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Travel + Leisure (TNL) Financials

Travel + Leisure logo
$75.47 +2.12 (+2.89%)
Closing price 07/22/2026 03:59 PM Eastern
Extended Trading
$72.45 -3.02 (-4.00%)
As of 05:38 AM Eastern
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Annual Income Statements for Travel + Leisure

Annual Income Statements for Travel + Leisure

This table shows Travel + Leisure's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 612 611 854 672 507 -255 308 357 396 411 230
Consolidated Net Income / (Loss)		 612 612 855 672 507 -255 308 357 396 411 230
Net Income / (Loss) Continuing Operations		 552 352 646 266 489 -253 313 356 391 378 230
Total Pre-Tax Income 		837 542 318 396 680 -276 429 486 485 513 337
Total Operating Income		 935 658 439 523 812 -105 618 653 720 733 553
Total Gross Profit		 4,639 3,471 3,656 3,525 3,812 2,070 2,973 3,329 3,617 3,636 3,613
Total Revenue		 4,878 3,692 3,806 3,931 4,043 2,160 3,134 3,567 3,750 3,864 4,021
Operating Revenue		 4,566 3,692 3,806 3,931 4,043 2,160 3,134 3,567 3,750 3,864 4,021
Total Cost of Revenue		 239 221 150 406 231 90 161 238 133 228 408
Operating Cost of Revenue		 239 221 150 406 231 90 161 238 133 228 408
Total Operating Expenses		 3,704 2,813 3,217 3,002 3,068 2,175 2,355 2,676 2,895 2,903 3,060
Selling, General & Admin Expense		 2,781 2,175 2,216 2,155 2,139 1,528 1,793 2,082 2,138 2,219 2,322
Marketing Expense		 723 499 546 609 666 329 363 451 507 550 585
Depreciation Expense		 187 127 136 138 121 126 124 119 112 115 124
Other Operating Expenses / (Income)		 0.00 0.00 100 88 106 101 81 0.00 112 0.00 0.00
Impairment Charge		 7.00 0.00 205 -4.00 27 52 -5.00 10 0.00 3.00 10
Restructuring Charge		 6.00 12 14 16 9.00 39 -1.00 14 26 16 19
Total Other Income / (Expense), net		 -98 -116 -121 -127 -64 -171 -189 -167 -237 -220 -216
Interest Expense		 122 144 155 170 162 192 198 195 251 249 232
Interest & Investment Income		 8.00 7.00 6.00 5.00 7.00 7.00 3.00 6.00 13 14 9.00
Other Income / (Expense), net		 16 21 28 38 91 14 6.00 22 1.00 15 7.00
Income Tax Expense		 285 190 -328 130 191 -23 116 130 94 135 107
Net Income / (Loss) Discontinued Operations		 60 260 209 406 18 -2.00 -5.00 1.00 5.00 33 0.00
Basic Earnings per Share		 $5.18 $5.56 $8.29 $6.80 $5.50 ($2.97) $3.56 $4.28 $5.31 $5.87 $3.51
Weighted Average Basic Shares Outstanding		 118M 109.90M 103M 94.46M 87.30M 85.93M 85.71M 77.56M 71.03M 66.70M 62.40M
Diluted Earnings per Share		 $5.14 $5.52 $8.24 $6.77 $5.48 ($2.97) $3.52 $4.24 $5.28 $5.82 $3.44
Weighted Average Diluted Shares Outstanding		 118M 109.90M 103M 94.46M 87.30M 85.93M 85.71M 77.56M 71.03M 66.70M 62.40M
Weighted Average Basic & Diluted Shares Outstanding		 118M 109.90M 103M 94.46M 87.30M 85.93M 85.71M 77.56M 71.03M 66.70M 62.40M
Cash Dividends to Common per Share		 $1.68 $2.00 $2.32 $1.89 $1.80 $1.60 $1.25 $1.60 $1.80 $2.00 $2.24

Quarterly Income Statements for Travel + Leisure

This table shows Travel + Leisure's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 128 66 129 97 119 73 108 111 -62 79 109
Consolidated Net Income / (Loss)		 128 66 129 97 119 73 108 111 -62 79 109
Net Income / (Loss) Continuing Operations		 129 66 97 97 118 73 108 111 -62 79 109
Total Pre-Tax Income 		127 92 133 130 158 101 152 158 -74 108 155
Total Operating Income		 192 150 189 189 205 156 206 214 -23 159 210
Total Gross Profit		 797 882 964 966 824 911 997 1,031 674 926 1,034
Total Revenue		 936 916 985 993 970 934 1,018 1,044 1,025 961 1,063
Operating Revenue		 936 916 985 993 970 934 1,018 1,044 1,025 961 1,063
Total Cost of Revenue		 139 34 21 27 146 23 21 13 351 35 29
Operating Cost of Revenue		 139 34 21 27 146 23 21 13 351 35 29
Total Operating Expenses		 607 732 775 777 619 755 791 817 697 767 824
Selling, General & Admin Expense		 517 550 570 545 554 567 573 590 592 562 587
Marketing Expense		 127 121 144 152 133 124 152 162 147 142 172
Depreciation Expense		 28 28 28 29 30 30 31 31 32 32 32
Other Operating Expenses / (Income)		 -79 33 33 35 -101 34 34 33 -101 33 33
Impairment Charge		 - - 0.00 2.00 - - 1.00 1.00 - - 0.00
Restructuring Charge		 - - - 14 - 0.00 0.00 0.00 - -2.00 0.00
Total Other Income / (Expense), net		 -63 -58 -56 -59 -47 -55 -54 -56 -51 -51 -55
Interest Expense		 68 64 63 63 59 57 57 60 58 56 59
Interest & Investment Income		 4.00 4.00 3.00 3.00 4.00 1.00 2.00 3.00 3.00 2.00 2.00
Other Income / (Expense), net		 1.00 2.00 4.00 1.00 8.00 1.00 1.00 1.00 4.00 3.00 2.00
Income Tax Expense		 -2.00 26 36 33 40 28 44 47 -12 29 46
Basic Earnings per Share		 $1.74 $0.93 $1.82 $1.40 $1.72 $1.09 $1.63 $1.70 ($0.91) $1.25 $1.75
Weighted Average Basic Shares Outstanding		 71.03M 71.26M 69.76M 68.41M 66.70M 66.42M 64.92M 64.33M 62.40M 62.42M 61.20M
Diluted Earnings per Share		 $1.73 $0.92 $1.81 $1.39 $1.70 $1.07 $1.62 $1.67 ($0.92) $1.22 $1.72
Weighted Average Diluted Shares Outstanding		 71.03M 71.26M 69.76M 68.41M 66.70M 66.42M 64.92M 64.33M 62.40M 62.42M 61.20M
Weighted Average Basic & Diluted Shares Outstanding		 71.03M 71.26M 69.76M 68.41M 66.70M 66.42M 64.92M 64.33M 62.40M 62.42M 61.20M

