At a glance
Travel + Leisure Co is worth $4.12B, about 20 times its fiscal 2025 earnings. Revenue grew 4.1% to $4.02B in fiscal 2025, with 5.7% kept as profit; over 5 years it has grown 13.2% a year. It pays a 3.45% dividend yield, raised every year for at least 4 years, and returned $1.89B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +9.4% over the past year with dividends reinvested and +9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 26 months after the low.
The business in plain English
Travel + Leisure Co. sells timeshares, which it calls vacation ownership interests. Buyers typically pay a fixed price for a share of furnished, professionally managed resort units, often as points they can use at different resorts. They then pay annual maintenance fees for upkeep. The company says it runs the world's largest timeshare business by number of owners and resorts. As of December 31, 2025, it had 797,000 owner families and more than 280 resorts, under brands such as Club Wyndham, WorldMark, Margaritaville Vacation Club and Accor Vacation Club.
Revenue was $4.02 billion in 2025. Timeshare sales brought in 46%, and service and membership fees, such as resort management and exchange memberships, brought in 40%. Another 11% was interest on loans to buyers, because the company finances most of its sales, and 3% came from other sources. Existing owners buying more made up 72% of net timeshare sales that year. Much of the selling happens on resort tours, where tourists are offered perks to attend a sales presentation.
By segment, Vacation Ownership produced 83.6% of 2025 revenue. Travel and Membership, at 16.5%, includes RCI, which the company calls the world's largest timeshare exchange. RCI has 3.3 million members who trade stays among 3,600 affiliated resorts. The segment also runs travel clubs such as Travel + Leisure GO. About 88% of revenue came from the United States.
Price history
The interactive chart needs JavaScript.
TNL +9.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Vacation ownership interest sales | $1.85B | 45.9% |
| Service and membership fees | $1.61B | 40.2% |
| Consumer financing | $454.0M | 11.3% |
| Other | $105.0M | 2.6% |
By business segment
| Vacation Ownership | $3.36B | 83.6% |
| Travel and Membership | $662.0M | 16.5% |
By geography
| UNITED STATES | $3.54B | 88.2% |
| Non-US | $476.0M | 11.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.10B, up 5.5% from a year earlier, and net income was $108.0M (-2.7%).
- For fiscal 2025, revenue was $4.02B (+4.1% year over year; +13.2% a year from FY2020 to FY2025) with a 5.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.2% good |
|---|---|
| Operating margin | 13.8% watch |
| Free cash flow margin | 13% good |
| Return on assets (FY2025) | 3.4% watch |
| Net cash (cash minus debt) | $-5.76B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.16B | $-255.0M | $305.0M |
| FY2021 | $3.13B | $308.0M | $511.0M |
| FY2022 | $3.57B | $357.0M | $390.0M |
| FY2023 | $3.75B | $396.0M | $276.0M |
| FY2024 | $3.86B | $411.0M | $383.0M |
| FY2025 | $4.02B | $230.0M | $523.0M |
Valuation snapshot
| Market value | $4.12B |
|---|---|
| P/E ratio | 19.9 |
| Dividend yield | 3.45% |
Rank among 1514 US companies
Market value at each year end
Travel + Leisure’s market value went from $4.77B at the end of 2021 to $4.12B on Oct 28, 2026, down 14%; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.12B | -9.2% |
| 2025 | $4.54B | +31.5% |
| 2024 | $3.45B | +21.9% |
| 2023 | $2.83B | -4.3% |
| 2022 | $2.96B | -38.0% |
| 2021 | $4.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TNL price data to Oct 28, 2026 | -0.5% | +9.4% | +33.3% | +9.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.5% |
| 2025 | +45.5% |
| 2024 | +34.7% |
| 2023 | +12.3% |
| 2022 | -31.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.7% over that stretch · deepest drop along the way 43.6%, back to its old high 25.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($66K) and 17 sales ($19.9M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | Sy Esfahani Chief Technology Officer | sell | $4.1M |
| Aug 4, 2026 | Jeffrey Myers See Remarks | sell | $2.6M |
| Jul 27, 2026 | Geoffrey Richards See Remarks | sell | $2.6M |
| Jul 23, 2026 | Kimberly Marshall Chief Human Resources Officer | sell | $2.5M |
| Mar 17, 2026 | James J Savina See Remarks | sell | $2.2M |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 9.68% | Mar 31, 2026 |
| BlackRock, Inc. | 9.2% | Jun 30, 2025 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| GMT Capital Corp. | 3.89% | Dec 31, 2024 |
| Invesco Ltd. | 3.8% | Mar 31, 2026 |
ETFs with the most weight in TNL
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.33% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.97% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.95% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.93% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.87% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 0.85% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.75% |
| NIXT Research Affiliates Deletions ETF | 0.75% |
What could go wrong
- Losses on loans to timeshare buyers. The company finances most of its timeshare sales, and that consumer financing made up 11% of 2025 revenue. If more borrowers default, for example in a recession, loan losses rise and profits fall.
