Filing Flows › Travel & Leisure (TNL) › Q1 2025
Travel & Leisure (TNL) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 23, 2025
Travel & Leisure (TNL) reported revenue of $934M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -4% from the quarter before. Operating margin was 16.7%, net earnings $73.0M (7.8% of revenue).
Travel & Leisure, Q1 2025: revenue $934M (+2% year over year), operating margin 16.7%, net earnings $73.0M, operating cash flow $121M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $934M | -4% | +2% |
| Operating profit | $156M | -24% | +4% |
| Net earnings | $73.0M | -39% | +11% |
| Operating cash flow | $121M | +23% | +157% |
| Free cash flow | $100M | +33% | +233% |
What changed
Revenue was $934.0M in Q1 2025, up 2% year over year and down 4% from the previous quarter. Service and membership fees was the largest line at 45% of revenue. Vacation ownership interest sales added $15.0M year over year (up 4%), 83% of the total change.
Operating profit was $156.0M, a 16.7% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, above the 16% margin then. Total costs grew 2% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $73.0M, up 11% year over year. The effective tax rate was 27.7%.
Operating cash flow was $121.0M (up 157% year over year), 166% of net earnings. Non-cash charges added back $30.0M of depreciation and amortization and $14.0M of share-based compensation. Capital expenditures of $21.0M left free cash flow of $100.0M.
Questions
What was Travel & Leisure's revenue in the first quarter 2025?
Travel & Leisure (TNL) reported revenue of $934M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -4% from the quarter before.
Was Travel & Leisure profitable in the first quarter 2025?
Operating profit was $156M (16.7% of revenue) and net earnings $73.0M.
Source: Travel & Leisure 10-Q on SEC EDGAR.