Travel + Leisure Co. (TNL) Income Statement

21Y historyFree accessUpdated daily

Revenue growth ticking up to 5.5% in 2026Q3 is partially offset by gross margin volatility swinging between 14.4% and 57.0% and SG&A rising 27% from $246M to $312M versus ~18% revenue growth, suggesting overhead may be outpacing the top line.

Annual statement

TNL Income Statement

Travel + Leisure Co. (TNL) annual income statement — 21-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05

Sales/Revenue	4.15B	4.02B	3.86B	3.75B	3.57B	3.13B	2.16B	4.04B	3.93B	5.08B	5.6B	5.54B	5.28B	5.01B	4.53B	4.25B	3.85B	3.75B	4.28B	4.36B	3.84B	3.33B
Revenue Growth %	4.64%	4.06%	3.04%	5.13%	13.82%	45.09%	-46.56%	2.82%	-22.56%	-9.34%	1.14%	4.83%	5.43%	10.48%	6.58%	10.46%	2.69%	-12.4%	-1.81%	13.48%	15.2%	-
Cost of Goods Sold	2.27B	2.93B	1.97B	1.93B	1.84B	1.56B	1.23B	1.94B	1.91B	1.86B	1.83B	2.33B	2.5B	2.39B	2.09B	2.02B	1.88B	1.82B	2.03B	2.12B	1.79B	1.54B
COGS % of Revenue	-	72.82%	51.04%	51.44%	51.56%	49.9%	56.85%	48%	48.66%	36.64%	32.65%	42.18%	47.42%	47.75%	46.16%	47.6%	48.71%	48.61%	47.44%	48.58%	46.62%	46.18%
Gross Profit	1.88B	1.09B	1.89B	1.82B	1.73B	1.57B	932M	2.1B	2.02B	1.95B	1.86B	2.54B	2.78B	2.62B	2.44B	2.23B	1.98B	1.93B	2.25B	2.24B	2.05B	1.79B
Gross Margin %	45.36%	27.18%	48.96%	48.56%	48.44%	50.1%	43.15%	52%	51.34%	38.34%	33.29%	45.94%	52.58%	52.25%	53.84%	52.4%	51.29%	51.39%	52.56%	51.42%	53.38%	53.82%
Gross Profit Growth %	-	-42.23%	3.9%	5.38%	10.06%	68.45%	-55.66%	4.16%	3.7%	4.4%	-26.7%	-8.43%	6.11%	7.21%	9.51%	12.86%	2.49%	-14.36%	0.36%	9.31%	14.26%	-
Operating Expenses	1.28B	376M	1.16B	1.1B	1.07B	952M	1.04B	1.29B	1.5B	1.51B	1.21B	1.61B	1.84B	1.81B	1.69B	3.24B	2.84B	1.27B	3.08B	1.53B	1.47B	1.18B
OpEx % of Revenue	-	9.35%	29.99%	29.36%	30.14%	30.38%	48.01%	31.91%	38.03%	29.69%	21.54%	29.05%	34.77%	36.17%	37.25%	76.23%	73.85%	33.89%	71.95%	35.14%	38.37%	35.23%
Selling, General & Admin	1.16B	1.08B	1.02B	961M	930M	797M	727M	1.16B	1.12B	1.13B	1.07B	1.41B	1.56B	1.47B	1.39B	1.22B	1.07B	1.09B	1.39B	1.35B	1.23B	1.18B
SG&A % of Revenue	-	26.93%	26.53%	25.63%	26.07%	25.43%	33.66%	28.62%	28.54%	22.18%	19.06%	25.43%	29.48%	29.37%	30.64%	28.7%	27.81%	29.15%	32.49%	30.96%	31.94%	35.38%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	-707M	134M	140M	145M	155M	310M	136M	373M	381M	139M	200M	279M	0	0	2.02B	1.77B	178M	1.69B	182M	247M	-5M
Operating Income	603M	717M	733M	720M	653M	618M	-105M	812M	523M	439M	658M	935M	941M	910M	852M	767M	718M	594M	-830M	710M	577M	620M
Operating Margin %	14.53%	17.83%	18.97%	19.2%	18.31%	19.72%	-4.86%	20.09%	13.3%	8.65%	11.75%	16.89%	17.82%	18.17%	18.79%	18.03%	18.64%	15.84%	-19.39%	16.28%	15.02%	18.59%
Operating Income Growth %	-	-2.18%	1.81%	10.26%	5.66%	688.57%	-112.93%	55.26%	19.13%	-33.28%	-29.63%	-0.64%	3.41%	6.81%	11.08%	6.82%	20.88%	171.57%	-216.9%	23.05%	-6.94%	-
EBITDA	734M	841M	848M	832M	772M	742M	21M	933M	661M	575M	785M	1.12B	1.17B	1.13B	1.04B	945M	891M	772M	-646M	876M	725M	751M
EBITDA Margin %	17.68%	20.92%	21.95%	22.19%	21.64%	23.68%	0.97%	23.08%	16.82%	11.33%	14.02%	20.27%	22.23%	22.48%	22.87%	22.21%	23.14%	20.59%	-15.09%	20.09%	18.87%	22.52%
