Travel + Leisure Co. (NYSE:TNL) announced its third‑quarter 2025 results on October 23, 2025, reporting revenue of $876 million, up 6% year‑over‑year, and adjusted EBITDA of $231 million, a 14% increase from the $202 million reported in Q3 2024. The company highlighted that its Vacation Ownership segment drove the growth, with net VOI sales rising 9% to $654 million and gross VOI sales up 13% driven by a 10% increase in volume per guest (VPG) and a 2% rise in tours. The Travel and Membership segment also grew modestly, with revenue up 1% to $169 million and adjusted EBITDA falling 6% to $58 million, reflecting a mix shift toward lower‑margin travel club transactions. On the balance‑sheet side, TNL’s leverage ratio for covenant purposes was 3.3×, with $3.6 billion of corporate debt outstanding, excluding $2.0 billion of non‑recourse debt tied to its securitized notes receivables portfolio. The company issued $500 million of secured notes at 6.125% to redeem $350 million of 6.60% notes due October 2025 and to repay borrowings under its revolving credit facility. Share repurchases totaled 1.2 million shares for $70 million at a weighted average price of $59.90 per share, leaving $253 million in repurchase authorization. TNL paid a $36 million ($0.56 per share) dividend on September 30, 2025, and will recommend a fourth‑quarter dividend of $0.56 per share for board approval in November. The company updated its full‑year 2025 guidance, maintaining an adjusted EBITDA range of $955 million to $985 million and a gross VOI sales range of $2.4 billion to $2.5 billion, while reaffirming its outlook for continued VPG growth and multi‑brand expansion.
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