Travel+Leisure Co Financials

TNL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Strong

8/9

Travel+Leisure Co passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.13x

For every $1 of reported earnings, Travel+Leisure Co generates $1.13 in operating cash flow ($464.0M OCF vs $411.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.9x

Travel+Leisure Co earns $2.9 in operating income for every $1 of interest expense ($733.0M vs $249.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

This page shows Travel+Leisure Co (TNL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$3.9B

YoY+3.0%

5Y CAGR-0.9%

10Y CAGR-3.1%

Travel+Leisure Co generated $3.9B in revenue in fiscal year 2024. This represents an increase of 3.0% from the prior year.

EBITDA

$848.0M

YoY+1.9%

5Y CAGR-1.9%

10Y CAGR-2.9%

Travel+Leisure Co's EBITDA was $848.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.9% from the prior year.

Free Cash Flow

$383.0M

YoY+38.8%

5Y CAGR+2.2%

10Y CAGR-6.5%

Travel+Leisure Co generated $383.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 38.8% from the prior year.

Net Income

$411.0M

YoY+3.8%

5Y CAGR-4.1%

10Y CAGR-2.5%

Travel+Leisure Co reported $411.0M in net income in fiscal year 2024. This represents an increase of 3.8% from the prior year.

EPS (Diluted)

$5.82

YoY+10.2%

5Y CAGR+1.2%

10Y CAGR+3.4%

Travel+Leisure Co earned $5.82 per diluted share (EPS) in fiscal year 2024. This represents an increase of 10.2% from the prior year.

Cash & Debt

$167.0M

YoY-40.8%

5Y CAGR-14.0%

10Y CAGR-0.9%

Travel+Leisure Co held $167.0M in cash against $5.6B in long-term debt as of fiscal year 2024.

Dividends Per Share

$2.00

YoY+11.1%

5Y CAGR+2.1%

10Y CAGR+3.6%

Travel+Leisure Co paid $2.00 per share in dividends in fiscal year 2024. This represents an increase of 11.1% from the prior year.

Shares Outstanding

67M

YoY-6.1%

5Y CAGR-5.2%

10Y CAGR-5.7%

Travel+Leisure Co had 67M shares outstanding in fiscal year 2024. This represents a decrease of 6.1% from the prior year.

Gross Margin

97.6%

YoY+1.2pp

5Y CAGR+2.2pp

Travel+Leisure Co's gross margin was 97.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.

Operating Margin

19.0%

YoY-0.2pp

5Y CAGR-1.1pp

10Y CAGR+1.2pp

Travel+Leisure Co's operating margin was 19.0% in fiscal year 2024, reflecting core business profitability. This is down 0.2 percentage points from the prior year.

Net Margin

10.6%

YoY+0.1pp

5Y CAGR-1.9pp

10Y CAGR+0.6pp

Travel+Leisure Co's net profit margin was 10.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$234.0M

YoY-24.3%

5Y CAGR-7.2%

10Y CAGR-9.7%

Travel+Leisure Co spent $234.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 24.3% from the prior year.

Capital Expenditures

$81.0M

YoY+9.5%

5Y CAGR-5.6%

10Y CAGR-10.1%

Travel+Leisure Co invested $81.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 9.5% from the prior year.

TNL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$3.9B+3.0%	$3.8B+5.1%	$3.6B+13.8%	$3.1B+45.1%	$2.2B-46.6%	$4.0B
Cost of Revenue	$92.0M-30.8%	$133.0M-15.3%	$157.0M0.0%	$157.0M+7750.0%	$2.0M-98.9%	$186.0M
Gross Profit	$3.8B+4.3%	$3.6B+6.1%	$3.4B+14.5%	$3.0B+38.0%	$2.2B-44.0%	$3.9B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$475.0M+4.6%	$454.0M-5.2%	$479.0M+10.4%	$434.0M+9.0%	$398.0M-18.9%	$491.0M
Operating Income	$733.0M+1.8%	$720.0M+10.3%	$653.0M+5.7%	$618.0M+688.6%	-$105.0M-112.9%	$812.0M
Interest Expense	$249.0M-0.8%	$251.0M+28.7%	$195.0M-1.5%	$198.0M+3.1%	$192.0M+18.5%	$162.0M
Income Tax	$135.0M+43.6%	$94.0M-27.7%	$130.0M+12.1%	$116.0M+604.3%	-$23.0M-112.0%	$191.0M
Net Income	$411.0M+3.8%	$396.0M+10.9%	$357.0M+15.9%	$308.0M+220.8%	-$255.0M-150.3%	$507.0M
EPS (Diluted)	$5.82+10.2%	$5.28+24.5%	$4.24+20.5%	$3.52+218.5%	$-2.97-154.2%	$5.48

