Highlights

  • Third quarter 2026 net revenues were $1,101 million, and net income attributable to shareholders was $108 million, or $1.73 per diluted share.
  • Adjusted EBITDA, a non-GAAP measure, was $283 million, and Gross VOI sales were $720 million, compared with $682 million a year earlier.
  • The company acquired Yes& Vacations on July 15, 2026 and Spinnaker Resorts on August 1, 2026 during the quarter.
  • Management expects full-year 2026 Adjusted EBITDA of $1.07 billion to $1.085 billion and gross VOI sales of $2.625 billion to $2.675 billion.

Travel + Leisure Co. (NYSE: TNL) shares were trading at USD 66.19 on October 27, 2026, up 0.86%, with a relative volume at time of 2.19. The vacation ownership and travel company acquired Yes& Vacations on July 15, 2026 and Spinnaker Resorts on August 1, 2026, and filed its Form 10-Q for the quarter ended September 30, 2026 on October 27, 2026, with management giving full-year 2026 guidance on its earnings call.

Travel + Leisure Co. is incorporated in Delaware and lists its principal executive offices in Orlando, Florida. It has two segments. Vacation Ownership develops, markets and sells vacation ownership interests, provides consumer financing and provides property management services at resorts. Travel and Membership operates vacation exchange brands, travel technology platforms, travel memberships and direct-to-consumer rentals. Its fiscal year ends December 31.

Third Quarter 2026 Results

Net revenues were $1,101 million for the three months ended September 30, 2026, compared with $1,044 million a year earlier. Vacation ownership interest sales were $545 million, compared with $494 million, and service and membership fees were $408 million, compared with $407 million.

Total expenses were $906 million, compared with $830 million, and operating income was $195 million, compared with $214 million. Restructuring expense was $12 million, associated with the 2026 restructuring plan and a reduction of approximately 300 employees. Net income attributable to shareholders was $108 million, compared with $111 million, and diluted earnings per share were $1.73, compared with $1.67.

Gross VOI sales were $720 million, compared with $682 million. Tours were 213 thousand, compared with 200 thousand, and volume per guest was $3,286, compared with $3,304. In Travel and Membership, exchange transactions were 174 thousand, compared with 206 thousand, and Travel Club revenue per transaction was $178, compared with $215.

Balance Sheet, Credit and Capital Returns

Cash and cash equivalents were $306 million at September 30, 2026, compared with $253 million at December 31, 2025. The company issued $900 million of 6.25% secured notes due June 2031 and repaid $650 million of notes that were due in July 2026.

The company said delinquencies on its loan portfolio remained elevated over historical levels, although they have begun to normalize with sequential improvement each quarter compared with the first quarter. Net provision for loan losses was $389 million for the nine months.

During the nine months, the company repurchased 3.5 million shares at an average price of $71.12 for a cost of $250 million, and paid dividends of $114 million. The Board increased the share repurchase authorization by $750 million in February 2026, bringing the total authorization to $7.75 billion.

Acquisitions and Resort Optimization

The company acquired Yes& Vacations for $162 million and Spinnaker Resorts for $165 million, both timeshare businesses.

Under its resort optimization initiative covering 17 resorts, the company incurred $233 million of charges in 2025 and an additional $35 million during the nine months ended September 30, 2026.

2026 Outlook

On the earnings call, management said it is narrowing full-year guidance and expects gross VOI sales of $2.625 billion to $2.675 billion, volume per guest of $3.33 thousand to $3.38 thousand and Adjusted EBITDA of $1.07 billion to $1.085 billion. It also expects a full-year adjusted tax rate of approximately 28%.

Management said it improved its full-year provision outlook from approximately 21% to closer to 20%, and expects annualized savings of approximately $16 million from actions in Travel and Membership, with the majority realized in 2027. The 10-Q states that hostilities in the Middle East, inflationary pressures, rising interest rates, high fuel costs and risk of recession create uncertainty in business trends and consumer behavior.