Travel + Leisure (TNL) Financials

$65.07 -0.20 (-0.31%)

As of 02:24 PM Eastern

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	110	128	66	129	97	119	73	108	111	-62	79
Consolidated Net Income / (Loss)	110	128	66	129	97	119	73	108	111	-62	79
Net Income / (Loss) Continuing Operations	110	129	66	97	97	118	73	108	111	-62	79
Total Pre-Tax Income	148	127	92	133	130	158	101	152	158	-74	108
Total Operating Income	207	192	150	189	189	205	156	206	214	-23	159
Total Gross Profit	943	797	882	964	966	824	911	997	1,031	674	926
Total Revenue	986	936	916	985	993	970	934	1,018	1,044	1,025	961
Operating Revenue	986	936	916	985	993	970	934	1,018	1,044	1,025	961
Total Cost of Revenue	43	139	34	21	27	146	23	21	13	351	35
Operating Cost of Revenue	43	139	34	21	27	146	23	21	13	351	35
Total Operating Expenses	736	607	732	775	777	619	755	791	817	697	767
Selling, General & Admin Expense	536	517	550	570	545	554	567	573	590	592	562
Marketing Expense	141	127	121	144	152	133	124	152	162	147	142
Depreciation Expense	28	28	28	28	29	30	30	31	31	32	32
Other Operating Expenses / (Income)	29	-79	33	33	35	-101	34	34	33	-101	33
Restructuring Charge	2.00	-	-	-	14	-	0.00	-	0.00	-	-2.00
Total Other Income / (Expense), net	-59	-63	-58	-56	-59	-47	-55	-54	-56	-51	-51
Interest Expense	64	68	64	63	63	59	57	57	60	58	56
Interest & Investment Income	3.00	4.00	4.00	3.00	3.00	4.00	1.00	2.00	3.00	3.00	2.00
Other Income / (Expense), net	2.00	1.00	2.00	4.00	1.00	8.00	1.00	1.00	1.00	4.00	3.00
Income Tax Expense	38	-2.00	26	36	33	40	28	44	47	-12	29
Basic Earnings per Share	$1.50	$1.74	$0.93	$1.82	$1.40	$1.72	$1.09	$1.63	$1.70	($0.91)	$1.25
Weighted Average Basic Shares Outstanding	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M	64.92M	64.33M	62.40M	62.42M
Diluted Earnings per Share	$1.49	$1.73	$0.92	$1.81	$1.39	$1.70	$1.07	$1.62	$1.67	($0.92)	$1.22
Weighted Average Diluted Shares Outstanding	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M	64.92M	64.33M	62.40M	62.42M
Weighted Average Basic & Diluted Shares Outstanding	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M	64.92M	64.33M	62.40M	62.42M
Cash Dividends to Common per Share	$0.45	-	$0.50	$0.50	$0.50	-	$0.56	$0.56	$0.56	-	$0.60

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	14	66	189	-315	17	-20	38	20	27	12	30
Net Cash From Operating Activities	88	152	47	174	145	98	121	232	163	124	38
Net Cash From Continuing Operating Activities	88	152	47	174	145	98	121	232	163	124	38
Net Income / (Loss) Continuing Operations	110	129	66	97	97	118	73	108	110	-61	79
Consolidated Net Income / (Loss)	110	129	66	129	97	119	73	108	110	-61	79
Depreciation Expense	28	29	28	28	30	29	30	31	31	32	32
Non-Cash Adjustments To Reconcile Net Income	-19	-41	5.00	-11	-24	-6.00	63	-11	-5.00	202	141
Changes in Operating Assets and Liabilities, net	-31	35	-52	60	42	-43	-45	104	27	-49	-214
Net Cash From Investing Activities	-13	-34	-57	-24	-20	-23	-22	-26	-30	-29	-18
Net Cash From Continuing Investing Activities	-13	-34	-57	-24	-20	-24	-22	-26	-30	-29	-18
Purchase of Property, Plant & Equipment	-14	-32	-17	-21	-20	-23	-21	-37	-27	-32	-19
Acquisitions	-	-	-40	-4.00	-	-	-1.00	-	-	-	0.00
Purchase of Investments	-	-	-	-	-	-	0.00	-	-6.00	-9.00	-8.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	3.00	3.00	9.00
Net Cash From Financing Activities	-58	-56	203	-464	-113	-84	-63	-192	-105	-83	7.00
Net Cash From Continuing Financing Activities	-58	-56	203	-464	-113	-84	-63	-192	-105	-83	7.00
Repayment of Debt	-820	-1,333	-662	-1,027	-1,160	-945	-1,075	-853	-1,500	-990	-1,201
Repurchase of Common Equity	-67	-40	-25	-69	-68	-72	-70	-70	-71	-90	-87
Payment of Dividends	-33	-32	-38	-35	-35	-34	-41	-37	-36	-35	-41
Issuance of Debt	862	1,346	937	669	1,148	961	1,134	763	1,483	1,000	1,348
Issuance of Common Equity	-	3.00	0.00	-	2.00	6.00	2.00	5.00	20	7.00	4.00
Other Financing Activities, net	-	-	-9.00	-9.00	-	-	-13	-	-1.00	25	-16
Effect of Exchange Rate Changes	-3.00	4.00	-	-1.00	5.00	-11	2.00	6.00	-1.00	-	3.00

