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Travel + Leisure TNL Gross margin

Gross margin at other companies

Expedia Group, Inc. logo
Expedia Group, Inc.EXPE
90.3%+0.7pp
Airbnb logo
AirbnbABNB
82.9%-0.1pp
Life Time Group Holdings logo
Life Time Group HoldingsLTH
47.9%+0.7pp
VICI Properties Inc. logo
VICI Properties Inc.VICI
99.3%0.0pp

Other financials

Income statement

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Revenue$961.0M+2.9%
Gross profit$926.0M+1.6%
Operating income$159.0M+1.9%
Net income$79.0M+8.2%
EPS (diluted)$1.22+14.0%

Balance sheet

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Cash & equivalents$456.0M+24.3%
Total debt$4.7B+11.9%
Total equity-$1.0B-13.2%
Total assets$6.8B+1.1%

Cash flow

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Operating cash flow$38.0M-68.6%
CapEx$19.0M-9.5%
Free cash flow$19.0M-81.0%

Valuation

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Market cap$4.79B+39.8%
Enterprise value$9.04B+23.7%
P/E12.9×+2.3×
P/S1.2×+0.3×

Profitability

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Operating margin14.3%-4.8pp
Net margin10.4%-0.6pp
FCF margin10.9%-0.7pp

Returns & leverage

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Return on equity122.1%—
Debt / equity6.6×—
Current ratio1.2×—

Where this comes from

Calculated from Travel + Leisure’s reported figures.

gross profit/total revenue=93%

Based on trailing twelve months.

The official record: Travel + Leisure’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Travel + Leisure's gross margin?
Travel + Leisure (TNL) reported gross margin of 93% in Q1 2026.
How has Travel + Leisure's gross margin changed year-over-year?
Travel + Leisure's gross margin decreased by 5.0% year-over-year, from 97.9% to 93%.
What is the long-term trend for Travel + Leisure's gross margin?
Over 5 years (2020 to 2025), Travel + Leisure's gross margin has grown at a -1.4% compound annual growth rate (CAGR), from 99.9% to 93.2%.
What does gross margin mean?
Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.