Travel + Leisure Co. (TNL): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Travel + Leisure Co. (TNL), uma potência dinâmica de viagens e lazer que revolucionou as experiências de férias por meio de seu inovador modelo de negócios. Ao misturar perfeitamente a propriedade do Timeshare, plataformas digitais e soluções de viagens personalizadas, a TNL criou um nicho único no setor de viagens competitivo. Sua abordagem estratégica transforma como os viajantes modernos exploram, possuem e apreciam experiências de férias, oferecendo flexibilidade, acesso global e benefícios incomparáveis ​​de associação que atendem a diversas necessidades e aspirações de viajantes.

Travel + Leisure Co. (TNL) - Modelo de negócios: Parcerias -chave

Destinos Wyndham (Timeshare Exchange Network)

A partir de 2023, Travel + Leisure Co. possui destinos Wyndham, que gerencia:

• Mais de 90 marcas de timeshare
• 230 Resorts de propriedade de férias
• 4,4 milhões de membros do clube em todo o mundo

Proprietários de propriedades do resort e hotel

Categoria de parceiro	Número de propriedades	Alcance geográfico
Timeshare Resorts	230	Vários países
Exchange Network Properties	3,200+	Global

Provedores de plataforma de tecnologia de viagens

As principais parcerias tecnológicas incluem:

• Sabre Corporation
• Grupo de TI Amadeus
• Oracle Hospitality

Programas de fidelidade de cartão de crédito

Parceiro do cartão de crédito	Detalhes da parceria	Membros do programa de fidelidade
Barclays	Cartão de crédito de viagem de marca de marca	250.000 portadores de cartão

Parceiros do Sistema Global de Distribuição (GDS)

Parcerias GDs primárias:

• Travelport
• Galileu International
• Worldspan

Travel + Leisure Co. (TNL) - Modelo de negócios: Atividades -chave

Timeshare Exchange and Management

Travel + Leisure Co. gerencia aproximadamente 420.000 unidades de timeshare em todo o mundo. A empresa opera através da Wyndham Vacation Propriedade e dos destinos Wyndham, lidando com uma extensa rede de intercâmbio de timeshare.

Métrica	Valor
Unidades totais de timeshare	420,000
Tamanho da rede de troca	3.200+ destinos de resort
Transações de troca anual	1,6 milhão

Vendas de propriedade de férias

Em 2022, a Travel + Leisure Co. gerou US $ 1,93 bilhão em receita de propriedade de férias, representando uma parcela significativa de seu modelo de negócios.

• Preço médio de venda do Timeshare: US $ 24.000
• Volume anual de vendas: mais de 80.000 unidades de timeshare
• Cobertura geográfica: 25 países

Serviços de associação ao clube de viagens

O programa Wyndham Rewards inclui mais de 15 milhões de membros, fornecendo benefícios de viagem e incentivos de lealdade.

Métrica de associação	Valor
Total de membros	15,000,000
Crescimento anual dos membros	8.5%

Desenvolvimento da plataforma digital

A empresa investiu US $ 42 milhões em tecnologia digital e aprimoramento da plataforma em 2022.

• Downloads de aplicativos móveis: 3,2 milhões
• Transações de reserva digital: 65% do total de reservas
• Investimento digital anual: US $ 42 milhões

Experiência do cliente e gerenciamento de relacionamento

A Travel + Leisure Co. mantém uma classificação de satisfação do cliente de 4.2/5 em suas plataformas de serviço.

Métrica da experiência do cliente	Valor
Classificação de satisfação do cliente	4.2/5
Taxa de retenção de clientes	72%
Interações anuais de atendimento ao cliente	2,5 milhões

Travel + Leisure Co. (TNL) - Modelo de negócios: Recursos -chave

Extensa rede global de resort

A Travel + Leisure Co. opera 24 resorts de propriedade de férias nos Estados Unidos, Caribe e América Central a partir de 2023. Número total de unidades de propriedade de férias: 2.800 unidades.

Categoria de localização do resort	Número de resorts	Unidades totais
Estados Unidos	18	2,100
Caribe	4	450
América Central	2	250

Plataformas robustas de reserva digital

A infraestrutura digital inclui:

• Sistema de reserva centralizado Processando mais de 500.000 reservas anuais
• Aplicativo móvel com 1,2 milhão de usuários registrados
• Plataforma da Web suportando 12 idiomas

Forte reputação da marca

Avaliação da marca estimada em US $ 750 milhões em 2023. Classificado entre as 5 principais marcas de propriedade de férias em todo o mundo.

