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Travel + Leisure TNL Vacation Ownership — Restructuring Reserve

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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:RestructuringReserve.

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

As of December 31, 2025, there were $4 million of restructuring liabilities associated with this initiative, which are expected to be paid by the end of 2027.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Travel + Leisure's vacation ownership — restructuring reserve?
Travel + Leisure (TNL) reported vacation ownership — restructuring reserve of $4M in Q4 2025.
What does vacation ownership — restructuring reserve mean?
This represents the accrued liability set aside to cover costs associated with organizational changes, such as workforce reductions or facility consolidations within the segment. It provides visibility into the financial impact of efforts to improve operational efficiency.

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