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

Travel + Leisure Co. (TNL) reported diluted earnings per share of $3.44 for fiscal year 2025. This represents a -40.9% 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.

Travel + Leisure Co. (TNL) Financials

TNL

Trailing 12 months to June 30, 2026

Revenue $4.1B +4.5% YoY

Net Income $237.2M -40.3% YoY

EPS (Diluted) $3.70 -36.1% YoY

Free Cash Flow $442.0M -10.7% YoY

Market Cap $4.1B as of Oct 21, 2026

Price / Sales 1.0x on $4.1B revenue, trailing 12 months to June 30, 2026

Price / Earnings 17.4x on $237.2M net income, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 22, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 22, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TNL SEC filings page.

Travel + Leisure Co. (TNL) reported $4.1B in revenue over the twelve months to Jun 30, 2026, up 4.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI TNL FY2025 2026-10-03

Revenue kept growing, but profitability weakened sharply while cash generation strengthened against a heavily debt-funded balance sheet.

Cash conversion diverged from earnings in FY2025: operating cash flow rose to $640M while net income fell to $230M. Free cash flow also increased to $523M from $383M, showing that reported cash generation improved even as accounting profitability deteriorated; the figures establish the divergence, not its cause.

Revenue rose 4.1% in FY2025, while operating margin fell to 13.8%. That combination points to weaker operating leverage: additional sales produced less operating profit per dollar.

The balance sheet remains structurally debt-funded: liabilities were $7.7B against $6.8B of assets. Equity was negative at -$981M, making debt-to-equity a poor conventional gauge of leverage and showing that creditor financing dominates the capital structure.

Financial Health Signals

Financial Health Score 33/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Travel + Leisure Co.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Travel + Leisure Co. has an operating margin of 13.8%, meaning the company retains $14 of operating profit per $100 of revenue. This strong profitability earns a score of 83/100, reflecting efficient cost management and pricing power. This is down from 19.0% the prior year.

Growth

Travel + Leisure Co.'s revenue grew a modest 4.1% year-over-year to $4.0B. This slow but positive growth earns a score of 43/100.

Leverage

Liquidity

Not available for Travel + Leisure Co., and counted as zero in the overall score.

Cash Flow

Travel + Leisure Co. converts 13.0% of revenue into free cash flow ($523.0M). This strong cash generation earns a score of 68/100.

Returns

Not available for Travel + Leisure Co., and counted as zero in the overall score.

Piotroski F-Score Partial

6/8

Travel + Leisure Co. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.78x

For every $1 of reported earnings, Travel + Leisure Co. generates $2.78 in operating cash flow ($640.0M OCF vs $230.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.38x

Travel + Leisure Co. earns $2.38 in operating income for every $1 of interest expense ($553.0M vs $232.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.1B

YoY+4.4%

QoQ+10.6%

5Y CAGR+5.9%

10Y CAGR-1.6%

Travel + Leisure Co. generated $1.1B in revenue in Q2 2026. This represents an increase of 4.4% from the same quarter a year earlier. Against the prior quarter it is up 10.6%.

EBITDA

$242.0M

YoY+2.1%

QoQ+26.7%

5Y CAGR+5.9%

Travel + Leisure Co.'s EBITDA was $242.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.1% from the same quarter a year earlier. Against the prior quarter it is up 26.7%.

Net Income

$109.0M

YoY+0.9%

QoQ+38.0%

5Y CAGR+8.6%

10Y CAGR-3.5%

Travel + Leisure Co. reported $109.0M in net income in Q2 2026. This represents an increase of 0.9% from the same quarter a year earlier. Against the prior quarter it is up 38.0%.

EPS (Diluted)

$1.72

YoY+6.2%

QoQ+41.0%

5Y CAGR+16.0%

10Y CAGR+2.2%

Travel + Leisure Co. earned $1.72 per diluted share (EPS) in Q2 2026. This represents an increase of 6.2% from the same quarter a year earlier. Against the prior quarter it is up 41.0%.

Cash & Balance Sheet

Free Cash Flow

$195.0M

YoY0.0%

QoQ+926.3%

5Y CAGR-0.4%

10Y CAGR-6.9%

Travel + Leisure Co. generated $195.0M in free cash flow in Q2 2026, representing cash available after capex. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 926.3%.

