NYSE : TNL
Travel + Leisure Co. — Financial statements
Consumer Discretionary · Travel Services · United States
Last price 71.49 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.31B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Travel + Leisure Co. (TNL) reported revenue of 4.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 3.58B | 3.46B | 3.33B | 3.23B | 3.10B | 2.68B |
| Other Revenue | 573.00M | 559.00M | 536.00M | 519.00M | 472.00M | 456.00M |
| Revenue | 4.15B | 4.02B | 3.86B | 3.75B | 3.57B | 3.13B |
| Cost of Revenue | 1.89B | 1.88B | 1.84B | 1.82B | 1.76B | 1.48B |
| Gross Profit | 2.12B | 2.01B | 1.89B | 1.82B | 1.73B | 1.57B |
| Selling, General & Admin | 1.16B | 1.08B | 1.02B | 961.00M | 930.00M | 797.00M |
| Operating Expenses | 1.29B | 1.21B | 1.14B | 1.07B | 1.05B | 921.00M |
| Operating Income | 829.00M | 803.00M | 752.00M | 748.00M | 679.00M | 649.00M |
| Interest Expense | -228.00M | -232.00M | -249.00M | -251.00M | -195.00M | -198.00M |
| Interest & Investment Income | 12.00M | 9.00M | 14.00M | 13.00M | 6.00M | 3.00M |
| Other Non Operating Income (Expenses) | 7.00M | 3.00M | 8.00M | 3.00M | 12.00M | 6.00M |
| EBT Excluding Unusual Items | 620.00M | 583.00M | 525.00M | 513.00M | 502.00M | 460.00M |
| Merger & Restructuring Charges | -288.00M | -248.00M | -16.00M | -26.00M | -14.00M | 1.00M |
| Gain (Loss) on Sale of Investments | 6.00M | |||||
| Gain (Loss) on Sale of Assets | 4.00M | 4.00M | -2.00M | -9.00M | ||
| Asset Writedown | -2.00M | -3.00M | -1.00M | -1.00M | ||
| Other Unusual Items | 7.00M | 8.00M | -37.00M | |||
| Pretax Income | 336.00M | 337.00M | 513.00M | 485.00M | 486.00M | 429.00M |
| Income Tax Expense | 101.00M | 107.00M | 135.00M | 94.00M | 130.00M | 116.00M |
| Earnings From Continuing Operations | 235.00M | 230.00M | 378.00M | 391.00M | 356.00M | 313.00M |
| Earnings From Discontinued Operations | 33.00M | 5.00M | 1.00M | -5.00M | ||
| Net Income to Company | 235.00M | 230.00M | 411.00M | 396.00M | 357.00M | 308.00M |
| Net Income | 235.00M | 230.00M | 411.00M | 396.00M | 357.00M | 308.00M |
| Net Income to Common | 235.00M | 230.00M | 411.00M | 396.00M | 357.00M | 308.00M |
| Shares Outstanding (Basic) | 62.60M | 65.60M | 70.10M | 74.50M | 83.40M | 86.50M |
| Shares Outstanding (Diluted) | 64.35M | 66.90M | 70.70M | 75.00M | 84.20M | 87.30M |
| EPS (Basic) | 3.75 | 3.51 | 5.86 | 5.32 | 4.28 | 3.56 |
| EPS (Diluted) | 3.65 | 3.44 | 5.82 | 5.28 | 4.24 | 3.52 |
| Free Cash Flow | 417.00M | 523.00M | 383.00M | 276.00M | 390.00M | 511.00M |
| Free Cash Flow Per Share | 6.48 | 7.82 | 5.42 | 3.68 | 4.63 | 5.85 |
