Travel+Leisure (TNL)
Market Price (9/5/2026): $66.325 | Market Cap: $4.1 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Travel+Leisure (TNL)
Market Price (9/5/2026): $66.325Market Cap: $4.1 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 131% Key risksTNL key risks include [1] significant debt levels and elevated loan portfolio delinquencies, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 3.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 131% |
| Key risksTNL key risks include [1] significant debt levels and elevated loan portfolio delinquencies, Show more. |
Qualitative Assessment
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Travel+Leisure (TNL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance with Segment Divergence.
Travel+Leisure reported robust overall financial results for its fiscal Q2 2026, which ended June 30, 2026, with revenue increasing 4.4% year-over-year to $1.06 billion, exceeding analyst expectations of $1.04 billion. Adjusted EBITDA also demonstrated strong growth, rising 8% year-over-year to $269 million. However, diluted earnings per share of $1.72, while up 6.2% from fiscal Q2 2025, primarily met consensus estimates, with some reports noting a slight miss against higher analyst projections. Furthermore, the Travel and Membership segment experienced a 5% decrease in revenue to $157 million and an 11% decline in Adjusted EBITDA to $49 million, attributed to a 12% decrease in revenue per transaction and a shift towards lower-margin travel club transactions.
2. Raised Full-Year Guidance and Strategic Acquisitions Countered by Membership Segment Headwinds.
The company showed confidence in its future outlook by raising its full-year Adjusted EBITDA guidance to a range of $1,065 million to $1,085 million. Travel+Leisure also expanded its operational footprint and owner base by over 10% through strategic acquisitions, including Yes& Vacations and Spinnaker Resorts. Despite these positive, company-specific growth drivers, the revenue and Adjusted EBITDA decline within the Travel and Membership segment likely tempered investor enthusiasm, contributing to the stock's constrained movement.
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Travel+Leisure (TNL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Performance with Segment Divergence.
Travel+Leisure reported robust overall financial results for its fiscal Q2 2026, which ended June 30, 2026, with revenue increasing 4.4% year-over-year to $1.06 billion, exceeding analyst expectations of $1.04 billion. Adjusted EBITDA also demonstrated strong growth, rising 8% year-over-year to $269 million. However, diluted earnings per share of $1.72, while up 6.2% from fiscal Q2 2025, primarily met consensus estimates, with some reports noting a slight miss against higher analyst projections. Furthermore, the Travel and Membership segment experienced a 5% decrease in revenue to $157 million and an 11% decline in Adjusted EBITDA to $49 million, attributed to a 12% decrease in revenue per transaction and a shift towards lower-margin travel club transactions.
2. Raised Full-Year Guidance and Strategic Acquisitions Countered by Membership Segment Headwinds.
The company showed confidence in its future outlook by raising its full-year Adjusted EBITDA guidance to a range of $1,065 million to $1,085 million. Travel+Leisure also expanded its operational footprint and owner base by over 10% through strategic acquisitions, including Yes& Vacations and Spinnaker Resorts. Despite these positive, company-specific growth drivers, the revenue and Adjusted EBITDA decline within the Travel and Membership segment likely tempered investor enthusiasm, contributing to the stock's constrained movement.
3. Resilient Travel Demand Offset by Broad Macroeconomic Cost Pressures.
The broader travel and leisure sector exhibited resilient demand during the period, with global travel and tourism projected to contribute approximately $11.7 trillion to global GDP in 2026, supported by robust domestic leisure travel and event-driven boosts from the FIFA World Cup and America's 250th anniversary celebrations. However, this demand was met with significant macroeconomic headwinds, including a 9.8% year-over-year increase in the Travel Price Index (more than double the overall Consumer Price Index) and elevated fuel costs, which led to margin compression across the industry. Consumers also adapted by shifting towards shorter-duration and lower-cost trips, while the increasing likelihood of central bank interest rate hikes further introduced caution regarding discretionary spending.
4. Varied Analyst Sentiment and Technical Sell Signals.
Despite a consensus "Moderate Buy" rating from 13 Wall Street analysts and an average price target of $87.82, which indicated a potential upside of 28.36% from current levels, the stock also faced dissenting opinions. During the period, some analyst reports issued "Sell" signals or rated Travel+Leisure as a "Sell Candidate" with negative technical scores. This divergence in expert analysis, coupled with a technical "Sell signal" issued towards the end of August 2026, contributed to the stock's inability to establish a clear upward trajectory, leading to its relatively flat performance.
