Travel & Leisure (NYSE: TNL) financial statements
The consolidated income statement, balance sheet and cash flow statement of Travel & Leisure for its last 10 fiscal years, as filed with the regulator, in millions of US dollars. At the end of fiscal 2025 it had $6,760m in total assets and −$981.0m in equity.
Income statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4,021m | $3,864m | $3,750m | $3,567m | $3,134m | $2,160m | $4,043m | $3,931m | $3,806m | $3,692m |
| Cost of sales | $273.0m | $92.0m | $133.0m | $157.0m | $157.0m | $2.0m | $186.0m | $183.0m | $150.0m | — |
| Gross profit | $3,748m | $3,772m | $3,617m | $3,410m | $2,977m | $2,158m | $3,857m | $3,748m | $3,656m | — |
| Operating profit | $553.0m | $733.0m | $720.0m | $653.0m | $618.0m | −$105.0m | $812.0m | $523.0m | $439.0m | $658.0m |
| Finance costs | $232.0m | $249.0m | $251.0m | $195.0m | $198.0m | $192.0m | $162.0m | $170.0m | $156.0m | $136.0m |
| Profit before tax | $337.0m | $513.0m | $485.0m | $486.0m | $429.0m | −$276.0m | $680.0m | $396.0m | $318.0m | $542.0m |
| Income tax | $107.0m | $135.0m | $94.0m | $130.0m | $116.0m | $23.0m | $191.0m | $130.0m | $328.0m | $190.0m |
| Net profit | $230.0m | $411.0m | $396.0m | $357.0m | $308.0m | −$255.0m | $507.0m | $672.0m | $854.0m | $611.0m |
| Earnings per share | $3.51 | $5.87 | $5.31 | $4.28 | $3.56 | −$2.97 | $5.50 | $6.80 | $8.46 | $5.56 |
| Diluted earnings per share | $3.44 | $5.82 | $5.28 | $4.24 | $3.52 | −$2.97 | $5.48 | $6.77 | $8.40 | $5.53 |
| Depreciation and amortisation | $124.0m | $115.0m | $112.0m | $119.0m | $124.0m | $126.0m | $121.0m | $138.0m | $136.0m | $172.0m |
Balance sheet
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $6,760m | $6,735m | $6,738m | $6,757m | $6,588m | $7,613m | $7,453m | $7,158m | $10,450m | $9,819m |
| Current assets | — | — | — | — | — | — | — | — | $2,964m | $1,812m |
| Inventories | $1,128m | $1,227m | $1,135m | $1,193m | $1,216m | $1,347m | $1,199m | $1,224m | $1,249m | $310.0m |
| Property, plant and equipment | $531.0m | $591.0m | $655.0m | $658.0m | $689.0m | $666.0m | $680.0m | $712.0m | $822.0m | $1,028m |
| Goodwill | $972.0m | $966.0m | $962.0m | $955.0m | $961.0m | $964.0m | $970.0m | $922.0m | $911.0m | $1,221m |
| Cash | $253.0m | $167.0m | $282.0m | $550.0m | $369.0m | $1,196m | $355.0m | $218.0m | $48.0m | $113.0m |
| Total liabilities | $7,742m | $7,615m | $7,655m | $7,661m | $7,382m | $8,581m | $7,977m | $7,727m | $9,676m | $9,101m |
| Current liabilities | — | — | — | — | — | — | — | — | $2,539m | $2,032m |
| Equity | −$981.0m | −$881.0m | −$918.0m | −$913.0m | −$801.0m | −$975.0m | −$530.0m | −$574.0m | $769.0m | $714.0m |
| Equity including minorities | −$982.0m | −$880.0m | −$917.0m | −$904.0m | −$794.0m | −$968.0m | −$524.0m | −$569.0m | $774.0m | $633.0m |
| Minority interests | −$1.0m | $1.0m | $1.0m | $9.0m | $7.0m | $7.0m | $6.0m | $5.0m | $5.0m | $4.0m |
Cash flow statement
| Item | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $640.0m | $464.0m | $350.0m | $442.0m | $568.0m | $374.0m | $452.0m | $442.0m | $986.0m | $963.0m |
| Investing cash flow | −$107.0m | −$124.0m | −$80.0m | −$50.0m | −$93.0m | −$65.0m | −$66.0m | −$725.0m | −$362.0m | −$346.0m |
| Financing cash flow | −$443.0m | −$458.0m | −$500.0m | −$196.0m | −$1,288m | $502.0m | −$289.0m | $280.0m | −$558.0m | −$586.0m |
| Capital expenditure | −$117.0m | −$81.0m | −$74.0m | −$52.0m | −$57.0m | −$69.0m | −$108.0m | −$99.0m | −$107.0m | −$117.0m |
| Dividends paid | −$149.0m | −$142.0m | −$136.0m | −$135.0m | −$109.0m | −$138.0m | −$166.0m | −$194.0m | −$242.0m | −$223.0m |
Where each figure comes from
From the annual report (Form 10-K) that Travel & Leisure files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Travel & Leisure page.
Dividend per share of Travel & Leisure by fiscal year, with the filing behind every figure: Travel & Leisure dividend history.
Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.