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Travel + Leisure TNL Vacation Ownership — CapEx

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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 us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

The official record: Travel + Leisure’s 10-K, filed February 18, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Travel + Leisure's vacation ownership — capex?
Travel + Leisure (TNL) reported vacation ownership — capex of $13.5M in Q4 2025.
How has Travel + Leisure's vacation ownership — capex changed year-over-year?
Travel + Leisure's vacation ownership — capex decreased by 0.0% year-over-year, from $13.5M to $13.5M.
What is the long-term trend for Travel + Leisure's vacation ownership — capex?
Over 4 years (2021 to 2025), Travel + Leisure's vacation ownership — capex has grown at a 12.3% compound annual growth rate (CAGR), from $34M to $54M.
What does vacation ownership — capex mean?
This metric tracks the cash outflows used to acquire, upgrade, or maintain physical assets and infrastructure within the vacation ownership segment. It reflects the company's ongoing investment in resort properties and operational capabilities to sustain long-term growth.