Travel & Leisure (TNL) Cost of Revenue (2017 - 2026)
Travel & Leisure (TNL) posted Cost of Revenue of $22 million for Q3 2026, up 69.2% from $13 million a year earlier but down 24.1% from the prior quarter.
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Analysis
Travel & Leisure (TNL) Cost of Revenue (2017 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, Cost of Revenue at Travel & Leisure was $301 million, up 349.3% year-over-year; for FY2025, it was $273 million, up 196.7% from FY2024.
- Annual Cost of Revenue shows a five-year compound annual growth rate of 167.3% (FY2020 to FY2025).
- In prior years, Travel & Leisure's Cost of Revenue was $92 million in FY2024 (-30.8%), $133 million in FY2023 (-15.3%), $157 million in FY2022 (unchanged) and $157 million in FY2021.
- Quarterly Cost of Revenue has run from a low of $10 million in Q4 2024 to a high of $215 million in Q4 2025 over five years.
- On a year-over-year basis, Cost of Revenue has increased in each of the last three quarters, with growth averaging 2.0% over the last seven quarters.
- The strongest year-over-year quarter for Cost of Revenue in the past five years was Q1 2022, with growth of 90.5%; the weakest was Q4 2024, with a decline of 61.5%.
- According to Business Quant data, Cost of Revenue for the three prior quarters was $29 million (Q2 2026), $35 million (Q1 2026) and $215 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 108.57 Bn | 106.84 Bn | 1.54 Bn | 5.46 Bn |
| 2 | Royal Caribbean Cruises | 87.25 Bn | 84.19 Bn | 2.88 Bn | 2.71 Bn |
| 3 | Hilton Worldwide Holdings | 83.02 Bn | 79.75 Bn | 3.05 Bn | 271.00 Mn |
| 4 | Carnival | 40.37 Bn | 33.56 Bn | - | - |
| 5 | Viking Holdings | 38.85 Bn | 23.97 Bn | 996.62 Mn | 1.19 Bn |
| 6 | Trip.com | 29.18 Bn | -15.85 Bn | 1.84 Bn | 466.00 Mn |
| 7 | Intercontinental Hotels | 27.60 Bn | 23.56 Bn | - | - |
| 8 | Hyatt Hotels | 17.33 Bn | 14.74 Bn | 384.00 Mn | 1.36 Bn |
| 9 | H World | 15.68 Bn | 7.08 Bn | 456.00 Mn | 594.00 Mn |
| 10 | Travel & Leisure | 4.62 Bn | 4.62 Bn | 1.08 Bn | 22.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 22.00 Mn |
| Jun 30, 2026 | 29.00 Mn |
| Mar 31, 2026 | 35.00 Mn |
| Dec 31, 2025 | 215.00 Mn |
| Sep 30, 2025 | 13.00 Mn |
| Jun 30, 2025 | 21.00 Mn |
| Mar 31, 2025 | 23.00 Mn |
| Dec 31, 2024 | 10.00 Mn |
| Sep 30, 2024 | 27.00 Mn |
| Jun 30, 2024 | 21.00 Mn |
| Mar 31, 2024 | 34.00 Mn |
| Dec 31, 2023 | 26.00 Mn |
| Sep 30, 2023 | 43.00 Mn |
| Jun 30, 2023 | 33.00 Mn |
| Mar 31, 2023 | 30.00 Mn |
| Dec 31, 2022 | 32.00 Mn |
| Sep 30, 2022 | 39.00 Mn |
| Jun 30, 2022 | 46.00 Mn |
| Mar 31, 2022 | 40.00 Mn |
| Dec 31, 2021 | 52.00 Mn |
API Access
Travel & Leisure Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=TNL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "TNL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=TNL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();