TNL on NYSE

Travel & Leisure Co.

American hotels and motels company, incorporated in Delaware1

In its 2026 annual report the company says: “We provide vacation experiences and travel inspiration to millions of owners, members, and subscribers through our diverse portfolio of products and services.”4 It is headquartered in Orlando, Florida.1 Its shares trade on NYSE under the symbol TNL.1

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Last updated Oct 20, 2026.

Overview

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  • TickerTNL on NYSE1
  • IndustryHotels & Motels1
  • HeadquartersOrlando, Florida1
  • Incorporated inDE2
  • Business address501 West Church Street, Orlando, Fl 328052
  • Filer categoryLarge accelerated filer2

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Travel + Leisure Co. is a leading leisure travel company. We provide vacation experiences and travel inspiration to millions of owners, members, and subscribers through our diverse portfolio of products and services. Travel + Leisure Co. has the following segments as of December 31, 2025:4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

13.8%Operating margin5
5.7%Net margin5
4.1%Revenue growth, 20255
$523.0MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$273.0M
  • Other costs85¢$3.4B
  • Income tax3¢$107.0M
  • Profit6¢$230.0M

Out of $4.0B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending18¢$117.0M
  • Dividends paid23¢$149.0M
  • Share buybacks47¢$301.0M
  • Kept or used elsewhere11¢$73.0M

Out of $640.0M of cash from operations.5

Financial statements

Revenue67895$4.0B in 2025−1% since 2019
0$2.0B$4.0B$6.0B2019: $4.0B$4.0B20192020: $2.2B$2.2B2020−47%2021: $3.1B$3.1B2021+45%2022: $3.6B$3.6B2022+14%2023: $3.8B$3.8B2023+5%2024: $3.9B$3.9B2024+3%2025: $4.0B$4.0B2025+4%
Operating income67895$553.0M in 2025−32% since 2019
-$250.0M0$250.0M$500.0M$750.0M$1.0B2019: $812.0M$812.0M20192020: -$105.0M-$105.0M20202021: $618.0M$618.0M20212022: $653.0M$653.0M2022+6%2023: $720.0M$720.0M2023+10%2024: $733.0M$733.0M2024+2%2025: $553.0M$553.0M2025−25%
Net income67895$230.0M in 2025−55% since 2019
-$400.0M-$200.0M0$200.0M$400.0M$600.0M2019: $507.0M$507.0M20192020: -$255.0M-$255.0M20202021: $308.0M$308.0M20212022: $357.0M$357.0M2022+16%2023: $396.0M$396.0M2023+11%2024: $411.0M$411.0M2024+4%2025: $230.0M$230.0M2025−44%
Fiscal year2019202020212022202320242025
Revenue$4.0B6$2.2B7$3.1B8$3.6B9$3.8B5$3.9B5$4.0B5
Cost of revenue$186.0M13$2.0M7$157.0M8$157.0M9$133.0M5$92.0M5$273.0M5
Operating expenses$2.5B8$2.9B9$3.0B5$3.1B5$3.5B5
Operating income$812.0M6-$105.0M7$618.0M8$653.0M9$720.0M5$733.0M5$553.0M5
Interest$162.0M6$192.0M7$198.0M8$195.0M8$251.0M8
Income before tax$429.0M8$486.0M9$485.0M5$513.0M5$337.0M5
Income tax$191.0M6-$23.0M7$116.0M8$130.0M9$94.0M5$135.0M5$107.0M5
Net income$507.0M6-$255.0M7$308.0M8$357.0M9$396.0M5$411.0M5$230.0M5
Earnings per share$5.506-$2.977$3.568$4.289$5.315$5.875$3.515
Earnings per share (diluted)$5.486-$2.977$3.528$4.249$5.285$5.825$3.445
Shares (weighted, basic)86.5M shares883.4M shares974.5M shares570.1M shares565.6M shares5
Shares (weighted, diluted)87.3M shares884.2M shares975.0M shares570.7M shares566.9M shares5

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Corporate structure

Travel & Leisure Co. sits at the top of its group. 9 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Travel & Leisure Co.

