Filing Flows › Travel & Leisure (TNL) › How it makes money
How Travel & Leisure (TNL) makes money
Travel & Leisure (TNL) made $1.1B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Vacation ownership interest sales brought in $545M (50%); Service and membership fees brought in $408M (37%); Consumer financing brought in $118M (11%). Of every dollar of revenue, 18¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Vacation ownership interest sales | $545M | 49.5% | +4% | +10% |
| Service and membership fees | $408M | 37.1% | +3% | +0.2% |
| Consumer financing | $118M | 10.7% | +4% | +3% |
| Other | $30.0M | 2.7% | 0% | +7% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.1B | 100.0% |
| Operating profit | $195M | 17.7% |
| Income tax | $38.0M | 3.5% |
| Net earnings | $108M | 9.8% |
| Operating cash flow | $130M | 11.8% |
| Free cash flow | $111M | 10.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.1B | +6% |
| Q2 2026 | $1.1B | +4% |
| Q1 2026 | $961M | +3% |
| Q4 2025 | $1.0B | +6% |
| Q3 2025 | $1.0B | +5% |
| Q2 2025 | $1.0B | +3% |
| Q1 2025 | $934M | +2% |
From Travel & Leisure's 10-Q filed Oct 27, 2026 (on EDGAR).
Questions
How does Travel & Leisure make money?
Travel & Leisure (TNL) made $1.1B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Vacation ownership interest sales brought in $545M (50%); Service and membership fees brought in $408M (37%); Consumer financing brought in $118M (11%). Of every dollar of revenue, 18¢ was left as operating profit, 10¢ was left as net earnings.
What is Travel & Leisure's biggest business?
Vacation ownership interest sales: $545M in the third quarter 2026, 50% of revenue, +10% from a year earlier.
What is Travel & Leisure's profit margin?
Net earnings were $108M, 9.8% of revenue, in the third quarter 2026; the operating margin was 17.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.