Vacation Ownership Interest Sales was Travel & Leisure’s largest product and service line in fiscal 2025, bringing in $1.85B of $4.02B (46%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Vacation Ownership Interest Sales | $1.48B | $1.58B | $1.72B | $1.85B | ||||||
| Property Management Fees & Reimbursable Revenues | — | — | $845.00M | $879.00M | ||||||
| Exchange Revenues | — | — | — | — | ||||||
| Transaction Revenues | $519.00M | $499.00M | $487.00M | — | ||||||
| Consumer Financing | $406.00M | $427.00M | $450.00M | $454.00M | ||||||
| Management Fee Revenue | $413.00M | $432.00M | — | — | ||||||
| Reimbursement Revenue | $350.00M | $382.00M | — | $426.00M | ||||||
| Subscription Revenue | $184.00M | $183.00M | $179.00M | $172.00M | ||||||
| Vacation Rental Revenues | — | — | — | — | ||||||
| Deferred Vacation Rental Revenue | — | — | — | — | ||||||
| Ancillary Revenues | $98.00M | $116.00M | $113.00M | $130.00M | ||||||
| Fee-For-Service Commissions | $116.00M | $131.00M | $71.00M | $78.00M | ||||||
| Exchange-Related Revenue | — | — | — | $35.00M | ||||||
| Corporate & Other | — | — | -$2.00M | — | ||||||
| Eliminations | — | — | — | — | ||||||
| Total | $3.57B | $3.75B | $3.86B | $4.02B |
Travel & Leisure brought in $4.02B from its eight product and service lines in fiscal 2025, the year ended December 31, 2025. Travel & Leisure regrouped these lines after fiscal 2024, so the total does not compare directly with that year's $3.86B. Vacation Ownership Interest Sales was the largest at $1.85B (45.9%), ahead of Property Management Fees & Reimbursable Revenues at $879.00M (21.9%) and Consumer Financing at $454.00M (11.3%). The other five lines brought in $841.00M combined.
Compared with fiscal 2024, Ancillary Revenues grew fastest, up 15.0% to $130.00M, while Subscription Revenue fell the most, down 3.9% to $172.00M.
Travel & Leisure stopped reporting Transaction Revenues ($487.00M in fiscal 2024) and Management Fee Revenue ($432.00M in fiscal 2023) as separate lines.
Vacation Ownership was Travel & Leisure’s largest segment in fiscal 2025, bringing in $3.36B of $4.02B (84%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vacation Ownership | $2.84B | $3.04B | $3.17B | $3.36B | |||||||||||||
| Exchange & Rentals | — | — | — | — | |||||||||||||
| Destination Network | — | — | — | — | |||||||||||||
| Vacation Exchange & Rentals | — | — | — | — | |||||||||||||
| Vacation Exchange | — | — | — | — | |||||||||||||
| Hotel Group | — | — | — | — | |||||||||||||
| Lodging | — | — | — | — | |||||||||||||
| Travel & Membership | $735.00M | $711.00M | $695.00M | $662.00M | |||||||||||||
| Intersegment Eliminations | — | -$7.00M | -$4.00M | — | |||||||||||||
| Corporate & Other | -$3.00M | $5.00M | $2.00M | -$2.00M | |||||||||||||
| Eliminations | — | — | — | — | |||||||||||||
| Total | $3.57B | $3.75B | $3.86B | $4.02B |
Travel & Leisure brought in $4.02B from its three segments in fiscal 2025, the year ended December 31, 2025. Travel & Leisure regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $3.86B. Vacation Ownership was the largest at $3.36B (83.6%), ahead of Travel & Membership at $662.00M (16.5%).
Compared with fiscal 2024, Vacation Ownership grew 6.0% to $3.36B, while Travel & Membership fell 4.7% to $662.00M. From fiscal 2022 to 2025, combined revenue from these segments grew from $3.57B to $4.02B, a compound annual growth rate of 4.1%. Vacation Ownership's share of the total rose from 79.5% to 83.6%.
The total is net of Corporate & Other, which took $2.00M off revenue in fiscal 2025.
United States was Travel & Leisure’s largest region in fiscal 2025, bringing in $3.55B of $4.02B (88%).
| Geography | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | 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 product and service, by segment and by geography. In fiscal 2025, Vacation Ownership Interest Sales was its largest product and service line, bringing in $1.85B (45.9% of the total), followed by Property Management Fees & Reimbursable Revenues at $879.00M (21.9%).
Vacation Ownership Interest Sales was Travel & Leisure's largest product and service line in fiscal 2025, bringing in $1.85B, or 45.9% of the $4.02B total across its eight product and service lines.
Vacation Ownership was Travel & Leisure's largest segment in fiscal 2025, bringing in $3.36B, or 83.6% of the $4.02B total across its three 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.
United States grew faster than Non-Us in fiscal 2025, up 4.1% from $3.40B to $3.55B. Non-Us grew 3.5% to $476.00M.
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 product and service goes back to fiscal 2016, 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.