  • Invesco Filed SCHEDULE 13G/A on Travel & Leisure Co., latest May 6, 2026 (6 filings since Feb 11, 2022)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Travel & Leisure Co., latest Apr 30, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Travel & Leisure Co., latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Travel & Leisure Co., latest Mar 27, 2026 (4 filings since Feb 10, 2022)
  • GMT CAPITAL CORP Filed SCHEDULE 13G/A on Travel & Leisure Co., latest Feb 14, 2025 (2 filings since Feb 13, 2024)
  • BlackRock Filed SC 13G/A on Travel & Leisure Co., latest Nov 12, 2024 (2 filings since Oct 21, 2024)
  • IRIDIAN ASSET MANAGEMENT LLC/CT Filed SC 13G/A on Travel & Leisure Co., latest Jan 18, 2022
  • Travel & Leisure Co. Orlando, Florida
    • RCI General Holdco 2, LLC Subsidiary · Delaware, United States
    • RCI, LLC Subsidiary · Delaware, United States
    • Sierra Deposit Company, LLC Subsidiary · Delaware, United States
    • Travel + Leisure Consumer Finance, Inc. Subsidiary · Delaware, United States
    • Travel + Leisure Resort Development, Inc. Subsidiary · Delaware, United States
    • Travel + Leisure Resort Network, LLC Subsidiary · Delaware, United States
    • Wyndham Resort Development Corporation Subsidiary · Oregon, United States
    • Wyndham Vacation Resorts, Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Travel & Leisure Co. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.6B5 Dec 31, 2025$1.7B5 Dec 31, 2024−2.2%
Accumulated depreciation$1.1B5 Dec 31, 2025$1.1B5 Dec 31, 2024+2.2%
Property and equipment, net$531.0M5 Dec 31, 2025$591.0M5 Dec 31, 2024−10.2%
Finance-lease assets$19.0M5 Dec 31, 2025$21.0M5 Dec 31, 2024−9.5%
Operating-lease assets (leased space)$85.0M5 Dec 31, 2025$47.0M5 Dec 31, 2024+80.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$253.0M5 Dec 31, 2025$167.0M5 Dec 31, 2024+51.5%
Marketable securities, current$18.0M5 Dec 31, 2025$18.0M5 Dec 31, 20240%
Deposits held (banks)$42.0M5 Dec 31, 2025$31.0M5 Dec 31, 2024+35.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$972.0M5 Dec 31, 2025$966.0M5 Dec 31, 2024+0.6%
Intangible assets, net (excluding goodwill)$201.0M5 Dec 31, 2025$209.0M5 Dec 31, 2024−3.8%
Finite-lived intangibles, gross$166.0M5 Dec 31, 2025$163.0M5 Dec 31, 2024+1.8%
Accumulated amortization$108.0M5 Dec 31, 2025$98.0M5 Dec 31, 2024+10.2%
Finite-lived intangibles, net$58.0M5 Dec 31, 2025$65.0M5 Dec 31, 2024−10.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.1B5 Dec 31, 2025$1.2B5 Dec 31, 2024−8.1%

Properties, in its own words

Travel + Leisure Co. Corporate

Our corporate headquarters is located in a leased office at 501 West Church Street in Orlando, Florida, for which the lease expires in October 2040.

The rest of Item 2

Our Vacation Ownership business has its main corporate operations in Orlando, Florida, pursuant to multiple leases which begin to expire in 2030. Our Vacation Ownership business also has leased space in Las Vegas, Nevada; the Philippines; Australia; Singapore; and the United Arab Emirates, with various expiration dates between 2026 and 2056. In addition, our Vacation Ownership business utilizes 194 marketing and sales offices with 144 locations in the U.S. and the remaining locations in Australia, China, the Caribbean, Thailand, Mexico, Indonesia, Japan, Fiji, and New Zealand. Of these 194 marketing and sales offices, 83 are pursuant to leases with various expiration dates between 2026 and 2056. All leases that are due to expire in 2026 are presently under review related to our ongoing requirements.

