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Travel + Leisure
Travel + Leisure (TNL) investor relations material
Travel + Leisure Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved strong 2025 results, exceeding expectations in revenue, EBITDA, and EPS, with momentum carrying into 2026.
Delivered net revenue of $1.03 billion in Q4 2025 and $4.02 billion for the full year, with gross VOI sales up 8% year-over-year in both periods.
Q4 2025 net loss of $61 million due to $210 million in inventory write-downs and impairments; full-year net income was $230 million, including $216 million in similar charges.
Returned $449 million to shareholders via dividends and buybacks, with a new $750 million repurchase authorization approved.
Advanced brand expansion, launched new partnerships, and invested in digital capabilities, supporting long-term growth.
Financial highlights
2025 revenue grew 4% year-over-year to $4.02 billion; EBITDA up 7% to $990 million; EPS up 10% to $6.34.
Q4 revenue was $1.026 billion, EBITDA $272 million, and EPS $1.83; Q4 EBITDA grew 8% year-over-year.
Full-year 2025 gross VOI sales reached $2.49 billion, up 8% year-over-year, with 6% VPG growth and 3% tour growth.
Free cash flow for 2025 was $516 million, up 16% year-over-year; 52% of EBITDA converted to free cash flow.
Adjusted EBITDA margin was 26.5% in Q4 and 24.6% for the year.
Outlook and guidance
2026 EBITDA expected at $1.03–$1.055 billion, up 4–7% year-over-year.
Gross VOI sales projected to rise 1–5% to $2.5–$2.6 billion; underlying growth would be 5–9% excluding sales office closures.
EPS growth expected in the teens, driven by EBITDA growth, lower interest expense, and share repurchases.
Q1 2026 guidance: gross VOI sales of $520–$540 million, EBITDA of $210–$220 million.
Management will recommend a Q1 2026 dividend increase to $0.60 per share.
Quantify 2026 ROI Adjusted EBITDA benefit.
Plan to reverse Travel & Membership segment decline?
Prioritize share repurchases vs. dividend growth.
Post-2026 resort optimization strategy
New owner mix shift impact on long-term VPG
Travel & Membership long-term margin outlook
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Next Travel + Leisure earnings date
Q1 202622 Apr, 2026
Travel + Leisure
Next Travel + Leisure earnings date
Q1 202622 Apr, 2026
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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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