What is Travel + Leisure's vacation ownership — adjusted EBITDA?

Travel + Leisure (TNL) reported vacation ownership — adjusted EBITDA of $191M in Q1 2026.

How has Travel + Leisure's vacation ownership — adjusted EBITDA changed year-over-year?

Travel + Leisure's vacation ownership — adjusted EBITDA increased by 20.1% year-over-year, from $159M to $191M.

What does vacation ownership — adjusted EBITDA mean?

Represents the core operating profitability of the vacation ownership segment by excluding non-cash items, interest, taxes, and non-recurring charges. It serves as a primary indicator of the segment's ability to generate cash flow from its core business of selling and managing vacation interests.

Travel + Leisure TNL Vacation Ownership — Adjusted EBITDA

Other segment segments

Travel and Membership

$59M-13.2%

Similar metrics at other companies

HLTOwnership — Segment Adjusted EBITDA

$15M+87.5%

CLFOther Businesses — Adjusted EBITDA

$15M+50.0%

JLLReal Estate Management Services — Adjusted EBITDA

$65.4M+7.2%

CSGPResidential Real Estate — Adjusted EBITDA

-$29M+65.9%

JLLInvestment Management — Adjusted EBITDA

$15M-5.1%

CSGPCommercial Real Estate — Adjusted EBITDA

$161M+6.6%

Other financials

Income statement

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Revenue$961.0M+2.9%

Gross profit$926.0M+1.6%

Operating income$159.0M+1.9%

Net income$79.0M+8.2%

EPS (diluted)$1.22+14.0%

Balance sheet

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Cash & equivalents$456.0M+24.3%

Total debt$4.7B+11.9%

Total equity-$1.0B-13.2%

Total assets$6.8B+1.1%

Cash flow

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Operating cash flow$38.0M-68.6%

CapEx$19.0M-9.5%

Free cash flow$19.0M-81.0%

Valuation

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Market cap$4.79B+39.8%

Profitability

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Gross margin93%-4.9pp

Operating margin14.3%-4.8pp

Net margin10.4%-0.6pp

FCF margin10.9%-0.7pp

Returns & leverage

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Return on equity122.1%—

Debt / equity6.6×—

Current ratio1.2×—

Where this comes from

Reported directly by Travel + Leisure in its filing.

Tagged under the XBRL concept wyn:AdjustedEarningsBeforeInterestTaxesDepreciationandAmortization.

The official record: Travel + Leisure’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Travel + Leisure's vacation ownership — adjusted EBITDA?: Travel + Leisure (TNL) reported vacation ownership — adjusted EBITDA of $191M in Q1 2026.
How has Travel + Leisure's vacation ownership — adjusted EBITDA changed year-over-year?: Travel + Leisure's vacation ownership — adjusted EBITDA increased by 20.1% year-over-year, from $159M to $191M.
What does vacation ownership — adjusted EBITDA mean?: Represents the core operating profitability of the vacation ownership segment by excluding non-cash items, interest, taxes, and non-recurring charges. It serves as a primary indicator of the segment's ability to generate cash flow from its core business of selling and managing vacation interests.