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Side-by-side financial comparison of Travel & Leisure Co. (TNL) and WYNDHAM HOTELS & RESORTS, INC. (WH), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Travel & Leisure Co. is the larger business by last-quarter revenue ($1.0B vs $334.0M, roughly 3.1× WYNDHAM HOTELS & RESORTS, INC.). Travel & Leisure Co. runs the higher net margin — -6.0% vs -18.0%, a 11.9% gap on every dollar of revenue. On growth, Travel & Leisure Co. posted the faster year-over-year revenue change (5.7% vs -0.6%). WYNDHAM HOTELS & RESORTS, INC. produced more free cash flow last quarter ($136.0M vs $92.0M). Over the past eight quarters, Travel & Leisure Co.'s revenue compounded faster (5.8% CAGR vs 4.6%).
Travel + Leisure Co. is an American timeshare company headquartered in Orlando, Florida. It develops, sells, and manages timeshare properties under several vacation ownership clubs, including Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, and Accor Vacation Club. The company provides timeshare exchange services, primarily through RCI, and travel clubs including Travel + Leisure GO.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
TNL vs WH — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $334.0M |
| Net Profit | $-62.0M | $-60.0M |
| Gross Margin | 78.9% | — |
| Operating Margin | -2.2% | -11.4% |
| Net Margin | -6.0% | -18.0% |
| Revenue YoY | 5.7% | -0.6% |
| Net Profit YoY | -152.1% | -170.6% |
| EPS (diluted) | $-0.92 | $-0.77 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.0B | $334.0M | ||
| Q3 25 | $1.0B | $382.0M | ||
| Q2 25 | $1.0B | $397.0M | ||
| Q1 25 | $934.0M | $316.0M | ||
| Q4 24 | $970.0M | $336.0M | ||
| Q3 24 | $993.0M | $396.0M | ||
| Q2 24 | $985.0M | $367.0M | ||
| Q1 24 | $916.0M | $305.0M |
| Q4 25 | $-62.0M | $-60.0M | ||
| Q3 25 | $111.0M | $105.0M | ||
| Q2 25 | $108.0M | $87.0M | ||
| Q1 25 | $73.0M | $61.0M | ||
| Q4 24 | $119.0M | $85.0M | ||
| Q3 24 | $97.0M | $102.0M | ||
| Q2 24 | $129.0M | $86.0M | ||
| Q1 24 | $66.0M | $16.0M |
| Q4 25 | 78.9% | — | ||
| Q3 25 | 98.8% | — | ||
| Q2 25 | 97.9% | — | ||
| Q1 25 | 97.5% | — | ||
| Q4 24 | 99.0% | — | ||
| Q3 24 | 97.3% | — | ||
| Q2 24 | 97.9% | — | ||
| Q1 24 | 96.3% | — |
| Q4 25 | -2.2% | -11.4% | ||
| Q3 25 | 20.5% | 46.6% | ||
| Q2 25 | 20.2% | 37.8% | ||
| Q1 25 | 16.7% | 35.4% | ||
| Q4 24 | 21.1% | 38.4% | ||
| Q3 24 | 19.0% | 43.2% | ||
| Q2 24 | 19.2% | 39.5% | ||
| Q1 24 | 16.4% | 16.4% |
| Q4 25 | -6.0% | -18.0% | ||
| Q3 25 | 10.6% | 27.5% | ||
| Q2 25 | 10.6% | 21.9% | ||
| Q1 25 | 7.8% | 19.3% | ||
| Q4 24 | 12.3% | 25.3% | ||
| Q3 24 | 9.8% | 25.8% | ||
| Q2 24 | 13.1% | 23.4% | ||
| Q1 24 | 7.2% | 5.2% |
| Q4 25 | $-0.92 | $-0.77 | ||
| Q3 25 | $1.67 | $1.36 | ||
| Q2 25 | $1.62 | $1.13 | ||
| Q1 25 | $1.07 | $0.78 | ||
| Q4 24 | $1.70 | $1.06 | ||
| Q3 24 | $1.39 | $1.29 | ||
| Q2 24 | $1.81 | $1.07 | ||
| Q1 24 | $0.92 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $271.0M | $64.0M |
| Total DebtLower is stronger | $5.6B | $2.5B |
| Stockholders' EquityBook value | $-981.0M | $468.0M |
| Total Assets | $6.8B | $4.2B |