EBITDA Growth %	-18.72%	-0.83%	1.92%	7.77%	4.04%	3433.33%	-97.75%	41.15%	14.96%	-26.75%	-30.04%	-4.43%	4.26%	8.58%	9.74%	6.06%	15.41%	219.5%	-173.74%	20.83%	-3.46%	-
D&A (Non-Cash Add-back)	131M	124M	115M	112M	119M	124M	126M	121M	138M	136M	127M	187M	233M	216M	185M	178M	173M	178M	184M	166M	148M	131M
EBIT	558M	704M	762M	736M	681M	627M	-84M	842M	566M	473M	675M	959M	958M	814M	760M	790M	700M	607M	-807M	728M	577M	620M
Net Interest Income	102M	96M	-235M	-238M	-189M	-195M	-185M	-155M	-165M	-149M	-126M	-114M	-103M	-122M	-124M	-116M	-132M	-107M	-68M	-62M	-35M	6M
Interest Income	466M	463M	14M	13M	6M	3M	7M	7M	5M	7M	7M	8M	10M	9M	8M	24M	5M	7M	12M	11M	32M	6M
Interest Expense	364M	367M	249M	251M	195M	198M	192M	162M	170M	156M	133M	122M	113M	131M	132M	152M	167M	114M	80M	73M	67M	0
Other Income/Expense	-267M	-380M	-220M	-235M	-167M	-189M	-171M	-132M	-127M	-121M	-116M	-98M	-96M	-227M	-224M	-117M	-155M	-101M	-57M	-55M	-35M	6M
Pretax Income	336M	337M	513M	485M	486M	429M	-276M	680M	396M	590M	940M	916M	845M	683M	628M	650M	563M	493M	-887M	655M	542M	626M
Pretax Margin %	8.09%	8.38%	13.28%	12.93%	13.62%	13.69%	-12.78%	16.82%	10.07%	11.62%	16.79%	16.55%	16%	13.64%	13.85%	15.28%	14.62%	13.15%	-20.72%	15.02%	14.11%	18.77%
Income Tax	101M	107M	135M	94M	130M	116M	-23M	191M	130M	-229M	328M	304M	316M	250M	229M	233M	184M	200M	187M	252M	190M	195M
Effective Tax Rate %	30.06%	31.75%	26.32%	19.38%	26.75%	27.04%	8.33%	28.09%	32.83%	-38.81%	34.89%	33.19%	37.4%	36.6%	36.46%	35.85%	32.68%	40.57%	-21.08%	38.47%	35.06%	31.15%
Net Income	235M	230M	411M	396M	357M	308M	-253M	507M	672M	854M	611M	612M	529M	432M	400M	417M	379M	293M	-1.07B	403M	287M	431M
Net Margin %	5.66%	5.72%	10.64%	10.56%	10.01%	9.83%	-11.71%	12.54%	17.09%	16.82%	10.91%	11.05%	10.02%	8.62%	8.82%	9.8%	9.84%	7.81%	-25.09%	9.24%	7.47%	12.92%
Net Income Growth %	-42.82%	-44.04%	3.79%	10.92%	15.91%	221.74%	-149.9%	-24.55%	-21.31%	39.77%	-0.16%	15.69%	22.45%	8%	-4.08%	10.03%	29.35%	127.28%	-366.5%	40.42%	-33.41%	-
Net Income (Continuing)	235M	230M	378M	391M	356M	313M	-253M	489M	266M	646M	545M	612M	529M	433M	399M	417M	379M	293M	-1.07B	403M	352M	431M
Discontinued Operations	0	0	33M	5M	1M	-5M	0	18M	406M	209M	260M	60M	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	-1M	1M	1M	9M	7M	7M	6M	5M	5M	4M	3M	2M	2M	1M	0	0	0	0	0	0	0
EPS (Diluted)	3.75	3.44	5.35	5.28	4.23	3.62	-2.94	5.29	6.77	8.40	5.53	5.14	4.18	3.21	2.75	2.51	2.05	1.61	-6.03	2.20	1.44	2.15
EPS Growth %	-38.71%	-35.7%	1.33%	24.82%	16.85%	223.13%	-155.58%	-21.86%	-19.4%	51.9%	7.59%	22.97%	30.22%	16.73%	9.56%	22.44%	27.33%	126.7%	-374.09%	52.78%	-33.02%	-
EPS (Basic)	-	3.51	5.39	5.32	4.27	3.62	-2.94	5.31	6.79	8.46	5.56	5.18	4.22	3.25	2.80	2.57	2.13	1.64	-6.03	2.22	1.45	2.15
Diluted Shares Outstanding	62.6M	66.9M	70.7M	75M	84.2M	86.5M	86.1M	92.4M	99.2M	104M	111M	119M	127M	135M	145M	166M	185M	182M	178M	183M	199.31M	200.47M
Basic Shares Outstanding	61.3M	65.6M	70.1M	74.5M	83.4M	86.5M	86.1M	92.1M	98.9M	103M	110M	118M	125M	133M	143M	162M	178M	179M	178M	181M	197.93M	200.47M
Dividend Payout Ratio	-	64.78%	34.55%	34.34%	37.82%	35.39%	-	32.74%	28.87%	28.34%	36.5%	33.01%	33.84%	36.11%	33.5%	23.74%	22.69%	9.9%	-	3.47%	473.87%	13.69%