Our Travel and Membership business is headquartered in Orlando, Florida, pursuant to a lease which will expire in 2040. The business also owns one property in Mexico. There are 17 leased offices located in Europe, Latin America, Asia Pacific, North America, and Africa with expiration dates between 2026 and 2040. All leases that are due to expire in 2026 are presently under review related to our ongoing requirements.

Item 2 of the 10-K filed Feb 18, 2026.4

Leadership

Who has led Travel & Leisure Co., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Franz S. Hanning2006–2016
  2. Kenneth N. May2006–2007
  3. Stephen P. Holmes2006–2018
  4. Steven A. Rudnitsky2006–2008
  5. Geoffrey A. Ballotti2008–2018
  6. Eric A. Danziger2008–2014
  7. Gail Mandel2014–2018

Chair

  1. Stephen P. Holmes2006–2018

President

  1. Kenneth N. May2006
  2. Stephen P. Holmes2016–2018
  3. Gail Mandel2016–2018
  4. Geoffrey A. Ballotti2016–2018
  5. Gordon Gurnik2018

Chief financial officer

  1. Michael H. Wargotz2006
  2. Virginia M. Wilson2006–2009
  3. Thomas G. Conforti2009–2017
  4. David B. Wyshner2017–2018
  5. Michael Hug2018–2025
  6. Erik D. Hoag2025–now
2010201520202025
Board members and other officers (28)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • RCI General Holdco 2, LLC Delaware3
  • RCI, LLC Delaware3
  • Sierra Deposit Company, LLC Delaware3
  • Travel + Leisure Consumer Finance, Inc. Delaware3
  • Travel + Leisure Resort Development, Inc. Delaware3
  • Travel + Leisure Resort Network, LLC Delaware3
  • Wyndham Resort Development Corporation Oregon3
  • Wyndham Vacation Resorts, Inc. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Wyndham Destinations, Inc.May 31, 2018 to Feb 16, 20212
  • WYNDHAM WORLDWIDE CORPMay 11, 2006 to May 23, 20182

Timeline

  1. Aug 19, 20268-K Regulation FD disclosure61
  2. Jul 22, 20268-K Results of operations; Regulation FD disclosure62
  3. May 22, 20268-K Shareholder vote63
  4. May 20, 20268-K Entered a material agreement; New debt or obligation; Other events64
  5. May 11, 20268-K Other events65
  6. Apr 22, 20268-K Results of operations; Regulation FD disclosure66
  7. Mar 10, 20268-K Regulation FD disclosure67
  8. Feb 18, 20268-K Results of operations; Regulation FD disclosure68
  9. Dec 10, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure69
  10. Nov 12, 20258-K Regulation FD disclosure70
  11. Oct 22, 20258-K Results of operations; Regulation FD disclosure71
  12. Aug 25, 20258-K Regulation FD disclosure72
  13. Nov 21, 2014New chief executive Gail Mandel becomes CEO16
  14. Dec 3, 2008New chief executive Eric A. Danziger becomes CEO18
  15. Apr 8, 2008New chief executive Geoffrey A. Ballotti becomes CEO17
  16. Jul 13, 2006New chief executive Steven A. Rudnitsky becomes CEO22
  17. Jul 13, 2006New chief executive Stephen P. Holmes becomes CEO21
  18. Jul 13, 2006New chief executive Kenneth N. May becomes CEO20
  19. Jul 13, 2006New chief executive Franz S. Hanning becomes CEO19

Calendar

Coming up

  1. Oct 27, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $1.80 a share, on Oct 22, 2025.73

When it reported results

  1. Jul 22, 2026Reported quarterly or annual results62
  2. Apr 22, 2026Reported quarterly or annual results66
  3. Feb 18, 2026Reported quarterly or annual results68
  4. Oct 22, 2025Reported quarterly or annual results71
  5. Jul 23, 2025Reported quarterly or annual results74
  6. Apr 23, 2025Reported quarterly or annual results75
  7. Feb 19, 2025Reported quarterly or annual results76
  8. Oct 23, 2024Reported quarterly or annual results77

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

639 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 55 major events, 464 insider forms, 21 large holders, 79 other. The latest 20:

