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Travel + Leisure Co (TNL)
NYSE:TNL
Earnings Data
Report Date
Apr 29, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.28Last Year’s EPS
1.11Same Quarter Last Year
Strong Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive momentum: solid 2025 financial results (revenue, EBITDA, EPS, and free cash flow growth), strong vacation ownership metrics (VOI sales, VPG, tour flow), continued shareholder returns (buybacks/dividends and a new $750M authorization), balance sheet strength (leverage <3.1x and ROIC >20%), and progress on brand expansion and digital initiatives. Management acknowledged discrete near-term challenges—most notably a $216M non-cash impairment tied to a resort optimization program, Travel & Membership segment pressure from exchange headwinds (Q4 revenue -6% and EBITDA -10%), and some 2026 modeling headwinds due to portfolio actions and a deliberate VPG mix shift. Overall, the positives (recurring cash generation, solid unit economics, high-quality originations, and disciplined capital allocation) outweigh the lowlights, while management provided transparent guidance and mitigation plans for the identified challenges.Company Guidance
Full-Year Financial Outperformance
2025 revenue $4.02B (+4% year-over-year), adjusted EBITDA $990M (+7% YoY), adjusted EPS $6.34 (+10% YoY), and free cash flow $516M (+16% YoY). EBITDA converted to free cash flow at ~52% for the full year.
Strong Q4 Results
Q4 revenue $1,026.0M, adjusted EBITDA $272.0M (Q4 EBITDA +8% YoY), adjusted EPS $1.83. Q4 margin expansion reflected operating leverage and inventory efficiency.
Vacation Ownership Momentum
Gross VOI (vacation ownership) sales grew 8% in 2025; VPG (volume per guest) +6% and finished above guidance range with Q4 VPG ~$3,359; tour flow growth accelerated to 5% in Q4 (fastest YoY tour growth in 2025). New originations remained high quality (weighted average FICO >740; down payments >20%).
Capital Allocation and Shareholder Returns
Returned $449M to shareholders in 2025 (repurchased $300M, ~6% reduction in share count; paid $149M in dividends). Since 2018 returned >$2.9B, reduced share count by ~one-third, and grew the dividend >35%. Board approved a new $750M repurchase authorization; proposed Q1 2026 dividend of $0.60/share.
Resort Optimization Expected Net Benefit
Company executed a Resort Optimization Initiative (removing select low-demand resorts) that incurred a $216M non-cash write-down in 2025 but is forecast to deliver a net EBITDA benefit of $15M–$25M in 2026 after lower revenue and management fee impacts are offset by ~ $70M of inventory carry/expense savings.
Balance Sheet and Returns
Leverage under 3.1x at year-end and return on invested capital remains above 20%, supporting ongoing buybacks and dividend growth while preserving flexibility.
Brand Expansion and Digital Investment Progress
Announced four new resorts across emerging brands (Margaritaville, Accor, Sports Illustrated, Eddie Bauer). Early consumer response to Eddie Bauer and Sports Illustrated initiatives positive. Launched Club Wyndham and WorldMark apps and an AI Concierge service to deepen owner engagement and support long-term growth.
2026 Guidance with Embedded Upside
Full-year 2026 guidance: adjusted EBITDA $1.03B–$1.055B (implying ~4%–7% YoY growth). Gross VOI sales guidance $2.50B–$2.60B (+1%–5% YoY; underlying VOI growth would be +5%–9% absent sales office closures). Company expects to convert ~50% of EBITDA into free cash flow in 2026.
TNL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TNL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $72.86 | $75.39 | +3.47% |
Oct 22, 2025 | $60.20 | $69.36 | +15.23% |
Jul 23, 2025 | $56.89 | $60.84 | +6.95% |
Apr 23, 2025 | $41.47 | $41.86 | +0.96% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Travel + Leisure Co (TNL) report earnings?
Travel + Leisure Co (TNL) is schdueled to report earning on Apr 29, 2026, Before Open (Confirmed).
What is Travel + Leisure Co (TNL) earnings time?
Travel + Leisure Co (TNL) earnings time is at Apr 29, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TNL EPS forecast?
TNL EPS forecast for the fiscal quarter 2026 (Q1) is 1.28.