Travel + Leisure Co. (TNL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Travel + Leisure Co. (TNL), una potencia dinámica de viajes y ocio que ha revolucionado las experiencias de vacaciones a través de su innovador modelo de negocio. Al combinar a la perfección la propiedad de tiempo compartido, las plataformas digitales y las soluciones de viaje personalizadas, TNL ha forjado un nicho único en la industria de viajes competitiva. Su enfoque estratégico transforma la forma en que los viajeros modernos exploran, poseen y disfrutan de experiencias de vacaciones, ofreciendo flexibilidad, acceso global y beneficios de membresía incomparables que satisfacen las diversas necesidades y aspiraciones de los viajeros.

Travel + Leisure Co. (TNL) - Modelo de negocio: asociaciones clave

Destinos Wyndham (TimeShare Exchange Network)

A partir de 2023, Travel + Leisure Co. posee Wyndham Destinations, que administra:

• Más de 90 marcas de tiempo compartido
• 230 resorts de propiedad de vacaciones
• 4.4 millones de miembros del club en todo el mundo

Propietarios de propiedades y hoteles de resort

Categoría de socio	Número de propiedades	Alcance geográfico
TimeShare Resorts	230	Múltiples países
Intercambiar propiedades de red	3,200+	Global

Proveedores de plataforma de tecnología de viajes

Las asociaciones de tecnología clave incluyen:

• Corporación sable
• Grupo de It de Amadeus
• Oracle Hospitality

Programas de lealtad de tarjeta de crédito

Socio de tarjeta de crédito	Detalles de la asociación	Miembros del programa de fidelización
Barclays	Tarjeta de crédito de viajes de marca compartida + ocio	Más de 250,000 titulares de tarjetas

Socios del Sistema de Distribución Global (GDS)

Asociaciones principales de GDS:

• Puerto de viajes
• Galileo Internacional
• Espalda mundial

Travel + Leisure Co. (TNL) - Modelo de negocio: actividades clave

Intercambio y gestión de tiempo compartido

Travel + Leisure Co. administra aproximadamente 420,000 unidades de tiempo compartido a nivel mundial. La compañía opera a través de la propiedad de vacaciones de Wyndham y los destinos de Wyndham, manejando una extensa red de intercambio de tiempo compartido.

Métrico	Valor
Unidades totales de tiempo compartido	420,000
Tamaño de red de intercambio	Más de 3,200 destinos turísticos
Transacciones de intercambio anual	1.6 millones

Ventas de propiedad de vacaciones

En 2022, Travel + Leisure Co. generó $ 1.93 mil millones en ingresos por la propiedad de vacaciones, lo que representa una parte significativa de su modelo de negocio.

• Precio promedio de venta de tiempo compartido: $ 24,000
• Volumen de ventas anual: más de 80,000 unidades de tiempo compartido
• Cobertura geográfica: 25 países

Servicios de membresía del club de viajes

El programa Wyndham Rewards incluye más de 15 millones de miembros, proporcionando beneficios de viaje e incentivos de lealtad.

Métrico de membresía	Valor
Totales miembros	15,000,000
Crecimiento anual de la membresía	8.5%

Desarrollo de plataforma digital

La compañía invirtió $ 42 millones en tecnología digital y mejora de la plataforma en 2022.

• Descargas de aplicaciones móviles: 3.2 millones
• Transacciones de reserva digital: 65% de las reservas totales
• Inversión digital anual: $ 42 millones

Experiencia del cliente y gestión de relaciones

Travel + Leisure Co. mantiene una clasificación de satisfacción del cliente de 4.2/5 en sus plataformas de servicio.

Métrica de experiencia del cliente	Valor
Calificación de satisfacción del cliente	4.2/5
Tasa de retención de clientes	72%
Interacciones anuales de servicio al cliente	2.5 millones

Travel + Leisure Co. (TNL) - Modelo de negocio: recursos clave

Extensa red global de resorts

Travel + Leisure Co. opera 24 resorts de propiedad de vacaciones en los Estados Unidos, el Caribe y América Central a partir de 2023. Número total de unidades de propiedad de vacaciones: 2.800 unidades.

