Travel + Leisure TNL Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax by Business | ||||||
| Travel and Membership | $647M-2.3% | $662M-1.5% | $672M+0.1% | $671M-1.6% | $682M-1.9% | |
| Vacation Ownership | $3.4B+1.3% | $3.36B+1.9% | $3.3B+1.6% | $3.25B+1.4% | $3.2B+0.9% | |
| Assets, Net of Investment in Unconsolidated Subsidiaries by Business | ||||||
| Travel and Membership | $5.34B-0.3% | $5.35B+0.2% | $5.35B-0.4% | $5.36B0.0% | $5.36B-0.5% | |
| Vacation Ownership | $20.44B-0.2% | $20.48B-0.4% | $20.57B+0.6% | $20.46B+0.5% | $20.36B+0.4% | |
| Other segment items by Business | ||||||
| Travel and Membership | $7M0.0% | $7M0.0% | $7M+40.0% | $5M+25.0% | $4M+33.3% | |
| Vacation Ownership | $35M+6.1% | $33M-2.9% | $34M0.0% | $34M+21.4% | $28M0.0% | |
| Sales administration by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $224M+2.8% | $218M+2.8% | $212M+3.9% | $204M+3.0% | $198M+2.1% | |
| Commissions by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $438M+2.6% | $427M+1.2% | $422M+2.2% | $413M+1.2% | $408M+0.2% | |
| Consumer financing interest by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $134M-0.7% | $135M-0.7% | $136M-1.4% | $138M+0.7% | $137M+0.7% | |
| Marketing by Business | ||||||
| Travel and Membership | $41M-4.7% | $43M-2.3% | $44M-2.2% | $45M0.0% | $45M0.0% | |
| Vacation Ownership | $455M+3.4% | $440M+2.8% | $428M+1.9% | $420M+1.4% | $414M+1.0% | |
| G&A by Business | ||||||
| Travel and Membership | $92M+1.1% | $91M-3.2% | $94M-2.1% | $96M-2.0% | $98M-3.0% | |
| Vacation Ownership | $247M+1.6% | $243M+1.3% | $240M+2.1% | $235M+1.7% | $231M0.0% | |
| Cost of vacation ownership interests by Business | ||||||
| Travel and Membership | $189M-2.1% | $193M0.0% | $193M+3.8% | $186M0.0% | $186M0.0% | |
| Vacation Ownership | $50M-12.3% | $57M-6.6% | $61M-24.7% | $81M0.0% | $81M-11.0% | |
| Licensing fees by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $106M+2.9% | $103M+3.0% | $100M+3.1% | $97M+2.1% | $95M+1.1% | |
| Fee-for-Service expenses by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $46M-6.1% | $49M+6.5% | $46M+12.2% | $41M+2.5% | $40M-9.1% | |
| Resort services by Business | ||||||
| Travel and Membership | $30M0.0% | $30M-3.2% | $31M0.0% | $31M-3.1% | $32M-3.0% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Property management expense by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $682M0.0% | $682M+1.9% | $669M+0.6% | $665M+1.5% | $655M+1.9% | |
| Capitalized contract costs by Business | ||||||
| Travel and Membership | $67M+8.1% | $62M0.0% | $62M-3.1% | $64M-3.0% | $66M-1.5% | |
| Vacation Ownership | $197M+1.0% | $195M+0.5% | $194M+0.5% | $193M+0.5% | $192M+1.1% | |
| Contact center by Business | ||||||
| Travel and Membership | $70M-1.4% | $71M0.0% | $71M-1.4% | $72M-2.7% | $74M-3.9% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Developer obligations by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $92M-17.1% | $111M-7.5% | $120M+1.7% | $118M-5.6% | $125M-2.3% | |
| Net revenues by Product | ||||||
| Consumer financing | $455M+0.2% | $454M0.0% | $454M+0.2% | $453M+0.2% | $452M+0.4% | |
| Vacation ownership interest sales | $1.89B+2.3% | $1.85B+2.2% | $1.81B+2.2% | $1.77B+1.9% | $1.74B+0.9% | |
| Revenue from Contract with Customer, Excluding Assessed Tax by Product | ||||||
| Subscription revenue | $171M-0.6% | $172M-1.7% | $175M-0.6% | $176M-0.6% | $177M-1.1% | |
| Transaction Revenues | $450M-2.8% | $463M-1.7% | $471M+0.6% | $468M-1.9% | $477M-2.1% |
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.