TNL · Travel & Leisure Co. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $4.02B | $3.86B | $3.75B | $3.57B | $3.13B | $2.16B |
| Cost of Revenue | $273.00M | $92.00M | $133.00M | $157.00M | $157.00M | $2.00M |
| Gross Profit | $3.75B | $3.77B | $3.62B | $3.41B | $2.98B | $2.16B |
| R&D | - | - | - | - | - | - |
| SG&A | $498.00M | $475.00M | $454.00M | $479.00M | $434.00M | $398.00M |
| Total Operating Expenses | $3.47B | $3.13B | $3.03B | $2.91B | $2.52B | $2.27B |
| D&A | $124.00M | $115.00M | $112.00M | $119.00M | $124.00M | $126.00M |
| Operating Income | $553.00M | $733.00M | $720.00M | $653.00M | $618.00M | ($105.00M) |
| Interest Expense | $232.00M | $249.00M | $251.00M | $195.00M | $198.00M | $192.00M |
| Income Tax | $107.00M | $135.00M | $94.00M | $130.00M | $116.00M | ($23.00M) |
| Net Income | $230.00M | $411.00M | $396.00M | $357.00M | $308.00M | ($255.00M) |
| EPS - Basic | $3.51 | $5.87 | $5.31 | $4.28 | $3.56 | ($2.97) |
| EPS - Diluted | $3.44 | $5.82 | $5.28 | $4.24 | $3.52 | ($2.97) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $253.00M | $167.00M | $282.00M | $550.00M | $369.00M | $1.20B |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | $1.13B | $1.23B | $1.14B | $1.19B | $1.22B | $1.35B |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $6.76B | $6.74B | $6.74B | $6.76B | $6.59B | $7.61B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | $5.60B | $5.59B | $5.65B | $5.64B | $5.31B | $6.42B |
| Total Liabilities | $7.74B | $7.62B | $7.66B | $7.66B | $7.38B | $8.58B |
| Stockholders' Equity | ($981.00M) | ($881.00M) | ($918.00M) | ($913.00M) | ($801.00M) | ($975.00M) |
| Retained Earnings | $2.41B | $2.33B | $2.07B | $1.81B | $1.59B | $1.39B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $640.00M | $464.00M | $350.00M | $442.00M | $568.00M | $374.00M |
| Investing Cash Flow | ($107.00M) | ($124.00M) | ($80.00M) | ($50.00M) | ($93.00M) | ($65.00M) |
| Financing Cash Flow | ($443.00M) | ($458.00M) | ($500.00M) | ($196.00M) | ($1.29B) | $502.00M |
| CapEx | $117.00M | $81.00M | $74.00M | $52.00M | $57.00M | $69.00M |
| Free Cash Flow | $523.00M | $383.00M | $276.00M | $390.00M | $511.00M | $305.00M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 93.2% | 97.6% | 96.5% | 95.6% | 95.0% | 99.9% |
| Operating margin | 13.8% | 19.0% | 19.2% | 18.3% | 19.7% | -4.9% |
| EBITDA margin | 16.8% | 21.9% | 22.2% | 21.6% | 23.7% | 1.0% |
| Net margin | 5.7% | 10.6% | 10.6% | 10.0% | 9.8% | -11.8% |
| Free cash flow margin | 13.0% | 9.9% | 7.4% | 10.9% | 16.3% | 14.1% |
| FCF / Net income | 2.27 | 0.93 | 0.70 | 1.09 | 1.66 | -1.20 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 12.4% | 12.3% | 12.1% | 13.4% | 13.8% | 18.4% |
| Effective tax rate | 31.8% | 24.7% | 19.2% | 26.7% | 27.4% | - |
| Return on assets | 3.4% | 6.1% | 5.9% | 5.3% | 4.7% | -3.3% |
| Return on equity | -23.4% | -46.7% | -43.1% | -39.1% | -38.5% | 26.2% |
| Return on invested capital | 8.2% | 11.7% | 12.3% | 10.1% | 9.9% | -1.5% |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | -5.71 | -6.35 | -6.15 | -6.18 | -6.63 | -6.58 |
| Debt / Assets | 0.83 | 0.83 | 0.84 | 0.83 | 0.81 | 0.84 |
| Debt / EBITDA | 8.27 | 6.59 | 6.79 | 7.31 | 7.16 | 305.62 |
