Travel + Leisure 二季度业绩稳健并小幅上调全年 EBITDA 指引

Travel + Leisure Co. Reports Second Quarter 2026 Results
ORLANDO, Fla.--(BUSINESS WIRE)-- Travel + Leisure Co. (NYSE:TNL), a leading leisure travel company, today reported second quarter 2026 financial results for the three months ended June 30, 2026. Highlights and outlook include:
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- Net revenue of $1.06 billion. Gross VOI sales of $693 million, up 4% and 6% year-over-year, respectively(1)
- Net income of $109 million (diluted earnings per share of $1.72)
- Adjusted EBITDA of $269 million and Adjusted diluted earnings per share of $1.88, representing 8% and 14% year-over-year growth, respectively(1)
- Volume per guest (VPG) of $3,318, a 2% increase year-over-year
- Boosts full-year Adjusted EBITDA guidance range to $1,065 million to $1,085 million
- Returned $125 million to shareholders through $37 million of dividends and $88 million of share repurchases
"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.
Erik Hoag, Chief Financial Officer said, "First half results reflect the strength of our model and capital allocation strategy. Revenue increased 4%, EBITDA increased 9% and adjusted earnings per share increased 21%. At the same time, we increased share repurchases by 25%, reduced leverage by approximately a quarter turn and announced two immediately-accretive acquisitions."
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(1) This press release includes Adjusted EBITDA, Adjusted diluted EPS, Adjusted free cash flow, Gross VOI sales, Adjusted net income, and Adjusted EBITDA margin, which are measures that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). See "Presentation of Financial Information" and the tables for the definitions and reconciliations of these non-GAAP measures. Forward-looking non-GAAP measures are presented in this press release only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation is available without unreasonable effort. |
Business Segment Results
Vacation Ownership
|
$ in millions |
Q2 2026 |
Q2 2025 |
% change |
|
Revenue |
$907 |
$853 |
6 % |
|
Adjusted EBITDA |
$247 |
$218 |
13 % |
Vacation Ownership revenue increased 6% to $907 million in the second quarter of 2026 compared to the same period in the prior year. Net vacation ownership interest (VOI) sales increased 11% year over year. Gross VOI sales increased 6% driven by a 2% increase in VPG and a 1% increase in tours.
Second quarter Adjusted EBITDA was $247 million compared to $218 million in the prior year period driven by the revenue growth and expense savings from the resort optimization initiative.
Travel and Membership
|
$ in millions |
Q2 2026 |
Q2 2025 |
% change |
|
Revenue |
$157 |
$166 |
(5) % |
|
Adjusted EBITDA |
$49 |
$55 |
(11) % |
Travel and Membership revenue decreased 5% to $157 million in the second quarter of 2026 compared to the same period in the prior year. This was driven by an $8 million decrease in transaction revenue due to a 12% decrease in revenue per transaction, partially offset by a 6% increase in transaction volume.
Second quarter Adjusted EBITDA decreased 11% to $49 million compared to the prior year period. This decrease was driven by a decline in exchange transaction volume and a higher mix of travel club transactions that generate lower margins, partially offset by lower operating costs.
Balance Sheet and Liquidity
Net Debt — During the second quarter we issued $900 million of senior secured notes with an interest rate of 6.25%. The proceeds of this offering were used to redeem all of our $650 million 6.625% secured notes that were due July 2026, toward repayment of outstanding borrowings under the revolving credit facility, to pay the fees and expenses incurred in connection with the issuance, and for general corporate purposes. The Company had $3.7 billion of corporate debt outstanding as of June 30, 2026, which excluded $2.0 billion of non-recourse debt related to its securitized notes receivables portfolio. As of June 30, 2026, the Company's leverage ratio for covenant purposes was below 3.2x.
Timeshare Receivables Financing — Subsequent to the end of the quarter, the Company closed on a $300 million term securitization transaction with a weighted average coupon of 5.52% and a 98% advance rate.
Cash Flow — For the six months ended June 30, 2026, net cash provided by operating activities was $258 million compared to $353 million in the prior year period. Adjusted free cash flow was $95 million for the six months ended June 30, 2026 compared to $123 million in the same period of 2025.
Share Repurchases — During the second quarter of 2026, the Company repurchased 1.2 million shares of common stock for $88 million at a weighted average price of $69.50 per share. As of June 30, 2026, the Company had $745 million remaining in its share repurchase authorization.
Dividend — The Company paid $37 million ($0.60 per share) in cash dividends on June 30, 2026 to shareholders of record as of June 12, 2026. Management will recommend a third quarter dividend of $0.60 per share for approval by the Company’s Board of Directors in August 2026.
Resort Optimization Initiative — In order to promote the long-term strength of our vacation ownership resorts, we undertook a strategic review during 2025 with the intent of optimizing the overall quality of our resort portfolio, aligning with evolving owner preferences, preserving the affordability of maintenance fees, and mitigating the need for costly special assessments in the future. This review identified 17 resorts requiring significant owner reinvestment, or that are in markets that no longer align with owner demand. This initiative has generated, and is expected to generate further, meaningful savings attributable to developer obligations, which represent the maintenance fees the Company incurs on unsold VOIs. Such savings are partially offset by the loss of, or reduction in, VOI sales and property management fees earned at the impacted resorts, but are expected to result in a positive net impact to Adjusted EBITDA in 2026. In connection with these actions, the Company incurred $6 million and $25 million of inventory write-downs and impairments during the three and six months ended June 30, 2026.
Outlook
The Company is providing guidance for the third quarter 2026:
- Adjusted EBITDA of $275 million to $285 million
- Gross VOI sales of $700 million to $740 million
- VPG of $3,300 to $3,350
The Company is raising guidance for the 2026 full year:
- Adjusted EBITDA of $1,065 million to $1,085 million
- Gross VOI sales of $2.600 billion to $2.675 billion
- VPG of $3,325 to $3,375
This guidance is presented only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure is available without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount of these adjustments that may arise in the future. Where one or more of the currently unavailable items is applicable, some items could be material, individually or in the aggregate, to GAAP reported results.
Conference Call Information
Travel + Leisure Co. will hold a conference call with investors to discuss the Company’s results and outlook today at 8:30 a.m. ET. Participants may listen to a simultaneous webcast of the conference call, whi