- Heavy debt and reliance on credit markets. As of September 30, 2026, total debt was about $6.07 billion against $306 million of cash. The company relies on borrowing and selling bundles of timeshare loans to investors, so tighter credit could raise costs.
- Growth depends on owners buying more. Existing owners buying more made up 72% of net timeshare sales in 2025. The company warns that neither upgrade rates nor new-owner growth is assured, and resale timeshares compete with its sales.
- RCI exchange membership under pressure. Membership in RCI, its timeshare exchange network, was still below pre-pandemic levels in the annual report filed February 18, 2026. Developers are building rival in-house networks, and industry mergers can end contracts.
- Timeshare reputation and heavy regulation. Negative public views of timeshares could deter buyers. The business is extensively regulated. Tighter rules, including privacy laws that restrict marketing, or compliance failures could raise costs or bring penalties.
- Travel downturns can hit sales hard. Revenue depends heavily on leisure travel. Recessions, pandemics, severe weather, war or terrorism can cut trips and sales tours. During COVID-19, new owner sales and RCI enrollments dropped significantly.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
For income and retirement investors
Travel + Leisure's dividend yield (annual dividends divided by the share price) was 3.45% as of October 28, 2026. Dividends per share rose four years in a row, to $2.24 for 2025, after falling from $1.60 in 2020 to $1.25 in 2021. In 2025, dividends used 65% of earnings, which fell 44% that year. They used only 29% of free cash flow, the cash left after running and investing in the business. Buybacks, where the company repurchases its own shares, were larger. They totaled $1.22 billion over 2021–2025, against $671 million in dividends, and the share count shrank about 30% between January 2022 and September 2026.
In the 2022 bear market, a broad stock decline, the shares fell 44% from their February peak to a September low. They did not recover until November 2024, about 26 months later. The company says it cannot assure continued dividends or buybacks. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Travel + Leisure Co. make money?
Mostly by selling timeshares. In 2025, 46% of its $4.02 billion in revenue came from sales of vacation ownership interests. Another 40% came from service and membership fees such as resort management and exchange memberships, 11% from interest on loans it makes to timeshare buyers, and 3% from other sources. Its Vacation Ownership segment, with brands such as Club Wyndham and WorldMark, produced 83.6% of revenue. About 88% of revenue came from the United States.
Does Travel + Leisure (TNL) raise its dividend every year?
Not every year, though it raised its dividend four years in a row through 2025. Dividends per share climbed from $1.25 in 2021 to $2.24 in 2025, but the 2021 figure was below the $1.60 paid in 2020. The dividend yield was 3.45% as of October 28, 2026. In 2025, dividends took about 65% of earnings but only 29% of free cash flow. The company says it cannot guarantee future dividends.
Is Travel + Leisure Co. owned by Wyndham?
No. They are separate public companies with shared roots. In May 2018, Wyndham Worldwide spun off its hotel business as Wyndham Hotels & Resorts and kept its timeshare and exchange businesses as Wyndham Destinations. In January 2021 it bought the Travel + Leisure brand from People Inc. It renamed itself Travel + Leisure Co. in February 2021 and trades as TNL. It still has a long-term, exclusive license and marketing deal with Wyndham Hotels and uses the Wyndham Rewards loyalty program to find buyers.
How much debt does Travel + Leisure have?
About $6.07 billion as of September 30, 2026, against $306 million of cash. That is more than the company's stock market value of about $4.12 billion as of October 28, 2026. Shareholders' equity was negative $1.01 billion, meaning recorded liabilities were larger than recorded assets. The company finances most timeshare sales and borrows to fund those loans, so higher interest rates or tighter credit markets could squeeze profits.
What is RCI and who owns it?
Travel + Leisure Co. owns it. The company calls RCI the world's largest timeshare exchange by members and affiliated resorts. As of December 31, 2025, it had 3.3 million members and 3,600 affiliated resorts. Members pay fees to trade their timeshare weeks or points for stays at other resorts in the network. RCI sits in the Travel and Membership segment, which produced 16.5% of 2025 revenue. Its membership was still below pre-pandemic levels in the annual report filed February 18, 2026, and developers are building rival in-house exchange networks.