TNL

Travel + Leisure Co. (TNL) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 27. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly earnings of $2.05 per share in its upcoming report, which represents a year-over-year change of +13.9%. Revenues are expected to be $1.1 billion, up 5.4% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.91% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Travel Leisure Co., the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.38%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Travel Leisure Co. will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Travel Leisure Co. would post earnings of $1.93 per share when it actually produced earnings of $1.88, delivering a surprise of -2.59%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Travel Leisure Co. doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Travel + Leisure Co. (TNL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Let’s dig into the relative performance of Travel + Leisure (NYSE:TNL) and its peers as we unravel the now-completed Q2 consumer discretionary - travel and vacation providers earnings season. The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Travel and vacation providers operate tour packages, cruise lines, online travel agencies, and vacation rental platforms, connecting consumers with leisure and business travel experiences. Tailwinds include robust post-pandemic travel demand, a consumer preference shift toward experiences over goods, and technology-enabled personalization improving conversion and loyalty. However, headwinds are significant: the industry is acutely sensitive to macroeconomic cycles, geopolitical instability, and fuel price volatility. Low switching costs mean fierce price competition, while capacity additions in segments like cruises can lead to oversupply. Regulatory burdens, weather disruptions, and public health risks further create episodic but potentially severe demand shocks. The 19 consumer discretionary - travel and vacation providers stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 1.3% while next quarter’s revenue guidance was 0.6% above. While some consumer discretionary - travel and vacation providers stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.9% since the latest earnings results. Formerly known as Wyndham Destinations, Travel + Leisure (NYSE:TNL) is a global vacation company that provides travelers with vacation ownership, exchange, and travel services. Travel + Leisure reported revenues of $1.06 billion, up 4.4% year on year. This print exceeded analysts’ expectations by 1.6%. Overall, it was a satisfactory quarter for the company with EBITDA guidance for next quarter topping analysts’ expectations but a miss of analysts’ EPS estimates. "We delivered another strong quarter driven by a highly engaged owner base and exceptional execution across our Vacation Ownership business. We also announced two acquisitions that add more than 100,000 owners and expand our presence in some of the most attractive leisure markets in the country. Together, our operating performance and the addition of these businesses extend the growth opportunity in front of us and give us the confidence to raise our full year outlook," said Michael Brown, President & CEO of Travel + Leisure Co. Even though it had a relatively good quarter, the market seems discontent with the results. The stock is down 1.2% since reporting and currently trades at $72.44. Is now the time to buy Travel + Leisure? Access our full analysis of the earnings results here, it’s free. Building mini-communities at places such as oil drilling sites, Target Hospitality (NASDAQ:TH) is a provider of specialty workforce lodging accommodations and services. Target Hospitality reported revenues of $85.46 million, up 38.7% year on year, outperforming analysts’ expectations by 7.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates. Target Hospitality pulled off the biggest analyst estimate beat, fastest revenue growth, and highest full-year guidance raise of the whole group. The market seems happy with the results as the stock is up 6.8% since reporting. It currently trades at $17.63. Is now the time to buy Target Hospitality? Access our full analysis of the earnings results here, it’s free. Spun off from Hilton Worldwide in 2017, Hilton Grand Vacations (NYSE:HGV) is a global timeshare company that provides travel experiences for its customers through its timeshare resorts and club membership programs. Hilton Grand Vacations reported revenues of $1.36 billion, up 7.3% year on year, falling short of analysts’ expectations by 2.7%. It was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates. As expected, the stock is down 13.3% since the results and currently trades at $44.60. Read our full analysis of Hilton Grand Vacations’s results here. Originally a division of American Airlines, Sabre (NASDAQ:SABR) is a technology provider for the global travel and tourism industry. Sabre reported revenues of $712 million, up 3.6% year on year. This result surpassed analysts’ expectations by 2.6%. Overall, it was a strong quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates. The stock is flat since reporting and currently trades at $2.11. Read our full, actionable report on Sabre here, it’s free. Recognizable for the colorful animals adorning each aircraft tail, Frontier Group Holdings (NASDAQ:ULCC) is an ultra low-cost airline that provides budget-friendly flights throughout the United States and select international destinations in the Americas. Frontier reported