Filing Flows › Travel & Leisure (TNL) › Q3 2026 › vs Q3 2025
Travel & Leisure (TNL) Q3 2026 vs Q3 2025 (year over year)
Travel & Leisure's revenue rose $57.0M (+5%) from $1.0B in Q3 2025 to $1.1B in Q3 2026. The biggest changes: Vacation ownership interest sales +$51.0M (+10%); Consumer financing +$3.0M (+3%); Other +$2.0M (+7%). Operating margin 17.7% against 20.5% (-2.8 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 17.7% | 20.5% | -2.8 pts |
| Net margin | 9.8% | 10.6% | -0.8 pts |
| Free cash flow margin | 10.1% | 13.0% | -2.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Vacation ownership interest sales | $545M | $494M | $51.0M | +10% |
| Service and membership fees | $408M | $407M | $1.0M | +0.2% |
| Consumer financing | $118M | $115M | $3.0M | +3% |
| Other | $30.0M | $28.0M | $2.0M | +7% |
| Revenue | $1.1B | $1.0B | $57.0M | +5% |
| Operating profit | $195M | $214M | −$19.0M | -9% |
| Costs & expenses | $906M | $830M | $76.0M | +9% |
| Pre-tax earnings | $146M | $158M | −$12.0M | -8% |
| Other expense, net | $49.0M | $56.0M | −$7.0M | -12% |
| Cost of revenue | $22.0M | $13.0M | $9.0M | +69% |
| General & admin | $125M | $122M | $3.0M | +2% |
| Other operating costs | $759M | $695M | $64.0M | +9% |
| Net earnings | $108M | $111M | −$3.0M | -3% |
| Income tax | $38.0M | $47.0M | −$9.0M | -19% |
| Depreciation & amortization | $35.0M | $31.0M | $4.0M | +13% |
| Share-based compensation | $15.0M | $12.0M | $3.0M | +25% |
| Working capital & other | $28.0M | −$9.0M | $37.0M | — |
| Operating cash flow | $130M | $163M | −$33.0M | -20% |
| Free cash flow (OCF − capex) | $111M | $136M | −$25.0M | -18% |
| Capital expenditures | $19.0M | $27.0M | −$8.0M | -30% |
Questions
How much did Travel & Leisure's revenue grow year over year in Q3 2026?
Travel & Leisure's revenue rose $57.0M (+5%) from $1.0B in Q3 2025 to $1.1B in Q3 2026.
What drove Travel & Leisure's revenue change in Q3 2026?
Vacation ownership interest sales +$51.0M (+10%); Consumer financing +$3.0M (+3%); Other +$2.0M (+7%).