Annual Cash Flow Statements for Travel + Leisure

This table details how cash moves in and out of Travel + Leisure's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -12 31 66 -3.00 98 815 -820 191 -230 -129 97
Net Cash From Operating Activities		 991 963 986 442 452 374 568 442 350 464 640
Net Cash From Continuing Operating Activities		 871 441 500 292 453 374 568 442 350 464 640
Net Income / (Loss) Continuing Operations		 552 352 646 266 489 -253 313 356 391 378 230
Consolidated Net Income / (Loss)		 612 612 855 672 507 -255 308 357 396 411 230
Net Income / (Loss) Discontinued Operations		 60 260 209 406 18 -2.00 -5.00 1.00 5.00 33 0.00
Depreciation Expense		 187 127 136 138 121 126 124 119 112 115 124
Non-Cash Adjustments To Reconcile Net Income		 318 424 706 610 523 533 230 19 -78 -36 301
Changes in Operating Assets and Liabilities, net		 -186 -462 -988 -722 -680 -32 -99 -52 -75 7.00 -15
Net Cash From Investing Activities		 -302 -346 -362 -725 -66 -65 -93 -50 -80 -124 -107
Net Cash From Continuing Investing Activities		 -264 -140 -151 -99 -44 -60 -93 -45 -80 -125 -107
Purchase of Property, Plant & Equipment		 -189 -117 -107 -99 -108 -69 -57 -52 -74 -81 -117
Acquisitions		 -101 -21 -48 -5.00 -51 0.00 -37 -2.00 -6.00 -44 -1.00
Purchase of Investments		 - - - - - - - - 0.00 0.00 -19
Sale of Property, Plant & Equipment		 21 16 6.00 12 6.00 0.00 0.00 8.00 0.00 1.00 10
Sale and/or Maturity of Investments		 - - - - - - - - 0.00 0.00 21
Other Investing Activities, net		 4.00 -18 -2.00 -8.00 3.00 9.00 1.00 1.00 0.00 -1.00 -1.00
Net Cash From Discontinued Investing Activities		 -38 -206 -211 -626 -22 -5.00 0.00 -5.00 0.00 1.00 0.00
Net Cash From Financing Activities		 -675 -586 -558 280 -289 502 -1,288 -196 -500 -458 -443
Net Cash From Continuing Financing Activities		 -667 -574 -536 -1,786 -289 502 -1,288 -196 -500 -458 -443
Repayment of Debt		 -2,015 -2,533 -3,940 -7,194 -4,985 -2,478 -3,198 -1,869 -3,991 -3,794 -4,418
Repurchase of Common Equity		 -658 -619 -599 -330 -340 -128 -25 -351 -309 -234 -301
Payment of Dividends		 -202 -223 -242 -194 -166 -138 -109 -135 -136 -142 -149
Issuance of Debt		 2,170 2,834 4,325 6,480 5,276 3,268 2,072 2,181 3,957 3,715 4,380
Issuance of Common Equity		 - - 0.00 0.00 11 7.00 11 10 9.00 15 34
Other Financing Activities, net		 38 -33 -80 -548 -85 -29 -39 -32 -30 -18 11
Effect of Exchange Rate Changes		 -26 - - - 1.00 4.00 -7.00 -5.00 0.00 -11 7.00

Quarterly Cash Flow Statements for Travel + Leisure

This table details how cash moves in and out of Travel + Leisure's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 66 189 -315 17 -20 38 20 27 12 30 15
Net Cash From Operating Activities		 152 47 174 145 98 121 232 163 124 38 220
Net Cash From Continuing Operating Activities		 152 47 174 145 98 121 232 163 124 38 220
Net Income / (Loss) Continuing Operations		 129 66 97 97 118 73 108 110 -61 79 109
Consolidated Net Income / (Loss)		 129 66 129 97 119 73 108 110 -61 79 109
Depreciation Expense		 29 28 28 30 29 30 31 31 32 32 32
Non-Cash Adjustments To Reconcile Net Income		 -41 5.00 -11 -24 -6.00 63 -11 -5.00 202 141 -18
Changes in Operating Assets and Liabilities, net		 35 -52 60 42 -43 -45 104 27 -49 -214 97
Net Cash From Investing Activities		 -34 -57 -24 -20 -23 -22 -26 -30 -29 -18 -26
Net Cash From Continuing Investing Activities		 -34 -57 -24 -20 -24 -22 -26 -30 -29 -18 -26
Purchase of Property, Plant & Equipment		 -32 -17 -21 -20 -23 -21 -37 -27 -32 -19 -25
Purchase of Investments		 - - - - - 0.00 - -6.00 -9.00 -8.00 -5.00
Sale and/or Maturity of Investments		 - - - - - 0.00 - 3.00 3.00 9.00 4.00
Net Cash From Financing Activities		 -56 203 -464 -113 -84 -63 -192 -105 -83 7.00 -179
Net Cash From Continuing Financing Activities		 -56 203 -464 -113 -84 -63 -192 -105 -83 7.00 -179
Repayment of Debt		 -1,333 -662 -1,027 -1,160 -945 -1,075 -853 -1,500 -990 -1,201 -1,757
Repurchase of Common Equity		 -40 -25 -69 -68 -72 -70 -70 -71 -90 -87 -88
Payment of Dividends		 -32 -38 -35 -35 -34 -41 -37 -36 -35 -41 -37
Issuance of Debt		 1,346 937 669 1,148 961 1,134 763 1,483 1,000 1,348 1,697
Issuance of Common Equity		 3.00 0.00 - 2.00 6.00 2.00 5.00 20 7.00 4.00 7.00
Other Financing Activities, net		 - -9.00 -9.00 - - -13 - -1.00 25 -16 -1.00

Annual Balance Sheets for Travel + Leisure

This table presents Travel + Leisure's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 9,591 9,819 10,450 7,158 7,453 7,613 6,588 6,757 6,738 6,735 6,760
Total Current Assets		 1,743 1,812 4,511 4,600 1,919 2,658 1,943 2,105 1,825 1,763 1,760
Cash & Equivalents		 171 113 48 218 355 1,196 369 550 282 167 253
Accounts Receivable		 586 376 195 121 144 115 131 160 179 155 165
Inventories, net		 295 310 1,249 1,224 1,199 1,347 1,216 1,193 1,135 1,227 1,128
Prepaid Expenses		 153 131 118 - 221 - 227 202 229 214 214
Plant, Property, & Equipment, net		 1,399 1,028 822 712 680 666 689 658 655 591 531
Total Noncurrent Assets		 6,449 6,979 5,117 1,846 4,854 4,289 3,956 3,994 4,258 4,381 4,469
Noncurrent Note & Lease Receivables		 2,438 2,515 - - 3,120 2,482 2,309 2,370 2,527 2,619 2,638
Goodwill		 1,563 1,221 911 922 970 964 961 955 962 966 972
Intangible Assets		 1,123 1,018 143 109 143 131 219 207 199 209 201
Other Noncurrent Operating Assets		 1,325 1,390 499 612 621 712 467 462 570 587 658
Total Liabilities & Shareholders' Equity		 9,591 9,819 10,450 7,158 7,453 7,613 6,588 6,757 6,738 6,735 6,760
Total Liabilities		 8,638 9,101 9,676 7,727 7,977 8,581 7,382 7,661 7,655 7,615 7,742
Total Current Liabilities		 1,957 2,032 1,079 1,070 1,046 991 1,001 941 880 845 972
Accounts Payable		 394 213 232 66 73 62 62 65 73 67 62
Accrued Expenses		 - - 847 1,004 973 929 939 876 807 778 910
Total Noncurrent Liabilities		 6,681 7,069 8,597 6,657 6,931 7,590 6,381 6,720 6,775 6,770 6,770
Long-Term Debt		 4,928 5,224 6,006 5,238 3,034 4,184 5,313 5,642 5,646 5,591 5,598
Noncurrent Deferred Revenue		 198 194 - 518 541 447 382 399 442 457 468
Noncurrent Deferred & Payable Income Tax Liabilities		 1,154 1,167 613 736 815 725 686 679 687 722 704
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 953 718 774 -569 -524 -968 -794 -904 -917 -880 -982
Total Preferred & Common Equity		 950 714 769 -574 -530 -975 -801 -913 -918 -881 -981
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 950 714 769 -574 -530 -975 -801 -913 -918 -881 -981
Common Stock		 3,925 3,968 3,998 4,079 4,120 4,159 4,194 4,244 4,281 4,330 4,408
Retained Earnings		 1,592 1,977 2,501 1,442 1,785 1,390 1,587 1,808 2,067 2,334 2,412
Treasury Stock		 -4,493 -5,118 -5,719 -6,043 -6,383 -6,508 -6,534 -6,886 -7,196 -7,433 -7,735
Accumulated Other Comprehensive Income / (Loss)		 -74 -113 -11 -52 -52 -16 -48 -79 -70 -112 -66
Noncontrolling Interest		 3.00 4.00 5.00 5.00 6.00 7.00 7.00 9.00 1.00 1.00 -1.00