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Stock Movement Drivers
Fundamental Drivers
The -1.7% change in TNL stock from 5/31/2026 to 9/4/2026 was primarily driven by a -3.0% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.45 | 66.33 | -1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,048 | 4,093 | 1.1% |
| Net Income Margin (%) | 5.9% | 5.8% | -0.7% |
| P/E Multiple | 17.9 | 17.4 | -3.0% |
| Shares Outstanding (Mil) | 63 | 62 | 1.0% |
| Cumulative Contribution | -1.7% |
Market Drivers
5/31/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| TNL | -1.7% | |
| Market (SPY) | 1.8% | 18.9% |
| Sector (XLY) | -4.9% | 43.0% |
Fundamental Drivers
The -8.5% change in TNL stock from 2/28/2026 to 9/4/2026 was primarily driven by a -13.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.48 | 66.33 | -8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,021 | 4,093 | 1.8% |
| Net Income Margin (%) | 5.7% | 5.8% | 1.2% |
| P/E Multiple | 20.1 | 17.4 | -13.7% |
| Shares Outstanding (Mil) | 64 | 62 | 2.9% |
| Cumulative Contribution | -8.5% |
Market Drivers
2/28/2026 to 9/4/2026| Return | Correlation | |
|---|---|---|
| TNL | -8.5% | |
| Market (SPY) | 12.6% | 30.8% |
| Sector (XLY) | -1.5% | 49.7% |
Fundamental Drivers
The 8.5% change in TNL stock from 8/31/2025 to 9/4/2026 was primarily driven by a 70.6% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.13 | 66.33 | 8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,916 | 4,093 | 4.5% |
| Net Income Margin (%) | 10.1% | 5.8% | -42.6% |
| P/E Multiple | 10.2 | 17.4 | 70.6% |
| Shares Outstanding (Mil) | 66 | 62 | 6.1% |
| Cumulative Contribution | 8.5% |
Market Drivers
8/31/2025 to 9/4/2026| Return | Correlation | |
|---|---|---|
| TNL | 8.5% | |
| Market (SPY) | 20.4% | 31.3% |
| Sector (XLY) | -0.3% | 43.3% |
Fundamental Drivers
The 86.6% change in TNL stock from 8/31/2023 to 9/4/2026 was primarily driven by a 137.1% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9042026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.54 | 66.33 | 86.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,664 | 4,093 | 11.7% |
| Net Income Margin (%) | 10.0% | 5.8% | -41.6% |
| P/E Multiple | 7.3 | 17.4 | 137.1% |
| Shares Outstanding (Mil) | 75 | 62 | 20.7% |
| Cumulative Contribution | 86.6% |
Market Drivers
8/31/2023 to 9/4/2026| Return | Correlation | |
|---|---|---|
| TNL | 86.6% | |
| Market (SPY) | 77.1% | 54.5% |
| Sector (XLY) | 37.7% | 58.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TNL Return | 26% | -32% | 13% | 35% | 45% | -4% | 82% |
| Peers Return | 37% | -16% | 22% | 18% | 3% | 18% | 102% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TNL Win Rate | 58% | 42% | 42% | 75% | 75% | 33% | |
| Peers Win Rate | 52% | 45% | 50% | 57% | 58% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| TNL Max Drawdown | -28% | -44% | -24% | -19% | -32% | -21% | |
| Peers Max Drawdown | -20% | -34% | -27% | -23% | -34% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HGV, VAC, MAR, HLT, H.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | TNL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.5% | 23.1% |
| Time to Breakeven | 91 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.4% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.4% | -6.7% |
| % Gain to Breakeven | 19.7% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.5% | -24.5% |
| % Gain to Breakeven | 62.5% | 32.4% |
| Time to Breakeven | 768 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.5% | -33.7% |
| % Gain to Breakeven | 189.9% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 8 days | 105 days |
In The Past
Travel+Leisure's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.5% gain to breakeven.
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| Event | TNL | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.2% | -18.8% |
| % Gain to Breakeven | 47.5% | 23.1% |
| Time to Breakeven | 91 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.2% | -9.5% |
| % Gain to Breakeven | 25.4% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.5% | -24.5% |
| % Gain to Breakeven | 62.5% | 32.4% |
| Time to Breakeven | 768 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.5% | -33.7% |
| % Gain to Breakeven | 189.9% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.7% | -12.2% |
| % Gain to Breakeven | 29.3% | 13.9% |
| Time to Breakeven | 39 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.9% | -6.8% |
| % Gain to Breakeven | 28.1% | 7.3% |
| Time to Breakeven | 38 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.9% | -17.9% |
| % Gain to Breakeven | 35.0% | 21.8% |
| Time to Breakeven | 80 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.2% | -15.4% |
| % Gain to Breakeven | 35.6% | 18.2% |
| Time to Breakeven | 80 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -87.7% | -53.4% |
| % Gain to Breakeven | 714.9% | 114.4% |
| Time to Breakeven | 466 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -25.3% | -8.6% |
| % Gain to Breakeven | 33.8% | 9.5% |
| Time to Breakeven | 1421 days | 47 days |
In The Past
Travel+Leisure's stock fell -32.2% during the 2025 US Tariff Shock. Such a loss loss requires a 47.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Travel+Leisure (TNL)
Travel + Leisure Co. (TNL) Business Summary
Travel + Leisure Co. (TNL) is a global hospitality company providing a comprehensive range of travel and leisure products and services. The company's operations are structured into two primary segments: Vacation Ownership and Travel and Membership.
The Vacation Ownership segment is centered on the development, marketing, and sales of vacation ownership interests (VOIs), commonly known as timeshares, to individual consumers. This segment also facilitates consumer financing for these purchases and manages a substantial portfolio of vacation ownership resorts worldwide, numbering approximately 245 properties.
The Travel and Membership segment offers a diverse array of travel-related offerings. This includes operating multiple vacation and home exchange brands, providing various travel membership programs, and offering direct-to-consumer rental services. Furthermore, TNL develops and supplies private-label travel booking technology solutions to other businesses, extending its reach beyond direct consumer services.