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	6,380	6,477	6,602	6,655	7,023	6,693	6,698	6,764	6,809	6,892	6,840
Total Current Assets	1,688	1,764	1,769	1,818	2,122	1,800	1,787	1,833	1,883	1,912	1,854
Cash & Equivalents	169	196	214	238	479	166	194	188	212	240	254
Accounts Receivable	167	157	160	184	187	176	152	171	175	173	152
Inventories, net	1,146	1,158	1,148	1,149	1,187	1,206	1,208	1,221	1,252	1,269	1,183
Prepaid Expenses	206	253	247	247	269	252	233	253	244	230	265
Plant, Property, & Equipment, net	736	670	665	655	614	596	594	587	592	597	523
Total Noncurrent Assets	3,956	4,043	4,168	4,182	4,287	4,297	4,317	4,344	4,334	4,383	4,463
Noncurrent Note & Lease Receivables	2,358	2,379	2,426	2,460	2,535	2,562	2,612	2,580	2,568	2,592	2,609
Goodwill	950	961	961	959	993	968	971	968	972	971	971
Intangible Assets	211	207	204	201	197	216	215	209	208	204	200
Other Noncurrent Operating Assets	437	496	577	562	562	551	519	587	586	616	683
Total Liabilities & Shareholders' Equity	6,380	6,477	6,602	6,655	7,023	6,693	6,698	6,764	6,809	6,892	6,840
Total Liabilities	7,283	7,452	7,606	7,652	7,948	7,577	7,559	7,667	7,662	7,713	7,863
Total Current Liabilities	918	869	896	889	863	838	834	779	847	883	899
Accounts Payable	66	61	70	71	65	50	55	67	69	66	63
Accrued Expenses	852	808	826	818	798	788	779	712	778	817	836
Total Noncurrent Liabilities	6,365	6,583	6,710	6,763	7,085	6,739	6,725	6,888	6,815	6,830	6,964
Long-Term Debt	5,273	5,454	5,572	5,622	5,924	5,577	5,577	5,658	5,587	5,578	5,754
Noncurrent Deferred Revenue	393	417	423	435	452	453	450	486	483	489	478
Noncurrent Deferred & Payable Income Tax Liabilities	699	712	715	706	709	709	698	744	745	763	732
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	-903	-975	-1,004	-997	-925	-884	-861	-903	-853	-821	-1,023
Total Preferred & Common Equity	-911	-984	-1,014	-1,008	-926	-885	-862	-903	-852	-821	-1,022
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	-911	-984	-1,014	-1,008	-926	-885	-862	-903	-852	-821	-1,022
Common Stock	4,229	4,249	4,260	4,270	4,283	4,300	4,311	4,334	4,351	4,383	4,411
Retained Earnings	1,750	1,836	1,895	1,971	2,097	2,189	2,250	2,367	2,437	2,510	2,453
Treasury Stock	-6,778	-6,988	-7,090	-7,155	-7,221	-7,292	-7,362	-7,504	-7,574	-7,645	-7,823
Accumulated Other Comprehensive Income / (Loss)	-112	-81	-79	-94	-85	-82	-61	-100	-66	-69	-63
Noncontrolling Interest	8.00	9.00	10	11	1.00	1.00	1.00	0.00	-1.00	0.00	-1.00

