TNL

MKT CAP:$4B

Travel + Leisure Co.

Market Cap

$4B

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

Consumer Cyc.·Travel Services·🇺🇸·NYSE

Stock Price

$67.32-$4.71 (-6.54%)

Apr 24, 2026

Company Details

Travel + Leisure Co., together with its subsidiaries, provides hospitality services and products in the United States and internationally. The company operates in two segments, Vacation Ownership; and Travel and Membership. The Vacation Own...

CEO

Michael D. Brown

IPO Date

Jul 19, 2006

Website

www.travelandleisureco.com

Key Metrics TTM

Revenue

$3.9B

+1.8% YoY

Net Income

$357M

EPS (Diluted)

$5.30

Free Cash Flow

$439M

Revenue / Share

$60.32

Gross Margin

50.1%

Operating Margin

18.2%

Net Margin

9.1%

FCF Margin

11.2%

P/S

1.1x

P/E

11.7x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$961M+2.9%EPS $1.22

FY 2025

Feb 18, 2026

$4.0BEPS $3.44

Q2 2025

Jul 23, 2025

$1.0B+3.4%EPS $1.62

Q1 2025

Apr 23, 2025

$934M+2.0%EPS $1.07

Q3 2024

Oct 23, 2024

$993M+0.7%EPS $1.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$558M	$166M	-$141M
Q2 20	$343M	$140M	-$114M
Q3 20	$614M	$313M	$64M
Q1 21	$628M	$293M	$87M
Q3 21	$839M	$433M	$186M
Q1 22	$809M	$371M	$117M
Q2 22	$922M	$456M	$185M
Q3 22	$937M	$461M	$189M
Q2 23	$949M	$462M	$183M
Q3 23	$986M	$486M	$207M
Q1 24	$916M	$411M	$150M
Q2 24	$985M	$489M	$189M
Q3 24	$993M	$497M	$189M
Q1 25	$934M	$432M	$156M
Q2 25	$1.0B	$506M	$206M
Q1 26	$961M	$520M	$159M

Valuation

Quarter	P/S	P/E
Q1 20	1.0x	8.6x
Q2 20	1.3x	—
Q3 20	1.6x	—
Q1 21	1.9x	—
Q3 21	1.7x	694.6x
Q1 22	1.4x	18.9x
Q2 22	1.3x	14.8x
Q3 22	1.2x	11.3x
Q2 23	1.2x	11.5x
Q3 23	1.1x	9.9x
Q1 24	1.1x	10.8x
Q2 24	1.1x	10.4x
Q3 24	1.1x	10.4x
Q1 25	1.1x	11.4x
Q2 25	1.1x	10.2x
Q1 26	1.1x	11.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$57M	$36M
Q2 20	$73M	$55M
Q3 20	$94M	$77M
Q1 21	$78M	$66M
Q3 21	$145M	$130M
Q1 22	$141M	$131M
Q2 22	$89M	$75M
Q3 22	$37M	$25M
Q2 23	$103M	$87M
Q3 23	$88M	$74M
Q1 24	$47M	$30M
Q2 24	$174M	$153M
Q3 24	$145M	$125M
Q1 25	$121M	$100M
Q2 25	$232M	$195M
Q1 26	$38M	$19M

Capital Expenditures

Quarter	CapEx
Q1 20	$21M
Q2 20	$18M
Q3 20	$17M
Q1 21	$12M
Q3 21	$15M
Q1 22	$10M
Q2 22	$14M
Q3 22	$12M
Q2 23	$16M
Q3 23	$14M
Q1 24	$17M
Q2 24	$21M
Q3 24	$20M
Q1 25	$21M
Q2 25	$37M
Q1 26	$19M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	-57.7%	-38.4%
Q2 20	-72.5%	-62.4%
Q3 20	-48.4%	-49.4%
Q1 21	-43.2%	-39.3%
Q3 21	+50.4%	-6.6%
Q1 22	+135.9%	+51.4%
Q2 22	+50.2%	+34.0%
Q3 22	+49.2%	+38.3%
Q2 23	+13.1%	+17.3%
Q3 23	+21.9%	+12.6%
Q1 24	-0.7%	+3.9%
Q2 24	+5.1%	+6.4%
Q3 24	+4.6%	+5.0%
Q1 25	-5.3%	-0.1%
Q2 25	+11.1%	+6.0%
Q1 26	-2.4%	+0.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$1M	0.2%
Q2 20	$7M	2.0%
Q3 20	$6M	1.0%
Q1 21	$7M	1.1%
Q3 21	$8M	1.0%
Q1 22	$12M	1.5%
Q2 22	$12M	1.3%
Q3 22	$10M	1.1%
Q2 23	$12M	1.3%
Q3 23	$9M	0.9%
Q1 24	$9M	1.0%
Q2 24	$11M	1.1%
Q3 24	$9M	0.9%
Q1 25	$14M	1.5%
Q2 25	$12M	1.2%
Q1 26	$13M	1.4%

OpEx Breakdown

Quarter	G&A	S&M
Q1 20	$110M	$131M
Q2 20	$85M	$32M
Q3 20	$101M	$84M
Q1 21	$106M	$69M
Q3 21	$106M	$101M
Q1 22	$120M	$94M
Q2 22	$121M	$119M
Q3 22	$117M	$125M
Q2 23	$114M	$127M
Q3 23	$108M	$141M
Q1 24	$112M	$121M
Q2 24	$128M	$144M
Q3 24	$111M	$152M
Q1 25	$122M	$124M
Q2 25	$116M	$152M
Q1 26	$121M	$142M

Revenue Segments

Quarter	Travel and Membership	Vacation Ownership
Q1 21	$183M	$449M
Q3 21	$185M	$660M
Q1 22	$210M	$604M
Q2 22	$188M	$735M
Q3 22	$183M	$754M
Q2 23	$179M	$768M
Q3 23	$174M	$812M
Q1 24	$193M	$725M
Q2 24	$177M	$807M
Q3 24	$168M	$825M
Q1 25	$180M	$755M
Q2 25	$166M	$853M
Q1 26	$165M	$798M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$241M	$0	$241M
Q3 22	$169M	$0	$169M
Q4 22	$550M	$23M	$573M
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
Q1 26	$254M	$0	$254M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	87M	-5.5%	-18.0%
Q2 20	85M	-1.7%	-16.3%
Q3 20	86M	+0.8%	-14.6%
Q1 21	87M	+0.9%	-5.5%
Q3 21	87M	+0.6%	+0.6%
Q1 22	87M	-0.5%	+1.9%
Q2 22	86M	-1.5%	-0.5%
Q3 22	84M	-2.5%	-3.8%
Q2 23	76M	-9.7%	-13.6%
Q3 23	74M	-2.5%	-15.4%
Q1 24	72M	-2.2%	-16.0%
Q2 24	71M	-1.4%	-15.1%
Q3 24	70M	-1.1%	-7.0%
Q1 25	68M	-2.8%	-7.3%
Q2 25	67M	-2.5%	-7.6%
Q1 26	65M	-2.6%	-8.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$24.8K	23K
Q2 20	$15.2K	23K
Q3 20	$27.3K	23K
Q1 21	$118.5K	5K
Q3 21	$158.3K	5K
Q1 22	$57.4K	14K
Q2 22	$65.4K	14K
Q3 22	$66.5K	14K
Q2 23	$52.1K	18K
Q3 23	$54.2K	18K
Q1 24	$48.2K	19K
Q2 24	$51.8K	19K
Q3 24	$52.3K	19K
Q1 25	$3M	300
Q2 25	$3M	300
Q1 26	$4M	250

Revenue / Employee