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Analogy 1: It's like a Costco for vacation ownership and travel memberships.
Analogy 2: It's like a Marriott, but specializing in vacation ownership and resort clubs.
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- Vacation Ownership Interests (VOIs): Sells fractional ownership of vacation properties, commonly known as timeshares, to individual consumers.
- Consumer Financing: Provides financing options to customers specifically for the purchase of vacation ownership interests.
- Resort Property Management: Manages the operations, maintenance, and services at vacation ownership resorts.
- Vacation and Home Exchange Programs: Operates networks that allow members to exchange their vacation ownership interests or homes for stays at other properties globally.
- Travel Memberships: Offers various membership programs providing travel-related benefits, discounts, and access to exclusive travel services.
- Direct-to-Consumer Vacation Rentals: Rents vacation properties directly to individual consumers for leisure stays.
- Travel Technology Solutions: Develops and provides travel booking technology platforms, including private-label solutions for other businesses.
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Travel+Leisure (symbol: TNL) primarily sells its hospitality services and products to **individual consumers** rather than other companies. Based on the company description, here are the major categories of customers it serves:
- Vacation Ownership Purchasers: These are individual consumers who purchase Vacation Ownership Interests (VOIs), commonly known as timeshares, for recurring vacation accommodations. This forms the core of its Vacation Ownership segment.
- Travel Club and Membership Subscribers: This category includes individuals who subscribe to the company's various travel club brands, vacation exchange networks (like RCI), or home exchange networks. These customers seek access to exclusive travel benefits, discounts, flexible travel options, and a wide array of resort and property choices through a membership model.
- Direct-to-Consumer Renters: These are individuals who utilize Travel+Leisure's platforms for direct-to-consumer rentals of vacation properties, without necessarily purchasing a vacation ownership interest or a membership. They are seeking short-term vacation accommodations for specific trips.
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Michael D. Brown President and Chief Executive Officer
Michael D. Brown serves as President and Chief Executive Officer (CEO) of Travel + Leisure Co. and is a member of its Board of Directors. He joined the company in 2017 and led its evolution to Wyndham Destinations as an independent public company in June 2018, after spinning off Wyndham Hotels & Resorts. In 2021, he led the acquisition of the iconic Travel + Leisure brand, and the company subsequently became Travel + Leisure Co. Prior to his current role, Brown served as Chief Operating Officer at Hilton Grand Vacations (HGV) from 2014 to 2017. He also held roles as Executive Vice President, Sales and Marketing – Mainland U.S. and Europe at HGV and spent more than 16 years in various leadership positions at Marriott International and Marriott Vacation Club International. Brown is a leisure travel industry veteran with over 30 years of experience.
Erik Hoag Chief Financial Officer
Erik Hoag was appointed Chief Financial Officer (CFO) of Travel + Leisure Co. in May 2025, succeeding Mike Hug, who retired. He brings more than 25 years of financial leadership expertise to the company. Before joining Travel + Leisure Co., Hoag served as CFO and Chief Integration Officer at FIS. As CFO, he is responsible for leading the company's global finance organization, including accounting and controls, financial planning and analysis, treasury, tax, investor relations, consumer finance, and all operational finance activities.
James Savina General Counsel and Corporate Secretary
James Savina serves as Executive Vice President, General Counsel, and Corporate Secretary of Travel + Leisure Co. He joined the company in 2018 and played a crucial role in establishing Wyndham Destinations as an independent public company following the spin-off of Wyndham Hotels & Resorts. He was also instrumental in the 2021 acquisition of the Travel + Leisure brand and the company's rebranding to Travel + Leisure Co. Savina leads the company's legal function.
Jeff Myers Chief Sales and Marketing Officer – Vacation Ownership
Jeff Myers serves as Chief Sales and Marketing Officer for the Vacation Ownership business line of Travel + Leisure Co. In this capacity, he is responsible for overseeing the development and implementation of sales and marketing strategies, programs, and sales training across all of the company's Vacation Ownership brands in the United States, Canada, Mexico, and the Caribbean.
Geoff Richards Chief Operating Officer – Vacation Ownership
Geoff Richards serves as Chief Operating Officer for the Vacation Ownership business line of Travel + Leisure Co. In this role, he oversees the core Vacation Ownership business segment.
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The key risks to Travel + Leisure Co. (TNL) are primarily centered around its reliance on consumer financing, its sensitivity to macroeconomic conditions, and the competitive pressures within its travel and membership segment.
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Consumer Financing Risk and Debt Load: Travel + Leisure Co. heavily relies on providing consumer financing for its vacation ownership interest (VOI) sales, essentially operating as a bank in this regard. This exposes the company to significant risks related to the health of its loan portfolio. The company has acknowledged "Loan Portfolio Pressures" and "elevated delinquencies over historical levels". Furthermore, rising interest rates pose a direct threat to profitability and consumer affordability for VOI sales. The company also carries a substantial corporate debt load, which was approximately $3.47 billion as of December 31, 2025, excluding non-recourse debt, and has been noted to be overleveraged with a 5x net-debt-to-EBITDA ratio.
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Sensitivity to Economic Conditions and Travel Industry Health: As a provider of discretionary hospitality services and products, Travel + Leisure Co.'s revenues are closely tied to the overall health of the travel industry and consumer spending. Economic downturns, inflationary pressures, and the risk of recession can significantly reduce consumer spending on travel and leisure activities, thereby negatively impacting the company's performance. External shocks such as natural disasters and pandemics have also demonstrated the travel industry's vulnerability.
