Filing Flows › Travel & Leisure (TNL) › Q1 2026
Travel & Leisure (TNL) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 22, 2026
Travel & Leisure (TNL) reported revenue of $961M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -6% from the quarter before. Operating margin was 16.5%, net earnings $79.0M (8.2% of revenue).
Travel & Leisure, Q1 2026: revenue $961M (+3% year over year), operating margin 16.5%, net earnings $79.0M, operating cash flow $38.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $961M | -6% | +3% |
| Operating profit | $159M | — | +2% |
| Net earnings | $79.0M | — | +8% |
| Operating cash flow | $38.0M | -69% | -69% |
| Free cash flow | $19.0M | -79% | -81% |
What changed
Revenue was $961.0M in Q1 2026, up 3% year over year and down 6% from the previous quarter. Vacation ownership interest sales was the largest line at 44% of revenue. Vacation ownership interest sales added $43.0M year over year (up 11%), 159% of the total change. Service and membership fees declined 5%.
Operating profit was $159.0M, a 16.5% margin (down 0.2 points year over year). Of the extra revenue versus Q1 2025, 11% reached operating profit, below the 17% margin then. Total costs grew 3% against revenue growth of 3%. The fastest-growing cost line was Cost of revenue (+52%). Net earnings were $79.0M, up 8% year over year. The effective tax rate was 26.9%.
Operating cash flow was $38.0M (down 69% year over year), 48% of net earnings. Non-cash charges added back $32.0M of depreciation and amortization and $13.0M of share-based compensation. Working capital and other items used $86.0M. Capital expenditures of $19.0M left free cash flow of $19.0M.
Questions
What was Travel & Leisure's revenue in the first quarter 2026?
Travel & Leisure (TNL) reported revenue of $961M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -6% from the quarter before.
Was Travel & Leisure profitable in the first quarter 2026?
Operating profit was $159M (16.5% of revenue) and net earnings $79.0M.
Source: Travel & Leisure 10-Q on SEC EDGAR.