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.0B+2.6%	$1.0B+9.0%	$934.0M-3.7%	$970.0M-1.5%	$985.0M+7.5%	$916.0M-2.1%	$936.0M-5.1%	$986.0M
Cost of Revenue	$13.0M-38.1%	$21.0M-8.7%	$23.0M+130.0%	$10.0M-52.4%	$21.0M-38.2%	$34.0M+25.9%	$27.0M-37.2%	$43.0M
Gross Profit	$1.0B+3.4%	$997.0M+9.4%	$911.0M-5.1%	$960.0M-0.4%	$964.0M+9.3%	$882.0M-3.0%	$909.0M-3.6%	$943.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$122.0M+5.2%	$116.0M-4.9%	$122.0M-1.6%	$124.0M-3.1%	$128.0M+14.3%	$112.0M+3.7%	$108.0M0.0%	$108.0M
Operating Income	$214.0M+3.9%	$206.0M+32.1%	$156.0M-23.9%	$205.0M+8.5%	$189.0M+26.0%	$150.0M-21.9%	$192.0M-7.2%	$207.0M
Interest Expense	$60.0M+5.3%	$57.0M0.0%	$57.0M-3.4%	$59.0M-6.3%	$63.0M-1.6%	$64.0M-5.9%	$68.0M+6.3%	$64.0M
Income Tax	$47.0M+6.8%	$44.0M+57.1%	$28.0M-30.0%	$40.0M+11.1%	$36.0M+38.5%	$26.0M+1400.0%	-$2.0M-105.3%	$38.0M
Net Income	$111.0M+2.8%	$108.0M+47.9%	$73.0M-38.7%	$119.0M-7.8%	$129.0M+95.5%	$66.0M-48.4%	$128.0M+16.4%	$110.0M
EPS (Diluted)	$1.67+3.1%	$1.62+51.4%	$1.07-37.1%	$1.70-6.1%	$1.81+96.7%	$0.92-46.8%	$1.73+16.1%	$1.49

TNL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$6.7B0.0%	$6.7B-0.3%	$6.8B+2.6%	$6.6B-13.5%	$7.6B+2.1%	$7.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$167.0M-40.8%	$282.0M-48.7%	$550.0M+49.1%	$369.0M-69.1%	$1.2B+236.9%	$355.0M
Inventory	$1.2B+8.1%	$1.1B-4.9%	$1.2B-1.9%	$1.2B-9.7%	$1.3B+12.3%	$1.2B
Accounts Receivable	$155.0M-13.4%	$179.0M+11.9%	$160.0M+22.1%	$131.0M+13.9%	$115.0M-20.1%	$144.0M
Goodwill	$966.0M+0.4%	$962.0M+0.7%	$955.0M-0.6%	$961.0M-0.3%	$964.0M-0.6%	$970.0M
Total Liabilities	$7.6B-0.5%	$7.7B-0.1%	$7.7B+3.8%	$7.4B-14.0%	$8.6B+7.6%	$8.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.6B-1.0%	$5.6B+0.1%	$5.6B+6.2%	$5.3B-17.2%	$6.4B+15.1%	$5.6B
Total Equity	-$881.0M+4.0%	-$918.0M-0.5%	-$913.0M-14.0%	-$801.0M+17.8%	-$975.0M-84.0%	-$530.0M
Retained Earnings	$2.3B+12.9%	$2.1B+14.3%	$1.8B+13.9%	$1.6B+14.2%	$1.4B-22.1%	$1.8B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$6.9B+1.2%	$6.8B+0.7%	$6.8B+0.4%	$6.7B+0.6%	$6.7B-4.7%	$7.0B+4.2%	$6.7B+1.2%	$6.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$240.0M+13.2%	$212.0M+12.8%	$188.0M+12.6%	$167.0M+0.6%	$166.0M-65.3%	$479.0M+69.9%	$282.0M+18.5%	$238.0M
Inventory	$1.3B+1.4%	$1.3B+2.5%	$1.2B-0.5%	$1.2B+1.7%	$1.2B+1.6%	$1.2B+4.6%	$1.1B-1.2%	$1.1B
Accounts Receivable	$173.0M-1.1%	$175.0M+2.3%	$171.0M+10.3%	$155.0M-11.9%	$176.0M-5.9%	$187.0M+4.5%	$179.0M-2.7%	$184.0M
Goodwill	$971.0M-0.1%	$972.0M+0.4%	$968.0M+0.2%	$966.0M-0.2%	$968.0M-2.5%	$993.0M+3.2%	$962.0M+0.3%	$959.0M
Total Liabilities	$7.7B+0.7%	$7.7B-0.1%	$7.7B+0.7%	$7.6B+0.5%	$7.6B-4.7%	$7.9B+3.8%	$7.7B0.0%	$7.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.6B-0.2%	$5.6B-1.3%	$5.7B+1.2%	$5.6B+0.3%	$5.6B-5.9%	$5.9B+4.9%	$5.6B+0.4%	$5.6B
Total Equity	-$821.0M+3.6%	-$852.0M+5.6%	-$903.0M-2.5%	-$881.0M+0.5%	-$885.0M+4.4%	-$926.0M-0.9%	-$918.0M+8.9%	-$1.0B
Retained Earnings	$2.5B+3.0%	$2.4B+3.0%	$2.4B+1.4%	$2.3B+6.6%	$2.2B+4.4%	$2.1B+1.5%	$2.1B+4.9%	$2.0B

