Travel + Leisure (TNL) Q3 2025 earnings summary

Executive summary

• Net revenue for Q3 2025 reached $1.044 billion, up 5% year-over-year, with adjusted EBITDA of $266 million and adjusted EPS of $1.80, all increasing year-over-year.

• Net income for Q3 was $111 million, with adjusted net income at $119 million, and diluted EPS of $1.67.

• Vacation Ownership revenue grew 6% to $876 million, with VPG at $3,304 and 200,000 tours, marking the 18th consecutive quarter above $3,000.

• Expanded brand portfolio with launches of Sports Illustrated Resorts in Chicago and Eddie Bauer Adventure Club.

• Digital investments increased owner engagement, with 28% of bookings via Club Wyndham app.

Financial highlights

• Adjusted EBITDA grew 10% to $266 million, with margin expanding to 25.5%.

• Adjusted net income up 8%, adjusted EPS up 15% year-over-year.

• Gross VOI sales reached $682 million, up 13% year-over-year, with a 10% increase in VPG.

• Adjusted free cash flow for the nine months ended September 30, 2025, was $326 million, up from $266 million.

• Returned $106 million to shareholders in Q3 through dividends and share repurchases.

Outlook and guidance

• Raised full-year 2025 adjusted EBITDA guidance midpoint to $975 million (range $965M–$985M).

• Increased gross VOI sales guidance to $2.45B–$2.5B and VPG to $3,250–$3,275.

• Q4 outlook reflects seasonality, incremental brand investments, and variable comp true-ups.

• Management expects continued savings from refinancing and adequate liquidity for the next year.

• Full-year capital expenditures projected between $120 million and $130 million.