Filing Flows › Travel & Leisure (TNL) › Q2 2026 › vs Q2 2025
Travel & Leisure (TNL) Q2 2026 vs Q2 2025 (year over year)
Travel & Leisure's revenue rose $45.0M (+4%) from $1.0B in Q2 2025 to $1.1B in Q2 2026. The biggest changes: Vacation ownership interest sales +$50.0M (+11%); Service and membership fees −$11.0M (-3%); Other +$5.0M (+20%). Operating margin 19.8% against 20.2% (-0.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 19.8% | 20.2% | -0.5 pts |
| Net margin | 10.3% | 10.6% | -0.4 pts |
| Free cash flow margin | 18.3% | 19.2% | -0.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Vacation ownership interest sales | $524M | $474M | $50.0M | +11% |
| Service and membership fees | $396M | $407M | −$11.0M | -3% |
| Consumer financing | $113M | $112M | $1.0M | +0.9% |
| Other | $30.0M | $25.0M | $5.0M | +20% |
| Revenue | $1.1B | $1.0B | $45.0M | +4% |
| Operating profit | $210M | $206M | $4.0M | +2% |
| Costs & expenses | $853M | $812M | $41.0M | +5% |
| Pre-tax earnings | $155M | $152M | $3.0M | +2% |
| Other expense, net | $55.0M | $54.0M | $1.0M | +2% |
| Cost of revenue | $29.0M | $21.0M | $8.0M | +38% |
| General & admin | $130M | $116M | $14.0M | +12% |
| Other operating costs | $694M | $675M | $19.0M | +3% |
| Net earnings | $109M | $108M | $1.0M | +0.9% |
| Income tax | $46.0M | $44.0M | $2.0M | +5% |
| Depreciation & amortization | $32.0M | $31.0M | $1.0M | +3% |
| Share-based compensation | $15.0M | $12.0M | $3.0M | +25% |
| Working capital & other | $64.0M | $81.0M | −$17.0M | -21% |
| Operating cash flow | $220M | $232M | −$12.0M | -5% |
| Free cash flow (OCF − capex) | $195M | $195M | $0 | 0% |
| Capital expenditures | $25.0M | $37.0M | −$12.0M | -32% |
Questions
How much did Travel & Leisure's revenue grow year over year in Q2 2026?
Travel & Leisure's revenue rose $45.0M (+4%) from $1.0B in Q2 2025 to $1.1B in Q2 2026.
What drove Travel & Leisure's revenue change in Q2 2026?
Vacation ownership interest sales +$50.0M (+11%); Service and membership fees −$11.0M (-3%); Other +$5.0M (+20%).