TNL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$464.0M+32.6%	$350.0M-20.8%	$442.0M-22.2%	$568.0M+51.9%	$374.0M-17.3%	$452.0M
Capital Expenditures	$81.0M+9.5%	$74.0M+42.3%	$52.0M-8.8%	$57.0M-17.4%	$69.0M-36.1%	$108.0M
Free Cash Flow	$383.0M+38.8%	$276.0M-29.2%	$390.0M-23.7%	$511.0M+67.5%	$305.0M-11.3%	$344.0M
Investing Cash Flow	-$124.0M-55.0%	-$80.0M-60.0%	-$50.0M+46.2%	-$93.0M-43.1%	-$65.0M+1.5%	-$66.0M
Financing Cash Flow	-$458.0M+8.4%	-$500.0M-155.1%	-$196.0M+84.8%	-$1.3B-356.6%	$502.0M+273.7%	-$289.0M
Dividends Paid	$142.0M+4.4%	$136.0M+0.7%	$135.0M+23.9%	$109.0M-21.0%	$138.0M-16.9%	$166.0M
Share Buybacks	$234.0M-24.3%	$309.0M-12.0%	$351.0M+1304.0%	$25.0M-80.5%	$128.0M-62.4%	$340.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$163.0M-29.7%	$232.0M+91.7%	$121.0M+23.5%	$98.0M-43.7%	$174.0M+270.2%	$47.0M-69.1%	$152.0M+72.7%	$88.0M
Capital Expenditures	$27.0M-27.0%	$37.0M+76.2%	$21.0M-8.7%	$23.0M+9.5%	$21.0M+23.5%	$17.0M-46.9%	$32.0M+128.6%	$14.0M
Free Cash Flow	$136.0M-30.3%	$195.0M+95.0%	$100.0M+33.3%	$75.0M-51.0%	$153.0M+410.0%	$30.0M-75.0%	$120.0M+62.2%	$74.0M
Investing Cash Flow	-$30.0M-15.4%	-$26.0M-18.2%	-$22.0M+4.3%	-$23.0M+4.2%	-$24.0M+57.9%	-$57.0M-67.6%	-$34.0M-161.5%	-$13.0M
Financing Cash Flow	-$105.0M+45.3%	-$192.0M-204.8%	-$63.0M+25.0%	-$84.0M+81.9%	-$464.0M-328.6%	$203.0M+462.5%	-$56.0M+3.4%	-$58.0M
Dividends Paid	$36.0M-2.7%	$37.0M-9.8%	$41.0M+20.6%	$34.0M-2.9%	$35.0M-7.9%	$38.0M+18.8%	$32.0M-3.0%	$33.0M
Share Buybacks	$71.0M+1.4%	$70.0M0.0%	$70.0M-2.8%	$72.0M+4.3%	$69.0M+176.0%	$25.0M-37.5%	$40.0M-40.3%	$67.0M

