Travel + Leisure Raises 2026 Gross VOI Sales and Adjusted EBITDA Floors

Travel + Leisure Co. raised the minimum of its 2026 gross vacation ownership interest (VOI) sales and Adjusted EBITDA forecasts after both measures grew year over year in the third quarter.

The company now expects gross VOI sales of $2.625 billion to $2.675 billion, up from $2.600 billion to $2.675 billion in July. Its Adjusted EBITDA forecast rose to $1.070 billion to $1.085 billion from $1.065 billion to $1.085 billion. The upper end of each range stayed the same. The company also set 2026 volume per guest (VPG) guidance at $3,325 to $3,375.

Gross VOI sales include vacation ownership interest sales, including fee-for-service sales, before loan-loss provisions. The company calculates VPG by dividing tour sales, excluding telesales and virtual sales, by the number of tours.

For the quarter ended Sept. 30, gross VOI sales totaled $720 million, up 6% from a year earlier, while tours increased 7%. VPG fell 1% to $3,286. Acquisition mix outweighed year-over-year organic growth, weighing on the measure. Revenue was $1.101 billion, and Adjusted EBITDA rose 6% to $283 million.

Adjusted diluted earnings per share increased 23% to $2.21. Net income was $108 million, and diluted earnings per share under generally accepted accounting principles was $1.73.

Travel + Leisure acquired Yes& Vacations on July 15 and Spinnaker Resorts on Aug. 1. Both were included in its Vacation Ownership segment from their respective acquisition dates.

“Our owners continue to prioritize travel, demand remains healthy, and that strength is translating into growth in earnings and cash flow,” President and CEO Michael D. Brown said.