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Travel + Leisure TNL Operating Income

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$758M+23.9%
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Vail ResortsMTN
$494.13M-14.5%

Other financials

Income statement

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Revenue$1.1B+4.4%
Gross profit$1.0B+3.7%
Net income$109.0M+0.9%
EPS (diluted)$1.72+6.2%

Balance sheet

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Cash & equivalents$471.0M+21.7%
Total debt$4.5B+4.4%
Total equity-$1.0B-19.6%
Total assets$6.9B+1.3%

Cash flow

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Operating cash flow$220.0M-5.2%
CapEx$25.0M-32.4%
Free cash flow$195.0M0.0%

Valuation

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Market cap$4.77B+22.5%
Enterprise value$8.81B+12.5%
P/E11.7×+2.1×
P/S1.2×+0.2×

Profitability

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Gross margin92.9%-5.1pp
Operating margin14.2%-5.1pp
Net margin10.4%-0.6pp
FCF margin10.8%-1.8pp

Returns & leverage

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

Where this comes from

Reported directly by Travel + Leisure in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Travel + Leisure’s 10-Q, filed July 22, 2026.

Filed
Jul 22, 2026, 11:22 AM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q3 2026
Accession
0001361658-26-000053
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Restructuring(2)
Asset impairments, net11
Total expenses8538121,6551,589
Operating income210206369362
Interest expense5957115115
Other (income), net(2)(1)(4)(2)
Interest (income)(2)(2)(5)(4)
Income before income taxes155152263253

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's operating income?
Travel + Leisure (TNL) reported operating income of $210M in Q2 2026.
How has Travel + Leisure's operating income changed year-over-year?
Travel + Leisure's operating income increased by 1.9% year-over-year, from $206M to $210M.
What is the long-term trend for Travel + Leisure's operating income?
Over 4 years (2021 to 2025), Travel + Leisure's operating income has grown at a -1.8% compound annual growth rate (CAGR), from $619M to $576M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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