Travel + Leisure

TNL · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

TNL · Last close · October 26, 2026

$65.62

Travel + Leisure's revenue rose 4.1% to $4.0 billion in fiscal 2025. Its operating margin was 13.8%, down from 19.0% a year earlier. Free cash flow was $523 million, up 36.5%. It paid out $450 million in dividends and buybacks, 86% of free cash flow. The diluted share count fell 5.4%.

Travel & Leisure Co. Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001361658-26-000009 Updated October 9, 2026

Revenue

$4.0B

4.1%

Operating margin

13.8%

5.2 pts

Net income

$230M

44.0%

Free cash flow

$523M

36.5%

Return on capital

8.5%

3.5 pts

Market cap

$4.2B

Oct 26 close

P/E

17.7x

On $3.70 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Travel + Leisure doesn't report a gross profit: the only cost line its filings tag is the cost of the timeshare interests it sells, a small part of its costs, so gross profit and gross margin are left blank. Travel + Leisure (then Wyndham Worldwide) spun off its hotel business in 2018. Its later filings restate 2016 and 2017 revenue and profit without the hotels, but the balance sheets for those years still include them, and debt for 2016 to 2018 isn't tagged as a total, so it is blank.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 5.1% a year and net income 10.3% a year, while buybacks cut the share count by 40%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Travel + Leisure yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Travel + Leisure's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Travel + Leisure's fiscal 2025 free cash flow of $523M, net cash of −$5.3B at December 31, 2025 and 67 million diluted shares, from its filings. The scenarios are fitted to Travel + Leisure: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Hotels, Resorts & Cruise Lines), plus 1 point as a smaller company, worth $4.2B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Travel + Leisure's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Travel + Leisure's own revenue growth, as above. Cautious: growth of 2% then 2% a year, 2% after year 10, a 13% discount rate. Base: growth of 4% then 3% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 6% then 4.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $65.62
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Travel + Leisure's earnings per share of $3.70 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.8×, the middle of Travel + Leisure's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Hilton Grand Vacations, Vail Resorts.

Earnings growth in the years ahead (% a year) Starts at Travel + Leisure's revenue growth over the last 3 years, 4.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $65.62
Value at this multiple, against the last close: —
Travel + Leisure's P/E at the last close: 17.7×

Company	Last close	Earnings per share	P/E today
Vail ResortsMTN	$149.40	$4.12	36.3×
Hilton Grand VacationsHGV	$35.72	$1.75	20.4×
Travel + LeisureTNL	$65.62	$3.70	17.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	390	568	301	185	271
Debt incl. finance leases	5,322	5,653	5,666	5,612	5,616
Net debt (negative means net cash)	4,932	5,085	5,365	5,427	5,345
Net debt to EBITDA	6.7x	6.6x	6.5x	6.4x	7.9x
Debt to equity	—	—	—	—	—
Interest coverage	3.1x	3.4x	2.9x	2.9x	2.4x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $65,670 of Travel + Leisure shares on the open market, and 10 insiders sold $37.0 million, $9.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 26, 2026	Thomas Michael DuncanSVP, Chief Accounting Officer	Sold	20,000	$74.16	$1.5 million	Form 4
Aug 6, 2026	Michael Dean BrownSee Remarks, Director	Sold plan	200	$79.00	$15,800	Form 4
Aug 5, 2026	Michael Dean BrownSee Remarks, Director	Sold plan	4,150	$79.24	$328,846	Form 4
Aug 4, 2026	Sy EsfahaniChief Technology Officer	Sold	52,617	$78.00	$4.1 million	Form 4
Aug 4, 2026	Jeffrey MyersSee Remarks	Sold	34,000	$77.76	$2.6 million	Form 4
Jul 27, 2026	Geoffrey RichardsSee Remarks	Sold	33,744	$75.65	$2.6 million	Form 4
Jul 23, 2026	Kimberly MarshallChief Human Resources Officer	Sold	32,691	$75.00	$2.5 million	Form 4
Jun 16, 2026	George HerreraDirector	Sold	500	$75.16	$37,580	Form 4
Jun 4, 2026	Kimberly MarshallChief Human Resources Officer	Sold	28,000	$70.17	$2.0 million	Form 4
May 14, 2026	Denny Marie PostDirector	Sold	2,500	$63.83	$159,575	Form 4
Apr 23, 2026	Erik D HoagChief Financial Officer	Bought	1,000	$65.67	$65,670	Form 4
Apr 17, 2026	Michael Dean BrownSee Remarks, Director	Sold plan	9,443	$79.11	$747,036	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	0.7%	−0.8%	−6.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Travel + Leisure side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Travel + Leisure	FY25	4.1%	13.8%	13.0%	8.5%	7.9x	—
Marriott Vacations Worldwide	FY25	1.3%	—	−0.6%	—	—	—	Compare
Hilton Grand Vacations	FY25	1.3%	—	4.6%	4.6%	5.7x	—	Compare
IHG Hotels & Resorts	FY25	5.4%	23.1%	16.8%	—	2.4x	8	Compare
Vail Resorts	FY26	−4.3%	14.8%	8.7%	8.1%	4.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,692	3,806	3,931	4,043	2,160	3,134	3,567	3,750	3,864	4,021
Revenue growth	−24.3%	3.1%	3.3%	2.9%	−46.6%	45.1%	13.8%	5.1%	3.0%	4.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	658	439	523	812	−105	618	653	720	733	553
Net income	611	854	672	507	−255	308	357	396	411	230
Diluted EPS (US$)	5.52	8.24	6.77	5.48	−2.97	3.52	4.24	5.28	5.82	3.44
Diluted shares (millions)	111	104	99	92	86	87	84	75	71	67
Cash flow
Cash from operations	963	986	442	452	374	568	442	350	464	640
Capital expenditure	117	107	99	108	69	57	52	74	81	117
Free cash flow	846	879	343	344	305	511	390	276	383	523
Dividends paid	223	242	194	166	138	109	135	136	142	149
Share buybacks	619	599	330	340	128	25	351	309	234	301
Acquisitions	21	48	5	51	0	37	2	6	44	1
Stock-based compensation	57	59	129	24	20	32	45	38	41	57
Balance sheet at fiscal year end
Cash and short-term investments	127	72	243	390	1,222	390	568	301	185	271
Debt incl. finance leases	—	—	—	5,575	6,418	5,322	5,653	5,666	5,612	5,616
Total assets	9,819	10,450	7,158	7,453	7,613	6,588	6,757	6,738	6,735	6,760
Total liabilities	9,101	9,676	7,727	7,977	8,581	7,382	7,661	7,655	7,615	7,742
Shareholders' equity	714	769	−574	−530	−975	−801	−913	−918	−881	−981
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	17.8%	11.5%	13.3%	20.1%	−4.9%	19.7%	18.3%	19.2%	19.0%	13.8%
Net margin	16.6%	22.4%	17.1%	12.5%	−11.8%	9.8%	10.0%	10.6%	10.6%	5.7%
Free cash flow margin	22.9%	23.1%	8.7%	8.5%	14.1%	16.3%	10.9%	7.4%	9.9%	13.0%
Return on capital	—	—	—	—	−1.9%	10.8%	11.5%	13.4%	12.0%	8.5%
Return on equity	73.4%	115.2%	—	—	—	—	—	—	—	—
Return on assets	6.3%	8.4%	7.6%	6.9%	−3.4%	4.3%	5.3%	5.9%	6.1%	3.4%
Net debt to EBITDA	—	—	—	5.6x	247.4x	6.7x	6.6x	6.5x	6.4x	7.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Travel + Leisure's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Travel + Leisure.