| Debt / EquityLower = less leverage | — | 5.37× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $271.0M | $64.0M | ||
| Q3 25 | $240.0M | $70.0M | ||
| Q2 25 | $212.0M | $50.0M | ||
| Q1 25 | $188.0M | $48.0M | ||
| Q4 24 | $185.0M | $103.0M | ||
| Q3 24 | $194.0M | $72.0M | ||
| Q2 24 | $166.0M | $70.0M | ||
| Q1 24 | $479.0M | $50.0M |
| Q4 25 | $5.6B | $2.5B | ||
| Q3 25 | $5.6B | $2.6B | ||
| Q2 25 | $5.6B | $2.5B | ||
| Q1 25 | $5.7B | $2.5B | ||
| Q4 24 | $5.6B | $2.4B | ||
| Q3 24 | $5.6B | $2.4B | ||
| Q2 24 | $5.6B | $2.4B | ||
| Q1 24 | $5.9B | $2.2B |
| Q4 25 | $-981.0M | $468.0M | ||
| Q3 25 | $-821.0M | $583.0M | ||
| Q2 25 | $-852.0M | $570.0M | ||
| Q1 25 | $-903.0M | $579.0M | ||
| Q4 24 | $-881.0M | $650.0M | ||
| Q3 24 | $-862.0M | $583.0M | ||
| Q2 24 | $-885.0M | $623.0M | ||
| Q1 24 | $-926.0M | $674.0M |
| Q4 25 | $6.8B | $4.2B | ||
| Q3 25 | $6.9B | $4.3B | ||
| Q2 25 | $6.8B | $4.3B | ||
| Q1 25 | $6.8B | $4.2B | ||
| Q4 24 | $6.7B | $4.2B | ||
| Q3 24 | $6.7B | $4.2B | ||
| Q2 24 | $6.7B | $4.2B | ||
| Q1 24 | $7.0B | $4.1B |
| Q4 25 | — | 5.37× | ||
| Q3 25 | — | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | — | 3.83× | ||
| Q1 24 | — | 3.27× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $124.0M | $152.0M |
| Free Cash FlowOCF − Capex | $92.0M | $136.0M |
| FCF MarginFCF / Revenue | 9.0% | 40.7% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 3.1% | 4.8% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $523.0M | $321.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $124.0M | $152.0M | ||
| Q3 25 | $163.0M | $86.0M | ||
| Q2 25 | $232.0M | $70.0M | ||
| Q1 25 | $121.0M | $59.0M | ||
| Q4 24 | $98.0M | $134.0M | ||
| Q3 24 | $145.0M | $79.0M | ||
| Q2 24 | $174.0M | $1.0M | ||
| Q1 24 | $47.0M | $76.0M |
| Q4 25 | $92.0M | $136.0M | ||
| Q3 25 | $136.0M | $75.0M | ||
| Q2 25 | $195.0M | $58.0M | ||
| Q1 25 | $100.0M | $52.0M | ||
| Q4 24 | $75.0M | $109.0M | ||
| Q3 24 | $125.0M | $71.0M | ||
| Q2 24 | $153.0M | $-6.0M | ||
| Q1 24 | $30.0M | $67.0M |
| Q4 25 | 9.0% | 40.7% | ||
| Q3 25 | 13.0% | 19.6% | ||
| Q2 25 | 19.2% | 14.6% | ||
| Q1 25 | 10.7% | 16.5% | ||
| Q4 24 | 7.7% | 32.4% | ||
| Q3 24 | 12.6% | 17.9% | ||
| Q2 24 | 15.5% | -1.6% | ||
| Q1 24 | 3.3% | 22.0% |
| Q4 25 | 3.1% | 4.8% | ||
| Q3 25 | 2.6% | 2.9% | ||
| Q2 25 | 3.6% | 3.0% | ||
| Q1 25 | 2.2% | 2.2% | ||
| Q4 24 | 2.4% | 7.4% | ||
| Q3 24 | 2.0% | 2.0% | ||
| Q2 24 | 2.1% | 1.9% | ||
| Q1 24 | 1.9% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | 0.82× | ||
| Q2 25 | 2.15× | 0.80× | ||
| Q1 25 | 1.66× | 0.97× | ||
| Q4 24 | 0.82× | 1.58× | ||
| Q3 24 | 1.49× | 0.77× | ||
| Q2 24 | 1.35× | 0.01× | ||
| Q1 24 | 0.71× | 4.75× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
TNL
| Vacation Ownership Interest Sales | $495.0M | 48% |
| Travel And Membership | $147.0M | 14% |
| Management Fee Revenue | $112.0M | 11% |
| Reimbursement Revenue | $109.0M | 11% |
| Transaction Revenues | $97.0M | 9% |
| Subscription Revenue | $43.0M | 4% |
| Ancillary Revenues | $32.0M | 3% |
| Other Revenue | $31.0M | 3% |
WH
Segment breakdown not available.