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,421,616.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,421,616.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.23%	4.12%	4.21%	3.79%	0.71%	3.63%	1.97%	3.35%	5.14%	5.67%	2.89%
EBITDA Growth	-0.42%	12.69%	8.43%	5.24%	-7.17%	9.01%	3.89%	7.69%	11.82%	-94.63%	3.74%
EBIT Growth	0.48%	14.20%	10.14%	5.46%	-9.09%	10.36%	3.29%	7.25%	13.16%	-108.92%	3.18%
NOPAT Growth	13.68%	59.61%	5.21%	5.79%	-8.34%	-21.50%	4.78%	6.19%	6.61%	-110.52%	3.15%
Net Income Growth	-5.17%	42.22%	3.13%	37.23%	-11.82%	-7.03%	10.61%	-16.28%	14.43%	-152.10%	8.22%
EPS Growth	7.97%	55.86%	13.58%	44.80%	-6.71%	-1.73%	16.30%	-10.50%	20.14%	-154.12%	14.02%
Operating Cash Flow Growth	137.84%	-13.14%	571.43%	68.93%	64.77%	-35.53%	157.45%	33.33%	12.41%	26.53%	-68.60%
Free Cash Flow Firm Growth	-139.05%	-175.99%	93.51%	60.81%	118.74%	187.69%	150.82%	530.54%	2,479.11%	193.93%	213.76%
Invested Capital Growth	4.43%	6.18%	5.53%	3.97%	3.08%	2.18%	1.04%	-0.11%	-0.11%	-3.98%	-1.97%
Revenue Q/Q Growth	3.90%	-5.07%	-2.14%	7.53%	0.81%	-2.32%	-3.71%	8.99%	2.55%	-1.82%	-6.24%
EBITDA Q/Q Growth	12.86%	-6.33%	-18.92%	22.78%	-0.45%	10.00%	-22.73%	27.27%	3.36%	-94.72%	1,392.31%
EBIT Q/Q Growth	14.21%	-7.66%	-21.24%	26.97%	-1.55%	12.11%	-26.29%	31.85%	3.86%	-108.84%	952.63%
NOPAT Q/Q Growth	18.08%	26.76%	-44.82%	28.10%	2.31%	8.56%	-26.35%	29.81%	2.71%	-110.71%	822.39%
Net Income Q/Q Growth	17.02%	16.36%	-48.44%	95.45%	-24.81%	22.68%	-38.66%	47.95%	2.78%	-155.86%	227.42%
EPS Q/Q Growth	19.20%	16.11%	-46.82%	96.74%	-23.20%	22.30%	-37.06%	51.40%	3.09%	-155.09%	232.61%
Operating Cash Flow Q/Q Growth	-14.56%	72.73%	-69.08%	270.21%	-16.67%	-32.41%	23.47%	91.74%	-29.74%	-23.93%	-69.35%
Free Cash Flow Firm Q/Q Growth	64.16%	-99.00%	-102.25%	72.83%	117.13%	831.44%	17.20%	130.21%	2.63%	6.15%	25.11%
Invested Capital Q/Q Growth	0.76%	1.37%	1.64%	0.15%	-0.11%	0.49%	0.51%	-0.99%	-0.11%	-3.41%	2.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.64%	85.15%	96.29%	97.87%	97.28%	84.95%	97.54%	97.94%	98.75%	65.76%	96.36%
EBITDA Margin	24.04%	23.72%	19.65%	22.44%	22.16%	24.95%	20.02%	23.38%	23.56%	1.27%	20.19%
Operating Margin	20.99%	20.51%	16.38%	19.19%	19.03%	21.13%	16.70%	20.24%	20.50%	-2.24%	16.55%
EBIT Margin	21.20%	20.62%	16.59%	19.59%	19.13%	21.96%	16.81%	20.33%	20.59%	-1.85%	16.86%
Profit (Net Income) Margin	11.16%	13.68%	7.21%	13.10%	9.77%	12.27%	7.82%	10.61%	10.63%	-6.05%	8.22%
Tax Burden Percent	74.32%	100.79%	71.74%	96.99%	74.62%	75.32%	72.28%	71.05%	70.25%	83.78%	73.15%
Interest Burden Percent	70.81%	65.80%	60.53%	68.91%	68.42%	74.18%	64.33%	73.43%	73.49%	389.47%	66.67%
Effective Tax Rate	25.68%	-1.57%	28.26%	27.07%	25.38%	25.32%	27.72%	28.95%	29.75%	0.00%	26.85%
Return on Invested Capital (ROIC)	13.49%	18.10%	10.11%	12.05%	12.21%	13.57%	10.31%	12.44%	12.64%	-1.42%	10.83%
ROIC Less NNEP Spread (ROIC-NNEP)	12.66%	16.82%	9.33%	11.88%	11.39%	12.93%	9.59%	11.73%	11.90%	-2.27%	10.15%
Return on Net Nonoperating Assets (RNNOA)	-69.86%	-96.55%	-52.56%	-67.78%	-66.02%	-77.65%	-57.24%	-72.84%	-75.87%	13.13%	-57.83%