Categoría de ubicación del resort	Número de resorts	Unidades totales
Estados Unidos	18	2,100
caribe	4	450
América Central	2	250

Plataformas de reserva digital robustas

La infraestructura digital incluye:

• Procesamiento del sistema de reserva centralizado sobre 500,000 reservas anuales
• Aplicación móvil con 1.2 millones de usuarios registrados
• Plataforma web que admite 12 idiomas

Reputación de marca fuerte

La valoración de la marca se estima en $ 750 millones en 2023. Clasificado entre las 5 mejores marcas de propiedad de vacaciones en todo el mundo.

Propiedad intelectual y software patentado

Categoría de IP	Total de activos registrados
Software de reserva propietaria	3 plataformas registradas
Registros de marca registrada	42 marcas comerciales internacionales

Equipos capacitados de ventas y servicio al cliente

Composición de la fuerza laboral:

• Total de empleados: 4.200
• Equipo de ventas: 1.600 profesionales
• Representantes de servicio al cliente: 850
• Horas promedio de capacitación por empleado: 65 horas anuales

Travel + Leisure Co. (TNL) - Modelo de negocio: propuestas de valor

Opciones de propiedad de vacaciones flexibles

Travel + Leisure Co. ofrece 693,000 intervalos de propiedad de vacaciones en 430 resorts a nivel mundial a partir de 2023. La cartera de tiempo compartido de la compañía incluye:

Marca	Número de resorts	Intervalos de propiedad
Clubes de vacaciones de Wyndham	230	413,000
Club Wyndham	185	276,000

Acceso a destinos del resort global

La compañía proporciona acceso a 60 países con propiedades de resort en múltiples continentes. El desglose de destino incluye:

• América del Norte: 312 resorts
• Caribe: 45 resorts
• Europa: 38 resorts
• Asia Pacífico: 35 resorts

Experiencias de viaje personalizadas

Travel + Leisure Co. generó $ 4.2 mil millones en ingresos totales para 2022, con $ 2.8 mil millones específicamente del segmento de propiedad de vacaciones. Las opciones de personalización incluyen:

Tipo de experiencia	Opciones disponibles
Programas de intercambio	Más de 4.300 resorts afiliados
Miembros del programa de fidelización	1,2 millones de miembros activos

Soluciones de vacaciones rentables

La compañía ofrece ahorros promedio de $ 3,500 por vacaciones en comparación con las reservas de hotel tradicionales. La estructura de precios incluye:

• Costo promedio de intervalo de propiedad: $ 22,180
• Tarifas de mantenimiento anual: $ 1,000- $ 1,500
• Planes de pago flexibles disponibles

Recompensas de membresía y beneficios de viaje

Travel + Leisure Co. proporciona beneficios integrales de membresía con:

Categoría de recompensa	Detalles
Redención de puntos	Más de 1 millón de puntos redimidos anualmente
Descuentos de viajes	Hasta un 40% de descuento en las tasas estándar

Travel + Leisure Co. (TNL) - Modelo de negocios: relaciones con los clientes

Modelo de participación basado en la membresía

A partir de 2024, Travel + Leisure Co. opera con 1,2 millones de miembros de clubes de vacaciones activos en su cartera. La base de membresía de tiempo compartido de la compañía genera aproximadamente $ 1.4 mil millones en ingresos anuales de membresía.

Segmento de membresía	Totales miembros	Gasto anual promedio
Miembros del club de vacaciones	1,200,000	$1,167
Miembros de nivel de élite	350,000	$2,450

Atención al cliente personalizada

La compañía mantiene un Infraestructura de servicio al cliente 24/7 con 850 representantes de soporte dedicados en múltiples canales.

• Tiempo promedio de respuesta al servicio al cliente: 12 minutos
• Calificación de satisfacción del cliente: 87.5%
• Soporte multilingüe disponible en 5 idiomas

Plataformas de autoservicio digital

Travel + Leisure Co. ha invertido $ 22 millones en transformación digital, lo que resulta en una plataforma en línea integral con el 78% de los miembros que utilizan opciones de autoservicio digital.

Función de plataforma digital	Tasa de participación del usuario
Reserva en línea	65%
Interacciones de la aplicación móvil	42%
Atención al cliente virtual	33%

Incentivos del programa de fidelización

El programa de lealtad de la compañía genera $ 310 millones en ingresos incrementales con beneficios de membresía escalonados.

