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Travel + Leisure TNL Operating margin

Operating margin at other companies

Expedia Group, Inc. logo
Expedia Group, Inc.EXPE
16%+6.0pp
Airbnb logo
AirbnbABNB
20.8%-1.7pp
Wyndham Hotels & Resorts, Inc. logo
Wyndham Hotels & Resorts, Inc.WH
32.9%-5.9pp
St. Joe Company logo
St. Joe CompanyJOE
30.2%+6.5pp
Camping World Holdings logo
Camping World HoldingsCWH
2.7%-1.8pp
Hilton Worldwide logo
Hilton WorldwideHLT
23.3%+2.2pp

Other financials

Income statement

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Revenue$1.1B+4.4%
Gross profit$1.0B+3.7%
Operating income$210.0M+1.9%
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
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

Calculated from Travel + Leisure’s reported figures.

operating income/total revenue=14.2%

Based on trailing twelve months.

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

Filed
Jul 22, 2026, 11:22 AM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q3 2026
Accession
0001361658-26-000053

FAQ

What is Travel + Leisure's operating margin?
Travel + Leisure (TNL) reported operating margin of 14.2% in Q2 2026.
How has Travel + Leisure's operating margin changed year-over-year?
Travel + Leisure's operating margin decreased by 26.3% year-over-year, from 19.3% to 14.2%.
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.

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