Return on Equity (ROE)	-56.37%	-78.45%	-42.45%	-55.74%	-53.81%	-64.08%	-46.92%	-60.40%	-63.23%	11.71%	-47.00%
Cash Return on Invested Capital (CROIC)	7.52%	7.45%	7.93%	9.47%	10.01%	9.86%	10.96%	12.34%	12.56%	12.54%	10.43%
Operating Return on Assets (OROA)	12.08%	11.46%	9.31%	11.27%	10.98%	12.60%	9.47%	11.79%	12.02%	-1.10%	10.03%
Return on Assets (ROA)	6.36%	7.60%	4.04%	7.53%	5.60%	7.04%	4.40%	6.15%	6.21%	-3.60%	4.89%
Return on Common Equity (ROCE)	-56.93%	-78.88%	-42.67%	-56.06%	-54.16%	-64.15%	-46.95%	-60.40%	-63.27%	11.71%	-46.98%
Return on Equity Simple (ROE_SIMPLE)	-35.52%	0.00%	-42.98%	-48.93%	-48.72%	0.00%	-46.29%	-46.60%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	154	195	108	138	141	153	113	146	150	-16	116
NOPAT Margin	15.60%	20.84%	11.75%	13.99%	14.20%	15.78%	12.07%	14.38%	14.40%	-1.57%	12.10%
Net Nonoperating Expense Percent (NNEP)	0.84%	1.28%	0.78%	0.16%	0.82%	0.63%	0.73%	0.71%	0.73%	0.85%	0.68%
Return On Investment Capital (ROIC_SIMPLE)	-	4.12%	-	-	-	3.25%	2.37%	3.09%	3.16%	-0.35%	2.46%
Cost of Revenue to Revenue	4.36%	14.85%	3.71%	2.13%	2.72%	15.05%	2.46%	2.06%	1.25%	34.24%	3.64%
SG&A Expenses to Revenue	54.36%	55.24%	60.04%	57.87%	54.88%	57.11%	60.71%	56.29%	56.51%	57.76%	58.48%
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	74.65%	64.85%	79.91%	78.68%	78.25%	63.81%	80.84%	77.70%	78.26%	68.00%	79.81%
Earnings before Interest and Taxes (EBIT)	209	193	152	193	190	213	157	207	215	-19	162
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	237	222	180	221	220	242	187	238	246	13	194
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)	0.70	0.72	0.93	0.84	0.84	0.89	0.80	0.88	0.97	1.13	1.07
Price to Earnings (P/E)	7.25	6.85	8.81	7.40	7.65	8.40	7.39	8.63	9.40	19.73	18.29
Dividend Yield	4.99%	4.81%	3.82%	4.22%	4.23%	3.96%	4.45%	4.11%	3.66%	3.18%	3.30%
Earnings Yield	13.80%	14.61%	11.35%	13.51%	13.07%	11.91%	13.54%	11.58%	10.64%	5.07%	5.47%
Enterprise Value to Invested Capital (EV/IC)	1.82	1.82	1.98	1.90	1.90	1.95	1.87	1.95	2.04	2.26	2.19
Enterprise Value to Revenue (EV/Rev)	2.15	2.15	2.36	2.25	2.25	2.30	2.20	2.25	2.32	2.46	2.43
Enterprise Value to EBITDA (EV/EBITDA)	9.86	9.67	10.54	10.02	10.20	10.29	9.84	9.92	10.08	14.45	14.21
Enterprise Value to EBIT (EV/EBIT)	11.43	11.17	12.15	11.54	11.81	11.87	11.36	11.48	11.62	17.64	17.37
Enterprise Value to NOPAT (EV/NOPAT)	15.70	13.91	15.27	14.52	14.80	16.43	15.70	15.91	16.35	26.18	25.73
Enterprise Value to Operating Cash Flow (EV/OCF)	21.42	23.07	22.95	18.69	16.60	19.13	15.91	14.77	14.98	15.44	17.62
Enterprise Value to Free Cash Flow (EV/FCFF)	24.75	25.12	25.64	20.50	19.28	20.03	17.18	15.76	16.20	17.69	20.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.64	-6.16	-6.40	-6.31	-6.48	-6.35	-6.27	-6.55	-6.79	-5.70	-5.62
Long-Term Debt to Equity	-5.64	-6.16	-6.40	-6.31	-6.48	-6.35	-6.27	-6.55	-6.79	-5.70	-5.62
Financial Leverage	-5.52	-5.74	-5.63	-5.70	-5.79	-6.00	-5.97	-6.21	-6.37	-5.78	-5.70
Leverage Ratio	-6.86	-7.41	-7.11	-7.04	-7.19	-7.50	-7.54	-7.77	-8.08	-7.25	-7.06
Compound Leverage Factor	-4.86	-4.88	-4.30	-4.85	-4.92	-5.56	-4.85	-5.71	-5.94	-28.23	-4.71
