Mizuho Securities Defends Travel + Leisure Amid Post-Earnings Decline
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Should l Buy TNL?
Source: seekingalpha
- Earnings Beat: Travel + Leisure (TNL) reported a Q1 Non-GAAP EPS of $1.45, exceeding expectations by $0.14, with revenue of $961 million beating forecasts by $6.17 million, indicating resilience in core operations.
- Overstated Market Reaction: Despite TNL's shares dropping over 15% since the earnings report, analyst Ben Chaiken believes that concerns regarding a “wobble” in loans are overstated, presenting a unique buying opportunity as core operations trend positively.
- Guidance Unchanged: Although TNL's Q1 performance was strong, the company did not raise its full-year guidance, maintaining an EBITDA forecast of $1.03 billion to $1.055 billion, suggesting potential deceleration in the second half that warrants close monitoring.
- Multi-Brand Strategy Expansion: TNL is expanding its multi-brand Vacation Ownership Interest (VOI) mix towards 10%, a strategy that is expected to enhance market competitiveness and customer appeal, further driving future growth.
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Analyst Views on TNL
Wall Street analysts forecast TNL stock price to rise
9 Analyst Rating
7 Buy
2 Hold
0 Sell
Strong Buy
Current: 64.980
Low
65.14
Averages
72.68
High
80.00
Current: 64.980
Low
65.14
Averages
72.68
High
80.00
About TNL
Travel + Leisure Co. is a vacation ownership and membership travel company. The Company’s segments include Vacation Ownership and Travel and Membership. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (VOIs) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. This segment includes its Vacation Ownership business line. It provides day-to-day property management services, including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Travel and Membership segment operates a variety of travel businesses, including vacation exchange brands, travel technology platforms, travel memberships, and direct-to-consumer rentals. This segment is comprised of its Exchange and Travel Club business lines.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Armed Forces Vacation Club Launches Special Promotion for Military Appreciation Month
- Special Promotion: Armed Forces Vacation Club (AFVC) kicks off Military Appreciation Month with a limited-time offer, providing members with $275 vacation certificates redeemable for a seven-night stay at thousands of resorts worldwide, aimed at enhancing travel experiences for military families.
- Enhanced Member Benefits: This promotion allows members to purchase vacation certificates at $275 each (regularly priced at $499) with a minimum purchase of two, thereby encouraging family travel and strengthening bonds among military families.
- Diverse Accommodation Options: Each certificate can be redeemed within 12 months of purchase for spacious one-, two-, and three-bedroom accommodations featuring homestyle amenities like separate bathrooms and full-sized kitchens, catering to various family needs and enhancing comfort during vacations.
- Membership Upgrade Discounts: Throughout May, standard members can save 50% on a three-year premium membership (priced at $124.50) or 30% on a one-year premium membership (priced at $83.30), further enhancing travel benefits and discounts available to members.
See More
Mizuho Securities Defends Travel + Leisure Amid Post-Earnings Decline
- Earnings Beat: Travel + Leisure (TNL) reported a Q1 Non-GAAP EPS of $1.45, exceeding expectations by $0.14, with revenue of $961 million beating forecasts by $6.17 million, indicating resilience in core operations.
- Overstated Market Reaction: Despite TNL's shares dropping over 15% since the earnings report, analyst Ben Chaiken believes that concerns regarding a “wobble” in loans are overstated, presenting a unique buying opportunity as core operations trend positively.
- Guidance Unchanged: Although TNL's Q1 performance was strong, the company did not raise its full-year guidance, maintaining an EBITDA forecast of $1.03 billion to $1.055 billion, suggesting potential deceleration in the second half that warrants close monitoring.
- Multi-Brand Strategy Expansion: TNL is expanding its multi-brand Vacation Ownership Interest (VOI) mix towards 10%, a strategy that is expected to enhance market competitiveness and customer appeal, further driving future growth.
See More
Lam Research and Chemed Options Trading Activity
- Lam Research Options Volume: Today, Lam Research Corp's options volume reached 55,809 contracts, representing approximately 5.6 million shares, which accounts for 62.6% of its average daily trading volume over the past month, indicating strong market interest in the stock.
- High Call Option Activity: Within Lam Research, the $320 strike call option has shown particularly high volume, with 3,579 contracts traded today, equating to about 357,900 underlying shares, suggesting investor expectations for future price increases.
- Chemed Options Trading: Chemed Corp saw options trading volume of 1,513 contracts, representing approximately 151,300 shares, or 61.7% of its average daily trading volume over the past month, reflecting the stock's active market engagement.