revenues of $1.28 billion, up 37.7% year on year. This print topped analysts’ expectations by 4.6%. It was a strong quarter as it also put up EPS guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates. The stock is down 7% since reporting and currently trades at $5.79. Read our full, actionable report on Frontier here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Travel + Leisure has delivered a strong share price run over the past few years, yet valuation checks still indicate the stock trades at a discount to an intrinsic value estimate built on a Discounted Cash Flow (DCF) approach. That sets up a clear question for investors who have watched the rally but are now wondering whether the current price still represents value. Travel + Leisure has returned 110.8% over the past 3 years, which puts recent gains front and center when thinking about what is already reflected in the share price. Expectations for continued cash generation from its vacation ownership and travel products may support the DCF based intrinsic value, while any pressure on consumer demand or access to funding could weigh on those cash flow assumptions. Travel + Leisure screens as undervalued on most of Simply Wall St's checks, with the broader framework indicating the stock looks cheap on 5 out of 6 valuation metrics. The issue now is whether Travel + Leisure's recent performance and discount to intrinsic value leave enough margin of safety at the current share price. Travel + Leisure delivered 34.7% returns over the last year. See how this stacks up to the rest of the Hospitality industry. The Discounted Cash Flow (DCF) model here is based on projected cash that Travel + Leisure can return to shareholders over time. The latest twelve month free cash flow is about $445 million, and analysts and internal estimates point to growing free cash flow over the coming decade. On these assumptions, the model points to an intrinsic value of about $118.55 per share. Relative to the current market price, that intrinsic value implies the stock is about 35.3% undervalued. For you as an investor, an important question is whether the free cash flow growth included in the DCF feels reasonable for Travel + Leisure, given its vacation ownership focus and financing needs. Taken together, the DCF work suggests Travel + Leisure currently screens as undervalued relative to its estimated intrinsic worth. Our Discounted Cash Flow (DCF) analysis suggests Travel + Leisure is undervalued by 35.3%. Track this in your watchlist or portfolio, or discover 52 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Travel + Leisure. The P/E ratio works well for Travel + Leisure because earnings are a key focus for many investors in the hospitality sector. Travel + Leisure currently trades on a P/E of about 19.8x, which sits below both the Hospitality industry average of roughly 23.2x and the peer group average of about 30.2x. On simple comparisons, the stock does not appear to carry a premium price tag relative to similar companies. The fair P/E ratio estimate for Travel + Leisure is about 45.2x based on factors such as its industry, margins, size and risk profile. That is more than double the current multiple, so the market price looks well below what this framework suggests would be reasonable. For you as an investor, the key judgment is whether the assumptions behind that fair multiple feel sensible for Travel + Leisure's business mix and balance sheet. On this P/E basis, Travel + Leisure stock appears undervalued compared with both peers and the modelled fair multiple. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Travel + Leisure pick up where the valuation puzzle leaves off. They explain what would need to happen to Travel + Leisure's growth, margins and earnings for the current stock price to appear materially higher or lower over time. Each narrative presents fair value as a thesis about how the business might develop, so you can see how that story holds up as new information arrives on the Community page. One of the top community narratives on Travel + Leisure: 16% undervalued Read one of the top narratives on Travel + Leisure Do you think there's more to the story for Travel + Leisure? Head over to our Community to see what others are saying! Travel + Leisure screens as undervalued on both the Discounted Cash Flow (DCF) intrinsic value estimate and the P/E based market multiple view. This is a rare alignment across methods. That discount only pays off for you if the company can keep converting its vacation ownership model into consistent free cash flow while managing funding needs prudently. The key question from here is whether that cash generation and balance sheet discipline hold up well enough for the valuation gap to close, or whether the current discount is the market pricing in ongoing risks around consumer demand and financing conditions. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TNL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by consistent execution and a durable business model, with gross VOI sales increasing 7% in the first half of the year. Management reported a 120 basis point improvement in EBITDA margin for the first half of the year and a 70 basis point expansion in the second quarter, the latter of which reflected healthy operating leverage across the business. The resort optimization strategy involves removing aging, lower-demand properties to strengthen the overall system and improve financial health, with stronger conversion and VPG offsetting lost tour volume. The multi-brand strategy (Margaritaville, Accor, Eddie Bauer, Sports Illustrated) is successfully reaching new traveler profiles, with these brands on track to approach 10% of the sales mix this year. Management emphasized that the consumer remains healthy and continues to prioritize travel, evidenced by consistent booking windows and lengths of stay. Strategic acquisitions of Yes& Vacations and Spinnaker Resorts add 23 high-quality resorts in supply-constrained markets like Maui and Hilton Head, while expanding the owner base by over 10%. Full-year EBITDA guidance was raised to $1.065 billion-$1.085 billion, reflecting both stronger core performance and the expected $15 million-$20 million contribution from new acquisitions. Management expects the acquisitions to generate approximately $50 million of EBITDA on a full-year synergized basis starting in 2027. The company anticipates continued growth in the second half of the year supported by clear visibility from forward bookings and high-quality tour flow. Digital infrastructure investments, including new brand-specific apps, are expected to further reduce friction and increase total club bookings. Capital allocation remains focused on a 20% year-over-year EPS growth target, supported by organic growth, deal accretion, and consistent share repurchases. The Yes& and Spinnaker acquisitions were executed at a net investment multiple of approximately 5x EBITDA after accounting for synergies and receivable securitization. Approximately 80% of the 100,000 newly acquired owners have fully paid off their timeshare loans, providing a significant embedded audience for future points-based upgrades. The consolidated loan loss provision rate is expected to be approximately 21%, which includes the impact of the acquired portfolios despite organic provision rates trending lower. Early-stage delinquencies improved by 80 basis points sequentially in Q2, reversing a slight uptick seen in Q1 and returning to expected seasonal patterns. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that the consumer remains committed to vacations with no signs of weakening in booking patterns, length of stay, or distance traveled. Economic indicators within the business remain consistent with Q1, supported by strong new owner transactions and VPG levels above the guidance range. The 80 basis point sequential improvement in early-stage delinquencies was more pronounced than the typical 40 basis point seasonal expectation. Management noted that the requirement for owners to be current on loans to book or arrive at resorts helps drive delinquency improvements during peak travel seasons. Cost synergies, primarily in G&A and technology, are expected to be realized within the first 12 months. Revenue synergies from transitioning acquired owners to a points-based system will be a multi-year process to ensure thoughtful integration. The acquisitions fill 'white space' in Hilton Head and Maui where new development is challenging due to supply constraints. These locations allow the company to market in new high-demand areas where they previously had no sales presence.

Travel + Leisure Co. (TNL) reported $1.06 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 4.4%. EPS of $1.88 for the same period compares to $1.65 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.06 billion, representing a surprise of +0.56%. The company delivered an EPS surprise of -2.59%, with the consensus EPS estimate being $1.93. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Travel Leisure Co. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Net Revenues- Vacation Ownership: $907 million versus $903.41 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +6.3% change. Net Revenues- Travel and Membership: $157 million compared to the $159.43 million average estimate based on three analysts. The reported number represents a change of -5.4% year over year. Adjusted EBITDA- Travel and Membership: $49 million versus $52.9 million estimated by two analysts on average. Adjusted EBITDA- Corporate and Other: $-27 million versus the two-analyst average estimate of $-22.79 million. Adjusted EBITDA- Vacation Ownership: $247 million compared to the $242.65 million average estimate based on two analysts. View all Key Company Metrics for Travel Leisure Co. here>>> Shares of Travel Leisure Co. have returned -3% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Travel + Leisure Co. (TNL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Travel + Leisure Co. (TNL) came out with quarterly earnings of $1.88 per share, missing the Zacks Consensus Estimate of $1.93 per share. This compares to earnings of $1.65 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -2.59%. A quarter ago, it was expected that this company would post earnings of $1.31 per share when it actually produced earnings of $1.45, delivering a surprise of +10.69%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Travel Leisure Co., which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $1.06 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.56%. This compares to year-ago revenues of $1.02 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Travel Leisure Co. shares have added about 4% since the beginning of the year versus the S&P 500's gain of 9.7%. While Travel Leisure Co. