Travel + Leisure Co. (NYSE: TNL) is a vacation ownership and travel membership company that sells Vacation Ownership Interests (VOIs) and provides related travel services. Revenue comes from VOI sales, consumer financing on those purchases, and recurring fees from travel club memberships and resort management services. The company was formerly part of Wyndham Worldwide Corporation, which spun off Wyndham Hotels & Resorts, Inc. to shareholders before rebranding as Travel + Leisure Co. TNL operates under the Vacation Ownership segment and related travel and membership businesses, generating income through both transactional VOI sales and ongoing membership and fee-for-service arrangements. Fee-for-Service programs allow the company to sell VOI inventory owned by third parties through its sales and marketing channels in exchange for a commission, reducing capital intensity on those transactions. The company is listed on the New York Stock Exchange and headquartered in the United States, as disclosed in its 10-K filed February 18, 2026 (accession 000136165826000009) for the fiscal year ended 2025.

Revenue model

Revenue is generated through VOI sales (including Fee-for-Service commissions on third-party inventory), consumer financing via Vacation Ownership Contract Receivables (VOCRs), travel club membership fees, and resort management and HOA-related fee income.

Products and services

Vacation Ownership Interests (VOIs), consumer financing products (VOCRs), Fee-for-Service VOI sales programs, travel club memberships, and resort homeowners' association management services.

Customers and end markets

Individual consumers purchasing vacation ownership and travel club memberships. End market is leisure travel and hospitality.

Value-chain role

Vertically integrated vacation ownership operator: develops and markets VOI inventory, finances consumer purchases, manages resorts, and operates travel membership programs.

Geographic exposure

United States (primary). Filing references New Zealand Dollar (NZD), indicating some international operations, but geographic revenue breakdown is not specified in the available excerpts.

Source: SEC 10-K, filed 2026-02-18

Industry: Hotels & Motels Peers: Airbnb Inc Global Business Travel Group Inc Choice Hotels International Inc Hilton Grand Vacations Inc Marriott Vacations Worldwide Corp Soho House & Co Inc. Norwegian Cruise Line Holdings Ltd Target Hospitality Corp Vacasa, Inc. Wyndham Hotels & Resorts Inc