Filing Flows › Travel & Leisure (TNL) › Q3 2025
Travel & Leisure (TNL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
Travel & Leisure (TNL) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +3% from the quarter before. Operating margin was 20.5%, net earnings $111M (10.6% of revenue).
Travel & Leisure, Q3 2025: revenue $1.0B (+5% year over year), operating margin 20.5%, net earnings $111M, operating cash flow $163M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | +3% | +5% |
| Operating profit | $214M | +4% | +13% |
| Net earnings | $111M | +3% | +14% |
| Operating cash flow | $163M | -30% | +12% |
| Free cash flow | $136M | -30% | +9% |
What changed
Revenue was $1.0B in Q3 2025, up 5% year over year and up 3% from the previous quarter. Vacation ownership interest sales was the largest line at 47% of revenue. Vacation ownership interest sales added $0.04B year over year (up 9%), 76% of the total change.
Operating profit was $0.21B, a 20.5% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 19% margin then. Total costs grew 3% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+35%). Net earnings were $0.11B, up 14% year over year. The effective tax rate was 29.7%.
Operating cash flow was $0.16B (up 12% year over year), 147% 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 $0.01B. Capital expenditures of $0.03B left free cash flow of $0.14B.
Questions
What was Travel & Leisure's revenue in the third quarter 2025?
Travel & Leisure (TNL) reported revenue of $1.0B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +3% from the quarter before.
Was Travel & Leisure profitable in the third quarter 2025?
Operating profit was $214M (20.5% of revenue) and net earnings $111M.
Source: Travel & Leisure 10-Q on SEC EDGAR.