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Travel Leisure Co. was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.04 on $1.07 billion in revenues for the coming quarter and $7.50 on $4.12 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Airbnb, Inc. (ABNB), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $1.20 per share in its upcoming report, which represents a year-over-year change of +16.5%. The consensus EPS estimate for the quarter has been revised 0.6% higher over the last 30 days to the current level. Airbnb, Inc.'s revenues are expected to be $3.58 billion, up 15.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Travel + Leisure Co. (TNL) : Free Stock Analysis Report Airbnb, Inc. (ABNB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Travel + Leisure Co.? Here are five stocks we like better. Travel + Leisure raised its full-year 2026 outlook after a stronger-than-expected second quarter, with revenue at $1.06 billion and adjusted EBITDA at $269 million. Management cited healthy owner trends, robust travel demand, and operating leverage driving improved margins and earnings. The Vacation Ownership segment remained the main growth engine, with gross VOI sales up 6% to $693 million and segment adjusted EBITDA up 13% to $247 million. The company also said consumer demand and booking trends remain steady, with no sign of weakening in its metrics. Two acquisitions, Yes& Vacations and Spinnaker Resorts, will expand the company’s footprint by adding 23 resorts and more than 100,000 owners. Travel + Leisure expects the deals to support higher EBITDA, while still continuing shareholder returns through buybacks and dividends. Travel + Leisure (NYSE:TNL) raised its full-year 2026 outlook after reporting stronger second-quarter results and announcing two acquisitions that management said will expand its resort network and owner base. President and Chief Executive Officer Michael Brown said the company’s second-quarter and first-half performance reflected “consistent execution” and the durability of its business model, citing healthy owner trends, robust travel demand, recurring upgrade sales and increasing new owner sales. → Buyback Boom: These 3 Companies Are Betting Billions on Their Own Stocks For the second quarter, Travel + Leisure reported revenue of $1.06 billion and adjusted EBITDA of $269 million. Brown said gross vacation ownership interest, or VOI, sales increased 6% and exceeded the company’s guidance range, supported by high-quality tours and strong owner engagement. Volume per guest rose 2% year over year to $3,318, also ahead of plan. Chief Financial Officer Erik Hoag said revenue increased 4%, adjusted EBITDA rose 8% and adjusted earnings per share grew 14% in the quarter. Adjusted EBITDA margin expanded 70 basis points, which he attributed to operating leverage across the business. → 3 Photonics Companies Making Quantum Tech Possible The company’s Vacation Ownership segment remained the primary driver of results. Hoag said gross VOI sales increased 6% to $693 million, while segment revenue rose 6% to $907 million. Segment adjusted EBITDA increased 13% to $247 million. Hoag said tours increased 1% in the quarter, reflecting solid demand and new owner acquisition. New owner mix was slightly higher year over year, with healthy transaction volume and close rates. → AI Data Centers Need Power, and These 2 Industrials Are Cashing In Brown said the company’s consumer remains healthy and continues to prioritize travel. He pointed to first-half arrivals, adjusted for strategic resort closures, increasing year over year, as well as strong forward bookings. The booking window was 109 days and the average length of stay was four days, both at or above prior-year levels. In response to a question from Patrick Scholes of Truist Securities about the state of the consumer, Hoag said booking patterns, forward bookings, length of stay and distance traveled remained consistent with what the company saw in the first quarter. “We’ve not seen anything in our metrics that would indicate there’s a weakening occurring,” Hoag said. Travel + Leisure raised its full-year outlook, citing stronger-than-expected core business performance and the expected contribution from the acquisitions of Yes& Vacations and Spinnaker Resorts. Hoag said that, excluding acquisitions, the company now expects full-year adjusted EBITDA of $1.05 billion to $1.065 billion. Including the expected contribution from the acquisitions, Travel + Leisure now expects: Gross VOI sales of $2.6 billion to $2.675 billion; Adjusted EBITDA of $1.065 billion to $1.085 billion; A consolidated loan loss provision rate of approximately 21%; A full-year adjusted tax rate of approximately 29%; Free cash flow conversion of roughly half of adjusted EBITDA; and Year-over-year adjusted EPS growth of approximately 20%. For the third quarter, the company expects gross VOI sales of $700 million to $740 million, adjusted EBITDA of $275 million to $285 million, and volume per guest of $3,300 to $3,350. Brown said the acquisitions of Yes& Vacations and Spinnaker Resorts add 23 resorts, including six properties in Hilton Head and seven in Maui. He described those markets as high-demand leisure destinations where new development is challenging. The acquisitions also add more than 100,000 owners, expanding Travel + Leisure’s owner base by more than 10%. Brown said the acquired owners are similar in age and average income to the company’s existing owner base, and approximately 80% have fully paid off their timeshare loans. Hoag said Travel + Leisure is investing approximately $340 million to acquire businesses expected to generate about $50 million of adjusted EBITDA on a full-year synergized basis. After securitizing roughly $80 million of finance receivables, he said net capital deployed falls to about $260 million, implying a