Travel + Leisure: 3 Key Takeaways for Long-Term Investors

Travel + Leisure raised full-year guidance for VOI sales and adjusted EBITDA in Q3 2026. The company expanded its customer base by over 100,000 owners through acquisitions of Spinnaker Resorts and Yes& Vacations, scaled its multi-brand licensing strategy (representing ~10% of sales), and maintained industry-leading leverage at 3.3x net debt-to-EBITDA while returning $364 million to shareholders through dividends and buybacks.