| Dividend Per Share | 2.36 | 2.24 | 2.00 | 1.80 | 1.60 | 1.25 |
| Gross Margin | 51.16% | 49.99% | 48.96% | 48.56% | 48.44% | 50.10% |
| Operating Margin | 19.98% | 19.97% | 19.46% | 19.95% | 19.04% | 20.71% |
| Profit Margin | 5.66% | 5.72% | 10.64% | 10.56% | 10.01% | 9.83% |
| Free Cash Flow Margin | 10.05% | 13.01% | 9.91% | 7.36% | 10.93% | 16.30% |
| EBITDA | 960.00M | 927.00M | 867.00M | 860.00M | 798.00M | 773.00M |
| EBITDA Margin | 23.13% | 23.05% | 22.44% | 22.93% | 22.37% | 24.66% |
| D&A For EBITDA | 131.00M | 124.00M | 115.00M | 112.00M | 119.00M | 124.00M |
| EBIT | 829.00M | 803.00M | 752.00M | 748.00M | 679.00M | 649.00M |
| EBIT Margin | 19.98% | 19.97% | 19.46% | 19.95% | 19.04% | 20.71% |
| Effective Tax Rate | 30.06% | 31.75% | 26.32% | 19.38% | 26.75% | 27.04% |
| Revenue as Reported | 4.15B | 4.02B | 3.86B | 3.75B | 3.57B | 3.13B |
| Advertising Expenses | 35.00M | 26.00M | 30.00M | 30.00M | 33.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 306.00M | 253.00M | 167.00M | 282.00M | 550.00M | 369.00M |
| Short-Term Investments | 35.00M | 34.00M | 24.00M | 34.00M | 47.00M | |
| Cash & Short-Term Investments | 306.00M | 288.00M | 201.00M | 306.00M | 584.00M | 416.00M |
| Accounts Receivable | 2.87B | 2.80B | 2.77B | 2.71B | 2.53B | 2.44B |
| Other Receivables | 119.00M | 126.00M | 136.00M | 68.00M | 62.00M | |
| Receivables | 2.87B | 2.92B | 2.90B | 2.84B | 2.60B | 2.50B |
| Inventory | 1.15B | 1.13B | 1.23B | 1.14B | 1.19B | 1.22B |
| Prepaid Expenses | 249.00M | 214.00M | 214.00M | 229.00M | 202.00M | 227.00M |
| Restricted Cash | 193.00M | 173.00M | 162.00M | 176.00M | 138.00M | 128.00M |
| Other Current Assets | 31.00M | 28.00M | 19.00M | 18.00M | 23.00M | 2.00M |
| Total Current Assets | 4.80B | 4.75B | 4.72B | 4.71B | 4.74B | 4.49B |
| Property, Plant & Equipment | 691.00M | 454.00M | 482.00M | 554.00M | 575.00M | 612.00M |
| Long-Term Investments | 18.00M | 18.00M | 19.00M | 18.00M | 21.00M | |
| Goodwill | 1.04B | 972.00M | 966.00M | 962.00M | 955.00M | 961.00M |
| Other Intangible Assets | 299.00M | 363.00M | 365.00M | 346.00M | 352.00M | 375.00M |
| Long-Term Deferred Tax Assets | 27.00M | 23.00M | 23.00M | 23.00M | 25.00M | |
| Long-Term Deferred Charges | 64.00M | 121.00M | 108.00M | 109.00M | 91.00M | 89.00M |
| Other Long-Term Assets | 405.00M | 52.00M | 50.00M | 19.00M | 5.00M | 14.00M |
| Total Assets | 7.30B | 6.76B | 6.74B | 6.74B | 6.76B | 6.59B |
| Accounts Payable | 78.00M | 62.00M | 67.00M | 73.00M | 65.00M | 62.00M |
| Accrued Expenses | 737.00M | 471.00M | 445.00M | 409.00M | 416.00M | 420.00M |
| Current Portion of Long-Term Debt | 636.00M | 901.00M | 400.00M | |||
