Travel services

9 companies · $107B combined revenue · $24.3B operating profit

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The typical US-listed travel services company grew revenue 10.3% and earnings 24.5% in its latest year, at a 20.8% operating margin, and 5 of 9 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

10.3%Median revenue growth
24.5%Median earnings growth
22.3%Median revenue growth, 3 yrs
40.4%Median earnings growth, 3 yrs
20.8%Median operating margin
16.6%Median ROCE
Fastest revenue growthViking VIK21.9%Fastest earnings growthViking VIK651%Highest ROCEBooking BKNG70.2%Biggest margin gainExpedia EXPE+3.1 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more56%
  • Operating leverage · Operating income growing faster than a growing revenue78%
  • Margin expansion · Operating margin up 1 point or more67%
  • Debt reduction · Debt down 5% or more, or net cash22%

Combined revenue · 8 companies reporting in US dollars

Revenue
$0$50B$100B$150BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
−40%−20%0%20%40%FY21FY22FY23FY24FY25

All 9 companies

Median–10.3%24.5%20.8%16.6%2.15x
BKNGBooking$26.9B13.4%▲-8.1%▼32.8%▲70.2%▲–
ABNBAirbnb$12.2B10.3%-5.2%▼20.8%29.7%▲0.24x▲
RCLRoyal Caribbean Cruises$17.9B8.8%▼48.3%▲27.4%▲16.6%2.13x▲
VIKViking$6.5B21.9%▲651%▲23.1%▲23%▲5.03x▼
CCLCarnival$26.6B6.4%▼44.1%▲16.8%▼11.6%▼2.17x▼
EXPEExpedia$14.7B7.6%▼4.9%▼12.7%▼24%▲4.80x▼
TCOMTrip.comCNY 62.4B17.1%▲95.1%▲25.3%▲8.3%▼0.18x▲
MMYTMakeMyTrip$1.0B6.7%▼-45.8%▼14.9%▼11%▼–
LINDLindblad Expeditions$771M19.6%▲–5.9%▼8.8%▼–

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).