Earnings summaries and quarterly performance for Travel & Leisure.
Executive leadership at Travel & Leisure.
Michael D. Brown
Detailed
President and Chief Executive Officer
CEO
Amandine Robin-Caplan
Detailed
Chief Brand and Communications Officer
Erik Hoag
Detailed
Chief Financial Officer
Geoffrey Richards
Detailed
Chief Operating Officer - Vacation Ownership
James J. Savina
Detailed
General Counsel and Corporate Secretary
Jeffrey Myers
Detailed
Chief Sales and Marketing Officer - Vacation Ownership
Kimberly Marshall
Detailed
Chief Human Resources Officer
Sy Esfahani
Detailed
Chief Technology Officer
Thomas M. Duncan
Detailed
Senior Vice President and Chief Accounting Officer
Board of directors at Travel & Leisure.
Research analysts who have asked questions during Travel & Leisure earnings calls.
Benjamin Chaiken
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Brandt Montour
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Patrick Scholes
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Stephen Grambling
Morgan Stanley
3 questions for TNL
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Dany Asad
Bank of America
2 questions for TNL
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C. Patrick Scholes
Truist Securities
1 question for TNL
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Elizabeth Dove
Goldman Sachs
1 question for TNL
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Ian Zaffino
Oppenheimer & Co. Inc.
1 question for TNL
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Joseph Greff
JPMorgan Chase & Co.
1 question for TNL
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Lizzie Dove
Goldman Sachs
1 question for TNL
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Luzi Dub
Goldman Sachs Asset Management
1 question for TNL
Recent press releases and 8-K filings for TNL.
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
Travel + Leisure Discusses Growth Strategy, Financial Discipline, and Capital Allocation
TNL
New Projects/Investments
Share Buyback
Guidance Update
- Travel + Leisure is focused on growing its addressable market by launching new brands such as Sports Illustrated, Margaritaville, Accor, and Eddie Bauer, applying its existing direct marketing model to new segments.
- The company has a strong customer repurchase model, with first-time purchasers spending an additional $2.60 for every $1 initially spent over the next 10 years.
- Post-COVID, the minimum FICO score for customers was raised from 600 to 640, which has led to lower provision rates, delinquencies, and defaults. The full-year loan loss provision for 2025 is expected to be 21%, with a projected decrease to the high teens in the medium term.
- Capital allocation priorities include investing in the business, committing to a dividend, and share buybacks, with $210 million in shares repurchased through the first three quarters of 2025. The company also anticipates an interest rate tailwind in 2026 and 2027.
- The company is investing heavily in technology to enhance the guest experience, including new apps and an AI customer service agent, and is actively managing its inventory by removing older, less-demanded properties to improve the overall system.
Dec 2, 2025, 1:00 PM
Travel + Leisure Co. Reports Strong Q3 2025 Results and Raises Full-Year Guidance
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure Co. reported strong Q3 2025 results, with revenue of $1,044 million (up 5% year-over-year), adjusted EBITDA of $266 million (up 10%), and adjusted EPS of $1.80 (up 15%).
- The company raised its full-year 2025 guidance, now expecting adjusted EBITDA between $965 million and $985 million (midpoint of $975 million) and gross VOI sales between $2.45 billion and $2.50 billion.
- TNL returned $106 million to shareholders in Q3 2025, including $36 million in dividends and $70 million in share repurchases, and anticipates generating approximately $500 million in adjusted free cash flow for the full year.
- The Vacation Ownership business demonstrated robust performance with VPG (volume per guest) at $3,304 (up 10%), and credit quality remains strong with weighted average FICO scores for new originations above 740.
Oct 22, 2025, 12:00 PM
Travel + Leisure Co. Reports Strong Third Quarter 2025 Results and Raises Full-Year Guidance
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure Co. reported net income of $111 million and diluted earnings per share of $1.67 on net revenue of $1.04 billion for the third quarter of 2025. Adjusted EBITDA was $266 million and Adjusted diluted earnings per share was $1.80.
- The Vacation Ownership segment revenue increased 6% year-over-year to $876 million, with Volume per guest (VPG) rising 10% to $3,304.
- The company increased the mid-point of its full-year Adjusted EBITDA guidance to $975 million, with a new range of $965 million to $985 million.
- Travel + Leisure Co. returned $106 million to shareholders in Q3 2025, including $36 million in dividends and $70 million in share repurchases.
Oct 22, 2025, 10:01 AM
Travel + Leisure Co. Reports Third Quarter 2025 Results and Raises Full-Year Guidance
TNL
Earnings
Guidance Update
Share Buyback
- Travel + Leisure Co. reported net revenue of $1.04 billion, net income of $111 million, and diluted earnings per share of $1.67 for the third quarter of 2025.
- The company achieved Adjusted EBITDA of $266 million and Adjusted diluted earnings per share of $1.80 in Q3 2025.
- Vacation Ownership revenue increased 6% year-over-year to $876 million, with Volume per guest (VPG) rising 10% to $3,304.
- Travel + Leisure Co. increased the mid-point of its full-year Adjusted EBITDA guidance to $975 million, with a new range of $965 million to $985 million.
- The company returned $106 million to shareholders in Q3 2025, comprising $36 million in dividends and $70 million in share repurchases.
Oct 22, 2025, 10:00 AM
Travel + Leisure Co. Completes Term Securitization
TNL
Debt Issuance
- Travel + Leisure Co. completed its third term securitization of 2025, issuing $300 million in principal amount of asset-backed notes.
- The transaction had an overall weighted average coupon of 4.78% and an advance rate of 98.00%.
- This issuance achieved a 32 basis point improvement in coupon from the last transaction, reaching funding levels not seen since early 2022.
Oct 15, 2025, 5:00 PM
Quarterly earnings call transcripts for Travel & Leisure.
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