Travel + Leisure Co. reported a solid financial performance for the fiscal year ending December 31, 2025, with total revenues reaching $4.021 billion, a 4% increase from $3.864 billion in 2024. The company's net income from continuing operations was $230 million, down from $411 million the previous year, reflecting a decrease in earnings per share to $3.51 from $5.39. The decline in profitability was attributed to increased expenses, including a significant $216 million in inventory write-downs related to the company's resort optimization initiative, which aims to enhance the quality of its vacation ownership portfolio.
The Vacation Ownership segment, which includes the sale of vacation ownership interests (VOIs), generated $3.361 billion in revenue, up from $3.171 billion in 2024. This growth was driven by an increase in gross VOI sales, which rose to $2.486 billion from $2.293 billion, alongside a higher volume per guest (VPG) and an increase in tours. In contrast, the Travel and Membership segment saw a revenue decline to $662 million from $695 million, primarily due to a decrease in transaction revenue and a reduction in average exchange member counts.
Strategically, Travel + Leisure Co. has been active in optimizing its resort portfolio, identifying 17 resorts for potential removal or reduction in units to align with owner demand and mitigate maintenance costs. This initiative is expected to yield long-term savings and improve the overall quality of the resort offerings. Additionally, the company completed the acquisition of Accor Vacation Club in 2024, further expanding its international presence and brand portfolio.
Operationally, the company reported a total of 19,300 employees as of December 31, 2025, with a focus on enhancing employee development and maintaining a competitive workforce. The company also emphasized its commitment to sustainability, aiming to reduce greenhouse gas emissions and increase renewable energy consumption across its managed resorts. Looking ahead, Travel + Leisure Co. anticipates continued growth in its Vacation Ownership segment, although it remains cautious about potential economic headwinds, including inflation and interest rate fluctuations, which could impact consumer behavior and overall demand in the leisure travel market.
About Travel & Leisure Co.
Travel + Leisure Co. is a leading vacation ownership and membership travel company offering timeshare, vacation club, and exchange services. Its core brands include Wyndham, Margaritaville, and Accor Vacation Clubs, serving global leisure travelers. The company develops resorts, sells vacation ownership interests, provides consumer financing, and operates vacation exchange networks, primarily in the U.S. and internationally, delivering flexible, branded vacation experiences and travel solutions.
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