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Travel & Leisure cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$111M in Q3 2026 · $417M over twelve months

Operating cash flow$130M
Capital spending−$19.0M
Free cash flow+$111M
Cash / net income1.2×

Analysis

In Q3 2026, Travel & Leisure generated $130M of operating cash flow and spent $19.0M on capital projects, leaving free cash flow of $111M. That is $25.0M less than in Q3 2025 ($136M).

Over the twelve months to Sep 30, 2026, operating cash flow was $512M; the largest uses were buybacks ($340M), acquisitions ($290M), dividends ($149M); besides operations, cash came from net borrowing (+) / repaid (−) ($433M), shares issued ($18.0M); the cash balance rose by $85.0M.

Operating cash flow was $130M against net income of $108M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: contract assets −$130M, depreciation & amortization +$35.0M, prepaid and other assets −$30.0M.

Free cash flow

Travel & Leisure: free cash flow by quarterTravel & Leisure: free cash flow by quarter$75.0MQ4 2024$100MQ1 2025$195MQ2 2025$136MQ3 2025$92.0MQ4 2025$19.0MQ1 2026$195MQ2 2026$111MQ3 2026
Operating cash flow less capital spending.
Travel & Leisure: operating cash flow against capital spendingTravel & Leisure: operating cash flow against capital spendingOperating cash flowCapital spending$98.0M$23.0MQ4 2024$121M$21.0MQ1 2025$232M$37.0MQ2 2025$163M$27.0MQ3 2025$124M$32.0MQ4 2025$38.0M$19.0MQ1 2026$220M$25.0MQ2 2026$130M$19.0MQ3 2026
Latest (Q3 2026): Operating cash flow $130M, Capital spending $19.0M.

Capital allocation, year by year

Travel & Leisure: where the cash came from (up) and went (down), by fiscal yearTravel & Leisure: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $568MFY2021: Net borrowing −$556MFY2021: Shares issued $11.0MFY2021: Capital spending −$57.0MFY2021: Acquisitions −$37.0MFY2021: Buybacks −$25.0MFY2021: Dividends −$109M$579MFY2021FY2022: Operating cash flow $442MFY2022: Net borrowing $287MFY2022: Shares issued $10.0MFY2022: Capital spending −$52.0MFY2022: Acquisitions −$2.0MFY2022: Buybacks −$351MFY2022: Dividends −$135M$739MFY2022FY2023: Operating cash flow $350MFY2023: Net borrowing $199MFY2023: Shares issued $9.0MFY2023: Capital spending −$74.0MFY2023: Acquisitions −$6.0MFY2023: Buybacks −$309MFY2023: Dividends −$136M$558MFY2023FY2024: Operating cash flow $464MFY2024: Net borrowing $1.6BFY2024: Shares issued $15.0MFY2024: Capital spending −$81.0MFY2024: Acquisitions −$44.0MFY2024: Buybacks −$234MFY2024: Dividends −$142M$2.1BFY2024FY2025: Operating cash flow $640MFY2025: Net borrowing −$12.0MFY2025: Shares issued $34.0MFY2025: Capital spending −$117MFY2025: Acquisitions −$1.0MFY2025: Buybacks −$301MFY2025: Dividends −$149M$674MFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were buybacks ($1.2B) and dividends ($671M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$324M
Debt$6.1B
Net debt$5.7B
Due within a year$910M

Travel & Leisure funds itself: free cash flow was $417M over the last twelve months, and $324M of cash and investments stands against $6.1B of debt ($910M due within a year, 0.4× covered by cash).

Travel & Leisure: debt maturities by year (FY2025)Travel & Leisure: debt maturities by year (FY2025)$910MYear 1$657MYear 2$462MYear 3$1.7BYear 4$616MYear 5$1.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $324M of cash and investments now.

Where the cash came from and went

Travel & Leisure: sources (+) and uses (−) of cash, Q3 2026Travel & Leisure: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$303MAcquisitions−$290MOperating cash flow$130MBuybacks−$75.0MDividends−$36.0MCash drawn (+) / kept (−)−$28.0MCapital spending−$19.0MOther financing$13.0MExchange rates$2.0M
Travel & Leisure: sources (+) and uses (−) of cash, TTM to Q3 2026Travel & Leisure: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$512MNet borrowing (+) / repaid (−)$433MBuybacks−$340MAcquisitions−$290MDividends−$149MCapital spending−$95.0MCash drawn (+) / kept (−)−$85.0MShares issued$18.0MTaxes on employees’ shares−$17.0MExchange rates$5.0MOther financing$5.0MOther investing$3.0M

From profit to cash

Travel & Leisure: net income to operating cash flow, Q3 2026Travel & Leisure: net income to operating cash flow, Q3 2026Net income$108MDepreciation & amortization$35.0MStock-based pay$15.0MDeferred taxes−$3.0MReceivables−$28.0MInventory$15.0MPayables−$10.0MDeferred revenue−$12.0MContract assets−$130MPrepaid and other assets−$30.0MOperating cash flow$130M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$130M−$19.0M−$290M−$75.0M−$36.0M$303M—−$28.0M$111M
Q2 2026$220M−$25.0M—−$88.0M−$37.0M$47.0M$7.0M−$15.0M$195M
Q1 2026$38.0M−$19.0M—−$87.0M−$41.0M$169M$4.0M−$30.0M$19.0M
Q4 2025$124M−$32.0M—−$90.0M−$35.0M−$86.0M$7.0M−$12.0M$92.0M
Q3 2025$163M−$27.0M—−$71.0M−$36.0M$614M$20.0M−$27.0M$136M
Q2 2025$232M−$37.0M—−$70.0M−$37.0M$615M$5.0M−$20.0M$195M
Q1 2025$121M−$21.0M−$1.0M−$70.0M−$41.0M$628M$2.0M−$38.0M$100M
Q4 2024$98.0M−$23.0M—−$72.0M−$34.0M−$2.0M$6.0M$20.0M$75.0M

Travel & Leisure: income statement and cash flow

Travel & Leisure, Q3 2026: revenue $1.1B (+6% year over year), operating margin 17.7%. The chart follows the revenue to costs, profit and cash.

Travel & Leisure: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.