Travel & Leisure (TNL) Operating Margin (2010 - 2026)
Travel & Leisure (TNL) recorded Operating Margin of 17.71% in Q3 2026, down 2.79 percentage points from 20.50% a year earlier and down 2.04 percentage points from the prior quarter.
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Analysis
Travel & Leisure (TNL) Operating Margin (2010 - 2026) Analysis & Trends
On a TTM basis, Travel & Leisure's Operating Margin came in at 13.04% as of Sep 30, 2026, down 6.68 percentage points year-over-year; for FY2025, it was 13.75%, down 5.22 percentage points from FY2024.
- Annual Operating Margin has a five-year change of +18.61 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 18.97% in FY2024 (-0.23 pp), 19.20% in FY2023 (+0.89 pp), 18.31% in FY2022 (-1.41 pp) and 19.72% in FY2021 (+24.58 pp).
- Quarterly Operating Margin has ranged from -2.24% in Q4 2025 to 22.41% in Q4 2021 over the past five years.
- On a year-over-year basis, Operating Margin has declined for four consecutive quarters, with an average year-over-year change of -2.90 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 9.24 percentage points in Q4 2021, against a drop of 23.46 percentage points in Q4 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at 19.76% (Q2 2026), 16.55% (Q1 2026) and -2.24% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 102.85 Bn | 100.89 Bn | 1.55 Bn | 17.38% |
| 2 | Royal Caribbean Cruises | 79.86 Bn | 77.00 Bn | 2.88 Bn | 33.46% |
| 3 | Hilton Worldwide Holdings | 78.02 Bn | 74.79 Bn | 3.05 Bn | 27.34% |
| 4 | Viking Holdings | 38.98 Bn | 24.11 Bn | 996.62 Mn | 29.40% |
| 5 | Carnival | 37.76 Bn | 30.96 Bn | - | 26.32% |
| 6 | Intercontinental Hotels | 27.65 Bn | 23.62 Bn | - | - |
| 7 | Trip.com | 25.05 Bn | -19.74 Bn | 1.84 Bn | -9.36% |
| 8 | Hyatt Hotels | 16.34 Bn | 13.82 Bn | 388.00 Mn | -71.84% |
| 9 | H World | 13.85 Bn | 5.28 Bn | 456.00 Mn | 31.05% |
| 10 | Travel & Leisure | 4.12 Bn | 4.12 Bn | 1.08 Bn | 17.71% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 17.71% |
| 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% |
API Access
Travel & Leisure Operating 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=operating-margin&ticker=TNL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=TNL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();