Travel + Leisure (TNL) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 net revenue of $1.044 billion, Adjusted EBITDA of $266 million (up 10% YOY), and Adjusted diluted EPS of $1.80 (up 15% YOY), with net income of $111 million.

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

• Launched Eddie Bauer Adventure Club and announced new Sports Illustrated Resorts, expanding the brand portfolio.

• Recognized by TIME as one of the World's Best Companies in 2025.

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

Financial highlights

• Q3 revenue was $1.044 billion, up 5% year-over-year; gross VOI sales reached $682 million, up 13% YOY.

• Adjusted EBITDA margin expanded to 25.5%; Adjusted net income up 8% YOY; Adjusted free cash flow for nine months was $326 million, up 23%.

• Returned $106 million to shareholders in Q3; $210 million repurchased YTD, reducing share count by 6%.

• Net income margin improved to 10.6% from 9.8% YOY.

• Over $2.8 billion cumulative Adjusted FCF generated from 2018–2024.

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 and beyond.

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