旅行+休闲公司2025年季度报告

☑QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the quarterly period endedSeptember 30, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THESECURITIES EXCHANGEACT OF 1934For the transition period fromtoCommission file number001-32876 TRAVEL + LEISURE CO. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdictionof Incorporation or Organization) 501 W. Church StreetOrlando,Florida(Address of Principal Executive Offices) (407)626-5200(Registrant’s Telephone Number, Including Area Code)6277 Sea Harbor DriveOrlando,FL32821(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading SymbolName of each exchange on which registeredCommon Stock, $0.01 par value per shareTNLNew York Stock Exchange Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Large accelerated filer☑Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☑Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:64,325,188shares of common stock outstanding as of September30, 2025. Table of Contents PARTIFINANCIAL INFORMATION Condensed Consolidated Financial Statements (Unaudited)Report of Independent Registered Public Accounting FirmCondensed Consolidated Statements of IncomeCondensed Consolidated Statements of Comprehensive IncomeCondensed Consolidated Balance SheetsCondensed Consolidated Statements of Cash FlowsCondensed Consolidated Statements of DeficitNotes to Condensed Consolidated Financial StatementsNote 1 - Background and Basis of PresentationNote 2 - New Accounting PronouncementsNote 3 - Revenue RecognitionNote 4 - Earnings Per ShareNote 5 - AcquisitionsNote 6 - Discontinued OperationsNote 7 - Vacation Ownership Contract ReceivablesNote 8 - InventoryNote 9 - Property and EquipmentNote 10 - DebtNote 11 - Variable Interest EntitiesNote 12 - Fair ValueNote 13 - Derivative Instruments and Hedging ActivitiesNote 14 - Income TaxesNote 15 - LeasesNote 16 - Commitments and ContingenciesNote 17 - Accumulated Other Comprehensive LossNote 18 - Stock-Based CompensationNote 19 - Segment InformationNote 20 - Impairments and other chargesNote 21 - RestructuringNote 22- Transactions with Former Parent and Former SubsidiariesNote 23 - Related Party TransactionsNote 24 - Subsequent EventManagement’s Discussion and Analysis of Financial Condition and Results of OperationsForward-Looking StatementsQuantitative and Qualitative Disclosures About Market RisksControls and ProceduresPARTII OTHER INFORMATIONLegal Proceedings Item2.Item3.Item4. GLOSSARY OF TERMS The following terms and acronyms appear in the text of this report and have the definitions indicated below: Adjusted EBITDAA non-GAAP measure, defined by the Company as net income fromcontinuing operations before depreciation and amortization, interestexpense (excluding consumer financing interest), early extinguishmentof debt, interest income (excluding consumer financing revenues) andincome taxes. Adjusted EBITDA also excludes stock-basedcompensation costs, separation and restructuring costs, legacy items,transaction and integration costs associated with mergers, acquisitions,and divestitures, asset impairments/recoveries, gains and losses onsale/disposition of business, and items that meet the conditions ofunusual and/or infrequent. Legacy items include the resolution of andadjustments to certain contingent assets and liabilities related toacquisitions of continuing businesses and dispositions, including theseparation of Wyndham Hotels & Resorts, Inc. and Av