Earnings summaries and quarterly performance for Travel & Leisure.
Executive leadership at Travel & Leisure.
Michael D. Brown
Detailed
President and Chief Executive Officer
CEO
AR
Amandine Robin-Caplan
Detailed
Chief Brand and Communications Officer
EH
Erik Hoag
Detailed
Chief Financial Officer
GR
Geoffrey Richards
Detailed
Chief Operating Officer - Vacation Ownership
JJ
James J. Savina
Detailed
General Counsel and Corporate Secretary
JM
Jeffrey Myers
Detailed
Chief Sales and Marketing Officer - Vacation Ownership
KM
Kimberly Marshall
Detailed
Chief Human Resources Officer
SE
Sy Esfahani
Detailed
Chief Technology Officer
TM
Thomas M. Duncan
Detailed
Senior Vice President and Chief Accounting Officer
Board of directors at Travel & Leisure.
DM
Denny Marie Post
Detailed
Director
GH
George Herrera
Detailed
Director
JE
James E. Buckman
Detailed
Lead Director
LF
Louise F. Brady
Detailed
Director
LC
Lucinda C. Martinez
Detailed
Director
MH
Michael H. Wargotz
Detailed
Director
RL
Ronald L. Rickles
Detailed
Director
SP
Stephen P. Holmes
Detailed
Non-Executive Chairman of the Board
Research analysts who have asked questions during Travel & Leisure earnings calls.
Brandt Montour
Barclays PLC
6 questions for TNL
Also covers: BALY, BYD, CCL +23 more
Chris Woronka
Deutsche Bank AG
6 questions for TNL
Also covers: CAR, DRH, FUN +13 more
DK
David Katz
Jefferies Financial Group Inc.
6 questions for TNL
Also covers: AGS, BALY, BYD +36 more
PS
Patrick Scholes
Truist Financial Corporation
5 questions for TNL
Also covers: BYD, CCL, CHH +14 more
Stephen Grambling
Morgan Stanley
5 questions for TNL
Also covers: BC, BYD, CHH +23 more
BC
Benjamin Chaiken
Mizuho Financial Group, Inc.
4 questions for TNL
Also covers: BYD, CCL, CHDN +14 more
LD
Lizzie Dove
Goldman Sachs
3 questions for TNL
Also covers: CAR, CCL, CHH +13 more
Dany Asad
Bank of America
2 questions for TNL
Also covers: CHH, HST, INN +3 more
TB
Trey Bowers
Wells Fargo & Company
2 questions for TNL
Also covers: CHDN, CHH, CZR +7 more
BC
Ben Chaiken
Mitsui
1 question for TNL
Also covers: BYD, CCL, CHDN +10 more
BC
Ben Chaikin
Mizuho
1 question for TNL
Also covers: DKNG, RRR
C. Patrick Scholes
Truist Securities
1 question for TNL
Also covers: CHH, H, HGV +3 more
ED
Elizabeth Dove
Goldman Sachs
1 question for TNL
Also covers: ARMK, CAR, CCL +12 more
IZ
Ian Zaffino
Oppenheimer & Co. Inc.
1 question for TNL
Also covers: ACA, ALSN, ARMK +21 more
Isaac Sellhausen
Oppenheimer & Co. Inc.
1 question for TNL
Also covers: ALSN, ATSG, CCSI +10 more
JG
Joseph Greff
JPMorgan Chase & Co.
1 question for TNL
Also covers: BYD, CHH, CZR +10 more
LD
Luzi Dub
Goldman Sachs Asset Management
1 question for TNL
Recent press releases and 8-K filings for TNL.
Travel + Leisure Reports Strong Q4 and Full-Year 2025 Results, Provides Positive 2026 Outlook
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure reported a strong close to 2025, with Q4 revenue of $1.026 billion and EBITDA of $272 million (up 8% year-over-year). For the full year, revenue grew 4% to $4.02 billion, EBITDA grew 7% to $990 million, and EPS increased 10% to $6.34.
- The company provided a positive outlook for 2026, projecting EBITDA in the range of $1.03 billion-$1.055 billion (4%-7% year-over-year growth) and EPS growth in the teens. Gross VOI sales are expected to increase 1%-5% year-over-year to $2.5 billion-$2.6 billion.
- TNL announced a new $750 million share repurchase authorization and intends to recommend a Q1 2026 dividend of $0.60 per share. In 2025, the company returned $449 million to shareholders, including $300 million in share repurchases.
- The Resort Optimization Initiative in 2025 resulted in a non-cash inventory write-down and impairment of $216 million. This initiative is anticipated to provide a net EBITDA benefit of $15 million-$25 million in 2026 by improving cost efficiency and removing older resorts.
