What is Travel + Leisure's net margin?

Travel + Leisure (TNL) reported net margin of 10.4% in Q3 2025.

How has Travel + Leisure's net margin changed year-over-year?

Travel + Leisure's net margin decreased by 5.7% year-over-year, from 11% to 10.4%.

What is the long-term trend for Travel + Leisure's net margin?

Over 4 years (2020 to 2024), Travel + Leisure's net margin has grown at a -2.7% compound annual growth rate (CAGR), from -11.9% to 10.6%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Travel + Leisure TNL Net margin

Net margin at other companies

Expedia Group, Inc.EXPE

9.8%+1.3pp

AirbnbABNB

19.9%-2.7pp

Walt DisneyDIS

14.7%+6.3pp

Hyatt HotelsH

-0.5%-13.3pp

Wyndham Hotels & Resorts, Inc.WH

23.5%+5.3pp

Hilton WorldwideHLT

12.6%-1.3pp

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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Gross margin93%-4.9pp

Operating margin14.3%-4.8pp

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.

net income/total revenue=10.4%

Based on trailing twelve months.

The official record: Travel + Leisure’s 10-Q, filed October 22, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Travel + Leisure's net margin?: Travel + Leisure (TNL) reported net margin of 10.4% in Q3 2025.
How has Travel + Leisure's net margin changed year-over-year?: Travel + Leisure's net margin decreased by 5.7% year-over-year, from 11% to 10.4%.
What is the long-term trend for Travel + Leisure's net margin?: Over 4 years (2020 to 2024), Travel + Leisure's net margin has grown at a -2.7% compound annual growth rate (CAGR), from -11.9% to 10.6%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.