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 55 d ago 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
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
Sep '21	$839M	$101M	94.9%	22.2%	-11.8%	1.5%	$130M	$5.3B	$346M

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 6.7× (Mar '23) to 17.6× (Sep '26).
The price-to-sales ratio has risen from 0.7× (Mar '23) to 1.0× (Sep '26).
The dividend yield has fallen from 5.6% (Mar '23) to 3.7% (Sep '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?

As of Sep '26, Travel & Leisure Co. traded at a price-to-earnings ratio of about 17.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.