Travel+Leisure beats top-line and bottom-line estimates; updates FY26 outlook

• Travel+Leisure press release (TNL): Q3 Non-GAAP EPS of $2.21 beats by $0.15.
• Revenue of $1.1B (+5.8% Y/Y) beats by $20M.
• Gross VOI sales of $720 million, up 6% year-over-year, on 7% tour growth⁽¹⁾
  • Adjusted EBITDA of $283 million, up 6% year-over-year; Adjusted diluted earnings per share of $2.21, up 23% year-over-year⁽¹⁾
  • Raising mid-point of full year Adjusted EBITDA guidance with a new range of $1.070 billion to $1.085 billion⁽¹⁾
  • Returned $364 million to shareholders year-to-date, $250 million in share repurchases and $114 million in dividends, while investing approximately $350 million in two strategic acquisitions.

  • Outlook

    The Company is updating guidance for the 2026 full year:

    • 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

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