Quarterly Balance Sheets for Travel + Leisure

This table presents Travel + Leisure's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 6,477 6,602 6,655 7,023 6,693 6,698 6,764 6,809 6,892 6,840 6,896
Total Current Assets		 1,764 1,769 1,818 2,122 1,800 1,787 1,833 1,883 1,912 1,854 1,877
Cash & Equivalents		 196 214 238 479 166 194 188 212 240 254 282
Accounts Receivable		 157 160 184 187 176 152 171 175 173 152 152
Inventories, net		 1,158 1,148 1,149 1,187 1,206 1,208 1,221 1,252 1,269 1,183 1,179
Prepaid Expenses		 253 247 247 269 252 233 253 244 230 265 264
Plant, Property, & Equipment, net		 670 665 655 614 596 594 587 592 597 523 524
Total Noncurrent Assets		 4,043 4,168 4,182 4,287 4,297 4,317 4,344 4,334 4,383 4,463 4,495
Noncurrent Note & Lease Receivables		 2,379 2,426 2,460 2,535 2,562 2,612 2,580 2,568 2,592 2,609 2,589
Goodwill		 961 961 959 993 968 971 968 972 971 971 972
Intangible Assets		 207 204 201 197 216 215 209 208 204 200 197
Other Noncurrent Operating Assets		 496 577 562 562 551 519 587 586 616 683 737
Total Liabilities & Shareholders' Equity		 6,477 6,602 6,655 7,023 6,693 6,698 6,764 6,809 6,892 6,840 6,896
Total Liabilities		 7,452 7,606 7,652 7,948 7,577 7,559 7,667 7,662 7,713 7,863 7,916
Total Current Liabilities		 869 896 889 863 838 834 779 847 883 899 1,016
Accounts Payable		 61 70 71 65 50 55 67 69 66 63 59
Accrued Expenses		 808 826 818 798 788 779 712 778 817 836 957
Total Noncurrent Liabilities		 6,583 6,710 6,763 7,085 6,739 6,725 6,888 6,815 6,830 6,964 6,900
Long-Term Debt		 5,454 5,572 5,622 5,924 5,577 5,577 5,658 5,587 5,578 5,754 5,710
Noncurrent Deferred Revenue		 417 423 435 452 453 450 486 483 489 478 462
Noncurrent Deferred & Payable Income Tax Liabilities		 712 715 706 709 709 698 744 745 763 732 728
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -975 -1,004 -997 -925 -884 -861 -903 -853 -821 -1,023 -1,020
Total Preferred & Common Equity		 -984 -1,014 -1,008 -926 -885 -862 -903 -852 -821 -1,022 -1,019
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -984 -1,014 -1,008 -926 -885 -862 -903 -852 -821 -1,022 -1,019
Common Stock		 4,249 4,260 4,270 4,283 4,300 4,311 4,334 4,351 4,383 4,411 4,433
Retained Earnings		 1,836 1,895 1,971 2,097 2,189 2,250 2,367 2,437 2,510 2,453 2,524
Treasury Stock		 -6,988 -7,090 -7,155 -7,221 -7,292 -7,362 -7,504 -7,574 -7,645 -7,823 -7,912
Accumulated Other Comprehensive Income / (Loss)		 -81 -79 -94 -85 -82 -61 -100 -66 -69 -63 -64
Noncontrolling Interest		 9.00 10 11 1.00 1.00 1.00 0.00 -1.00 0.00 -1.00 -1.00

