Travel & Leisure annual operating margin
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2025
Travel & Leisure Operating Margin Growth & History (TNL)
Travel & Leisure's operating margin was 13.75% for fiscal 2025.
View full Travel & Leisure company overviewTravel & Leisure annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 13.75% | −5.22 pp |
| 2024 | 2024-12-31 | 18.97% | −0.23 pp |
| 2023 | 2023-12-31 | 19.20% | +0.89 pp |
| 2022 | 2022-12-31 | 18.31% | −1.41 pp |
| 2021 | 2021-12-31 | 19.72% | +24.58 pp |
| 2020 | 2020-12-31 | −4.86% | −24.95 pp |
| 2019 | 2019-12-31 | 20.08% | +6.78 pp |
| 2018 | 2018-12-31 | 13.30% | +1.77 pp |
| 2017 | 2017-12-31 | 11.53% | −6.29 pp |
| 2016 | 2016-12-31 | 17.82% | −1.35 pp |
| 2015 | 2015-12-31 | 19.17% | +1.35 pp |
| 2014 | 2014-12-31 | 17.82% | −0.35 pp |
| 2013 | 2013-12-31 | 18.17% | −0.62 pp |
| 2012 | 2012-12-31 | 18.79% | +0.76 pp |
| 2011 | 2011-12-31 | 18.03% | −0.61 pp |
| 2010 | 2010-12-31 | 18.64% | +2.80 pp |
| 2009 | 2009-12-31 | 15.84% | +35.23 pp |
| 2008 | 2008-12-31 | −19.39% | — |
Travel & Leisure quarterly operating margin
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Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 19.76% | −0.48 pp |
| Q1 2026 | 2026-03-31 | 16.55% | −0.16 pp |
| Q4 2025 | 2025-12-31 | −2.24% | −23.38 pp |
| Q3 2025 | 2025-09-30 | 20.50% | +1.46 pp |
| Q2 2025 | 2025-06-30 | 20.24% | +1.05 pp |
| Q1 2025 | 2025-03-31 | 16.70% | +0.33 pp |
| Q4 2024 | 2024-12-31 | 21.13% | +0.62 pp |
| Q3 2024 | 2024-09-30 | 19.03% | −1.96 pp |
| Q2 2024 | 2024-06-30 | 19.19% | −0.10 pp |
| Q1 2024 | 2024-03-31 | 16.38% | +0.68 pp |
| Q4 2023 | 2023-12-31 | 20.51% | +2.49 pp |
| Q3 2023 | 2023-09-30 | 20.99% | +0.82 pp |
| Q2 2023 | 2023-06-30 | 19.28% | −0.78 pp |
| Q1 2023 | 2023-03-31 | 15.70% | +1.24 pp |
| Q4 2022 | 2022-12-31 | 18.02% | −4.28 pp |
| Q3 2022 | 2022-09-30 | 20.17% | −2.00 pp |
| Q2 2022 | 2022-06-30 | 20.07% | +1.12 pp |
| Q1 2022 | 2022-03-31 | 14.46% | +0.61 pp |
| Q4 2021 | 2021-12-31 | 22.30% | +8.97 pp |
| Q3 2021 | 2021-09-30 | 22.17% | +11.75 pp |
| Q2 2021 | 2021-06-30 | 18.95% | +52.18 pp |
| Q1 2021 | 2021-03-31 | 13.85% | +39.12 pp |
| Q4 2020 | 2020-12-31 | 13.33% | −13.17 pp |
| Q3 2020 | 2020-09-30 | 10.42% | −8.94 pp |
| Q2 2020 | 2020-06-30 | −33.24% | −52.29 pp |
| Q1 2020 | 2020-03-31 | −25.27% | −40.52 pp |
| Q4 2019 | 2019-12-31 | 26.50% | +9.96 pp |
| Q3 2019 | 2019-09-30 | 19.37% | +0.82 pp |
| Q2 2019 | 2019-06-30 | 19.06% | +12.60 pp |
| Q1 2019 | 2019-03-31 | 15.25% | +3.89 pp |
| Q4 2018 | 2018-12-31 | 16.54% | +12.75 pp |
| Q3 2018 | 2018-09-30 | 18.55% | +0.42 pp |
| Q2 2018 | 2018-06-30 | 6.45% | +1.85 pp |
| Q1 2018 | 2018-03-31 | 11.36% | −4.68 pp |
| Q4 2017 | 2017-12-31 | 3.79% | −17.57 pp |
| Q3 2017 | 2017-09-30 | 18.13% | −1.19 pp |
| Q2 2017 | 2017-06-30 | 4.60% | −10.36 pp |
| Q1 2017 | 2017-03-31 | 16.03% | −3.54 pp |
| Q3 2016 | 2016-09-30 | 21.36% | +0.90 pp |
| Q2 2016 | 2016-06-30 | 19.32% | −0.07 pp |
| Q1 2016 | 2016-03-31 | 14.97% | −2.15 pp |
| Q4 2015 | 2015-12-31 | 19.57% | +7.14 pp |
| Q3 2015 | 2015-09-30 | 20.46% | −2.72 pp |
| Q2 2015 | 2015-06-30 | 19.38% | −0.42 pp |
| Q1 2015 | 2015-03-31 | 17.12% | +2.78 pp |
| Q4 2014 | 2014-12-31 | 12.43% | −1.37 pp |
| Q3 2014 | 2014-09-30 | 23.18% | +0.55 pp |
| Q2 2014 | 2014-06-30 | 19.81% | +0.57 pp |
| Q1 2014 | 2014-03-31 | 14.33% | −1.64 pp |
| Q4 2013 | 2013-12-31 | 13.80% | −0.37 pp |
| Q3 2013 | 2013-09-30 | 22.63% | −0.13 pp |
| Q2 2013 | 2013-06-30 | 19.23% | −1.05 pp |
| Q1 2013 | 2013-03-31 | 15.98% | −1.21 pp |
| Q4 2012 | 2012-12-31 | 14.17% | +4.07 pp |
| Q3 2012 | 2012-09-30 | 22.77% | −0.67 pp |
| Q2 2012 | 2012-06-30 | 20.28% | −0.82 pp |
| Q1 2012 | 2012-03-31 | 17.18% | +1.22 pp |
| Q4 2011 | 2011-12-31 | 10.10% | −4.52 pp |
| Q3 2011 | 2011-09-30 | 23.43% | −2.76 pp |
| Q2 2011 | 2011-06-30 | 21.10% | +3.24 pp |
| Q1 2011 | 2011-03-31 | 15.97% | +1.29 pp |
| Q4 2010 | 2010-12-31 | 14.62% | −5.65 pp |
| Q3 2010 | 2010-09-30 | 26.20% | +9.78 pp |
| Q2 2010 | 2010-06-30 | 17.86% | — |
| Q1 2010 | 2010-03-31 | 14.67% | — |
| Q3 2009 | 2009-09-30 | 20.28% | — |
| Q2 2009 | 2009-06-30 | 16.41% | — |
Travel & Leisure operating margin trends
Over the last five reported fiscal years, Travel & Leisure's operating margin increased from −4.86% to 13.75%, a change of +18.61 percentage points. The latest reported quarter, Q2 2026, shows 19.76%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Travel & Leisure filings at SEC.gov ↗