TNL Financials Travel & Leisure Co.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 30, 2026, 11:15 UTC Overview →

Growth & profitability

Revenue has grown 13.2% per year over the past 5 years.
Operating margin has expanded, at 13.8% in the latest year.
Free cash flow has grown 11.4% per year over the past 5 years.

Financial health

Total debt ($5.6B) exceeds cash ($253M); net debt is $5.3B.
Total debt has grown slower than revenue (-2.7% vs 13.2% per year).
Total debt is 8.3× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 64.7% of earnings and 28.5% of free cash flow.
The dividend has grown 1.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$4.0B	$230M	93.2%	13.8%	-23.5%	3.4%	$523M	$5.6B	$253M
2024	$3.9B	$411M	97.6%	19.0%	-46.7%	6.1%	$383M	$5.6B	$167M
2023	$3.8B	$396M	96.5%	19.2%	-43.2%	5.9%	$276M	$5.6B	$282M
2022	$3.6B	$356M	95.6%	18.3%	-39.0%	5.3%	$390M	$5.6B	$550M
2021	$3.1B	$308M	95.0%	19.7%	-38.4%	4.7%	$511M	$5.3B	$369M
2020	$2.2B	-$255M	99.9%	-4.9%	26.2%	-3.3%	$305M	$6.4B	$1.2B
2019	$4.0B	$507M	95.4%	20.1%	-95.7%	6.8%	$344M	$5.6B	$355M
2018	$3.9B	$672M	95.3%	13.3%	-117.1%	9.4%	$343M	—	$218M
2017	$3.8B	$854M	0.0%	11.5%	111.1%	8.2%	$879M	$3.9B	$48M
2016	$3.7B	$611M	0.0%	17.8%	85.6%	6.2%	$846M	—	$113M
2015	—	$612M	—	—	64.4%	6.4%	$802M	—	-$33M
2014	—	$529M	—	—	42.2%	5.5%	$749M	—	$183M
2013	—	$432M	—	—	26.6%	4.4%	$770M	—	$194M
2012	—	$400M	—	—	20.7%	4.2%	$796M	—	$195M
2011	—	$417M	—	—	18.7%	4.6%	$764M	$2.2B	$142M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$1.1B	$108M	98.0%	17.7%	-10.7%	1.5%	$111M	$6.1B	$306M
Jun '26	$1.1B	$109M	97.3%	19.8%	-10.7%	1.6%	$195M	$5.7B	$282M
Mar '26	$961M	$79M	96.4%	16.5%	-7.7%	1.2%	$19M	$5.8B	$254M
Dec '25	$1.0B	-$61M	79.0%	-2.2%	6.2%	-0.9%	$92M	$5.6B	$253M
Sep '25	$1.0B	$111M	98.8%	20.5%	-13.5%	1.6%	$136M	$5.6B	$240M
Jun '25	$1.0B	$108M	97.9%	20.2%	-12.7%	1.6%	$195M	$5.6B	$212M
Mar '25	$934M	$73M	97.5%	16.7%	-8.1%	1.1%	$100M	$5.7B	$188M
Dec '24	$971M	$119M	99.0%	21.2%	-13.5%	1.8%	$75M	$5.6B	$167M
Sep '24	$993M	$97M	97.3%	19.0%	-11.3%	1.4%	$125M	$5.6B	$194M
Jun '24	$985M	$129M	97.9%	19.2%	-14.6%	1.9%	$153M	$5.6B	$166M
Mar '24	$916M	$66M	96.3%	16.4%	-7.1%	0.9%	$30M	$5.9B	$479M
Dec '23	$936M	$129M	97.2%	20.4%	-14.1%	1.9%	$120M	$5.6B	$282M
Sep '23	$986M	$110M	95.6%	21.0%	-10.9%	1.7%	$74M	$5.6B	$238M
Jun '23	$949M	$94M	96.5%	19.3%	-9.3%	1.4%	$87M	$5.6B	$214M
Mar '23	$879M	$64M	96.6%	15.7%	-6.5%	1.0%	-$5M	$5.5B	$196M
Dec '22	$899M	$91M	96.4%	18.0%	-10.0%	1.3%	$159M	$5.6B	$550M
Sep '22	$937M	$116M	95.8%	20.2%	-12.7%	1.8%	$25M	$5.3B	$169M
Jun '22	$922M	$100M	95.0%	20.1%	-11.7%	1.5%	$75M	$5.2B	$241M
Mar '22	$809M	$51M	95.1%	14.5%	-6.2%	0.8%	$131M	$5.3B	$381M
Dec '21	$870M	$107M	94.0%	22.4%	-13.4%	1.6%	$116M	$5.3B	$369M

Valuation over time

How the market has priced TNL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 6.6× (Mar '23) to 19.8× (Nov '26).
The price-to-sales ratio has risen from 0.7× (Mar '23) to 1.1× (Nov '26).
The dividend yield has fallen from 5.7% (Mar '23) to 3.3% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is TNL growing its revenue and profit?

Over the past 5 years, Travel & Leisure Co.'s revenue has grown 13.2% per year. These are computed facts, not advice.

How much debt does TNL have?

As of FY2025, Travel & Leisure Co. reported $5.6B of total debt against $253M of cash.

What is TNL's profit margin?

In FY2025, gross margin was 93.2%, operating margin 13.8%, and net margin 5.7%.

What is TNL's P/E ratio?

Travel & Leisure Co.'s P/E (TTM) is 19.36 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the TNL stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 19.8× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.