- Chemed Call Option Performance: For Chemed, the $350 strike call option has traded 1,201 contracts today, representing approximately 120,100 shares, indicating optimistic sentiment among investors regarding the stock's future performance.
See More
Travel + Leisure Co. Reports Strong Q1 2026 Earnings with Positive Outlook
- Strong Financial Performance: Travel + Leisure Co. reported Q1 revenue of $961 million and EBITDA of $225 million, with net income up 22% and EPS increasing by 31%, demonstrating robust execution in the Vacation Ownership segment and resilient market demand.
- Significant Shareholder Returns: The company returned $128 million to shareholders through dividends and share repurchases in Q1, reflecting strong cash flow and a commitment to shareholder value while providing capital for future investments and expansions.
- Multi-Brand Expansion Strategy: Margaritaville is approaching $150 million in annual VOI sales, and the Accor Vacation Club brand is expected to nearly double its VOI sales in 2026, indicating success in the multi-brand strategy, with these brands projected to account for 10% of sales mix this year.
- Optimistic Outlook: The company reaffirmed its 2026 guidance of $2.5 billion to $2.6 billion in total VOI sales and $1.03 billion to $1.055 billion in EBITDA, with expected volume per guest of $3,175 to $3,275, showcasing management's confidence in future performance despite macroeconomic and geopolitical uncertainties.
See More
Travel+Leisure Q1 Earnings Exceed Expectations
- Earnings Beat: Travel+Leisure reported a Q1 Non-GAAP EPS of $1.45, exceeding expectations by $0.14, which reflects strong profitability and boosts investor confidence in the company's financial health.
- Revenue Growth: The company achieved Q1 revenue of $961 million, a 2.9% year-over-year increase, surpassing market expectations by $6.17 million, indicating robust performance in the recovering travel market and solidifying its market position.
- Sales Increase: Gross VOI sales reached $549 million, up 7% year-over-year, with a volume per guest (VPG) of $3,321, a 3% increase, demonstrating sustained customer demand and the attractiveness of the company's offerings.
- Future Guidance: The company expects second-quarter Adjusted EBITDA between $260 million and $270 million, reaffirming its full-year EBITDA guidance of $1.03 billion to $1.055 billion, showcasing confidence in future profitability.
See More
Travel + Leisure Co. Reports Increased Q1 Profit
- Profit Growth: Travel + Leisure Co. reported a first-quarter profit of $79 million, translating to earnings per share of $1.22, which marks a significant increase from last year's $73 million and $1.07 per share, indicating strong performance amid travel recovery.
- Adjusted Earnings: Excluding certain items, the company reported adjusted earnings of $93 million or $1.45 per share, reflecting the robustness of its core business and an enhancement in profitability.
- Revenue Increase: The company's revenue rose by 2.9% year-over-year to $961 million, compared to $934 million last year, demonstrating sustained market demand and business expansion.
- Market Outlook: With the recovery of the travel industry, Travel + Leisure Co.'s profit and revenue growth lays a solid foundation for future market expansion, which is expected to further enhance its competitiveness in the industry.
See More
Armed Forces Vacation Club Launches Special Promotion for Military Appreciation Month
- Special Promotion: Armed Forces Vacation Club (AFVC) kicks off Military Appreciation Month with a limited-time offer, providing members with $275 vacation certificates redeemable for a seven-night stay at thousands of resorts worldwide, aimed at enhancing travel experiences for military families.
- Enhanced Member Benefits: This promotion allows members to purchase vacation certificates at $275 each (regularly priced at $499) with a minimum purchase of two, thereby encouraging family travel and strengthening bonds among military families.
- Diverse Accommodation Options: Each certificate can be redeemed within 12 months of purchase for spacious one-, two-, and three-bedroom accommodations featuring homestyle amenities like separate bathrooms and full-sized kitchens, catering to various family needs and enhancing comfort during vacations.
- Membership Upgrade Discounts: Throughout May, standard members can save 50% on a three-year premium membership (priced at $124.50) or 30% on a one-year premium membership (priced at $83.30), further enhancing travel benefits and discounts available to members.
See More
Mizuho Securities Defends Travel + Leisure Amid Post-Earnings Decline
- Earnings Beat: Travel + Leisure (TNL) reported a Q1 Non-GAAP EPS of $1.45, exceeding expectations by $0.14, with revenue of $961 million beating forecasts by $6.17 million, indicating resilience in core operations.
