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-5.1% | $662M-4.7% | $672M-3.4% | $671M-4.4% | $682M-3.1% | |
| Vacation Ownership | $3.4B+6.3% | $3.36B+6.0% | $3.3B+5.3% | $3.25B+4.1% | $3.2B+3.9% | |
| Assets, Net of Investment in Unconsolidated Subsidiaries by Business | ||||||
| Travel and Membership | $5.34B-0.5% | $5.35B-0.7% | $5.35B-1.4% | $5.36B-1.0% | $5.36B-1.3% | |
| Vacation Ownership | $20.44B+0.4% | $20.48B+1.0% | $20.57B+2.1% | $20.46B+2.2% | $20.36B+2.7% | |
| Other segment items by Business | ||||||
| Travel and Membership | $7M+75.0% | $7M+133% | $7M+250% | $5M+25.0% | $4M0.0% | |
| Vacation Ownership | $35M+25.0% | $33M+17.9% | $34M+24.8% | $34M+28.3% | $28M-8.9% | |
| Sales administration by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $224M+13.1% | $218M+12.4% | $212M+11.7% | $204M+10.6% | $198M+8.6% | |
| Commissions by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $438M+7.4% | $427M+4.9% | $422M+7.8% | $413M+10.4% | $408M+14.4% | |
| Consumer financing interest by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $134M-2.2% | $135M-0.7% | $136M+5.4% | $138M+13.1% | $137M+17.1% | |
| Marketing by Business | ||||||
| Travel and Membership | $41M-8.9% | $43M-4.4% | $44M-7.4% | $45M-11.8% | $45M-17.4% | |
| Vacation Ownership | $455M+9.9% | $440M+7.3% | $428M+6.2% | $420M+11.4% | $414M+15.3% | |
| G&A by Business | ||||||
| Travel and Membership | $92M-6.1% | $91M-9.9% | $94M-7.2% | $96M-6.3% | $98M-5.5% | |
| Vacation Ownership | $247M+6.9% | $243M+5.2% | $240M+6.2% | $235M+3.5% | $231M-0.4% | |
| Cost of vacation ownership interests by Business | ||||||
| Travel and Membership | $189M+1.6% | $193M+3.8% | $193M+1.6% | $186M-2.1% | $186M0.0% | |
| Vacation Ownership | $50M-38.3% | $57M-37.4% | $61M-46.5% | $81M-32.5% | $81M-38.6% | |
| Licensing fees by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $106M+11.6% | $103M+9.6% | $100M+8.4% | $97M+8.4% | $95M+9.5% | |
| Fee-for-Service expenses by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $46M+15.0% | $49M+11.4% | $46M-22.4% | $41M-41.8% | $40M-46.5% | |
| Resort services by Business | ||||||
| Travel and Membership | $30M-6.3% | $30M-9.1% | $31M-10.1% | $31M-16.2% | $32M-14.7% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Property management expense by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $682M+4.1% | $682M+6.1% | $669M+5.2% | $665M+7.0% | $655M+6.3% | |
| Capitalized contract costs by Business | ||||||
| Travel and Membership | $67M+1.5% | $62M-7.5% | $62M-7.5% | $64M-4.5% | $66M-1.5% | |
| Vacation Ownership | $197M+2.6% | $195M+2.6% | $194M+3.7% | $193M+4.9% | $192M+7.3% | |
| Contact center by Business | ||||||
| Travel and Membership | $70M-5.4% | $71M-7.8% | $71M-11.0% | $72M-10.6% | $74M-7.8% | |
| Vacation Ownership | $0— | $0— | $0— | $0— | $0— | |
| Developer obligations by Business | ||||||
| Travel and Membership | $0— | $0— | $0— | $0— | $0— | |
| Vacation Ownership | $92M-26.4% | $111M-13.3% | $120M-3.4% | $118M-12.3% | $125M-8.6% | |
| Net revenues by Product | ||||||
| Consumer financing | $455M+0.7% | $454M+0.9% | $454M+1.1% | $453M+2.5% | $452M+4.1% | |
| Vacation ownership interest sales | $1.89B+8.9% | $1.85B+7.3% | $1.81B+7.9% | $1.77B+7.0% | $1.74B+7.6% | |
| Revenue from Contract with Customer, Excluding Assessed Tax by Product | ||||||
| Subscription revenue | $171M-3.4% | $172M-3.9% | $175M-2.2% | $176M-2.8% | $177M-3.3% | |
| Transaction Revenues | $450M-5.7% | $463M-4.9% | $471M-3.3% | $468M-4.9% | $477M-3.0% |
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.