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Travel + Leisure (TNL) investor relations material
Travel + Leisure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Achieved over $1 billion in Q3 revenue, $266 million in adjusted EBITDA, and $1.80 in adjusted EPS, all up year over year, with net income of $111 million and diluted EPS of $1.67.
Net revenues for the nine months ended September 30, 2025, increased by $103 million year-over-year, driven by strong Vacation Ownership performance, partially offset by declines in Travel and Membership.
Returned $106 million to shareholders in Q3 through dividends and share repurchases; $210 million in stock repurchased year-to-date.
Expanded brand portfolio with new Sports Illustrated Resorts and Eddie Bauer Adventure Club.
Digital investments increased owner engagement, with 215,000 Club Wyndham app downloads and 28% of bookings via app.
Financial highlights
Q3 revenue was $1.044 billion, up 5% year over year; net income margin improved to 10.6%.
Adjusted EBITDA grew 10% to $266 million, with margin expanding to 25.5%.
Adjusted net income rose 8%, and adjusted EPS increased 15% year over year.
Free cash flow grew 23% year over year; adjusted free cash flow for the nine months was $326 million, up from $266 million.
Interest expense decreased by $14 million year-over-year due to lower effective rates on variable rate borrowings.
Outlook and guidance
Raised full-year adjusted EBITDA guidance midpoint to $975 million (range: $965M–$985M).
Increased gross VOI sales guidance to $2.45B–$2.50B and VPG to $3,250–$3,275.
Full-year capital expenditures projected between $120 million and $130 million, with vacation ownership development spending expected to remain below historical levels.
Q4 guidance reflects seasonality and incremental investments in new brands.
What drives sustained VPG above $3,000?
What caused lower Travel & Membership margins?
How does recent debt activity impact liquidity?
Future loan loss provision trend?
New brands' long-term earnings power?
Rationale for resort portfolio changes?
New brands' VOI sales contribution?
Travel & Membership segment's long-term mix?
Impact of legacy resort closures?
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Next Travel + Leisure earnings date
Morgan Stanley Global Consumer & Retail Conference 20252 Dec, 2025
Next Travel + Leisure earnings date
Morgan Stanley Global Consumer & Retail Conference 20252 Dec, 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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