Feb 18, 2026, 1:30 PM
Travel + Leisure Co. Reports Strong 2025 Results and Provides Positive 2026 Outlook
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure Co. reported a strong Q4 2025 and full-year 2025, with full-year revenue up 4% to $4.02 billion, EBITDA up 7% to $990 million, and EPS up 10% to $6.34. The company returned $449 million to shareholders through dividends and share repurchases in 2025.
- For 2026, the company expects gross VOI sales to increase 1%-5% year-over-year to a range of $2.5 billion-$2.6 billion, and EBITDA to be in the range of $1.03 billion-$1.055 billion, representing mid-single-digit growth. EPS growth is expected to be in the teens.
- The Resort Optimization Initiative resulted in a $216 million non-cash inventory write-down and impairment in 2025 but is expected to provide a net EBITDA benefit of $15 million-$25 million in 2026. The company also approved a new $750 million share repurchase authorization and intends to recommend a Q1 2026 dividend of $0.60 per share.
- The Travel and Membership segment reported Q4 2025 revenue of $148 million (down 6%) and EBITDA of $47 million (down 10%), with full-year EBITDA of $228 million. The company is modeling 2026 for this segment consistent with 2025 trends.
Feb 18, 2026, 1:30 PM
Travel + Leisure Co Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Outlook
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure Co reported Q4 2025 revenue of $1.026 billion and EBITDA of $272 million, contributing to full-year 2025 revenue of $4.02 billion and EBITDA of $990 million.
- For 2026, the company forecasts EBITDA between $1.03 billion and $1.055 billion and gross VOI sales of $2.5 billion to $2.6 billion, with EPS growth in the teens.
- The company's Resort Optimization Initiative in 2025 resulted in a $216 million non-cash write-down but is expected to provide a net EBITDA benefit of $15 million to $25 million in 2026 by removing 17 lower-demand resorts.
- Travel + Leisure Co returned $449 million to shareholders in 2025 through $300 million in share repurchases and $149 million in dividends, and approved a new $750 million share repurchase authorization for 2026.
Feb 18, 2026, 1:30 PM
Travel + Leisure Co. Reports Q4 and Full-Year 2025 Results and 2026 Outlook
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure Co. reported full-year 2025 net revenue of $4.02 billion, with Adjusted EBITDA of $990 million and Adjusted diluted EPS of $6.34.
- For the fourth quarter of 2025, the company reported a net loss of $61 million (diluted loss per share of $0.95), which included $210 million in inventory write-downs and impairments related to the Resort Optimization Initiative.
- Net cash provided by operating activities for full-year 2025 was $640 million, and Adjusted free cash flow was $516 million.
- The company provided a 2026 outlook, expecting Adjusted EBITDA to range from $1,030 million to $1,055 million and Gross VOI sales of $2.5 billion to $2.6 billion.
- The Board of Directors approved a new $750 million share repurchase authorization and will recommend increasing the first quarter 2026 dividend to $0.60 per share.
Feb 18, 2026, 11:31 AM
Travel + Leisure Co. Reports Q4 and Full-Year 2025 Results and Provides 2026 Outlook
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure Co. reported net revenue of $1.03 billion and a net loss of $61 million (diluted loss per share of $0.95) for Q4 2025, while full-year 2025 saw net revenue of $4.02 billion and net income of $230 million (diluted EPS of $3.44).
- For the full-year 2025, the company achieved Adjusted EBITDA of $990 million and Adjusted diluted EPS of $6.34, with net cash provided by operating activities of $640 million and Adjusted free cash flow of $516 million.
- The company provided a 2026 outlook, expecting full-year Adjusted EBITDA to range from $1,030 million to $1,055 million and Gross VOI sales of $2.5 billion to $2.6 billion.
- Travel + Leisure Co.'s Board of Directors approved a new $750 million share repurchase authorization, and the company will recommend increasing the first quarter 2026 dividend to $0.60 per share.
Feb 18, 2026, 11:30 AM
Travel + Leisure Co. Reprices Term Loan B Facility
TNL
Debt Issuance
- Travel + Leisure Co. successfully closed the Eighth Amendment to its Credit Agreement on December 10, 2025, repricing $869 million of outstanding borrowings under its 2024 Term Loan B Facility.
- The repricing reduces the applicable interest rate on the 2024 Term Loan B Facility by 50 basis points, from SOFR plus 2.50% to SOFR plus 2.00%.
- The maturity date for the 2024 Term Loan B Facility remains December 14, 2029.
- According to CFO Erik Hoag, this action enhances financial flexibility and supports the company's growth strategy.
Dec 10, 2025, 9:00 PM
Travel + Leisure Discusses Strong 9M 2025 Results and Future Strategy
TNL
Guidance Update
New Projects/Investments
Share Buyback
- Travel + Leisure reported strong financial performance through the first nine months of 2025, with revenue up 4%, EBITDA up 6%, EPS up 14%, and free cash flow per share up over 20%. The company also raised its guidance for gross vacation ownership interest sales, volume per guest, and Adjusted EBITDA for FY 2025.
