TNLNYSEHotels & MotelsUS GAAP · USD

Travel & Leisure Co.

Travel + Leisure Co. is a U.S.-based leisure travel company organized around vacation ownership and travel membership businesses. Its portfolio includes vacation club resorts, exchange networks, travel clubs, and related services sold under brands such as Club Wyndham, WorldMark, RCI, and Travel + Leisure GO.

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Revenue4,021m USD
+4.1 %y/y
Operating profit (EBIT)553m USD
−24.6 %y/y
EBIT margin13.8%
−5.2 ppy/y
Net income230m USD
−44.0 %y/y
Free cash flow523m USD
+36.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,0004,0005,000m USD2020: 2,160 m USD2020: EBIT -105 m USD20202021: 3,134 m USD2021: EBIT 618 m USD20212022: 3,567 m USD2022: EBIT 653 m USD20222023: 3,750 m USD2023: EBIT 720 m USD20232024: 3,864 m USD2024: EBIT 733 m USD20242025: 4,021 m USD2025: EBIT 553 m USD20254,021553
RevenueOperating profit (EBIT)
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Business

Share of revenue
Vacation Ownership46 %

Development, marketing, sale, financing, and resort management of vacation ownership interests.

Fee-for-Service Revenue40 %

Commission and service fees from sales channels, resort services, and membership-related activities.

Consumer Financing11 %

Interest and finance income from loans made to VOI purchasers.

Ancillary Revenue3 %

Other travel-related and membership-related revenue streams, including loyalty and card programs.

Products

Reported · share of revenue
45.9%40.2%11.3%FY2025100 %
  • Vacation Ownership Interest Sales45.9 %
  • Serviceand Membership Fees40.2 %
  • Consumer Financing Revenue11.3 %
  • Other Revenue2.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells to individual leisure travelers and households that buy vacation ownership interests for recurring access to resorts and travel benefits. It also serves exchange members, club members, affiliated resort owners, and business partners that use private-label travel club solutions. A smaller portion of activity comes from consumers and members who book travel accommodations, exchange intervals, or use add-on products tied to trading power and points.

Vacation ownership buyers

Households purchasing VOIs for recurring leisure travel access, resort stays, and brand-based vacation experiences.

Exchange members

Paid members who use RCI and related networks to exchange intervals and book travel accommodations.

Travel club members

Consumers and closed-user groups buying travel club access, rentals, and bundled travel products.

Affiliated developers and resorts

Vacation ownership developers and resort partners that pay for affiliation, servicing, and exchange access.

B2B partners

Associations, organizations, and other partners that buy private-label travel club solutions.

Strategy

The company’s strategy is to expand its leisure travel platform by strengthening the core vacation ownership business and broadening its travel membership offerings. It also emphasizes capital deployment toward inventory, technology, acquisitions, and shareholder returns, while using brand extensions and partner networks to deepen customer engagement.

Broaden the vacation ownership brand portfolioMedium term

More brands and resort concepts can attract different leisure travelers and support cross-selling.

Deepen travel membership and exchange offeringsMedium term

Exchange and travel club products increase recurring engagement and capture more of members' travel budgets.

Deploy capital into inventory and technologyShort term

Adequate resort inventory and modern platforms support future sales and service delivery.

Pursue strategic transactions selectivelyMedium term

Acquisitions and partnerships can add brands, properties, and distribution channels.

Geography

2025

The company operates globally, but the United States is its core market and accounted for 88% of revenue in 2025, with 12% generated internationally. Its vacation ownership and exchange businesses also rely on a broad network of resorts and affiliated properties across multiple countries, which supports cross-border travel demand and membership usage.

United States88 %
Other countries (US filing)12 %

Share of the revenue the company reports by geography.

Risks

The business is exposed to competition from hotels, cruises, rental platforms, and other timeshare operators, which can pressure tour flow, pricing, and customer acquisition. It also faces execution risk in adding new brands and travel clubs, plus brand-reputation risk tied to the Travel + Leisure name and the quality of external media properties. Resort impairments, legal matters, and consumer sensitivity to economic conditions can also affect results because the model depends on long-lived resort assets and discretionary travel spending.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Brand extension and partner execution risk1Intense timeshare and leisure travel competition2Consumer discretionary demand sensitivity3Brand reputation dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Brand extension and partner execution riskImpact: HighLikelihood: High

    New travel clubs and branded resorts require partners, marketing, and consumer adoption.

    ExposureSports Illustrated ResortsAccor Vacation ClubTravel clubs
  2. Intense timeshare and leisure travel competitionImpact: HighLikelihood: Medium

    Customers can choose hotels, cruises, rentals, or rival vacation ownership brands.

    Exposure: Vacation Ownership and Travel & Membership

  3. Consumer discretionary demand sensitivityImpact: HighLikelihood: Medium

    Vacation ownership and travel bookings depend on leisure spending and confidence.

    ExposureVOI salesExchange bookingsTravel clubs
  4. Goodwill, intangible, and resort impairment riskImpact: High

    Long-lived resort assets and acquired brands may need write-downs if demand shifts.

    ExposureResortsAcquired brandsInventory
  5. Brand reputation dependenceImpact: MediumLikelihood: Low

    Perception of the Travel + Leisure brand can be influenced by media properties outside control.

    Exposure: Travel + Leisure brand

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Accounting

Judgemental items
Revenue recognition by product line

VOI sales, membership dues, exchange fees, and travel bookings are recognized on different timing bases.

Impact: Affects quarterly revenue mix and comparability across segments

Consumer financing and loan loss provision

The company finances VOI purchases and estimates expected credit losses.

Impact: Affects finance income, provisions, and receivables valuation

Inventory and resort impairment

Resort assets and VOI inventory can be written down when demand or site economics change.

Impact: Can create material non-cash charges in cost of sales or impairments

Goodwill and intangible asset impairment

Acquired brands and businesses require periodic impairment testing.

Impact: Can materially reduce reported earnings and shareholders' equity

Deferred revenue and contract liabilities

Membership and exchange fees are often recognized over time as services are delivered.

Impact: Affects revenue timing and balance sheet liabilities

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Last updated: 24/09/2026

Travel & Leisure Co. (TNL) Revenue, Earnings & Financials 2025 – Clarifo