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Travel + Leisure TNL Vacation Ownership — Restructuring

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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:RestructuringCharges.

The source filing: Travel + Leisure’s 10-Q, filed April 22, 2026.

Filed
Apr 22, 2026, 10:09 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001361658-26-000027

During 2025, the Company incurred $233 million of costs in connection with these actions, including $216 million of inventory write-downs and impairments at its Vacation Ownership segment associated with the removal of the identified resorts and the agreements to supply replacement inventory to the impacted vacation ownership clubs which were included within Cost of vacation ownership interests on the Consolidated Statements of Income. During 2025, the Company also incurred $8 million of impairments of other property and equipment, which were included within Asset impairments, net and $9 million of other charges consisting primarily of employee-related costs, of which $5 million was included within Operating expense and $4 million was included in Restructuring on the Consolidated Statements of Income.

Item 1. Financial Statements (Unaudited).

FAQ

What is Travel + Leisure's vacation ownership — restructuring?
Travel + Leisure (TNL) reported vacation ownership — restructuring of -$2M in Q1 2026.
How has Travel + Leisure's vacation ownership — restructuring changed year-over-year?
Travel + Leisure's vacation ownership — restructuring decreased by 300.0% year-over-year, from $1M to -$2M.
What is the long-term trend for Travel + Leisure's vacation ownership — restructuring?
Over 2 years (2021 to 2025), Travel + Leisure's vacation ownership — restructuring has grown at a 100.0% compound annual growth rate (CAGR), from -$1M to $4M.
What does vacation ownership — restructuring mean?
Reflects the total financial impact of initiatives designed to reorganize the vacation ownership segment's business structure or operations. This metric is used to assess the cost of strategic pivots and the long-term impact of organizational streamlining.

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