Travel + Leisure Co. logo TNL - Travel + Leisure Co.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 0
BUY 12
HOLD 2
SELL 1
STRONG
SELL 0
| PRICE TARGET: $86.38 DETAILS
HIGH: $107.00
LOW: $74.00
MEDIAN: $86.00
CONSENSUS: $86.38
UPSIDE: 32.65%
Annual Quarterly
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1
Revenue
Revenue 961 1,026 1,044 1,018 934 971 993 985 916 936 986 949 879 899 937 922 809 870 839 797 628 645 614 343 558 981 1,105 1,039 918 956 1,062 1,007 1,190 1,246 1,629 1,479 1,319 1,320 1,573 1,403 1,303 1,311 1,564 1,398 1,262 1,231 1,514 1,343 1,193 1,195 1,427 1,253 1,133 1,094 1,265 1,139 1,036 1,001 1,212 1,090 952 937 1,065 963 886 913 1,016 920 901 911 1,226 1,132 1,012 1,032 1,216 1,100 1,012 970 1,047 955 870 725 948 867 795
Cost of Revenue 441 878 468 512 502 475 496 496 505 466 500 487 475 457 476 466 438 421 406 400 335 315 301 203 392 452 536 497 453 468 507 485 453 453 487 472 450 257 745 673 668 657 752 676 615 602 680 631 590 580 651 600 559 520 563 516 493 485 546 529 466 479 489 465 441 432 475 462 454 428 559 545 501 499 570 551 497 469 474 449 399 1,289 97 85 69
Gross Profit 520 148 576 506 432 496 497 489 411 470 486 462 404 442 461 456 371 449 433 397 293 330 313 140 166 529 569 542 465 487 555 522 454 477 528 506 432 (330) 828 730 635 655 812 722 647 629 834 712 603 615 776 653 574 574 702 623 543 516 666 561 486 458 576 498 445 481 541 458 447 483 667 587 511 533 646 549 515 501 573 506 471 (564) 851 782 726
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 263 286 284 268 246 258 263 272 233 235 249 241 236 234 242 240 214 212 207 204 175 185 185 117 241 273 317 293 276 254 295 288 284 340 285 293 388 353 415 396 378 388 418 393 376 379 415 387 376 373 399 358 341 354 369 346 320 327 339 279 277 267 250 284 271 272 289 259 272 294 372 370 354 299 403 331 317 276 329 335 289 371 270 274 110
Other Expenses 98 (177) 78 32 30 32 45 28 28 44 30 38 30 45 30 31 40 43 40 42 31 60 64 137 66 (3) 39 52 49 74 63 169 67 111 59 168 43 (822) 77 63 62 59 74 58 55 96 68 59 0 0 0 0 0 0 45 46 45 89 43 52 57 45 43 42 44 44 46 45 43 1,518 53 46 72 44 43 48 44 133 30 41 34 (1,079) 381 359 489
Operating Expenses 361 109 362 300 276 290 308 300 261 279 279 279 266 280 272 271 254 254 247 246 206 245 249 254 307 269 355 344 325 329 358 457 351 386 344 461 312 (699) 492 459 440 447 492 451 431 475 483 446 429 449 451 410 503 419 414 392 365 416 382 331 334 312 293 326 315 316 335 304 315 1,812 425 416 426 343 446 379 361 409 359 376 323 (708) 651 633 599
Operating Income
Operating Income 159 39 214 206 156 206 189 189 150 191 207 183 138 162 189 185 117 195 186 151 87 85 64 (114) (141) 260 214 198 140 158 197 65 103 31 184 45 185 254 336 271 195 208 320 271 216 154 351 266 171 166 323 241 181 156 288 231 178 100 284 230 152 137 279 172 130 149 206 151 89 (1,329) 242 171 85 190 197 170 154 161 139 130 148 144 200 149 127