Cash & Debt

$282.0M

YoY+33.0%

QoQ+11.0%

5Y CAGR-3.0%

10Y CAGR-5.1%

Travel + Leisure Co. held $282.0M in cash against $5.7B in long-term debt as of Q2 2026.

Dividends Per Share

$0.60

YoY+7.1%

QoQ0.0%

5Y CAGR+14.9%

10Y CAGR+1.8%

Travel + Leisure Co. paid $0.60 per share in dividends in Q2 2026. This represents an increase of 7.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

61M

YoY-5.7%

QoQ-2.0%

5Y CAGR-6.6%

10Y CAGR-5.7%

Travel + Leisure Co. had 61M shares outstanding in Q2 2026. This represents a decrease of 5.7% from the same quarter a year earlier. Against the prior quarter it is down 2.0%.

Margins & Returns

Gross Margin

97.3%

YoY-0.7pp

QoQ+0.9pp

5Y change+2.4pp

Travel + Leisure Co.'s gross margin was 97.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.

Operating Margin

19.8%

YoY-0.5pp

QoQ+3.2pp

5Y change+0.8pp

Travel + Leisure Co.'s operating margin was 19.8% in Q2 2026, reflecting core business profitability. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.2 percentage points.

Net Margin

10.3%

YoY-0.4pp

QoQ+2.0pp

5Y change+1.2pp

10Y change-2.3pp

Travel + Leisure Co.'s net profit margin was 10.3% in Q2 2026, showing the share of revenue converted to profit. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$88.0M

YoY+25.7%

QoQ+1.1%

10Y CAGR-5.3%

Travel + Leisure Co. spent $88.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 25.7% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.

Capital Expenditures

$25.0M

YoY-32.4%

QoQ+31.6%

5Y CAGR+14.0%

10Y CAGR-6.1%

Travel + Leisure Co. invested $25.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 32.4% from the same quarter a year earlier. Against the prior quarter it is up 31.6%.

R&D Spending

Not reported for Q2 2026.

