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Jun 30, 2025
Travel + Leisure Q2 2025 Earnings Report
Travel + Leisure Co. reported solid growth in Q2 2025, driven by strong vacation ownership sales and higher VPG.
Key Takeaways
Travel + Leisure Co. delivered strong Q2 2025 results with higher net income and EPS, supported by a robust performance in its Vacation Ownership segment, though Travel and Membership revenue declined.
Net income reached $108 million with diluted EPS of $1.62.
Vacation Ownership revenue grew 6% to $853 million.
Gross VOI sales increased 8% to $654 million, driven by higher VPG and tours.
Travel and Membership revenue declined 6% due to lower exchange transactions.
Revenue by Segment
Forward Guidance
The company reaffirmed full-year adjusted EBITDA guidance and expects steady VOI sales growth in Q3 2025.
Positive Outlook
- Q3 2025 adjusted EBITDA expected at $250–$260 million
- Gross VOI sales projected at $650–$680 million in Q3
- Full-year adjusted EBITDA guidance reaffirmed at $955–$985 million
- Full-year Gross VOI sales expected at $2.4–$2.5 billion
- VPG outlook raised to $3,200–$3,250 for FY25
Challenges Ahead
- Travel & Membership segment faces continued pressure from lower exchange transactions
- Higher mix of travel club transactions generating lower margins
- Ongoing headwinds from club-affiliated exchange members with lower transaction propensity
- Strategic restructuring impacts still affecting Travel & Membership margins
Historical Earnings Impact
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Avg. Return Before/After Earnings
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