Travel + Leisure Co (TNL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Travel + Leisure Co. published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Travel + Leisure Co. reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Travel + Leisure Co. closed two acquisitions in Q3 2026: Yes& Vacations on July 15, 2026 and Spinnaker Resorts on August 1, 2026. Their results are included from those dates.
• Travel + Leisure Co.'s Q4 2025 net loss of $61 million ($0.95 per diluted share) included $210 million of inventory write-downs and impairments from its Resort Optimization Initiative, a review that identified 17 resorts needing significant owner reinvestment or in markets that no longer match owner demand.

Source: Travel + Leisure Co. Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Travel + Leisure Co. splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Travel + Leisure Co.'s Vacation Ownership revenue was $953 million in Q3 2026, up 9% from $876 million in Q3 2025, 87% of total revenue.
• Travel + Leisure Co.'s Travel and Membership revenue was $150 million in Q3 2026, down 11% from $169 million in Q3 2025, 14% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Travel + Leisure Co. said:

“Adjusted EBITDA of $1.070 billion to $1.085 billion”

“Gross VOI sales of $2.625 billion to $2.675 billion”

“VPG of $3,325 to $3,375”

Source: Travel + Leisure Co. Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TNL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Travel + Leisure Co.'s next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Travel + Leisure Co. reports two segments. Vacation Ownership, which sells timeshare interests under brands including Club Wyndham, WorldMark and Margaritaville Vacation Club, brought in $953 million of the $1,101 million total in Q3 2026. Travel and Membership, which holds the RCI exchange network and the Travel Club business, brought in $150 million. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026; Travel + Leisure Co. Form 10-K, 2025, Feb 18, 2026)

Within Vacation Ownership, net VOI sales were $545 million, up 10%, property management revenue was $248 million and consumer financing $118 million. Gross VOI sales rose 6% to $720 million on a 7% increase in tours to 213 thousand, partly offset by a 1% fall in volume per guest (VPG) to $3,286. Travel + Leisure Co. said the VPG decline came from the mix of its recent acquisitions, and that organic VPG grew. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026)

Net VOI sales are reported after a loan loss provision, because Travel + Leisure Co. finances many of the timeshares it sells. The provision was $148 million against $146 million a year earlier. The weighted average interest rate on its outstanding vacation ownership contract receivables was 14.5% at September 30, 2026. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026; Travel + Leisure Co. Form 10-Q, Q3 2026, Oct 27, 2026)

Travel and Membership revenue fell 11%, mostly from a $17 million decline in transaction revenue. Exchange transactions fell 16% to 174 thousand while the average number of exchange members held at 3,328 thousand; Travel + Leisure Co. said more exchange members now have a club affiliation and transact less often. Travel Club transactions rose 4% to 226 thousand but carry lower revenue per transaction. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026)

The 10-Q says the Vacation Ownership increase included $21 million of gross VOI sales from the Yes& Vacations and Spinnaker Resorts acquisitions, and foreign currency added $5 million to total net revenues. In 2025, 88% of Travel + Leisure Co.'s revenue came from the United States. (Travel + Leisure Co. Form 10-Q, Q3 2026, Oct 27, 2026; Travel + Leisure Co. Form 10-K, 2025, Feb 18, 2026)

Travel + Leisure Co.'s GAAP diluted EPS was $1.73 in Q3 2026 and its Adjusted diluted EPS was $2.21. Adjusted net income of $138 million adds back $18 million of acquisition-related deal costs, $12 million of restructuring, $4 million of amortization of acquired intangibles and $2 million of inventory write-downs, less $10 million of tax effects, to GAAP net income of $108 million. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026)

The $12 million restructuring charge came from a 2026 plan that cut about 300 employees: $7 million of personnel costs in Travel and Membership and $5 million to end a contract with a third party. The effective tax rate was 25.8%, against 30.0% a year earlier, which the 10-Q attributes to more foreign income taxed at lower rates. (Travel + Leisure Co. Form 10-Q, Q3 2026, Oct 27, 2026)

Buybacks lowered the share count. Diluted weighted average shares were 62.6 million against 66.1 million a year earlier. Travel + Leisure Co. repurchased about 1.1 million shares for $75 million in the quarter, at an average of $71.45, and had $671 million left in its authorization at September 30, 2026. It paid a $0.60 per share dividend. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Travel + Leisure Co. gives full-year guidance in its release on a non-GAAP basis only. With Q3 2026 results it raised the midpoint of its 2026 Adjusted EBITDA range to $1.070 billion to $1.085 billion, and guided gross VOI sales of $2.625 billion to $2.675 billion and VPG of $3,325 to $3,375. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026)

Through the first nine months of 2026, Adjusted EBITDA was $777 million and gross VOI sales were $1,962 million, against the full-year ranges above. Travel + Leisure Co. said it does not reconcile the forward non-GAAP figures to GAAP because the information is not available without unreasonable effort. (Travel + Leisure Co. Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Travel + Leisure Co., collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Travel + Leisure Co.'s own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TNL is on is TNL a buy or a sell?, what analysts expect next is on the TNL forecast, and what the company does is on the Travel + Leisure Co (TNL) stock page.

Every number on this page can be traced to a document Travel + Leisure Co. published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.