Travel + Leisure at Goldman Sachs conference: steady growth, selective deals

On Monday, September 14, 2026, Travel + Leisure Co. (TNL) addressed a conference hosted by Goldman Sachs, focusing on its steady growth and selective acquisitions. Despite a challenging macroeconomic environment, the company emphasized resilient consumer demand, disciplined capital returns, and selective acquisitions as its core growth formula.

CFO Erik Hoag stated that the company aims for sales growth of 6% to 8%, mid-single-digit EBITDA growth, and double-digit EPS growth. The first-half 2026 results exceeded expectations and remained ahead of long-term growth projections. Two acquisitions in July added approximately 100,000 owners, with expected EBITDA contributions of $50 million in the first year.

Travel + Leisure raised its dividend by 7% year-over-year, increased share repurchases by 25%, and reduced leverage by a quarter turn. The resort optimization program, which aimed to address lower occupancy, customer satisfaction, and deferred maintenance, is now mostly complete, contributing to margin improvements and cost reduction.

Management highlighted positive trends in tour flow, booking windows, length of stay, and travel distance, with consumer demand described as durable. The company's financial health is reflected in its market capitalization of $4.04 billion and P/E ratio of 18.32, with a dividend yield of 3.6% and a financial health score of 2.75.

TNL's focus remains on integration and growth, with plans to continue targeting 50% conversion of EBITDA to free cash flow.