• Miembros del programa de fidelización: 680,000
• Valor de redención de puntos promedio: $ 275
• Inversión anual del programa de lealtad: $ 45 millones

Comunicación y marketing regular

Travel + Leisure Co. asigna $ 78 millones anuales a la comunicación del cliente y las estrategias de marketing específicas.

Canal de comunicación	Alcanzar	Tasa de compromiso
Marketing por correo electrónico	1.1 millones de suscriptores	22%
Campañas de redes sociales	850,000 seguidores	15%
Boletines personalizados	620,000 destinatarios	28%

Travel + Leisure Co. (TNL) - Modelo de negocio: canales

Representantes de ventas directas

A partir de 2024, Travel + Leisure Co. emplea aproximadamente 750 representantes de ventas directas en América del Norte.

Métrico de canal de ventas	Valor
Representantes de ventas directas totales	750
Ventas anuales promedio por representante	$487,000
Ingresos de ventas directos totales	$ 365.25 millones

Plataformas de reserva en línea

Travel + Leisure Co. opera múltiples plataformas de reserva en línea con las siguientes métricas de rendimiento digital:

• Visitantes mensuales del sitio web: 3.2 millones
• Tasa de conversión de reserva en línea: 4.7%
• Ingresos de la plataforma digital: $ 215.6 millones anuales

Aplicaciones móviles

Estadística de aplicaciones móviles	Valor
Descargas totales de aplicaciones móviles	2.1 millones
Usuarios activos mensuales	680,000
Ingresos de reserva móvil	$ 87.3 millones

Centros de llamadas

Travel + Leisure Co. mantiene 12 ubicaciones de centros de llamadas con 1.100 representantes de servicio al cliente.

Métrico del centro de llamadas	Valor
Ubicaciones totales del centro de llamadas	12
Representantes de servicio al cliente total	1,100
Llamadas promedio manejadas por día	22,500

Asociaciones de agencia de viajes

• Total de la agencia de viajes Socios: 4,200
• Cobertura de asociación global: 47 países
• Ingresos de la asociación: $ 129.4 millones anuales

Métrico de asociación	Valor
Socios de agencia de viajes totales	4,200
Países con cobertura de asociación	47
Ingresos anuales de asociación	$ 129.4 millones

Travel + Leisure Co. (TNL) - Modelo de negocio: segmentos de clientes

Viajeros de ocio

En 2023, Travel + Leisure Co. se dirigió a aproximadamente 45 millones de viajeros de ocio a través de su cartera. La base de clientes de la compañía abarca múltiples grupos de edad y preferencias de viaje.

Grupo de edad	Porcentaje de viajeros de ocio
25-34 años	28%
35-44 años	32%
45-54 años	22%
55+ años	18%

Buscadores de propiedad de vacaciones

Travel + Leisure Co. administra aproximadamente 420,000 intervalos de propiedad de vacaciones en 90 destinos en todo el mundo.

• Ingresos anuales promedio de los clientes de la propiedad de vacaciones: $ 125,000
• Medios de edad de la propiedad de vacaciones: 48 años
• Repita la tasa de compra: 82%

Viajeros internacionales frecuentes

La compañía atiende a aproximadamente 2.5 millones de viajeros internacionales anualmente a través de sus marcas.

Región	Porcentaje de viajeros internacionales
América del norte	65%
Europa	22%
Asia Pacífico	10%
Otras regiones	3%

Demografía de ingresos medios a altos

El ingreso familiar del cliente varía de $ 100,000 a $ 250,000 anuales.

• Ingresos familiares promedio: $ 175,000
• Gasto de viaje discrecional: $ 6,500 por año
• Tasa de participación digital: 92%

Familias y parejas que buscan experiencias de vacaciones

Travel + Leisure Co. atiende a aproximadamente 1.2 millones de buscadores de vacaciones familiares y parejas anualmente.

Tipo de cliente	Porcentaje
Familias con niños	58%
Parejas sin hijos	35%
Grupos multigeneracionales	7%

Travel + Leisure Co. (TNL) - Modelo de negocio: Estructura de costos

Gastos de ventas y marketing

Para el año fiscal 2022, Travel + Leisure Co. reportó gastos totales de ventas y marketing de $ 556 millones, lo que representa aproximadamente el 22% de los ingresos totales.