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Intense Competition and Pressure on the Travel and Membership Segment: Travel + Leisure Co. operates in a highly competitive environment, contending with major players in the vacation ownership and travel industry. Specifically, its Travel and Membership segment has faced challenges, including a decline in revenues and member counts. This segment's struggles are attributed partly to industry consolidation, evolving market structures, and shifts in consumer behavior, necessitating continuous innovation and value offerings to maintain competitiveness.
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The clear emerging threat for Travel + Leisure Co. (TNL), particularly for its core Vacation Ownership segment, is the sustained and growing consumer preference for flexible, on-demand vacation rental platforms (such as Airbnb and Vrbo) that offer diverse accommodations without the long-term financial commitment, high upfront costs, and ownership obligations inherent in the traditional vacation ownership (timeshare) model. These platforms provide an alternative that emphasizes flexibility, variety, and a pay-as-you-go approach, fundamentally challenging the value proposition of fixed-term or recurring-fee vacation property ownership.
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Travel + Leisure Co. (TNL) operates in two primary segments: Vacation Ownership and Travel and Membership. The addressable markets for these main products and services are substantial, both globally and within the U.S.
Vacation Ownership
- Globally, the vacation ownership (timeshare) market was valued at approximately USD 12.7 billion in 2024 and is projected to grow to around USD 23.8 billion by 2034, with a compound annual growth rate (CAGR) of roughly 6.5% between 2025 and 2034. Other estimates place the global market at USD 13.14 billion in 2024, with a projection to reach USD 23.78 billion by 2032 at a CAGR of 7.7%.
- In the U.S., the vacation ownership market was projected to reach USD 15.32 billion by 2028, up from USD 10.08 billion in 2022, growing at a CAGR of 7.2%. North America, encompassing the U.S., accounted for approximately 41% of the global timeshare volume in 2024. The U.S. timeshare industry's sales volume increased to USD 10.5 billion in 2022.
Travel and Membership
This segment encompasses various services, including travel clubs, loyalty programs, and direct-to-consumer rentals (vacation rentals).
- The global travel club membership market size reached USD 14.8 billion in 2024 and is projected to expand to USD 31.3 billion by 2033, demonstrating a CAGR of 8.7%. North America leads this market, with a size of USD 5.6 billion in 2024, representing approximately 37.8% of the global total.
- The global travel loyalty programs market was estimated at USD 28.62 billion in 2025 and is expected to boost sales to USD 69.87 billion by 2033, with a CAGR of 11.80%. In 2025, North America held a significant share, with a market size of over USD 10.59 billion.
- The global vacation rental market size was valued at USD 95.07 billion in 2024 and is projected to reach USD 137.88 billion by 2034, growing at a CAGR of 3.85% during 2025–2034. Another estimate places the global market at USD 88.26 billion in 2024, anticipated to reach USD 138.57 billion by 2032 with a CAGR of 5.80%.
- For the U.S. specifically, the short-term vacation rental market is expected to be worth USD 68.86 billion in 2024 and is projected to grow to USD 144.05 billion by 2034, with a CAGR of 7.66% between 2025 and 2034. Other data indicates the U.S. short-term vacation rental market size was valued at USD 96.34 billion in 2025 and is projected to reach USD 260.62 billion by 2034, with a CAGR of 11.68%.
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1. Growth in Vacation Ownership Interest (VOI) Sales
Travel + Leisure Co. anticipates continued growth in its core Vacation Ownership business, which is a significant revenue driver. The company projects gross VOI sales to increase by 1% to 5% year-over-year in 2026, reaching a range of $2.5 billion to $2.6 billion. Underlying VOI growth is expected to be even higher, at 5% to 9%, when excluding the impact of sales office closures. This growth is driven by sustained strength in tour flow, effective pricing strategies, and improved close rates. The company also aims for a higher mix of new owners.
2. Strategic Acquisitions and International Market Expansion
The company is actively pursuing expansion through strategic acquisitions and by targeting high-demand international markets. A notable move was the acquisition of Accor Vacation Club in 2024, which significantly enhanced Travel + Leisure Co.'s presence in the Asia Pacific, Middle East, Africa, and Türkiye regions. The company is also focusing on expanding its geographic footprint in key North American corridors like Orlando, Las Vegas, and Hawaii, as well as in rapidly growing international destinations such as Mexico's Riviera Maya, the Dominican Republic, Portugal, and Australia.
3. New Product Development and Brand Portfolio Expansion
Travel + Leisure Co. is driving revenue growth by developing innovative travel experiences and expanding its brand portfolio. This includes exploring flexible ownership models and experiential travel packages to cater to evolving consumer preferences. The company is also developing sports-themed resorts under the Sports Illustrated Resorts brand, with sales projected to begin in 2026, and launched the Eddie Bauer Adventure Club to attract new customer demographics and diversify its revenue streams.
4. Enhanced Digital Engagement and Lead Generation
A key driver for future revenue growth is the company's focus on improving digital engagement and lead generation. Management aims for sequential growth in qualified tours and an increased volume per guest (VPG) by leveraging digital channels for lead generation. Investments are being prioritized for sales center productivity and digital customer acquisition. Analysts also point to the progress in digital engagement, particularly the effectiveness of newly launched mobile applications and AI Concierge services, as crucial for sustained performance.