- The company's consumer base remains durable, with improved credit quality and higher FICO scores at origination. Management expects the loan loss provision to be lower in 2026 than in 2025, potentially settling at or below 20% in 2026, down from the reaffirmed 21% for FY 2025.
- Travel + Leisure is focused on growth through new brands like Sports Illustrated and Eddie Bauer, launched in 2025, with 2026 dedicated to scaling them. The company is also actively managing its inventory, pruning roughly a dozen non-performing resorts in the latter half of 2025 to optimize levels from four to five years towards an optimal two to three years.
- The company maintains a disciplined capital allocation strategy, committing to a growing dividend and programmatic share buybacks, having repurchased approximately $210 million in shares through the first three quarters of 2025. Leverage is expected to decrease from 3.3x to 3.2x by the end of 2025, with a long-term target of 2.25x to 3x.
Dec 3, 2025, 6:30 PM
Travel + Leisure Reports Strong FY2025 Performance and Positive Outlook
TNL
Guidance Update
Share Buyback
New Projects/Investments
- Travel + Leisure reported strong financial performance through the first nine months of FY 2025, with revenue growing ~4%, EBITDA ~6%, EPS 14%, and free cash flow per share ~20%+, leading to raised guidance for gross vacation ownership interest sales, volume per guest, and adjusted EBITDA.
- The company's consumer base remains durable, characterized by an average household income of ~$120,000 and improved credit quality due to a higher minimum FICO score, with approximately two-thirds of transactions coming from existing owners.
- Management anticipates a lower loan loss provision in 2026, potentially settling at or below 20%, down from 21% in FY 2025, attributed to continued improvements in FICO scores at origination and enhanced collection capabilities.
- Travel + Leisure is strategically expanding with new brands like Sports Illustrated and Eddie Bauer, while actively managing its inventory by pruning approximately a dozen non-performing resorts to optimize its current 4-5 years of inventory towards an optimal 2-3 year level.
- The company maintains a disciplined capital allocation strategy, converting ~50% of EBITDA into free cash flow and returning ~80% of that to shareholders through dividends and share buybacks, having repurchased ~$210 million in shares through the first three quarters of FY 2025.
Dec 3, 2025, 6:30 PM
Travel + Leisure Discusses Strong Consumer Trends and Future Outlook at Barclays Conference
TNL
Guidance Update
New Projects/Investments
Share Buyback
- Travel + Leisure reported strong performance through the first nine months of FY2025, with revenue up 4%, EBITDA up 6%, EPS up 14%, and free cash flow per share up over 20%. This led to raised guidance for gross vacation ownership interest sales, volume per guest, Adjusted EBITDA, and a modest increase for free cash flow.
- The company's consumer base remains very durable, characterized by new owners in their early 50s with an average household income of $120,000, and approximately 70% of buyers from Gen X, Gen Z, or millennials. There has been consistent sequential improvement in weighted average FICO scores at origination and on the portfolio.
- The loan loss provision is expected to be 21% for FY2025 and is anticipated to be lower in 2026, potentially settling at or below 20% and into the upper teens long-term, supported by higher FICO scores and improved collection capabilities.
- TNL is expanding with new brands like Sports Illustrated and Eddie Bauer, alongside continued momentum with Margaritaville and Accor Vacation Club. The company's current inventory position is four to five years (optimal is two to three years), and they plan to prune roughly a dozen non-performing resorts in the back half of 2025 to normalize inventory levels.
- Capital allocation prioritizes shareholder returns, with approximately 80% of free cash flow (converted from roughly 50% of nearly $1 billion EBITDA) returned via a growing dividend and programmatic share repurchases, totaling roughly $210 million through Q3 FY2025.
Dec 3, 2025, 6:30 PM
Travel + Leisure Discusses Strong Performance, Growth Strategy, and Financial Discipline at 2025 Conference
TNL
New Projects/Investments
Share Buyback
Dividends
- Travel + Leisure (TNL) has been a top-performing stock, almost doubling the S&P 500 year-to-date, driven by consistent execution and a strategy to grow its addressable market through new brand launches such as Sports Illustrated and Eddie Bauer.
- The company has enhanced its financial health and operational discipline by increasing the minimum customer FICO score to 640 post-COVID, which has led to higher Volume Per Guest (VPG) exceeding $3,000 and is expected to reduce the loan loss provision rate from 21% in 2025 to the high teens in the medium term.
- TNL is committed to shareholder returns, having repurchased $210 million in shares through Q3 2025 and consistently increasing its dividend by double digits, resulting in a total shareholder yield of approximately double digits.
- Significant investment in technology, including new apps and an AI customer service agent, is underway to improve the guest experience, while a declining interest rate environment is expected to provide a tailwind for ABS markets and corporate debt.
Dec 2, 2025, 1:00 PM
Quarterly earnings call transcripts for Travel & Leisure.
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