v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary Of Segment Information
The following tables present the Company’s segment information (in millions):
Three Months Ended March 31, 2026
Net revenuesVacation OwnershipTravel and MembershipTotal
Revenues from external customers$798 
(a)
$163 $961 
Intersegment revenues— 2 2 
798 165 963 
Reconciliation of revenues
Elimination of intersegment revenues(2)
Total consolidated revenues$961 
Less:
Property management expense173 — 
(b)
Marketing
108 
(c)
9 
Commissions100 — 
(b)
General and administrative (d)
62 23 
Sales administration58 — 
(b)
Consumer financing interest33 — 
(b)
Licensing fees24 — 
(b)
Developer obligations (e)
18 — 
(b)
Cost of sales16 
(f)
47 
Fee-for-Service expenses
7 — 
(b)
Contact center— 
(b)
17 
Resort services— 
(b)
8 
Other segment items (g)
8 2 
Reportable segment Adjusted EBITDA
$191 $59 $250 
Other Adjusted EBITDA
(25)
Adjusted EBITDA$225 
Three Months Ended March 31, 2026
Reconciliation of Adjusted EBITDATotal
Adjusted EBITDA$225 
Inventory write-downs and asset impairments, net (h)
(19)
Stock-based compensation(13)
Other (i)
(5)
Restructuring
2 
Legacy items4 
Depreciation and amortization(32)
Interest income
2 
Interest expense(56)
Income before income taxes108 
Provision for income taxes(29)
Net income attributable to Travel + Leisure Co. shareholders$79 
(a)Includes $100 million provision for loan losses, net.
(b)Expense category not regularly provided to the CODM for this segment.
(c)Excludes licensing fees which are reported within Marketing on the Condensed Consolidated Statements of Income, as it is separately disclosed.
(d)Excludes stock-based compensation and legacy items which are not included in the determination of Adjusted EBITDA.
(e)Represents maintenance fees incurred by the Company for unsold VOIs, net of monetization.
(f)Represents Cost of vacation ownership interests on the Condensed Consolidated Statements of Income. Excludes $19 million of inventory write-downs and impairments which are not included in the determination of Adjusted EBITDA.
(g)Includes expenses for VOI travel packages, VOI incentives, and professional fees reported within Operating expenses, and other non-operating income/expense items included in the determination of Adjusted EBITDA such as dividend income and asset sales.
(h)Includes $19 million of inventory write-downs and impairments related to the Company’s resort optimization initiative included in Cost of vacation ownership interests on the Condensed Consolidated Statements of Income.
(i)Includes $5 million of resort closure and employee related costs associated with the resort optimization initiative included within Operating expense on the Condensed Consolidated Statements of Income.
Three Months Ended March 31, 2025
Net revenuesVacation OwnershipTravel and MembershipTotal
Revenues from external customers$755 
(a)
$178 $933 
Intersegment revenues— 2 2 
755 180 935 
Reconciliation of revenues
Other revenues (b)
1 
Elimination of intersegment revenues(2)
Total consolidated revenues$934 
Less:
Property management expense173 — 
(c)
Marketing
93 
(d)
11 
Commissions89 — 
(c)
General and administrative (e)
58 22 
Sales administration52 — 
(c)
Developer obligations (f)
37 — 
(c)
Consumer financing interest34 — 
(c)
Cost of sales23 
(g)
51 
Licensing fees21 — 
(c)
Fee-for-Service expenses
10 — 
(c)
Contact center— 
(c)
18 
Resort services— 
(c)
8 
Other segment items (h)
6 2 
Reportable segment Adjusted EBITDA
$159 $68 $227 
Other Adjusted EBITDA
(25)
Adjusted EBITDA$202 
Three Months Ended March 31, 2025
Reconciliation of Adjusted EBITDATotal
Adjusted EBITDA$202 
Stock-based compensation(14)
Legacy items(1)
Depreciation and amortization(30)
Interest income
1 
Interest expense(57)
Income before income taxes101 
Provision for income taxes(28)
Net income attributable to Travel + Leisure Co. shareholders$73 
(a)Includes $91 million provision for loan losses, net.
(b)Represents revenue recognized at the Company's Corporate and other segment for managing an insurance program on behalf of homeowners associations.
(c)Expense category not regularly provided to the CODM for this segment.
(d)Excludes licensing fees which are reported within Marketing on the Condensed Consolidated Statements of Income, as it is separately disclosed.
(e)Excludes stock-based compensation and legacy items which are not included in the determination of Adjusted EBITDA.
(f)Represents maintenance fees incurred by the Company for unsold VOIs, net of monetization.
(g)Represents Cost of vacation ownership interests on the Condensed Consolidated Statements of Income, excluding less than $1 million of inventory impairments which are not included in the determination of Adjusted EBITDA.
(h)Includes expenses for VOI travel packages, VOI incentives, and professional fees reported within Operating expenses, and other non-operating income/expense items included in the determination of Adjusted EBITDA such as dividend income, business insurance proceeds, and asset sales.
Three Months Ended
March 31,
Capital Expenditures20262025
Vacation Ownership$11 $12 
Travel and Membership3 4 
Total reportable segments14 16 
Corporate and other5 5 
Total Company$19 $21 
Segment Assets (a)
March 31,
2026		December 31, 2025
Vacation Ownership$5,107 $5,022 
Travel and Membership1,317 1,334 
Total reportable segments6,424 6,356 
Corporate and other416 404 
Total Company$6,840 $6,760 
(a)Excludes investment in consolidated subsidiaries.