Every material Form 8-K Travel + Leisure has filed with the SEC since October 23, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Travel + Leisure Co. reported third-quarter 2026 net revenue of $1.10 billion, up 5% from a year earlier, and diluted earnings per share of $1.73, up from $1.67. The company raised the midpoint of its full-year 2026 Adjusted EBITDA guidance to a range of $1.070 billion to $1.085 billion. Travel and Membership revenue fell 11%, and GAAP net income declined 3% to $108 million.
Q3 net revenue $1.10 billion vs. $1.04 billion a year earlier; net income $108 million vs. $111 million
Diluted EPS $1.73 vs. $1.67; Adjusted diluted EPS $2.21, up 23%
Full-year 2026 Adjusted EBITDA guidance now $1.070 billion to $1.085 billion
Travel and Membership revenue down 11% to $150 million on lower transaction revenue
Travel + Leisure Co. reported second-quarter 2026 net revenue of $1.06 billion, up 4%, and net income of $109 million, with diluted earnings per share of $1.72 versus $1.62 a year earlier. The company raised its full-year 2026 Adjusted EBITDA guidance to $1,065 million to $1,085 million and said it announced two acquisitions that add more than 100,000 owners. The Travel and Membership segment weakened, with revenue down 5% and Adjusted EBITDA down 11%.
Q2 net income of $109 million; diluted EPS of $1.72 versus $1.62 in Q2 2025
Full-year 2026 Adjusted EBITDA guidance raised to $1,065 million to $1,085 million
Travel and Membership revenue fell 5% to $157 million; segment Adjusted EBITDA fell 11% to $49 million
Returned $125 million to shareholders in Q2, including $88 million of share repurchases; $745 million remained on the authorization at June 30, 2026
Travel + Leisure Co. issued $900 million of 6.250% senior secured notes due 2031 on May 20, 2026, and expects to use the proceeds to redeem its 6.625% notes due July 2026 and repay revolving credit facility borrowings. The company also said the 2026 Notes will be redeemed on May 22, 2026, so the refinancing replaces higher-coupon-free near-term debt with a new longer-dated secured obligation carrying a 6.250% rate.
Notes: $900 million aggregate principal, 6.250% senior secured, due 2031, sold to Deutsche Bank Securities Inc. and other initial purchasers
Proceeds expected to redeem all 6.625% secured notes due July 2026, repay revolver borrowings due June 2030, and fund general corporate purposes
Interest payable semi-annually on June 1 and December 1, starting December 1, 2026
2026 Notes to be redeemed on May 22, 2026; notes are not guaranteed by subsidiaries
Travel + Leisure reported first quarter 2026 net income of $79 million, or $1.22 per diluted share, up from $73 million and $1.07 a year earlier, on net revenues of $961 million, up 3%. The company reaffirmed its full-year 2026 Adjusted EBITDA guidance of $1,030 million to $1,055 million and forecast second quarter Adjusted EBITDA of $260 million to $270 million, but operating cash flow fell to $38 million from $121 million.
Net revenues of $961 million, up 3% from $934 million; diluted EPS of $1.22 vs. $1.07, up 14%
Adjusted EBITDA of $225 million, up 11%; Adjusted diluted EPS of $1.45 vs. $1.11, up 31%
Full-year 2026 Adjusted EBITDA guidance of $1,030 million to $1,055 million reaffirmed; second quarter guidance $260 million to $270 million
Net cash from operating activities of $38 million vs. $121 million; Travel and Membership Adjusted EBITDA fell 13% to $59 million
Travel + Leisure Co. (TNL) reported a fourth-quarter 2025 net loss of $61 million, or $0.95 per diluted share, compared with net income of $119 million a year earlier, after $210 million of inventory write-downs and impairments tied to its Resort Optimization Initiative. Fourth-quarter revenue rose 6% to $1.03 billion, while full-year 2025 net income was $230 million, down from $411 million. The company guided 2026 Adjusted EBITDA to $1,030 million to $1,055 million and its Board approved a new $750 million share repurchase authorization.
Q4 2025 net loss of $61 million (diluted loss of $0.95 per share) vs. net income of $119 million in Q4 2024
Q4 2025 revenue of $1.03 billion; full-year 2025 net income of $230 million, diluted EPS of $3.44, Adjusted EBITDA of $990 million
2026 full-year Adjusted EBITDA guidance of $1,030 million to $1,055 million; management will recommend a Q1 2026 dividend of $0.60 per share
Board approved a new $750 million share repurchase authorization
Travel + Leisure Co. entered into an Eighth Amendment to its Credit Agreement on December 10, 2025, repricing $869 million of borrowings under its 2024 term loan B facility. The filing says the interest rate falls by 50 basis points, from SOFR plus 2.50% to SOFR plus 2.00%, while the December 14, 2029 maturity date is unchanged. The company says the lower rate reduces its cost of capital.
