What does vacation ownership — foreign exchange mean?

The impact of currency fluctuations on the financial results of the vacation ownership segment's international operations. This metric quantifies the gains or losses resulting from translating foreign-denominated transactions or assets into the reporting currency.

Travel + Leisure (TNL) Vacation Ownership — Foreign Exchange

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Other segment segments

Travel and Membership

$6M+400%

Similar metrics at other companies

FLUTInternational — Foreign Exchange

$263.5M+300%

FLUTU.S. — Foreign Exchange

$0—

NWLLearning and Development — Foreign Exchange

-$9M-143%

NWLOutdoor and Recreation — Foreign Exchange

$0—

NWLHome and Commercial Solutions — Foreign Exchange

$0—

KEE

KEELForeign Exchange

$23.75K—

Other financials

Income statement

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Revenue$1.1B+4.4%

Gross profit$1.0B+3.7%

Operating income$210.0M+1.9%

Net income$109.0M+0.9%

EPS (diluted)$1.72+6.2%

Balance sheet

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Cash & equivalents$471.0M+21.7%

Total debt$4.5B+4.4%

Total equity-$1.0B-19.6%

Total assets$6.9B+1.3%

Cash flow

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Operating cash flow$220.0M-5.2%

CapEx$25.0M-32.4%

Free cash flow$195.0M0.0%

Valuation

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Market cap$4.74B+22.5%

Enterprise value$8.78B+12.5%

P/E11.6×+2.1×

P/S1.2×+0.2×

Profitability

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Gross margin92.9%-5.1pp

Operating margin14.2%-5.1pp

Net margin10.4%-0.6pp

FCF margin10.8%-1.8pp

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:GoodwillForeignCurrencyTranslationGainLoss.

The source filing: Travel + Leisure’s 10-K, filed February 18, 2026.

Filed: Feb 18, 2026, 10:08 AM EST
Fiscal year: FY2025
Accession: 0001361658-26-000009

Line item	Balance as of December 31, 2024	Goodwill Acquired During 2025	Foreign Exchange	Balance as of December 31, 2025
Travel and Membership	$933	—	$6	$939
Vacation Ownership	33	—	—	33
Total Company	$966	—	$6	$972

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Travel + Leisure's vacation ownership — foreign exchange?: Travel + Leisure (TNL) reported vacation ownership — foreign exchange of $0 in Q4 2025.
What does vacation ownership — foreign exchange mean?: The impact of currency fluctuations on the financial results of the vacation ownership segment's international operations. This metric quantifies the gains or losses resulting from translating foreign-denominated transactions or assets into the reporting currency.