Travel + Leisure Q3 Beats: Adjusted EPS Up 23%, FY Adjusted EBITDA Guidance Midpoint Raised
TNL is trading near its 52-week low of $60.34 (7.6% above the low).
Summary
Travel + Leisure reported Q3 2026 adjusted EPS of $2.21, up 23%, and raised the midpoint of full-year adjusted EBITDA guidance to $1.070-$1.085 billion, though the Travel and Membership segment shrank 11%.
Key Events · Earnings and Guidance · TNL
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Q3 Adjusted EPS Jumps 23%
Adjusted diluted EPS of $2.21 versus $1.80 a year ago, on net revenue of $1.10 billion and net income of $108 million ($1.73 diluted EPS).
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FY Adjusted EBITDA Guidance Midpoint Raised
New full-year 2026 adjusted EBITDA range of $1.070 billion to $1.085 billion, with gross VOI sales guided to $2.625-$2.675 billion and VPG of $3,325-$3,375.
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Travel and Membership Segment Contracts
Segment revenue fell 11% to $150 million and adjusted EBITDA fell 12% to $51 million, driven by a $17 million drop in transaction revenue as exchange transaction volume declined.
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Leverage Rises to 3.3x on Acquisitions
Covenant leverage ratio of 3.3x after funding the Yes& Vacations and Spinnaker Resorts acquisitions, with $4.0 billion of corporate debt outstanding excluding $2.0 billion of non-recourse securitized debt.
Analysis · TNL · Real Estate & Construction
Adjusted diluted EPS of $2.21 rose 23% year-over-year and adjusted EBITDA of $283 million rose 6%, letting management lift the midpoint of full-year adjusted EBITDA guidance to a $1.070-$1.085 billion range. The offset is the Travel and Membership segment, where revenue fell 11% and adjusted EBITDA fell 12% as exchange transaction volume declined. Leverage ticked up to 3.3x after the Yes& Vacations and Spinnaker Resorts acquisitions closed, and the company kept buying back stock at a weighted average of $71.45 in Q3 versus today's $64.93, with $671 million left on the authorization.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TNL was trading at $64.93 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4B. The 52-week trading range was $60.34 to $81.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.