Repriced borrowings: $869 million under the 2024 Term Loan B Facility, dated under the Eighth Amendment of December 10, 2025
Rate cut: applicable rate reduced by 50 basis points, from SOFR plus 2.50% to SOFR plus 2.00%
Maturity date remains December 14, 2029
Facility may be prepaid without premium, except a 1.00% prepayment premium for certain repricing events in the first six months after closing
Travel + Leisure Co. reported third-quarter 2025 net income of $111 million, or $1.67 per diluted share, up from $97 million and $1.39 a year earlier, on net revenues of $1.04 billion, up 5%. The company raised the low end of its full-year 2025 Adjusted EBITDA guidance to $965 million to $985 million, lifting the midpoint to $975 million. The Travel and Membership segment's Adjusted EBITDA fell 6% to $58 million, a partial offset.
Net revenues of $1.04 billion, up from $993 million; net income of $111 million versus $97 million a year earlier
Adjusted EBITDA of $266 million, up 10%; Adjusted diluted EPS of $1.80 versus $1.57
2025 Adjusted EBITDA guidance now $965 million to $985 million, versus prior $955 million to $985 million
Returned $106 million to shareholders in the quarter: $36 million in dividends and $70 million in buybacks; $253 million left on repurchase authorization
Travel + Leisure Co. issued $500 million of 6.125% senior secured notes due 2033 on August 19, 2025, under a fourth supplemental indenture with U.S. Bank Trust Company as trustee. The company expects to use the proceeds to redeem its 6.60% notes due October 2025, repay revolving credit facility borrowings, and cover offering fees. The new debt adds to the company's borrowing costs and is secured by collateral, while the refinancing replaces near-term debt.
Principal amount: $500 million; interest at 6.125% per year, paid March 1 and September 1, starting March 1, 2026
Proceeds to redeem the 6.60% secured notes due October 2025, repay revolver borrowings due June 2030, and pay offering fees
The 2025 Notes will be redeemed on September 4, 2025
Notes can be repurchased at 101% of principal if a Change of Control Triggering Event occurs
Travel + Leisure Co. reported second quarter 2025 net revenues of $1.02 billion, up 3% from a year earlier, and Adjusted EBITDA of $250 million, up 2%. The company reaffirmed its full-year 2025 Adjusted EBITDA guidance of $955 million to $985 million and raised its full-year volume per guest (VPG) outlook, which matters to shareholders because it signals stronger sales per tour. Reported net income attributable to shareholders fell 16% to $108 million, mainly because the prior-year quarter included a $32 million gain on a discontinued business.
Net revenues of $1.02 billion vs. $985 million; diluted EPS from continuing operations of $1.62 vs. $1.36, up 19%
Adjusted diluted EPS of $1.65 vs. $1.52 a year earlier; Adjusted EBITDA of $250 million vs. $244 million
Full-year 2025 VPG guidance raised to $3,200 to $3,250 from $3,050 to $3,150; full-year Adjusted EBITDA guidance of $955 million to $985 million reaffirmed
Returned $107 million to shareholders in the quarter ($37 million dividends, $70 million buybacks); $303 million left on the repurchase authorization as of June 30, 2025
Travel + Leisure Co. closed a Seventh Amendment to its Credit Agreement that replaced its $1.0 billion revolving credit facility, which was due in October 2026, with a new $1.0 billion facility maturing in June 2030. The amendment lowers borrowing spreads by 25 basis points at all pricing levels, eliminates a credit spread adjustment, and reduces the minimum interest coverage ratio from 2.50:1.00 to 2.00:1.00, giving the company more covenant flexibility and a longer runway on its credit line.
New $1.0 billion revolving credit facility matures in June 2030, replacing the facility due October 2026
Borrowing spread reduced by 25 basis points at all pricing levels; spread range now 1.50% to 2.00%
Credit spread adjustment eliminated, a reduction of 11.45 to 71.51 basis points depending on tenor
Minimum Interest Coverage Ratio lowered from 2.50:1.00 to 2.00:1.00, tested at each fiscal quarter end
Travel + Leisure Co. appointed Erik D. Hoag as chief financial officer effective May 19, 2025, succeeding Michael A. Hug, who steps down from the role that day and retires June 9, 2025. The filing describes Hoag's pay package, including a $650,000 base salary and equity awards with grant-date values of $2,500,000 and $2,225,000, and does not report any financial results. For shareholders, this is a senior finance leadership change at the company.