Annual Metrics And Ratios for Travel + Leisure

This table displays calculated financial ratios and metrics derived from Travel + Leisure's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.63% -24.31% 3.09% 3.28% 2.85% -46.57% 45.09% 13.82% 5.13% 3.04% 4.06%
EBITDA Growth		 -3.64% -29.17% -25.19% 15.92% 46.50% -96.58% 2,037.14% 6.15% 5.16% 3.35% -20.74%
EBIT Growth		 0.32% -28.60% -31.22% 20.13% 60.96% -110.08% 785.71% 8.17% 7.11% 3.46% -25.13%
NOPAT Growth		 4.67% -30.70% 108.69% -60.61% 66.21% -112.59% 713.46% 6.08% 21.35% -6.95% -30.12%
Net Income Growth		 15.69% 0.00% 39.71% -21.40% -24.55% -150.30% 220.78% 15.91% 10.92% 3.79% -44.04%
EPS Growth		 22.97% 0.00% 39.71% -17.84% -19.05% -154.20% 218.52% 20.45% 24.53% 10.23% -40.89%
Operating Cash Flow Growth		 0.71% -2.83% 2.39% -55.17% 2.26% -17.26% 51.87% -22.18% -20.81% 32.57% 37.93%
Free Cash Flow Firm Growth		 6.34% 20.97% 85.40% -70.00% 441.00% -97.84% -2,830.25% 126.22% -27.00% 37.84% 26.02%
Invested Capital Growth		 -2.68% -8.67% -15.77% -3.79% -51.17% -6.26% 105.45% 0.92% 6.18% 2.18% -3.98%
Revenue Q/Q Growth		 -10.58% -25.16% 146.34% -15.46% 0.65% -13.46% 7.73% 0.82% 1.00% 0.89% 1.39%
EBITDA Q/Q Growth		 -5.56% -30.22% 79.46% 23.06% 19.49% -87.41% 17.43% -4.11% 3.09% 2.37% -25.08%
EBIT Q/Q Growth		 -2.36% -28.83% 57.77% 31.38% 23.02% -159.48% 21.88% -4.39% 3.43% 2.75% -29.29%
NOPAT Q/Q Growth		 0.95% -29.25% 248.40% -57.76% 8.04% -252.17% 33.67% -3.99% 14.08% -7.05% -32.93%
Net Income Q/Q Growth		 11.07% 3.73% 42.03% -31.15% 12.42% -183.33% 50.24% -4.29% 10.61% -2.14% -44.04%
EPS Q/Q Growth		 8.21% 3.73% 42.03% -32.30% 10.26% -182.86% 51.72% -2.53% 13.30% -0.51% -43.23%
Operating Cash Flow Q/Q Growth		 9.87% 0.31% 17.24% -34.71% 11.06% 5.06% -2.91% 10.50% -6.17% -10.42% 4.23%
Free Cash Flow Firm Q/Q Growth		 13.17% 49.17% 2,530.80% -79.70% 697.21% -82.24% -399.14% -1.09% -0.42% -0.67% -1.65%
Invested Capital Q/Q Growth		 0.34% -7.91% -26.51% -1.63% -53.85% -53.80% 0.05% -0.31% 1.37% 0.49% -3.41%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 95.10% 94.01% 96.06% 89.67% 94.29% 95.83% 94.86% 93.33% 93.47% 94.10% 89.85%
EBITDA Margin		 23.33% 21.83% 15.84% 17.78% 25.33% 1.62% 23.87% 22.26% 22.27% 22.33% 17.01%
Operating Margin		 19.17% 17.82% 11.53% 13.30% 20.08% -4.86% 19.72% 18.31% 19.20% 18.97% 13.75%
EBIT Margin		 19.50% 18.39% 12.27% 14.27% 22.33% -4.21% 19.91% 18.92% 19.28% 19.36% 13.93%
Profit (Net Income) Margin		 12.55% 16.58% 22.46% 17.09% 12.54% -11.81% 9.83% 10.01% 10.56% 10.64% 5.72%
Tax Burden Percent		 73.12% 112.92% 268.87% 169.70% 74.56% 92.39% 71.79% 73.46% 81.65% 80.12% 68.25%
Interest Burden Percent		 88.01% 79.82% 68.09% 70.59% 75.30% 303.30% 68.75% 72.00% 67.08% 68.58% 60.18%
Effective Tax Rate		 34.05% 35.06% -103.14% 32.83% 28.09% 0.00% 27.04% 26.75% 19.38% 26.32% 31.75%
Return on Invested Capital (ROIC)		 10.20% 7.49% 17.78% 7.81% 17.78% -3.52% 14.62% 11.47% 13.44% 12.01% 8.47%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.11% 11.28% 16.92% 15.10% 15.77% -9.93% 11.01% 9.06% 9.92% 9.62% 5.74%
Return on Net Nonoperating Assets (RNNOA)		 45.18% 65.76% 96.83% 647.80% -110.55% 37.70% -49.58% -53.52% -56.94% -57.76% -33.18%
Return on Equity (ROE)		 55.38% 73.25% 114.61% 655.61% -92.77% 34.18% -34.96% -42.05% -43.49% -45.74% -24.70%
Cash Return on Invested Capital (CROIC)		 12.91% 16.55% 34.90% 11.67% 86.54% 2.95% -54.43% 10.56% 7.45% 9.86% 12.54%
Operating Return on Assets (OROA)		 9.87% 7.00% 4.61% 6.37% 12.36% -1.21% 8.79% 10.12% 10.72% 11.10% 8.30%
Return on Assets (ROA)		 6.35% 6.31% 8.44% 7.63% 6.94% -3.39% 4.34% 5.35% 5.87% 6.10% 3.41%
Return on Common Equity (ROCE)		 55.26% 72.94% 113.92% 623.63% -93.71% 34.48% -35.24% -42.45% -43.73% -45.79% -24.70%
Return on Equity Simple (ROE_SIMPLE)		 64.42% 85.71% 111.18% -117.07% -95.66% 26.15% -38.45% -39.10% -43.14% -46.65% 0.00%
Net Operating Profit after Tax (NOPAT)		 617 427 892 351 584 -74 451 478 580 540 377
NOPAT Margin		 12.64% 11.57% 23.43% 8.94% 14.44% -3.40% 14.39% 13.41% 15.48% 13.98% 9.39%
Net Nonoperating Expense Percent (NNEP)		 0.09% -3.79% 0.86% -7.29% 2.01% 6.41% 3.60% 2.42% 3.53% 2.39% 2.74%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 10.10% 12.27% 11.46% 8.18%
Cost of Revenue to Revenue		 4.90% 5.99% 3.94% 10.33% 5.71% 4.17% 5.14% 6.67% 6.53% 5.90% 10.15%
SG&A Expenses to Revenue		 57.01% 58.91% 58.22% 54.82% 52.91% 70.74% 57.21% 58.37% 57.01% 57.43% 57.75%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 75.93% 76.19% 84.52% 76.37% 75.88% 100.69% 75.14% 75.02% 74.27% 75.13% 76.10%
Earnings before Interest and Taxes (EBIT)		 951 679 467 561 903 -91 624 675 723 748 560
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,138 806 603 699 1,024 35 748 794 835 863 684
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.54 8.73 11.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.27 1.69 2.39 0.71 0.97 1.57 1.37 0.76 0.72 0.89 1.13
Price to Earnings (P/E)		 10.14 10.20 10.66 4.18 7.73 0.00 13.95 7.58 6.85 8.40 19.73
Dividend Yield		 3.14% 3.46% 2.58% 5.31% 4.17% 4.05% 2.51% 4.81% 4.81% 3.96% 3.18%
Earnings Yield		 9.86% 9.81% 9.38% 23.95% 12.94% 0.00% 7.17% 13.20% 14.61% 11.91% 5.07%
Enterprise Value to Invested Capital (EV/IC)		 1.88 2.12 3.29 1.77 3.06 3.16 2.23 1.86 1.82 1.95 2.26
Enterprise Value to Revenue (EV/Rev)		 2.30 3.13 3.96 1.99 1.63 2.96 2.95 2.19 2.15 2.30 2.46
Enterprise Value to EBITDA (EV/EBITDA)		 9.86 14.35 24.99 11.20 6.45 182.47 12.36 9.83 9.67 10.29 14.45
Enterprise Value to EBIT (EV/EBIT)		 11.80 17.03 32.27 13.96 7.31 0.00 14.82 11.56 11.17 11.87 17.64
Enterprise Value to NOPAT (EV/NOPAT)		 18.20 27.06 16.90 22.29 11.31 0.00 20.51 16.32 13.91 16.43 26.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.32 12.01 15.28 17.72 14.61 17.08 16.28 17.66 23.07 19.13 15.44
Enterprise Value to Free Cash Flow (EV/FCFF)		 14.37 12.24 8.61 14.91 2.32 103.84 0.00 17.73 25.12 20.03 17.69
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 5.44 7.58 7.76 -9.21 -5.79 -4.32 -6.69 -6.24 -6.16 -6.35 -5.70
Long-Term Debt to Equity		 5.17 7.28 7.76 -9.21 -5.79 -4.32 -6.69 -6.24 -6.16 -6.35 -5.70
Financial Leverage		 4.47 5.83 5.72 42.90 -7.01 -3.80 -4.50 -5.91 -5.74 -6.00 -5.78
Leverage Ratio		 8.72 11.62 13.59 85.89 -13.37 -10.10 -8.06 -7.86 -7.41 -7.50 -7.25
Compound Leverage Factor		 7.67 9.27 9.25 60.63 -10.07 -30.63 -5.54 -5.66 -4.97 -5.14 -4.36