  1. Aug 27, 20264 EDGAR
  2. Aug 27, 20264 EDGAR
  3. Aug 26, 2026144 EDGAR
  4. Aug 19, 20268-K EDGAR
  5. Aug 10, 20264 EDGAR
  6. Aug 6, 2026144 EDGAR
  7. Aug 6, 20264 EDGAR
  8. Aug 6, 20264 EDGAR
  9. Aug 6, 20264 EDGAR
  10. Aug 5, 2026144 EDGAR
  11. Aug 4, 2026144 EDGAR
  12. Aug 4, 2026144 EDGAR
  13. Jul 28, 20264 EDGAR
  14. Jul 27, 2026144 EDGAR
  15. Jul 24, 20264 EDGAR
  16. Jul 23, 2026144 EDGAR
  17. Jul 23, 2026144 EDGAR
  18. Jul 22, 202610-Q EDGAR
  19. Jul 22, 20268-K EDGAR
  20. Jul 14, 202611-K EDGAR

The 639 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

79 open-market trades by officers, directors and large owners since October 2021: 4 buys and 75 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 26, 2026Duncan Thomas MichaelSVP, Chief Accounting OfficerSale20,000$74.16$1.5MForm 4
Aug 6, 2026Brown Michael DeanSee RemarksSale200$79.00$15.8KForm 4
Aug 5, 2026Brown Michael DeanSee RemarksSale4,150$79.24$328.8KForm 4
Aug 4, 2026ESFAHANI SYChief Technology OfficerSale52,617$78.00$4.1MForm 4
Aug 4, 2026MYERS JEFFREYSee RemarksSale34,000$77.76$2.6MForm 4
Jul 27, 2026RICHARDS GEOFFREYSee RemarksSale33,744$75.65$2.6MForm 4
Jul 23, 2026MARSHALL KIMBERLYChief Human Resources OfficerSale32,691$75.00$2.5MForm 4
Jun 16, 2026HERRERA GEORGEDirectorSale500$75.16$37.6KForm 4
Jun 4, 2026MARSHALL KIMBERLYChief Human Resources OfficerSale28,000$70.17$2.0MForm 4
May 14, 2026Post Denny MarieDirectorSale2,500$63.83$159.6KForm 4
Apr 23, 2026Hoag Erik DChief Financial OfficerBuy1,000$65.67$65.7KForm 4
Apr 17, 2026Brown Michael DeanSee RemarksSale9,443$79.11$747.0KForm 4
Apr 16, 2026Brown Michael DeanSee RemarksSale1,109$79.13$87.8KForm 4
Apr 15, 2026Brown Michael DeanSee RemarksSale2,612$79.00$206.3KForm 4
Apr 14, 2026Brown Michael DeanSee RemarksSale8,910$79.02$704.1KForm 4
Mar 18, 2026HERRERA GEORGEDirectorSale1,748$70.31$122.9KForm 4
Mar 17, 2026HERRERA GEORGEDirectorSale1,214$70.48$85.6KForm 4
Mar 17, 2026Savina James JSee RemarksSale31,596$70.38$2.2MForm 4
Feb 24, 2026Brown Michael DeanSee RemarksSale25,938$74.85$1.9MForm 4
Feb 23, 2026Brown Michael DeanSee RemarksSale66,860$74.03$4.9MForm 4

