Vacation Ownership Interest Sales was Travel & Leisure’s largest segment in fiscal 2025, bringing in $1.85B of $4.03B (46%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Service & Membership Fees | — | — | — | — | |||||
| Vacation Ownership Interest Sales | $1.48B | $1.58B | $1.72B | $1.85B | |||||
| Exchange Revenues | — | — | — | — | |||||
| Transaction Revenues | $519.00M | $499.00M | $487.00M | $463.00M | |||||
| Consumer Financing | $406.00M | $427.00M | $450.00M | $454.00M | |||||
| Management Fee Revenue | $413.00M | $432.00M | $448.00M | $453.00M | |||||
| Reimbursement Revenue | $350.00M | $382.00M | $397.00M | $426.00M | |||||
| Subscription Revenue | $184.00M | $183.00M | $179.00M | $172.00M | |||||
| Deferred Subscription Revenue | — | — | — | — | |||||
| Vacation Rental Revenues | — | — | — | — | |||||
| Deferred Vacation Rental Revenue | — | — | — | — | |||||
| Fee-For-Service Commissions | $116.00M | $131.00M | $71.00M | $78.00M | |||||
| Ancillary Revenues | $66.00M | $92.00M | $86.00M | $105.00M | |||||
| Other | — | — | — | — | |||||
| Exchange-Related Revenue | $31.00M | $36.00M | $35.00M | $35.00M | |||||
| Other Exchange-Related Revenue | — | — | — | — | |||||
| Exchange Services | — | — | — | — | |||||
| Eliminations | -$3.00M | -$7.00M | -$4.00M | -$4.00M | |||||
| Total | $3.57B | $3.76B | $3.87B | $4.03B |
Travel & Leisure brought in $4.03B from its 10 segments in fiscal 2025, the year ended December 31, 2025. That was up 4.1% from $3.87B in fiscal 2024. Vacation Ownership Interest Sales was the largest at $1.85B (45.8%), ahead of Transaction Revenues at $463.00M (11.5%) and Consumer Financing at $454.00M (11.3%). The other six segments brought in $1.27B combined.
Compared with fiscal 2024, Ancillary Revenues grew fastest, up 22.1% to $105.00M, while Transaction Revenues fell the most, down 4.9% to $463.00M. From fiscal 2022 to 2025, combined revenue from these segments grew from $3.57B to $4.03B, a compound annual growth rate of 4.2%. Vacation Ownership Interest Sales' share of the total rose from 41.6% to 45.8%.
The total is net of Eliminations, which took $4.00M off revenue in fiscal 2025.
Vacation Ownership was Travel & Leisure’s largest segment in fiscal 2025, bringing in $1.85B of $2.31B (80%).
| Statement Business Segments | FY 2010 | FY 2010 | FY 2010 | FY 2011 | FY 2011 | FY 2011 | FY 2012 | FY 2012 | FY 2012 | FY 2012 | FY 2013 | FY 2013 | FY 2013 | FY 2013 | FY 2014 | FY 2014 | FY 2014 | FY 2015 | FY 2015 | FY 2015 | FY 2016 | FY 2016 | FY 2016 | FY 2016 | FY 2017 | FY 2017 | FY 2017 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vacation Ownership | $763.00M | $814.00M | $1.72B | $1.85B | ||||||||||||||||||||||||||||||||
| Travel & Membership | $735.00M | $711.00M | $487.00M | $463.00M | ||||||||||||||||||||||||||||||||
| Destination Network | — | — | — | — | ||||||||||||||||||||||||||||||||
| Exchange &Amp; Rentals | — | — | — | — | ||||||||||||||||||||||||||||||||
| Vacation Exchange & Rentals | — | — | — | — | ||||||||||||||||||||||||||||||||
| Hotel Group | — | — | — | — | ||||||||||||||||||||||||||||||||
| Lodging | — | — | — | — | ||||||||||||||||||||||||||||||||
| Vacation Exchange | — | — | — | — | ||||||||||||||||||||||||||||||||
| Corporate & Other | — | — | — | — | ||||||||||||||||||||||||||||||||
| Total | $1.50B | $1.53B | $2.21B | $2.31B |
Travel & Leisure brought in $2.31B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $4.03B it reports by segment, so these segments do not cover all of its revenue. Vacation Ownership was the largest at $1.85B (80.0%), ahead of Travel & Membership at $463.00M (20.0%).
Compared with fiscal 2024, Vacation Ownership grew 7.3% to $1.85B, while Travel & Membership fell 4.9% to $463.00M.
United States was Travel & Leisure’s largest region in fiscal 2025, bringing in $3.55B of $4.02B (88%).
| Geography | FY 2012 | FY 2013 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $3.17B | $3.32B | $3.40B | $3.55B | ||||||||
| All Other Countries | $401.00M | — | — | — | ||||||||
| Non-Us | — | $430.00M | $460.00M | $476.00M | ||||||||
| United Kingdom | — | — | — | — | ||||||||
| Netherlands | — | — | — | — | ||||||||
| Total | $3.57B | $3.75B | $3.86B | $4.02B |
Travel & Leisure brought in $4.02B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 4.1% from $3.86B in fiscal 2024. United States was the largest at $3.55B (88.2%), ahead of Non-Us at $476.00M (11.8%).
Compared with fiscal 2024, United States grew 4.1% to $3.55B and Non-Us grew 3.5% to $476.00M.
Travel & Leisure began breaking out Non-Us in fiscal 2023, when it brought in $430.00M. Travel & Leisure stopped reporting All Other Countries as a separate region after fiscal 2022, when it brought in $401.00M.
Travel & Leisure (TNL) reports its revenue by segment, by statement business segments and by geography. In fiscal 2025, Vacation Ownership Interest Sales was its largest segment, bringing in $1.85B (45.8% of the total), followed by Transaction Revenues at $463.00M (11.5%).
Vacation Ownership Interest Sales was Travel & Leisure's largest segment in fiscal 2025, bringing in $1.85B, or 45.8% of the $4.03B total across its 10 segments.
United States was Travel & Leisure's largest region in fiscal 2025, bringing in $3.55B, or 88.2% of the $4.02B total across its two regions.
Among Travel & Leisure's segments that make up at least 2% of revenue, Ancillary Revenues grew fastest in fiscal 2025, up 22.1% from $86.00M to $105.00M.
Every figure comes from Travel & Leisure's annual financial filings, as reported. Each line keeps the name Travel & Leisure gives it, and years follow its fiscal calendar.
Travel & Leisure's revenue by segment goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.