What are Travel + Leisure's profit margins?

Gross margin is 93.0% and operating margin is 14.3%, with a 10.4% net margin.

Where does Travel + Leisure's income statement data come from?

Every line is extracted from Travel + Leisure's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.

Travel + Leisure TNL Income Statement

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Total revenue	$4.05B+4.2%	$4.02B+4.0%	$3.97B+3.6%	$3.92B+2.4%	$3.88B+2.5%
Total cost of revenue	$284M+251%	$272M+196%	$67M-38.0%	$81M-34.7%	$81M-40.4%
Gross profit	$3.76B-1.0%	$3.75B-0.6%	$3.9B+4.8%	$3.84B+3.7%	$3.8B+4.1%
Gross margin	93%-4.9pp	93.2%-4.4pp	98.3%+1.1pp	97.9%+1.2pp	97.9%+1.5pp
Selling and marketing	$603M+9.0%	$585M+6.4%	$571M+4.8%	$561M+5.1%	$553M+7.0%
General and administrative	$498M+2.5%	$499M+4.8%	$485M+5.9%	$474M+4.2%	$486M+10.2%
Compensation and benefits	——	——	——	——	——
Occupancy and equipment	——	——	——	——	——
Depreciation and amortization	$126M+8.6%	$124M+8.8%	$121M+6.1%	$119M+5.3%	$116M+2.7%
Provision for credit losses	$493M+10.8%	$484M+12.0%	$481M+19.4%	$460M+22.0%	$445M+27.1%
Restructuring charges	$17M+6.3%	$19M+18.8%	$2M-92.9%	$16M0.0%	$16M-40.7%
Impairment charges	$29M+867%	$10M+233%	$3M0.0%	$4M+300%	$3M—
Other operating expenses	——	——	——	——	——
Total costs & expenses	$3.49B+11.1%	$3.47B+10.8%	$3.19B+2.4%	$3.16B+2.4%	$3.14B+2.8%
Operating income	$579M-21.8%	$576M-21.5%	$782M+8.8%	$757M+2.7%	$740M+1.2%
Operating margin	14.3%-4.8pp	14.3%-4.7pp	19.7%+0.9pp	19.3%+0.1pp	19.1%-0.2pp
Interest expense	$230M-5.3%	$231M-7.6%	$234M-9.3%	$237M-8.5%	$243M-5.4%
Other income (expense), net	$9M-40.0%	$7M-56.3%	$12M—	$12M—	$15M—
Income before income taxes	——	——	$568M+17.8%	$540M+8.0%	$521M+5.9%
Income tax expense	——	——	$158M+66.3%	$144M+44.0%	$136M+36.0%
Net income	——	——	$411M-2.4%	$397M-8.5%	$418M+4.8%
Diluted earnings per share	——	——	$6.07+3.4%	$5.79-3.0%	$5.98+10.5%
Basic earnings per share	——	——	$6.16+4.2%	$5.86-2.5%	$6.05+11.2%
Weighted-average shares, diluted	——	——	——	——	——
Weighted-average shares, basic	——	——	——	——	——
Other expenses	——	——	——	——	——
Interest Income (Expense), Nonoperating	$10M+11.1%	$9M-25.0%	$8M-42.9%	$8M-42.9%	$9M—
Adjusted EBITDA	——	——	——	——	——
Share-based compensation expense related to employee stock plans	——	——	——	——	——
Equity issuance costs	——	——	——	——	——
Pre-tax stock-based compensation cost	——	——	——	——	——
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation	——	——	——	——	——
Cash dividend per common share (in dollars per share)	——	——	——	——	——
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	——	——	——	——	——
Revenue recognized that was included in deferred income at the beginning of the period	——	——	——	——	——
Deferred and other income taxes	-$14M—	-$21M—	$56M—	——	——
Deferred Revenue Additions	——	——	——	——	——
Dividends, Common Stock	——	——	——	——	——
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	——	——	——	$2M+150%	-$5M-66.7%
Share-Based Payment Arrangement, Expense, Tax Benefit	——	——	——	——	——
Finance lease cost	——	——	——	——	——
Finance Lease Principal Payments	——	——	——	——	——
Finance Lease Right Of Use Asset Amortization	——	——	——	——	——
Financing Interest Expense	$134M-2.2%	$135M-0.7%	$136M+3.0%	$138M+9.5%	$137M+14.2%
Financing Receivable, Allowance for Credit Loss, Write-off, net	——	——	——	——	——
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	——	——	——	——	——
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	——	——	——	——	——
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	——	——	——	——	——
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	——	——	——	——	——
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	——	——	——	——	——
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	——	——	——	——	——
Income Taxes Paid, Net	——	——	——	——	——
Accounts payable and other current liabilities	$68M—	$96M—	-$11M—	$0—	——
Increase (Decrease) in Accounts Receivable	——	——	——	——	——
Increase (Decrease) in Contract with Customer, Asset	$519M+2.2%	$503M-8.4%	$484M-12.8%	$475M-9.2%	$508M-1.4%
Increase (decrease) in contract liabilities and current deferred income	——	——	——	——	$28M+21.7%
Increase (Decrease) in Inventories	$152M+1,800%	$68M+325%	$57M+813%	$30M+350%	$8M+128%
Increase (Decrease) in Other Operating Assets	——	——	——	——	$14M—
Increase (Decrease) in Prepaid Expense	——	——	——	——	——
Add - Incremental shares under stock-based compensation plans (in shares)	——	——	——	——	——
