Travel & Leisure (TNL) Operating Expenses (2010 - 2026)
Travel & Leisure (TNL) reported Operating Expenses of $853 million for Q2 2026, up 5.0% from $812 million a year earlier and up 6.4% from the prior quarter.
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Analysis
Travel & Leisure (TNL) Operating Expenses (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Travel & Leisure's Operating Expenses came in at $3.53 billion, up 11.8% year-over-year; for FY2025, it came in at $3.47 billion, up 10.8% from FY2024.
- Operating Expenses has increased for five consecutive years, with a five-year compound annual growth rate of 8.9% (FY2020 to FY2025).
- By year, Operating Expenses came in at $3.13 billion in FY2024 (+3.4%), $3.03 billion in FY2023 (+3.9%), $2.91 billion in FY2022 (+15.8%) and $2.52 billion in FY2021 (+11.1%).
- Five-year quarterly Operating Expenses spans a low of $653 million in Q3 2021 and a high of $1.05 billion in Q4 2025.
- Year over year, Operating Expenses has now increased in each of the last 21 quarters, with growth averaging 7.2% over the last eight quarters.
- The year-over-year growth in Operating Expenses has ranged between 1.1% (Q4 2023) and 37.0% (Q4 2025) over the last five years.
- Per Business Quant data, the three quarters before Q2 2026 came in at $802 million (Q1 2026), $1.05 billion (Q4 2025) and $830 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 92.75 Bn | 90.79 Bn | 1.55 Bn | 5.84 Bn |
| 2 | Hilton Worldwide Holdings | 71.81 Bn | 68.29 Bn | 3.08 Bn | 2.48 Bn |
| 3 | Royal Caribbean Cruises | 71.17 Bn | 68.75 Bn | 2.29 Bn | 513.00 Mn |
| 4 | Viking Holdings | 35.31 Bn | 20.44 Bn | 996.62 Mn | -268.67 Mn |
| 5 | Carnival | 33.05 Bn | 26.25 Bn | - | 4.63 Bn |
| 6 | Intercontinental Hotels | 26.49 Bn | 22.05 Bn | - | - |
| 7 | Trip.com | 25.40 Bn | -20.15 Bn | 1.84 Bn | -1.49 Bn |
| 8 | Hyatt Hotels | 14.95 Bn | 12.43 Bn | 388.00 Mn | 1.70 Bn |
| 9 | H World | 13.15 Bn | 4.07 Bn | - | -753.00 Mn |
| 10 | Travel & Leisure | 3.79 Bn | 3.79 Bn | 1.03 Bn | 853.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 853.00 Mn |
| Mar 31, 2026 | 802.00 Mn |
| Dec 31, 2025 | 1.05 Bn |
| Sep 30, 2025 | 830.00 Mn |
| Jun 30, 2025 | 812.00 Mn |
| Mar 31, 2025 | 778.00 Mn |
| Dec 31, 2024 | 765.00 Mn |
| Sep 30, 2024 | 804.00 Mn |
| Jun 30, 2024 | 796.00 Mn |
| Mar 31, 2024 | 766.00 Mn |
| Dec 31, 2023 | 745.00 Mn |
| Sep 30, 2023 | 779.00 Mn |
| Jun 30, 2023 | 766.00 Mn |
| Mar 31, 2023 | 739.00 Mn |
| Dec 31, 2022 | 737.00 Mn |
| Sep 30, 2022 | 748.00 Mn |
| Jun 30, 2022 | 737.00 Mn |
| Mar 31, 2022 | 692.00 Mn |
| Dec 31, 2021 | 675.00 Mn |
| Sep 30, 2021 | 653.00 Mn |
API Access
Travel & Leisure Operating Expenses 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=operating-expenses&ticker=TNL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=TNL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();