Travel + Leisure Co. (TNL): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Travel + Leisure Co. (TNL), une puissance dynamique de voyage et de loisirs qui a révolutionné les expériences de vacances grâce à son modèle commercial innovant. En mélangeant de manière transparente la possession de multipropriété, des plates-formes numériques et des solutions de voyage personnalisées, TNL a creusé un créneau unique dans l'industrie du voyage compétitif. Leur approche stratégique transforme la façon dont les voyageurs modernes explorent, possèdent et profitent d'expériences de vacances, offrant une flexibilité, un accès mondial et des avantages inégalés d'adhésion qui répondent à divers besoins et aspirations de voyageurs.

Travel + Leisure Co. (TNL) - Modèle commercial: partenariats clés

Wyndham Destinations (Timeshare Exchange Network)

Depuis 2023, Travel + Leisure Co. possède Wyndham Destinations, qui gère:

• 90+ marques de temps partagé
• 230 Vacations de propriété de vacances
• 4,4 millions de membres du club dans le monde

Propriétaires des biens de la station et de l'hôtel

Catégorie de partenaire	Nombre de propriétés	Portée géographique
Correction de temps en temps	230	Plusieurs pays
Échange des propriétés du réseau	3,200+	Mondial

Provideurs de plate-forme de technologie de voyage

Les partenariats technologiques clés comprennent:

• Sabre Corporation
• Groupe informatique amadeus
• Hospitalité Oracle

Programmes de fidélisation des cartes de crédit

Partenaire de carte de crédit	Détails du partenariat	Membres du programme de fidélité
Barclays	Voyage co-marqué + carte de crédit de loisirs	Plus de 250 000 titulaires de cartes

Système de distribution mondial (GDS) partenaires

Partenariats du GDS primaires:

• Voyage de voyage
• Galileo International
• Worldspan

Travel + Leisure Co. (TNL) - Modèle d'entreprise: Activités clés

Échange et gestion de la multipropriété

Travel + Leisure Co. gère environ 420 000 unités de multipropriété dans le monde. La société opère par le biais de la propriété de vacances de Wyndham et des destinations de Wyndham, gérant un vaste réseau d'échange de multipropriété.

Métrique	Valeur
Unités totales de multipropriété	420,000
Exchange Taille du réseau	3 200+ destinations de villégiature
Transactions d'échange annuelles	1,6 million

Ventes de propriété de vacances

En 2022, Travel + Leisure Co. a généré 1,93 milliard de dollars de revenus de propriété de vacances, ce qui représente une partie importante de son modèle commercial.

• Prix ​​de vente moyen à moitié à moitié: 24 000 $
• Volume des ventes annuelles: 80 000 unités de multipropriété
• Couverture géographique: 25 pays

Services d'adhésion au club de voyage

Le programme Wyndham Rewards comprend plus de 15 millions de membres, offrant des avantages de voyage et des incitations de fidélité.

Métrique de l'adhésion	Valeur
Total des membres	15,000,000
Croissance annuelle des membres	8.5%

Développement de plate-forme numérique

La société a investi 42 millions de dollars dans la technologie numérique et l'amélioration des plates-formes en 2022.

• Téléchargements d'applications mobiles: 3,2 millions
• Transactions de réservation numérique: 65% du total des réservations
• Investissement numérique annuel: 42 millions de dollars

Expérience client et gestion des relations

Travel + Leisure Co. maintient une note de satisfaction client de 4.2 / 5 sur ses plateformes de service.

Métrique de l'expérience client	Valeur
Évaluation de satisfaction du client	4.2/5
Taux de rétention de la clientèle	72%
Interactions annuelles de service à la clientèle	2,5 millions

Travel + Leisure Co. (TNL) - Modèle commercial: Ressources clés

Extensif réseau de villégiature mondiale

Travel + Leisure Co. exploite 24 stations de propriété de vacances à travers les États-Unis, les Caraïbes et l'Amérique centrale en 2023. Nombre total d'unités de propriété de vacances: 2 800 unités.

