Cash Flow Statement

Operating Cash Flow

+45%

+71%

10Y

Currency: USD

	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	431	329	315	285	287	345	366	391	403	359	361	387	(1 074)	(1 071)	(1 098)	(1 136)	293	298	322	373	379	401	420	440	417	376	390	375	399	395	400	427	433	496	517	535	529	561	567	551	612	586	581	589	612	606	536	603	855	799	1 092	976	672	718	464	451	507	293	5	(90)	(255)	(92)	143	204	308	330	359	373	357	370	363	358	396	398	434	421	411	418	397	410	230
Depreciation & Amortization	131	133	136	141	148	152	157	163	166	172	177	181	184	183	182	181	178	179	175	172	173	174	178	178	178	178	179	181	185	192	200	209	216	220	225	231	233	233	232	231	187	240	245	248	127	241	192	165	136	141	144	141	138	113	124	123	121	121	124	125	126	126	127	125	124	123	122	122	119	117	113	111	112	112	113	115	115	117	120	121	124
Change in Deffered Taxes	236	352	382	392	103	127	160	172	156	147	138	151	110	102	101	96	90	93	80	73	76	84	87	76	70	65	40	47	62	43	67	64	64	98	70	46	47	45	29	55	40	54	92	81	72	131	47	64	(397)	(452)	(344)	(357)	122	112	75	74	79	15	(31)	(91)	(88)	(50)	(24)	19	(39)	(14)	(4)	3	(4)	16	16	9	8	(3)	(4)	(9)	26	26	25	56	(21)
Stock-Based Compensation	0	0	0	0	12	5	11	18	26	28	32	36	35	36	36	35	37	39	39	39	39	38	40	40	42	43	41	42	41	42	46	48	53	58	59	58	57	56	55	58	58	57	65	66	57	58	48	45	59	62	141	140	129	116	32	25	24	20	20	21	20	26	28	30	32	37	40	42	45	43	43	42	38	37	36	36	41	46	47	50	57
Other Non-Cash Items	128	201	257	284	335	303	300	315	324	375	421	461	1 911	1 909	1 932	1 948	567	562	522	489	429	411	400	403	447	547	563	592	554	561	555	533	527	391	372	334	341	328	317	342	378	355	392	411	686	611	961	786	983	1 017	427	544	354	185	460	550	504	713	647	558	535	256	225	221	201	213	272	309	399	426	413	427	418	420	417	442	479	497	546	580	796
Cash Taxes Paid	32	31	28	31	62	0	94	108	83	0	83	82	68	80	53	84	113	111	128	102	103	103	130	122	139	147	147	155	134	138	151	163	175	166	206	228	249	0	247	243	234	255	179	182	177	252	273	272	219	219	169	120	108	38	69	89	89	92	41	54	50	50	0	0	110	10	88	110	153	163	145	157	144	151	111	104	100	81	110	95	87
Cash Interest Paid	55	57	52	79	60	53	77	50	89	93	102	96	100	125	99	88	99	82	89	116	125	123	119	114	135	134	134	134	120	151	145	111	127	91	90	119	119	0	121	122	56	130	115	114	51	50	95	167	49	99	95	64	58	37	36	69	81	80	69	27	163	194	187	197	207	178	196	182	189	201	216	228	239	242	248	252	245	243	230	233	213
