Loading...
•
Dec 31, 2025
Travel + Leisure Q4 2025 Earnings Report
Travel + Leisure reported fourth-quarter 2025 revenue growth with strong Gross VOI sales, but recorded a net loss driven by inventory impairments tied to its Resort Optimization Initiative.
Key Takeaways
Travel + Leisure generated Q4 2025 net revenue of 1026000000, up 6% year over year, with Gross VOI sales of 638000000 and Adjusted EBITDA of 272000000. The company reported a net loss of 61000000, primarily due to 210000000 in inventory write-downs and impairments.
Net revenue increased 6% year over year to 1026000000.
Gross VOI sales rose 8% to 638000000, driven by 5% tour growth and 2% VPG growth.
Adjusted EBITDA grew to 272000000 with a 26.5% margin.
Net loss of 61000000 reflected significant inventory impairments from the Resort Optimization Initiative.
Revenue by Segment
Forward Guidance
For full-year 2026, Travel + Leisure expects Adjusted EBITDA between 1030000000 and 1055000000, with Gross VOI sales projected between 2500000000 and 2600000000 and continued benefits from the Resort Optimization Initiative.
Positive Outlook
- Full-year 2026 Adjusted EBITDA guidance of 1030000000 to 1055000000.
- Projected Gross VOI sales of 2500000000 to 2600000000.
- Positive net impact from the Resort Optimization Initiative.
- Strong leisure travel demand backdrop entering 2026.
- Board approved new 750000000 share repurchase authorization.
Challenges Ahead
- Inventory impairments impacted recent profitability.
- Exposure to macroeconomic conditions affecting travel demand.
- Interest expense remains significant.
- Transaction revenue declines in Travel and Membership segment.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...