Travel & Leisure Co. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Travel & Leisure Co. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,926	5,076	3,931	4,043	2,160	3,134	3,567	3,750	3,864	4,021
Cost of revenue		150	183	186	2	157	157	133	92	273
Gross profit		4,926	3,748	3,857	2,158	2,977	3,410	3,617	3,772	3,748
Selling and marketing	499	546	609	666	329	363	451	507	550	585
General and administrative	568	580	513	491	398	434	479	454	475	498
Operating income	658	439	523	812	-105	618	653	720	733	553
Interest expense	133	155	170	162	192	198	195	251	249	232
Interest income		6	5	7	7	3	6	13
Other non-operating income							22	3	15	7
Pre-tax income	542	318	396	680	-276	429	486	485	513	337
Income tax	190	-328	130	191	-23	116	130	94	135	107
Income from continuing operations		645	266	489	-253	313	356	391	378	230
Net income to minority interests	1	1	0	0
Net income	611	854	672	507	-255	308	357	396	411	230
EBITDA	830	575	661	933	21	742	772	832	848	677
EPS, basic	5.56	8.29	6.80	5.50	-2.97	3.56	4.28	5.31	5.87	3.51
EPS, diluted	5.52	8.24	6.77	5.48	-2.97	3.52	4.24	5.28	5.82	3.44
Shares, basic (weighted)	110	103	98.9	92.1	86.1	86.5	83.4	74.5	70.1	65.6
Shares, diluted (weighted)	111	104	99.2	92.4	86.1	87.3	84.2	75	70.7	66.9
Dividend per share	2.00	2.32	1.89	1.80	1.60	1.25	1.60	1.80	2.00	2.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	113	48	218	355	1,196	369	550	282	167	253
Short-term investments	14	24	25	35	26	21	18	19	18	18
Receivables	376	195	121
Inventory	310	1,249	1,224	1,199	1,347	1,216	1,193	1,135	1,227	1,128
Other current assets	260	328	304
Total current assets	1,812	2,995
Property, plant and equipment	1,028	822	712	680	666	689	658	655	591	531
Lease right-of-use assets			0	136	92	79	62	46	47	85
Goodwill	1,221	911	922	970	964	961	955	962	966	972
Intangible assets	343	143	109	143	131	219	207	199	209	201
Other non-current assets	355	328	304
Total assets	9,819	10,450	7,158	7,453	7,613	6,588	6,757	6,738	6,735	6,760
Accounts payable	213	232	66
Accrued liabilities	204	252
Deferred revenue	421	559	518
Short-term debt	22	104
Total current liabilities	2,032	2,629
Other non-current liabilities	353	304
Total liabilities	9,101	9,676	7,727	7,977	8,581	7,382	7,661	7,655	7,615	7,742
Total debt		3,908		5,575	6,418	5,313	5,642	5,646	5,591	5,598
Paid-in capital	3,966	3,996	4,077	4,118	4,157	4,192	4,242	4,279	4,328	4,405
Retained earnings	1,977	2,501	1,442	1,785	1,390	1,587	1,808	2,067	2,334	2,412
Treasury stock	-5,118	-5,719	-6,043	-6,383	-6,508	-6,534	-6,886	-7,196	-7,433	-7,735
Other comprehensive income	-113	-11	-52	-52	-16	-48	-79	-70	-112	-66
Shareholders' equity	714	769	-574	-530	-975	-801	-913	-918	-881	-981
Minority interests	4	5	5	6	7	7	9	1	1	-1
Total equity	633	774	-569	-524	-968	-794	-904	-917	-880	-982
Total liabilities and equity	9,819	10,450	7,158	7,453	7,613	6,588	6,757	6,738	6,735	6,760

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	612	855	672	507	-255	308	357	396	411	230
Depreciation and amortization	172	136	138	121	126	124	119	112	115	124
Stock-based compensation	57	59	129	24	20	32	45	38	41	57
Deferred income tax	72	-397	122	79	-88	-39	-4	8	26	-21
Change in receivables	1	7	-27	-15	30	-15	-28	-18	35	3
Change in inventory	-26	-71	-27	13	-119	-6	31	25	-16	-68
Change in payables	-70	-6	-146	-151	-21	24	-71	-70	-19	96
Cash from operations	963	986	442	452	374	568	442	350	464	640
Capital expenditures	-117	-107	-99	-108	-69	-57	-52	-74	-81	-117
Acquisitions	-21	-48	-5	-51	0	-37	-2	-6	-44	-1
Purchases of investments								0	0	-19
Cash from investing	-346	-362	-725	-66	-65	-93	-50	-80	-124	-107
Debt issued	112	1,629	3,203					2,031	1,910	2,673
Debt repaid	-141	-1,293	-3,520
Stock issued		0	0	11	7	11	10	9	15	34
Share buybacks	-619	-599	-330	-340	-128	-25	-351	-309	-234	-301
Dividends paid	-223	-242	-194	-166	-138	-109	-135	-136	-142	-149
Cash from financing	-586	-558	280	-289	502	-1,288	-196	-500	-458	-443
Exchange rate effect	-20	14
Net change in cash	11	83	-12	98	815	-820	191	-230	-129	97
Free cash flow	846	879	343	344	305	511	390	276	383	523
Income taxes paid	177	219	108	89	50	110	153	144	100	87

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $63.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	92.9%	Gross profit / revenue.
Operating margin	13.7%	Operating income / revenue.
EBITDA margin	16.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.5%	Pre-tax income / revenue.
Net margin	5.8%	Net income / revenue.
FCF margin	10.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.3%	Cash from operations / revenue.
Effective tax rate	31.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.4%	Net income / average total assets.
Return on invested capital (ROIC)	8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-20.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	100.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-44.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-40.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-6.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	37.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	36.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-7.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / assets	82.8%	Total debt / total assets.
Liabilities / assets	114.8%	Total liabilities / total assets.
Net debt	$5.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.90x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.41x	Operating income / interest expense.
Goodwill and intangibles / assets	17.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	7.81x	Revenue / average property, plant and equipment.
Inventory turnover	0.25x	Cost of revenue / average inventory.
Days inventory	1,474 days	365 x average inventory / cost of revenue.
FCF conversion	186.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.74	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$64.56	Revenue / diluted weighted shares.
FCF per share	$6.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.60	Cash from operations / diluted weighted shares.
Book value per share	-$16.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$34.51	Tangible book value / shares outstanding.
Cash per share	$4.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	62.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	33.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	76.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.90B	Share price x shares outstanding.
Enterprise value	$9.32B	Market cap + total debt - cash - short-term investments.
P/E	16.4x	Market cap / net income. Only when net income is positive.
P/S	0.95x	Market cap / revenue.
P/FCF	8.82x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.15x	Market cap / cash from operations, when positive.
EV/Sales	2.28x	Enterprise value / revenue.
EV/EBIT	16.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.3%	Free cash flow / market cap.
Earnings yield	6.1%	Net income / market cap (the inverse of P/E).
Dividend yield	3.8%	Dividends paid over the period / market cap.
Shareholder yield	12.4%	(Dividends paid + share buybacks) / market cap.

What was Travel & Leisure Co.'s revenue in fiscal 2025?

Travel & Leisure Co. reported revenue of $4.02B for fiscal 2025, 4.1% higher than the year before.

Was Travel & Leisure Co. profitable in fiscal 2025?

Yes. Net income was $230.0M, a net margin of 5.7%.

How much free cash flow did Travel & Leisure Co. generate in fiscal 2025?

Cash from operations of $640.0M minus capital expenditures of $117.0M left free cash flow of $523.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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