Travel & Leisure (TNL) EBITDA Margin (2010 - 2026)
Travel & Leisure's EBITDA Margin was 20.89% in Q3 2026, down 2.58 percentage points from 23.47% a year earlier and down 1.88 percentage points from the prior quarter.
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Analysis
Travel & Leisure (TNL) EBITDA Margin (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Travel & Leisure's EBITDA Margin was 16.19% through Sep 30, 2026, down 6.57 percentage points year-over-year; for FY2025, it came in at 16.84%, down 5.11 percentage points from FY2024.
- EBITDA Margin shows a five-year change of +15.86 percentage points (FY2020 to FY2025).
- In earlier years, EBITDA Margin was 21.95% in FY2024 (-0.24 pp), 22.19% in FY2023 (+0.54 pp), 21.64% in FY2022 (-2.03 pp) and 23.68% in FY2021 (+22.70 pp).
- Quarterly EBITDA Margin has moved between 0.88% (Q4 2025) and 25.98% (Q4 2021) over five years.
- Compared with a year earlier, EBITDA Margin has declined for four straight quarters, with an average year-over-year change of -2.83 percentage points over the last eight quarters.
- The best year-over-year quarter for EBITDA Margin over five years was Q4 2021 (a gain of 7.84 percentage points); the worst was Q4 2025 (a drop of 23.32 percentage points).
- Per Business Quant data, TNL's EBITDA Margin in the three quarters before Q3 2026 was 22.77% (Q2 2026), 19.88% (Q1 2026) and 0.88% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 105.39 Bn | 103.43 Bn | 1.55 Bn | 20.52% |
| 2 | Royal Caribbean Cruises | 81.61 Bn | 78.54 Bn | 2.88 Bn | 42.26% |
| 3 | Hilton Worldwide Holdings | 79.79 Bn | 76.53 Bn | 3.05 Bn | 29.38% |
| 4 | Carnival | 39.37 Bn | 32.56 Bn | - | 35.58% |
| 5 | Viking Holdings | 38.86 Bn | 23.98 Bn | 996.62 Mn | 33.61% |
| 6 | Trip.com | 26.00 Bn | -19.04 Bn | 1.84 Bn | - |
| 7 | Intercontinental Hotels | 25.87 Bn | 21.84 Bn | - | - |
| 8 | Hyatt Hotels | 16.96 Bn | 14.38 Bn | 384.00 Mn | -62.25% |
| 9 | H World | 14.64 Bn | 6.04 Bn | 456.00 Mn | 35.52% |
| 10 | Travel & Leisure | 4.36 Bn | 4.36 Bn | 1.08 Bn | 20.89% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 20.89% |
| Jun 30, 2026 | 22.77% |
| Mar 31, 2026 | 19.88% |
| Dec 31, 2025 | 0.88% |
| Sep 30, 2025 | 23.47% |
| Jun 30, 2025 | 23.28% |
| Mar 31, 2025 | 19.91% |
| Dec 31, 2024 | 24.20% |
| Sep 30, 2024 | 22.05% |
| Jun 30, 2024 | 22.03% |
| Mar 31, 2024 | 19.43% |
| Dec 31, 2023 | 23.50% |
| Sep 30, 2023 | 23.83% |
| Jun 30, 2023 | 22.13% |
| Mar 31, 2023 | 18.89% |
| Dec 31, 2022 | 21.13% |
| Sep 30, 2022 | 23.37% |
| Jun 30, 2022 | 23.43% |
| Mar 31, 2022 | 18.17% |
| Dec 31, 2021 | 25.98% |
API Access
Travel & Leisure EBITDA Margin 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=ebitda-margin&ticker=TNL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "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=ebitda-margin&ticker=TNL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();