v3.25.4
Consolidated Statements Of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net Revenues      
Net revenues $ 4,021 $ 3,864 $ 3,750
Expenses      
Operating 1,824 1,744 1,684
Marketing 585 550 507
General and administrative 498 475 454
Cost of vacation ownership interests 273 92 133
Consumer financing interest 135 136 112
Depreciation and amortization 124 115 112
Restructuring 19 16 [1] 26 [2]
Asset impairments, net 10 3 0
Total expenses 3,468 3,131 3,028
Loss on sale of business 0 0 2
Operating income 553 733 720
Interest expense 232 249 251
Interest (income) (9) (14) (13)
Other (income), net (7) (15) (3)
Income before income taxes 337 513 485
Provision for income taxes 107 135 94
Net income from continuing operations 230 378 391
Gain on disposal of discontinued business, net of income taxes 0 33 5
Net income attributable to Travel + Leisure Co. shareholders $ 230 $ 411 $ 396
Basic earnings per share      
Continuing operations [3] $ 3.51 $ 5.39 $ 5.24
Discontinued operations [3] 0 0.48 0.07
Basic earnings per share [3] 3.51 5.87 5.31
Diluted earnings per share      
Continuing operations [3] 3.44 5.35 5.21
Discontinued operations [3] 0 0.47 0.07
Diluted earnings per share [3] $ 3.44 $ 5.82 $ 5.28
Vacation ownership interest sales      
Net Revenues      
Net revenues $ 1,847 $ 1,721 $ 1,582
Service and membership fees      
Net Revenues      
Net revenues 1,615 1,607 1,649
Consumer financing      
Net Revenues      
Net revenues 454 450 427
Other      
Net Revenues      
Net revenues $ 105 $ 86 $ 92
[1] Includes $1 million of stock-based compensation expense associated with the 2022 restructuring plans.
[2] Includes $2 million of stock-based compensation expense associated with the 2023 restructuring plans.
[3] Earnings per share amounts are calculated using whole numbers.

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