Travel & Leisure Co.
For the period ended Sep 30, 2025. Filed Oct 22, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 22, 2025
TNL$80.35+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2025 | 2024 | |
| Operating activities | ||
| Net income | $291 | $292 |
| Gain on disposal of discontinued business, net of income taxes | — | (32) |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for loan losses | 365 | 316 |
| Depreciation and amortization | 92 | 86 |
| Deferred income taxes | 41 | 11 |
| Stock-based compensation | 38 | 29 |
| Non-cash interest | 18 | 18 |
| Non-cash lease expense | 10 | 10 |
| Asset impairments | 8 | 2 |
| Other, net | (2) | (7) |
| Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ||
| Trade receivables | (5) | 40 |
| Vacation ownership contract receivables | (340) | (405) |
| Inventory | (41) | — |
| Prepaid expenses | (13) | (5) |
| Other assets | 13 | 5 |
| Accounts payable, accrued expenses, and other liabilities | 14 | 6 |
| Deferred income | 27 | — |
| Net cash provided by operating activities | 516 | 366 |
| Investing activities | ||
| Property and equipment additions | (85) | (58) |
| Proceeds from the sale of investments | 18 | — |
| Purchase of investments | (10) | — |
| Acquisitions, net of cash acquired | (1) | (44) |
| Proceeds from sale of assets | — | 1 |
| Net cash used in investing activities | (78) | (101) |
| Financing activities | ||
| Proceeds from non-recourse vacation ownership debt | 1,157 | 1,251 |
| Principal payments on non-recourse vacation ownership debt | (1,263) | (1,294) |
| Proceeds from debt | 1,723 | 1,503 |
| Principal payments on debt | (1,786) | (1,236) |
| Proceeds from notes issued | 500 | — |
| Repayment of notes and term loans | (357) | (307) |
| Repurchase of common stock | (211) | (162) |
| Dividends paid to shareholders | (114) | (108) |
| Debt issuance/modification costs | (22) | (12) |
| Net share settlement of incentive equity awards | (14) | (9) |
| Payment of deferred acquisition consideration | — | (9) |
| Proceeds from issuance of common stock | 27 | 9 |
| Net cash used in financing activities | (360) | (374) |
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | 7 | — |
| Net change in cash, cash equivalents and restricted cash | 85 | (109) |
| Cash, cash equivalents and restricted cash, beginning of period | 329 | 458 |
| Cash, cash equivalents and restricted cash, end of period | 414 | 349 |
| Less: Restricted cash | 174 | 155 |
| Cash and cash equivalents | $240 | $194 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.