Travel & Leisure Co. (TNL) stock
TNLNYSEHotels & MotelsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 27, 2026Score 6/3012% above fair value
$78.65+0.41 (+0.52%)
Close on Nov 13, 2026Market cap $4.74BP/E 20.9Yield 2.85%
Travel & Leisure operating margin
Operating margin is operating income as a percentage of revenue.
Travel & Leisure's operating margin for the twelve months ending Sep 30, 2026 was 13.0%. For fiscal 2025 it was 13.8%, against 19.0% the year before. The highest annual figure on record is 20.1% in fiscal 2019.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 13.8% | −5.2 |
| FY2024 | Dec 31, 2024 | 19.0% | −0.2 |
| FY2023 | Dec 31, 2023 | 19.2% | +0.9 |
| FY2022 | Dec 31, 2022 | 18.3% | −1.4 |
| FY2021 | Dec 31, 2021 | 19.7% | +24.6 |
| FY2020 | Dec 31, 2020 | -4.9% | −24.9 |
| FY2019 | Dec 31, 2019 | 20.1% | +6.8 |
| FY2018 | Dec 31, 2018 | 13.3% | +1.8 |
| FY2017 | Dec 31, 2017 | 11.5% | −6.3 |
| FY2016 | Dec 31, 2016 | 17.8% | −1.3 |
| FY2015 | Dec 31, 2015 | 19.2% | +1.3 |
| FY2014 | Dec 31, 2014 | 17.8% | −0.3 |
| FY2013 | Dec 31, 2013 | 18.2% | −0.6 |
| FY2012 | Dec 31, 2012 | 18.8% | +0.8 |
| FY2011 | Dec 31, 2011 | 18.0% | −0.6 |
| FY2010 | Dec 31, 2010 | 18.6% | +2.8 |
| FY2009 | Dec 31, 2009 | 15.8% | +35.2 |
| FY2008 | Dec 31, 2008 | -19.4% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 17.7% | −2.8 |
| Q2 FY2026 | Jun 30, 2026 | 19.8% | −0.5 |
| Q1 FY2026 | Mar 31, 2026 | 16.5% | −0.2 |
| Q4 FY2025 | Dec 31, 2025 | -2.2% | −23.5 |
| Q3 FY2025 | Sep 30, 2025 | 20.5% | +1.5 |
| Q2 FY2025 | Jun 30, 2025 | 20.2% | +1.0 |
| Q1 FY2025 | Mar 31, 2025 | 16.7% | +0.3 |
| Q4 FY2024 | Dec 31, 2024 | 21.2% | +0.8 |
| Q3 FY2024 | Sep 30, 2024 | 19.0% | −2.0 |
| Q2 FY2024 | Jun 30, 2024 | 19.2% | −0.1 |
| Q1 FY2024 | Mar 31, 2024 | 16.4% | +0.7 |
| Q4 FY2023 | Dec 31, 2023 | 20.4% | +2.4 |
| Q3 FY2023 | Sep 30, 2023 | 21.0% | +0.8 |
| Q2 FY2023 | Jun 30, 2023 | 19.3% | −0.8 |
| Q1 FY2023 | Mar 31, 2023 | 15.7% | +1.2 |
| Q4 FY2022 | Dec 31, 2022 | 18.0% | −4.4 |
| Q3 FY2022 | Sep 30, 2022 | 20.2% | −2.0 |
| Q2 FY2022 | Jun 30, 2022 | 20.1% | +1.1 |
| Q1 FY2022 | Mar 31, 2022 | 14.5% | +0.6 |
| Q4 FY2021 | Dec 31, 2021 | 22.4% | +9.2 |
| Q3 FY2021 | Sep 30, 2021 | 22.2% | +11.7 |
| Q2 FY2021 | Jun 30, 2021 | 18.9% | +52.2 |
| Q1 FY2021 | Mar 31, 2021 | 13.9% | +39.1 |
| Q4 FY2020 | Dec 31, 2020 | 13.2% | −13.2 |
| Q3 FY2020 | Sep 30, 2020 | 10.4% | −8.9 |
| Q2 FY2020 | Jun 30, 2020 | -33.2% | −52.3 |
| Q1 FY2020 | Mar 31, 2020 | -25.3% | −40.5 |
| Q4 FY2019 | Dec 31, 2019 | 26.4% | +9.8 |
| Q3 FY2019 | Sep 30, 2019 | 19.4% | +0.8 |
| Q2 FY2019 | Jun 30, 2019 | 19.1% | +12.6 |
| Q1 FY2019 | Mar 31, 2019 | 15.3% | +3.9 |
| Q4 FY2018 | Dec 31, 2018 | 16.6% | +6.7 |
| Q3 FY2018 | Sep 30, 2018 | 18.5% | +0.4 |
| Q2 FY2018 | Jun 30, 2018 | 6.5% | +1.9 |
| Q1 FY2018 | Mar 31, 2018 | 11.4% | −2.2 |
| Q4 FY2017 | Dec 31, 2017 | 9.9% | +22.0 |
| Q3 FY2017 | Sep 30, 2017 | 18.1% | – |
| Q2 FY2017 | Jun 30, 2017 | 4.6% | – |
| Q1 FY2017 | Mar 31, 2017 | 13.6% | – |
| Q4 FY2016 | Dec 31, 2016 | -12.2% | – |
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