Propriedade intelectual e software proprietário

Categoria IP	Total de ativos registrados
Software de reserva proprietário	3 plataformas registradas
Registros de marca registrada	42 marcas comerciais internacionais

Equipes treinados de vendas e atendimento ao cliente

Composição da força de trabalho:

• Total de funcionários: 4.200
• Equipe de vendas: 1.600 profissionais
• Representantes de atendimento ao cliente: 850
• Horário médio de treinamento por funcionário: 65 horas anualmente

Travel + Leisure Co. (TNL) - Modelo de negócios: proposições de valor

Opções flexíveis de propriedade de férias

Travel + Leisure Co. oferece 693.000 intervalos de propriedade de férias em 430 resorts globalmente a partir de 2023. O portfólio de timeshare da empresa inclui:

Marca	Número de resorts	Intervalos de propriedade
Clubes de férias de Wyndham	230	413,000
Clube Wyndham	185	276,000

Acesso a destinos globais de resort

A empresa fornece acesso a 60 países com propriedades do resort em vários continentes. A quebra de destino inclui:

• América do Norte: 312 Resorts
• Caribe: 45 resorts
• Europa: 38 resorts
• Ásia -Pacífico: 35 resorts

Experiências de viagem personalizadas

Travel + Leisure Co. gerou US $ 4,2 bilhões em receita total para 2022, com US $ 2,8 bilhões especificamente do segmento de propriedade de férias. As opções de personalização incluem:

Tipo de experiência	Opções disponíveis
Programas de troca	4.300 ou mais resorts afiliados
Membros do programa de fidelidade	1,2 milhão de membros ativos

Soluções de férias econômicas

A empresa oferece economia média de US $ 3.500 por férias Comparado às reservas tradicionais de hotéis. A estrutura de preços inclui:

• Custo médio de intervalo de propriedade: US $ 22.180
• Taxas anuais de manutenção: US $ 1.000- $ 1.500
• Planos de pagamento flexíveis disponíveis

Recompensas de associação e benefícios de viagem

Travel + Leisure Co. oferece benefícios abrangentes de associação com:

Categoria de recompensa	Detalhes
Pontos Redenção	Mais de 1 milhão de pontos resgatados anualmente
Descontos de viagem	Até 40% de desconto nas taxas padrão

Travel + Leisure Co. (TNL) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de engajamento baseado em associação

A partir de 2024, a Travel + Leisure Co. opera com 1,2 milhão de membros ativos do Clube de férias em seu portfólio. A base de membros do Timeshare da empresa gera aproximadamente US $ 1,4 bilhão em receita anual de membros.

Segmento de associação	Total de membros	Gasto médio anual
Membros do clube de férias	1,200,000	$1,167
Membros de nível de elite	350,000	$2,450

Suporte personalizado ao cliente

A empresa mantém um Infraestrutura de atendimento ao cliente 24/7 com 850 representantes de suporte dedicado em vários canais.

• Tempo médio de resposta ao atendimento ao cliente: 12 minutos
• Classificação de satisfação do cliente: 87,5%
• Suporte multilíngue disponível em 5 idiomas

Plataformas de autoatendimento digital

A Travel + Leisure Co. investiu US $ 22 milhões em transformação digital, resultando em uma plataforma on-line abrangente, com 78% dos membros utilizando opções de autoatendimento digital.

Recurso da plataforma digital	Taxa de envolvimento do usuário
Reserva on -line	65%
Interações de aplicativos móveis	42%
Suporte ao cliente virtual	33%

Incentivos ao programa de fidelidade

O programa de fidelidade da empresa gera US $ 310 milhões em receita incremental com benefícios de associação em camadas.

• Membros do programa de fidelidade: 680.000
• Pontos médios Valor de resgate: US $ 275
• Investimento anual do programa de fidelidade: US $ 45 milhões

Comunicação e marketing regulares

A Travel + Leisure Co. aloca US $ 78 milhões anualmente à comunicação do cliente e às estratégias de marketing direcionadas.

Canal de comunicação	Alcançar	Taxa de engajamento
Marketing por e -mail	1,1 milhão de assinantes	22%
Campanhas de mídia social	850.000 seguidores	15%
Boletins personalizados	620.000 destinatários	28%

Travel + Leisure Co. (TNL) - Modelo de Negócios: Canais

Representantes de vendas diretas

A partir de 2024, a Travel + Leisure Co. emprega aproximadamente 750 representantes de vendas diretas na América do Norte.

Métrica do canal de vendas	Valor
Total de representantes de vendas diretas	750
Vendas anuais médias por representante	$487,000
Receita total de vendas direta	US $ 365,25 milhões

Plataformas de reserva on -line

Travel + Leisure Co. opera várias plataformas de reserva on -line com as seguintes métricas de desempenho digital:

• Visitantes mensais do site: 3,2 milhões
• Taxa de conversão de reservas on -line: 4,7%
• Receita da plataforma digital: US $ 215,6 milhões anualmente

Aplicativos móveis

Estatística de aplicativo móvel	Valor
Downloads de aplicativos móveis totais	2,1 milhões
Usuários ativos mensais	680,000
Receita de reserva móvel	US $ 87,3 milhões

Call centers

Travel + Leisure Co. mantém 12 locais de call center com 1.100 representantes de atendimento ao cliente.

Métrica de call center	Valor
Locais totais de call center	12
Representantes de atendimento ao cliente total	1,100
Chamadas médias tratadas por dia	22,500

Parcerias da agência de viagens

• Total Travel Agency Partners: 4.200
• Cobertura de parceria global: 47 países
• Receita de parceria: US $ 129,4 milhões anualmente

Métrica de Parceria	Valor
Total Travel Agency Partners	4,200
Países com cobertura de parceria	47
Receita anual de parceria	US $ 129,4 milhões

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

Viajantes de lazer

Em 2023, a Travel + Leisure Co. tem como alvo aproximadamente 45 milhões de viajantes de lazer em seu portfólio. A base de clientes da empresa abrange várias faixas etárias e preferências de viagem.

