Travel & Leisure (TNL) Gross Margin (2010 - 2026)

Travel & Leisure's (TNL) quarterly Gross Margin came in at 83.82% in Q2 2026, down 125.0% year-on-year from 335.28% in Q2 2025, and down 13.01% quarter-over-quarter from 96.36% in Q1 2026.

Travel & Leisure (TNL) Gross Margin (2010 - 2026) Analysis & Trends

Travel & Leisure's Gross Margin history runs 12 years deep, the most recent figure standing at 83.82% for Q2 2026.

  • On a quarterly basis, Gross Margin fell 125.0% year-over-year to 83.82% in Q2 2026; TTM through Jun 2026 was 98.66%, a 191.0% decrease from a year earlier, with the FY2025 full-year figure at 93.21%, down 441.0% from the prior year.
  • Gross Margin fell to 83.82% in Q2 2026 per TNL's latest filing, from 96.36% in the prior quarter.
  • Across five years, Gross Margin topped out at 133.47% in Q4 2024 and bottomed at 83.82% in Q2 2026.
  • The 5-year median for Gross Margin is 96.4% (2022), against an average of 97.25%.
  • Across the five-year window, Gross Margin jumped 3625 bps in 2024 and plunged 1737 bps in 2025, its largest moves.
  • Year by year, Gross Margin stood at 96.44% in 2022, then advanced by 1 bps to 97.22% in 2023, then jumped by 37 bps to 133.47% in 2024, then retreated by 13 bps to 116.1% in 2025, then dropped by 28 bps to 83.82% in 2026.
  • Per Business Quant, the three latest TNL Gross Margin figures stand at 83.82% (Q2 2026), 96.36% (Q1 2026), and 116.1% (Q4 2025).

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Gross Margin (Qtr)
1 Booking Holdings 136.54 Bn 120.51 Bn 3.46 Bn 62.62%
2 Royal Caribbean Cruises 86.11 Bn 85.59 Bn 2.21 Bn 49.53%
3 Airbnb 82.27 Bn 70.26 Bn 2.10 Bn 78.30%
4 Yatra Online 55.46 Bn 55.47 Bn 10.44 Mn 55.39%
5 Viking Holdings 44.18 Bn 40.37 Bn 713.43 Mn 41.37%
6 Carnival 34.61 Bn 32.38 Bn - -
7 Expedia 31.38 Bn 28.88 Bn 3.05 Bn 89.00%
8 Norwegian Cruise Line Holdings 8.54 Bn 8.35 Bn 953.34 Mn 40.89%
9 MakeMyTrip 5.02 Bn 4.60 Bn 199.14 Mn 79.62%
10 Travel & Leisure 4.58 Bn 4.29 Bn 891.00 Mn 83.82%

Historic Data

Download Data
DateValue
Jun 30, 2026 83.82%
Mar 31, 2026 96.36%
Dec 31, 2025 116.10%
Sep 30, 2025 98.75%
Jun 30, 2025 85.07%
Mar 31, 2025 86.72%
Dec 31, 2024 133.47%
Sep 30, 2024 97.28%
Jun 30, 2024 97.87%
Mar 31, 2024 86.79%
Dec 31, 2023 97.22%
Sep 30, 2023 95.64%
Jun 30, 2023 96.52%
Mar 31, 2023 96.59%
Dec 31, 2022 96.44%
Sep 30, 2022 95.84%
Jun 30, 2022 95.01%
Mar 31, 2022 95.06%
Dec 31, 2021 94.02%
Sep 30, 2021 94.87%