Detailed financial statements for Travel + Leisure Co. (TNL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Travel + Leisure Co. functions as a global hospitality enterprise, delivering a diverse range of services and products through its two primary divisions: Vacation Ownership and Travel & Membership. The Vacation Ownership segment focuses on the development, marketing, and sale of fractional vacation ownership interests (VOIs) directly to individual consumers.
Analysis Summary
Travel + Leisure Co. reported revenue of $4.02B in the most recent fiscal year, growing at a 5-year CAGR of 13.2%.
Trailing-twelve-month margins: gross margin 45.2%, operating margin 15.2%, net margin 5.8%. Free cash flow grew at 11.4% CAGR over 5 years.
At the current price of $61.72, TNL trades at a P/E of 16.55 and an ROE of -24.76%. Market capitalisation stands at $3.8B.
Balance sheet quality for TNL: current ratio of 1.6, net debt of $4.66B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $523.0M represents 227% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.60B | $5.08B | $3.93B | $4.04B | $2.16B | $3.13B | $3.57B | $3.75B | $3.86B | $4.02B |
| Cost of Revenue | $1.83B | $1.86B | $1.91B | $1.94B | $1.23B | $1.56B | $1.84B | $1.93B | $1.97B | $2.93B |
| Gross Profit | $1.86B | $1.95B | $2.02B | $2.10B | $932.0M | $1.57B | $1.73B | $1.82B | $1.89B | $1.09B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.07B | $1.13B | $1.12B | $1.16B | $727.0M | $797.0M | $930.0M | $961.0M | $1.02B | $1.08B |
| Operating Expenses | $1.21B | $1.51B | $1.50B | $1.29B | $1.04B | $952.0M | $1.07B | $1.10B | $1.16B | $376.0M |
| Operating Income | $658.0M | $439.0M | $523.0M | $812.0M | -$105.0M | $618.0M | $653.0M | $720.0M | $733.0M | $717.0M |
| EBITDA | $802.0M | $609.0M | $704.0M | $963.0M | $42.0M | $751.0M | $800.0M | $848.0M | $877.0M | $828.0M |
| Interest Expense | $133.0M | $156.0M | $170.0M | $162.0M | $192.0M | $198.0M | $195.0M | $251.0M | $249.0M | $367.0M |
| Pre-tax Income | $940.0M | $590.0M | $396.0M | $680.0M | -$276.0M | $429.0M | $486.0M | $485.0M | $513.0M | $337.0M |
| Income Tax | $328.0M | -$229.0M | $130.0M | $191.0M | -$23.0M | $116.0M | $130.0M | $94.0M | $135.0M | $107.0M |
| Net Income | $611.0M | $854.0M | $672.0M | $507.0M | -$253.0M | $308.0M | $357.0M | $396.0M | $411.0M | $230.0M |
| EPS | $5.56 | $8.46 | $6.79 | $5.31 | $-2.94 | $3.62 | $4.27 | $5.32 | $5.39 | $3.51 |
| EPS (Diluted) | $5.53 | $8.40 | $6.77 | $5.29 | $-2.94 | $3.62 | $4.23 | $5.28 | $5.35 | $3.44 |
| Shares Outstanding (Diluted) | $111.0M | $104.0M | $99.2M | $92.4M | $86.1M | $86.5M | $84.2M | $75.0M | $70.7M | $66.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.04B | $1.03B | $961.0M | $1.06B |
| Gross Profit | $576.0M | $148.0M | $520.0M | $606.0M |
| Operating Income | $214.0M | $39.0M | $159.0M | $210.0M |
| EBITDA | $249.0M | $16.0M | $196.0M | $240.0M |
| Net Income | $111.0M | -$61.0M | $79.0M | $109.0M |
| EPS | $1.68 | $-0.95 | $1.25 | $1.75 |
| EPS (Diluted) | $1.67 | $-0.95 | $1.22 | $1.72 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $113.0M | $48.0M | $218.0M | $355.0M | $1.20B | $369.0M | $550.0M | $282.0M | $167.0M | $253.0M |
| Short-term Investments | $14.0M | $24.0M | $25.0M | $45.0M | $9.0M | $27.0M | $12.0M | $14.0M | $17.0M | 0 |
