TNL Travel+Leisure margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 37

Gross margin

45.2%

Operating margin

13.7%

EBITDA margin

17.6%

Net margin

5.8%

The Travel+Leisure shows a gross margin of 45.2%, an operating margin of 13.7%, an EBITDA margin of 17.6%, and a net margin of 5.8%. EBITDA margin drove the decline across the available margins, decreasing by 5.7 percentage points.

TNL margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Travel+Leisure's margins averaged 47.78% gross, 17.73% operating, 21.95% EBITDA, and 9.35% net. Each of the four current margins is below its three-year average.

TNL margin expansion

Year-over-year margin changes in percentage points

All available margins contracted year over year, led by EBITDA margin with a decline of 5.7 percentage points.

Gross margin expansion

-4.1pp

Operating margin expansion

-5.6pp

EBITDA margin expansion

-5.7pp

Net margin expansion

-4.3pp

TNL Gross margin

Travel+Leisure recorded an average gross margin of 47.78% across the last 3 years. As of the latest period, the current gross margin for Travel+Leisure is 45.2%, 2.6 percentage points below its three-year average. The gross margin for Travel+Leisure moved between 44.5% in Dec 2025 and 49.5% in Sep 2025.

TNL Operating margin

Travel+Leisure's operating margin averaged 17.73% over the last 3 years. Compared with its three-year average, Travel+Leisure's current operating margin is 13.7% and is 4 percentage points below its three-year average. Over the last 3 years, Travel+Leisure's operating margin peaked at 19.7% in Sep 2025 and reached a low of 13.7% in Mar 2026.

TNL EBITDA margin

Over the last 3 years, the average EBITDA margin for Travel+Leisure was 21.95%. The latest EBITDA margin for Travel+Leisure is 17.6%, 4.4 percentage points below its three-year average. Travel+Leisure's EBITDA margin ranged from a low of 17.6% in Dec 2025 to a high of 24% in Jun 2024.

TNL Net margin

The average net margin for Travel+Leisure was 9.35% over the last 3 years. At present, the current net margin for Travel+Leisure is 5.8%, 3.6 percentage points below its three-year average. The net margin for Travel+Leisure moved between 5.7% in Dec 2025 and 11.4% in Jun 2024.

TNL margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 45.2%, TNL stands above the Consumer Cyclical sector average but below the industry average. In comparison with its Consumer Cyclical sector average of 36.2%, Travel+Leisure's gross margin is 25% higher.

TNL margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Travel+Leisure's gross margin?

The current gross margin for TNL is 45.2% as of Jun 30, 2026.

What is Travel+Leisure's operating margin?

The current operating margin for TNL is 13.7% as of Jun 30, 2026.

What is Travel+Leisure's EBITDA margin?

The current EBITDA margin for TNL is 17.6% as of Jun 30, 2026.

What is Travel+Leisure's net margin?

The current net margin for TNL is 5.8% as of Jun 30, 2026.

What are the average margins of TNL?

Looking back over 3 years, TNL recorded average margins of 47.8% gross, 17.7% operating, 22.0% EBITDA, and 9.4% net.

What are the highest historical margins of TNL?

Travel+Leisure's highest recorded margins during the past 5 years were 49.5% gross in Sep 2025, 19.9% operating in Jun 2022, 24.3% EBITDA in Dec 2021, and 11.4% net in Jun 2024.

What are the lowest historical margins of TNL?

Travel+Leisure's lowest recorded margins during the past 5 years were 44.5% gross in Dec 2025, 13.7% operating in Mar 2026, 17.6% EBITDA in Dec 2025, and 5.7% net in Dec 2025.