Travel + Leisure Q3: Revenue Up 5% to $1.1B, Adjusted EBITDA $283M, Two Acquisitions Closed
TNL is trading near its 52-week low of $60.34 (6.6% above the low) on light trading volume (0.3× avg).
Summary
Travel + Leisure's Q3 10-Q shows revenue of $1.1 billion and Adjusted EBITDA of $283 million, with timeshare growth offset by a weaker exchange business and $18 million of acquisition costs. The quarter included the $327 million combined Yes & Vacations and Spinnaker Resorts deals and a $12 million restructuring charge.
Key Events · Earnings and Guidance · TNL
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Q3 Revenue Rises 5% to $1.1B
Net revenues were $1,101 million versus $1,044 million, driven by a 6.6% increase in tours and $21 million of revenue from the two acquisitions; GAAP operating income fell to $195 million from $214 million.
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Adjusted EBITDA Up to $283M
Adjusted EBITDA rose to $283 million from $266 million, with Vacation Ownership at $250 million versus $231 million and Travel and Membership down to $51 million from $58 million on a 15.5% decline in exchange transactions.
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Two Timeshare Acquisitions Closed
Yes & Vacations closed July 15, 2026 for $162 million and Spinnaker Resorts closed August 1, 2026 for $165 million; $290 million of cash was used net of cash acquired, adding $74 million of goodwill and $104 million of intangibles.
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Restructuring and Resort Optimization Charges
A new 2026 restructuring plan cut about 300 employees for a $12 million charge, and the resort optimization initiative added $35 million of costs in the nine months, including $27 million of inventory write-downs.
Analysis · TNL · Real Estate & Construction
The 10-Q fills in the numbers behind this morning's earnings release and shows where the growth came from. Revenue rose 5% to $1,101 million on a 6.6% increase in tours at the timeshare business, but GAAP operating income fell to $195 million from $214 million as $18 million of acquisition deal costs, $12 million of restructuring and a $25 million marketing step-up hit the quarter. Adjusted EBITDA still rose to $283 million from $266 million, carried by the Vacation Ownership segment at $250 million versus $231 million, while Travel and Membership shrank to $51 million from $58 million on a 15.5% drop in exchange transactions. The company also closed Yes & Vacations ($162 million) and Spinnaker Resorts ($165 million) in the quarter, spending $290 million of cash net of cash acquired, which is why debt rose to $4,041 million from $3,474 million. Credit quality is the soft spot: the loan-loss allowance is $748 million against $3,434 million of gross receivables, with $389 million of provision in the nine months. The SEC matter is now closed — the $975,000 penalty was entered by the court on October 21, 2026 and was already accrued.
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 $64.34 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.9B. The 52-week trading range was $60.34 to $81.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.