TNL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TNL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$4.1B	$4.0B+4.1%	$3.9B+3.0%	$3.8B+5.1%	$3.6B+13.8%	$3.1B+45.1%	$2.2B-46.6%	$4.0B+2.8%	$3.9B+3.3%	$3.8B+3.1%	$3.7B-24.3%	$4.9B-7.6%	$5.3B+5.4%	$5.0B+10.5%	$4.5B+6.6%	$4.3B
Cost of Revenue	$293.0M	$273.0M+196.7%	$92.0M-30.8%	$133.0M-15.3%	$157.0M0.0%	$157.0M+7750.0%	$2.0M-98.9%	$186.0M+1.6%	$183.0M+22.0%	$150.0M	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$3.8B	$3.7B-0.6%	$3.8B+4.3%	$3.6B+6.1%	$3.4B+14.5%	$3.0B+38.0%	$2.2B-44.0%	$3.9B+2.9%	$3.7B+2.5%	$3.7B	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$511.0M	$498.0M+4.8%	$475.0M+4.6%	$454.0M-5.2%	$479.0M+10.4%	$434.0M+9.0%	$398.0M-18.9%	$491.0M-4.3%	$513.0M-11.6%	$580.0M+2.1%	$568.0M-17.1%	$685.0M-9.3%	$755.0M+4.9%	$720.0M+8.1%	$666.0M+12.3%	$593.0M
Operating Income	$560.0M	$553.0M-24.6%	$733.0M+1.8%	$720.0M+10.3%	$653.0M+5.7%	$618.0M+688.6%	-$105.0M-112.9%	$812.0M+55.3%	$523.0M+19.1%	$439.0M-33.3%	$658.0M-29.6%	$935.0M-0.6%	$941.0M+3.4%	$910.0M+6.8%	$852.0M+11.1%	$767.0M
EBITDA	N/A	$677.0M-20.2%	$848.0M+1.9%	$832.0M+7.8%	$772.0M+4.0%	$742.0M+3433.3%	$21.0M-97.7%	$933.0M+41.1%	$661.0M+15.0%	$575.0M-30.7%	$830.0M-24.0%	$1.1B-4.0%	$1.1B+4.3%	$1.1B+8.3%	$1.0B+10.2%	$913.0M
Interest Expense	$233.0M	$232.0M-6.8%	$249.0M-0.8%	$251.0M+28.7%	$195.0M-1.5%	$198.0M+3.1%	$192.0M+18.5%	$162.0M-4.7%	$170.0M+9.7%	$155.0M+16.5%	$133.0M+9.0%	$122.0M+8.0%	$113.0M-13.7%	$131.0M-0.8%	$132.0M-5.7%	$140.0M
Income Tax	$110.0M	$107.0M-20.7%	$135.0M+43.6%	$94.0M-27.7%	$130.0M+12.1%	$116.0M+604.3%	-$23.0M-112.0%	$191.0M+46.9%	$130.0M+139.6%	-$328.0M-272.6%	$190.0M-33.3%	$285.0M-9.8%	$316.0M+26.4%	$250.0M+9.2%	$229.0M-1.7%	$233.0M
Net Income	$237.2M	$230.2M-44.0%	$411.0M+3.7%	$396.4M+11.2%	$356.4M+15.8%	$307.8M+220.7%	-$255.0M-150.3%	$507.0M-24.6%	$672.0M-21.3%	$854.0M+39.8%	$611.0M-0.2%	$612.0M+15.7%	$529.0M+22.5%	$432.0M+8.0%	$400.0M-4.1%	$417.0M
