Travel & Leisure Co.

Listed Company

TNLCIK 0001361658NYSELarge AcceleratedHotels & MotelsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.02B

Net Income

$230.00M

Total Assets

$6.76B

Equity

$-981.00M

Shares Out

62.42M

Op. Cash Flow

$640.00M

Business

Travel & Leisure Co. is the world’s leading vacation ownership and membership travel company that provides vacation experiences and travel inspiration to owners, members, and subscribers. It offers vacation ownership interests (timeshare/points-based products), vacation exchange services, travel clubs, consumer financing, property management, and ancillary rental and travel products. The company operates through two reportable segments—Vacation Ownership and Travel and Membership—encompassing brands such as Club Wyndham, WorldMark, Margaritaville Vacation Club, Accor Vacation Club, RCI, and Travel Club. It distributes products domestically and internationally via resort-based sales centers, telesales and virtual sales, proprietary websites and call centers, and B2B affinity partnerships with thousands of affiliated resorts and partners.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenues	4,021	3,864	3,750	3,567	3,134
Operating	1,824	1,744	1,684	1,603	1,359
Marketing	585	550	507	451	363
General and administrative	498	475	454	479	434
Cost of vacation ownership interests	273	92	133	157	157
Consumer financing interest	135	136	112	79	81
Depreciation and amortization	124	115	112	119	124
Restructuring	19	16	26	14	−1
Asset impairments, net	10	3	0	10	−5
Total expenses	3,468	3,131	3,028	2,914	2,516
Loss on sale of business	0	0	2	0	0
Operating income	553	733	720	653	618
Interest expense	232	249	251	195	—
Interest (income)	−9	−14	−13	−6	—
Other (income), net	−7	−15	−3	−22	—
Income before income taxes	337	513	485	486	429
Provision for income taxes	107	135	94	130	116
Net income from continuing operations	230	378	391	356	313
Gain on disposal of discontinued business, net of income taxes	0	33	5	1	−5
Net income attributable to Travel + Leisure Co. shareholders	230	411	396	357	308
Continuing operations	3.51	5.39	5.24	4.27	3.62
Discontinued operations	0	0.48	0.07	0.01	−0.06
Basic earnings per share	3.51	5.87	5.31	4.28	3.56
Continuing operations	3.44	5.35	5.21	4.23	3.58
Discontinued operations	0	0.47	0.07	0.01	—
Diluted earnings per share	3.44	5.82	5.28	4.24	3.52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	253	167	282	550	369
Restricted Cash	173	162	176	138	128
Trade receivables, net	165	155	179	160	131
Vacation ownership contract receivables, net	2,638	2,619	2,527	2,370	2,309
Inventory	1,128	1,227	1,135	1,193	1,216
Prepaid expenses	214	214	229	202	227
Property and equipment, net	531	591	655	658	689
Goodwill	972	966	962	955	961
Other intangibles, net	201	209	199	207	219
Other assets	485	425	394	324	339
Total assets	6,760	6,735	6,738	6,757	6,588
Accounts payable	62	67	73	65	62
Accrued expenses and other liabilities	910	778	807	876	939
Deferred income	468	457	442	399	382
Non-recourse vacation ownership debt (VIE)	2,124	2,123	2,071	1,973	1,934
Debt	3,474	3,468	3,575	3,669	3,379
Deferred income taxes	704	722	687	679	686
Total liabilities	7,742	7,615	7,655	7,661	7,382
Commitments and contingencies (Note 19)	—	—	—	—	—
Preferred Stock, Value, Issued	0	0	0	0	0
Common Stock, Value, Issued	3	2	2	2	2
Treasury Stock, Common, Value	7,735	7,433	7,196	—	—
Additional paid-in capital	4,405	4,328	4,279	—	—
Retained earnings	2,412	2,334	2,067	1,808	1,587
Accumulated other comprehensive loss	−66	−112	−70	−79	−48
Total stockholders (deficit)	−981	−881	−918	−913	−801
Noncontrolling interest	−1	1	1	9	7
Total (deficit)	−982	−880	−917	−904	−794
Total liabilities and (deficit)	6,760	6,735	6,738	6,757	6,588

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income attributable to Travel + Leisure Co. shareholders	230	411	396	357	308
Provision for loan losses	484	432	348	302	—
Inventory write-downs and impairments	216	0	0	10	−5
Depreciation and amortization	124	115	112	119	124
Stock-based compensation	57	41	38	45	32
Non-cash interest	24	25	22	19	22
Non-cash lease expense	13	12	16	16	17
Deferred income taxes	−21	26	8	−4	−39
Other, net	−8	−1	−3	8	1
Trade receivables	3	35	−18	−28	−15
Vacation ownership contract receivables	−503	−549	−504	−373	35
Inventory	−68	−16	25	31	−6
Prepaid expenses	2	14	−27	23	−24
Other assets	−24	−42	−20	−23	32
Accounts payable, accrued expenses, and other liabilities	96	−19	−70	−71	24
Deferred income	5	10	30	12	−72
Net cash provided by operating activities	640	464	350	442	568
Property and equipment additions	−117	−81	−74	−52	−57
Proceeds from sale of investments	21	0	0	—	—
Payments to Acquire Investments	−19	0	0	—	—
Acquisitions, net of cash acquired	−1	−44	−6	−2	−37
Proceeds from sale of assets	10	1	0	8	0
Other, net	−1	−1	0	1	1
Net cash used in investing activities - continuing operations	−107	−125	−80	−45	−93
Net cash provided by investing activities - discontinued operations	0	1	0	−5	0
Net cash used in investing activities	−107	−124	−80	−50	−93
Proceeds from non-recourse vacation ownership debt	1,707	1,805	1,926	1,648	—
Principal payments on non-recourse vacation ownership debt	−1,715	−1,743	−1,823	−1,601	—
Proceeds from debt, notes issued, and term loans	2,673	1,910	2,031	—	—
Principal payments on debt, notes, and term loans	−2,676	−2,031	−2,146	—	—
Repurchase of common stock	−301	−234	−309	−351	−25
Dividends to shareholders	−149	−142	−136	−135	−109
Debt issuance/modification costs	−27	−20	−22	−19	−20
Net share settlement of incentive equity awards	−14	−9	−10	−7	−9
Payment of deferred acquisition consideration	0	−9	−14	−19	−30
Repayments of vacation ownership inventory arrangement	0	0	−6	−6	—
Proceeds from vacation ownership inventory arrangement	25	0	0	—	—
Proceeds from issuance of common stock	34	15	9	10	11
Net cash used in financing activities	−443	−458	−500	−196	−1,288
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	7	−11	0	−5	−7
Net change in cash, cash equivalents and restricted cash	97	−129	−230	191	−820

Filings

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