Debt to Total Capital		 84.46% 88.34% 88.58% 112.19% 120.88% 130.10% 117.57% 119.08% 119.39% 118.68% 121.27%
Short-Term Debt to Total Capital		 4.12% 3.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 80.34% 84.82% 88.58% 112.19% 120.88% 130.10% 117.57% 119.08% 119.39% 118.68% 121.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.05% 0.06% 0.07% 0.11% 0.24% 0.22% 0.15% 0.19% 0.02% 0.02% -0.02%
Common Equity to Total Capital		 15.49% 11.59% 11.34% -12.29% -21.12% -30.32% -17.73% -19.27% -19.41% -18.70% -21.25%
Debt to EBITDA		 4.55 6.75 9.96 7.49 2.96 119.54 7.10 7.11 6.76 6.48 8.18
Net Debt to EBITDA		 4.40 6.61 9.88 7.18 2.62 85.37 6.61 6.41 6.42 6.29 7.81
Long-Term Debt to EBITDA		 4.33 6.48 9.96 7.49 2.96 119.54 7.10 7.11 6.76 6.48 8.18
Debt to NOPAT		 8.40 12.73 6.73 14.91 5.20 -56.93 11.78 11.80 9.73 10.35 14.83
Net Debt to NOPAT		 8.12 12.47 6.68 14.29 4.59 -40.65 10.96 10.65 9.24 10.04 14.16
Long-Term Debt to NOPAT		 7.99 12.22 6.73 14.91 5.20 -56.93 11.78 11.80 9.73 10.35 14.83
Altman Z-Score		 1.47 1.27 1.81 1.90 1.71 1.00 1.65 1.65 1.72 1.86 1.86
Noncontrolling Interest Sharing Ratio		 0.23% 0.42% 0.60% 4.88% -1.01% -0.87% -0.79% -0.94% -0.55% -0.11% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.89 0.89 4.18 4.30 1.83 2.68 1.94 2.24 2.07 2.09 1.81
Quick Ratio		 0.53 0.37 2.91 3.16 0.48 1.32 0.50 0.75 0.52 0.38 0.43
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 781 944 1,751 525 2,842 62 -1,679 440 321 443 558
Operating Cash Flow to CapEx		 589.88% 953.47% 976.24% 508.05% 443.14% 542.03% 996.49% 1,004.55% 472.97% 580.00% 598.13%
Free Cash Flow to Firm to Interest Expense		 6.40 6.56 11.30 3.09 17.54 0.32 -8.48 2.26 1.28 1.78 2.41
Operating Cash Flow to Interest Expense		 8.12 6.69 6.36 2.60 2.79 1.95 2.87 2.27 1.39 1.86 2.76
Operating Cash Flow Less CapEx to Interest Expense		 6.75 5.99 5.71 2.09 2.16 1.59 2.58 2.04 1.10 1.54 2.30
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.51 0.38 0.38 0.45 0.55 0.29 0.44 0.53 0.56 0.57 0.60
Accounts Receivable Turnover		 8.85 7.68 13.33 24.88 30.51 16.68 25.48 24.52 22.12 23.14 25.13
Inventory Turnover		 0.80 0.73 0.19 0.33 0.19 0.07 0.13 0.20 0.21 0.19 0.35
Fixed Asset Turnover		 3.37 3.04 4.11 5.13 5.81 3.21 4.63 5.30 5.71 6.20 7.17
Accounts Payable Turnover		 0.61 0.73 0.67 2.72 3.32 1.33 2.60 3.75 3.55 3.26 6.33
Days Sales Outstanding (DSO)		 41.23 47.55 27.38 14.67 11.96 21.88 14.33 14.89 16.50 15.78 14.52
Days Inventory Outstanding (DIO)		 455.87 499.60 1,896.78 1,111.63 1,914.27 5,162.72 2,905.26 1,847.24 1,734.12 1,890.64 1,053.40
Days Payable Outstanding (DPO)		 594.84 501.26 541.42 133.95 109.82 273.75 140.56 97.38 102.80 112.06 57.70
Cash Conversion Cycle (CCC)		 -97.75 45.90 1,382.75 992.35 1,816.42 4,910.86 2,779.03 1,764.74 1,647.82 1,794.35 1,010.22
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,963 5,446 4,587 4,413 2,155 2,020 4,150 4,188 4,447 4,544 4,363
Invested Capital Turnover		 0.81 0.65 0.76 0.87 1.23 1.03 1.02 0.86 0.87 0.86 0.90
Increase / (Decrease) in Invested Capital		 -164 -517 -859 -174 -2,258 -135 2,130 38 259 97 -181
Enterprise Value (EV)		 11,221 11,562 15,068 7,831 6,604 6,386 9,247 7,806 8,076 8,876 9,881
Market Capitalization		 6,208 6,230 9,105 2,806 3,919 3,391 4,296 2,705 2,711 3,451 4,537
Book Value per Share		 $8.18 $6.62 $7.59 ($5.89) ($5.84) ($11.36) ($9.28) ($11.23) ($12.68) ($12.88) ($15.25)
Tangible Book Value per Share		 ($14.95) ($14.15) ($2.81) ($16.47) ($18.11) ($24.11) ($22.94) ($25.53) ($28.71) ($30.06) ($33.49)
Total Capital		 6,134 6,159 6,780 4,669 2,510 3,216 4,519 4,738 4,729 4,711 4,616
Total Debt		 5,181 5,441 6,006 5,238 3,034 4,184 5,313 5,642 5,646 5,591 5,598
Total Long-Term Debt		 4,928 5,224 6,006 5,238 3,034 4,184 5,313 5,642 5,646 5,591 5,598
Net Debt		 5,010 5,328 5,958 5,020 2,679 2,988 4,944 5,092 5,364 5,424 5,345
Capital Expenditures (CapEx)		 168 101 101 87 102 69 57 44 74 80 107
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -132 -116 3,384 3,312 518 471 573 614 663 751 535
Debt-free Net Working Capital (DFNWC)		 39 -3.00 3,432 3,530 873 1,667 942 1,164 945 918 788
Net Working Capital (NWC)		 -214 -220 3,432 3,530 873 1,667 942 1,164 945 918 788
Net Nonoperating Expense (NNE)		 4.63 -185 37 -321 77 182 143 121 184 129 147
Net Nonoperating Obligations (NNO)		 5,010 4,728 3,813 4,982 2,679 2,988 4,944 5,092 5,364 5,424 5,345
Total Depreciation and Amortization (D&A)		 187 127 136 138 121 126 124 119 112 115 124
Debt-free, Cash-free Net Working Capital to Revenue		 -2.71% -3.14% 88.91% 84.25% 12.81% 21.81% 18.28% 17.21% 17.68% 19.44% 13.31%
Debt-free Net Working Capital to Revenue		 0.80% -0.08% 90.17% 89.80% 21.59% 77.18% 30.06% 32.63% 25.20% 23.76% 19.60%
Net Working Capital to Revenue		 -4.39% -5.96% 90.17% 89.80% 21.59% 77.18% 30.06% 32.63% 25.20% 23.76% 19.60%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.34 $2.51 $3.82 $6.80 $5.50 ($2.97) $3.56 $4.28 $5.31 $5.87 $3.51
Adjusted Weighted Average Basic Shares Outstanding		 249.21M 232.53M 220.89M 94.46M 87.30M 85.93M 85.71M 77.56M 71.03M 66.70M 62.40M
Adjusted Diluted Earnings per Share		 $2.32 $2.50 $3.79 $6.77 $5.48 ($2.97) $3.52 $4.24 $5.28 $5.82 $3.44
Adjusted Weighted Average Diluted Shares Outstanding		 249.21M 232.53M 220.89M 94.46M 87.30M 85.93M 85.71M 77.56M 71.03M 66.70M 62.40M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $6.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 249.21M 232.53M 220.89M 94.46M 87.30M 85.93M 85.71M 77.56M 71.03M 66.70M 62.40M
Normalized Net Operating Profit after Tax (NOPAT)		 625 435 461 359 610 -9.80 447 496 601 554 397
Normalized NOPAT Margin		 12.82% 11.79% 12.10% 9.14% 15.08% -0.45% 14.25% 13.90% 16.04% 14.34% 9.88%
Pre Tax Income Margin		 17.16% 14.68% 8.36% 10.07% 16.82% -12.78% 13.69% 13.62% 12.93% 13.28% 8.38%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 7.80 4.72 3.01 3.30 5.57 -0.47 3.15 3.46 2.88 3.00 2.41
NOPAT to Interest Expense		 5.05 2.97 5.75 2.07 3.60 -0.38 2.28 2.45 2.31 2.17 1.63
EBIT Less CapEx to Interest Expense		 6.42 4.01 2.36 2.79 4.94 -0.83 2.86 3.24 2.59 2.68 1.95
NOPAT Less CapEx to Interest Expense		 3.68 2.27 5.10 1.55 2.97 -0.74 1.99 2.23 2.02 1.85 1.17
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 33.01% 36.44% 28.30% 28.87% 32.74% -54.12% 35.39% 37.82% 34.34% 34.55% 64.78%
Augmented Payout Ratio		 140.52% 137.58% 98.36% 77.98% 99.80% -104.31% 43.51% 136.13% 112.37% 91.48% 195.65%

