Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

The following table sets forth the computations of basic and diluted EPS (in millions, except per share data):


	Three Months Ended
	March 31,
	2026		2025




Net income attributable to Travel + Leisure Co. shareholders	$	79	$	73

Earnings per share (a)
Basic	$	1.25	$	1.09
Diluted	$	1.22	$	1.07











Basic weighted average shares outstanding	62.9		67.1
RSUs,(b) PSUs (c) and NQs (d)	1.5		1.1
Diluted weighted average shares outstanding (e)	64.4		68.2

Dividends:
Aggregate dividends paid to shareholders (f)	$	41	$	41

(a)Earnings per share amounts are calculated using whole numbers.

(b)Excludes 0.2 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the three months ended March 31, 2025.

(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.5 million and 0.9 million for the three months ended March 31, 2026 and 2025, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future.

(d)Excludes 0.1 million of outstanding non-qualified stock options (“NQs”) that would have been anti-dilutive to EPS for the three months ended March 31, 2025.

(e)The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period.

(f)The Company paid cash dividends of $0.60 and $0.56 per share during the three months ended March 31, 2026 and 2025.

Current Stock Repurchase Program

The following table summarizes stock repurchase activity under the current share repurchase program (in millions):


	Shares	Cost
As of December 31, 2025	138.4	$	6,946
Repurchases	1.2	87
As of March 31, 2026	139.6	$	7,033