Interest and Fee Income, Loans, Other Consumer	——	——	——	——	——
Interest Costs Incurred Capitalized	——	——	——	——	——
Debt	$230M-5.3%	$231M-7.6%	$234M-9.3%	$237M-8.5%	$243M—
Inventory transferred (to)/from Assets Held for Sale	——	——	——	——	——
Inventory transferred (to)/from Property and Equipment	——	——	——	——	——
Inventory write-downs and asset impairments, net	——	——	——	——	——
Legacy items	——	——	——	——	——
Marketing	——	——	——	——	——
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders	——	——	——	——	——
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	-$373M+48.5%	-$443M+3.3%	-$444M-3.3%	-$452M-20.5%	-$724M-1,674%
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	-$103M-15.7%	-$107M+13.7%	-$101M+25.2%	-$91M+28.9%	-$89M+25.8%
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	$557M+3.5%	$640M+37.9%	$614M+18.5%	$596M+29.3%	$538M+37.9%
Number of reportable segments	——	——	——	——	——
Operating Lease Payments	——	——	——	——	——
Originated vacation ownership contract receivables	——	——	——	——	——
AOCI before reclass, net of taxes	——	——	——	——	——
Other Comprehensive Income (Loss) before Reclassifications, Tax	——	——	——	——	——
Other Comprehensive Income Loss Before Reclassifications Before Tax	——	——	——	——	——
Pension settlement charge	——	——	——	——	——
Foreign currency translation gains (losses)	——	——	——	——	——
Other comprehensive income (loss)	——	——	——	——	——
Other Noncash Expense	$12M0.0%	$13M+8.3%	$12M-14.3%	$13M-13.3%	$12M-25.0%
Other income, net (Note 6)	$9M-40.0%	$7M-56.3%	$12M—	$12M—	$15M—
All other operating activities	-$15M—	-$8M—	——	——	——
Paid-in-kind interest capitalized	——	——	——	——	——
Payments for Repurchase of Common Stock	$318M+14.0%	$301M+28.6%	$283M+40.1%	$280M+39.3%	$279M+19.7%
Payments for Restructuring	——	——	——	——	——
Payments of Debt Issuance Costs	$28M+40.0%	$27M+35.0%	$30M+30.4%	$25M+4.2%	$20M-25.9%
Payments of Ordinary Dividends, Common Stock	$149M+2.8%	$149M+4.9%	$148M+5.7%	$147M+6.5%	$145M+5.1%
Payment, Tax Withholding, Share-Based Payment Arrangement	——	——	——	——	——
Payments to Acquire Businesses, Net of Cash Acquired	——	——	——	——	——
Payments to Acquire Investments	$27M—	$19M—	$10M—	$4M—	——
Payments to Acquire Property, Plant, and Equipment	$115M+35.3%	$117M+44.4%	$108M+20.0%	$101M+20.2%	$85M+7.6%
Net borrowings under accounts receivable securitization program	$1.74B-7.2%	$1.71B-5.4%	$1.71B-13.1%	$1.79B—	$1.88B—
Proceeds from Advance for and Contribution in Aid of Construction, Financing Activity and related interest	——	——	——	——	——
Collections of finance receivables	——	——	——	——	——
Proceeds from Issuance of Common Stock	$36M+112%	$34M+127%	$33M+175%	$15M—	$17M—
Issuance of debt	——	——	——	——	$2.06B+3.2%
Financing — other	——	——	——	——	——
Short-term investments sold	$30M—	$21M—	$18M—	$15M—	——
Repayments of Accounts Receivable Securitization	——	——	——	——	——
Repayments of Debt and Lease Obligation	——	——	——	——	$2.14B+1.1%
Restructuring Reserve Accrual Adjustment1	——	——	——	——	——
Revenue From Contract With Customer Excluding Assessed Tax	——	——	——	——	——
Right Of Use Asset Obtained In Exchange For Finance Lease Liability	——	——	——	——	——
Right Of Use Asset Obtained In Exchange For Operating Lease Liability	——	——	——	——	——
Property, plant, and equipment additions	——	——	——	——	——
Stock-based compensation	$56M+21.7%	$57M+39.0%	$50M+38.9%	$47M+30.6%	$46M+24.3%
Share-Based Compensation Arrangement Awards Vested in Period, Fair Value	——	——	——	——	——
Short Term Lease Cost	——	——	——	——	——
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment	——	——	——	——	——
Stock Issued During Period, Value, Stock Options Exercised	——	——	——	——	——
Stockholders' Equity, Other	——	——	——	——	——
Treasury stock, value, acquired	——	——	——	——	——
EBIT	$579M-21.8%	$576M-21.5%	$782M+8.8%	$757M+2.7%	$740M+1.2%
EBITDA	$705M-17.7%	$700M-17.6%	$903M+8.3%	$877M+3.2%	$857M+1.7%
EBITDA	$705M-17.7%	$700M-17.6%	$903M+8.3%	$877M+3.2%	$857M+1.7%
EBITDA margin	17.4%-4.7pp	17.4%-4.6pp	22.8%+1.0pp	22.4%+0.2pp	22.1%-0.2pp
EBIT	$579M-21.8%	$576M-21.5%	$782M+8.8%	$757M+2.7%	$740M+1.2%

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Questions, answered.

What are Travel + Leisure's profit margins?: Gross margin is 93.0% and operating margin is 14.3%, with a 10.4% net margin.
Where does Travel + Leisure's income statement data come from?: Every line is extracted from Travel + Leisure's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.