Travel + Leisure 第二季淨收入10.63億美元按年升4.4%，上半年每股盈利3.00美元

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q 
☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to        
Commission file number 001-32876 
TRAVEL + LEISURE CO. 
(Exact Name of Registrant as Specified in Its Charter)

Delaware
20-0052541
(State or Other Jurisdiction 
of Incorporation or Organization)
(I.R.S. Employer 
Identification No.)

501 W. Church Street
32805

Orlando,
Florida
(Zip Code)
(Address of Principal Executive Offices)

(407) 626-5200 
(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per share
TNL
New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☑Accelerated filer
☐
Non-accelerated filer☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐    No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
61,204,232 shares of common stock outstanding as of June 30, 2026.

Table of Contents

Table of Contents

  Page
PART IFINANCIAL INFORMATION
Item 1.Financial Statements (Unaudited)
3

Report of Independent Registered Public Accounting Firm
3

Condensed Consolidated Statements of Income
4

Condensed Consolidated Statements of Comprehensive Income
5

Condensed Consolidated Balance Sheets
6

Condensed Consolidated Statements of Cash Flows
7

Condensed Consolidated Statements of Deficit
8

Notes to Condensed Consolidated Financial Statements
10

Note 1 - Background and Basis of Presentation
10

Note 2 - New Accounting Pronouncements
10

Note 3 - Revenue Recognition
11

Note 4 - Earnings Per Share
15

Note 5 - Acquisitions
16

Note 6 - Vacation Ownership Contract Receivables
16

Note 7 - Inventory
18

Note 8 - Property and Equipment
19

Note 9 - Debt
20

Note 10 - Variable Interest Entities
22

Note 11 - Fair Value
23

Note 12 - Derivative Instruments and Hedging Activities
24

Note 13 - Income Taxes
24

Note 14 - Leases
25

Note 15 - Commitments and Contingencies
26

Note 16 - Accumulated Other Comprehensive Loss
28

Note 17 - Stock-Based Compensation
28

Note 18 - Segment Information
30

Note 19 - Impairments and other charges
35

Note 20 - Restructuring
35

Note 21 - Transactions with Former Parent and Former Subsidiaries
37

Note 22 - Related Party Transactions
38

Note 23 - Subsequent Events
38

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
40

Forward-Looking Statements
40

Item 3.Quantitative and Qualitative Disclosures About Market Risk
56

Item 4.Controls and Procedures
56

PART IIOTHER INFORMATION
Item 1.Legal Proceedings
57

Item 1A.Risk Factors
57

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
57

Item 3.Defaults Upon Senior Securities
57

Item 4.Mine Safety Disclosures
57

Item 5.Other Information
57

Item 6.Exhibits
59

Signatures
60

1

Table of Contents

GLOSSARY OF TERMS
The following terms and acronyms appear in the text of this report and have the definitions indicated below:

Adjusted EBITDAA non-GAAP measure, defined by the Company as net income from continuing operations before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction and integration costs associated with mergers, acquisitions, and divestitures, asset impairments/recoveries and inventory write-downs associated with the Company’s resort optimization initiative, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. (“Wyndham Hotels”) and Avis Budget Group, Inc. (“ABG”), and the sale of the vacation rentals businesses. Integration costs represent certain non-recurring costs directly incurred to integrate mergers and/or acquisitions into the existing business. 

AOCLAccumulated Other Comprehensive Loss
AUDAustralian Dollar
ABG
Avis Budget Group, Inc., formerly Cendant Corporation
AwazeAwaze Limited, formerly Compass IV Limited, an affiliate of Platinum Equity, LLC
Board
Board of Directors

CODM
Chief Operating Decision Maker

CompanyTravel + Leisure Co. and its subsidiaries
EPSEarnings Per Share
FASBFinancial Accounting Standards Board
Fee-for-Service
Programs where inventory is sold through the Company’s sales and marketing channels for a commission

GAAPGenerally Accepted Accounting Principles in the United States
HOA
Homeowners’ Associations

NQNon-Qualified stock options
NZDNew Zealand Dollar
PSUPerformance-vested restricted Stock Units
RSURestricted Stock Unit

SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPESpecial Purpose Entity
Spin-offSpin-off of Wyndham Hotels & Resorts, Inc.

Travel + Leisure Co.Travel + Leisure Co. and its subsidiaries

VIEVariable Interest Entity
VOCRVacation Ownership Contract Receivable
VOIVacation Ownership Interest
VPGVolume Per Guest
Wyndham HotelsWyndham Hotels & Resorts, Inc.

2

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of Travel + Leisure Co.
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidat