Travel & Leisure Co.
For the period ended Sep 30, 2026. Filed Oct 27, 2026.
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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, 2026 · Filed Oct 27, 2026
TNL$80.35+2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
(In millions)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2026 | 2025 | |
| Operating activities | ||
| Net income | $296 | $291 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for loan losses | 389 | 365 |
| Depreciation and amortization | 99 | 92 |
| Stock-based compensation | 43 | 38 |
| Inventory write-downs and impairments | 27 | 6 |
| Deferred income taxes | 21 | 41 |
| Non-cash interest | 17 | 18 |
| Non-cash lease expense | 6 | 10 |
| Asset impairments, net | — | 2 |
| Other, net | (8) | (2) |
| Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: | ||
| Trade receivables | (11) | (5) |
| Vacation ownership contract receivables | (319) | (340) |
| Inventory | (60) | (41) |
| Prepaid expenses | (31) | (13) |
| Other assets | (55) | 13 |
| Accounts payable, accrued expenses, and other liabilities | (7) | 14 |
| Deferred income | (19) | 27 |
| Net cash provided by operating activities | 388 | 516 |
| Investing activities | ||
| Acquisitions, net of cash acquired | (290) | (1) |
| Property and equipment additions | (63) | (85) |
| Purchase of investments | (21) | (10) |
| Proceeds from the sale of investments | 21 | 18 |
| Net cash used in investing activities | (353) | (78) |
| Financing activities | ||
| Proceeds from non-recourse vacation ownership debt | 1,241 | 1,157 |
| Principal payments on non-recourse vacation ownership debt | (1,345) | (1,263) |
| Proceeds from debt, notes issued, and term loans | 3,189 | 2,223 |
| Principal payments on debt, notes, and term loans | (2,662) | (2,143) |
| Repurchase of common stock | (250) | (211) |
| Dividends paid to shareholders | (114) | (114) |
| Debt issuance/modification costs | (19) | (22) |
| Net share settlement of incentive equity awards | (17) | (14) |
| Proceeds from issuance of common stock | 11 | 27 |
| Other, net | (1) | — |
| Net cash provided by/(used in) financing activities | 33 | (360) |
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | 5 | 7 |
| Net change in cash, cash equivalents and restricted cash | 73 | 85 |
| Cash, cash equivalents and restricted cash, beginning of period | 426 | 329 |
| Cash, cash equivalents and restricted cash, end of period | 499 | 414 |
| Less: Restricted cash | 193 | 174 |
| Cash and cash equivalents | $306 | $240 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.