- Overstated Market Reaction: Despite TNL's shares dropping over 15% since the earnings report, analyst Ben Chaiken believes that concerns regarding a “wobble” in loans are overstated, presenting a unique buying opportunity as core operations trend positively.
- Guidance Unchanged: Although TNL's Q1 performance was strong, the company did not raise its full-year guidance, maintaining an EBITDA forecast of $1.03 billion to $1.055 billion, suggesting potential deceleration in the second half that warrants close monitoring.
- Multi-Brand Strategy Expansion: TNL is expanding its multi-brand Vacation Ownership Interest (VOI) mix towards 10%, a strategy that is expected to enhance market competitiveness and customer appeal, further driving future growth.
See More
Lam Research and Chemed Options Trading Activity
- Lam Research Options Volume: Today, Lam Research Corp's options volume reached 55,809 contracts, representing approximately 5.6 million shares, which accounts for 62.6% of its average daily trading volume over the past month, indicating strong market interest in the stock.
- High Call Option Activity: Within Lam Research, the $320 strike call option has shown particularly high volume, with 3,579 contracts traded today, equating to about 357,900 underlying shares, suggesting investor expectations for future price increases.
- Chemed Options Trading: Chemed Corp saw options trading volume of 1,513 contracts, representing approximately 151,300 shares, or 61.7% of its average daily trading volume over the past month, reflecting the stock's active market engagement.
- Chemed Call Option Performance: For Chemed, the $350 strike call option has traded 1,201 contracts today, representing approximately 120,100 shares, indicating optimistic sentiment among investors regarding the stock's future performance.
See More
Travel + Leisure Co. Reports Strong Q1 2026 Earnings with Positive Outlook
- Strong Financial Performance: Travel + Leisure Co. reported Q1 revenue of $961 million and EBITDA of $225 million, with net income up 22% and EPS increasing by 31%, demonstrating robust execution in the Vacation Ownership segment and resilient market demand.
- Significant Shareholder Returns: The company returned $128 million to shareholders through dividends and share repurchases in Q1, reflecting strong cash flow and a commitment to shareholder value while providing capital for future investments and expansions.
- Multi-Brand Expansion Strategy: Margaritaville is approaching $150 million in annual VOI sales, and the Accor Vacation Club brand is expected to nearly double its VOI sales in 2026, indicating success in the multi-brand strategy, with these brands projected to account for 10% of sales mix this year.
- Optimistic Outlook: The company reaffirmed its 2026 guidance of $2.5 billion to $2.6 billion in total VOI sales and $1.03 billion to $1.055 billion in EBITDA, with expected volume per guest of $3,175 to $3,275, showcasing management's confidence in future performance despite macroeconomic and geopolitical uncertainties.
See More
Travel+Leisure Q1 Earnings Exceed Expectations
- Earnings Beat: Travel+Leisure reported a Q1 Non-GAAP EPS of $1.45, exceeding expectations by $0.14, which reflects strong profitability and boosts investor confidence in the company's financial health.
- Revenue Growth: The company achieved Q1 revenue of $961 million, a 2.9% year-over-year increase, surpassing market expectations by $6.17 million, indicating robust performance in the recovering travel market and solidifying its market position.
- Sales Increase: Gross VOI sales reached $549 million, up 7% year-over-year, with a volume per guest (VPG) of $3,321, a 3% increase, demonstrating sustained customer demand and the attractiveness of the company's offerings.
- Future Guidance: The company expects second-quarter Adjusted EBITDA between $260 million and $270 million, reaffirming its full-year EBITDA guidance of $1.03 billion to $1.055 billion, showcasing confidence in future profitability.
See More
Travel + Leisure Co. Reports Increased Q1 Profit
- Profit Growth: Travel + Leisure Co. reported a first-quarter profit of $79 million, translating to earnings per share of $1.22, which marks a significant increase from last year's $73 million and $1.07 per share, indicating strong performance amid travel recovery.
- Adjusted Earnings: Excluding certain items, the company reported adjusted earnings of $93 million or $1.45 per share, reflecting the robustness of its core business and an enhancement in profitability.
- Revenue Increase: The company's revenue rose by 2.9% year-over-year to $961 million, compared to $934 million last year, demonstrating sustained market demand and business expansion.
- Market Outlook: With the recovery of the travel industry, Travel + Leisure Co.'s profit and revenue growth lays a solid foundation for future market expansion, which is expected to further enhance its competitiveness in the industry.
See More