Erik D. Hoag, previously Chief Integration Officer at Fidelity National Information Services, Inc. (FIS), becomes CFO effective May 19, 2025.
Michael A. Hug leaves the CFO role on May 19, 2025 and retires June 9, 2025.
Hoag's offer letter, dated April 11, 2025, sets a $650,000 base salary and a target annual incentive of 85% of base salary.
Expected equity awards: an annual award with a $2,500,000 grant-date value and a one-time award with a $2,225,000 grant-date value.
Travel + Leisure reported first-quarter 2025 net income of $73 million, up 11% from $66 million, and diluted EPS of $1.07 versus $0.92 a year earlier, on net revenue of $934 million, up 2%. The company reaffirmed full-year 2025 adjusted EBITDA guidance of $955 million to $985 million, which matters to shareholders because it signals that management still expects the year to track its prior outlook, even though the Travel and Membership segment weakened.
Net revenue rose 2% to $934 million; diluted EPS was $1.07 versus $0.92 a year earlier
Adjusted EBITDA rose 6% to $202 million; Vacation Ownership segment adjusted EBITDA rose 18% to $159 million
Travel and Membership revenue fell 7% to $180 million and its adjusted EBITDA fell 9% to $68 million
Full-year 2025 adjusted EBITDA guidance of $955 million to $985 million was reaffirmed; second-quarter guidance is $245 million to $255 million
Travel + Leisure Co. reported fourth-quarter 2024 net income of $119 million, or $1.72 per diluted share, down from $129 million, or $1.77, a year earlier, while net revenue rose to $971 million from $935 million. For full-year 2024, net income rose 4% to $411 million and diluted EPS rose to $5.82, and the company issued 2025 Adjusted EBITDA guidance of $955 million to $985 million, which shareholders will weigh against the lower fourth-quarter profit.
Q4 2024 net income $119 million and diluted EPS $1.72, versus $129 million and $1.77 in Q4 2023; net revenue $971 million, up from $935 million
Full-year 2024 net income $411 million and diluted EPS $5.82, versus $396 million and $5.28 in 2023; full-year net revenue $3.9 billion
2025 full-year Adjusted EBITDA guidance $955 million to $985 million; first-quarter 2025 guidance $195 million to $205 million
Management will recommend a first-quarter 2025 dividend of $0.56 per share to the Board in March 2025; the company repurchased $235 million of stock in 2024
Travel + Leisure CFO Michael Hug notified the company on December 16, 2024, that he intends to retire during fiscal 2025, effective on the earlier of a mutually agreed date after a successor is found or June 1, 2025. The company says the decision was not due to any disagreement and has started a search with an executive search firm, which will consider internal and external candidates.
Michael A. Hug, CFO, notified the company on December 16, 2024 of his intent to retire in fiscal 2025.
Retirement effective on the earlier of a mutually agreed date after a successor is identified or June 1, 2025.
Hug will remain CFO until his retirement date; the company has begun a search for a successor.
Travel + Leisure Co. entered into a Sixth Amendment to its credit agreement, establishing an $875 million term loan B facility that matures December 14, 2029. Proceeds, with cash on hand, replace $593 million of 2023 term loan borrowings and refinance $282 million of 2018 term loan borrowings due May 31, 2025. The company says the deal yields annual interest savings of nearly $5 million, with no original issue discount.
New 2024 Term Loan B Facility totals $875 million and matures December 14, 2029
Replaces and reprices $593 million of 2023 term loan B borrowings
Refinances $282 million of 2018 term loan B borrowings due May 31, 2025
Priced at SOFR plus 250 basis points; prepayment premium of 1.00% applies to certain repricing events in first six months
Travel + Leisure Co. reported third quarter 2024 net revenue of $993 million, up 1% from a year earlier, while net income fell 12% to $97 million and diluted EPS fell 7% to $1.39. Adjusted EBITDA slipped 2% to $242 million, and the company kept its full-year adjusted EBITDA guidance unchanged but narrowed its full-year gross VOI sales outlook at the top end, so results are mixed for shareholders.
Net revenue rose 1% to $993 million, but net income fell 12% to $97 million and diluted EPS fell to $1.39 from $1.49.
Adjusted EBITDA fell 2% to $242 million; adjusted diluted EPS rose 2% to $1.57.
Full-year adjusted EBITDA guidance held at $915 million to $935 million; gross VOI sales guidance narrowed to $2.25 billion to $2.30 billion from $2.25 billion to $2.35 billion.
Returned $105 million to shareholders in the quarter, including $35 million in dividends and $70 million in share repurchases; $509 million remained on the buyback authorization as of September 30, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Travel + Leisure filing is on SEC EDGAR ↗. 8-K briefs of other companies →