All 79 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael D. BrownPresident and Chief Executive Officer$1.3M$16.0M85
2025Erik HoagChief Financial Officer$375.0K$5.8M85
2025Jeffrey MyersChief Sales and Marketing Officer - Vacation Ownership$616.9K$5.0M85
2025Geoffrey RichardsChief Operating Officer - Vacation Ownership$656.4K$4.8M85
2025James SavinaGeneral Counsel and Corporate Secretary$623.6K$3.3M85
2025Michael A. HugFormer Chief Financial Officer$368.9K$449.0K85
2024Michael D. BrownPresident and Chief Executive Officer$1.3M$14.7M85
2024Michael A. HugFormer Chief Financial Officer$669.5K$4.7M85
2024Jeffrey MyersChief Sales and Marketing Officer - Vacation Ownership$591.4K$4.6M85
2024Geoffrey RichardsChief Operating Officer - Vacation Ownership$629.2K$4.6M85
2024James SavinaGeneral Counsel and Corporate Secretary$597.8K$3.1M85
2023Michael D. BrownPresident and Chief Executive Officer$1.3M$12.4M85
2023Michael A. HugFormer Chief Financial Officer$644.8K$4.8M85
2023Jeffrey MyersChief Sales and Marketing Officer - Vacation Ownership$569.5K$4.6M85
2023Geoffrey RichardsChief Operating Officer - Vacation Ownership$605.9K$4.5M85
2023James SavinaGeneral Counsel and Corporate Secretary$575.6K$3.3M85

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.7,117,065$544.0M0.0%−30,672
Vanguard Portfolio Management LLC6,062,734$463.4M0.0%+56,718
Vanguard Capital Management LLC2,702,459$206.5M0.0%+3,950
Invesco Ltd.2,467,886$188.6M0.0%+108,620
State Street Corp2,157,772$164.9M0.0%+7,641
Geode Capital Management, LLC1,674,667$128.0M0.0%+36,504
Citadel Advisors LLC1,525,786$116.6M0.1%+472,710
Quantinno Capital Management LP1,407,293$107.6M0.1%+101,778
Morgan Stanley1,358,752$103.8M0.0%+383,127
Millennium Management LLC1,347,554$103.0M0.1%+1,104,638
Aqr Capital Management LLC1,307,339$99.9M0.0%−543,747
Dimensional Fund Advisors LP1,292,391$98.8M0.0%+12,277
Norges Bank1,184,463$90.5M0.0%New
Copeland Capital Management, LLC969,930$74.1M1.5%−46,983
Gotham Asset Management, LLC954,387$72.9M0.2%+271,491
Northern Trust Corp897,369$68.6M0.0%−24,862
Truist Financial Corp878,688$67.2M0.1%+76,975
GMT Capital Corp859,241$65.7M3.4%−365,600
Envestnet Asset Management Inc802,110$61.3M0.0%+40,573
UBS Group AG778,707$59.5M0.0%+560,691
Swedbank AB774,499$59.2M0.1%No change
Charles Schwab Investment Management Inc758,920$58.0M0.0%−64,530
Bank of New York Mellon Corp720,755$55.1M0.0%−41,324
Nuveen, LLC695,179$53.1M0.0%−623,875
Arrowstreet Capital, Limited Partnership679,410$51.9M0.0%+45,924

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 17, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000−4.7%Report
Jun 11, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000+2.3%Report
Jun 28, 2021Susie LeeDemocratic, HouseSale$1,001 - $15,000+69.3%Report
May 26, 2021Susie LeeDemocratic, HouseBuy$1,001 - $15,000−83.8%Report
May 14, 2021Susie LeeDemocratic, HouseBuy$1,001 - $15,000−86.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Travel & Leisure Co. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTravel & Leisure Co.1
  • CIK0001361658
  • Employer ID (EIN)20-00525414
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7011 Hotels & Motels1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address501 West Church Street, Orlando, FL 328051
  • Phone407-626-52001
  • Shares outstanding61,204,232 as of Jun 30, 202612
  • Public float$3.3B as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, Tampa, Florida PCAOB ID 34; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMay 11, 20061
  • Filings2,318 in all: 4 (1,558), 8-K (259), SC 13G/A (76), 10-Q (61), 144 (58), 3 (47), SC 13G (39), DEFA14A (22)1
    All 33 form types

    UPLOAD (22), 10-K (20), 11-K (20), 4/A (20), DEF 14A (20), 5 (17), CORRESP (16), 424B2 (10), FWP (10), 424B5 (8), S-3ASR (6), SCHEDULE 13G/A (5), 10-12B/A (4), SCHEDULE 13G (4), 424B3 (3), 8-K/A (2), PRE 14A (2), S-8 (2), 10-12B (1), 10-Q/A (1), CERTNYS (1), D (1), EFFECT (1), NT 11-K (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Jul 22, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Aug 19, 2026

