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| Date | Value |
|---|---|
| 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% |