Travel + Leisure Co. Q4 2025 Earnings Call Summary

Performance was anchored by the vacation ownership business, where management converted high owner engagement into recurring demand and predictable cash flow. The company achieved 8% gross vacation ownership sales growth, driven by a 6% increase in Volume Per Guest (VPG) and accelerating tour flow that peaked in the fourth quarter. Management attributed sustained consumer demand to a deliberate shift toward higher-quality demographics, with average FICO scores rising above 740 and household incomes ex ...