| Current Portion of Leases | 10.00M | 35.00M | 5.00M | |||
| Current Income Taxes Payable | 74.00M | 60.00M | 65.00M | 80.00M | 106.00M | |
| Other Current Liabilities | 2.00M | 43.00M | 14.00M | |||
| Total Current Liabilities | 1.46B | 1.54B | 572.00M | 547.00M | 1.00B | 607.00M |
| Long-Term Debt | 5.43B | 4.70B | 5.57B | 5.63B | 5.23B | 5.30B |
| Long-Term Leases | 147.00M | 119.00M | 100.00M | 107.00M | 122.00M | 140.00M |
| Long-Term Unearned Revenue | 454.00M | 468.00M | 457.00M | 442.00M | 399.00M | 382.00M |
| Long-Term Deferred Tax Liabilities | 746.00M | 704.00M | 722.00M | 687.00M | 679.00M | 686.00M |
| Other Long-Term Liabilities | 69.00M | 204.00M | 194.00M | 246.00M | 226.00M | 263.00M |
| Total Liabilities | 8.31B | 7.74B | 7.62B | 7.66B | 7.66B | 7.38B |
| Common Stock | 3.00M | 3.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 4.45B | 4.41B | 4.33B | 4.28B | 4.24B | 4.19B |
| Retained Earnings | 2.59B | 2.41B | 2.33B | 2.07B | 1.81B | 1.59B |
| Treasury Stock | -7.99B | -7.74B | -7.43B | -7.20B | -6.89B | -6.53B |
| Comprehensive Income & Other | -61.00M | -66.00M | -112.00M | -70.00M | -79.00M | -48.00M |
| Total Common Equity | -1.01B | -981.00M | -881.00M | -918.00M | -913.00M | -801.00M |
| Minority Interest | -1.00M | 1.00M | 1.00M | 9.00M | 7.00M | |
| Shareholders' Equity | -1.01B | -982.00M | -880.00M | -917.00M | -904.00M | -794.00M |
| Total Liabilities & Equity | 7.30B | 6.76B | 6.74B | 6.74B | 6.76B | 6.59B |
| Total Debt | 6.22B | 5.76B | 5.67B | 5.73B | 5.75B | 5.45B |
| Net Cash (Debt) | -5.92B | -5.47B | -5.47B | -5.43B | -5.17B | -5.03B |
| Net Cash Per Share | -91.93 | -81.78 | -77.36 | -72.36 | -61.39 | -57.65 |
| Filing Date Shares Outstanding | 60.26M | 62.40M | 66.70M | 71.03M | 77.56M | 85.71M |
| Total Common Shares Outstanding | 60.26M | 63.06M | 67.12M | 71.43M | 78.40M | 85.93M |
| Working Capital | 3.33B | 3.21B | 4.15B | 4.16B | 3.73B | 3.88B |
| Book Value Per Share | -16.71 | -15.56 | -13.13 | -12.85 | -11.65 | -9.32 |
| Tangible Book Value | -2.35B | -2.32B | -2.21B | -2.23B | -2.22B | -2.14B |
| Tangible Book Value Per Share | -39.02 | -36.73 | -32.95 | -31.16 | -28.32 | -24.87 |
| Land | 52.00M | 20.00M | 28.00M | 28.00M | 30.00M | 30.00M |
| Buildings | 628.00M | 564.00M | 625.00M | 665.00M | 671.00M | 653.00M |
| Machinery | 127.00M | 120.00M | 144.00M | 168.00M | 192.00M | 204.00M |
| Construction In Progress | 13.00M | 9.00M | 21.00M | 24.00M | 8.00M | 18.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 235.00M | 230.00M | 411.00M | 396.00M | 357.00M | 308.00M |
| Depreciation & Amortization | 131.00M | 124.00M | 115.00M | 112.00M | 119.00M | 124.00M |