| Receivables | $676.0M | $3.18B | $3.23B | $3.38B | $115.0M | $2.54B | $2.64B | $2.89B | $2.95B | $165.0M |
| Inventory | $315.0M | $340.0M | $1.22B | $1.20B | $1.35B | $1.22B | $1.19B | $1.14B | $1.23B | $1.13B |
| Total Current Assets | $1.74B | $8.38B | $5.23B | $5.36B | $5.59B | $4.53B | $4.77B | $4.76B | $4.78B | $1.55B |
| Property, Plant & Equipment | $1.34B | $1.08B | $712.0M | $816.0M | $758.0M | $768.0M | $720.0M | $701.0M | $638.0M | $531.0M |
| Goodwill | $1.60B | $1.34B | $922.0M | $970.0M | $964.0M | $961.0M | $955.0M | $962.0M | $966.0M | $972.0M |
| Intangible Assets | $1.13B | $1.08B | $109.0M | $143.0M | $131.0M | $219.0M | $207.0M | $199.0M | $209.0M | $201.0M |
| Total Assets | $9.82B | $10.40B | $7.16B | $7.45B | $7.61B | $6.59B | $6.76B | $6.74B | $6.74B | $6.76B |
| Accounts Payable | $213.0M | $232.0M | $66.0M | $73.0M | $62.0M | $62.0M | $65.0M | $73.0M | $67.0M | $62.0M |
| Short-term Debt | $217.0M | $321.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.03B | $2.91B | $1.65B | $772.0M | $1.16B | $1.16B | $1.14B | $1.17B | $1.17B | $945.0M |
| Long-term Debt | $5.22B | $5.93B | $5.24B | $5.57B | $6.41B | $5.30B | $5.63B | $5.63B | $5.57B | $4.78B |
| Total Liabilities | $9.10B | $9.52B | $7.73B | $7.98B | $8.58B | $7.38B | $7.66B | $7.66B | $7.62B | $7.74B |
| Retained Earnings | $1.98B | $2.61B | $1.44B | $1.78B | $1.39B | $1.59B | $1.81B | $2.07B | $2.33B | $2.41B |
| Total Equity | $714.0M | $878.0M | -$574.0M | -$530.0M | -$975.0M | -$801.0M | -$913.0M | -$918.0M | -$881.0M | -$982.0M |
| Total Debt | $5.44B | $6.33B | $5.24B | $5.75B | $6.58B | $5.45B | $5.75B | $5.73B | $5.67B | $4.91B |
| Net Debt | $5.31B | $6.25B | $5.00B | $5.36B | $5.37B | $5.05B | $5.19B | $5.44B | $5.49B | $4.66B |
| Working Capital | -$294.0M | $5.47B | $3.58B | $4.59B | $4.43B | $3.37B | $3.63B | $3.59B | $3.61B | $601.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $240.0M | $253.0M | $254.0M | $282.0M |
| Total Assets | $6.89B | $6.76B | $6.84B | $6.90B |
| Total Liabilities | $7.71B | $7.74B | $7.86B | $7.92B |
| Total Equity | -$821.0M | -$982.0M | -$1.02B | -$1.02B |
| Total Debt | $5.58B | $4.91B | $5.75B | $5.71B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $612.0M | $872.0M | $266.0M | $489.0M | -$253.0M | $313.0M | $356.0M | $391.0M | $378.0M | $230.0M |
| Depreciation & Amortization | $252.0M | $213.0M | $138.0M | $121.0M | $126.0M | $124.0M | $119.0M | $112.0M | $115.0M | $124.0M |
| Stock-based Compensation | $68.0M | $70.0M | $129.0M | $24.0M | $20.0M | $32.0M | $45.0M | $38.0M | $41.0M | $57.0M |
| Change in Working Capital | -$388.0M | -$522.0M | -$851.0M | -$768.0M | $65.0M | -$26.0M | -$429.0M | -$584.0M | -$567.0M | -$590.0M |
| Operating Cash Flow | $973.0M | $987.0M | $442.0M | $452.0M | $374.0M | $568.0M | $442.0M | $350.0M | $464.0M | $640.0M |
| Capital Expenditure | -$191.0M | -$153.0M | -$99.0M | -$108.0M | -$69.0M | -$57.0M | -$52.0M | -$74.0M | -$81.0M | -$117.0M |
| Acquisitions | -$10.0M | -$18.0M | -$5.0M | $55.0M | 0 | -$37.0M | -$2.0M | -$6.0M | -$44.0M | -$1.0M |
| Stock Repurchased | -$619.0M | -$599.0M | -$330.0M | -$340.0M | -$128.0M | -$25.0M | -$351.0M | -$309.0M | -$234.0M | -$301.0M |