net investment multiple of approximately 5 times adjusted EBITDA. Hoag said the transactions add approximately 0.2 turn of leverage, and the company expects to end 2026 with leverage of 3.2 times. He said the deals were funded through cash and existing debt capacity and did not require a change to the company’s capital return commitment. During the question-and-answer portion of the call, Brown said the acquisitions provide both resort portfolio expansion and a larger owner base for potential future upgrades, particularly as owners are introduced to Travel + Leisure’s broader network and points-based system. Management emphasized that shareholder returns remain a priority. Brown said the company returned $253 million to shareholders through dividends and share repurchases during the first half of the year and reduced common shares outstanding by 4%. Hoag said the company repurchased approximately $88 million of common stock in the second quarter, up 25% from the prior year, while continuing to pay its quarterly dividend. He said Travel + Leisure expects a similar level of buybacks in 2026 compared with 2025, even after the announced acquisitions. The company ended the quarter with more than $1.2 billion of available liquidity across cash and its revolving credit facility. Hoag also said Travel + Leisure completed its second asset-backed securities transaction of the year, raising $300 million at a 98% advance rate and a 5.52% coupon. Hoag said credit performance remained consistent with underwriting standards. Weighted average FICO scores at origination remained above 740, down payment levels improved year over year, and the loan provision rate was flat year over year. Delinquency rates improved sequentially from the first quarter. Asked about loan loss trends, Hoag said early-stage delinquencies improved by roughly 80 basis points from the first quarter, more than the roughly 40 basis points of seasonal improvement the company would typically expect. He reiterated that Travel + Leisure expects its organic 2026 loan loss provision to be below 2025 levels, though the acquired portfolios are expected to add some pressure. The Travel and Membership segment remained under pressure. Hoag said second-quarter revenue declined 5% to $157 million, while segment adjusted EBITDA fell 11% to $49 million, reflecting the continued evolution of the exchange business. He said the company is focused on stabilizing long-term earnings and free cash flow through operational improvements, strategic partnerships and digital initiatives. Brown also highlighted progress in Travel + Leisure’s multi-brand strategy, saying Margaritaville is on track to exceed $150 million in annual VOI sales, Accor Vacation Club sales are on track to nearly double in 2026, and Eddie Bauer Adventure Club sales are exceeding expectations. Sports Illustrated Resorts is progressing, with the Nashville resort expected to open in the third quarter and sales already underway at a new sales center. Brown closed the call by saying 2026 is “shaping up to be another great year” for the company, supported by first-half growth, the two acquisitions and continued capital discipline. Travel + Leisure Co (NYSE: TNL) is a leisure travel company headquartered in Orlando, Florida, that specializes in vacation ownership, membership programs and branded travel experiences. The company operates an extensive portfolio of vacation clubs and destination services, offering members access to resorts, hotels, cruises and guided tours in markets around the world. Through its flagship membership brands, Travel + Leisure Co provides curated vacation packages, exchange services and unique travel itineraries that cater to both individual and family travelers. In addition to its membership offerings, Travel + Leisure Co manages a network of resort properties and hospitality assets across North America, the Caribbean, Europe and Asia-Pacific. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Travel + Leisure Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Revenue: $1.06 billion for the second quarter. EBITDA: $269 million for the second quarter, with a 9% year-over-year growth. EBITDA Margin: Improved by 120 basis points year-over-year. Earnings Per Share (EPS): Increased by 21% year-over-year. Gross VOI Sales: Increased by 6% to $693 million. Volume Per Guest (VPG): $3,318, up 2% year-over-year. Shareholder Returns: $253 million returned through dividends and share repurchases in the first half of the year. Common Shares Outstanding: Reduced by 4%. Acquisitions: Added 23 resorts and over 100,000 owners through acquisitions of Yes& Vacations and Spinnaker Resorts. Liquidity: Over $1.2 billion of available capacity across cash and revolving credit facility. Full Year EBITDA Guidance: Raised to $1.065 billion to $1.085 billion. Full Year Gross VOI Sales Guidance: $2.6 billion to $2.675 billion. Third Quarter Gross VOI Sales Guidance: $700 million to $740 million. Third Quarter EBITDA Guidance: $275 million to $285 million. Warning! GuruFocus has detected 9 Warning Signs with TNL. Is TNL fairly valued? Test your thesis with our free DCF calculator. Release Date: July 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Travel+Leisure Co (NYSE:TNL) reported strong second-quarter results with a 7% increase in Gross VOI sales and a 9% growth in EBITDA. The company returned $253 million to shareholders through dividends and share repurchases in the first half of the year. Travel+Leisure Co (NYSE:TNL) raised its full-year EBITDA, Vacation Ownership sales, and VPG outlook