| Loss (Gain) From Sale of Assets | 2.00M | 9.00M | ||||
| Asset Writedown & Restructuring Costs | 8.00M | 10.00M | 3.00M | 1.00M | 1.00M | |
| Loss (Gain) From Sale of Investments | -6.00M | |||||
| Stock-Based Compensation | 62.00M | 57.00M | 41.00M | 38.00M | 45.00M | 32.00M |
| Other Operating Activities | 214.00M | 224.00M | 62.00M | 43.00M | 39.00M | 1.00M |
| Change in Accounts Receivable | -485.00M | -500.00M | -514.00M | -522.00M | -401.00M | 20.00M |
| Change in Inventory | -87.00M | -68.00M | -16.00M | 25.00M | 31.00M | -6.00M |
| Change in Accounts Payable | 75.00M | 96.00M | -19.00M | -70.00M | -71.00M | 24.00M |
| Change in Unearned Revenue | -41.00M | 5.00M | 10.00M | 30.00M | 12.00M | -72.00M |
| Change in Other Net Operating Assets | -108.00M | -22.00M | -28.00M | -47.00M | 8.00M | |
| Operating Cash Flow | 512.00M | 640.00M | 464.00M | 350.00M | 442.00M | 568.00M |
| Capital Expenditures | -95.00M | -117.00M | -81.00M | -74.00M | -52.00M | -57.00M |
| Sale of Property, Plant & Equipment | 10.00M | 10.00M | 1.00M | 8.00M | ||
| Cash Acquisitions | -290.00M | -1.00M | -44.00M | -6.00M | -2.00M | -37.00M |
| Investment in Securities | -6.00M | 2.00M | ||||
| Other Investing Activities | -1.00M | -1.00M | -4.00M | 1.00M | ||
| Investing Cash Flow | -382.00M | -107.00M | -124.00M | -80.00M | -50.00M | -93.00M |
| Long-Term Debt Issued | 4.38B | 3.71B | 3.96B | 2.18B | 2.07B | |
| Total Debt Issued | 5.43B | 4.38B | 3.71B | 3.96B | 2.18B | 2.07B |
| Long-Term Debt Repaid | -4.39B | -3.77B | -3.97B | -1.85B | -3.18B | |
| Total Debt Repaid | -4.99B | -4.39B | -3.77B | -3.97B | -1.85B | -3.18B |
| Net Debt Issued (Repaid) | 438.00M | -11.00M | -59.00M | -12.00M | 331.00M | -1.11B |
| Issuance of Common Stock | 18.00M | 34.00M | 15.00M | 9.00M | 10.00M | 11.00M |
| Repurchase of Common Stock | -340.00M | -301.00M | -234.00M | -309.00M | -351.00M | -25.00M |
| Common Dividends Paid | -149.00M | -149.00M | -142.00M | -136.00M | -135.00M | -109.00M |
| Other Financing Activities | -17.00M | -16.00M | -38.00M | -52.00M | -51.00M | -59.00M |
| Financing Cash Flow | -50.00M | -443.00M | -458.00M | -500.00M | -196.00M | -1.29B |
| Foreign Exchange Rate Adjustments | 5.00M | 7.00M | -11.00M | -5.00M | -7.00M | |
| Net Cash Flow | 85.00M | 97.00M | -129.00M | -230.00M | 191.00M | -820.00M |
| Free Cash Flow | 417.00M | 523.00M | 383.00M | 276.00M | 390.00M | 511.00M |
| Free Cash Flow Margin | 10.05% | 13.01% | 9.91% | 7.36% | 10.93% | 16.30% |
| Free Cash Flow Per Share | 6.48 | 7.82 | 5.42 | 3.68 | 4.63 | 5.85 |
| Levered Free Cash Flow | 557.62M | 512.88M | 292.38M | 83.62M | 337.50M | 720.88M |