Faixa etária	Porcentagem de viajantes de lazer
25-34 anos	28%
35-44 anos	32%
45-54 anos	22%
55 anos ou mais	18%

Buscadores de propriedade de férias

A Travel + Leisure Co. gerencia aproximadamente 420.000 intervalos de propriedade de férias em 90 destinos em todo o mundo.

• Renda anual média de clientes de propriedade de férias: US $ 125.000
• MEMBROS DA Idade Média de Férias: 48 anos
• Repita taxa de compra: 82%

Viajantes internacionais frequentes

A empresa atende aproximadamente 2,5 milhões de viajantes internacionais anualmente por meio de suas marcas.

Região	Porcentagem de viajantes internacionais
América do Norte	65%
Europa	22%
Ásia -Pacífico	10%
Outras regiões	3%

Demografia de renda média a superior

A renda das famílias -alvo varia de US $ 100.000 a US $ 250.000 anualmente.

• Renda familiar média: US $ 175.000
• Gastos de viagem discricionários: US $ 6.500 por ano
• Taxa de engajamento digital: 92%

Famílias e casais que buscam experiências de férias

A Travel + Leisure Co. atende a aproximadamente 1,2 milhão de candidatos familiares e de férias anualmente.

Tipo de cliente	Percentagem
Famílias com crianças	58%
Casais sem filhos	35%
Grupos multigeracionais	7%

Travel + Leisure Co. (TNL) - Modelo de negócios: estrutura de custos

Despesas de vendas e marketing

Para o ano fiscal de 2022, a Travel + Leisure Co. registrou despesas totais de vendas e marketing de US $ 556 milhões, representando aproximadamente 22% da receita total.

Categoria de despesa	Valor (US $ milhões)	Porcentagem de receita
Marketing digital	187	7.4%
Publicidade tradicional	214	8.5%
Campanhas promocionais	155	6.1%

Manutenção de propriedades do resort

Os custos anuais de manutenção de propriedades do resort para 2022 totalizaram US $ 412 milhões.

• Manutenção de rotina: US $ 218 milhões
• Melhorias de capital: US $ 134 milhões
• Renovação e atualizações: US $ 60 milhões

Infraestrutura de tecnologia

As despesas de infraestrutura tecnológica para 2022 foram de US $ 124 milhões.

Categoria de despesa de tecnologia	Valor (US $ milhões)
Manutenção de sistemas de TI	47
Desenvolvimento da plataforma digital	38
Segurança cibernética	21
Computação em nuvem	18

Compensação dos funcionários

A compensação total dos funcionários em 2022 foi de US $ 738 milhões.

• Salários base: US $ 456 milhões
• Bônus e incentivos: US $ 182 milhões
• Benefícios e seguro: US $ 100 milhões

Custos de aquisição de clientes

Os custos de aquisição de clientes para 2022 totalizaram US $ 187 milhões, com um custo médio de aquisição de clientes de US $ 124 por novo cliente.

Canal de aquisição	Valor (US $ milhões)	Percentagem
Canais online	98	52.4%
Comissões de agentes de viagens	54	28.9%
Marketing direto	35	18.7%

Travel + Leisure Co. (TNL) - Modelo de negócios: fluxos de receita

Vendas de timeshare

Em 2022, a Travel + Leisure Co. registrou a receita de vendas do Timeshare de US $ 1,96 bilhão. A empresa opera 24 resorts de propriedade de férias em vários destinos.

Ano	Receita de vendas de timeshare	Número de resorts
2022	US $ 1,96 bilhão	24
2023	US $ 2,03 bilhões	25

Taxas de associação

A empresa gerou US $ 247 milhões em receita de taxa de associação em 2022, com uma taxa média anual de associação de US $ 79.

• Base total de associação: 4,4 milhões de membros
• Taxa média de retenção de associação: 85%

Taxas de transação de câmbio

As taxas de transação de câmbio atingiram US $ 135 milhões em 2022, com aproximadamente 1,2 milhão de transações de câmbio processadas.

Métrica	2022 Valor
Taxas de transação de câmbio	US $ 135 milhões
Número de transações de câmbio	1,2 milhão

Assinaturas de clubes de viagem

As assinaturas de clubes de viagem geraram US $ 92 milhões em receita para 2022, com 3 níveis distintos de clube de viagem.

• Assinatura básica de camada: US $ 49/ano
• Assinatura de nível premium: US $ 129/ano
• Assinatura de nível de elite: US $ 249/ano

Serviços de viagem auxiliares

Os serviços de viagem auxiliares contribuíram com US $ 178 milhões para a receita da empresa em 2022.

Categoria de serviço	Contribuição da receita
Seguro de viagem	US $ 62 milhões
Serviços de reserva	US $ 58 milhões
Pacotes de viagem adicionais	US $ 58 milhões

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.