| Interest coverage | 2.4x | 2.9x | 2.9x | 3.3x | 3.1x | -0.5x |
| Equity multiplier | -6.89 | -7.64 | -7.34 | -7.40 | -8.22 | -7.81 |
| Liabilities / Assets | 1.15 | 1.13 | 1.14 | 1.13 | 1.12 | 1.13 |
| Efficiency | ||||||
| Asset turnover | 0.59 | 0.57 | 0.56 | 0.53 | 0.48 | 0.28 |
| Inventory turnover | 0.24 | 0.07 | 0.12 | 0.13 | 0.13 | 0.00 |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | 1508d | 4868d | 3115d | 2774d | 2827d | 245828d |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 20.5x | 8.7x | 7.4x | 8.6x | 15.7x | - |
| P / B | - | - | - | - | - | - |
| P / S | 1.2x | 0.9x | 0.8x | 0.9x | 1.5x | 1.8x |
| EV / EBITDA | 14.9x | 10.6x | 10.0x | 10.6x | 13.2x | 432.6x |
| Growth | ||||||
| Revenue growth (YoY) | 4.1% | 3.0% | 5.1% | 13.8% | 45.1% | -46.6% |
| Revenue CAGR (3y) | 4.1% | 7.2% | 20.2% | -4.1% | -5.3% | -24.8% |
| Revenue CAGR (5y) | 13.2% | -0.9% | 0.3% | -6.8% | -11.0% | -17.2% |
| Gross profit growth (YoY) | -0.6% | 4.3% | 6.1% | 14.5% | 38.0% | -44.6% |
| Operating income growth (YoY) | -24.6% | 1.8% | 10.3% | 5.7% | - | - |
| Net income growth (YoY) | -44.0% | 3.8% | 10.9% | 15.9% | - | - |
| EPS growth (YoY) | -40.9% | 10.2% | 24.5% | 20.5% | - | - |
| EPS CAGR (3y) | -6.7% | 18.2% | - | -8.2% | -19.6% | - |
| EPS CAGR (5y) | - | 1.2% | -4.8% | -12.8% | -8.6% | - |
| FCF growth (YoY) | 36.6% | 38.8% | -29.2% | -23.7% | 67.5% | -11.3% |
| FCF CAGR (5y) | 11.4% | 2.2% | -4.3% | -14.1% | -8.2% | -16.9% |
| Book value growth (YoY) | -11.4% | 4.0% | -0.5% | -14.0% | 17.8% | -84.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$4.02B totalVacation Ownership$3.36B · 83.6%
Travel And Membership$658.00M · 16.4%
Product / service
$6.63B totalVacation Ownership Interest Sales$1.85B · 27.9%
Serviceand Membership Fees$1.61B · 24.4%
Property Management Feesand Reimbursable Revenues$879.00M · 13.3%
Transaction Revenues$463.00M · 7.0%
Consumer Financing Revenue$454.00M · 6.9%
Management Fee Revenue$453.00M · 6.8%
Reimbursement Revenue$426.00M · 6.4%
Subscription Revenue$172.00M · 2.6%
Other Revenue$105.00M · 1.6%
Ancillary Revenues$103.00M · 1.6%
Fee For Service Commissions$78.00M · 1.2%
Other Exchange Related Revenue$35.00M · 0.5%
Eliminations($4.00M) · -0.1%
Geographic
$4.02B totalUS$3.54B · 88.2%
Non Us$476.00M · 11.8%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Hotels & Motels
Comparing Travel & Leisure Co. against the 5 most active filers in the same SIC group.
Dividends
$2.28/share trailing 12 months · +10.7% YoY
| Ex-date | Per share |
|---|---|
| Mar 20, 2026 | $0.6000 |
| Dec 12, 2025 | $0.5600 |
| Sep 12, 2025 | $0.5600 |
| Jun 13, 2025 | $0.5600 |
| Mar 17, 2025 | $0.5600 |
| Dec 13, 2024 | $0.5000 |
| Sep 13, 2024 | $0.5000 |
| Jun 14, 2024 | $0.5000 |
| Mar 20, 2024 | $0.5000 |
| Dec 14, 2023 | $0.4500 |
| Sep 14, 2023 | $0.4500 |
| Jun 14, 2023 | $0.4500 |
| Mar 14, 2023 | $0.4500 |
| Dec 14, 2022 | $0.4000 |
| Sep 14, 2022 | $0.4000 |
| Jun 14, 2022 | $0.4000 |
| Mar 14, 2022 | $0.4000 |
| Dec 14, 2021 | $0.3500 |
| Sep 14, 2021 | $0.3000 |
| Jun 14, 2021 | $0.3000 |
| Mar 12, 2021 | $0.3000 |
| Dec 14, 2020 | $0.3000 |
| Sep 14, 2020 | $0.3000 |
| Jun 12, 2020 | $0.5000 |