Travel + Leisure (TNL) financial statements
Travel + Leisure reported revenue of $4.0B in fiscal 2025, up 1.0% a year over 9 years.
Net income was $230M and the operating margin 13.8%, against 17.8% in 2016.
Free cash flow was $523M, and the company returned $149M in dividends and $301M in net buybacks.
The diluted share count fell 40% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Travel + Leisure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B | $3.8B | $3.9B | $4.0B | $2.2B | $3.1B | $3.6B | $3.8B | $3.9B | $4.0B |
| Cost of revenue | — | $150M | $183M | $186M | $2M | $157M | $157M | $133M | $92M | $273M |
| Gross profit | — | $3.7B | $3.7B | $3.9B | $2.2B | $3.0B | $3.4B | $3.6B | $3.8B | $3.7B |
| Selling, general and admin | $568M | $580M | $513M | $491M | $398M | $434M | $479M | $454M | $475M | $498M |
| Operating income | $658M | $439M | $523M | $812M | -$105M | $618M | $653M | $720M | $733M | $553M |
| Interest expense | $133M | $155M | $170M | $162M | $192M | $198M | $195M | $251M | $249M | $232M |
| Pre-tax income | $542M | $318M | $396M | $680M | -$276M | $429M | $486M | $485M | $513M | $337M |
| Income tax | $190M | -$328M | $130M | $191M | -$23M | $116M | $130M | $94M | $135M | $107M |
| Net income | $611M | $854M | $672M | $507M | -$255M | $308M | $357M | $396M | $411M | $230M |
| EPS (diluted) | $5.52 | $8.24 | $6.77 | $5.48 | -$2.97 | $3.52 | $4.24 | $5.28 | $5.82 | $3.44 |
| Diluted shares | 111M | 104M | 99M | 92M | 86M | 87M | 84M | 75M | 71M | 67M |
| Gross margin | — | 96.1% | 95.3% | 95.4% | 99.9% | 95.0% | 95.6% | 96.5% | 97.6% | 93.2% |
| Operating margin | 17.8% | 11.5% | 13.3% | 20.1% | -4.9% | 19.7% | 18.3% | 19.2% | 19.0% | 13.8% |
| Net margin | 16.5% | 22.4% | 17.1% | 12.5% | -11.8% | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% |
Balance sheet
Fiscal years, from Travel + Leisure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $127M | $72M | $243M | $390M | $1.2B | $390M | $568M | $301M | $185M | $271M |
| Receivables | $376M | $195M | $121M | — | — | — | — | — | — | — |
| Inventory | $310M | $1.2B | $1.2B | $1.2B | $1.3B | $1.2B | $1.2B | $1.1B | $1.2B | $1.1B |
| Total current assets | $1.8B | $3.0B | — | — | — | — | — | — | — | — |
| Property, plant and equipment | $1.0B | $822M | $712M | $680M | $666M | $689M | $658M | $655M | $591M | $531M |
| Goodwill | $1.2B | $911M | $922M | $970M | $964M | $961M | $955M | $962M | $966M | $972M |
| Total assets | $9.8B | $10.4B | $7.2B | $7.5B | $7.6B | $6.6B | $6.8B | $6.7B | $6.7B | $6.8B |
| Total current liabilities | $2.0B | $2.6B | — | — | — | — | — | — | — | — |
| Total liabilities | $9.1B | $9.7B | $7.7B | $8.0B | $8.6B | $7.4B | $7.7B | $7.7B | $7.6B | $7.7B |
| Shareholders' equity | $714M | $769M | -$574M | -$530M | -$975M | -$801M | -$913M | -$918M | -$881M | -$981M |
| Net debt | -$91M | $56M | -$218M | -$355M | -$1.2B | -$369M | -$550M | -$282M | -$167M | -$253M |
Cash flow
Fiscal years, from Travel + Leisure's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $963M | $986M | $442M | $452M | $374M | $568M | $442M | $350M | $464M | $640M |
| Capital spending | $117M | $107M | $99M | $108M | $69M | $57M | $52M | $74M | $81M | $117M |
| Free cash flow | $846M | $879M | $343M | $344M | $305M | $511M | $390M | $276M | $383M | $523M |
| Stock-based compensation | $57M | $59M | $129M | $24M | $20M | $32M | $45M | $38M | $41M | $57M |
| Dividends paid | $223M | $242M | $194M | $166M | $138M | $109M | $135M | $136M | $142M | $149M |
| Share buybacks (net) | -$619M | -$599M | -$330M | -$340M | -$128M | -$25M | -$351M | -$309M | -$234M | -$301M |
| Net borrowing | $289M | $56M | -$464M | $0 | $0 | — | — | $2.0B | $1.9B | $2.7B |
| Free cash flow margin | 22.9% | 23.1% | 8.7% | 8.5% | 14.1% | 16.3% | 10.9% | 7.4% | 9.9% | 13.0% |
| Dividends per share | $2.02 | $2.33 | $1.96 | $1.80 | $1.60 | $1.25 | $1.60 | $1.81 | $2.01 | $2.23 |
Questions
What was Travel + Leisure's revenue in 2025?
$4.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Travel + Leisure generate?
$523M in fiscal 2025 (operating cash flow minus capital spending).
From Travel + Leisure's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.