Travel + Leisure Company (NYSE:TNL) delivered fourth-quarter 2025 net revenue of $1.03 billion, with gross VOI sales rising 8% year over year to $638 million.
The increase was driven by 5% growth in tours and 2% growth in volume per guest (VPG), reflecting continued strength in sales efficiency and consumer spending on vacation ownership products.
The company recorded a net loss of $61 million, or $0.95 per diluted share, primarily due to $210 million in inventory write-downs and impairments related to the Resort Optimization Initiative.
Adjusted EBITDA came in at $272 million, while adjusted diluted EPS reached $1.83.
For the full year 2025, net revenue totaled $4.02 billion, and gross VOI sales increased 8% to $2.49 billion, supported by 6% VPG growth and 3% tour growth.
Net income was $230 million, or $3.44 per diluted share, inclusive of $216 million in Resort Optimization-related charges.
Adjusted EBITDA rose to $990 million, and adjusted diluted EPS was $6.34.
Looking ahead, Travel + Leisure Company guided full-year 2026 adjusted EBITDA to a range of $1.03 billion to $1.055 billion.