Quarterly Metrics And Ratios for Travel + Leisure

This table displays calculated financial ratios and metrics derived from Travel + Leisure's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 62,421,616.00 61,204,232.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 62,421,616.00 61,204,232.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.27 1.78
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.12% 4.21% 3.79% 0.71% 3.63% 1.97% 3.35% 5.14% 5.67% 2.89% 4.42%
EBITDA Growth		 12.69% 8.43% 5.24% -7.17% 9.01% 3.89% 7.69% 11.82% -94.63% 3.74% 2.52%
EBIT Growth		 14.20% 10.14% 5.46% -9.09% 10.36% 3.29% 7.25% 13.16% -108.92% 3.18% 2.42%
NOPAT Growth		 59.61% 5.21% 5.79% -8.34% -21.50% 4.78% 6.19% 6.61% -110.52% 3.15% 0.89%
Net Income Growth		 42.22% 3.13% 37.23% -11.82% -7.03% 10.61% -16.28% 14.43% -152.10% 8.22% 0.93%
EPS Growth		 55.86% 13.58% 44.80% -6.71% -1.73% 16.30% -10.50% 20.14% -154.12% 14.02% 6.17%
Operating Cash Flow Growth		 -13.14% 571.43% 68.93% 64.77% -35.53% 157.45% 33.33% 12.41% 26.53% -68.60% -5.17%
Free Cash Flow Firm Growth		 -175.99% 93.51% 60.81% 118.74% 187.69% 150.82% 530.54% 2,479.11% 193.93% 213.76% 72.87%
Invested Capital Growth		 6.18% 5.53% 3.97% 3.08% 2.18% 1.04% -0.11% -0.11% -3.98% -1.97% -2.52%
Revenue Q/Q Growth		 -5.07% -2.14% 7.53% 0.81% -2.32% -3.71% 8.99% 2.55% -1.82% -6.24% 10.61%
EBITDA Q/Q Growth		 -6.33% -18.92% 22.78% -0.45% 10.00% -22.73% 27.27% 3.36% -94.72% 1,392.31% 25.77%
EBIT Q/Q Growth		 -7.66% -21.24% 26.97% -1.55% 12.11% -26.29% 31.85% 3.86% -108.84% 952.63% 30.86%
NOPAT Q/Q Growth		 26.76% -44.82% 28.10% 2.31% 8.56% -26.35% 29.81% 2.71% -110.71% 822.39% 26.97%
Net Income Q/Q Growth		 16.36% -48.44% 95.45% -24.81% 22.68% -38.66% 47.95% 2.78% -155.86% 227.42% 37.97%
EPS Q/Q Growth		 16.11% -46.82% 96.74% -23.20% 22.30% -37.06% 51.40% 3.09% -155.09% 232.61% 40.98%
Operating Cash Flow Q/Q Growth		 72.73% -69.08% 270.21% -16.67% -32.41% 23.47% 91.74% -29.74% -23.93% -69.35% 478.95%
Free Cash Flow Firm Q/Q Growth		 -99.00% -102.25% 72.83% 117.13% 831.44% 17.20% 130.21% 2.63% 6.15% 25.11% 26.84%
Invested Capital Q/Q Growth		 1.37% 1.64% 0.15% -0.11% 0.49% 0.51% -0.99% -0.11% -3.41% 2.61% -1.54%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 85.15% 96.29% 97.87% 97.28% 84.95% 97.54% 97.94% 98.75% 65.76% 96.36% 97.27%
EBITDA Margin		 23.72% 19.65% 22.44% 22.16% 24.95% 20.02% 23.38% 23.56% 1.27% 20.19% 22.95%
Operating Margin		 20.51% 16.38% 19.19% 19.03% 21.13% 16.70% 20.24% 20.50% -2.24% 16.55% 19.76%
EBIT Margin		 20.62% 16.59% 19.59% 19.13% 21.96% 16.81% 20.33% 20.59% -1.85% 16.86% 19.94%
Profit (Net Income) Margin		 13.68% 7.21% 13.10% 9.77% 12.27% 7.82% 10.61% 10.63% -6.05% 8.22% 10.25%
Tax Burden Percent		 100.79% 71.74% 96.99% 74.62% 75.32% 72.28% 71.05% 70.25% 83.78% 73.15% 70.32%
Interest Burden Percent		 65.80% 60.53% 68.91% 68.42% 74.18% 64.33% 73.43% 73.49% 389.47% 66.67% 73.11%
Effective Tax Rate		 -1.57% 28.26% 27.07% 25.38% 25.32% 27.72% 28.95% 29.75% 0.00% 26.85% 29.68%
Return on Invested Capital (ROIC)		 18.10% 10.11% 12.05% 12.21% 13.57% 10.31% 12.44% 12.64% -1.42% 10.83% 12.74%
ROIC Less NNEP Spread (ROIC-NNEP)		 16.82% 9.33% 11.88% 11.39% 12.93% 9.59% 11.73% 11.90% -2.27% 10.15% 12.02%
Return on Net Nonoperating Assets (RNNOA)		 -96.55% -52.56% -67.78% -66.02% -77.65% -57.24% -72.84% -75.87% 13.13% -57.83% -69.32%
Return on Equity (ROE)		 -78.45% -42.45% -55.74% -53.81% -64.08% -46.92% -60.40% -63.23% 11.71% -47.00% -56.59%
Cash Return on Invested Capital (CROIC)		 7.45% 7.93% 9.47% 10.01% 9.86% 10.96% 12.34% 12.56% 12.54% 10.43% 11.12%
Operating Return on Assets (OROA)		 11.46% 9.31% 11.27% 10.98% 12.60% 9.47% 11.79% 12.02% -1.10% 10.03% 11.91%
Return on Assets (ROA)		 7.60% 4.04% 7.53% 5.60% 7.04% 4.40% 6.15% 6.21% -3.60% 4.89% 6.12%
Return on Common Equity (ROCE)		 -78.88% -42.67% -56.06% -54.16% -64.15% -46.95% -60.40% -63.27% 11.71% -46.98% -56.53%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -42.98% -48.93% -48.72% 0.00% -46.29% -46.60% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 195 108 138 141 153 113 146 150 -16 116 148
NOPAT Margin		 20.84% 11.75% 13.99% 14.20% 15.78% 12.07% 14.38% 14.40% -1.57% 12.10% 13.89%
Net Nonoperating Expense Percent (NNEP)		 1.28% 0.78% 0.16% 0.82% 0.63% 0.73% 0.71% 0.73% 0.85% 0.68% 0.72%
Return On Investment Capital (ROIC_SIMPLE)		 4.12% - - - 3.25% 2.37% 3.09% 3.16% -0.35% 2.46% 3.15%
Cost of Revenue to Revenue		 14.85% 3.71% 2.13% 2.72% 15.05% 2.46% 2.06% 1.25% 34.24% 3.64% 2.73%
SG&A Expenses to Revenue		 55.24% 60.04% 57.87% 54.88% 57.11% 60.71% 56.29% 56.51% 57.76% 58.48% 55.22%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 64.85% 79.91% 78.68% 78.25% 63.81% 80.84% 77.70% 78.26% 68.00% 79.81% 77.52%
Earnings before Interest and Taxes (EBIT)		 193 152 193 190 213 157 207 215 -19 162 212
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 222 180 221 220 242 187 238 246 13 194 244
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.72 0.93 0.84 0.84 0.89 0.80 0.88 0.97 1.13 1.07 1.17
Price to Earnings (P/E)		 6.85 8.81 7.40 7.65 8.40 7.39 8.63 9.40 19.73 18.29 20.13
Dividend Yield		 4.81% 3.82% 4.22% 4.23% 3.96% 4.45% 4.11% 3.66% 3.18% 3.30% 3.04%
Earnings Yield		 14.61% 11.35% 13.51% 13.07% 11.91% 13.54% 11.58% 10.64% 5.07% 5.47% 4.97%
Enterprise Value to Invested Capital (EV/IC)		 1.82 1.98 1.90 1.90 1.95 1.87 1.95 2.04 2.26 2.19 2.31
Enterprise Value to Revenue (EV/Rev)		 2.15 2.36 2.25 2.25 2.30 2.20 2.25 2.32 2.46 2.43 2.49
Enterprise Value to EBITDA (EV/EBITDA)		 9.67 10.54 10.02 10.20 10.29 9.84 9.92 10.08 14.45 14.21 14.63
Enterprise Value to EBIT (EV/EBIT)		 11.17 12.15 11.54 11.81 11.87 11.36 11.48 11.62 17.64 17.37 17.89
Enterprise Value to NOPAT (EV/NOPAT)		 13.91 15.27 14.52 14.80 16.43 15.70 15.91 16.35 26.18 25.73 26.66
Enterprise Value to Operating Cash Flow (EV/OCF)		 23.07 22.95 18.69 16.60 19.13 15.91 14.77 14.98 15.44 17.62 18.71
Enterprise Value to Free Cash Flow (EV/FCFF)		 25.12 25.64 20.50 19.28 20.03 17.18 15.76 16.20 17.69 20.82 20.54
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -6.16 -6.40 -6.31 -6.48 -6.35 -6.27 -6.55 -6.79 -5.70 -5.62 -5.60
Long-Term Debt to Equity		 -6.16 -6.40 -6.31 -6.48 -6.35 -6.27 -6.55 -6.79 -5.70 -5.62 -5.60
Financial Leverage		 -5.74 -5.63 -5.70 -5.79 -6.00 -5.97 -6.21 -6.37 -5.78 -5.70 -5.77
Leverage Ratio		 -7.41 -7.11 -7.04 -7.19 -7.50 -7.54 -7.77 -8.08 -7.25 -7.06 -7.32
