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Travel & Leisure vs Boyd Gaming: TNL and BYD compared
Travel & Leisure is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $990M for Boyd Gaming (Q3 2026). Travel & Leisure is growing faster (+6% against -1% a year earlier). Boyd Gaming is more profitable, with an operating margin of 19.7% against 17.7%.
Where the money goes: TNL and BYD
Travel & Leisure (TNL) · Q3 2026
Travel & Leisure, Q3 2026: revenue $1.1B (+6% year over year), operating margin 17.7%, net earnings $108M, operating cash flow $130M. The chart follows the revenue to costs, profit and cash.
Boyd Gaming (BYD) · Q3 2026
Boyd Gaming, Q3 2026: revenue $990M (-1% year over year), operating margin 19.7%, net earnings $125M, operating cash flow $203M. The chart follows the revenue to costs, profit and cash.
| Travel & Leisure (TNL) | Boyd Gaming (BYD) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.1B | $990M |
| Revenue growth, Y/Y | +6% | -1% |
| Operating margin | 17.7% | 19.7% |
| Net earnings | $108M | $125M |
| Net margin | 9.8% | 12.6% |
| Operating cash flow | $130M | $203M |
| Free cash flow | $111M | $43.7M |
| Market value | $4.7B | $5.6B |
| P/E | 20.1× | 11.9× |
| Analysts’ mean target | $87.23 | $87.44 |
Where the revenue comes from
Travel & Leisure
- Vacation ownership interest sales: $545M (50%)
- Service and membership fees: $408M (37%)
- Consumer financing: $118M (11%)
- Other: $30.0M (3%)
Boyd Gaming
- Casino: $655M (66%)
- Online Reimbusements: $121M (12%)
- Food and Beverage: $73.7M (7%)
- Occupancy: $43.1M (4%)
Questions
Which is bigger, Travel & Leisure or Boyd Gaming?
Travel & Leisure is the larger company: $1.1B of revenue in its latest quarter (Q3 2026) against $990M for Boyd Gaming (Q3 2026).
Is Travel & Leisure or Boyd Gaming growing faster?
Travel & Leisure is growing faster (+6% against -1% a year earlier).
Which is more profitable, Travel & Leisure or Boyd Gaming?
Boyd Gaming is more profitable, with an operating margin of 19.7% against 17.7%.
More: Travel & Leisure earnings · how Travel & Leisure makes money · Boyd Gaming earnings · how Boyd Gaming makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.