Travel + Leisure Co. (TNL) Balance Sheet

NYSE: TNLAssets, liabilities, debt and equity over 10 years.

TNL balance sheet, 2025

December 31, 2025 · U.S. dollars

$6.76B assets = $7.74B liabilities + −$982.0M equity

Liabilities exceed assets: shareholders’ equity is negative (−$982.0M).

Both columns are drawn to the same scale: what TNL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TNL financial health

Current ratio1.64

Comfortable · current assets cover current liabilities 1.64×

Equity / assets−14.5%

Thin equity · of assets funded by shareholders

Cash / debt5.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles17.4%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TNL balance sheet trends, 2016–2025

Travel + Leisure Co. balance sheet trends
Metric	Then	Latest	Change
Total assets	$9.82B2016	$6.76B2025	−4.1%/yr
Total liabilities	$9.10B2016	$7.74B2025	−1.8%/yr
Shareholders’ equity	$714.0M2016	−$982.0M2025	—
Cash & short-term investments	$127.0M2016	$253.0M2025	+8.0%/yr
Total debt	$5.44B2016	$4.91B2025	−1.1%/yr
Net cash (debt)	−$5.31B2016	−$4.66B2025	+$659.0M
Working capital	−$294.0M2016	$601.0M2025	+$895.0M
Book value per share	$6.432016	−$14.682025	—
Current ratio	0.862016	1.642025	+0.78
Debt / equity	7.622016	7.212017	−0.41
Shares outstanding	111.0M2016	66.9M2025	−5.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TNL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TNL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TNL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TNL balance sheet

Travel + Leisure Co. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$253.0M	$184.0M	$314.0M	$562.0M	$396.0M	$1.23B	$400.0M	$243.0M	$72.0M	$127.0M
Cash & equivalents	$253.0M	$167.0M	$282.0M	$550.0M	$369.0M	$1.20B	$355.0M	$218.0M	$48.0M	$113.0M
Short-term investments	$13.0M	$17.0M	$32.0M	$12.0M	$27.0M	$35.0M	$45.0M	$25.0M	$24.0M	$14.0M
Receivables	$165.0M	$2.95B	$2.89B	$2.64B	$2.50B	$2.69B	$3.38B	$3.23B	$3.18B	$676.0M
Inventory	$1.13B	$1.23B	$1.14B	$1.19B	$1.22B	$1.35B	$1.20B	$1.22B	$340.0M	$315.0M
Other current assets	$0	$412.0M	$415.0M	$362.0M	$374.0M	$345.0M	$383.0M	$535.0M	$4.79B	$620.0M
Total current assets	$1.55B	$4.78B	$4.76B	$4.76B	$4.49B	$5.62B	$5.36B	$5.23B	$8.38B	$1.74B
Property, plant & equipment (net)	$531.0M	$638.0M	$701.0M	$720.0M	$768.0M	$758.0M	$816.0M	$712.0M	$1.08B	$1.34B
Goodwill & intangible assets	$1.17B	$1.18B	$1.16B	$1.16B	$1.18B	$1.09B	$1.11B	$1.03B	$2.42B	$2.73B
Long-term investments	$18.0M	$18.0M	$19.0M	$18.0M	$21.0M	$26.0M	$35.0M	$25.0M	$2.65B	$2.52B
Other non-current assets	$3.49B	$127.0M	$100.0M	$100.0M	$131.0M	$117.0M	$127.0M	$161.0M	$0	$1.50B
Total assets	$6.76B	$6.74B	$6.74B	$6.76B	$6.59B	$7.61B	$7.45B	$7.16B	$10.40B	$9.82B
Liabilities
Accounts payable	$62.0M	$67.0M	$73.0M	$65.0M	$62.0M	$62.0M	$73.0M	$66.0M	$232.0M	$213.0M
Short-term debt	$945.0M	$603.0M	$442.0M	$629.0M	$431.0M	$439.0M	$557.0M	$117.0M	$321.0M	$217.0M
Deferred revenue	$468.0M	$457.0M	$454.0M	$411.0M	$392.0M	$10.0M	$561.0M	$518.0M	$559.0M	$421.0M
Total current liabilities	$945.0M	$1.17B	$1.17B	$1.14B	$1.16B	$715.0M	$1.31B	$1.65B	$2.91B	$2.03B
Long-term debt	$5.60B	$5.59B	$5.65B	$5.64B	$5.31B	$6.42B	$5.58B	$5.24B	$5.69B	$5.28B
Lease obligations	$154.0M	$100.0M	$107.0M	$122.0M	$145.0M	$164.0M	$185.0M	$3.0M	—	—
Other long-term liabilities	$1.20B	$855.0M	$841.0M	$883.0M	$910.0M	$1.45B	$1.09B	$842.0M	$1.08B	$1.79B
Total liabilities	$7.74B	$7.62B	$7.66B	$7.66B	$7.38B	$8.58B	$7.98B	$7.73B	$9.52B	$9.10B
Shareholders' equity
Common stock & paid-in capital	$3.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$4.00B	$3.97B
Retained earnings (deficit)	$2.41B	$2.33B	$2.07B	$1.81B	$1.59B	$1.39B	$1.78B	$1.44B	$2.61B	$1.98B
Treasury stock	—	—	—	−$6.89B	−$6.53B	−$6.51B	−$6.38B	−$6.04B	−$5.72B	−$5.12B
Accumulated other comprehensive income	−$67.0M	−$112.0M	−$70.0M	−$79.0M	−$48.0M	−$16.0M	−$52.0M	−$52.0M	−$10.0M	−$113.0M
Minority interest	−$1.0M	$1.0M	$1.0M	$9.0M	$7.0M	$7.0M	$6.0M	$5.0M	$5.0M	$4.0M
Total shareholders' equity	−$982.0M	−$881.0M	−$917.0M	−$904.0M	−$794.0M	−$968.0M	−$524.0M	−$569.0M	$878.0M	$714.0M
Key figures
Total debt	$4.91B	$5.67B	$5.73B	$6.27B	$5.74B	$6.86B	$6.13B	$5.36B	$6.33B	$5.44B
Net cash (debt)	−$4.66B	−$5.49B	−$5.42B	−$5.71B	−$5.35B	−$5.63B	−$5.73B	−$5.11B	−$6.25B	−$5.31B
Working capital	$601.0M	$3.61B	$3.59B	$3.62B	$3.33B	$4.90B	$4.05B	$3.58B	$5.47B	−$294.0M
Tangible book value	−$2.15B	−$2.06B	−$2.08B	−$2.07B	−$1.97B	−$2.06B	−$1.64B	−$1.60B	−$1.54B	−$2.02B
Book value per share	−$14.68	−$12.46	−$12.23	−$10.74	−$9.18	−$11.24	−$5.67	−$5.74	$8.44	$6.43
Shares outstanding	66.9M	70.7M	75.0M	84.2M	86.5M	86.1M	92.4M	99.2M	104.0M	111.0M
Current ratio	1.64	4.09	4.07	4.19	3.87	7.86	4.08	3.17	2.88	0.86
Quick ratio	0.44	2.68	2.75	2.82	2.50	5.49	2.88	2.11	1.12	0.40
Debt / equity	—	—	—	—	—	—	—	—	7.21	7.62
Equity / assets	−14.5%	−13.1%	−13.6%	−13.4%	−12.1%	−12.7%	−7.0%	−7.9%	8.4%	7.3%

