Flagship explainer

How Travel & Leisure Co. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$4.0B · 100%Cost of revenue$273M · 7%Gross profit$3.7B · 93%Operating income$553M · 14%Income before tax$337M · 8%Income tax$107M · 3%Net income$230M · 6%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$4.0B100%
Cost of revenue$273M7%
$3.7B93%
$553M14%
Income before tax$337M8%
Income tax$107M3%
$230M6%
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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