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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Travel & Leisure reported revenue of $4B in the fiscal year ended Dec 2025, up 4.1% from the year before. Operating income was $553M, an operating margin of 13.8%, and net income was $230M. Operating cash flow of $640M less capital expenditure of $117M left free cash flow of $523M. Net debt was $5.3B.
Ranks among the 14 lodging companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,134 | 3,567 | 3,750 | 3,864 | 4,021 |
| Cost of revenue | 157 | 157 | 133 | 92.0 | 273 |
| Gross profit | 2,977 | 3,410 | 3,617 | 3,772 | 3,748 |
| Operating income | 618 | 653 | 720 | 733 | 553 |
| Interest expense | 198 | 195 | 251 | 249 | 232 |
| Pre-tax income | 429 | 486 | 485 | 513 | 337 |
| Income tax | 116 | 130 | 94.0 | 135 | 107 |
| Net income | 308 | 357 | 396 | 411 | 230 |
| Diluted EPS | 3.52 | 4.24 | 5.28 | 5.82 | 3.44 |
| Diluted shares | 87.3 | 84.2 | 75.0 | 70.7 | 66.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 369 | 550 | 282 | 167 | 253 |
| Inventory | 1,216 | 1,193 | 1,135 | 1,227 | 1,128 |
| Net PP&E | 689 | 658 | 655 | 591 | 531 |
| Goodwill | 961 | 955 | 962 | 966 | 972 |
| Total assets | 6,588 | 6,757 | 6,738 | 6,735 | 6,760 |
| Deferred revenue | 382 | 400 | 444 | 459 | 469 |
| Long-term debt | 5,313 | 5,642 | 5,646 | 5,591 | 5,598 |
| DepositsBanks | – | 7.0 | 17.0 | 31.0 | 42.0 |
| Total liabilities | 7,382 | 7,661 | 7,655 | 7,615 | 7,742 |
| Shareholders' equity | −801 | −913 | −918 | −881 | −981 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 568 | 442 | 350 | 464 | 640 |
| Capital expenditure | 57.0 | 52.0 | 74.0 | 81.0 | 117 |
| Free cash flow | 511 | 390 | 276 | 383 | 523 |
| Depreciation & amortisation | 124 | 119 | 112 | 115 | 124 |
| Stock-based compensation | 32.0 | 45.0 | 38.0 | 41.0 | 57.0 |
| Acquisitions | 37.0 | 2.0 | 6.0 | 44.0 | 1.0 |
| Share buybacks | 25.0 | 351 | 309 | 234 | 301 |
| Dividends paid | 109 | 135 | 136 | 142 | 149 |
| Dividend per share | 1.25 | 1.60 | 1.80 | 2.00 | 2.24 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.8% | 5.1% | 3.0% | 4.1% |
| Operating income growth (YoY) | – | 5.7% | 10.3% | 1.8% | −24.6% |
| EPS growth (YoY) | – | 20.5% | 24.5% | 10.2% | −40.9% |
| Gross margin | 95.0% | 95.6% | 96.5% | 97.6% | 93.2% |
| Operating margin | 19.7% | 18.3% | 19.2% | 19.0% | 13.8% |
| Net margin | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% |
| Free cash flow margin | 16.3% | 10.9% | 7.4% | 9.9% | 13.0% |
| Cash conversion (CFO ÷ net income) | 1.84x | 1.24x | 0.88x | 1.13x | 2.78x |
| Inventory days | 2827 | 2774 | 3115 | 4868 | 1508 |
| Interest cover | 3.12x | 3.35x | 2.87x | 2.94x | 2.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,944 | 5,092 | 5,364 | 5,424 | 5,345 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.