due to strong performance and recent acquisitions. The acquisitions of Yes& Vacations and Spinnaker Resorts are expected to be immediately accretive to earnings and add high-quality resorts in sought-after destinations. The company is successfully executing its multi-brand strategy, with brands like Margaritaville and Sports Illustrated Resorts contributing significantly to sales. The Travel and Membership segment saw a 5% decline in revenue and an 11% decline in EBITDA, reflecting challenges in the exchange business. There is pressure on the loan loss provision due to the acquired portfolios, which is expected to be approximately 21%, slightly higher than previous expectations. Tour flow decelerated slightly in the second quarter, impacted by strategic resort closures. The integration of acquisitions may take time, particularly in realizing revenue synergies from transitioning owners to a points-based system. The company faces challenges in stabilizing the long-term earnings profile of the Travel and Membership segment through operational improvements and new partnerships. Q: Can you provide an update on the state of your consumer and their commitment to vacations? A: Michael Brown, CEO: Our consumer remains committed to vacations, with strong metrics both behaviorally and economically. Booking patterns, forward bookings, length of stay, and travel distances are consistent with Q1. New owner business has increased, and we see strong demand moving into Q3, with no signs of weakening. Q: Can you discuss the trends in the loan loss provision and any changes in early-stage delinquencies? A: Erik Hoag, CFO: Our point-of-sale underwriting remains disciplined, with FICO scores averaging 740 and down payments in the mid-20s. Early-stage delinquencies improved by 80 basis points in Q2, better than the typical 40 basis point improvement. We expect the full-year loan loss provision to be lower than 2025, with delinquencies returning to expected seasonal patterns. Q: Could you provide background on the recent acquisitions of Yes& Vacations and Spinnaker Resorts? A: Michael Brown, CEO: Both companies are well-run and located in high-demand areas like Hilton Head and Maui, where development is constrained. The acquisitions add over 100,000 owners and offer financial accretion. We pursued these opportunities aggressively due to their strategic and financial benefits. Q: How do you view the potential for creating value within the Travel and Membership segment? A: Erik Hoag, CFO: We are focused on stabilizing earnings and free cash flow through operational improvements and digital initiatives. We remain open to strategic alternatives that drive shareholder value and will evaluate opportunities with discipline. Q: What is the expected EBITDA contribution from the acquisitions in 2026, and how should we think about 2027? A: Michael Brown, CEO: We expect $15 million to $20 million of incremental EBITDA in 2026, with a full-year run rate of $50 million. Cost synergies will be realized quickly, while revenue synergies from transitioning owners to a points-based system will take longer. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Travel + Leisure Co. (NYSE:TNL) reported second-quarter 2026 results on Wednesday that exceeded revenue expectations and prompted management to raise its full-year outlook, although adjusted earnings per share came in just below Wall Street forecasts. The leisure travel company posted adjusted earnings per share of $1.88, narrowly missing analysts’ consensus estimate of $1.89. Revenue increased 4% year over year to $1.06 billion, ahead of the $1.04 billion expected by analysts and up from $1.02 billion in the same quarter of 2025. Shares edged 0.20% higher in after-hours trading following the earnings release. Travel + Leisure increased its full-year adjusted EBITDA guidance to a range of $1.065 billion to $1.085 billion. The midpoint of $1.075 billion signals management’s confidence in the company’s operating momentum through the remainder of the year. “We delivered another strong quarter driven by a highly engaged owner base and exceptional execution across our Vacation Ownership business,” said Michael Brown, President & CEO of Travel + Leisure Co. “Together, our operating performance and the addition of these businesses extend the growth opportunity in front of us and give us the confidence to raise our full year outlook.” Adjusted EBITDA rose 8% year over year to $269 million, compared with $250 million in the prior-year period. The company generated net income of $109 million, equal to $1.72 per diluted share. Growth continued to be driven by the Vacation Ownership division, where revenue increased 6% to $907 million. Adjusted EBITDA for the segment climbed 13% to $247 million as gross vacation ownership interest sales rose 6% to $693 million. Volume per guest also improved 2% year over year to $3,318. By contrast, the Travel and Membership business reported a weaker quarter. Revenue declined 5% to $157 million, while adjusted EBITDA fell 11% to $49 million, reflecting lower exchange transaction volumes and a greater proportion of lower-margin travel club transactions. For the third quarter of 2026, Travel + Leisure expects adjusted EBITDA of between $275 million and $285 million, alongside gross vacation ownership interest sales of $700 million to $740 million. The company also continued its capital return programme during the quarter, distributing $125 million to shareholders through $37 million in dividends and $88 million in share repurchases. Travel + Leisure stock price