Compound Leverage Factor		 -4.88 -4.30 -4.85 -4.92 -5.56 -4.85 -5.71 -5.94 -28.23 -4.71 -5.35
Debt to Total Capital		 119.39% 118.50% 118.84% 118.26% 118.68% 118.99% 118.02% 117.26% 121.27% 121.62% 121.75%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 119.39% 118.50% 118.84% 118.26% 118.68% 118.99% 118.02% 117.26% 121.27% 121.62% 121.75%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.02% 0.02% 0.02% 0.02% 0.02% 0.00% -0.02% 0.00% -0.02% -0.02% -0.02%
Common Equity to Total Capital		 -19.41% -18.52% -18.86% -18.28% -18.70% -18.99% -18.00% -17.26% -21.25% -21.60% -21.73%
Debt to EBITDA		 6.76 6.98 6.48 6.62 6.48 6.50 6.30 6.11 8.18 8.33 8.19
Net Debt to EBITDA		 6.42 6.41 6.29 6.39 6.29 6.29 6.06 5.85 7.81 7.96 7.79
Long-Term Debt to EBITDA		 6.76 6.98 6.48 6.62 6.48 6.50 6.30 6.11 8.18 8.33 8.19
Debt to NOPAT		 9.73 10.11 9.40 9.60 10.35 10.38 10.10 9.91 14.83 15.08 14.93
Net Debt to NOPAT		 9.24 9.29 9.12 9.26 10.04 10.04 9.71 9.49 14.16 14.42 14.19
Long-Term Debt to NOPAT		 9.73 10.11 9.40 9.60 10.35 10.38 10.10 9.91 14.83 15.08 14.93
Altman Z-Score		 1.46 1.51 1.55 1.56 1.60 1.57 1.63 1.67 1.58 1.67 1.72
Noncontrolling Interest Sharing Ratio		 -0.55% -0.53% -0.58% -0.65% -0.11% -0.05% 0.00% -0.06% 0.00% 0.05% 0.11%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.07 2.46 2.15 2.14 2.09 2.35 2.22 2.17 1.81 2.06 1.85
Quick Ratio		 0.52 0.77 0.41 0.41 0.38 0.46 0.46 0.47 0.43 0.45 0.43
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -64 -129 -35 6.02 56 66 151 155 165 206 262
Operating Cash Flow to CapEx		 475.00% 276.47% 828.57% 725.00% 426.09% 576.19% 627.03% 603.70% 563.64% 200.00% 880.00%
Free Cash Flow to Firm to Interest Expense		 -0.94 -2.02 -0.56 0.10 0.95 1.15 2.66 2.59 2.84 3.68 4.44
Operating Cash Flow to Interest Expense		 2.24 0.73 2.76 2.30 1.66 2.12 4.07 2.72 2.14 0.68 3.73
Operating Cash Flow Less CapEx to Interest Expense		 1.76 0.47 2.43 1.98 1.27 1.75 3.42 2.27 1.76 0.34 3.31
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.56 0.56 0.58 0.57 0.57 0.56 0.58 0.58 0.60 0.60 0.60
Accounts Receivable Turnover		 22.12 22.02 22.76 22.80 23.14 21.69 22.31 24.41 25.13 25.07 25.03
Inventory Turnover		 0.21 0.21 0.20 0.19 0.19 0.18 0.18 0.16 0.35 0.35 0.35
Fixed Asset Turnover		 5.71 5.90 6.06 6.13 6.20 6.46 6.59 6.66 7.17 7.29 7.34
Accounts Payable Turnover		 3.55 3.95 3.95 3.51 3.26 3.29 3.65 3.36 6.33 6.46 6.69
Days Sales Outstanding (DSO)		 16.50 16.58 16.04 16.01 15.78 16.83 16.36 14.96 14.52 14.56 14.58
Days Inventory Outstanding (DIO)		 1,734.12 1,718.72 1,812.68 1,946.39 1,890.64 2,025.16 2,067.21 2,226.86 1,053.40 1,044.60 1,036.58
Days Payable Outstanding (DPO)		 102.80 92.35 92.41 104.05 112.06 111.01 100.08 108.78 57.70 56.49 54.58
Cash Conversion Cycle (CCC)		 1,647.82 1,642.95 1,736.31 1,858.35 1,794.35 1,930.98 1,983.49 2,133.03 1,010.22 1,002.67 996.58
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,447 4,520 4,527 4,522 4,544 4,567 4,522 4,517 4,363 4,477 4,408
Invested Capital Turnover		 0.87 0.86 0.86 0.86 0.86 0.85 0.87 0.88 0.90 0.90 0.92
Increase / (Decrease) in Invested Capital		 259 237 173 135 97 47 -5.00 -5.00 -181 -90 -114
Enterprise Value (EV)		 8,076 8,952 8,617 8,599 8,876 8,557 8,802 9,200 9,881 9,816 10,198
Market Capitalization		 2,711 3,506 3,205 3,215 3,451 3,087 3,428 3,862 4,537 4,317 4,771
Book Value per Share		 ($12.68) ($12.99) ($12.42) ($12.36) ($12.88) ($13.54) ($12.83) ($12.65) ($15.25) ($16.38) ($16.32)
Tangible Book Value per Share		 ($28.71) ($29.69) ($29.03) ($29.36) ($30.06) ($31.19) ($30.60) ($30.75) ($33.49) ($35.15) ($35.05)
Total Capital		 4,729 4,999 4,693 4,716 4,711 4,755 4,734 4,757 4,616 4,731 4,690
Total Debt		 5,646 5,924 5,577 5,577 5,591 5,658 5,587 5,578 5,598 5,754 5,710
Total Long-Term Debt		 5,646 5,924 5,577 5,577 5,591 5,658 5,587 5,578 5,598 5,754 5,710
Net Debt		 5,364 5,445 5,411 5,383 5,424 5,470 5,375 5,338 5,345 5,500 5,428
Capital Expenditures (CapEx)		 32 17 21 20 23 21 37 27 22 19 25
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 663 780 796 759 751 866 824 789 535 701 579
Debt-free Net Working Capital (DFNWC)		 945 1,259 962 953 918 1,054 1,036 1,029 788 955 861
Net Working Capital (NWC)		 945 1,259 962 953 918 1,054 1,036 1,029 788 955 861
Net Nonoperating Expense (NNE)		 67 42 8.84 44 34 40 38 39 46 37 39
Net Nonoperating Obligations (NNO)		 5,364 5,445 5,411 5,383 5,424 5,470 5,375 5,338 5,345 5,500 5,428
Total Depreciation and Amortization (D&A)		 29 28 28 30 29 30 31 31 32 32 32
Debt-free, Cash-free Net Working Capital to Revenue		 17.68% 20.60% 20.82% 19.82% 19.44% 22.31% 21.05% 19.89% 13.31% 17.32% 14.15%
Debt-free Net Working Capital to Revenue		 25.20% 33.25% 25.16% 24.88% 23.76% 27.15% 26.46% 25.95% 19.60% 23.59% 21.04%
Net Working Capital to Revenue		 25.20% 33.25% 25.16% 24.88% 23.76% 27.15% 26.46% 25.95% 19.60% 23.59% 21.04%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.74 $0.93 $1.82 $1.40 $1.72 $1.09 $1.63 $1.70 ($0.91) $1.25 $1.75
Adjusted Weighted Average Basic Shares Outstanding		 71.03M 71.26M 69.76M 68.41M 66.70M 66.42M 64.92M 64.33M 62.40M 62.42M 61.20M
Adjusted Diluted Earnings per Share		 $1.73 $0.92 $1.81 $1.39 $1.70 $1.07 $1.62 $1.67 ($0.92) $1.22 $1.72
Adjusted Weighted Average Diluted Shares Outstanding		 71.03M 71.26M 69.76M 68.41M 66.70M 66.42M 64.92M 64.33M 62.40M 62.42M 61.20M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 71.03M 71.26M 69.76M 68.41M 66.70M 66.42M 64.92M 64.33M 62.40M 62.42M 61.20M
Normalized Net Operating Profit after Tax (NOPAT)		 134 108 138 153 153 113 147 151 -16 115 148
Normalized NOPAT Margin		 14.36% 11.75% 13.99% 15.40% 15.78% 12.07% 14.45% 14.47% -1.57% 11.95% 13.89%
Pre Tax Income Margin		 13.57% 10.04% 13.50% 13.09% 16.29% 10.81% 14.93% 15.13% -7.22% 11.24% 14.58%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.84 2.38 3.06 3.02 3.61 2.75 3.63 3.58 -0.33 2.89 3.59
NOPAT to Interest Expense		 2.87 1.68 2.19 2.24 2.59 1.98 2.57 2.51 -0.28 2.08 2.50
EBIT Less CapEx to Interest Expense		 2.37 2.11 2.73 2.70 3.22 2.39 2.98 3.13 -0.71 2.55 3.17
NOPAT Less CapEx to Interest Expense		 2.40 1.42 1.85 1.92 2.21 1.61 1.92 2.06 -0.66 1.74 2.08
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 34.34% 34.42% 31.87% 33.33% 34.55% 34.69% 37.03% 36.01% 64.78% 63.14% 62.87%
Augmented Payout Ratio		 112.37% 92.96% 78.29% 81.43% 91.48% 101.44% 107.56% 104.87% 195.65% 197.88% 204.64%

