Travel + Leisure TNL Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Net revenues by Business | ||||||
| Travel and Membership | $165M— | —— | $169M+1.8% | $166M-7.8% | $180M— | |
| Vacation Ownership | $798M— | —— | $876M+2.7% | $853M+13.0% | $755M— | |
| Revenue from Contract with Customer, Excluding Assessed Tax by Business | ||||||
| Travel and Membership | $165M+12.2% | $147M-13.0% | $169M+1.8% | $166M-7.8% | $180M+14.6% | |
| Vacation Ownership | $798M-9.0% | $877M+0.1% | $876M+2.7% | $853M+13.0% | $755M-7.2% | |
| Assets, Net of Investment in Unconsolidated Subsidiaries by Business | ||||||
| Travel and Membership | $1.32B-1.3% | $1.33B-0.7% | $1.34B+0.1% | $1.34B+0.8% | $1.33B+0.6% | |
| Vacation Ownership | $5.11B+1.7% | $5.02B-2.9% | $5.17B+0.6% | $5.14B-0.1% | $5.15B+0.7% | |
| Adjusted EBITDA by Business | ||||||
| Travel and Membership | $59M— | —— | $58M+5.5% | $55M-19.1% | $68M— | |
| Vacation Ownership | $191M— | —— | $231M+6.0% | $218M+37.1% | $159M— | |
| Other segment items by Business | ||||||
| Travel and Membership | $2M0.0% | $2M+100% | $1M-50.0% | $2M0.0% | $2M0.0% | |
| Vacation Ownership | $8M0.0% | $8M-11.1% | $9M-10.0% | $10M+66.7% | $6M-33.3% | |
| Segment Reporting, Long-Lived Asset, Expenditure for Addition by Business | ||||||
| Travel and Membership | $3M— | —— | $5M+25.0% | $4M0.0% | $4M— | |
| Vacation Ownership | $11M— | —— | $11M-31.3% | $16M+33.3% | $12M— | |
| Sales administration by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $58M+5.5% | $55M-5.2% | $58M+9.4% | $53M+1.9% | $52M+6.1% | |
| Commissions by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $100M-9.1% | $110M-5.2% | $116M+3.6% | $112M+25.8% | $89M-15.2% | |
| Consumer financing interest by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $33M-2.9% | $34M+3.0% | $33M-2.9% | $34M0.0% | $34M-2.9% | |
| Marketing by Business | ||||||
| Travel and Membership | $9M-18.2% | $11M+10.0% | $10M-9.1% | $11M0.0% | $11M-8.3% | |
| Vacation Ownership | $108M-0.9% | $109M-12.1% | $124M+8.8% | $114M+22.6% | $93M-4.1% | |
| G&A by Business | ||||||
| Travel and Membership | $23M0.0% | $23M0.0% | $23M0.0% | $23M+4.5% | $22M-15.4% | |
| Vacation Ownership | $62M-6.1% | $66M+6.5% | $62M+8.8% | $57M-1.7% | $58M-7.9% | |
| Cost of vacation ownership interests by Business | ||||||
| Travel and Membership | $47M+14.6% | $41M-21.2% | $52M+6.1% | $49M-3.9% | $51M+24.4% | |
| Vacation Ownership | $16M+167% | $6M-14.3% | $7M-66.7% | $21M-8.7% | $23M+130% | |
| Licensing fees by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $24M-11.1% | $27M-3.6% | $28M+3.7% | $27M+28.6% | $21M-12.5% | |
| Fee-for-Service expenses by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $7M-12.5% | $8M-42.9% | $14M-17.6% | $17M+70.0% | $10M+100% | |
| Resort services by Business | ||||||
| Travel and Membership | $8M+14.3% | $7M0.0% | $7M-12.5% | $8M0.0% | $8M0.0% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Property management expense by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $173M+0.6% | $172M+1.2% | $170M+1.8% | $167M-3.5% | $173M+8.8% | |
| Capitalized contract costs by Business | ||||||
| Travel and Membership | $21M+31.3% | $16M+6.7% | $15M0.0% | $15M-6.3% | $16M0.0% | |
| Vacation Ownership | $50M0.0% | $50M+2.0% | $49M+2.1% | $48M0.0% | $48M-2.0% | |
| Contact center by Business | ||||||
| Travel and Membership | $17M0.0% | $17M-5.6% | $18M0.0% | $18M0.0% | $18M+5.9% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Developer obligations by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $18M-33.3% | $27M+12.5% | $24M+4.3% | $23M-37.8% | $37M+2.8% | |
| Net revenues by Product | ||||||
| Ancillary revenues | $0— | —— | $1M0.0% | $1M0.0% | $1M— | |
| Consumer financing | $113M-1.7% | $115M0.0% | $115M+2.7% | $112M0.0% | $112M-2.6% | |
| Deferred subscription revenue | $42M— | —— | $43M0.0% | $43M0.0% | $43M— | |
| Eliminations | -$2M— | —— | -$2M0.0% | -$2M0.0% | -$2M— | |
| Fee-for-Service commissions | $11M— | —— | $22M-15.4% | $26M+62.5% | $16M— | |
| Property management fees and reimbursable revenues | $223M— | —— | $218M+0.5% | $217M-2.7% | $223M— | |
| Transaction revenues | $117M— | —— | $119M+1.7% | $117M-10.0% | $130M— | |
| Vacation ownership interest sales | $427M-13.7% | $495M+0.2% | $494M+4.2% | $474M+23.4% | $384M-15.8% | |
| Revenue from Contract with Customer, Excluding Assessed Tax by Product | ||||||
| Ancillary Revenues | $0— | —— | $1M0.0% | $1M0.0% | $1M— | |
| Eliminations | -$2M— | —— | -$2M0.0% | -$2M0.0% | -$2M— | |
| Subscription revenue | $42M-2.3% | $43M0.0% | $43M0.0% | $43M0.0% | $43M-6.5% | |
| Transaction Revenues | $117M+20.6% | $97M-18.5% | $119M+1.7% | $117M-10.0% | $130M+23.8% | |
| Remaining performance obligations by Product | ||||||
| Deferred subscription revenue | $86M— | —— | $86M-1.1% | $87M-1.1% | $88M— | |
| Contract with Customer, Liability, Revenue Recognition Term by Product | ||||||
| Deferred VOI incentive revenue | 0— | —— | 0— | 0— | 0— | |
| Deferred VOI trial package revenue | 0— | —— | 0— | 0— | 0— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Travel + Leisure break its business down?
- Travel + Leisure (TNL) reports net revenues by business across 2 parts — Travel and Membership and Vacation Ownership. Each is extracted from the segment footnotes and tracked over time.
- Where does Travel + Leisure's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Travel + Leisure's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.