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Travel + Leisure TNL Operating margin

Operating margin at other companies

Expedia Group, Inc. logo
Expedia Group, Inc.EXPE
14.4%+4.6pp
Airbnb logo
AirbnbABNB
20.5%-1.7pp
Wyndham Hotels & Resorts, Inc. logo
Wyndham Hotels & Resorts, Inc.WH
30.7%-8.5pp
Hilton Worldwide logo
Hilton WorldwideHLT
23.1%+2.1pp
Marriott International logo
Marriott InternationalMAR
16%+0.9pp
Life Time Group Holdings logo
Life Time Group HoldingsLTH
16.5%+2.1pp

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
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.

operating income/total revenue=14.3%

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 operating margin?
Travel + Leisure (TNL) reported operating margin of 14.3% in Q1 2026.
How has Travel + Leisure's operating margin changed year-over-year?
Travel + Leisure's operating margin decreased by 24.9% year-over-year, from 19.1% to 14.3%.
What is the long-term trend for Travel + Leisure's operating margin?
Over 5 years (2020 to 2025), Travel + Leisure's operating margin has grown at a 23.9% compound annual growth rate (CAGR), from -4.9% to 14.3%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.