Travel + Leisure Q1 2026 – $961M Revenue, $79M Net Income

By Chris Stiles • Wednesday, April 22 10:36 • Permanent Link

Travel + Leisure reported first-quarter 2026 net revenue of $961 million, with gross VOI sales rising 7% year over year to $549 million. Net income came in at $79 million, or $1.22 a diluted share.

Adjusted EBITDA increased 11% to $225 million, while adjusted diluted earnings per share climbed 31% to $1.45. Volume per guest rose 3% to $3,321, supported by a 5% increase in tours.

The vacation ownership segment generated $798 million of revenue, up 6% from $755 million a year earlier. Adjusted EBITDA in the segment jumped 20% to $191 million from $159 million. Net VOI sales increased 11%, while gross VOI sales rose 7%.

The travel and membership segment posted $165 million of revenue, down 8% from $180 million in the prior-year quarter. Adjusted EBITDA fell 13% to $59 million from $68 million.

The company returned $128 million to shareholders in the quarter, including $41 million in dividends and $87 million in share repurchases. It bought back 1.2 million shares at a weighted average price of $72.51 each.

Cash flow weakened sharply from a year earlier. Net cash from operating activities fell to $38 million from $121 million, while adjusted free cash flow moved to roughly breakeven from $152 million in the prior-year period.

On the balance sheet, Travel + Leisure said it had $3.6 billion of corporate debt outstanding at quarter-end, excluding $2.1 billion of non-recourse debt tied to securitized notes receivables. The company also closed a $325 million term securitization on March 26 with a 5.11% weighted average coupon and a 98% advance rate.

For the second quarter, the company is targeting adjusted EBITDA of $260 million to $270 million, gross VOI sales of $660 million to $690 million, and VPG of $3,200 to $3,250. For the full year, it reaffirmed adjusted EBITDA guidance of $1.03 billion to $1.055 billion, gross VOI sales of $2.5 billion to $2.6 billion, and VPG of $3,175 to $3,275.

The company also recorded $19 million of inventory write-downs and impairments tied to its resort optimization initiative during the quarter. The market has reacted to these announcements by moving the company's shares -1.66% to a price of $70.69. For more information, read the company's full 8-K submission here.

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