Securities registered for trading

ClassSymbolExchange
Common StockTNLNew York Stock Exchange

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Travel & Leisure Co. names in Item 1A of its 10-K filed Feb 18, 2026: 24 risks under these headings, as written.4

  • Risks Related to Our Business and Our Industry
  • The timeshare industry is highly competitive and we are subject to risks related to competition that may adversely affect our performance.
  • Our travel club businesses operate in a highly competitive global environment and may take longer than expected to achieve the levels of revenues, customer acceptance and profitability we expect.
  • Our revenues are highly dependent on the health of the travel industry and declines in or disruptions to the travel industry such as those caused by economic conditions, terrorism or acts of violence, political strife, severe weather events and other natural disasters, war, and pandemics may adversely affect us.
  • Acquisitions, dispositions and other strategic transactions may not prove successful and could result in operating difficulties.
  • We are subject to numerous business, financial, operating and other risks common to the timeshare industry and the leisure travel industry more broadly, any of which could reduce our revenues and our ability to make distributions and limit opportunities for growth.
  • Our international operations are subject to additional risks not generally applicable to our domestic operations.
  • We are subject to risks related to our vacation ownership receivables portfolio.
  • The growth of our business and the execution of our business strategies depend on the services of our senior management and our associates.
  • Risks Related to Technology, Data Privacy and Cybersecurity
  • Failure to maintain the integrity of internal or customer data or to protect our systems from cyber-attacks could disrupt our business, damage our reputation, and subject us to significant costs, fines or lawsuits.
  • Consumer privacy laws could adversely affect our ability to market our products effectively and may require us to change our business practices or expend significant amounts on compliance with such laws.
The other 14 risks
  • We rely on information technologies and systems to operate our business, which involves reliance on third-party service providers and on uninterrupted operation of service facilities.
  • Risks Related to Indebtedness and Tax Treatment
  • We are subject to certain risks related to our indebtedness, hedging transactions, securitization of certain of our assets, surety bond requirements, the cost and availability of capital and the extension of credit by us.
  • Changes in U.S. federal, state and local or foreign tax law, interpretations of existing tax law, or adverse determinations by tax authorities, could increase our tax burden or otherwise adversely affect our financial condition or results of operations.
  • We are responsible for certain of Avis Budget Group, Inc.'s contingent and other corporate liabilities.
  • We may incur impairment charges related to the fair value of our assets.
  • Risks Related to Legal, Regulatory and Reputational Matters
  • Negative public perception regarding our industry could have an adverse effect on our operations.
  • The insurance we carry may not always pay, or be sufficient to pay or reimburse us, for our liabilities, losses or replacement costs.
  • We are subject to risks related to environmental, social and governance activities.
  • Risks Related to the Spin-Off
  • Our success depends in part on our ongoing relationship with Wyndham Hotels.
  • We are responsible for certain contingent and other corporate liabilities incurred prior to the Spin-off.
  • Certain directors who serve on our Board also serve on the board of directors of and own common stock of Wyndham Hotels.
  • Risks Related to the Ownership of Our Common Stock
  • The trading price of our shares of common stock may continue to fluctuate.
  • Provisions in our certificate of incorporation and by-laws and under Delaware law may prevent or delay an acquisition of Travel + Leisure Co. which could impact the trading price of our common stock.
  • We cannot provide assurance that we will continue to pay dividends or purchase shares of our common stock under our share repurchase program.

Legal proceedings

We are involved in various claims and lawsuits arising in connection with our business, none of which, in the opinion of management, is expected to have a material adverse effect on our results of operations, financial condition or cash flows. See Note 19—Commitments and Contingencies to the Consolidated Financial Statements for a description of claims and legal actions and Note 26—Transactions with Former Parent and Former Subsidiaries to the Consolidated Financial Statements for

a description of our obligations regarding ABG contingent litigation, matters related to Wyndham Hotels, matters related to the European vacation rentals business, and matters related to the North American vacation rentals business.

The opening of Item 3, Legal Proceedings.4

Sources

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