Travel + Leisure Co. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$282.0M	$254.0M	$253.0M	$240.0M	$212.0M	$188.0M	$184.0M	$194.0M	$166.0M	$479.0M	$314.0M	$238.0M
Cash & equivalents	$282.0M	$254.0M	$253.0M	$240.0M	$212.0M	$188.0M	$167.0M	$194.0M	$166.0M	$479.0M	$282.0M	$238.0M
Short-term investments	—	—	$13.0M	—	—	—	$17.0M	—	—	—	$32.0M	—
Receivables	$2.74B	$152.0M	$165.0M	$2.77B	$2.74B	$2.75B	$2.95B	$2.76B	$2.74B	$2.72B	$2.89B	$2.64B
Inventory	$1.18B	$1.18B	$1.13B	$1.27B	$1.25B	$1.22B	$1.23B	$1.21B	$1.21B	$1.19B	$1.14B	$1.15B
Other current assets	$453.0M	$0	$0	$0	$419.0M	$432.0M	$412.0M	$388.0M	$418.0M	$437.0M	$415.0M	$401.0M
Total current assets	$4.66B	$1.59B	$1.55B	$1.68B	$4.63B	$4.59B	$4.78B	$4.55B	$4.53B	$4.83B	$4.76B	$4.43B
Property, plant & equipment (net)	$524.0M	$523.0M	$531.0M	$597.0M	$592.0M	$587.0M	$638.0M	$594.0M	$596.0M	$614.0M	$701.0M	$655.0M
Goodwill & intangible assets	$1.17B	$1.17B	$1.17B	$1.18B	$1.18B	$1.18B	$1.18B	$1.19B	$1.18B	$1.19B	$1.16B	$1.16B
Long-term investments	$0	$0	$18.0M	$0	$0	$0	$18.0M	$0	$0	$0	$19.0M	$0
Other non-current assets	$548.0M	$3.56B	$3.49B	$3.44B	$411.0M	$408.0M	$127.0M	$364.0M	$385.0M	$394.0M	$100.0M	$408.0M
Total assets	$6.90B	$6.84B	$6.76B	$6.89B	$6.81B	$6.76B	$6.74B	$6.70B	$6.69B	$7.02B	$6.74B	$6.66B
Liabilities
Accounts payable	$59.0M	$63.0M	$62.0M	$66.0M	$69.0M	$67.0M	$67.0M	$55.0M	$50.0M	$65.0M	$73.0M	$71.0M
Short-term debt	—	—	$945.0M	$0	$0	$28.0M	$603.0M	$512.0M	$515.0M	$543.0M	$442.0M	$528.0M
Deferred revenue	$462.0M	$478.0M	$468.0M	$489.0M	$483.0M	$486.0M	$457.0M	$450.0M	$453.0M	$452.0M	$454.0M	$435.0M
Total current liabilities	$1.48B	$1.38B	$945.0M	$1.37B	$1.33B	$1.26B	$1.17B	$1.28B	$1.29B	$1.31B	$1.17B	$1.32B
Long-term debt	$5.69B	$5.74B	$5.60B	$5.58B	$5.59B	$5.66B	$5.59B	$5.58B	$5.56B	$5.90B	$5.63B	$5.62B
Lease obligations	$23.0M	$18.0M	$154.0M	$19.0M	$17.0M	$19.0M	$100.0M	$21.0M	$19.0M	$21.0M	$107.0M	$20.0M
Other long-term liabilities	$751.0M	$750.0M	$1.20B	$763.0M	$745.0M	$744.0M	$855.0M	$698.0M	$728.0M	$730.0M	$861.0M	$706.0M
Total liabilities	$7.92B	$7.86B	$7.74B	$7.71B	$7.66B	$7.67B	$7.62B	$7.56B	$7.58B	$7.95B	$7.66B	$7.65B
Shareholders' equity
Common stock & paid-in capital	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M
Retained earnings (deficit)	$2.52B	$2.45B	$2.41B	$2.51B	$2.44B	$2.37B	$2.33B	$2.25B	$2.19B	$2.10B	$2.07B	$1.97B
Accumulated other comprehensive income	−$64.0M	−$63.0M	−$67.0M	−$69.0M	−$66.0M	−$100.0M	−$112.0M	−$61.0M	−$82.0M	−$85.0M	−$70.0M	−$94.0M
Minority interest	−$1.0M	−$1.0M	−$1.0M	$0	−$1.0M	—	—	—	—	—	—	—
Total shareholders' equity	−$1.02B	−$1.02B	−$982.0M	−$821.0M	−$852.0M	−$903.0M	−$881.0M	−$862.0M	−$885.0M	−$926.0M	−$918.0M	−$1.01B
Key figures
Total debt	$5.71B	$5.75B	$4.91B	$5.58B	$5.59B	$5.66B	$5.67B	$5.58B	$5.58B	$5.92B	$5.73B	$6.15B
Net cash (debt)	−$5.43B	−$5.50B	−$4.66B	−$5.34B	−$5.38B	−$5.47B	−$5.49B	−$5.38B	−$5.41B	−$5.45B	−$5.42B	−$5.91B
Working capital	$3.18B	$212.0M	$601.0M	$310.0M	$3.30B	$3.33B	$3.61B	$3.27B	$3.24B	$3.51B	$3.59B	$3.11B
Tangible book value	−$2.19B	−$2.19B	−$2.15B	−$2.00B	−$2.03B	−$2.08B	−$2.06B	−$2.05B	−$2.07B	−$2.12B	−$2.08B	−$2.17B
Book value per share	−$16.07	−$15.80	−$15.32	−$12.35	−$12.81	−$13.24	−$12.73	−$12.28	−$12.46	−$12.86	−$12.63	−$13.70
Shares outstanding	63.4M	64.8M	64.1M	66.5M	66.5M	68.2M	69.2M	70.2M	71.0M	72.0M	72.7M	73.6M
Current ratio	3.15	1.15	1.64	1.23	3.48	3.63	4.09	3.55	3.51	3.67	4.07	3.35
Quick ratio	2.05	0.29	0.44	2.19	2.22	2.32	2.68	2.30	2.25	2.43	2.75	2.18
Equity / assets	−14.8%	−15.0%	−14.5%	−11.9%	−12.5%	−13.4%	−13.1%	−12.9%	−13.2%	−13.2%	−13.6%	−15.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.