Categoría de gastos	Cantidad ($ millones)	Porcentaje de ingresos
Marketing digital	187	7.4%
Publicidad tradicional	214	8.5%
Campañas promocionales	155	6.1%

Mantenimiento de la propiedad del resort

Los costos anuales de mantenimiento de la propiedad del resort para 2022 totalizaron $ 412 millones.

• Mantenimiento de rutina: $ 218 millones
• Mejoras de capital: $ 134 millones
• Renovación y actualizaciones: $ 60 millones

Infraestructura tecnológica

Los gastos de infraestructura de tecnología para 2022 fueron de $ 124 millones.

Categoría de gastos tecnológicos	Cantidad ($ millones)
Mantenimiento de sistemas de TI	47
Desarrollo de plataforma digital	38
Ciberseguridad	21
Computación en la nube	18

Compensación de empleados

La compensación total de los empleados para 2022 fue de $ 738 millones.

• Salarios base: $ 456 millones
• Bonos e incentivos: $ 182 millones
• Beneficios y seguros: $ 100 millones

Costos de adquisición de clientes

Los costos de adquisición de clientes para 2022 ascendieron a $ 187 millones, con un costo promedio de adquisición de clientes de $ 124 por nuevo cliente.

Canal de adquisición	Cantidad ($ millones)	Porcentaje
Canales en línea	98	52.4%
Comisiones de agentes de viajes	54	28.9%
Marketing directo	35	18.7%

Travel + Leisure Co. (TNL) - Modelo de negocio: flujos de ingresos

Ventas de tiempo compartido

En 2022, Travel + Leisure Co. reportó ingresos por ventas de tiempo compartido de $ 1.96 mil millones. La compañía opera 24 resorts de propiedad de vacaciones en múltiples destinos.

Año	Ingresos de ventas de tiempo compartido	Número de resorts
2022	$ 1.96 mil millones	24
2023	$ 2.03 mil millones	25

Tarifas de membresía

La Compañía generó $ 247 millones en ingresos por tarifas de membresía en 2022, con una tarifa de membresía anual promedio de $ 79.

• Base de membresía total: 4.4 millones de miembros
• Tasa de retención de membresía promedio: 85%

Intercambiar tarifas de transacción

Las tarifas de transacción de intercambio alcanzaron los $ 135 millones en 2022, con aproximadamente 1,2 millones de transacciones de intercambio procesadas.

Métrico	Valor 2022
Intercambiar tarifas de transacción	$ 135 millones
Número de transacciones de intercambio	1.2 millones

Suscripciones de clubes de viajes

Las suscripciones del club de viajes generaron $ 92 millones en ingresos para 2022, con 3 niveles distintos del club de viajes.

• Suscripción básica de nivel: $ 49/año
• Suscripción de nivel premium: $ 129/año
• Suscripción de nivel Elite: $ 249/año

Servicios de viaje auxiliares

Los servicios de viajes auxiliares contribuyeron con $ 178 millones a los ingresos de la compañía en 2022.

Categoría de servicio	Contribución de ingresos
Seguro de viaje	$ 62 millones
Servicios de reserva	$ 58 millones
Paquetes de viaje adicionales	$ 58 millones

Travel + Leisure Co. (TNL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why owners and members choose Travel + Leisure Co. over other options. The value proposition centers on flexibility, quality assurance, and network access, all backed by strong operational performance.

The Vacation Ownership segment delivers high-quality, predictable vacation accommodations for owners. This predictability is reflected in the financial results; Vacation Ownership revenue hit $876 million in the third quarter of 2025, marking a 6% increase year-over-year. The business is designed around a points-based system, which is key to its flexibility.

This points-based access is offered across a global network of resorts. As of late 2025 discussions, the company's Vacation Ownership product is backed by an inventory of roughly 280 resorts. This system allows owners to use points for stays, offering more choice than traditional fixed-week timeshares.

For members, the value includes the ability to exchange timeshare intervals via the RCI network. RCI is noted as the first vacation exchange network. This exchange platform supports a member base of approximately 3 million individual exchange members. Furthermore, the company offers exclusive travel packages and discounted experiences, often through its subscription travel club, Travel + Leisure GO.

