Travel + Leisure Co's Q4 Report And Itinerary For 2026

Travel + Leisure Co posted a quarter that made room for a net loss tied to write downs alongside operating metrics that stayed healthy. The company reported fourth quarter revenue of $1.026 billion and a net loss of $61 million, with the loss reflecting $210 million of inventory write downs and impairments tied to its Resort Optimization Initiative. On an operating basis, the tone was steadier than that tidbit suggests, with adjusted EBITDA of $272 million and adjusted diluted EPS of $1.83. It was a quarter with some funk baked in, but with a healthy core business overall.

The quarter’s pulse is easier to read in vacation ownership sales, where the company reported another year over year increase. Travel + Leisure said gross vacation ownership interest sales were $638 million, up 8% year over year, helped by higher tours and higher volume per guest. That matters because it supports the core model that drives cash generation, and it is also what allows the company to talk about 2026 with a straight face.

For the full year, the company reported net revenue of $4.02 billion and net income of $230 million, while calling out adjusted EBITDA of $990 million and adjusted diluted EPS of $6.34. It also reported $640 million of net cash provided by operating activities and $516 million of adjusted free cash flow. Travel + Leisure ended 2025 with enough cash flow to fund the business and reward shareholders - and if nothing else, the writedowns make the point that the business can absorb a reset.

With the year wrapped up, Travel + Leisure Co laid out a confident 2026 outlook that kept the attention on cash flow. The company guided to full year 2026 adjusted EBITDA of $1.030 billion to $1.055 billion, saying it will recommend a first quarter 2026 dividend of $0.60 per share for board approval. It also announced a new $750 million share repurchase authorization. Between the EBITDA guide and the bigger repurchase capacity, 2026 has the ingredients for a re-rating if execution stays clean. For now, the market will keep debating the accounting charge, but investors usually follow the money - and the company just put more of it on buybacks and dividends.

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2234 N Federal Hwy # 1022
Boca Raton, FL 33431

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