TNL financial position

At the end of fiscal 2025 (December 31, 2025), Travel + Leisure had total assets of $6.8 billion (up 0.4% from a year earlier), total liabilities of $7.7 billion and shareholders' equity of -$982.0 million. It held $253.0 million in cash and short-term investments against $4.9 billion of debt, net debt of $4.7 billion. Its current ratio was 1.64. In the latest quarter (ended June 30, 2026) total assets were $6.9 billion and equity -$1.0 billion.

Related: TNL income statement, TNL cash flow statement, TNL key metrics. See the TNL stock overview for the latest quote and news.

TNL balance sheet FAQ

What are Travel + Leisure's total assets?

Travel + Leisure reported total assets of $6.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.7 billion a year earlier.

How much debt does Travel + Leisure have?

Travel + Leisure had $4.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does Travel + Leisure have?

Travel + Leisure held $253.0 million in cash and short-term investments at the end of fiscal 2025; with $4.9 billion of debt that is net debt of $4.7 billion.

What is Travel + Leisure's book value?

Travel + Leisure's shareholders' equity (book value) was -$982.0 million at the end of fiscal 2025, or −$14.68 per share.

What is Travel + Leisure's current ratio?

Travel + Leisure had current assets of $1.5 billion and current liabilities of $945.0 million, a current ratio of 1.64 (it can cover its short-term obligations).

How much goodwill does Travel + Leisure have?

Travel + Leisure carried $1.2 billion of goodwill and intangible assets, 17.4% of total assets, at the end of fiscal 2025.