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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Travel + Leisure (TNL) investor relations material
Travel + Leisure Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary23 Jul, 2025
Executive summary
Q2 2025 net revenue exceeded $1B, with adjusted EBITDA of $250M and adjusted EPS of $1.65, driven by Vacation Ownership growth and higher property management fees, offsetting Travel and Membership declines.
Net income from continuing operations was $108M, up year-over-year; diluted EPS from continuing operations was $1.62.
Returned $107M to shareholders in Q2 via $37M dividends and $70M buybacks, reflecting strong free cash flow.
Announced new projects and partnerships, including Margaritaville in Orlando, Sports Illustrated Resorts in Nashville, and Accor in Indonesia.
Continued investment in technology, marketing, and product innovation, including app launches and AI-driven personalization.
Financial highlights
Q2 2025 revenue reached $1.02B, up 3% year-over-year, with Vacation Ownership revenue up 6% to $853M and VPG up 7%.
Adjusted EBITDA was $250M, up 2% year-over-year; adjusted EBITDA margin was 24.6%.
Net cash provided by operating activities for the first six months was $353M, up $132M year-over-year.
Adjusted free cash flow for the first six months was $123M, up from $112M year-over-year.
Interest expense decreased $6M year-over-year in Q2 2025, reflecting lower effective rates and reduced debt.
Outlook and guidance
Full-year 2025 adjusted EBITDA expected in the $955M–$985M range; gross VOI sales $2.4B–$2.5B; VPG guidance raised to $3,200–$3,250.
Q3 2025 guidance: adjusted EBITDA of $250M–$260M, gross VOI sales of $650M–$680M, VPG of $3,200–$3,250.
Management expects continued leisure travel demand to support Vacation Ownership growth, but notes ongoing pressure on loan portfolio delinquencies and economic uncertainties.
Full-year capital expenditures expected between $125M and $135M; vacation ownership development spending $150M–$180M.
Explain the decrease in travel and membership revenue.
How does the renewed timeshare facility impact liquidity?
Assess the impact of share repurchases on equity.
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Next Travel + Leisure earnings date
Q3 202522 Oct, 2025
Next Travel + Leisure earnings date
Q3 202522 Oct, 2025
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Frequently asked questions
Travel + Leisure Co. operates as a global provider of hospitality and vacation ownership services. The company offers vacation ownership programs, travel subscriptions, and related services under various brand names. Travel + Leisure serves customers seeking leisure travel experiences through a portfolio of resorts, clubs, and rental properties. The company is headquartered in Orlando, Florida, and its shares are listed on the NYSE.
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