Change in Working Capital	(434)	(478)	(562)	(560)	(708)	(843)	(929)	(986)	(1 039)	(941)	(979)	(1 098)	(1 022)	(891)	(747)	(557)	(439)	(448)	(312)	(459)	(422)	(411)	(311)	(130)	(109)	(164)	(218)	(244)	(196)	(141)	(107)	(179)	(232)	(156)	(141)	(97)	(166)	(245)	(217)	(277)	(226)	(236)	(350)	(369)	(534)	(639)	(807)	(767)	(591)	(624)	(690)	(627)	(844)	(667)	(721)	(791)	(759)	(785)	(428)	(146)	56	155	63	16	(26)	(21)	(241)	(407)	(429)	(621)	(583)	(532)	(584)	(537)	(499)	(451)	(567)	(520)	(492)	(553)	(489)
Cash from Operating Activities	492 N/A	537 +9%	528 -2%	542 +3%	165 -70%	84 -49%	54 -36%	55 +2%	10 -82%	112 +1 020%	118 +5%	82 -31%	109 +33%	232 +113%	370 +59%	532 +44%	689 +30%	684 -1%	787 +15%	648 -18%	635 -2%	659 +4%	774 +17%	967 +25%	1 003 +4%	1 002 0%	954 -5%	951 0%	1 004 +6%	1 050 +5%	1 115 +6%	1 054 -5%	1 008 -4%	1 049 +4%	1 043 -1%	1 049 +1%	984 -6%	922 -6%	928 +1%	902 -3%	991 +10%	999 +1%	960 -4%	960 N/A	963 +0%	950 -1%	929 -2%	851 -8%	986 +16%	881 -11%	629 -29%	677 +8%	442 -35%	461 +4%	402 -13%	407 +1%	452 +11%	357 -21%	317 -11%	356 +12%	374 +5%	395 +6%	534 +35%	585 +10%	568 -3%	631 +11%	508 -19%	400 -21%	442 +11%	308 -30%	322 +5%	373 +16%	350 -6%	390 +11%	461 +18%	518 +12%	464 -10%	538 +16%	596 +11%	614 +3%	640 +4%
Investing Cash Flow
Capital Expenditures	(134)	(142)	(153)	(174)	(191)	(207)	(212)	(208)	(194)	(188)	(189)	(192)	(187)	(201)	(188)	(163)	(135)	(118)	(111)	(126)	(167)	(172)	(200)	(220)	(239)	(231)	(221)	(209)	(208)	(216)	(234)	(238)	(238)	(243)	(232)	(234)	(235)	(245)	(249)	(243)	(189)	(209)	(200)	(201)	(117)	(176)	(152)	(131)	(107)	(107)	(97)	(94)	(99)	(91)	(108)	(111)	(108)	(109)	(97)	(89)	(69)	(95)	(92)	(90)	(94)	(57)	(56)	(55)	(54)	(62)	(64)	(64)	(80)	(119)	(128)	(134)	(125)	(90)	(102)	(109)	(118)
Other Items	(562)	(654)	(777)	(652)	(280)	(254)	(130)	(55)	(61)	(76)	(100)	(175)	(132)	(86)	(19)	1	26	(52)	(105)	(105)	(251)	(180)	(139)	(97)	(17)	(44)	(27)	(265)	(311)	(480)	(494)	(221)	(163)	7	(24)	(35)	(41)	(92)	(100)	(92)	(113)	(34)	(9)	(29)	(229)	(108)	(130)	(204)	(255)	(264)	(920)	(850)	(626)	(646)	40	(15)	42	67	62	62	4	1	1	46	1	(5)	(4)	5	4	11	10	2	0	(1)	0	(1)	1	1	11	8	11
Cash from Investing Activities	(696) N/A	(796) -14%	(930) -17%	(826) +11%	(471) +43%	(461) +2%	(342) +26%	(263) +23%	(255) +3%	(264) -4%	(289) -9%	(367) -27%	(319) +13%	(287) +10%	(207) +28%	(162) +22%	(109) +33%	(170) -56%	(216) -27%	(231) -7%	(418) -81%	(352) +16%	(339) +4%	(317) +6%	(256) +19%	(275) -7%	(248) +10%	(474) -91%	(519) -9%	(696) -34%	(728) -5%	(459) +37%	(401) +13%	(236) +41%	(256) -8%	(269) -5%	(276) -3%	(337) -22%	(349) -4%	(335) +4%	(302) +10%	(243) +20%	(209) +14%	(230) -10%	(346) -50%	(284) +18%	(282) +1%	(335) -19%	(362) -8%	(371) -2%	(1 017) -174%	(944) +7%	(725) +23%	(737) -2%	