Travel + Leisure Co. (NYSE:TNL) raised its 2026 earnings guidance after third-quarter gross timeshare sales rose 6% to $720mn, it said on October 27.
Timeshare sales are carrying the group while its exchange business shrinks. Vacation ownership revenue rose 9% to $953mn on a 7% increase in tours, while Travel and Membership revenue, which includes the RCI exchange network, fell 11% to $150mn as exchange transactions dropped 16%.
“Our owners continue to prioritize travel, demand remains healthy, and that strength is translating into growth in earnings and cash flow,” said president and CEO Michael Brown.
Net revenue rose 5% to $1.10bn. Net income slipped to $108mn from $111mn, while adjusted EBITDA rose 6% to $283mn and adjusted diluted earnings per share climbed 23% to $2.21.
Volume per guest, the average sale per tour, fell 1% to $3,286, which the company put down to the mix from the Yes& Vacations and Spinnaker Resorts acquisitions that closed in the quarter. It spent about $350mn on the two deals.
The company now expects 2026 adjusted EBITDA of $1.070bn-$1.085bn, gross timeshare sales of $2.625bn-$2.675bn and volume per guest of $3,325-$3,375. It has returned $364mn to shareholders so far this year.
It is also reviewing 17 resorts that need heavy reinvestment or sit in markets where owner demand has faded, and booked $27mn of related write-downs in the first nine months.
Travel + Leisure Co. is an Orlando-based leisure travel company whose brands include Club Wyndham, WorldMark and RCI. It provides more than 6mn holidays a year.
