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Travel + Leisure

TNL NYSE Hotels, Resorts & Cruise Lines Financials FY2016–FY2025

Travel + Leisure's revenue rose 4.1% to $4.0 billion in fiscal 2025. Its operating margin was 13.8%, down from 19.0% a year earlier. Free cash flow was $523 million, up 36.5%. It paid out $450 million in dividends and buybacks, 86% of free cash flow. The diluted share count fell 5.4%.

Last close · Oct 23, 2026

$64.93

3.6%
Value it Compare
Revenue Total sales reported in the income statement.
$4.0B
4.1% vs prior year
Operating margin Operating income as a share of revenue.
13.8%
5.2 pts
Net income Profit after all expenses, interest and tax.
$230M
44.0%
Free cash flow Cash from operations minus capital spending.
$523M
36.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.5%
3.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
17.6x
On $3.70 EPS (TTM)

About these figures. Travel + Leisure doesn't report a gross profit: the only cost line its filings tag is the cost of the timeshare interests it sells, a small part of its costs, so gross profit and gross margin are left blank. Travel + Leisure (then Wyndham Worldwide) spun off its hotel business in 2018. Its later filings restate 2016 and 2017 revenue and profit without the hotels, but the balance sheets for those years still include them, and debt for 2016 to 2018 isn't tagged as a total, so it is blank.

What Travel + Leisure does

No business description yet.

Legal name
Travel & Leisure Co.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001361658-26-000009
0001361658

Revenue and margins

Travel + Leisure had $4.0B of revenue in fiscal 2025, up 4.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −5.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $523M in fiscal 2025, 13.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Travel + Leisure returned $450M to shareholders in fiscal 2025, 86% of free cash flow. The diluted share count fell 5.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Travel + Leisure yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.3B and divides by 66.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 17.5x · peers 28.0x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Travel + Leisure can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $390M$568M$301M$185M$271M
Debt incl. finance leases $5.3B$5.7B$5.7B$5.6B$5.6B
Net debt / EBITDA 6.7x6.6x6.5x6.4x7.9x
Interest coverage 3.1x3.4x2.9x2.9x2.4x
Total assets $6.6B$6.8B$6.7B$6.7B$6.8B
Total liabilities $7.4B$7.7B$7.7B$7.6B$7.7B
Shareholders' equity −$801M−$913M−$918M−$881M−$981M
Net debt (− = net cash) $4.9B$5.1B$5.4B$5.4B$5.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$16.5M