Catégorie de localisation du complexe	Nombre de stations	Total des unités
États-Unis	18	2,100
Caraïbes	4	450
Amérique centrale	2	250

Plates-formes de réservation numériques robustes

L'infrastructure numérique comprend:

• Système de réservation centralisé traitant plus de 500 000 réservations annuelles
• Application mobile avec 1,2 million d'utilisateurs enregistrés
• Plateforme Web prenant en charge 12 langues

Grande réputation de marque

Évaluation de la marque estimée à 750 millions de dollars en 2023. Classé parmi les 5 meilleures marques de propriété de vacances dans le monde.

Propriété intellectuelle et logiciel propriétaire

Catégorie IP	Actifs enregistrés totaux
Logiciel de réservation propriétaire	3 plateformes enregistrées
Inscriptions de la marque	42 Marques internationales

Équipes de vente et de service client formées

Composition de la main-d'œuvre:

• Total des employés: 4 200
• Équipe de vente: 1 600 professionnels
• Représentants du service à la clientèle: 850
• Heures de formation moyennes par employé: 65 heures par an

Travel + Leisure Co. (TNL) - Modèle d'entreprise: propositions de valeur

Options de possession de vacances flexibles

Travel + Leisure Co. propose 693 000 intervalles de propriété de vacances dans 430 stations dans le monde à partir de 2023. Le portefeuille de temps partagé de l'entreprise comprend:

Marque	Nombre de stations	Intervalles de propriété
Clubs de vacances de Wyndham	230	413,000
Club wyndham	185	276,000

Accès aux destinations de la station mondiale

La société donne accès à 60 pays avec les propriétés du complexe sur plusieurs continents. La panne de destination comprend:

• Amérique du Nord: 312 stations
• Caraïbes: 45 stations
• Europe: 38 stations
• Asie-Pacifique: 35 stations

Expériences de voyage personnalisées

Travel + Leisure Co. a généré 4,2 milliards de dollars de revenus totaux pour 2022, avec 2,8 milliards de dollars spécifiquement du segment de propriété des vacances. Les options de personnalisation incluent:

Type d'expérience	Options disponibles
Programmes d'échange	4 300+ stations affiliées
Membres du programme de fidélité	1,2 million de membres actifs

Solutions de vacances rentables

La société offre des économies moyennes de 3 500 $ par vacances par rapport aux réservations d'hôtel traditionnelles. La structure des prix comprend:

• Coût d'intervalle de propriété moyen: 22 180 $
• Frais de maintenance annuels: 1 000 $ à 1 500 $
• Plans de paiement flexibles disponibles

Récompenses d'adhésion et avantages sociaux

Travel + Leisure Co. offre des avantages complets d'adhésion avec:

Catégorie de récompense	Détails
Rachat de points	Plus d'un million de points rachetés chaque année
Remises de voyage	Jusqu'à 40% de réduction sur les taux standard

Travel + Leisure Co. (TNL) - Modèle d'entreprise: relations avec les clients

Modèle d'engagement basé sur l'adhésion

En 2024, Travel + Leisure Co. opère avec 1,2 million de membres du club de vacances actifs dans tout son portefeuille. La base d'adhésion à moi-même de la société génère environ 1,4 milliard de dollars de revenus annuels d'adhésion.

Segment de l'adhésion	Total des membres	Dépenses annuelles moyennes
Membres du club de vacances	1,200,000	$1,167
Membres de niveau d'élite	350,000	$2,450

Support client personnalisé

La société maintient un Infrastructure de service client 24/7 avec 850 représentants de soutien dédié sur plusieurs canaux.

• Temps de réponse moyen du service client: 12 minutes
• Évaluation de satisfaction du client: 87,5%
• Support multilingue disponible en 5 langues

Plates-formes de libre-service numériques

Travel + Leisure Co. a investi 22 millions de dollars dans la transformation numérique, ce qui a entraîné une plate-forme en ligne complète avec 78% des membres utilisant des options de libre-service numériques.

