Travel + Leisure TNL Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Net revenues by Business | ||||||
| Travel and Membership | $165M-8.3% | —— | $169M+0.6% | $166M-6.2% | $180M-6.7% | |
| Vacation Ownership | $798M+5.7% | —— | $876M+6.2% | $853M+5.7% | $755M+4.1% | |
| Revenue from Contract with Customer, Excluding Assessed Tax by Business | ||||||
| Travel and Membership | $165M-8.3% | $147M-6.4% | $169M+0.6% | $166M-6.2% | $180M-6.7% | |
| Vacation Ownership | $798M+5.7% | $877M+7.7% | $876M+6.2% | $853M+5.7% | $755M+4.1% | |
| Assets, Net of Investment in Unconsolidated Subsidiaries by Business | ||||||
| Travel and Membership | $1.32B-1.2% | $1.33B+0.7% | $1.34B-1.4% | $1.34B0.0% | $1.33B-2.1% | |
| Vacation Ownership | $5.11B-0.8% | $5.02B-1.8% | $5.17B+2.2% | $5.14B+1.9% | $5.15B+1.6% | |
| Adjusted EBITDA by Business | ||||||
| Travel and Membership | $59M-13.2% | —— | $58M-6.5% | $55M-11.3% | $68M-9.3% | |
| Vacation Ownership | $191M+20.1% | —— | $231M+14.4% | $218M+5.8% | $159M+17.8% | |
| Other segment items by Business | ||||||
| Travel and Membership | $2M0.0% | $2M0.0% | $1M+200% | $2M+100% | $2M+100% | |
| Vacation Ownership | $8M+33.3% | $8M-11.1% | $9M0.0% | $10M+150% | $6M0.0% | |
| Segment Reporting, Long-Lived Asset, Expenditure for Addition by Business | ||||||
| Travel and Membership | $3M-25.0% | —— | $5M0.0% | $4M-20.0% | $4M-20.0% | |
| Vacation Ownership | $11M-8.3% | —— | $11M-15.4% | $16M+14.3% | $12M+9.1% | |
| Sales administration by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $58M+11.5% | $55M+12.2% | $58M+16.0% | $53M+12.8% | $52M+8.3% | |
| Commissions by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $100M+12.4% | $110M+4.8% | $116M+8.4% | $112M+4.7% | $89M+1.1% | |
| Consumer financing interest by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $33M-2.9% | $34M-2.9% | $33M-5.7% | $34M+3.0% | $34M+3.0% | |
| Marketing by Business | ||||||
| Travel and Membership | $9M-18.2% | $11M-8.3% | $10M-9.1% | $11M0.0% | $11M0.0% | |
| Vacation Ownership | $108M+16.1% | $109M+12.4% | $124M+6.9% | $114M+5.6% | $93M+4.5% | |
| G&A by Business | ||||||
| Travel and Membership | $23M+4.5% | $23M-11.5% | $23M-8.0% | $23M-8.0% | $22M-12.0% | |
| Vacation Ownership | $62M+6.9% | $66M+4.8% | $62M+8.8% | $57M+7.5% | $58M0.0% | |
| Cost of vacation ownership interests by Business | ||||||
| Travel and Membership | $47M-7.8% | $41M0.0% | $52M+15.6% | $49M0.0% | $51M0.0% | |
| Vacation Ownership | $16M-30.4% | $6M-40.0% | $7M-74.1% | $21M0.0% | $23M-30.3% | |
| Licensing fees by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $24M+14.3% | $27M+12.5% | $28M+12.0% | $27M+8.0% | $21M+5.0% | |
| Fee-for-Service expenses by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $7M-30.0% | $8M+60.0% | $14M+55.6% | $17M+6.3% | $10M-28.6% | |
| Resort services by Business | ||||||
| Travel and Membership | $8M0.0% | $7M-12.5% | $7M0.0% | $8M-11.1% | $8M-11.1% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Property management expense by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $173M0.0% | $172M+8.2% | $170M+2.4% | $167M+6.4% | $173M+7.5% | |
| Capitalized contract costs by Business | ||||||
| Travel and Membership | $21M+31.3% | $16M0.0% | $15M-11.8% | $15M-11.8% | $16M-5.9% | |
| Vacation Ownership | $50M+4.2% | $50M+2.0% | $49M+2.1% | $48M+2.1% | $48M+4.3% | |
| Contact center by Business | ||||||
| Travel and Membership | $17M-5.6% | $17M0.0% | $18M-5.3% | $18M-10.0% | $18M-14.3% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Developer obligations by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $18M-51.4% | $27M-25.0% | $24M+9.1% | $23M-23.3% | $37M-7.5% | |
| Net revenues by Product | ||||||
| Ancillary revenues | $0-100% | —— | $1M0.0% | $1M0.0% | $1M0.0% | |
| Consumer financing | $113M+0.9% | $115M0.0% | $115M+0.9% | $112M+0.9% | $112M+1.8% | |
| Deferred subscription revenue | $42M-2.3% | —— | $43M-2.3% | $43M-2.3% | $43M-4.4% | |
| Eliminations | -$2M0.0% | —— | -$2M-100% | -$2M— | -$2M+33.3% | |
| Fee-for-Service commissions | $11M-31.3% | —— | $22M+37.5% | $26M-3.7% | $16M-11.1% | |
| Property management fees and reimbursable revenues | $223M0.0% | —— | $218M+0.9% | $217M+3.3% | $223M+5.7% | |
| Transaction revenues | $117M-10.0% | —— | $119M+2.6% | $117M-7.1% | $130M-7.1% | |
| Vacation ownership interest sales | $427M+11.2% | $495M+8.6% | $494M+8.6% | $474M+7.5% | $384M+4.1% | |
| Revenue from Contract with Customer, Excluding Assessed Tax by Product | ||||||
| Ancillary Revenues | $0-100% | —— | $1M0.0% | $1M0.0% | $1M0.0% | |
| Eliminations | -$2M0.0% | —— | -$2M-100% | -$2M— | -$2M+33.3% | |
| Subscription revenue | $42M-2.3% | $43M-6.5% | $43M-2.3% | $43M-2.3% | $43M-4.4% | |
| Transaction Revenues | $117M-10.0% | $97M-7.6% | $119M+2.6% | $117M-7.1% | $130M-7.1% | |
| Remaining performance obligations by Product | ||||||
| Deferred subscription revenue | $86M-2.3% | —— | $86M-3.4% | $87M-4.4% | $88M-6.4% | |
| 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.
