Travel & Leisure (TNL) Net Margin (2010 - 2026)
Travel & Leisure (TNL) recorded Net Margin of 9.81% in Q3 2026, down 0.82 percentage points from 10.63% a year earlier and down 0.44 percentage points from the prior quarter.
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Analysis
Travel & Leisure (TNL) Net Margin (2010 - 2026) Analysis & Trends
On a TTM basis, Travel & Leisure's Net Margin came in at 5.66% as of Sep 30, 2026, down 4.70 percentage points year-over-year; for FY2025, it was 5.72%, down 4.92 percentage points from FY2024.
- Annual Net Margin has a five-year change of +17.53 percentage points (FY2020 to FY2025).
- Across earlier years, Net Margin came in at 10.64% in FY2024 (+0.08 pp), 10.56% in FY2023 (+0.55 pp), 10.01% in FY2022 (+0.18 pp) and 9.83% in FY2021 (+21.63 pp).
- Quarterly Net Margin has ranged from -5.95% in Q4 2025 to 13.78% in Q4 2023 over the past five years.
- On a year-over-year basis, Net Margin rose in three of the last eight quarters, with an average year-over-year change of -2.69 percentage points.
- Peak year-over-year performance for Net Margin in the last five years was a gain of 11.99 percentage points in Q4 2021, against a drop of 18.21 percentage points in Q4 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at 10.25% (Q2 2026), 8.22% (Q1 2026) and -5.95% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 105.39 Bn | 103.43 Bn | 1.55 Bn | 10.83% |
| 2 | Royal Caribbean Cruises | 81.61 Bn | 78.54 Bn | 2.88 Bn | 30.91% |
| 3 | Hilton Worldwide Holdings | 79.79 Bn | 76.53 Bn | 3.05 Bn | 16.12% |
| 4 | Carnival | 39.37 Bn | 32.56 Bn | - | 22.76% |
| 5 | Viking Holdings | 38.86 Bn | 23.98 Bn | 996.62 Mn | 26.82% |
| 6 | Trip.com | 26.00 Bn | -19.04 Bn | 1.84 Bn | -15.64% |
| 7 | Intercontinental Hotels | 25.87 Bn | 21.84 Bn | - | - |
| 8 | Hyatt Hotels | 16.96 Bn | 14.38 Bn | 384.00 Mn | 3.33% |
| 9 | H World | 14.64 Bn | 6.04 Bn | 456.00 Mn | 22.10% |
| 10 | Travel & Leisure | 4.36 Bn | 4.36 Bn | 1.08 Bn | 9.81% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 9.81% |
| Jun 30, 2026 | 10.25% |
| Mar 31, 2026 | 8.22% |
| Dec 31, 2025 | -5.95% |
| Sep 30, 2025 | 10.63% |
| Jun 30, 2025 | 10.61% |
| Mar 31, 2025 | 7.82% |
| Dec 31, 2024 | 12.26% |
| Sep 30, 2024 | 9.77% |
| Jun 30, 2024 | 13.10% |
| Mar 31, 2024 | 7.21% |
| Dec 31, 2023 | 13.78% |
| Sep 30, 2023 | 11.16% |
| Jun 30, 2023 | 9.91% |
| Mar 31, 2023 | 7.28% |
| Dec 31, 2022 | 10.12% |
| Sep 30, 2022 | 12.38% |
| Jun 30, 2022 | 10.85% |
| Mar 31, 2022 | 6.30% |
| Dec 31, 2021 | 12.30% |
API Access
Travel & Leisure Net 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=net-margin&ticker=TNL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=TNL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();