Financials Breakdown Chart

Key Financial Trends

Travel + Leisure Co. (NYSE: TNL) showed a mixed but still resilient operating picture in Q1 2026, with earnings rebounding sharply from the prior quarter and cash generation improving, even as leverage remains very high and equity is still negative.

  • Profitability improved sharply in Q1 2026. Net income rose to $79 million from a $62 million loss in Q4 2025, while EPS improved to $1.25 from -$0.91.
  • Operating income returned to solid positive territory. TNL posted $159 million in operating income in Q1 2026, reversing a $23 million operating loss in Q4 2025.
  • Cash from operations turned positive again. The company generated $38 million of operating cash flow in Q1 2026, versus $124 million in Q4 2025 and $232 million in Q2 2025.
  • Cash on hand improved. Cash and equivalents increased to $254 million at the end of Q1 2026 from $240 million in Q3 2025 and $188 million in Q1 2025.
  • Retained earnings continue to build. Retained earnings reached $2.453 billion, up from $2.367 billion a year earlier, reflecting ongoing earnings power.
  • Debt paydown remained a priority. TNL repaid $1.201 billion of debt in Q1 2026, showing continued effort to manage the balance sheet.
  • Revenue was steady, but not growing quickly. Q1 2026 revenue came in at $961 million, down from $1.025 billion in Q4 2025 but above $934 million in Q1 2025.
  • Gross margins remain strong. Gross profit was $926 million on just $35 million of cost of revenue, indicating a very high gross margin business model.
  • Share count was stable to slightly lower than recent quarters. Basic/diluted shares were 62.4 million in Q1 2026, down from 62.4 million in Q4 2025 and below 66.4 million in Q1 2025.
  • Leverage remains the biggest risk. Long-term debt was still very high at $5.754 billion, against total equity of -$1.023 billion.
  • Balance sheet equity is still negative. Total common equity stood at -$1.022 billion, which signals a heavily leveraged capital structure.
  • Operating cash flow was weaker than a year ago. Q1 2026 operating cash flow of $38 million was well below $121 million in Q1 2025 and $163 million in Q3 2025.
  • Cash generation is volatile quarter to quarter. Net income swung from a loss in Q4 2025 to a profit in Q1 2026, suggesting results can be affected by timing and one-time items.
  • Working capital was a drag in Q1 2026. Changes in operating assets and liabilities reduced cash flow by $214 million, partially offsetting strong non-cash adjustments.

Bottom line: Travel + Leisure is showing signs of earnings recovery and continues to generate positive cash, but the company remains highly levered and balance-sheet constrained. For retail investors, the story is still about whether management can keep profits and cash flow stable while continuing to chip away at debt.

07/23/26 04:03 AM ETAI Generated. May Contain Errors.

Travel + Leisure Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Travel + Leisure's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Travel + Leisure's net income appears to be on a downward trend, with a most recent value of $230 million in 2025, falling from $612 million in 2015. The previous period was $411 million in 2024. Check out Travel + Leisure's forecast to explore projected trends and price targets.

Travel + Leisure's total operating income in 2025 was $553 million, based on the following breakdown:
  • Total Gross Profit: $3.61 billion
  • Total Operating Expenses: $3.06 billion

Over the last 10 years, Travel + Leisure's total revenue changed from $4.88 billion in 2015 to $4.02 billion in 2025, a change of -17.6%.

Travel + Leisure's total liabilities were at $7.74 billion at the end of 2025, a 1.7% increase from 2024, and a 10.4% decrease since 2015.

In the past 10 years, Travel + Leisure's cash and equivalents has ranged from $48 million in 2017 to $1.20 billion in 2020, and is currently $253 million as of their latest financial filing in 2025.

Over the last 10 years, Travel + Leisure's book value per share changed from 8.18 in 2015 to -15.25 in 2025, a change of -286.4%.


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Financial statements for NYSE:TNL last updated on 7/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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