Debt to Total Capital	121.56%	119.39%	118.50%	118.84%	118.26%	118.68%	118.99%	118.02%	117.26%	121.27%	121.62%
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	121.56%	119.39%	118.50%	118.84%	118.26%	118.68%	118.99%	118.02%	117.26%	121.27%	121.62%
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	0.24%	0.02%	0.02%	0.02%	0.02%	0.02%	0.00%	-0.02%	0.00%	-0.02%	-0.02%
Common Equity to Total Capital	-21.79%	-19.41%	-18.52%	-18.86%	-18.28%	-18.70%	-18.99%	-18.00%	-17.26%	-21.25%	-21.60%
Debt to EBITDA	6.94	6.76	6.98	6.48	6.62	6.48	6.50	6.30	6.11	8.18	8.33
Net Debt to EBITDA	6.65	6.42	6.41	6.29	6.39	6.29	6.29	6.06	5.85	7.81	7.96
Long-Term Debt to EBITDA	6.94	6.76	6.98	6.48	6.62	6.48	6.50	6.30	6.11	8.18	8.33
Debt to NOPAT	11.05	9.73	10.11	9.40	9.60	10.35	10.38	10.10	9.91	14.83	15.08
Net Debt to NOPAT	10.58	9.24	9.29	9.12	9.26	10.04	10.04	9.71	9.49	14.16	14.42
Long-Term Debt to NOPAT	11.05	9.73	10.11	9.40	9.60	10.35	10.38	10.10	9.91	14.83	15.08
Altman Z-Score	1.45	1.46	1.51	1.55	1.56	1.60	1.57	1.63	1.67	1.58	1.67
Noncontrolling Interest Sharing Ratio	-1.00%	-0.55%	-0.53%	-0.58%	-0.65%	-0.11%	-0.05%	0.00%	-0.06%	0.00%	0.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.05	2.07	2.46	2.15	2.14	2.09	2.35	2.22	2.17	1.81	2.06
Quick Ratio	0.47	0.52	0.77	0.41	0.41	0.38	0.46	0.46	0.47	0.43	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-32	-64	-129	-35	6.02	56	66	151	155	165	206
Operating Cash Flow to CapEx	628.57%	475.00%	276.47%	828.57%	725.00%	426.09%	576.19%	627.03%	603.70%	563.64%	200.00%
Free Cash Flow to Firm to Interest Expense	-0.50	-0.94	-2.02	-0.56	0.10	0.95	1.15	2.66	2.59	2.84	3.68
Operating Cash Flow to Interest Expense	1.38	2.24	0.73	2.76	2.30	1.66	2.12	4.07	2.72	2.14	0.68
Operating Cash Flow Less CapEx to Interest Expense	1.16	1.76	0.47	2.43	1.98	1.27	1.75	3.42	2.27	1.76	0.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.56	0.56	0.58	0.57	0.57	0.56	0.58	0.58	0.60	0.60
Accounts Receivable Turnover	21.16	22.12	22.02	22.76	22.80	23.14	21.69	22.31	24.41	25.13	25.07
Inventory Turnover	0.12	0.21	0.21	0.20	0.19	0.19	0.18	0.18	0.16	0.35	0.35
Fixed Asset Turnover	5.34	5.71	5.90	6.06	6.13	6.20	6.46	6.59	6.66	7.17	7.29
Accounts Payable Turnover	2.01	3.55	3.95	3.95	3.51	3.26	3.29	3.65	3.36	6.33	6.46
Days Sales Outstanding (DSO)	17.25	16.50	16.58	16.04	16.01	15.78	16.83	16.36	14.96	14.52	14.56
Days Inventory Outstanding (DIO)	3,035.05	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
Days Payable Outstanding (DPO)	181.18	102.80	92.35	92.41	104.05	112.06	111.01	100.08	108.78	57.70	56.49
Cash Conversion Cycle (CCC)	2,871.13	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
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,387	4,447	4,520	4,527	4,522	4,544	4,567	4,522	4,517	4,363	4,477
Invested Capital Turnover	0.86	0.87	0.86	0.86	0.86	0.86	0.85	0.87	0.88	0.90	0.90
Increase / (Decrease) in Invested Capital	186	259	237	173	135	97	47	-5.00	-5.00	-181	-90
Enterprise Value (EV)	7,989	8,076	8,952	8,617	8,599	8,876	8,557	8,802	9,200	9,881	9,816
