Travel + Leisure Posts Solid Q1, Reaffirms 2026 Outlook

The latest announcement is out from Travel + Leisure Co ( (TNL) ).

On April 22, 2026, Travel + Leisure Co. reported first-quarter 2026 results showing net revenue of $961 million, net income of $79 million and Adjusted EBITDA of $225 million, with gross vacation ownership interest sales up 7% and volume per guest up 3% on 5% tour growth. Management highlighted strong momentum in the Vacation Ownership business and growth in brands such as Margaritaville Vacation Club and Eddie Bauer Adventure Club, while also announcing the fourth Sports Illustrated Resorts location in Baton Rouge.

Vacation Ownership revenue rose 6% to $798 million and segment Adjusted EBITDA jumped 20% to $191 million, benefiting from higher sales and cost savings from a resort optimization initiative that also drove $19 million of inventory write-downs and impairments. By contrast, Travel and Membership revenue fell 8% to $165 million and Adjusted EBITDA declined 13% to $59 million on weaker revenue per transaction and a lower-margin mix, even as the company maintained leverage below 3.2x, completed a $325 million securitization, and returned $128 million to shareholders via dividends and share buybacks.

Operating cash flow dropped to $38 million and adjusted free cash flow was roughly neutral for the quarter, pressured by higher working capital needs, inventory acquisitions and repayments on non-recourse debt, though the company retained $832 million of remaining share repurchase authorization. Despite these cash flow headwinds and segment divergence, Travel + Leisure reaffirmed its full-year 2026 guidance, including Adjusted EBITDA of $1.03 billion to $1.055 billion and gross VOI sales of $2.5 billion to $2.6 billion, and guided to stronger second-quarter performance, signaling confidence in the durability of its business model and ongoing portfolio optimization.

The most recent analyst rating on (TNL) stock is a Buy with a $80.00 price target. To see the full list of analyst forecasts on Travel + Leisure Co stock, see the TNL Stock Forecast page.

Spark’s Take on TNL Stock

According to Spark, TipRanks’ AI Analyst, TNL is a Neutral.

The score is held back mainly by balance-sheet risk (negative equity) and 2025 margin/net income compression, despite solid cash generation. Technicals are supportive with the stock trading above key moving averages, and the latest earnings call/guidance is broadly constructive with ongoing buybacks/dividend support. Valuation appears reasonable but not cheap at ~21x earnings.

To see Spark’s full report on TNL stock, click here.

More about Travel + Leisure Co

Travel + Leisure Co., listed on the NYSE under ticker TNL, is a leading leisure travel company focused on vacation ownership resorts and travel and membership services. Its primary products include vacation ownership interests, branded vacation clubs such as Margaritaville Vacation Club and Eddie Bauer Adventure Club, and travel club offerings, with a strategy built around a multi-brand portfolio and resort optimization.

The company targets leisure travelers and vacation owners globally, emphasizing resilient owner demand and recurring fee-based revenues. It also actively manages its capital structure through securitizations, share repurchases, and dividends, while optimizing its resort portfolio to align with evolving owner preferences and maintain affordable maintenance fees over the long term.

Average Trading Volume: 674,863

Technical Sentiment Signal: Buy

Current Market Cap: $4.83B

Learn more about TNL stock on TipRanks’ Stock Analysis page.