5. Pricing and Volume Per Guest (VPG) Optimization
Travel + Leisure Co. is implementing deliberate pricing strategies to optimize revenue. Management commentary highlights proactive choices across pricing in their vacation ownership business, with expectations of continued strength in this area. While there may be a modest year-over-year decrease in overall VPG in 2026 due to a strategic shift towards acquiring new owners, the company's long-term strategy includes targeting higher VPG, which contributes to revenue growth.
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Share Repurchases
- Travel + Leisure Co. authorized a new $750 million share repurchase program in February 2026.
- In 2025, the company repurchased $300 million of its common stock, equating to 5.4 million shares.
- Between 2022 and 2024, approximately $900 million to $1.1 billion in share repurchases were made.
Share Issuance
- Information on significant dollar amounts of share issuances over the last 3-5 years is not readily available. Share repurchases have actively reduced the outstanding share count.
Outbound Investments
- In February 2021, the company acquired the Travel + Leisure brand from Meredith Corporation for $100 million, leading to its rebranding as Travel + Leisure Co.
- Travel + Leisure Co. acquired Accor Vacation Club for $48.4 million in March 2024, which bolstered its international presence.
Capital Expenditures
- Travel + Leisure Co. invested $32.0 million in capital expenditures during the fourth quarter of 2025.
- Higher capital expenditures in 2025 partially offset the increase in Adjusted free cash flow.
- The company initiated a Resort Optimization Initiative in 2025, involving the removal of 17 underperforming resorts, which is expected to yield a net EBITDA benefit of $15 million to $25 million starting in 2026.
Peer Outperformance in Hotels, Resorts & Cruise Lines
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TNL | Travel+Leisure | 3.8% | 17.4x | 8.1% | 90.8% | 49.7% | — |
| MAR | Marriott International | 5.5% | 34.3x | 26.2% | 72.2% | 163.9% | +114pp |
| H | Hyatt Hotels | 3.2% | 198.0x | 14.6% | 50.6% | 135.0% | +85pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -15.8% | 96.8% | 67.7% | LINC 310% · CVSA 245% · PRDO 227% |
| Homebuilding | 18 | -9.7% | 22.2% | 39.7% | GRBK 188% · PHM 144% · TOL 134% |
| Automotive Retail | 18 | -16.2% | 16.7% | 17.3% | MUSA 233% · PAG 183% · ORLY 125% |
| Hotels, Resorts & Cruise Lines ← | 22 | 13.3% | 53.0% | 11.0% | RCL 243% · MAR 164% · HLT 156% |
| Home Improvement Retail | 5 | -21.1% | -5.8% | 9.4% | HVT 12% · HD 10% · LOW 9% |
| Specialty Stores | 7 | -4.4% | 33.4% | 6.8% | FIVE 30% · DKS 12% · SIG 9% |
| Distributors | 4 | -7.7% | -22.4% | -5.8% | ARMK 144% · GPC 31% · LKQ -42% |
| Home Furnishings | 4 | -5.3% | 26.1% | -12.2% | SGI 61% · LZB 7% · MHK -31% |
| Specialized Consumer Services | 10 | -11.7% | 36.9% | -14.1% | HRB 125% · FTDR 89% · SCI 40% |
| Restaurants | 34 | -9.9% | -12.5% | -14.5% | EAT 347% · CAKE 166% · RAVE 141% |
| Footwear | 9 | 48.3% | 38.3% | -15.9% | WEYS 161% · DECK 26% · SHOO 23% |
| Apparel Retail | 25 | -4.1% | 12.1% | -25.4% | ANF 330% · DXLG 213% · URBN 151% |
| Leisure Products | 13 | -16.0% | -19.5% | -32.5% | GOLF 86% · HAS 14% · MCFT -10% |
| Leisure Facilities | 11 | 2.1% | -10.8% | -33.5% | OSW 126% · JAKK 91% · ESCA 16% |
| Casinos & Gaming | 20 | -11.0% | -23.9% | -34.0% | MCRI 110% · RSI 72% · RRR 55% |
| Automotive Parts & Equipment | 38 | -15.5% | -3.4% | -34.1% | MOD 1479% · GTX 299% · STRT 98% |
| Apparel, Accessories & Luxury Goods | 27 | -3.9% | -7.2% | -39.3% | TPR 242% · RL 238% · ELA 219% |
| Household Appliances | 18 | 10.9% | 42.3% | -43.2% | KEQU 179% · FLXS 164% · HBB 113% |
| Broadline Retail | 14 | 1.6% | 20.5% | -50.4% | DDS 319% · AMZN 49% · EBAY 48% |
| Computer & Electronics Retail | 3 | -14.3% | -0.4% | -60.8% | BBY 0% · UPBD -61% · GME -62% |
| Automobile Manufacturers | 8 | -61.5% | -46.3% | -70.1% | GM 88% · F 55% · TSLA 45% |
| Other Specialty Retail | 18 | -25.1% | -45.4% | -76.6% | TLF 109% · BBW 101% · WINA 78% |
| Consumer Electronics | 11 | 4.5% | -8.9% | -80.7% | AXIL 2336% · GRMN 74% · MSN -56% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 136.24 |
