Travel + Leisure Co

TNL

Equity

ISIN null / Valor 59774437

New York Stock Exchange, Inc (2026-06-26)

USD 78.04+2.36%

Travel + Leisure Co
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About company

Travel + Leisure Co., recognized as the world's premier membership and leisure travel company, operates a diverse portfolio under nearly 20 travel brands. This portfolio encompasses a wide range of services, including resort management, travel clubs, and lifestyle offerings. The company stands out for its significant presence in the vacation ownership sector through Wyndham Destinations, which boasts over 245 vacation club resort locations worldwide. Additionally, its Panorama division represents a leading force in membership travel, incorporating the largest vacation exchange network and various subscription travel brands. The Travel + Leisure Group further complements the company's offerings by providing top-tier travel content, services, and a dedicated travel club under the Travel + Leisure brand name. Since its strategic rebranding and business realignment in 2018, which included the establishment of Wyndham Destinations and the spin-off of its hotel business into Wyndham Hotels & Resorts, Travel + Leisure Co. has continued to expand its market influence through acquisitions such as Alliance Reservations Network and the iconic Travel + Leisure brand itself. The company's commitment to delivering memorable travel experiences is supported by a global team dedicated to turning vacation dreams into reality.

Summarized from source with an LLMView SourceSector: Consumer Services

Top-line and profitability

Net revenue $961M (+3% vs. Q1 2025); GAAP net income $79M (diluted EPS $1.22); Adjusted EBITDA $225M (+11% YoY) and Adjusted diluted EPS $1.45 (+31% YoY). Adjusted EBITDA margin improved to 23.4% from 21.6% a year ago.

Vacation Ownership strength

Vacation Ownership revenue $798M (+6%); Gross VOI sales $549M (+7%); Net VOI sales $427M (+11%). Segment Adjusted EBITDA $191M (+20%), helped by revenue growth and resort optimization savings.

Travel & Membership pressure

Travel and Membership revenue declined to $165M (‑8%); segment Adjusted EBITDA fell to $59M (‑13%), driven by lower transaction revenue and a higher mix of lower‑margin travel club transactions.

Sales and demand metrics

Volume per guest (VPG) $3,321 (+3% YoY); tours increased 5% year‑over‑year; tour‑generated VOI sales up 9%.

Cash flow, debt and liquidity

Net cash provided by operating activities was $38M (vs. $121M prior year); adjusted free cash flow was effectively neutral (vs. $152M). Corporate debt was $3.6B (non‑recourse VO debt $2.106B); leverage for covenant purposes was below 3.2x.

Capital returns

Returned $128M to shareholders in Q1 ($41M dividends; $87M share repurchases). Repurchased 1.2M shares at an average price of $72.51; $832M remains available under the repurchase authorization. Q1 dividend was $0.60 per share and management will recommend a $0.60 Q2 dividend.

Resort optimization impact

Company incurred $19M inventory write‑downs and $5M of related closure/employee costs in Q1 tied to a resort optimization program; management expects meaningful annual maintenance fee savings and a positive net impact to Adjusted EBITDA in 2026.

Outlook

Q2 2026 guidance: Adjusted EBITDA $260M–$270M, Gross VOI sales $660M–$690M, VPG $3,200–$3,250. Full‑year 2026 guidance reaffirmed: Adjusted EBITDA $1,030M–$1,055M, Gross VOI sales $2.5B–$2.6B, VPG $3,175–$3,275 (non‑GAAP guidance).

Summarized from source with an LLMView Source

Key figures

51.6%1Y

104%3Y

29.4%5Y

Performance

36.1%1Y

34.7%3Y

37.1%5Y

Volatility