Travel + Leisure Co. reported financial results for the third quarter of 2026, ending September 30, 2026. The company reported net revenue of $1.10 billion, net income of $108 million, and diluted earnings per share of $1.73 for the quarter. Adjusted EBITDA was reported at $283 million, an increase of 6% year-over-year, while adjusted diluted earnings per share was $2.21, up 23% from the prior year.
For the nine months ended September 30, 2026, the company reported year-to-date adjusted revenue growth of 4% and adjusted EBITDA growth of 8%.
On a segment basis, Vacation Ownership revenue increased 9% to $953 million in Q3 2026, while Travel and Membership revenue decreased 11% to $150 million. The company updated its full-year 2026 guidance, raising the mid-point of its Adjusted EBITDA range to between $1.070 billion and $1.085 billion. The company also provided guidance for Gross VOI sales of $2.625 billion to $2.675 billion and VPG of $3,325 to $3,375.
In terms of capital allocation, the company returned $364 million to shareholders year-to-date, comprising $250 million in share repurchases and $114 million in dividends. During the third quarter of 2026, the company repurchased approximately 1.1 million shares of common stock for $75 million. The company also paid $36 million ($0.60 per share) in cash dividends on September 30, 2026.
Regarding its balance sheet, as of September 30, 2026, the company had $4.0 billion of corporate debt outstanding, with a leverage ratio of 3.3x for covenant purposes. This leverage increased from the prior period due to the funding of two strategic acquisitions, Yes& Vacations and Spinnaker Resorts, which closed during the third quarter. Subsequent to the end of the quarter, the company closed on a $300 million term securitization transaction with a weighted average coupon of 6.18%.