| Dividends Paid | -$223.0M | -$242.0M | -$194.0M | -$166.0M | -$138.0M | -$109.0M | -$135.0M | -$136.0M | -$142.0M | -$149.0M |
| Free Cash Flow | $782.0M | $834.0M | $343.0M | $344.0M | $305.0M | $511.0M | $390.0M | $276.0M | $383.0M | $523.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $516.0M | $124.0M | $38.0M | $165.0M |
| Capital Expenditure | -$85.0M | -$32.0M | -$19.0M | -$25.0M |
| Free Cash Flow | $431.0M | $92.0M | $19.0M | $140.0M |
| Dividends Paid | -$114.0M | -$35.0M | -$41.0M | -$37.0M |
| Stock-based Compensation | $38.0M | 0 | $13.0M | $15.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -9.3% | -22.6% | +2.8% | -46.6% | +45.1% | +13.8% | +5.1% | +3.0% | +4.1% | |
| Net Income Growth (YoY) | +39.8% | -21.3% | -24.6% | -149.9% | +221.7% | +15.9% | +10.9% | +3.8% | -44.0% | |
| EPS Growth (YoY) | +52.2% | -19.7% | -21.8% | -155.4% | +223.1% | +18.0% | +24.6% | +1.3% | -34.9% | |
| Shares Change (YoY) | -6.3% | -4.6% | -6.9% | -6.8% | +0.5% | -2.7% | -10.9% | -5.7% | -5.4% | |
| FCF Growth (YoY) | +6.6% | -58.9% | +0.3% | -11.3% | +67.5% | -23.7% | -29.2% | +38.8% | +36.6% | |
| Gross Margin | 33.3% | 38.3% | 51.3% | 52.0% | 43.1% | 50.1% | 48.4% | 48.6% | 49.0% | 27.2% |
| Operating Margin | 11.8% | 8.6% | 13.3% | 20.1% | -4.9% | 19.7% | 18.3% | 19.2% | 19.0% | 17.8% |
| EBITDA Margin | 14.3% | 12.0% | 17.9% | 23.8% | 1.9% | 24.0% | 22.4% | 22.6% | 22.7% | 20.6% |
| Net Margin | 10.9% | 16.8% | 17.1% | 12.5% | -11.7% | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% |
| FCF Margin | 14.0% | 16.4% | 8.7% | 8.5% | 14.1% | 16.3% | 10.9% | 7.4% | 9.9% | 13.0% |
| Effective Tax Rate | 34.9% | -38.8% | 32.8% | 28.1% | 8.3% | 27.0% | 26.7% | 19.4% | 26.3% | 31.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.05 | $8.02 | $3.46 | $3.72 | $3.54 | $5.91 | $4.63 | $3.68 | $5.42 | $7.82 |
| Dividends Per Share | $2.01 | $2.33 | $1.96 | $1.80 | $1.60 | $1.26 | $1.60 | $1.81 | $2.01 | $2.23 |
| Shares Outstanding (Basic) | $110.0M | $103.0M | $98.9M | $92.1M | $86.1M | $86.5M | $83.4M | $74.5M | $70.1M | $65.6M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -24.76% |
| Return on Invested Capital | 7.85% |
| Return on Assets | 3.45% |
| Gross Margin | 45.19% |
| Operating Margin | 15.19% |
| Net Margin | 5.81% |
Financial Health
| Debt / Equity | -5.60 |
| Current Ratio | 3.15 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.91 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 6.20 | 6.18 | 5.28 | 9.73 | -15.26 | 15.27 | 8.52 | 7.35 | 9.36 | 20.09 |
| P/B | 5.31 | 6.13 | -6.18 | -8.98 | -3.96 | -5.97 | -3.33 | -3.17 | -4.01 | -4.71 |
| P/S | 0.68 | 1.06 | 0.90 | 1.18 | 1.79 | 1.53 | 0.85 | 0.78 | 0.92 | 1.15 |
| Gross Margin | 33.3% | 38.3% | 51.3% | 52.0% | 43.1% | 50.1% | 48.4% | 48.6% | 49.0% | 27.2% |
| Operating Margin | 11.8% | 8.6% | 13.3% | 20.1% | -4.9% | 19.7% | 18.3% | 19.2% | 19.0% | 17.8% |
| Net Margin | 10.9% | 16.8% | 17.1% | 12.5% | -11.7% | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% |
Related companies: CHH · CVCO · DORM · EAT · KBH · KTB · PVH
Explore sector: Consumer Cyclical · Travel Services
More sections of TNL: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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