MARKETS / NYSE / TNL

NYSE · HOTELS & MOTELS · LARGE CAP

Travel & Leisure Co. TNL

18 fiscal years on record · USD · FY2025 reported · SEC filings only

4 YEARS OF DIVIDEND GROWTH

Revenue

$4.0B

▲ 4.1% YoY

Net income

$230.0M

▼ 44.0% YoY

Free cash flow

$523.0M

▲ 36.6% YoY

In brief

What this company does

Travel + Leisure Co. generates the majority of its revenue from the sale of vacation ownership interests, with additional revenue from fee-for-service, consumer financing, and other ancillary streams. During 2025, it derived 88% of its revenues in the United States and 12% internationally. As of December 31, 2025, its global team was comprised of 19,300 associates, 4,800 of whom worked outside the United States. It has two segments as of December 31, 2025: Vacation Ownership, which had 797,000 owner families and more than 280 vacation club resort locations and provides vacation ownership experiences under brands including Club Wyndham, WorldMark, Margaritaville Vacation Club, Sports Illustrated Resorts, Eddie Bauer Adventure Club, and Accor Vacation Club; and Travel and Membership. Its Travel and Membership segment is comprised of its Exchange and Travel Club business lines and includes RCI, an exchange network with 3.3 million members and 3,600 affiliated resorts. Wyndham Destinations, Inc. was renamed Travel + Leisure Co. on February 17, 2021, and trades on the NYSE under the ticker symbol TNL.

Written from the business description in Travel & Leisure Co.'s annual report to the U.S. Securities and Exchange Commission, filed 18 February 2026. Every sentence was checked against that document before publication.

Growth

USD 4.0B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 4.0 · Net income 0.2

Compound annual growth

Revenue

+4.1%

+13.2%

−1.9%

+0.3%

Net income

−13.6%

−9.3%

−3.3%

EPS, diluted

−6.7%

−3.9%

+3.5%

Dividend / share

+11.9%

+7.0%

+2.9%

+10.8%

Returned to shareholders

−4.4%

+9.9%

−7.0%

+2.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +13.2% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

6 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 13.8% · Net 5.7%

ROE

FY2018 · ROE 689.2%

Gross margin93.2%

Operating margin13.8%

Net margin5.7%

Return on assets3.4%

EBITDAUSD 677.0M

Cash & shareholders

USD 416.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 523.0

Net buybacks $M Dividends $M

FY2025 · Dividends 149.0 · Net buybacks 267.0

Dividends paidUSD 149.0M

Net buybacksUSD 267.0M

Share of profit180.9%

Consecutive raises4 years

USD 149.0M in dividends and USD 267.0M in buybacks — 181% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 6.8B

EquityUSD -981.0M

CashUSD 253.0M

Gross debtUSD 5.6B

Net debtUSD 5.3B

DepositsUSD 42.0M

Equity was negative — liabilities exceeded assets. No ratio is shown.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	4.0	3.9	3.8	3.6	3.1	2.2	4.0	3.9	3.8	3.7	4.9	5.3	5.0	4.5	4.3	3.9	3.8	4.3
Operating income $B	0.6	0.7	0.7	0.7	0.6	−0.1	0.8	0.5	0.4	0.7	0.9	0.9	0.9	0.9	0.8	0.7	0.6	−0.8
EBITDA $B	0.7	0.8	0.8	0.8	0.7	0.0	0.9	0.7	0.6	0.8	1.1	1.1	1.1	1.0	0.9	0.9	0.7	·
Income tax $B	0.1	0.1	0.1	0.1	0.1	−0.0	0.2	0.1	−0.3	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2
Net income $B	0.2	0.4	0.4	0.4	0.3	−0.3	0.5	0.7	0.9	0.6	0.6	0.5	0.4	0.4	0.4	0.4	0.3	−1.1
Free cash flow $B	0.5	0.4	0.3	0.4	0.5	0.3	0.3	0.3	0.9	0.8	0.8	0.7	0.8	0.8	0.8	0.5	0.6	−0.1
EPS, diluted $	3.44	5.82	5.28	4.24	3.52	−2.97	5.48	6.77	8.24	5.52	5.14	4.18	3.21	2.75	2.51	2.05	1.61	−6.05
Dividend / sh $	2.24	2.00	1.80	1.60	1.25	1.60	1.80	1.89	2.32	2.00	1.68	1.40	1.16	0.92	0.60	0.48	0.16	·
Payout %	65	35	34	38	35	−54	33	29	28	36	33	34	36	34	24	23	10	−3
ROE %	·	·	·	·	·	·	·	689.2	115.2	73.4	55.5	36.8	24.3	19.2	16.2	13.5	10.9	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 61 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 25 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityHotels & Motels

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2008