Travel & Leisure (TNL) Gross Margin (2017 - 2026)
Travel & Leisure (TNL) reported Gross Margin of 98.00% for Q3 2026, down 0.75 percentage points from 98.75% a year earlier but up 0.73 percentage points from the prior quarter.
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Analysis
Travel & Leisure (TNL) Gross Margin (2017 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Travel & Leisure's Gross Margin came in at 92.75%, down 5.56 percentage points year-over-year; for FY2025, it was 93.21%, down 4.41 percentage points from FY2024.
- Gross Margin has a five-year change of -6.70 percentage points (FY2020 to FY2025).
- By year, Gross Margin came in at 97.62% in FY2024 (+1.17 pp), 96.45% in FY2023 (+0.85 pp), 95.60% in FY2022 (+0.61 pp) and 94.99% in FY2021 (-4.92 pp).
- Five-year quarterly Gross Margin spans a low of 79.02% in Q4 2025 and a high of 98.97% in Q4 2024.
- Year over year, Gross Margin has now declined in each of the last four quarters, with an average year-over-year change of -2.25 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was Q4 2022 (a gain of 2.42 percentage points); the low point was Q4 2025 (a drop of 19.95 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 97.27% (Q2 2026), 96.36% (Q1 2026) and 79.02% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 105.39 Bn | 103.43 Bn | 1.55 Bn | 21.98% |
| 2 | Royal Caribbean Cruises | 81.61 Bn | 78.54 Bn | 2.88 Bn | 51.51% |
| 3 | Hilton Worldwide Holdings | 79.79 Bn | 76.53 Bn | 3.05 Bn | 91.85% |
| 4 | Carnival | 39.37 Bn | 32.56 Bn | - | - |
| 5 | Viking Holdings | 38.86 Bn | 23.98 Bn | 996.62 Mn | 45.50% |
| 6 | Trip.com | 26.00 Bn | -19.04 Bn | 1.84 Bn | 79.81% |
| 7 | Intercontinental Hotels | 25.87 Bn | 21.84 Bn | - | - |
| 8 | Hyatt Hotels | 16.96 Bn | 14.38 Bn | 384.00 Mn | 22.03% |
| 9 | H World | 14.64 Bn | 6.04 Bn | 456.00 Mn | 43.43% |
| 10 | Travel & Leisure | 4.36 Bn | 4.36 Bn | 1.08 Bn | 98.00% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 98.00% |
| Jun 30, 2026 | 97.27% |
| Mar 31, 2026 | 96.36% |
| Dec 31, 2025 | 79.02% |
| Sep 30, 2025 | 98.75% |
| Jun 30, 2025 | 97.94% |
| Mar 31, 2025 | 97.54% |
| Dec 31, 2024 | 98.97% |
| Sep 30, 2024 | 97.28% |
| Jun 30, 2024 | 97.87% |
| 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% |
API Access
Travel & Leisure Gross 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=gross-margin&ticker=TNL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-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=gross-margin&ticker=TNL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();