TNL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	97.6%+1.2pp	96.5%+0.9pp	95.6%+0.6pp	95.0%-4.9pp	99.9%+4.5pp	95.4%
Operating Margin	19.0%-0.2pp	19.2%+0.9pp	18.3%-1.4pp	19.7%+24.6pp	-4.9%-24.9pp	20.1%
Net Margin	10.6%+0.1pp	10.6%+0.6pp	10.0%+0.2pp	9.8%+21.6pp	-11.8%-24.3pp	12.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	6.1%+0.2pp	5.9%+0.6pp	5.3%+0.6pp	4.7%+8.0pp	-3.4%-10.2pp	6.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-6.35-0.2	-6.15+0.0	-6.18+0.5	-6.63-0.1	-6.58+3.9	-10.52
FCF Margin	9.9%+2.5pp	7.4%-3.6pp	10.9%-5.4pp	16.3%+2.2pp	14.1%+5.6pp	8.5%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	98.8%+0.8pp	97.9%+0.4pp	97.5%-1.4pp	99.0%+1.1pp	97.9%+1.6pp	96.3%-0.8pp	97.1%+1.5pp	95.6%
Operating Margin	20.5%+0.3pp	20.2%+3.5pp	16.7%-4.4pp	21.1%+1.9pp	19.2%+2.8pp	16.4%-4.1pp	20.5%-0.5pp	21.0%
Net Margin	10.6%+0.0pp	10.6%+2.8pp	7.8%-4.5pp	12.3%-0.8pp	13.1%+5.9pp	7.2%-6.5pp	13.7%+2.5pp	11.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	1.6%+0.0pp	1.6%+0.5pp	1.1%-0.7pp	1.8%-0.2pp	1.9%+1.0pp	0.9%-1.0pp	1.9%+0.2pp	1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-6.79-0.2	-6.56-0.3	-6.27+0.1	-6.35-0.0	-6.30+0.1	-6.40-0.2	-6.15-0.6	-5.58
FCF Margin	13.0%-6.1pp	19.2%+8.4pp	10.7%+3.0pp	7.7%-7.8pp	15.5%+12.3pp	3.3%-9.5pp	12.8%+5.3pp	7.5%

Note: Shareholder equity is negative (-$881.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Travel+Leisure Co's annual revenue?

Travel+Leisure Co (TNL) reported $3.9B in total revenue for fiscal year 2024. This represents a 3.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Travel+Leisure Co's revenue growing?

Travel+Leisure Co (TNL) revenue grew by 3% year-over-year, from $3.8B to $3.9B in fiscal year 2024.

Is Travel+Leisure Co profitable?

Yes, Travel+Leisure Co (TNL) reported a net income of $411.0M in fiscal year 2024, with a net profit margin of 10.6%.

What is Travel+Leisure Co's earnings per share (EPS)?

Travel+Leisure Co (TNL) reported diluted earnings per share of $5.82 for fiscal year 2024. This represents a 10.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Travel+Leisure Co's EBITDA?

Travel+Leisure Co (TNL) had EBITDA of $848.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Travel+Leisure Co have?

As of fiscal year 2024, Travel+Leisure Co (TNL) had $167.0M in cash and equivalents against $5.6B in long-term debt.

What is Travel+Leisure Co's gross margin?

Travel+Leisure Co (TNL) had a gross margin of 97.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Travel+Leisure Co's operating margin?

Travel+Leisure Co (TNL) had an operating margin of 19.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Travel+Leisure Co's net profit margin?

Travel+Leisure Co (TNL) had a net profit margin of 10.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Travel+Leisure Co pay dividends?

Yes, Travel+Leisure Co (TNL) paid $2.00 per share in dividends during fiscal year 2024.

What is Travel+Leisure Co's free cash flow?

Travel+Leisure Co (TNL) generated $383.0M in free cash flow during fiscal year 2024. This represents a 38.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Travel+Leisure Co's operating cash flow?

Travel+Leisure Co (TNL) generated $464.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Travel+Leisure Co's total assets?

Travel+Leisure Co (TNL) had $6.7B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Travel+Leisure Co's capital expenditures?

Travel+Leisure Co (TNL) invested $81.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Travel+Leisure Co buy back shares?

Yes, Travel+Leisure Co (TNL) spent $234.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Travel+Leisure Co have outstanding?

Travel+Leisure Co (TNL) had 67M shares outstanding as of fiscal year 2024.

What is Travel+Leisure Co's debt-to-equity ratio?

Travel+Leisure Co (TNL) had a debt-to-equity ratio of -6.35 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Travel+Leisure Co's return on assets (ROA)?

Travel+Leisure Co (TNL) had a return on assets of 6.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Why is Travel+Leisure Co's debt-to-equity ratio negative or unusual?

Travel+Leisure Co (TNL) has negative shareholder equity of -$881.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Travel+Leisure Co's Piotroski F-Score?

Travel+Leisure Co (TNL) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Travel+Leisure Co's earnings high quality?

Travel+Leisure Co (TNL) has an earnings quality ratio of 1.13x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Travel+Leisure Co cover its interest payments?

Travel+Leisure Co (TNL) has an interest coverage ratio of 2.9x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.