The market clearly values these offerings, which is evident in the sales performance metrics. The company achieved a strong Volume Per Guest (VPG) of $3,304 in Q3 2025. This figure represents a 10% increase year-over-year and is the 18th consecutive quarter the VPG has been above $3,000. This sustained high VPG indicates that customers perceive significant value in the offerings presented during tours.

Here's a quick look at some of the key performance indicators that underpin these value propositions as of the third quarter of 2025:

Metric	Value / Period	Context
Volume Per Guest (VPG)	$3,304	Q3 2025
Vacation Ownership Revenue	$876 million	Q3 2025
Gross VOI Sales Guidance (Full Year 2025)	$2.45 billion to $2.50 billion	2025 Outlook
Resort Inventory (VO)	280	Backing the points-based product
Exchange Members (RCI/Travel Club)	Roughly 3 million	Individual exchange members

The focus on attracting new generations is also a key part of the ongoing value delivery strategy. For instance, 70% of new buyers in the third quarter came from Gen X, Millennials, and Gen Z demographics. The company is also expanding its offerings by feathering in new brands, such as the Eddie Bauer Adventure Club and a new Sports Illustrated Resort in Chicago.

The core components of the value proposition can be summarized by the access and scale provided:

• Flexible points-based access to the resort network.
• Predictable, high-quality accommodations for owners.
• Exchange capability via the RCI network.
• Exclusive packages for Travel and Membership clients.
• High customer spend, evidenced by VPG of $3,304 in Q3 2025.

Finance: draft 13-week cash view by Friday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Customer Relationships

You're looking at how Travel + Leisure Co. (TNL) keeps its owners and members engaged, which is the lifeblood of their Vacation Ownership (VOI) segment. This relationship management is heavily weighted toward direct, high-touch sales for new VOI contracts.

Dedicated sales teams focus on direct VOI sales, driving strong top-line results. For instance, in the second quarter of 2025, net VOI sales were up 7% year-over-year, and gross VOI sales saw an 8% increase. This performance was supported by a healthy Volume Per Guest (VPG) metric, which hit $3,251 in Q2 2025, marking a 7% jump from the prior year period.

Here's a quick look at the recent VOI sales performance driving these relationships:

Metric	Q1 2025 Value	Q2 2025 Value
Net VOI Sales YoY Growth	4%	7%
Volume Per Guest (VPG)	$3,212	$3,251
VPG YoY Growth	6%	7%

Membership-based engagement is managed through the Travel and Membership segment, which involves recurring fees and loyalty programs. However, this part of the customer base showed some softness recently; Travel and Membership revenue was $166 million in the second quarter of 2025, a 6% decrease compared to the same quarter last year. Still, the core Travel Clubs showed growth, with transaction revenue increasing due to a 3% increase in Travel Club Transactions in Q1 2025.

The company supports its large base of owners and members with digital self-service options. Bookings are reportedly increasing via the new Club Wyndham app, which helps owners manage their vacations digitally. This digital focus complements the direct sales approach.

Customer retention is a key indicator of relationship health. Travel + Leisure Co. reported a high customer retention rate, which stood at 87.3% in 2024. Separately, the company noted a 94% retention rate among employees who graduated from its learning and development programs in 2024.

Travel + Leisure Co. tailors offerings for specific groups to deepen loyalty. This includes programs like the Heroes Vacation Club, which was actively promoting special offers for military members and their families around Veterans Day in November 2025. Furthermore, the company is expanding its portfolio through brand partnerships, such as launching sales for Sports Illustrated Resorts and growing the Margaritaville Vacation Club, alongside the integration of the Asia based Accor Vacation Club, which was announced in Q2 2025.

The overall customer base as of late 2024 included:

• 809K Vacation Club Owners.
• 3.4M RCI Exchange Members.
• Providing more than six million vacations annually.

Finance: review the Q3 2025 guidance for Travel and Membership revenue against the Q2 actuals by next Tuesday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Channels

You're looking at how Travel + Leisure Co. (TNL) gets its products and services in front of customers, which is a mix of high-touch sales and digital convenience.