Key Metrics

Growth RegimeStable

ProfitabilityModerate

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

COGS volatility and SG&A creep eroding earnings predictability

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Ticks Upward Modestly

TNL's quarterly revenue growth has improved from 0.7% in 2024Q3 to 5.5% in 2026Q3, a gradual acceleration that suggests the Travel+Leisure rebranding and membership expansion may be gaining traction, though absolute growth remains modest in the context of a $1.0–1.1B quarterly base.

The year-over-year revenue growth trajectory shows a clear upward drift from near-stagnation (0.7–3.8% in 2024) toward the 4.4–5.7% range across 2025Q4 through 2026Q3. This acceleration appears consistent with management's stated strategy of expanding the T+L membership platform and the recent acquisitions adding over 100,000 owners, though the contribution from inorganic growth cannot be isolated from organic momentum in the reported data. Given that VAC and HGV are both growing at approximately 1.3%, TNL's modestly higher growth rate suggests it may be capturing incremental share in the vacation ownership and exchange market, but the absolute level of growth does not yet support a high-velocity expansion narrative.

Gross Margin Swings Reveal Structural Lumpiness

Gross margin has oscillated between 14.4% and 57.0% across ten quarters, with COGS spiking to $878M in 2025Q4 and $906M in 2026Q3 against a typical baseline of $441–512M, creating enormous volatility that obscures the underlying profitability profile of the business.

The two outlier quarters—2025Q4 (GM 14.4%) and 2026Q3 (GM 17.7%)—represent COGS more than double the normalized quarterly run-rate, suggesting periodic charges or recognition timing effects tied to the percentage-of-completion methodology for VOI sales and potentially lumpy loan loss provisions. Excluding these periods, the core gross margin settles in the 46–57% range, which is broadly comparable to HGV's 56.7% and far above VAC's 15.1%, though peer comparability is complicated by different accounting classifications of sales and marketing costs. The practical implication is that TNL's normalized gross margin is likely in the low-to-mid 50s, but any forward-looking model must account for the possibility of periodic COGS spikes that can compress quarterly gross margin by 30–40 percentage points.