| Mkt Cap | 9.9 |
| Rev LTM | 6,214 |
| Op Inc LTM | 660 |
| FCF LTM | 392 |
| FCF 3Y Avg | 392 |
| CFO LTM | 504 |
| CFO 3Y Avg | 532 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 5.4% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 7.0% |
| Op Inc Chg 3Y Avg | 0.6% |
| Op Mgn LTM | 14.1% |
| Op Mgn 3Y Avg | 15.2% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 11.0% |
| CFO/Rev 3Y Avg | 10.0% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 7.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.9 |
| P/S | 1.6 |
| P/Op Inc | 14.0 |
| P/EBIT | 13.8 |
| P/E | 28.2 |
| P/CFO | 24.8 |
| Total Yield | 3.1% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.8 |
| Net D/E | 0.8 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Vacation Ownership | 3,361 | 3,171 | 3,041 | 2,835 | 2,423 |
| Travel and Membership | 662 | 695 | 711 | 735 | 714 |
| Other revenue | 2 | 2 | 5 | ||
| Elimination of intersegment revenues | -4 | -4 | -7 | -3 | |
| Corporate and Other | -3 | ||||
| Total | 4,021 | 3,864 | 3,750 | 3,567 | 3,134 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Vacation Ownership | 5,022 | 5,112 | 4,980 | 4,826 | 4,743 |
| Travel and Membership | 1,334 | 1,325 | 1,353 | 1,335 | 1,414 |
| Corporate and Other | 404 | 298 | 405 | 596 | 431 |
| Total | 6,760 | 6,735 | 6,738 | 6,757 | 6,588 |
Price Behavior
| Market Price | $66.33 | |
| Market Cap ($ Bil) | 4.1 | |
| First Trading Date | 07/19/2006 | |
| Distance from 52W High | -15.4% | |
| 50 Days | 200 Days | |
| DMA Price | $73.95 | $70.77 |
| DMA Trend | up | up |
| Distance from DMA | -10.3% | -6.3% |
| 3M | 1YR | |
| Volatility | 30.1% | 35.8% |
| Downside Capture | 126.96 | 95.56 |
| Upside Capture | 69.91 | 84.62 |
| Correlation (SPY) | 17.5% | 31.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.22 | 0.84 | 0.41 | 0.80 | 0.87 | 1.24 |
| Up Beta | 0.43 | -1.12 | -0.59 | 0.69 | 0.98 | 1.23 |
| Down Beta | 1.88 | 1.60 | -0.14 | 0.54 | 0.73 | 1.26 |
| Up Capture | 54% | 94% | 100% | 70% | 81% | 191% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 23 | 37 | 67 | 133 | 390 |
| Down Capture | 346% | 200% | 97% | 110% | 94% | 105% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 19 | 27 | 60 | 115 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNL | |
|---|---|---|---|---|
| TNL | 8.1% | 35.8% | 0.28 | - |
| Sector ETF (XLY) | -1.7% | 19.4% | -0.21 | 43.2% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 31.1% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 6.3% |
| Commodities (DBC) | 44.1% | 20.4% | 1.69 | -31.4% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 36.5% |
| Bitcoin (BTCUSD) | -26.9% | 43.8% | -0.59 | 8.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNL | |
|---|---|---|---|---|
| TNL | 7.7% | 36.8% | 0.28 | - |
| Sector ETF (XLY) | 5.6% | 24.1% | 0.19 | 61.9% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 60.2% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 3.5% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 6.5% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 50.7% |
| Bitcoin (BTCUSD) | 10.6% | 52.6% | 0.38 | 24.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNL | |
|---|---|---|---|---|
| TNL | 11.5% | 42.0% | 0.40 | - |
| Sector ETF (XLY) | 12.1% | 22.2% | 0.50 | 60.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 61.2% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 0.5% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 19.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 55.7% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 3.1% | 7.0% | -0.5% |
| 4/22/2026 | -13.6% | -15.2% | -14.8% |
| 2/18/2026 | 3.5% | 2.9% | -3.7% |
| 10/22/2025 | 15.2% | 6.6% | 2.3% |
| 7/23/2025 | 6.9% | 8.1% | 1.5% |
| 4/23/2025 | 1.0% | 3.7% | 12.9% |
| 2/19/2025 | 0.7% | -2.8% | -15.4% |
| 10/23/2024 | 4.0% | 7.3% | 16.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 10 |
| # Negative | 10 | 11 | 14 |
| Median Positive | 2.0% | 4.5% | 7.9% |
| Median Negative | -5.4% | -5.2% | -4.5% |
| Max Positive | 15.2% | 8.5% | 32.1% |