Fonctionnalité de plate-forme numérique	Taux d'engagement des utilisateurs
Réservation en ligne	65%
Interactions d'applications mobiles	42%
Support client virtuel	33%

Incitations du programme de fidélité

Le programme de fidélité de l'entreprise génère 310 millions de dollars de revenus supplémentaires avec des prestations d'adhésion à plusieurs niveaux.

• Membres du programme de fidélité: 680 000
• Points moyens Valeur de rachat: 275 $
• Investissement annuel du programme de fidélité: 45 millions de dollars

Communication et marketing réguliers

Travel + Leisure Co. alloue 78 millions de dollars par an à la communication client et aux stratégies de marketing ciblées.

Canal de communication	Atteindre	Taux d'engagement
E-mail marketing	1,1 million d'abonnés	22%
Campagnes de médias sociaux	850 000 abonnés	15%
Newsletters personnalisés	620 000 destinataires	28%

Travel + Leisure Co. (TNL) - Modèle d'entreprise: canaux

Représentants des ventes directes

En 2024, Travel + Leisure Co. emploie environ 750 représentants des ventes directes en Amérique du Nord.

Métrique du canal de vente	Valeur
Représentants totaux des ventes directes	750
Ventes annuelles moyennes par représentant	$487,000
Revenus de ventes directes totaux	365,25 millions de dollars

Plateformes de réservation en ligne

Travel + Leisure Co. exploite plusieurs plateformes de réservation en ligne avec les mesures de performance numériques suivantes:

• Visiteurs mensuels du site Web: 3,2 millions
• Taux de conversion de réservation en ligne: 4,7%
• Revenus de plate-forme numérique: 215,6 millions de dollars par an

Applications mobiles

Statistique de l'application mobile	Valeur
Téléchargements totaux d'applications mobiles	2,1 millions
Utilisateurs actifs mensuels	680,000
Revenus de réservation de mobiles	87,3 millions de dollars

Centres d'appel

Travel + Leisure Co. maintient 12 emplacements du centre d'appel avec 1 100 représentants du service client.

Métrique du centre d'appel	Valeur
Emplacements du centre d'appel total	12
Représentants totaux du service à la clientèle	1,100
Appels moyens traités par jour	22,500

Partenariats de l'agence de voyage

• Partenaires totaux de l'agence de voyage: 4 200
• Couverture de partenariat mondial: 47 pays
• Revenus de partenariat: 129,4 millions de dollars par an

Métrique de partenariat	Valeur
Partenaires totaux d'agence de voyage	4,200
Pays avec une couverture de partenariat	47
Revenus de partenariat annuel	129,4 millions de dollars

Travel + Leisure Co. (TNL) - Modèle d'entreprise: segments de clientèle

Voyageurs de loisir

En 2023, Travel + Leisure Co. a ciblé environ 45 millions de voyageurs de loisirs à travers son portefeuille. La clientèle de l'entreprise s'étend sur plusieurs groupes d'âge et les préférences de voyage.

Groupe d'âge	Pourcentage de voyageurs de loisir
25-34 ans	28%
35 à 44 ans	32%
45-54 ans	22%
Plus de 55 ans	18%

Chercheurs de propriétés de vacances

Travel + Leisure Co. gère environ 420 000 intervalles de propriété de vacances dans 90 destinations dans le monde.

• Revenu annuel moyen des clients de la propriété des vacances: 125 000 $
• Médian Age of Vacation Propriété Membres: 48 ans
• Taux d'achat répété: 82%

Voyageurs internationaux fréquents

La société dessert environ 2,5 millions de voyageurs internationaux par an grâce à ses marques.

Région	Pourcentage de voyageurs internationaux
Amérique du Nord	65%
Europe	22%
Asie-Pacifique	10%
Autres régions	3%

Démographie à revenu moyen à supérieur

Le revenu cible des ménages des clients varie de 100 000 $ à 250 000 $ par an.

