Filing Flows › Travel & Leisure (TNL) › Q3 2026 › vs Q2 2026
Travel & Leisure (TNL) Q3 2026 vs Q2 2026 (quarter over quarter)
Travel & Leisure's revenue rose $38.0M (+4%) from $1.1B in Q2 2026 to $1.1B in Q3 2026. The biggest changes: Vacation ownership interest sales +$21.0M (+4%); Service and membership fees +$12.0M (+3%); Consumer financing +$5.0M (+4%). Operating margin 17.7% against 19.8% (-2.0 pts).
Travel & Leisure, Q3 2026: revenue $1.1B (+6% year over year), operating margin 17.7%, net earnings $108M, operating cash flow $130M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 17.7% | 19.8% | -2.0 pts |
| Net margin | 9.8% | 10.3% | -0.4 pts |
| Free cash flow margin | 10.1% | 18.3% | -8.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Vacation ownership interest sales | $545M | $524M | $21.0M | +4% |
| Service and membership fees | $408M | $396M | $12.0M | +3% |
| Consumer financing | $118M | $113M | $5.0M | +4% |
| Other | $30.0M | $30.0M | $0 | 0% |
| Revenue | $1.1B | $1.1B | $38.0M | +4% |
| Operating profit | $195M | $210M | −$15.0M | -7% |
| Costs & expenses | $906M | $853M | $53.0M | +6% |
| Pre-tax earnings | $146M | $155M | −$9.0M | -6% |
| Other expense, net | $49.0M | $55.0M | −$6.0M | -11% |
| Cost of revenue | $22.0M | $29.0M | −$7.0M | -24% |
| General & admin | $125M | $130M | −$5.0M | -4% |
| Other operating costs | $759M | $694M | $65.0M | +9% |
| Net earnings | $108M | $109M | −$1.0M | -0.9% |
| Income tax | $38.0M | $46.0M | −$8.0M | -17% |
| Depreciation & amortization | $35.0M | $32.0M | $3.0M | +9% |
| Share-based compensation | $15.0M | $15.0M | $0 | 0% |
| Working capital & other | $28.0M | −$64.0M | $92.0M | — |
| Operating cash flow | $130M | $220M | −$90.0M | -41% |
| Free cash flow (OCF − capex) | $111M | $195M | −$84.0M | -43% |
| Capital expenditures | $19.0M | $25.0M | −$6.0M | -24% |
Questions
How much did Travel & Leisure's revenue grow quarter over quarter in Q3 2026?
Travel & Leisure's revenue rose $38.0M (+4%) from $1.1B in Q2 2026 to $1.1B in Q3 2026.
What drove Travel & Leisure's revenue change in Q3 2026?
Vacation ownership interest sales +$21.0M (+4%); Service and membership fees +$12.0M (+3%); Consumer financing +$5.0M (+4%).