8 insiders

Of sales under plans

7%

$1.1M

DateInsiderTradeSharesPriceValueFiling
Aug 26, 2026 Thomas Michael DuncanSVP, Chief Accounting Officer Sold 20,000 $74.16 $1.5M Form 4
Aug 6, 2026 Michael Dean BrownSee Remarks, Director Sold plan 200 $79.00 $0.0M Form 4
Aug 5, 2026 Michael Dean BrownSee Remarks, Director Sold plan 4,150 $79.24 $0.3M Form 4
Aug 4, 2026 Jeffrey MyersSee Remarks Sold 34,000 $77.76 $2.6M Form 4
Aug 4, 2026 Sy EsfahaniChief Technology Officer Sold 52,617 $78.00 $4.1M Form 4
Jul 27, 2026 Geoffrey RichardsSee Remarks Sold 33,744 $75.65 $2.6M Form 4
Jul 23, 2026 Kimberly MarshallChief Human Resources Officer Sold 32,691 $75.00 $2.5M Form 4
Jun 16, 2026 George HerreraDirector Sold 500 $75.16 $0.0M Form 4
Jun 4, 2026 Kimberly MarshallChief Human Resources Officer Sold 28,000 $70.17 $2.0M Form 4
May 14, 2026 Denny Marie PostDirector Sold 2,500 $63.83 $0.2M Form 4
Apr 23, 2026 Erik D HoagChief Financial Officer Bought 1,000 $65.67 $0.1M Form 4
Apr 17, 2026 Michael Dean BrownSee Remarks, Director Sold plan 9,443 $79.11 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio 0.7%−0.8%−6.1%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Travel + Leisure TNL $4.1B 4.1% 13.8% 13.0% 8.5% 17.6x —
Marriott Vacations Worldwide VAC $4.2B 1.3% — −0.6% — — — Compare →
Hilton Grand Vacations HGV $2.9B 1.3% — 4.6% 4.6% 20.5x — Compare →
IHG Hotels & Resorts IHG $25.3B 5.4% 23.1% 16.8% — — 8 Compare →
Vail Resorts MTN $5.2B −4.3% 14.8% 8.7% 8.1% 35.6x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.7B $3.8B $3.9B $4.0B $2.2B $3.1B $3.6B $3.8B $3.9B $4.0B
Operating income $658M $439M $523M $812M −$105M $618M $653M $720M $733M $553M
Interest expense $133M $155M $170M $162M $192M $198M $195M $251M $249M $232M
Pretax income $542M $318M $396M $680M −$276M $429M $486M $485M $513M $337M
Income tax $190M −$328M $130M $191M −$23.0M $116M $130M $94.0M $135M $107M
Net income $611M $854M $672M $507M −$255M $308M $357M $396M $411M $230M
Diluted EPS $5.52 $8.24 $6.77 $5.48 −$2.97 $3.52 $4.24 $5.28 $5.82 $3.44
Diluted shares 0.11B 0.10B 0.10B 0.09B 0.09B 0.09B 0.08B 0.08B 0.07B 0.07B
Cash flow
Cash from operations $963M $986M $442M $452M $374M $568M $442M $350M $464M $640M
Capital expenditure $117M $107M $99.0M $108M $69.0M $57.0M $52.0M $74.0M $81.0M $117M
Free cash flow $846M $879M $343M $344M $305M $511M $390M $276M $383M $523M
Depreciation and amortization $172M $136M $138M $121M $126M $124M $119M $112M $115M $124M
Stock-based compensation $57.0M $59.0M $129M $24.0M $20.0M $32.0M $45.0M $38.0M $41.0M $57.0M
Acquisitions $21.0M $48.0M $5.0M $51.0M $0.0M $37.0M $2.0M $6.0M $44.0M $1.0M
Share buybacks $619M $599M $330M $340M $128M $25.0M $351M $309M $234M $301M
Dividends paid $223M $242M $194M $166M $138M $109M $135M $136M $142M $149M
Dividends and buybacks $842M $841M $524M $506M $266M $134M $486M $445M $376M $450M
Balance sheet
Cash and short-term investments $127M $72.0M $243M $390M $1.2B $390M $568M $301M $185M $271M
Total debt — — — $5.6B $6.4B $5.3B $5.6B $5.6B $5.6B $5.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $9.0M $11.0M $20.0M $21.0M $18.0M
Current assets $1.8B $3.0B — — — — — — — —
Current liabilities $2.0B $2.5B — — — — — — — —
Inventory $310M $1.2B $1.2B $1.2B $1.3B $1.2B $1.2B $1.1B $1.2B $1.1B
Property and equipment, net $1.0B $822M $712M $680M $666M $689M $658M $655M $591M $531M
Total assets $9.8B $10.5B $7.2B $7.5B $7.6B $6.6B $6.8B $6.7B $6.7B $6.8B
Total liabilities $9.1B $9.7B $7.7B $8.0B $8.6B $7.4B $7.7B $7.7B $7.6B $7.7B
Shareholders' equity $714M $769M −$574M −$530M −$975M −$801M −$913M −$918M −$881M −$981M
Margins
Operating margin 17.8% 11.5% 13.3% 20.1% −4.9% 19.7% 18.3% 19.2% 19.0% 13.8%
EBITDA margin 22.5% 15.1% 16.8% 23.1% 1.0% 23.7% 21.6% 22.2% 22.0% 16.8%
Net margin 16.6% 22.4% 17.1% 12.5% −11.8% 9.8% 10.0% 10.6% 10.6% 5.7%
FCF margin 22.9% 23.1% 8.7% 8.5% 14.1% 16.3% 10.9% 7.4% 9.9% 13.0%
Returns
Return on capital — — — — −1.9% 10.8% 11.5% 13.5% 12.0% 8.5%
Return on capital employed 8.5% 5.6% — — — — — — — —
Return on equity 73.4% 115.2% — — — — — — — —
Return on assets 6.3% 8.4% 7.6% 6.9% −3.4% 4.3% 5.4% 5.9% 6.1% 3.4%
Growth
Revenue growth −24.3% 3.1% 3.3% 2.9% −46.6% 45.1% 13.8% 5.1% 3.0% 4.1%
Net income growth −0.2% 39.8% −21.3% −24.6% −150.3% — 15.9% 10.9% 3.8% −44.0%
EPS growth 7.4% 49.3% −17.8% −19.1% −154.2% — 20.5% 24.5% 10.2% −40.9%
FCF growth 5.5% 3.9% −61.0% 0.3% −11.3% 67.5% −23.7% −29.2% 38.8% 36.6%
Share count change −7.1% −6.2% −4.3% −6.9% −6.8% 1.4% −3.6% −10.9% −5.7% −5.4%
Financial health
Net debt / EBITDA — — — 5.6x 247.4x 6.7x 6.6x 6.5x 6.4x 7.9x
Interest coverage 5.0x 2.8x 3.1x 5.0x −0.6x 3.1x 3.4x 2.9x 2.9x 2.4x
Current ratio 0.9x 1.2x — — — — — — — —
Quick ratio 0.7x 0.7x — — — — — — — —
Capital allocation
Capex / revenue 3.2% 2.8% 2.5% 2.7% 3.2% 1.8% 1.5% 2.0% 2.1% 2.9%
Stock comp / revenue 1.5% 1.6% 3.3% 0.6% 0.9% 1.0% 1.3% 1.0% 1.1% 1.4%
Payouts / FCF 99.5% 95.7% 152.8% 147.1% 87.2% 26.2% 124.6% 161.2% 98.2% 86.0%
Quality scores
Altman Z'' 1.0 1.4 — — — — — — — —
Accruals ratio −3.6% −1.3% 2.6% 0.8% −8.4% −3.7% −1.3% 0.7% −0.8% −6.1%

Source: SEC EDGAR XBRL filings (CIK 0001361658). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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