Market Capitalization	2,594	2,711	3,506	3,205	3,215	3,451	3,087	3,428	3,862	4,537	4,317
Book Value per Share	($13.64)	($12.68)	($12.99)	($12.42)	($12.36)	($12.88)	($13.54)	($12.83)	($12.65)	($15.25)	($16.38)
Tangible Book Value per Share	($29.33)	($28.71)	($29.69)	($29.03)	($29.36)	($30.06)	($31.19)	($30.60)	($30.75)	($33.49)	($35.15)
Total Capital	4,625	4,729	4,999	4,693	4,716	4,711	4,755	4,734	4,757	4,616	4,731
Total Debt	5,622	5,646	5,924	5,577	5,577	5,591	5,658	5,587	5,578	5,598	5,754
Total Long-Term Debt	5,622	5,646	5,924	5,577	5,577	5,591	5,658	5,587	5,578	5,598	5,754
Net Debt	5,384	5,364	5,445	5,411	5,383	5,424	5,470	5,375	5,338	5,345	5,500
Capital Expenditures (CapEx)	14	32	17	21	20	23	21	37	27	22	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	691	663	780	796	759	751	866	824	789	535	701
Debt-free Net Working Capital (DFNWC)	929	945	1,259	962	953	918	1,054	1,036	1,029	788	955
Net Working Capital (NWC)	929	945	1,259	962	953	918	1,054	1,036	1,029	788	955
Net Nonoperating Expense (NNE)	44	67	42	8.84	44	34	40	38	39	46	37
Net Nonoperating Obligations (NNO)	5,384	5,364	5,445	5,411	5,383	5,424	5,470	5,375	5,338	5,345	5,500
Total Depreciation and Amortization (D&A)	28	29	28	28	30	29	30	31	31	32	32
Debt-free, Cash-free Net Working Capital to Revenue	18.61%	17.68%	20.60%	20.82%	19.82%	19.44%	22.31%	21.05%	19.89%	13.31%	17.32%
Debt-free Net Working Capital to Revenue	25.02%	25.20%	33.25%	25.16%	24.88%	23.76%	27.15%	26.46%	25.95%	19.60%	23.59%
Net Working Capital to Revenue	25.02%	25.20%	33.25%	25.16%	24.88%	23.76%	27.15%	26.46%	25.95%	19.60%	23.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.50	$1.74	$0.93	$1.82	$1.40	$1.72	$1.09	$1.63	$1.70	($0.91)	$1.25
Adjusted Weighted Average Basic Shares Outstanding	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M	64.92M	64.33M	62.40M	62.42M
Adjusted Diluted Earnings per Share	$1.49	$1.73	$0.92	$1.81	$1.39	$1.70	$1.07	$1.62	$1.67	($0.92)	$1.22
Adjusted Weighted Average Diluted Shares Outstanding	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M	64.92M	64.33M	62.40M	62.42M
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	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M	64.92M	64.33M	62.40M	62.42M
Normalized Net Operating Profit after Tax (NOPAT)	155	134	108	138	153	153	113	147	151	-16	115
Normalized NOPAT Margin	15.75%	14.36%	11.75%	13.99%	15.40%	15.78%	12.07%	14.45%	14.47%	-1.57%	11.95%
Pre Tax Income Margin	15.01%	13.57%	10.04%	13.50%	13.09%	16.29%	10.81%	14.93%	15.13%	-7.22%	11.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.27	2.84	2.38	3.06	3.02	3.61	2.75	3.63	3.58	-0.33	2.89
NOPAT to Interest Expense	2.40	2.87	1.68	2.19	2.24	2.59	1.98	2.57	2.51	-0.28	2.08
EBIT Less CapEx to Interest Expense	3.05	2.37	2.11	2.73	2.70	3.22	2.39	2.98	3.13	-0.71	2.55
NOPAT Less CapEx to Interest Expense	2.19	2.40	1.42	1.85	1.92	2.21	1.61	1.92	2.06	-0.66	1.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.99%	34.34%	34.42%	31.87%	33.33%	34.55%	34.69%	37.03%	36.01%	64.78%	63.14%
Augmented Payout Ratio	144.13%	112.37%	92.96%	78.29%	81.43%	91.48%	101.44%	107.56%	104.87%	195.65%	197.88%