(68) +91%	(126) -85%	(66) +48%	(42) +36%	(35) +17%	(27) +23%	(65) -141%	(94) -45%	(91) +3%	(44) +52%	(93) -111%	(62) +33%	(60) +3%	(50) +17%	(50) N/A	(51) -2%	(54) -6%	(62) -15%	(80) -29%	(120) -50%	(128) -7%	(135) -5%	(124) +8%	(89) +28%	(91) -2%	(101) -11%	(107) -6%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	650	479	257	20	(647)	(486)	(274)	(37)	(20)	(2)	8	(23)	(23)	(31)	(40)	(53)	(122)	(157)	(271)	(421)	(654)	(839)	(860)	(818)	(650)	(585)	(576)	(602)	(628)	(593)	(610)	(589)	(597)	(645)	(647)	(659)	(653)	(658)	(672)	(655)	(642)	(619)	(598)	(599)	(597)	(599)	(528)	(422)	(378)	(330)	(315)	(326)	(313)	(329)	(396)	(334)	(244)	(121)	9	10	10	(14)	(61)	(142)	(255)	(341)	(397)	(416)	(370)	(300)	(224)	(191)	(190)	(219)	(262)	(265)	(250)	(267)
Net Issuance of Debt	285	336	355	1 043	1 373	1 560	1 750	927	682	494	234	367	231	49	(128)	(342)	(474)	(354)	(325)	(160)	75	103	162	161	225	361	277	394	330	385	380	181	87	(102)	(101)	20	188	328	532	324	179	257	182	271	322	227	297	393	399	507	(644)	(688)	(690)	(905)	332	349	313	1 090	965	1 085	810	(860)	(1 026)	(1 316)	(1 106)	(249)	(184)	(64)	331	126	340	328	(12)	462	(4)	(59)	(59)	(273)	(1)	(2)	(11)
Cash Paid for Dividends	0	0	0	(1 360)	(1 360)	0	0	(7)	(14)	(21)	(28)	(28)	(28)	(28)	(29)	(29)	(29)	(44)	(58)	(72)	(86)	(91)	(95)	(97)	(99)	(109)	(116)	(125)	(134)	(138)	(144)	(151)	(156)	(163)	(169)	(173)	(179)	(185)	(190)	(196)	(202)	(208)	(213)	(218)	(223)	(227)	(233)	(238)	(242)	(248)	(231)	(212)	(194)	(166)	(164)	(165)	(166)	(167)	(168)	(153)	(138)	(121)	(105)	(105)	(109)	(118)	(126)	(133)	(135)	(137)	(136)	(136)	(136)	(137)	(138)	(140)	(142)	(145)	(147)	(148)	(149)
Other	(64)	(65)	(63)	(11)	(19)	(22)	(22)	(7)	(5)	(1)	(17)	(22)	(35)	(37)	(30)	(33)	(27)	(49)	(52)	(51)	(51)	(44)	(39)	(48)	(40)	(46)	(43)	(38)	(42)	(37)	45	43	57	44	(38)	(39)	(65)	(69)	(67)	(5)	6	12	29	(51)	(66)	(84)	(109)	(106)	(116)	(97)	1 444	1 472	1 494	1 529	(79)	(95)	(107)	(102)	(33)	(46)	(49)	(56)	(73)	(57)	(59)	(55)	(53)	(55)	(51)	(52)	(55)	(48)	(52)	(55)	(42)	(41)	(38)	(44)	(39)	(44)	(16)
Cash from Financing Activities	221 N/A	271 +23%	292 +8%	322 +10%	473 +47%	435 -8%	388 -11%	266 -31%	177 -33%	198 +12%	152 -23%	297 +95%	166 -44%	(8) N/A	(210) -2 525%	(427) -103%	(561) -31%	(487) +13%	(488) 0%	(405) +17%	(219) +46%	(303) -38%	(393) -30%	(638) -62%	(753) -18%	(654) +13%	(700) -7%	(419) +40%	(431) -3%	(366) +15%	(321) +12%	(555) -73%	(605) -9%	(831) -37%	(897) -8%	(789) +12%	(701) +11%	(573) +18%	(384) +33%	(530) -38%	(675) -27%	(611) +9%	(657) -8%	(640) +3%	(586) +8%	(682) -16%	(644) +6%	(548) +15%	(558) -2%	(366) +34%	147 N/A	194 +32%	280 +44%	143 -49%	(237) N/A	(224) +5%	(289) -29%	425 N/A	430 +1%	642 +49%	502 -22%	(1 028) N/A	(1 194) -16%	(1 468) -23%	(1 288) +12%	(483) +63%	(505) -5%	(507) 0%	(196) +61%	(460) -135%	(267) +42%	(226) +15%	(500) -121%	46 N/A	(375) N/A	(430) -15%	(458) -7%	(724) -58%	(452) +38%	(444) +2%	(443) +0%
