Filing Flows › Travel & Leisure (TNL) › Q2 2026 › vs Q1 2026
Travel & Leisure (TNL) Q2 2026 vs Q1 2026 (quarter over quarter)
Travel & Leisure's revenue rose $102M (+11%) from $961M in Q1 2026 to $1.1B in Q2 2026. The biggest changes: Vacation ownership interest sales +$97.0M (+23%); Other +$5.0M (+20%); Service and membership fees +$0 (0%). Operating margin 19.8% against 16.5% (+3.2 pts).
Travel & Leisure, Q2 2026: revenue $1.1B (+4% year over year), operating margin 19.8%, net earnings $109M, operating cash flow $220M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 19.8% | 16.5% | +3.2 pts |
| Net margin | 10.3% | 8.2% | +2.0 pts |
| Free cash flow margin | 18.3% | 2.0% | +16.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Vacation ownership interest sales | $524M | $427M | $97.0M | +23% |
| Service and membership fees | $396M | $396M | $0 | 0% |
| Consumer financing | $113M | $113M | $0 | 0% |
| Other | $30.0M | $25.0M | $5.0M | +20% |
| Revenue | $1.1B | $961M | $102M | +11% |
| Operating profit | $210M | $159M | $51.0M | +32% |
| Costs & expenses | $853M | $802M | $51.0M | +6% |
| Pre-tax earnings | $155M | $108M | $47.0M | +44% |
| Other expense, net | $55.0M | $51.0M | $4.0M | +8% |
| Cost of revenue | $29.0M | $35.0M | −$6.0M | -17% |
| General & admin | $130M | $121M | $9.0M | +7% |
| Other operating costs | $694M | $646M | $48.0M | +7% |
| Net earnings | $109M | $79.0M | $30.0M | +38% |
| Income tax | $46.0M | $29.0M | $17.0M | +59% |
| Depreciation & amortization | $32.0M | $32.0M | $0 | 0% |
| Share-based compensation | $15.0M | $13.0M | $2.0M | +15% |
| Working capital & other | $64.0M | −$86.0M | $150M | — |
| Operating cash flow | $220M | $38.0M | $182M | +479% |
| Free cash flow (OCF − capex) | $195M | $19.0M | $176M | +926% |
| Capital expenditures | $25.0M | $19.0M | $6.0M | +32% |
Questions
How much did Travel & Leisure's revenue grow quarter over quarter in Q2 2026?
Travel & Leisure's revenue rose $102M (+11%) from $961M in Q1 2026 to $1.1B in Q2 2026.
What drove Travel & Leisure's revenue change in Q2 2026?
Vacation ownership interest sales +$97.0M (+23%); Other +$5.0M (+20%); Service and membership fees +$0 (0%).