Filing Flows › Travel & Leisure (TNL) › Q4 2025
Travel & Leisure (TNL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Travel & Leisure (TNL) reported revenue of $1.0B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -2% from the quarter before. Operating margin was -2.2%, net loss $61.0M (6.0% of revenue).
Travel & Leisure, Q4 2025: revenue $1.0B (+6% year over year), operating margin -2.2%, net loss $61.0M, operating cash flow $124M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0B | -2% | +6% |
| Operating profit | −$23.0M | -111% | — |
| Net earnings | −$61.0M | -155% | — |
| Operating cash flow | $124M | -24% | +27% |
| Free cash flow | $92.0M | -32% | +23% |
What changed
Revenue was $1.0B in Q4 2025, up 6% year over year and down 2% from the previous quarter.
Operating costs exceeded revenue by $0.02B, an operating margin of -2.2%. Total costs grew 37% against revenue growth of 6%. The fastest-growing cost line was Cost of revenue (+2050%). The quarter ended with a net loss of $0.06B, after a profit of $0.11B the previous quarter. Net interest and other expense of $0.05B was the main reason.
Operating cash flow was $0.12B (up 27% year over year). Non-cash charges added back $0.03B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.13B. Capital expenditures of $0.03B left free cash flow of $0.09B.
Questions
What was Travel & Leisure's revenue in the fourth quarter 2025?
Travel & Leisure (TNL) reported revenue of $1.0B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -2% from the quarter before.
Was Travel & Leisure profitable in the fourth quarter 2025?
Operating loss was $23.0M (-2.2% of revenue) and net loss $61.0M.
Source: Travel & Leisure 10-K on SEC EDGAR.