Travel & Leisure (TNL) Operating Margin (2010 - 2026)
Travel & Leisure (TNL) posted quarterly Operating Margin of 19.76% for Q2 2026, down 48.0% year-over-year from 37.99% in Q2 2025, and up 19.4% quarter-over-quarter from 16.55% in Q1 2026.
Travel & Leisure (TNL) Operating Margin (2010 - 2026) Analysis & Trends
Travel & Leisure's Operating Margin history runs 17 years deep, the most recent figure standing at 19.76% for Q2 2026.
- In Q2 2026, Operating Margin fell 48.0% year-over-year to 19.76%; the TTM figure through Jun 2026 stood at 13.68% (down 565.0% YoY), while the FY2025 annual figure was 13.75%, down 522.0% from the prior year.
- Operating Margin for Q2 2026 stood at 19.76%, up from 16.55% in the prior quarter.
- The five-year high for Operating Margin was 21.22% in Q4 2024, with the low at 2.24% in Q4 2025.
- The 5-year median for Operating Margin is 19.24% (2023), against an average of 17.58%.
- The sharpest annual moves came in 2023 and 2025: Operating Margin soared 239 bps in 2023, then plunged 2346 bps in 2025.
- Travel & Leisure's Operating Margin stood at 18.02% in 2022, then gained by 13 bps to 20.41% in 2023, then gained by 4 bps to 21.22% in 2024, then slumped by 111 bps to 2.24% in 2025, then jumped by 980 bps to 19.76% in 2026.
- Business Quant data shows TNL's Operating Margin at 19.76% in Q2 2026, 16.55% in Q1 2026, and 2.24% in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 157.63 Bn | 140.41 Bn | 4.98 Bn | 34.00% |
| 2 | Airbnb | 106.16 Bn | 94.09 Bn | 2.98 Bn | 21.01% |
| 3 | Royal Caribbean Cruises | 81.03 Bn | 80.11 Bn | 2.29 Bn | 27.05% |
| 4 | Viking Holdings | 44.28 Bn | 40.47 Bn | 713.43 Mn | 20.91% |
| 5 | Carnival | 38.41 Bn | 36.17 Bn | - | 12.77% |
| 6 | Expedia | 38.31 Bn | 31.18 Bn | 3.91 Bn | 18.54% |
| 7 | Trip.com | 29.06 Bn | 17.36 Bn | 1.86 Bn | 24.34% |
| 8 | Norwegian Cruise Line Holdings | 8.36 Bn | 8.15 Bn | 1.05 Bn | 13.76% |
| 9 | MakeMyTrip | 5.80 Bn | 5.03 Bn | 212.91 Mn | 15.30% |
| 10 | Travel & Leisure | 4.62 Bn | 4.33 Bn | 891.00 Mn | 19.76% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 19.76% |
| Mar 31, 2026 | 16.55% |
| Dec 31, 2025 | -2.24% |
| Sep 30, 2025 | 20.50% |
| Jun 30, 2025 | 20.24% |
| Mar 31, 2025 | 16.70% |
| Dec 31, 2024 | 21.22% |
| Sep 30, 2024 | 19.03% |
| Jun 30, 2024 | 19.19% |
| Mar 31, 2024 | 16.38% |
| Dec 31, 2023 | 20.41% |
| Sep 30, 2023 | 20.99% |
| Jun 30, 2023 | 19.28% |
| Mar 31, 2023 | 15.70% |
| Dec 31, 2022 | 18.02% |
| Sep 30, 2022 | 20.17% |
| Jun 30, 2022 | 20.07% |
| Mar 31, 2022 | 14.46% |
| Dec 31, 2021 | 22.41% |
| Sep 30, 2021 | 22.17% |