Logotype for Travel + Leisure Co.

Travel + Leisure (TNL) Q4 2024 earnings summary

Event summary combining transcript, slides, and related documents.

Logotype for Travel + Leisure Co.

Q4 2024 earnings summary

30 Jun, 2026

Executive summary

  • Delivered $929 million Adjusted EBITDA for 2024, with strong momentum into 2025, driven by vacation ownership growth and strategic acquisitions including Accor Vacation Club.

  • Vacation ownership business led growth with 8% tour growth and 7% increase in gross vacation ownership sales; new owner tours rose 14% year-over-year.

  • Over $2.5 billion returned to shareholders since 2018, including $377 million in 2024 via dividends and share repurchases, reducing shares outstanding by 7%.

  • The company maintains a resilient, recurring revenue model with over 75% of revenues predictable or recurring, and high owner retention and satisfaction rates.

  • Multi-brand strategy and new initiatives, such as Sports Illustrated sales and digital enhancements, support future growth.

Financial highlights

  • FY 2024 net revenue was $3.9 billion, with adjusted EBITDA of $929 million and adjusted diluted EPS of $5.75.

  • Fourth quarter Adjusted EBITDA was $252 million, up 5% year-over-year; Q4 adjusted EPS was $1.72.

  • Gross VOI sales reached $2.3 billion for 2024, with VPG at $3,094, above guidance.

  • Adjusted free cash flow for 2024 was $446 million, with a 48% conversion from adjusted EBITDA.

  • $377 million was returned to shareholders in 2024, including $235 million in share repurchases and $142 million in dividends.

Outlook and guidance

  • 2025 Adjusted EBITDA guidance is $955 million–$985 million; Q1 2025 guidance: Adjusted EBITDA $195 million–$205 million.

  • Gross VOI sales expected between $2.4 billion–$2.5 billion; VPG guidance $3,050–$3,150.

  • Travel and Membership Adjusted EBITDA expected to be flat to up 2% in 2025.

  • Effective income tax rate projected at 28%–30% for 2025.

  • Board to consider increasing Q1 2025 dividend to $0.56 per share, a 12% increase.

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