34K
FY 15	$147K	38K
FY 16	$148K	38K
FY 17	$129K	39K
FY 18	$160K	25K
FY 19	$180K	23K
FY 20	$408K	5K
FY 21	$222K	14K
FY 22	$196K	18K
FY 23	$197K	19K
FY 24	$13M	300
FY 25	$16M	250