Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025




Net income attributable to Travel + Leisure Co. shareholders	$	108	$	111	$	296	$	291

Earnings per share (a)
Basic	$	1.77	$	1.70	$	4.76	$	4.40
Diluted	$	1.73	$	1.67	$	4.66	$	4.35











Basic weighted average shares outstanding	61.3		65.2		62.1		66.1
RSUs,(b) PSUs (c) and NQs (d)	1.3		0.9		1.4		0.8
Diluted weighted average shares outstanding (e)	62.6		66.1		63.5		66.9

Dividends:
Aggregate dividends paid to shareholders (f)	$	36	$	36	$	114	$	114

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

(b)Excludes less than 0.1 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for both the three and nine months ended September 30, 2026, and less than 0.1 million and 0.4 million of RSUs that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2025.

(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.5 million for the three and nine months ended September 30, 2026 and 0.8 million for the three and nine months ended September 30, 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 nine months ended September 30, 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 $1.80 per share during the three and nine months ended September 30, 2026 and $0.56 and $1.68 per share during the three and nine months ended September 30, 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	3.5	250
As of September 30, 2026	141.9	$	7,196