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Travel & Leisure (TNL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Travel & Leisure (TNL) Q3 2026 earnings results →

Q3 2026 Revenue up 6% year over year to $1.1B · 10¢ of every $1 of revenue kept as net profit · operating margin 17.7%

Travel & Leisure made $1.1B in Q3 2026 (+6% Y/Y): Vacation ownership interest sales $545M, Service and membership fees $408M, Consumer financing $118M. Operating margin 17.7%, net earnings $108M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$1.1B

Year over year+6%

Operating margin17.7%

Net earnings$108M

Operating cash flow$130M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $1.1B in Q3 2026, up 5% year over year and up 4% from the previous quarter. Vacation ownership interest sales was the largest line at 50% of revenue. Vacation ownership interest sales added $0.05B year over year (up 10%), 89% of the total change.

Operating profit was $0.20B, a 17.7% margin (down 2.8 points year over year). Operating profit fell $0.02B even though revenue rose $0.06B versus Q3 2025, so costs grew faster than sales. Total costs grew 9% against revenue growth of 5%. The fastest-growing cost line was Cost of revenue (+69%). Net earnings were $0.11B, down 3% year over year. The effective tax rate was 26.0%.

Operating cash flow was $0.13B (down 20% year over year), 120% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.03B. Capital expenditures of $0.02B left free cash flow of $0.11B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 27, 2026	$1.1B	+6%	17.7%	$108M	$130M
Q2 2026	10-Q	Jul 22, 2026	$1.1B	+4%	19.8%	$109M	$220M
Q1 2026	10-Q	Apr 22, 2026	$961M	+3%	16.5%	$79.0M	$38.0M
Q4 2025	10-K	Feb 18, 2026	$1.0B	+6%	-2.2%	−$61.0M	$124M
Q3 2025	10-Q	Oct 22, 2025	$1.0B	+5%	20.5%	$111M	$163M
Q2 2025	10-Q	Jul 23, 2025	$1.0B	+3%	20.2%	$108M	$232M
Q1 2025	10-Q	Apr 23, 2025	$934M	+2%	16.7%	$73.0M	$121M

Charts

Latest (Q3 2026): Y/Y +6%, Q/Q +4%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $108M, Operating cash flow $130M.

-22.3% since FY2020: buybacks shrank the count.

Cash $253M, short-term investments $18.0M, long-term debt $5.6B at 2025-12-31.

Hotels & Motels; dot size is quarterly revenue; dashed lines are the industry's medians.