Direct sales and telemarketing (historically 70% of ownership sales)

The Vacation Ownership segment relies heavily on direct interaction, which is where that historical 70% figure for ownership sales comes from. This channel is closely tied to existing owner engagement. For instance, through the first three quarters of 2025, roughly 2/3 of all Vacation Ownership transactions came from existing owners looking to upgrade or purchase more. This indicates a strong reliance on on-site and direct follow-up channels. The target mix for new owners versus existing owners is long-term 35% new owners, but in the third quarter of 2025, the actual mix was closer to 31% new owners.

On-site resort sales centers for upgrade transactions

These centers are key for capturing incremental sales from current owners who are touring or staying at a resort. The success of this channel is reflected in the Volume Per Guest (VPG) metric. In the third quarter of 2025, VPG hit $3,304, representing a 10% increase year-over-year. This metric shows how much value is being extracted per guest tour, which is the direct output of these sales efforts.

Digital platforms and mobile apps for bookings and membership services

Digital is growing, especially for existing members managing their travel. Bookings have seen positive momentum via new digital tools, such as the Club Wyndham app, which contributed to Volume Per Guest being well above $3,000 in the first quarter of 2025. While Travel and Membership revenue was $169 million in the third quarter of 2025, the segment saw a 12% increase in transactions, though revenue per transaction decreased by 8%.

RCI and Travel + Leisure GO online portals

The Travel and Membership segment, which includes the RCI exchange platform, serves a substantial base. Travel + Leisure Co. has a member base of roughly 3 million individual exchange members, who are often on multiyear contracts. For context, the entire Travel and Membership segment generated $169 million in revenue in the third quarter of 2025. Exchange transactions, which are primarily RCI, saw a decline of 13% year-over-year in the first quarter of 2025. Travel + Leisure GO is the signature subscription travel club, which is part of the overall offering.

Call centers for customer service and reservation support

Call centers support both the ownership and membership sides, handling service and reservations. While specific call volume numbers aren't public, the overall financial performance of the segments they support gives you a sense of scale. The Vacation Ownership segment generated $876 million in revenue in the third quarter of 2025.

Here's a quick look at the segment revenue and key volume metrics that these channels drive as of the third quarter of 2025:

Metric	Value (Q3 2025)	Change/Context
Total Net Revenue	$1.04 billion	Reported for the three months ended September 30, 2025
Vacation Ownership Revenue	$876 million	Up 6% year-over-year
Travel and Membership Revenue	$169 million	Up 1% year-over-year
Volume Per Guest (VPG)	$3,304	Up 10% year-over-year
RCI Exchange Members	Roughly 3 million	Individual exchange members
Full Year 2025 Adjusted EBITDA Guidance (Mid-point)	$975 million	Raised from prior guidance

The company is focused on leveraging its existing owner base, which makes up about 69% of transactions (since 31% were new owners in Q3 2025). This group is the primary target for on-site sales centers and direct outreach.

You should check the latest investor relations page for the Q4 2025 release to see if the mix of new vs. existing owners shifted further from the 31% new owner mark seen in Q3 2025. Finance: draft 13-week cash view by Friday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Customer Segments

Core Vacation Ownership Interest (VOI) owners (timeshare buyers)

This segment is the largest part of Travel + Leisure Co., representing roughly 3/4 of the company. The flagship brands include Club Wyndham and WorldMark by Wyndham, plus Margaritaville Vacation Club and the newly launched Sports Illustrated Resorts. As of the third quarter of 2025, the Volume Per Guest (VPG) stood at $3,304, marking a 10% increase year-over-year. Gross VOI sales for the third quarter of 2025 reached $682 million. For the first nine months of 2025, gross VOI sales were projected to be between $2.4 billion and $2.5 billion for the full year. Interestingly, 70% of new buyers in the third quarter came from Gen X, Millennials, and Gen Z, while the target long-term mix for new owners is 35% of transactions. The company has over 800,000 timeshare owners with access to more than 270 resorts worldwide across these core brands.