EPS (Basic)	N/A	$3.51-40.2%	$5.87+10.5%	$5.31+24.1%	$4.28+20.2%	$3.56+219.9%	-$2.97-154.0%	$5.50-19.1%	$6.80-18.0%	$8.29+49.1%	$5.56+7.3%	$5.18+22.7%	$4.22+29.8%	$3.25+16.1%	$2.80+8.9%	$2.57
EPS (Diluted)	$3.70	$3.44-40.9%	$5.82+10.2%	$5.28+24.5%	$4.24+20.5%	$3.52+218.5%	-$2.97-154.2%	$5.48-19.1%	$6.77-17.8%	$8.24+49.3%	$5.52+7.4%	$5.14+23.0%	$4.18+30.2%	$3.21+16.7%	$2.75+9.6%	$2.51
Diluted Shares (Avg)	N/A	67M-5.4%	71M-5.7%	75M-10.9%	84M-3.6%	87M+1.4%	86M-6.8%	92M-6.9%	99M-4.3%	104M-6.2%	111M-7.1%	119M-6.3%	127M-5.9%	135M-6.9%	145M-12.7%	166M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.1B+4.4%	$961.0M+2.9%	$1.0B+5.7%	$1.0B+5.1%	$1.0B+3.4%	$934.0M+2.0%	$970.0M+3.6%	$993.0M+0.7%
Cost of Revenue	$29.0M+38.1%	$35.0M+52.2%	$216.0M+2060.0%	$13.0M-51.9%	$21.0M0.0%	$23.0M-32.4%	$10.0M-63.0%	$27.0M-37.2%
Gross Profit	$1.0B+3.7%	$926.0M+1.6%	$809.0M-15.7%	$1.0B+6.7%	$997.0M+3.4%	$911.0M+3.3%	$960.0M+5.6%	$966.0M+2.4%
SG&A Expenses	$130.0M+12.1%	$121.0M-0.8%	$138.0M+11.3%	$122.0M+9.9%	$116.0M-9.4%	$122.0M+8.9%	$124.0M+14.8%	$111.0M+2.8%
Operating Income	$210.0M+1.9%	$159.0M+1.9%	-$23.0M-111.2%	$214.0M+13.2%	$206.0M+9.0%	$156.0M+4.0%	$205.0M+6.8%	$189.0M-8.7%
EBITDA	$242.0M+2.1%	$191.0M+2.7%	$9.0M-96.2%	$245.0M+12.4%	$237.0M+9.2%	$186.0M+4.5%	$235.0M+6.8%	$218.0M-7.2%
Interest Expense	$59.0M+3.5%	$56.0M-1.8%	$58.0M-1.7%	$60.0M-4.8%	$57.0M-9.5%	$57.0M-10.9%	$59.0M-13.2%	$63.0M-1.6%
Income Tax	$46.0M+4.5%	$29.0M+3.6%	-$12.0M-130.0%	$47.0M+42.4%	$44.0M+22.2%	$28.0M+7.7%	$40.0M+2100.0%	$33.0M-13.2%
Net Income	$109.0M+0.9%	$79.0M+8.2%	-$61.8M-152.0%	$111.0M+14.4%	$108.0M-16.3%	$73.0M+10.6%	$119.0M-7.3%	$97.0M-11.8%
EPS (Basic)	$1.75+7.4%	$1.25+14.7%	-$0.89-151.1%	$1.70+21.4%	$1.63-10.4%	$1.09+17.2%	$1.74-1.1%	$1.40-6.7%
EPS (Diluted)	$1.72+6.2%	$1.22+14.0%	-$0.91-153.2%	$1.67+20.1%	$1.62-10.5%	$1.07+16.3%	$1.71-2.3%	$1.39-6.7%
Diluted Shares (Avg)	63M-4.7%	64M-5.6%	N/A	66M-5.8%	67M-6.3%	68M-5.3%	N/A	70M-4.6%

Not reported in any period shown, so not listed: R&D Expenses.

TNL Balance Sheet

TNL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$6.8B+0.4%	$6.7B0.0%	$6.7B-0.3%	$6.8B+2.6%	$6.6B-13.5%	$7.6B+2.1%	$7.5B+4.1%	$7.2B-31.5%	$10.4B+6.4%	$9.8B+2.4%	$9.6B+0.2%	$9.6B-1.8%	$9.7B+2.9%	$9.5B+4.9%	$9.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$3.0B+65.3%	$1.8B+4.0%	$1.7B-6.6%	$1.9B-3.8%	$1.9B+4.0%	$1.9B+7.9%	$1.7B
Cash & Equivalents	$253.0M+51.5%	$167.0M-40.8%	$282.0M-48.7%	$550.0M+49.1%	$369.0M-69.1%	$1.2B+236.9%	$355.0M+62.8%	$218.0M+354.2%	$48.0M-57.5%	$113.0M+442.4%	-$33.0M-118.0%	$183.0M-5.7%	$194.0M-0.5%	$195.0M+37.3%	$142.0M
Short-Term Investments	$18.0M0.0%	$18.0M-5.3%	$19.0M+5.6%	$18.0M-14.3%	$21.0M-19.2%	$26.0M-25.7%	$35.0M+40.0%	$25.0M+4.2%	$24.0M+71.4%	$14.0M+16.7%	$12.0M	$0	$0	$0	$0
Inventory	$1.1B-8.1%	$1.2B+8.1%	$1.1B-4.9%	$1.2B-1.9%	$1.2B-9.7%	$1.3B+12.3%	$1.2B-2.0%	$1.2B-2.0%	$1.2B+302.9%	$310.0M+5.1%	$295.0M-2.3%	$302.0M-12.7%	$346.0M-8.7%	$379.0M+8.0%	$351.0M
Accounts Receivable	$165.0M+6.5%	$155.0M-13.4%	$179.0M+11.9%	$160.0M+22.1%	$131.0M+13.9%	$115.0M-20.1%	$144.0M+19.0%	$121.0M-37.9%	$195.0M-48.1%	$376.0M-35.8%	$586.0M+13.6%	$516.0M+2.2%	$505.0M+14.3%	$442.0M+8.1%	$409.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$972.0M+0.6%	$966.0M+0.4%	$962.0M+0.7%	$955.0M-0.6%	$961.0M-0.3%	$964.0M-0.6%	$970.0M+5.2%	$922.0M+1.2%	$911.0M-25.4%	$1.2B-21.9%	$1.6B+0.8%	$1.6B-2.5%	$1.6B+1.5%	$1.6B+5.9%	$1.5B
Total Liabilities	$7.7B+1.7%	$7.6B-0.5%	$7.7B-0.1%	$7.7B+3.8%	$7.4B-14.0%	$8.6B+7.6%	$8.0B+3.2%	$7.7B-20.1%	$9.7B+6.3%	$9.1B+5.4%	$8.6B+2.6%	$8.4B+3.8%	$8.1B+7.8%	$7.5B+10.9%	$6.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$2.6B+29.4%	$2.0B+3.8%	$2.0B+5.3%	$1.9B+3.9%	$1.8B-7.3%	$1.9B+23.5%	$1.6B
Non-Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$7.0B-0.3%	$7.1B+5.8%	$6.7B+1.8%	$6.6B+3.7%	$6.3B+12.9%	$5.6B+7.1%	$5.2B
Long-Term Debt	$5.6B+0.1%	$5.6B-1.0%	$5.6B+0.1%	$5.6B+6.2%	$5.3B-17.2%	$6.4B+15.1%	$5.6B	N/A	$3.9B	N/A	N/A	N/A	N/A	N/A	$2.1B
Total Equity	-$981.0M-11.4%	-$881.0M+4.0%	-$918.0M-0.5%	-$913.0M-14.0%	-$801.0M+17.8%	-$975.0M-84.0%	-$530.0M+7.7%	-$574.0M-174.6%	$769.0M+7.7%	$714.0M-24.8%	$950.0M-24.3%	$1.3B-22.7%	$1.6B-15.9%	$1.9B-13.5%	$2.2B
Retained Earnings	$2.4B+3.3%	$2.3B+12.9%	$2.1B+14.3%	$1.8B+13.9%	$1.6B+14.2%	$1.4B-22.1%	$1.8B+23.8%	$1.4B-42.3%	$2.5B+26.5%	$2.0B+24.2%	$1.6B+34.6%	$1.2B+42.2%	$832.0M+49.1%	$558.0M+90.4%	$293.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$6.9B+1.3%	$6.8B+1.1%	$6.8B+0.4%	$6.9B+2.9%	$6.8B+1.7%	$6.8B-3.7%	$6.7B0.0%	$6.7B+0.6%
Cash & Equivalents	$282.0M+33.0%	$254.0M+35.1%	$253.0M+51.5%	$240.0M+23.7%	$212.0M+27.7%	$188.0M-60.8%	$167.0M-40.8%	$194.0M-18.5%
Short-Term Investments	$0	$0	$18.0M0.0%	$0	$0	$0	$18.0M-5.3%	$0
Inventory	$1.2B-5.8%	$1.2B-3.1%	$1.1B-8.1%	$1.3B+5.0%	$1.3B+3.8%	$1.2B+2.9%	$1.2B+8.1%	$1.2B+5.1%
Accounts Receivable	$152.0M-13.1%	$152.0M-11.1%	$165.0M+6.5%	$173.0M+13.8%	$175.0M-0.6%	$171.0M-8.6%	$155.0M-13.4%	$152.0M-17.4%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$972.0M0.0%	$971.0M+0.3%	$972.0M+0.6%	$971.0M0.0%	$972.0M+0.4%	$968.0M-2.5%	$966.0M+0.4%	$971.0M+1.3%
Total Liabilities	$7.9B+3.3%	$7.9B+2.6%	$7.7B+1.7%	$7.7B+2.0%	$7.7B+1.1%	$7.7B-3.5%	$7.6B-0.5%	$7.6B-1.2%
Long-Term Debt	$5.7B+2.2%	$5.8B+1.7%	$5.6B+0.1%	$5.6B0.0%	$5.6B+0.2%	$5.7B-4.5%	$5.6B-1.0%	$5.6B-0.8%
Total Equity	-$1.0B-19.6%	-$1.0B-13.2%	-$981.0M-11.4%	-$821.0M+4.8%	-$852.0M+3.7%	-$903.0M+2.5%	-$881.0M+4.0%	-$862.0M+14.5%
Retained Earnings	$2.5B+3.6%	$2.5B+3.6%	$2.4B+3.3%	$2.5B+11.6%	$2.4B+11.3%	$2.4B+12.9%	$2.3B+12.9%	$2.3B+14.2%

Not reported in any period shown, so not listed: Current Assets, Current Liabilities, Non-Current Liabilities.

