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Sep 30, 2025
Travel + Leisure Q3 2025 Earnings Report
Travel + Leisure Co. reported a strong Q3 2025 with higher earnings, solid growth in Vacation Ownership revenue, and a continued streak of high VPG results.
Key Takeaways
Travel + Leisure delivered strong Q3 2025 results, with net income of $111M and adjusted EPS of $1.80. The Vacation Ownership segment saw a 6% revenue rise, while VPG climbed to $3,304. The company also increased its full-year EBITDA guidance.
Net income reached $111 million, with EPS at $1.67 and adjusted EPS at $1.80
Vacation Ownership revenue increased to $876 million, up 6% YoY
VPG rose to $3,304, maintaining a streak of 18 quarters above $3,000
The company returned $106 million to shareholders via dividends and share repurchases
Revenue by Segment
Forward Guidance
Travel + Leisure raised its midpoint Adjusted EBITDA guidance for FY25, with continued expectations of strong VOI sales and VPG performance.
Positive Outlook
- Increased FY25 Adjusted EBITDA guidance midpoint to $975M
- Raised Gross VOI Sales guidance range to $2.45B–$2.50B
- Updated VPG outlook to $3,250–$3,275
- Strong Q3 results exceeded high end of EBITDA guidance
- Continued high-margin performance in Vacation Ownership
Challenges Ahead
- Travel and Membership segment showed EBITDA decline (-6% YoY)
- Lower revenue per transaction in Travel Club (-12%)
- Flat growth in subscription revenue (-2%)
- Declining exchange membership base (-2%)
- Margin pressure from increased travel club transactions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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