| Unlevered Free Cash Flow | 700.12M | 657.88M | 448.00M | 240.50M | 459.38M | 844.62M |
| Cash Interest Paid | 314.00M | 324.00M | 358.00M | 321.00M | 240.00M | 263.00M |
| Cash Income Tax Paid | 133.00M | 87.00M | 100.00M | 144.00M | 153.00M | 110.00M |
| Change in Working Capital | -646.00M | -489.00M | -567.00M | -584.00M | -429.00M | -26.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.55B | 4.54B | 3.45B | 2.83B | 2.95B | 4.77B |
| Enterprise Value | 10.47B | 10.01B | 8.92B | 8.32B | 8.21B | 9.92B |
| Last Close Price | 75.52 | 68.72 | 47.24 | 35.06 | 31.16 | 45.60 |
| PE Ratio | 20.68 | 19.73 | 8.39 | 7.15 | 8.28 | 15.50 |
| Forward PE | 8.83 | 9.83 | 8.19 | 7.36 | 7.25 | 12.94 |
| PS Ratio | 1.10 | 1.13 | 0.89 | 0.76 | 0.83 | 1.52 |
| PB Ratio | -4.62 | -3.92 | -3.09 | -3.27 | -6.01 | |
| P/FCF Ratio | 10.91 | 8.68 | 9.00 | 10.26 | 7.58 | 9.34 |
| P/OCF Ratio | 8.89 | 7.09 | 7.43 | 8.09 | 6.68 | 8.40 |
| PEG Ratio | 0.54 | 40.03 | 0.84 | 0.56 | 0.56 | |
| EV/Sales Ratio | 2.52 | 2.49 | 2.31 | 2.22 | 2.30 | 3.17 |
| EV/EBITDA Ratio | 10.90 | 10.80 | 10.29 | 9.67 | 10.29 | 12.83 |
| EV/EBIT Ratio | 12.63 | 12.47 | 11.86 | 11.12 | 12.09 | 15.28 |
| EV/FCF Ratio | 25.10 | 19.15 | 23.28 | 30.14 | 21.05 | 19.41 |
| Debt / Equity Ratio | -6.18 | -5.87 | -6.44 | -6.25 | -6.36 | -6.86 |
| Debt / EBITDA Ratio | 6.27 | 5.99 | 6.29 | 6.41 | 6.90 | 6.74 |
| Debt / FCF Ratio | 14.92 | 11.01 | 14.80 | 20.77 | 14.75 | 10.66 |
| Net Debt / Equity Ratio | -5.88 | -5.57 | -6.21 | -5.92 | -5.72 | -6.34 |
| Net Debt / EBITDA Ratio | 6.16 | 5.90 | 6.31 | 6.31 | 6.48 | 6.51 |
| Net Debt / FCF Ratio | 14.19 | 10.46 | 14.28 | 19.66 | 13.25 | 9.85 |
| Asset Turnover | 0.58 | 0.60 | 0.57 | 0.56 | 0.54 | 0.44 |
| Inventory Turnover | 1.57 | 1.59 | 1.55 | 1.56 | 1.46 | 1.16 |
| Quick Ratio | 2.17 | 2.08 | 5.42 | 5.75 | 3.17 | 4.81 |
| Current Ratio | 3.28 | 3.08 | 8.26 | 8.60 | 4.72 | 7.40 |
| Return on Assets (ROA) | 7.30% | 7.44% | 6.98% | 6.93% | 6.36% | 5.71% |
| Return on Invested Capital (ROIC) | 10.28% | 9.63% | 8.97% | 10.10% | 8.48% | 7.40% |
| Return on Capital Employed (ROCE) | 14.20% | 15.40% | 12.20% | 12.10% | 11.80% | 10.90% |
| Earnings Yield | 4.84% | 5.07% | 11.92% | 13.99% | 12.08% | 6.45% |
| FCF Yield | 9.16% | 11.53% | 11.11% | 9.75% | 13.20% | 10.71% |
| Dividend Yield | 3.18% | 3.11% | 3.89% | 4.54% | 4.25% | 2.25% |
| Payout Ratio | 65.71% | 64.78% | 34.55% | 34.34% | 37.81% | 35.39% |
| Buyback Yield / Dilution | 4.84% | 5.38% | 5.73% | 10.93% | 3.55% | -1.39% |
| Total Shareholder Return | 8.02% | 8.49% | 9.63% | 15.47% | 7.80% | 0.86% |