TNL Travel+Leisure margins

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  2. Consumer Cyclical
  3. NYSE: TNL
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Relative Growth: Rel. Growth: 31
Relative Strength: Rel. Strength: 66
Relative Valuation: Rel. Valuation: 61
Relative Profitability: Rel. Profitability: 35
Gross margin
45.1%
Operating margin
13%
EBITDA margin
17%
Net margin
5.7%

The Travel+Leisure shows a gross margin of 45.1%, an operating margin of 13%, an EBITDA margin of 17%, and a net margin of 5.7%. Operating margin drove the decline across the available margins, decreasing by 6.7 percentage points.

TNL margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Travel+Leisure's margins averaged 47.56% gross, 17.33% operating, 21.53% EBITDA, and 9.04% 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 operating margin with a decline of 6.7 percentage points.

Gross margin expansion
-4.4pp
Operating margin expansion
-6.7pp
EBITDA margin expansion
-6.6pp
Net margin expansion
-4.7pp

TNL Gross margin

Travel+Leisure recorded an average gross margin of 47.56% across the last 3 years. As of the latest period, the current gross margin for Travel+Leisure is 45.1%, 2.5 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 17.33% over the last 3 years. Compared with its three-year average, Travel+Leisure's current operating margin is 13% and is 4.3 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% in Sep 2026.

TNL EBITDA margin

Over the last 3 years, the average EBITDA margin for Travel+Leisure was 21.53%. The latest EBITDA margin for Travel+Leisure is 17%, 4.5 percentage points below its three-year average. Travel+Leisure's EBITDA margin ranged from a low of 17% in Sep 2026 to a high of 24% in Jun 2024.

TNL Net margin

The average net margin for Travel+Leisure was 9.04% over the last 3 years. At present, the current net margin for Travel+Leisure is 5.7%, 3.3 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 45.1%, TNL stands above the Consumer Cyclical sector average but below the industry average. In comparison with its Consumer Cyclical sector average of 36.3%, Travel+Leisure's gross margin is 24% 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 45.1% as of Sep 30, 2026.

What is Travel+Leisure's operating margin?

The current operating margin for TNL is 13% as of Sep 30, 2026.

What is Travel+Leisure's EBITDA margin?

The current EBITDA margin for TNL is 17% as of Sep 30, 2026.

What is Travel+Leisure's net margin?

The current net margin for TNL is 5.7% as of Sep 30, 2026.

What are the average margins of TNL?

Looking back over 3 years, TNL recorded average margins of 47.6% gross, 17.3% operating, 21.5% EBITDA, and 9.0% 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% operating in Sep 2026, 17% EBITDA in Sep 2026, and 5.7% net in Dec 2025.