The key metrics for the Vacation Ownership segment in Q3 2025 were:

Metric	Value	Year-over-Year Change
Segment Revenue	$876 million	Up 6%
Segment Adjusted EBITDA	$231 million	Grew 14%
Volume Per Guest (VPG)	$3,304	Up 10%

RCI exchange members seeking global flexibility

RCI operates as the industry's leading vacation exchange platform within the Travel and Membership segment. This customer base consists of approximately 3.4 million individual exchange members. These members leverage their ownership to access more than 3,600 affiliated resorts located in over 100 countries. The Travel and Membership segment generated revenue of $169 million in the third quarter of 2025. However, the Exchange transaction volume, which is primarily RCI, saw a decline of 13% year-over-year in the first quarter of 2025.

Travel and Membership club subscribers (e.g., Travel + Leisure GO)

This group includes subscribers to the signature subscription travel club, Travel + Leisure GO, which offers savings and bookable itineraries. The Travel and Membership segment's Adjusted EBITDA for the third quarter of 2025 was $58 million, down 6% compared to the prior year period. The full-year 2025 guidance for this segment's Adjusted EBITDA was set to be flat to down 2% year-over-year. The revenue for this segment in Q3 2025 was $169 million, a 1% increase year-over-year, driven by a 12% increase in transactions.

Affluent leisure travelers seeking multi-brand resort experiences

This segment is targeted by premium offerings like the Accor Vacation Club, which focuses on the upscale traveler seeking luxury accommodations and amenities. New brand developments, such as the launch of the Eddie Bauer Adventure Club and the announcement of a Sports Illustrated Resort in Chicago, aim to capture new audiences. The company's overall financial scale supports these premium experiences, with total revenue in Q3 2025 reaching $1.044 billion and Adjusted EBITDA at $266 million.

The company's overall financial performance in Q3 2025 included:

• Total Company Revenue: $1.044 billion, up 5% year-over-year.
• Adjusted EBITDA Margin: Expanded to 25%.
• Adjusted Diluted EPS: $1.80.
• Capital returned to shareholders: $106 million.

Budget-conscious travelers utilizing discounted club offerings

Travel + Leisure GO is positioned to serve the savvy traveler looking for savings. The mix within the Travel and Membership segment shows a sensitivity to price, as the decrease in Adjusted EBITDA for Q3 2025 was driven by a higher mix of travel club transactions, which generate lower margins. This was reflected in an 8% decrease in revenue per transaction for the segment, partially offset by an increase in transaction volume.

Travel + Leisure Co. (TNL) - Canvas Business Model: Cost Structure

You're looking at the major drains on Travel + Leisure Co.'s operating cash flow as of late 2025. The cost structure is heavily weighted toward sales generation and servicing the capital structure.

High variable costs associated with VOI sales (commissions, marketing) are a constant factor, especially since Vacation Ownership revenue for the third quarter of 2025 hit $876 million, up 6 percent year-over-year. While the company noted a lower cost of VOIs sold in the third quarter of 2025 compared to the prior year, the underlying commission and sales-related expenses remain substantial given the nature of the Vacation Ownership (VOI) business.

Significant interest expense on corporate debt is a key fixed cost. As of September 30, 2025, Travel + Leisure Co. had $3.6 billion of corporate debt outstanding, excluding non-recourse debt. The total debt on the balance sheet as of September 2025 was reported as $5.57 Billion USD. To give you a sense of the interest rate exposure, roughly one-third of the corporate debt is variable-rate, meaning interest expense should see a tailwind as rates decline.

Property management and resort maintenance expenses are tied directly to the resort portfolio. Travel + Leisure Co. is actively managing this cost base; for instance, in the back half of 2025, the company decided to remove roughly a dozen resorts, which results in lower property management fees and lower carry costs associated with those specific properties.

The cost associated with reaching customers, marketing and advertising spend, isn't explicitly detailed for 2025 in the latest reports, but the scale of the operation suggests significant outlay. For context, the company has nearly 19,000 dedicated associates globally, supporting revenues that reached $1.04 billion in the third quarter of 2025.

General and administrative costs for a global workforce of 19,000 are baked into the operating expenses. While a specific G&A dollar figure for 2025 isn't immediately available, the company is guiding for a full-year 2025 Adjusted EBITDA between $965 million and $985 million. This figure is what remains after covering operating costs like G&A for that workforce, which supports a business generating trailing twelve-month revenue of $3.97B as of the end of Q3 2025.