Financials Breakdown Chart

Key Financial Trends

Travel & Leisure Co. (NYSE: TNL) has delivered a mix of steady operating cash flow and solid revenue in recent years, alongside a high leverage profile and some quarterly volatility. Looking across quarterly statements from 2022 through 2025, the company has generally operated with around $0.9B to $1.05B in revenue per quarter, positive operating cash flow, and a debt-heavy balance sheet. A notable red flag is the Q4 2025 quarter, which showed a net loss, even as cash flow remained positive. Below are the 10 most notable points, shown with positives first, then neutral, then negatives.

Healthy operating cash flow remains positive across recent quarters, with net cash from continuing operating activities typically in the low hundreds of millions (e.g., about $98M–$232M per quarter), supporting liquidity despite seasonality.
Revenue has generally stayed near the $1.0B per quarter range in 2024–2025, indicating demand resilience in the company’s core leisure travel portfolio.
Net income has appeared positive in most quarters from 2023 through 2024 and into 2025 (example: Q3 2025 net income around $111M; Q4 2024 around $119M), suggesting improving or stable profitability prior to the recent weakness.
Access to debt capital remains strong, with notable debt issuance in some quarters (for example, issuance of debt around $1.48B in 2025 Q3), providing liquidity to fund operations and investments.
Capital return activity is visible, including share repurchases by the company in 2024–2025, signaling a management willingness to return capital when cash flow permits.

Debt load and capital structure are substantial: long-term debt typically around $5.5B–$5.6B, and total liabilities around $7.6B–$7.7B, with equity often negative due to large treasury stock, indicating a high-leverage profile.
Seasonality and quarterly volatility are evident, as revenue and earnings can swing meaningfully from quarter to quarter within the four-year window.
Earnings per share and per-share metrics vary by quarter (basic/diluted EPS fluctuates), reflecting quarterly earnings volatility and the impact of capital actions on a per-share basis.

Q4 2025 shows a quarterly net loss of about $62M, marking a deviation from the generally positive quarterly profitability seen in many prior quarters and highlighting near-term profitability risk.
Balance sheet constraints are evident: persistent negative equity in several periods due to large treasury stock and high debt levels, which raises financial risk and could limit strategic flexibility.

05/22/26 02:24 PM 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 financial year ends in December. Their financial 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. View Travel + Leisure's forecast to see where analysts expect Travel + Leisure to go next.

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%.

Related Companies

Financial statements for NYSE:TNL last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Travel + Leisure (TNL) Financials

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Travel + Leisure (TNL) Financials

Annual Income Statements for Travel + Leisure

Quarterly Income Statements for Travel + Leisure

Annual Cash Flow Statements for Travel + Leisure

Quarterly Cash Flow Statements for Travel + Leisure

Annual Balance Sheets for Travel + Leisure

Quarterly Balance Sheets for Travel + Leisure

Annual Metrics And Ratios for Travel + Leisure

Quarterly Metrics And Ratios for Travel + Leisure

Financials Breakdown Chart

Key Financial Trends

Travel + Leisure Financials - Frequently Asked Questions

When does Travel + Leisure's fiscal year end?

How has Travel + Leisure's net income changed over the last 10 years?

What is Travel + Leisure's operating income?

How has Travel + Leisure's revenue changed over the last 10 years?

How much debt does Travel + Leisure have?

How much cash does Travel + Leisure have?

How has Travel + Leisure's book value per share changed over the last 10 years?

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