Travel + Leisure Co. (NYSE:TNL) announced third‑quarter 2026 results that surpassed analyst expectations. Adjusted earnings per share were $2.21, beating the consensus estimate of $2.06 by $0.15. Quarterly revenue totaled $1.1 billion, a 5% increase from $1.04 billion in the same quarter last year and above the $1.08 billion forecast. Adjusted EBITDA reached $283 million, up 6% year‑over‑year.

Gross vacation‑ownership interest sales rose 6% to $720 million, driven by a 7% increase in tours, although volume per guest fell 1% to $3,286. The company raised the midpoint of its full‑year adjusted EBITDA guidance to a range of $1.070 billion to $1.085 billion.

"Travel + Leisure delivered another strong quarter, building on our momentum throughout the year," said Michael D. Brown, President & CEO. "Our owners continue to prioritize travel, demand remains healthy, and that strength is translating into growth in earnings and cash flow."

The Vacation Ownership segment generated $953 million in revenue, up 9% YoY, with adjusted EBITDA of $250 million, an 8% increase. Net vacation‑ownership interest sales grew 10% YoY due to higher gross sales and a lower provision rate. Conversely, the Travel and Membership segment saw revenue decline 11% to $150 million, primarily because transaction revenue fell $17 million as exchange members with club affiliations showed lower transaction propensity.

Shareholder returns amounted to $364 million year‑to‑date, comprising $250 million in share repurchases and $114 million in dividends. During the quarter, the company repurchased approximately 1.1 million shares for $75 million at a weighted‑average price of $71.45 per share. Approximately $350 million was invested in two strategic acquisitions—Yes& Vacations and Spinnaker Resorts.

For the nine months ended September 30, 2026, adjusted free cash flow was $254 million, down from $326 million in the comparable prior period. The covenant‑related leverage ratio stood at 3.3× at quarter‑end, higher than the previous period due to financing the acquisitions.