| Max Negative | -13.6% | -15.2% | -15.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/22/2026 | 3.1% | 7.0% | -0.5% |
| 4/22/2026 | -13.6% | -15.2% | -14.8% |
| 2/18/2026 | 3.5% | 2.9% | -3.7% |
| 10/22/2025 | 15.2% | 6.6% | 2.3% |
| 7/23/2025 | 6.9% | 8.1% | 1.5% |
| 4/23/2025 | 1.0% | 3.7% | 12.9% |
| 2/19/2025 | 0.7% | -2.8% | -15.4% |
| 10/23/2024 | 4.0% | 7.3% | 16.5% |
| 7/24/2024 | -9.8% | -5.2% | -13.0% |
| 4/24/2024 | 0.4% | -5.5% | -4.0% |
| 2/21/2024 | 5.5% | 8.5% | 14.9% |
| 10/25/2023 | -1.8% | 1.9% | 12.7% |
| 7/26/2023 | -5.3% | -1.4% | -3.4% |
| 4/26/2023 | -4.0% | -4.9% | -6.2% |
| 2/22/2023 | 1.1% | 3.4% | -5.2% |
| 10/27/2022 | -7.4% | -11.7% | -5.0% |
| 7/28/2022 | -3.2% | -3.0% | 1.7% |
| 4/28/2022 | 2.2% | 0.4% | -7.7% |
| 2/23/2022 | -3.7% | -9.8% | -2.9% |
| 10/27/2021 | 1.8% | 5.3% | 3.2% |
| 7/28/2021 | -5.5% | -11.3% | -3.8% |
| 4/28/2021 | 0.2% | -3.0% | -0.9% |
| 2/24/2021 | 1.4% | 1.4% | 2.0% |
| 10/28/2020 | -5.6% | 4.5% | 32.1% |
| SUMMARY STATS | |||
| # Positive | 14 | 13 | 10 |
| # Negative | 10 | 11 | 14 |
| Median Positive | 2.0% | 4.5% | 7.9% |
| Median Negative | -5.4% | -5.2% | -4.5% |
| Max Positive | 15.2% | 8.5% | 32.1% |
| Max Negative | -13.6% | -15.2% | -15.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/22/2026 | 10-Q |
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/22/2026 | 10-Q |
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/23/2026Latest: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 VPG | Reported | 3,300 | 3,325 | 3,350 | ||||
| Q3 2026 Gross VOI sales | Reported | 700.00 Mil | 720.00 Mil | 740.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | Reported | 275.00 Mil | 280.00 Mil | 285.00 Mil | ||||
| 2026 VPG | Reported | 3,325 | 3,350 | 3,375 | 3.9% | Raised | Guidance: 3,225 for 2026 | |
| 2026 Gross VOI sales | Reported | 2.60 Bil | 2.64 Bil | 2.67 Bil | 3.4% | Raised | Guidance: 2.55 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.06 Bil | 1.07 Bil | 1.08 Bil | 3.1% | Raised | Guidance: 1.04 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 VPG | Reported | 3,200 | 3,225 | 3,250 | 0 | Same New | Guidance: 3,225 for Q1 2026 | |
| Q2 2026 Gross VOI sales | Reported | 660.00 Mil | 675.00 Mil | 690.00 Mil | 27.4% | Higher New | Guidance: 530.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | 260.00 Mil | 265.00 Mil | 270.00 Mil | 23.3% | Higher New | Guidance: 215.00 Mil for Q1 2026 | |
| 2026 VPG | Reported | 3,175 | 3,225 | 3,275 | 0 | Affirmed | Guidance: 3,225 for 2026 | |
| 2026 Gross VOI sales | Reported | 2.50 Bil | 2.55 Bil | 2.60 Bil | 0 | Affirmed | Guidance: 2.55 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 1.03 Bil | 1.04 Bil | 1.05 Bil | 0 | Affirmed | Guidance: 1.04 Bil for 2026 | |
Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 VPG | Reported | 3,200 | 3,225 | 3,250 | ||||
| Q1 2026 Dividends | Reported | 0.6 | ||||||
| Q1 2026 Gross VOI sales | Reported | 520.00 Mil | 530.00 Mil | 540.00 Mil | ||||
| Q1 2026 Adjusted EBITDA | Reported | 210.00 Mil | 215.00 Mil | 220.00 Mil | ||||
| 2026 VPG | Reported | 3,175 | 3,225 | 3,275 | -1.1% | Lower New | Actual: 3,262 for 2025 | |
| 2026 Gross VOI sales | Reported | 2.50 Bil | 2.55 Bil | 2.60 Bil | 3.0% | Higher New | Actual: 2.48 Bil for 2025 | |
| 2026 Adjusted EBITDA | Reported | 1.03 Bil | 1.04 Bil | 1.05 Bil | 6.9% | Higher New | Actual: 975.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 VPG | Reported | 3,250 | 3,262 | 3,275 | 1.2% | Raised | Guidance: 3,225 for 2025 | |
| 2025 Gross VOI sales | Reported | 2.45 Bil | 2.48 Bil | 2.50 Bil | 1.0% | Raised | Guidance: 2.45 Bil for 2025 | |
| 2025 Adjusted EBITDA | Reported | 965.00 Mil | 975.00 Mil | 985.00 Mil | 0.5% | Raised | Guidance: 970.00 Mil for 2025 | |
Insider Activity
Updated 8/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Duncan, Thomas Michael | SVP, Chief Accounting Officer | Direct | Sell | 8272026 | 74.16 | 20,000 | 1,483,200 | 393,567 | Form |
| 2 | Brown, Michael Dean | See Remarks | Direct | Sell | 8102026 | 79.00 | 200 | 15,800 | 38,496,937 | Form |
| 3 | Brown, Michael Dean | See Remarks | Direct | Sell | 8062026 | 79.24 | 4,150 | 328,846 | 38,613,890 | Form |