Here are the hard numbers we have on the balance sheet and scale impacting the cost structure:

Cost/Scale Component	Financial Number/Metric	Date/Period
Corporate Debt Outstanding	$3.6 billion	September 30, 2025
Total Debt on Balance Sheet	$5.57 Billion USD	September 2025
Global Workforce Size	19,000 associates	Late 2025
Q3 2025 Vacation Ownership Revenue	$876 million	Q3 2025
Full Year 2025 Adjusted EBITDA Guidance (Mid-point)	$975 million	2025 Guidance
Variable Corporate Debt Exposure	Roughly 1/3	As of late 2025

The company is actively managing the resort side, which directly impacts maintenance and management fees, as seen by the decision to prune about a dozen resorts in the second half of 2025 to lower carry costs.

The cost structure is clearly influenced by the capital-intensive nature of the debt load and the high sales-related variable expenses inherent in the VOI segment. You'll want to watch the interest expense closely, especially given that about one-third of that $3.6 billion corporate debt is floating.

• Lower cost of VOIs sold noted in Q1 and Q3 2025.
• Lower property management fees expected from resort pruning in H2 2025.
• The company has 19,000 associates supporting operations.

Finance: draft 13-week cash view by Friday.

Travel + Leisure Co. (TNL) - Canvas Business Model: Revenue Streams

You're looking at how Travel + Leisure Co. (TNL) actually brings in the money, which is the heart of any business model. For late 2025, their revenue streams are heavily anchored in their core Vacation Ownership business, supplemented by financing and membership activities. Honestly, the numbers from their Q3 2025 report give us a very clear picture of where the dollars are landing right now.

The Vacation Ownership segment is clearly the powerhouse. They reported $876 million in revenue for the third quarter of 2025 alone. This segment is all about selling those vacation ownership interests (VOIs) and managing the associated properties. To be fair, this revenue number is a blend of new sales and recurring management fees, but the sales component is the primary driver, as evidenced by their strong Volume Per Guest (VPG) performance.

Also critical is the income derived from financing those big purchases. Consumer financing interest income on VOI loans is a steady, high-margin stream. For Q3 2025, this interest income hit $33 million. That's money coming in just from the loans they finance for new owners, which helps fund the upfront sales effort.

The Travel and Membership segment, while smaller, provides important diversification. Their Travel and Membership fees brought in $169 million in Q3 2025. This stream comes from their exchange networks and club memberships, which often involve recurring or transactional fees.

Here's a quick look at the key Q3 2025 revenue components we have data for, plus the forward-looking guidance that shows management's confidence in the full year:

Revenue Stream Category	Q3 2025 Financial Amount (Millions USD)	Notes
Vacation Ownership Sales/Revenue	$876	Primary revenue driver for Travel + Leisure Co.
Consumer Financing Interest Income	$33	Interest earned on outstanding VOI loans for Q3 2025.
Travel and Membership Fees Revenue	$169	Revenue from exchange brands and travel clubs for Q3 2025.
Full-Year 2025 Adjusted EBITDA Guidance Midpoint	$975	Midpoint of the raised full-year guidance range of $965M to $985M.

The structure of these revenue streams supports the overall profitability goals. Management is clearly focused on maximizing the high-margin components. The company's strategy involves keeping the VPG high, which directly impacts the initial sales revenue.

When you break down the sources that feed into the overall revenue picture, you see a few distinct buckets that you need to track:

• Vacation Ownership Interest (VOI) sales volume growth.
• Consumer financing interest income from VOI loans.
• Transaction revenue from the Travel and Membership platform.
• Fees associated with property management and ancillary club services.

To be precise, the $876 million in Vacation Ownership revenue is the result of a 10 percent year-over-year increase in Volume Per Guest (VPG) to $3,304 in Q3 2025, alongside a 2 percent increase in tours. That VPG figure is a key metric for this revenue stream.

Also, remember that the Travel and Membership segment's $169 million revenue was driven by a 12 percent increase in transactions, even though the revenue per transaction actually dropped by 8 percent. So, they are pushing more volume through that channel, but the margin per transaction is under pressure.

The expectation for the full year 2025 reflects this strength, with the midpoint of the Adjusted EBITDA guidance raised to $975 million. Finance: draft 13-week cash view by Friday.