0001361658-26-000009
SEC filingTravel + Leisure Co. reported net revenues of $4.02 billion for fiscal year 2025, generating operating income of $553 million and net income attributable to shareholders of $230 million. The company's operating cash flow was strong at $640 million, while net cash used in investing activities was $107 million and net cash used in financing activities was $443 million. The balance sheet shows total assets of $6.76 billion, total liabilities of $7.74 billion, and a total deficit of $982 million, with significant vacation ownership contract receivables of $2.64 billion and inventory of $1.13 billion. Basic earnings per share was $4 and diluted earnings per share was $3. The company maintained substantial debt levels including $3.47 billion in debt and $2.12 billion in non-recourse vacation ownership debt.
Travel + Leisure Co. reported net revenues of $4.02 billion for fiscal year 2025 ending December 31, 2025. The company generated operating income of $553 million, representing an operating margin of 13.8%. Net income attributable to Travel + Leisure Co. shareholders was $230 million, with basic earnings per share of $4 and diluted earnings per share of $3. Total expenses amounted to $3.47 billion, with operating expenses of $1.82 billion, marketing expenses of $585 million, and general and administrative expenses of $498 million. Interest expense was $232 million, while interest income was $9 million, resulting in income before income taxes of $337 million and provision for income taxes of $107 million.
The financial data does not provide segment breakdown or geographic mix information. The XBRL data shows net revenues of $4.02 billion but does not disclose revenue by business segments, product categories, or geographic regions. No specific growth drivers or revenue composition details are available in the provided financial data. The document does not contain management discussion and analysis (MD&A) sections that typically provide segment performance details, revenue mix analysis, or growth driver explanations.
The company achieved an operating margin of 13.8% based on operating income of $553 million and net revenues of $4.02 billion. The cost structure included significant expenses in operating ($1.82 billion), marketing ($585 million), general and administrative ($498 million), cost of vacation ownership interests ($273 million), consumer financing interest ($135 million), depreciation and amortization ($124 million), restructuring ($19 million), and asset impairments ($10 million). No prior period margin data is provided for comparison, so margin trends cannot be analyzed. The net income margin was 5.7% based on net income of $230 million relative to net revenues of $4.02 billion.
Operating activities generated $640 million in cash flow, driven by net income of $230 million and significant adjustments including provision for loan losses of $484 million, inventory write-downs and impairments of $216 million, and depreciation and amortization of $124 million. Investing activities used $107 million, primarily for property and equipment additions of $117 million. Financing activities used $443 million, with substantial debt activity including proceeds from non-recourse vacation ownership debt of $1.71 billion and principal payments of $1.72 billion, plus proceeds from other debt of $2.67 billion and principal payments of $2.68 billion. The balance sheet shows total assets of $6.76 billion, including cash and cash equivalents of $253 million, restricted cash of $173 million, vacation ownership contract receivables of $2.64 billion, and inventory of $1.13 billion. Total liabilities were $7.74 billion, resulting in a total deficit of $982 million.
The provided financial data does not include management guidance, strategic priorities, or risk factor discussions. The XBRL financial statements and document content focus exclusively on historical financial results for fiscal year 2025 without forward-looking statements, management commentary, or outlook information. No information is provided about future expectations, strategic initiatives, market conditions, or risk factors that might affect future performance. The filing appears to contain only the financial statements without the accompanying narrative sections that typically discuss outlook and strategic direction.