Travel + Leisure Q3 revenue tops estimates; raises EBITDA guidance
TNL•Travel + Leisure reported Q3 revenue of $1.10 billion and adjusted EPS of $2.21, beating estimates of $1.08 billion and $2.05. It raised its 2026 adjusted EBITDA guidance to $1.070 billion-$1.085 billion.
1. Quarterly results
Q3 revenue rose and beat analyst expectations, while adjusted EPS increased 23% year over year. Net income was $108 million. Vacation Ownership revenue rose 9% to $953 million, while Travel and Membership revenue fell 11% to $150 million.
2. 2026 outlook
Travel + Leisure raised its full-year 2026 adjusted EBITDA guidance to $1.070 billion-$1.085 billion. It expects gross VOI sales of $2.625 billion-$2.675 billion and VPG of $3,325-$3,375.
3. Shareholder returns
The company returned $364 million to shareholders year to date. It said its resort optimization initiative generated savings on developer obligations but also incurred inventory write-downs and impairments; the net impact on adjusted EBITDA is expected to be positive.