TNL Cash Flow Statement

TNL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$545.0M	$640.0M+37.9%	$464.0M+32.6%	$350.0M-20.8%	$442.0M-22.2%	$568.0M+51.9%	$374.0M-17.3%	$452.0M+2.3%	$442.0M-55.2%	$986.0M+2.4%	$963.0M-2.8%	$991.0M+0.7%	$984.0M-2.4%	$1.0B+0.4%	$1.0B+0.1%	$1.0B
Depreciation & Amortization	N/A	$124.0M+7.8%	$115.0M+2.7%	$112.0M-5.9%	$119.0M-4.0%	$124.0M-1.6%	$126.0M+4.1%	$121.0M-12.3%	$138.0M+1.5%	$136.0M-20.9%	$172.0M+9.6%	$157.0M-19.9%	$196.0M+8.9%	$180.0M+16.9%	$154.0M+5.5%	$146.0M
Stock-Based Compensation	N/A	$57.0M+39.0%	$41.0M+7.9%	$38.0M-15.6%	$45.0M+40.6%	$32.0M+60.0%	$20.0M-16.7%	$24.0M-81.4%	$129.0M+118.6%	$59.0M+3.5%	$57.0M-1.7%	$58.0M+1.8%	$57.0M+7.5%	$53.0M+29.3%	$41.0M-2.4%	$42.0M
Capital Expenditures	$103.0M	$117.0M+44.4%	$81.0M+9.5%	$74.0M+42.3%	$52.0M-8.8%	$57.0M-17.4%	$69.0M-36.1%	$108.0M+9.1%	$99.0M-7.5%	$107.0M-8.5%	$117.0M-38.1%	$189.0M-19.6%	$235.0M-1.3%	$238.0M+14.4%	$208.0M-13.0%	$239.0M
Free Cash Flow	$442.0M	$523.0M+36.6%	$383.0M+38.8%	$276.0M-29.2%	$390.0M-23.7%	$511.0M+67.5%	$305.0M-11.3%	$344.0M+0.3%	$343.0M-61.0%	$879.0M+3.9%	$846.0M+5.5%	$802.0M+7.1%	$749.0M-2.7%	$770.0M-3.3%	$796.0M+4.2%	$764.0M
Investing Cash Flow	-$103.0M	-$107.0M+13.7%	-$124.0M-55.0%	-$80.0M-60.0%	-$50.0M+46.2%	-$93.0M-43.1%	-$65.0M+1.5%	-$66.0M+90.9%	-$725.0M-100.3%	-$362.0M-4.6%	-$346.0M-14.6%	-$302.0M-9.4%	-$276.0M+31.2%	-$401.0M+22.7%	-$519.0M-102.7%	-$256.0M
Financing Cash Flow	-$360.0M	-$443.0M+3.3%	-$458.0M+8.4%	-$500.0M-155.1%	-$196.0M+84.8%	-$1.3B-356.6%	$502.0M+273.7%	-$289.0M-203.2%	$280.0M+150.2%	-$558.0M+4.8%	-$586.0M+13.2%	-$675.0M+3.7%	-$701.0M-15.9%	-$605.0M-40.4%	-$431.0M+42.8%	-$753.0M
Dividends Paid	$149.0M	$149.0M+4.9%	$142.0M+4.4%	$136.0M+0.7%	$135.0M+23.9%	$109.0M-21.0%	$138.0M-16.9%	$166.0M-14.4%	$194.0M-19.8%	$242.0M+8.5%	$223.0M+10.4%	$202.0M+12.8%	$179.0M+14.7%	$156.0M+16.4%	$134.0M+35.4%	$99.0M
Share Buybacks	$336.0M	$301.0M+28.6%	$234.0M-24.3%	$309.0M-12.0%	$351.0M+1304.0%	$25.0M-80.5%	$128.0M-62.4%	$340.0M+3.0%	$330.0M-44.9%	$599.0M-3.2%	$619.0M-5.9%	$658.0M+1.9%	$646.0M+8.9%	$593.0M-6.0%	$631.0M-29.3%	$893.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$220.0M-5.2%	$38.0M-68.6%	$124.0M+26.5%	$163.0M+12.4%	$232.0M+33.3%	$121.0M+157.4%	$98.0M-35.5%	$145.0M+64.8%
Depreciation & Amortization	$32.0M+3.2%	$32.0M+6.7%	$32.0M+10.3%	$31.0M+6.9%	$31.0M+10.7%	$30.0M+7.1%	$29.0M0.0%	$29.0M+3.6%
Stock-Based Compensation	$15.0M+25.0%	$13.0M-7.1%	N/A	$12.0M+33.3%	$12.0M+9.1%	$14.0M+55.6%	N/A	$9.0M0.0%
Capital Expenditures	$25.0M-32.4%	$19.0M-9.5%	$32.0M+39.1%	$27.0M+35.0%	$37.0M+76.2%	$21.0M+23.5%	$23.0M-28.1%	$20.0M+42.9%
Free Cash Flow	$195.0M0.0%	$19.0M-81.0%	$92.0M+22.7%	$136.0M+8.8%	$195.0M+27.5%	$100.0M+233.3%	$75.0M-37.5%	$125.0M+68.9%
Investing Cash Flow	-$26.0M0.0%	-$18.0M+18.2%	-$29.0M-26.1%	-$30.0M-50.0%	-$26.0M-8.3%	-$22.0M+61.4%	-$23.0M+32.4%	-$20.0M-53.8%
Financing Cash Flow	-$179.0M+6.8%	$7.0M+111.1%	-$83.0M+1.2%	-$105.0M+7.1%	-$192.0M+58.6%	-$63.0M-131.0%	-$84.0M-50.0%	-$113.0M-94.8%
Dividends Paid	$37.0M0.0%	$41.0M0.0%	$35.0M+2.9%	$36.0M+2.9%	$37.0M+5.7%	$41.0M+7.9%	$34.0M+6.3%	$35.0M+6.1%
Share Buybacks	$88.0M+25.7%	$87.0M+24.3%	$90.0M+25.0%	$71.0M+4.4%	$70.0M+1.4%	$70.0M+180.0%	$72.0M+80.0%	$68.0M+1.5%