• Revenu médian des ménages: 175 000 $
• Dépenses de voyage discrétionnaires: 6 500 $ par an
• Taux d'engagement numérique: 92%

Familles et couples à la recherche d'expériences de vacances

Travel + Leisure Co. s'adresse à environ 1,2 million de chercheurs de vacances en famille et couple par an.

Type de client	Pourcentage
Familles avec enfants	58%
Couples sans enfants	35%
Groupes multi-générationnels	7%

Travel + Leisure Co. (TNL) - Modèle d'entreprise: Structure des coûts

Dépenses de vente et de marketing

Pour l'exercice 2022, Travel + Leisure Co. a déclaré des dépenses totales de ventes et de marketing de 556 millions de dollars, ce qui représente environ 22% des revenus totaux.

Catégorie de dépenses	Montant (millions de dollars)	Pourcentage de revenus
Marketing numérique	187	7.4%
Publicité traditionnelle	214	8.5%
Campagnes promotionnelles	155	6.1%

Entretien de la propriété du complexe

Les coûts annuels de maintenance des propriétés du complexe pour 2022 ont totalisé 412 millions de dollars.

• Entretien de routine: 218 millions de dollars
• Améliorations en capital: 134 millions de dollars
• Rénovation et mises à niveau: 60 millions de dollars

Infrastructure technologique

Les dépenses d'infrastructure technologique pour 2022 étaient de 124 millions de dollars.

Catégorie de dépenses technologiques	Montant (millions de dollars)
Maintenance des systèmes informatiques	47
Développement de plate-forme numérique	38
Cybersécurité	21
Cloud computing	18

Compensation des employés

La rémunération totale des employés pour 2022 était de 738 millions de dollars.

• Salaires de base: 456 millions de dollars
• Bonus et incitations: 182 millions de dollars
• Avantages et assurance: 100 millions de dollars

Coûts d'acquisition des clients

Les coûts d'acquisition des clients pour 2022 s'élevaient à 187 millions de dollars, avec un coût d'acquisition moyen de 124 $ par nouveau client.

Canal d'acquisition	Montant (millions de dollars)	Pourcentage
Canaux en ligne	98	52.4%
Commission des agents de voyage	54	28.9%
Marketing direct	35	18.7%

Travel + Leisure Co. (TNL) - Modèle d'entreprise: Strots de revenus

Ventes de multipropriété

En 2022, Travel + Leisure Co. a déclaré des revenus de vente en temps partagé de 1,96 milliard de dollars. L'entreprise exploite 24 stations de propriété de vacances sur plusieurs destinations.

Année	Revenus de ventes de temps partagé	Nombre de stations
2022	1,96 milliard de dollars	24
2023	2,03 milliards de dollars	25

Frais d'adhésion

La société a généré 247 millions de dollars de revenus de frais d'adhésion en 2022, avec des frais d'adhésion annuels moyens de 79 $.

• Base totale des membres: 4,4 millions de membres
• Taux de rétention moyen de l'adhésion: 85%

Frais de transaction d'échange

Les frais de transaction d'échange ont atteint 135 millions de dollars en 2022, avec environ 1,2 million de transactions d'échange traitées.

Métrique	Valeur 2022
Frais de transaction d'échange	135 millions de dollars
Nombre de transactions d'échange	1,2 million

Abonnements au club de voyage

Les abonnements au club de voyage ont généré 92 millions de dollars de revenus pour 2022, avec 3 niveaux distincts du club de voyage.

• Abonnement de base de niveau: 49 $ / an
• Abonnement de niveau premium: 129 $ / an
• Abonnement Elite Tier: 249 $ / an

Services de voyage auxiliaires

Les services de voyage auxiliaires ont contribué 178 millions de dollars aux revenus de l'entreprise en 2022.

Catégorie de service	Contribution des revenus
Assurance voyage	62 millions de dollars
Services de réservation	58 millions de dollars
Packages de voyage supplémentaires	58 millions de dollars

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.