Overhead Creep Outpaces Top-Line Growth

SG&A expense has risen from $246M in 2025Q1 to $312M in 2026Q3—a 27% increase over eight quarters—while revenue grew only approximately 18% over the same period, indicating that fixed overhead is expanding faster than the top line and generating modest operating deleverage.

On a percentage-of-revenue basis, SG&A has climbed from roughly 26.3% in 2025Q1 to 28.4% in 2026Q3, a compression of approximately 210 basis points in operating leverage. While operating margins in 'clean' quarters remain in the 16–21% range—still meaningfully above VAC and HGV's ~11%—the SG&A trajectory warrants monitoring because it suggests that the corporate infrastructure build-out (brand integration, membership platform, acquisition-related integration costs) is consuming a growing share of incremental revenue. If SG&A continues to grow at a low-to-mid single-digit pace against a revenue base that is also growing at low single digits, the net effect will be a gradual erosion of the operating margin cushion that has historically differentiated TNL from its timeshare peers.

Lumpy Charges and SBC Obscure Core Earnings

The swing from $119M net income in 2024Q4 to a $61M loss in 2025Q4—driven entirely by a $382M COGS spike with SG&A remaining nearly flat—suggests that reported earnings are subject to large periodic charges whose timing and recurrence pattern warrants careful normalization before drawing conclusions about underlying profitability.

Stock-based compensation adds another layer of earnings quality concern: SBC was $0 in 2025Q4 but $38M in 2025Q3, and has fluctuated between $9M and $38M across the ten-quarter period, indicating that grant timing creates noise in after-tax earnings. The Q2 2026 EPS of $1.72 missed consensus of $2.04 despite revenue meeting expectations, which may point to non-operating items or higher financing costs that are not visible in the gross margin line alone. Normalizing for the two anomalous quarters (2025Q4 and 2026Q3), TNL's consistent net margin of 8–13% and diluted EPS of $1.07–$1.71 appears more representative of the business's earning power, but the recurring pattern of large charges at irregular intervals suggests that single-quarter EPS prints should be discounted in favor of trailing-twelve-month assessments.

COGS Volatility and Overhead Creep Undermine Consistency

The most compelling bear case centers on two dimensions: the frequency of COGS shocks (two of the last ten quarters saw COGS exceed $875M versus a $475M average) combined with SG&A growing at a 10% annualized pace against 4–5% revenue growth, creating a structural margin compression risk that may not be fully captured in consensus estimates.

A short-seller would focus on the pattern of periodic COGS spikes—2025Q4 and 2026Q3—and argue that these may reflect accelerating loan loss provisions or resort development charges that are becoming more frequent rather than truly idiosyncratic, which would structurally reduce normalized operating margins below the 17–21% range investors are underwriting. The SG&A trajectory compounds this concern: even if COGS normalizes, the 27% increase in overhead over eight quarters against ~18% revenue growth means that each incremental revenue dollar is generating less incremental operating profit. The Q2 2026 EPS miss relative to consensus, followed by a guidance raise in the same quarter, creates a divergence that investors should interpret cautiously—raised guidance may reflect acquisition-driven revenue visibility rather than organic margin recovery, and the sustainability of that outlook depends on integration execution and the health of the $3B+ consumer loan portfolio.

TNL — Frequently Asked Questions

Quick answers to the most common questions about buying TNL stock.

What was Travel + Leisure Co.'s (TNL) revenue in 2025?

For fiscal year 2025, Travel + Leisure Co. (TNL) reported total revenue of $4.02B. This represents a 20.6% increase compared to $3.33B in 2005.

Is Travel + Leisure Co. (TNL) profitable?

Travel + Leisure Co. (TNL) is profitable, generating $230.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.7%.

What is Travel + Leisure Co.'s operating profit margin?

Travel + Leisure Co. (TNL) reported an operating income of $717.0M, resulting in an operating profit margin of 17.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Travel + Leisure Co.'s gross profit and gross margin?

Travel + Leisure Co. (TNL) generated $1.09B in gross profit for the year, representing a gross profit margin of 27.2%. This demonstrates the company's core pricing power and production efficiency.