TNL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TNL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	93.2%-4.4pp	97.6%+1.2pp	96.5%+0.9pp	95.6%+0.6pp	95.0%-4.9pp	99.9%+4.5pp	95.4%+0.1pp	95.3%-0.7pp	96.1%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	13.8%-5.2pp	19.0%-0.2pp	19.2%+0.9pp	18.3%-1.4pp	19.7%+24.6pp	-4.9%-24.9pp	20.1%+6.8pp	13.3%+1.8pp	11.5%-6.3pp	17.8%-1.4pp	19.2%+1.4pp	17.8%-0.4pp	18.2%-0.6pp	18.8%+0.8pp	18.0%
Net Margin	5.7%-4.9pp	10.6%+0.1pp	10.6%+0.6pp	10.0%+0.2pp	9.8%+21.6pp	-11.8%-24.3pp	12.5%-4.5pp	17.1%-5.3pp	22.4%+5.9pp	16.6%+4.0pp	12.6%+2.5pp	10.0%+1.4pp	8.6%-0.2pp	8.8%-1.0pp	9.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	111.1%+25.5pp	85.6%+21.2pp	64.4%+22.3pp	42.1%+15.5pp	26.6%+5.9pp	20.7%+2.1pp	18.7%
Return on Assets	3.4%-2.7pp	6.1%+0.2pp	5.9%+0.6pp	5.3%+0.6pp	4.7%+8.0pp	-3.4%-10.2pp	6.8%-2.6pp	9.4%+1.2pp	8.2%+1.9pp	6.2%-0.2pp	6.4%+0.8pp	5.5%+1.1pp	4.4%+0.2pp	4.2%-0.4pp	4.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	1.14+0.2x	0.890.0x	0.89-0.1x	1.00-0.1x	1.08+0.1x	0.97-0.1x	1.11
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	5.08-7.7x	12.75+3.7x	9.09+2.4x	6.71+1.7x	5.00+1.1x	3.90+3.0x	0.94
Asset Turnover	0.590.0x	0.570.0x	0.560.0x	0.53+0.1x	0.48+0.2x	0.28-0.3x	0.540.0x	0.55+0.2x	0.360.0x	0.38-0.1x	0.510.0x	0.550.0x	0.510.0x	0.480.0x	0.47
FCF Margin	13.0%+3.1pp	9.9%+2.5pp	7.4%-3.6pp	10.9%-5.4pp	16.3%+2.2pp	14.1%+5.6pp	8.5%-0.2pp	8.7%-14.4pp	23.1%+0.2pp	22.9%+6.5pp	16.4%+2.3pp	14.2%-1.2pp	15.4%-2.2pp	17.6%-0.4pp	18.0%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	97.3%-0.7pp	96.4%-1.2pp	78.9%-20.0pp	98.8%+1.5pp	97.9%+0.1pp	97.5%+1.3pp	99.0%+1.9pp	97.3%+1.6pp
Operating Margin	19.8%-0.5pp	16.6%-0.2pp	-2.2%-23.4pp	20.5%+1.5pp	20.2%+1.1pp	16.7%+0.3pp	21.1%+0.6pp	19.0%-2.0pp
Net Margin	10.3%-0.4pp	8.2%+0.4pp	-6.0%-18.3pp	10.6%+0.9pp	10.6%-2.5pp	7.8%+0.6pp	12.3%-1.4pp	9.8%-1.4pp
Return on Assets	1.6%0.0pp	1.1%+0.1pp	-0.9%-2.7pp	1.6%+0.2pp	1.6%-0.3pp	1.1%+0.1pp	1.8%-0.1pp	1.5%-0.2pp
Asset Turnover	0.150.0x	0.140.0x	0.150.0x	0.150.0x	0.150.0x	0.140.0x	0.140.0x	0.150.0x
FCF Margin	18.3%-0.8pp	2.0%-8.7pp	9.0%+1.3pp	13.0%+0.4pp	19.2%+3.6pp	10.7%+7.4pp	7.7%-5.1pp	12.6%+5.1pp

