Filing Flows › Travel & Leisure (TNL) › Q2 2025
Travel & Leisure (TNL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 23, 2025
Travel & Leisure (TNL) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +9% from the quarter before. Operating margin was 20.2%, net earnings $108M (10.6% of revenue).
Travel & Leisure, Q2 2025: revenue $1.0B (+3% year over year), operating margin 20.2%, net earnings $108M, operating cash flow $232M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +9% | +3% |
| Operating profit | $206M | +32% | +9% |
| Net earnings | $108M | +48% | -16% |
| Operating cash flow | $232M | +92% | +33% |
| Free cash flow | $195M | +95% | +27% |
What changed
Revenue was $1.0B in Q2 2025, up 3% year over year and up 9% from the previous quarter. Vacation ownership interest sales was the largest line at 47% of revenue. Vacation ownership interest sales added $0.03B year over year (up 7%), 100% of the total change. Service and membership fees declined 1%.
Operating profit was $0.21B, a 20.2% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 52% reached operating profit, above the 19% margin then. Total costs grew 2% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+34%). Net earnings were $0.11B, down 16% year over year. The effective tax rate was 28.9%.
Operating cash flow was $0.23B (up 33% year over year), 215% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.04B left free cash flow of $0.20B.
Questions
What was Travel & Leisure's revenue in the second quarter 2025?
Travel & Leisure (TNL) reported revenue of $1.0B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +9% from the quarter before.
Was Travel & Leisure profitable in the second quarter 2025?
Operating profit was $206M (20.2% of revenue) and net earnings $108M.
Source: Travel & Leisure 10-Q on SEC EDGAR.