Travel & Leisure (TNL) Gross Margin (2010 - 2026)
Travel & Leisure (TNL) recorded quarterly Gross Margin of 96.36% in Q1 2026, down 17.0% quarter-over-quarter from 116.1% in Q4 2025, and down 118.0% on a YoY basis from 535.32% in Q1 2025.
Travel & Leisure (TNL) Gross Margin (2010 - 2026) Analysis & Trends
Travel & Leisure's Gross Margin history runs 17 years deep, the most recent figure standing at 96.36% for Q1 2026.
- In Q1 2026, Gross Margin fell 118.0% year-over-year to 96.36%; the TTM figure through Mar 2026 stood at 102.37% (down 100.0% YoY), while the FY2025 annual figure was 93.21%, down 441.0% from the prior year.
- Gross Margin was 96.36% for Q1 2026 at Travel & Leisure, down from 116.1% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 133.47% in Q4 2024 to a low of 85.38% in Q2 2024.
- Historically, Gross Margin has averaged 99.26% across 5 years, with a median of 96.52% in 2023.
- The sharpest annual moves came in 2024 and 2025: Gross Margin surged 3625 bps in 2024, then plunged 1737 bps in 2025.
- A 5-year view of Gross Margin shows it 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 slipped by 17 bps to 96.36% in 2026.
- The last three Gross Margin figures came in at 96.36% (Q1 2026), 116.1% (Q4 2025), and 98.75% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 131.01 Bn | 114.99 Bn | 3.46 Bn | 62.62% |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 78.30% |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 49.53% |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | - |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | 89.00% |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 40.89% |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 85.00% |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 96.36% |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | 78.84% |
| 10 | MakeMyTrip | 2.12 Bn | 1.35 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 96.36% |
| Dec 31, 2025 | 116.10% |
| Sep 30, 2025 | 98.75% |
| Jun 30, 2025 | 97.94% |
| Mar 31, 2025 | 97.54% |
| Dec 31, 2024 | 133.47% |
| Sep 30, 2024 | 97.28% |
| Jun 30, 2024 | 85.38% |
| Mar 31, 2024 | 96.29% |
| 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% |
| Jun 30, 2021 | 94.86% |