| 4 | Myers, Jeffrey | See Remarks | Direct | Sell | 8062026 | 77.76 | 34,000 | 2,643,840 | 5,271,131 | Form |
| 5 | Esfahani, Sy | Chief Technology Officer | Direct | Sell | 8062026 | 78.00 | 52,617 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Duncan, Thomas Michael | SVP, Chief Accounting Officer | Direct | Sell | 8272026 | 74.16 | 20,000 | 1,483,200 | 393,567 | Form |
| 2 | Brown, Michael Dean | See Remarks | Direct | Sell | 8102026 | 79.00 | 200 | 15,800 | 38,496,937 | Form |
| 3 | Brown, Michael Dean | See Remarks | Direct | Sell | 8062026 | 79.24 | 4,150 | 328,846 | 38,613,890 | Form |
| 4 | Myers, Jeffrey | See Remarks | Direct | Sell | 8062026 | 77.76 | 34,000 | 2,643,840 | 5,271,131 | Form |
| 5 | Esfahani, Sy | Chief Technology Officer | Direct | Sell | 8062026 | 78.00 | 52,617 | Form | ||
| 6 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 7282026 | 75.65 | 33,744 | 2,552,734 | 121,040 | Form |
| 7 | Marshall, Kimberly | Chief Human Resources Officer | Direct | Sell | 7242026 | 75.00 | 32,691 | Form | ||
| 8 | Herrera, George | Direct | Sell | 6172026 | 75.16 | 500 | 37,580 | 101,691 | Form | |
| 9 | Marshall, Kimberly | Chief Human Resources Officer | Direct | Sell | 6082026 | 70.17 | 28,000 | 1,964,864 | 2,329,135 | Form |
| 10 | Post, Denny Marie | Direct | Sell | 5152026 | 63.83 | 2,500 | 159,575 | 126,192 | Form | |
| 11 | Hoag, Erik D | Chief Financial Officer | Direct | Buy | 4232026 | 65.67 | 1,000 | 65,670 | 65,670 | Form |
| 12 | Brown, Michael Dean | See Remarks | Direct | Sell | 4202026 | 79.11 | 9,443 | 746,989 | 38,548,104 | Form |
| 13 | Brown, Michael Dean | See Remarks | Direct | Sell | 4202026 | 79.13 | 1,109 | 87,758 | 38,561,748 | Form |
| 14 | Brown, Michael Dean | See Remarks | Direct | Sell | 4162026 | 79.00 | 2,612 | 206,348 | 38,496,937 | Form |
| 15 | Brown, Michael Dean | See Remarks | Direct | Sell | 4162026 | 79.02 | 8,910 | 704,068 | 38,506,683 | Form |
| 16 | Herrera, George | Direct | Sell | 3182026 | 70.31 | 1,748 | 122,902 | 130,284 | Form | |
| 17 | Herrera, George | Direct | Sell | 3182026 | 70.48 | 1,214 | 85,563 | 253,798 | Form | |
| 18 | Brown, Michael Dean | See Remarks | Direct | Sell | 2252026 | 74.85 | 25,938 | 1,941,415 | 32,021,676 | Form |
| 19 | Brown, Michael Dean | See Remarks | Direct | Sell | 2252026 | 74.03 | 66,860 | 4,949,917 | 31,673,324 | Form |
| 20 | Robin-Caplan, Amandine | See remarks | Direct | Sell | 2232026 | 74.61 | 3,904 | Form | ||
| 21 | Herrera, George | Direct | Sell | 11262025 | 68.18 | 559 | Form | |||
| 22 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 11262025 | 65.17 | 62,525 | 4,075,036 | 2,581,171 | Form |
| 23 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 11142025 | 65.00 | 4,992 | 324,480 | 6,638,385 | Form |
| 24 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 11142025 | 65.00 | 4,556 | 296,140 | 6,962,865 | Form |
| 25 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 10312025 | 65.00 | 1,100 | 71,502 | 7,259,228 | Form |
| 26 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 10282025 | 66.06 | 26,838 | 1,772,803 | 7,449,564 | Form |
| 27 | Myers, Jeffrey | See Remarks | Direct | Sell | 10272025 | 66.38 | 50,000 | 3,319,000 | 4,234,326 | Form |
| 28 | Robin-Caplan, Amandine | See remarks | Direct | Sell | 10272025 | 65.08 | 1,538 | 100,093 | 254,072 | Form |
| 29 | Myers, Jeffrey | See Remarks | Direct | Sell | 10272025 | 66.77 | 28,764 | 1,920,484 | 7,597,354 | Form |
| 30 | Marshall, Kimberly | Chief Human Resources Officer | Direct | Sell | 10232025 | 65.00 | 16,500 | 1,072,500 | 2,615,340 | Form |
| 31 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 10232025 | 64.50 | 1,404 | 90,558 | 9,005,168 | Form |
| 32 | Herrera, George | Direct | Sell | 8132025 | 60.48 | 2,200 | 133,060 | 33,809 | Form | |
| 33 | Brown, Michael Dean | See Remarks | Direct | Buy | 8012025 | 58.39 | 1,500 | 87,585 | 24,980,340 | Form |
Investor Activity (13F)
Updated Sep 5, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
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| Active Manager |
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Industry Resources
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