Travel + Leisure (NYSE:TNL – Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $1.83 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.83, FiscalAI reports. Travel + Leisure had a negative return on equity of 49.06% and a net margin of 10.36%.The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company posted $1.72 earnings per share. Travel + Leisure’s revenue was up 5.7% compared to the same quarter last year.
Here are the key takeaways from Travel + Leisure’s conference call:
- Strong 2025 financials and confident 2026 guide: 2025 revenue was $4.02B (+4%) with adjusted EBITDA of $990M (+7%), $449M returned to shareholders, and management guides 2026 adjusted EBITDA to $1.03B–$1.055B alongside a new $750M buyback authorization and a proposed dividend — signaling continued cash generation and shareholder returns.
- Vacation Ownership momentum: Gross VOI sales rose 8%, VPG finished strong (Q4 VPG ~ $3,359, +6%), tour flow accelerated, and originations show high credit quality (avg FICO >740) with management expecting a lower loan-loss provision in 2026, supporting recurring cash flow and margin expansion.
- Resort Optimization Initiative has mixed near-term impacts: Management took a $216M non‑cash write-down for removing 17 older resorts, which reduces FY2026 sales and fees (≈ $120M revenue headwind, ~$50M EBITDA drag) but is expected to deliver ~$15M–$25M net EBITDA benefit in 2026 after ~ $70M in expense savings and longer‑term portfolio improvement.
- Travel & Membership is under pressure from exchange-rate headwinds (Q4 revenue -6%, EBITDA -10%); management is cutting costs and modeling 2026 consistent with 2025, but near-term margin pressure in this segment remains a risk.
Travel + Leisure Price Performance
Shares of NYSE TNL opened at $80.40 on Wednesday. The stock has a market capitalization of $5.17 billion, a PE ratio of 13.07, a P/E/G ratio of 0.63 and a beta of 1.38. Travel + Leisure has a one year low of $37.77 and a one year high of $80.34. The business’s fifty day moving average price is $71.92 and its 200-day moving average price is $65.84.
Analysts Set New Price Targets
Read Our Latest Analysis on Travel + Leisure
Insider Activity
In other news, insider Geoffrey Richards sold 62,525 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $65.17, for a total value of $4,074,754.25. Following the sale, the insider owned 39,604 shares of the company’s stock, valued at $2,580,992.68. The trade was a 61.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director George Herrera sold 559 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $68.18, for a total transaction of $38,112.62. The SEC filing for this sale provides additional information. Company insiders own 3.75% of the company’s stock.
Institutional Investors Weigh In On Travel + Leisure
Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its holdings in shares of Travel + Leisure by 46.8% during the second quarter. AQR Capital Management LLC now owns 2,682,604 shares of the company’s stock worth $138,449,000 after purchasing an additional 855,151 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Travel + Leisure by 68.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 885,105 shares of the company’s stock valued at $62,427,000 after purchasing an additional 359,186 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Travel + Leisure by 124.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 567,478 shares of the company’s stock worth $40,024,000 after buying an additional 314,481 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Travel + Leisure by 8.4% in the 3rd quarter. Invesco Ltd. now owns 3,486,173 shares of the company’s stock worth $207,392,000 after buying an additional 270,474 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Travel + Leisure by 98.4% during the 2nd quarter. Quantinno Capital Management LP now owns 488,307 shares of the company’s stock valued at $25,202,000 after buying an additional 242,231 shares in the last quarter. Hedge funds and other institutional investors own 87.54% of the company’s stock.
About Travel + Leisure
Travel + Leisure Co (NYSE: TNL) is a leisure travel company headquartered in Orlando, Florida, that specializes in vacation ownership, membership programs and branded travel experiences. The company operates an extensive portfolio of vacation clubs and destination services, offering members access to resorts, hotels, cruises and guided tours in markets around the world. Through its flagship membership brands, Travel + Leisure Co provides curated vacation packages, exchange services and unique travel itineraries that cater to both individual and family travelers.
In addition to its membership offerings, Travel + Leisure Co manages a network of resort properties and hospitality assets across North America, the Caribbean, Europe and Asia-Pacific.
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