The raised full-year guidance and strong Vacation Ownership performance signal continued momentum. Monitor the Travel & Membership segment for stabilization, and watch for execution on the two recently announced acquisitions (adding >100,000 owners). The $745M buyback authorization provides downside support. The stock may react positively to the guidance raise despite the slight EPS miss.
Price Chart
Executive Summary
Travel + Leisure Co. reported Q2 2026 revenue of $1.06B (+4% YoY), beating consensus of $1.04B, while adjusted diluted EPS of $1.88 missed the $1.91 estimate by 1.6%. The company raised its full-year Adjusted EBITDA guidance to $1.065B-$1.085B (from $1.030B-$1.055B), driven by strong Vacation Ownership segment growth (+6% revenue, +13% EBITDA) and share repurchases of $88M. The Travel & Membership segment continued to decline (-5% revenue), but the core timeshare business showed resilient demand.
Key Financial Metrics
Key Facts
- Q2 2026 net revenue $1.063B (+4% YoY), above $1.04B consensus
- GAAP diluted EPS $1.72; adjusted diluted EPS $1.88 (missed $1.91 consensus by 1.6%)
- Adjusted EBITDA $269M (+8% YoY), at high end of prior guidance ($260M-$270M)
- Full-year Adjusted EBITDA guidance raised to $1.065B-$1.085B
- Vacation Ownership revenue +6% to $907M, Adjusted EBITDA +13% to $247M
- Travel & Membership revenue -5% to $157M, Adjusted EBITDA -11% to $49M
- Returned $125M to shareholders: $37M dividends, $88M share repurchases (1.2M shares at $69.50)
- Issued $900M senior secured notes at 6.25% to refinance $650M 6.625% notes due July 2026
- Leverage ratio below 3.2x; $745M remaining in share repurchase authorization
Financial Impact
Revenue beat by ~$23M (2.2%); EPS miss by $0.03 (1.6%); guidance raise implies ~$30M incremental EBITDA at midpoint
Risk Factors
- Travel & Membership segment revenue declining 5% YoY with lower margins
- High corporate debt of $3.7B (excluding $2.0B non-recourse securitization debt)
- Operating cash flow for H1 2026 declined to $258M from $353M YoY
- Consumer discretionary spending sensitivity to economic conditions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001361658-26-000050 |
| Document: wyn-20260722.htm | 0001361658-26-000050 |
| Document: 0001361658-26-000050-index-headers.html | 0001361658-26-000050 |
| Document: 0001361658-26-000050-index.html | 0001361658-26-000050 |
| Document: 0001361658-26-000050.txt | 0001361658-26-000050 |
| 8-K Data (Synthetic) | 0001361658-26-000050 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | Insider Cluster | $73.82 $64.70 | ▼ −12.35% | ▼ −11.30% | $62.92 (−14.77%) |
Aug 6, 2026 8w ago | Insider Cluster | $77.33 $66.40 | ▼ −14.13% | ▼ −14.73% | $62.92 (−18.63%) |
Jul 28, 2026 9w ago | Insider Cluster | $78.45 $73.67 | ▼ −6.09% | ▼ −9.47% | $62.92 (−19.80%) |
Jul 22, 2026 10w ago | 8-K | $75.60 $72.99 | ▼ −3.45% | ▼ −6.35% | $62.92 (−16.77%) |
Jun 16, 2026 15w ago | 144 | $75.14 $73.23 | ▼ −2.54% | ▼ −2.74% | $62.92 (−16.26%) |
May 20, 2026 19w ago | 8-K | $65.27 $74.64 | ▲ +14.36% | ▲ +14.02% | $62.92 (−3.60%) |
May 14, 2026 20w ago | 144 | $63.58 $74.13 | ▲ +16.59% | ▲ +17.45% | $62.92 (−1.04%) |
May 11, 2026 20w ago | 8-K | $63.08 $70.63 | ▲ +11.97% | ▲ +13.70% | $62.92 (−0.25%) |
Apr 17, 2026 24w ago | Insider Cluster | $78.33 $63.58 | ▼ −18.83% | ▼ −24.20% | $62.92 (−19.67%) |
Apr 10, 2026 25w ago | DEFA14A | $77.18 $63.61 | ▼ −17.58% | ▼ −25.31% | $62.92 (−18.48%) |
US Market Status
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