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Travel + Leisure TNL Q4 2025 Annual earnings

Reported February 18, 2026 · Before market open

Revenue$1.0BBeat by $25.6M
EPS$1.83In line
Revenue estimate$1.0B
EPS estimate$1.83

Next report

Oct 28, 2026 (in 3 months)
Revenue estimate$1.1B
EPS estimate$2.07

Financials

Q4 2025

Income statement

See full
Revenue$1.0B+5.6%
Gross profit$810.0M-15.7%
Operating income--100%

Balance sheet

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Cash & equivalents$426.0M+29.5%
Total debt$3.6B+1.7%
Total equity-$981.0M-11.4%
Total assets$6.8B+0.4%

Cash flow

See full
Operating cash flow$124.0M+26.5%
CapEx$32.0M+39.1%
Free cash flow$92.0M+22.7%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$4.54B+31.6%
Enterprise value$7.74B+15.7%
P/S1.1×+0.2×

Profitability

See full
Gross margin93.2%-4.4pp
Operating margin14.3%-4.7pp
FCF margin13%+3.1pp

Segments

By product

See full
Property management fees and reimbursable revenues$219.8M+4.0%
Transaction revenues$97.0M-7.6%
Subscription revenue$43.0M-6.5%
Fee-for-Service commissions$19.5M+9.9%

By segment

See full
Vacation Ownership$877.0M+7.7%
Travel and Membership$147.0M-6.4%

Versus estimates

Revenue

Q2 2026$1.1BBeat by $20.9MQ1 2026$961.0MBeat by $6.1M
Q4 2025$1.0BBeat by $25.6M
Q3 2025$1.0BBeat by $43.6MQ2 2025$1.0BMiss by $21.7MQ1 2025$934.0MMiss by $74.0M

Diluted EPS

Q2 2026$1.88In lineQ1 2026$1.45Beat by $0.14
Q4 2025$1.83In line
Q3 2025$1.80Beat by $0.08Q2 2025$1.65Miss by $0.01Q1 2025$1.11Beat by $0.01

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Questions, answered.

When did Travel + Leisure report Q4 2025 earnings?
Travel + Leisure (TNL) reported Q4 2025 earnings on February 18, 2026 before market open.
What were Travel + Leisure's Q4 2025 revenue and EPS?
Travel + Leisure reported revenue of $1.0B and eps of $1.83 for Q4 2025.
Did Travel + Leisure beat estimates in Q4 2025?
Revenue beat the consensus estimate of $1.0B by $25.6M. EPS beat the consensus estimate of $1.83 by $0.00.
How did Travel + Leisure's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 5.7% from $971.0M a year earlier and eps grew 6.4% from $1.72.
Where can I find Travel + Leisure's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001361658-26-000005) and the 10-K periodic report (0001361658-26-000009) directly on SEC EDGAR. The filing index links above go to sec.gov.