Not reported in any period shown, so not listed: Return on Equity, Current Ratio, Debt-to-Equity.

Note: Shareholder equity is negative (-$981.0M), 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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Travel + Leisure Co. TNL	FY2025	$4.0B	$230.2M	5.7%	$4.1B	33/100
Global Business Travel Group, Inc. GBTG	FY2025	$2.7B	$111.0M	4.1%	$5.0B	37/100
TripAdvisor, Inc. TRIP	FY2025	$1.9B	$40.0M	2.1%	$1.1B	51/100
MakeMyTrip Limited MMYT	FY2025	$978.3M	$95.3M	9.7%	$4.2B	52/100
Norwegian Cruise Line Holdings Ltd. NCLH	FY2025	$9.8B	$423.2M	4.3%	$7.2B	32/100
Pursuit Attractions and Hospitality, Inc. PRSU	FY2025	$452.4M	$22.7M	5.0%	$1.5B	55/100

Where Travel + Leisure Co. Ranks

Frequently Asked Questions

What is Travel + Leisure Co.'s annual revenue?

Travel + Leisure Co. (TNL) reported $4.0B in total revenue for fiscal year 2025. This represents a 4.1% 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 4.1% year-over-year, from $3.9B to $4.0B in fiscal year 2025.

Is Travel + Leisure Co. profitable?

Yes, Travel + Leisure Co. (TNL) reported a net income of $230.2M in fiscal year 2025, with a net profit margin of 5.7%.

What is Travel + Leisure Co.'s EBITDA?

Travel + Leisure Co. (TNL) had EBITDA of $677.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Travel + Leisure Co. have?

As of fiscal year 2025, Travel + Leisure Co. (TNL) had $253.0M 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 93.2% in fiscal year 2025, 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 13.8% in fiscal year 2025, 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 5.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Travel + Leisure Co. pay dividends?

Yes, Travel + Leisure Co. (TNL) paid $2.24 per share in dividends during fiscal year 2025.

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

Travel + Leisure Co. (TNL) generated $523.0M in free cash flow during fiscal year 2025. This represents a 36.6% 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 $640.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Travel + Leisure Co.'s total assets?

Travel + Leisure Co. (TNL) had $6.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Travel + Leisure Co.'s capital expenditures?

Travel + Leisure Co. (TNL) invested $117.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Travel + Leisure Co. buy back shares?

Yes, Travel + Leisure Co. (TNL) spent $301.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Travel + Leisure Co. have outstanding?

Travel + Leisure Co. (TNL) had 62M shares outstanding as of fiscal year 2025.

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

Travel + Leisure Co. (TNL) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Travel + Leisure Co.'s P/E ratio?

Travel + Leisure Co. (TNL) trades at 17.4x earnings, its market capitalization divided by net income of $237.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.1B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Travel + Leisure Co.'s price-to-sales ratio?

Travel + Leisure Co. (TNL) trades at 1.0x sales, its market capitalization divided by revenue of $4.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.1B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is Travel + Leisure Co.'s debt-to-equity ratio negative or not reported?

Travel + Leisure Co. (TNL) has negative shareholder equity of -$981.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 2.78x, 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 2.38x, 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.

How financially healthy is Travel + Leisure Co.?

Travel + Leisure Co. (TNL) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.