Change in Cash
Effect of Foreign Exchange Rates	(12)	(8)	5	2	3	1	3	13	9	9	8	(15)	(30)	(31)	(19)	(1)	0	1	(18)	(12)	3	7	15	(7)	(8)	(8)	(16)	(1)	(1)	(10)	(10)	(3)	(3)	4	15	(8)	(18)	(35)	(32)	(30)	(26)	(7)	(26)	(17)	(20)	(20)	(1)	7	17	15	0	(5)	(9)	(9)	(1)	(7)	1	(16)	(9)	0	4	17	11	3	(7)	0	(11)	(12)	(5)	(10)	(1)	2	0	(3)	(4)	4	(11)	(5)	2	(4)	7
Net Change in Cash	5 N/A	4 -20%	(105) N/A	40 N/A	170 +325%	59 -65%	103 +75%	71 -31%	(59) N/A	55 N/A	(11) N/A	(3) +73%	(74) -2 367%	(94) -27%	(66) +30%	(58) +12%	19 N/A	28 +47%	65 +132%	0 N/A	1 N/A	11 +1 000%	57 +418%	5 -91%	(14) N/A	65 N/A	(10) N/A	57 N/A	53 -7%	(22) N/A	56 N/A	37 -34%	(1) N/A	(14) -1 300%	(95) -579%	(17) +82%	(11) +35%	(23) -109%	163 N/A	7 -96%	(12) N/A	138 N/A	68 -51%	73 +7%	11 -85%	(36) N/A	2 N/A	(25) N/A	83 N/A	159 +92%	(241) N/A	(78) +68%	(12) +85%	(142) -1 083%	96 N/A	50 -48%	98 +96%	724 +639%	703 -3%	971 +38%	815 -16%	(710) N/A	(740) -4%	(924) -25%	(820) +11%	86 N/A	(68) N/A	(169) -149%	191 N/A	(213) N/A	0 N/A	87 N/A	(230) N/A	313 N/A	(46) N/A	(43) +7%	(129) -200%	(280) -117%	55 N/A	65 +18%	97 +49%
Free Cash Flow
Free Cash Flow	358 N/A	395 +10%	375 -5%	368 -2%	(26) N/A	(123) -373%	(158) -28%	(153) +3%	(184) -20%	(76) +59%	(71) +7%	(110) -55%	(78) +29%	31 N/A	182 +487%	369 +103%	554 +50%	566 +2%	676 +19%	522 -23%	468 -10%	487 +4%	574 +18%	747 +30%	764 +2%	771 +1%	733 -5%	742 +1%	796 +7%	834 +5%	881 +6%	816 -7%	770 -6%	806 +5%	811 +1%	815 +0%	749 -8%	677 -10%	679 +0%	659 -3%	802 +22%	790 -1%	760 -4%	759 0%	846 +11%	774 -9%	777 +0%	720 -7%	879 +22%	774 -12%	532 -31%	583 +10%	343 -41%	370 +8%	294 -21%	296 +1%	344 +16%	248 -28%	220 -11%	267 +21%	305 +14%	300 -2%	442 +47%	495 +12%	474 -4%	574 +21%	452 -21%	345 -24%	388 +12%	246 -37%	258 +5%	309 +20%	270 -13%	271 +0%	333 +23%	384 +15%	339 -12%	448 +32%	494 +10%	505 +2%	522 +3%

Income Statement Balance Sheet Cash Flow Statement

Travel + Leisure Co
NYSE:TNL

Cash Flow Statement

Cash Flow Statement
Travel + Leisure Co

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Travel + Leisure Co NYSE:TNL

Cash Flow Statement

Cash Flow Statement Travel + Leisure Co

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Travel + Leisure Co
NYSE:TNL

Cash Flow Statement
Travel + Leisure Co