Interest Expense 56 193 60 57 57 60 63 63 64 68 64 61 58 52 48 47 47 50 47 47 53 54 52 46 41 40 40 40 41 41 37 46 45 42 40 39 34 34 34 34 33 37 33 30 26 29 28 29 27 34 31 34 32 35 32 32 33 37 34 37 44 34 47 36 50 35 34 26 19 0 21 18 19 0 20 18 18 47 12 11 0 0 0 0 0
Interest Income 2 457 3 2 1 2 3 3 4 4 3 3 3 3 2 1 1 1 1 1 1 2 2 2 2 1 1 2 2 2 0 2 1 2 1 1 1 2 2 2 2 2 2 2 3 4 2 3 2 2 2 2 2 2 2 2 2 2 19 2 2 2 2 2 1 2 1 2 2 0 2 3 3 0 0 2 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 191 16 249 240 188 246 223 224 184 224 240 214 171 199 240 210 151 232 218 184 119 122 103 (76) (106) 297 252 230 184 198 251 108 147 51 239 82 238 324 404 342 258 277 384 334 280 218 413 329 232 225 381 299 125 205 333 284 122 149 348 277 193 185 325 219 176 197 255 198 136 (1,265) 296 224 133 234 243 218 198 126 244 171 185 178 233 182 159
EBIT 159 (16) 218 209 158 217 193 196 156 195 212 186 143 171 210 179 121 201 187 152 88 90 71 (107) (137) 266 221 202 153 165 219 72 110 35 204 49 187 259 341 279 196 216 325 276 224 160 353 270 176 169 327 245 73 156 288 238 77 104 305 232 148 140 282 177 132 153 209 153 93 (1,312) 249 178 89 190 200 177 160 85 207 135 151 144 200 149 127
Income Before Tax 108 (73) 158 152 101 157 130 133 92 127 148 125 85 119 162 132 74 150 140 105 35 36 19 (153) (178) 226 181 162 112 124 182 26 121 79 313 111 172 225 307 245 163 179 292 246 198 132 325 241 149 134 296 211 41 122 256 206 44 67 271 196 116 106 235 141 82 118 175 127 74 (1,344) 228 160 70 173 189 154 139 146 127 119 150 152 201 148 250
Income Tax Expense 29 (12) 47 44 28 39 33 36 26 (2) 38 36 22 29 46 32 23 40 39 31 6 31 (21) 11 (44) 71 46 44 31 18 51 38 40 (383) 110 33 31 61 110 89 67 39 102 87 76 51 119 88 59 48 109 78 14 41 97 78 13 11 96 82 44 27 79 46 32 45 71 56 29 12 86 62 28 68 72 58 53 53 35 44 57 61 80 59 5
Net Income 79 (61) 111 108 73 119 97 129 66 129 110 94 64 91 116 100 51 107 101 72 29 3 40 (164) (134) 168 135 124 80 112 148 378 34 449 264 85 141 164 196 156 96 141 190 159 122 81 206 153 90 86 187 133 27 80 159 128 32 56 175 114 72 79 156 95 50 73 104 71 45 (1,356) 142 98 42 105 117 96 86 93 92 75 28 91 121 89 130
Per Share Data
EPS (Basic) 1.25 -0.95 1.68 1.63 1.09 1.73 1.39 1.37 0.92 1.79 1.50 1.18 0.81 1.13 1.40 1.18 0.59 1.23 1.16 0.83 0.33 0.06 0.47 -1.92 -1.54 1.87 1.48 1.33 0.85 1.16 1.49 3.78 0.34 4.45 1.99 0.75 1.34 1.54 1.79 1.40 0.85 1.22 1.62 1.34 1.01 0.66 1.65 1.21 0.70 0.66 1.42 0.99 0.19 0.58 1.13 0.89 0.22 0.38 1.10 0.68 0.42 0.46 0.88 0.53 0.28 0.41 0.58 0.40 0.25 -7.62 0.80 0.55 0.24 0.60 0.65 0.53 0.46 0.50 0.46 0.37 0.14 0.45 0.60 0.44 0.64
EPS (Diluted) 1.22 -0.95 1.67 1.62 1.07 1.71 1.39 1.37 0.92 1.77 1.49 1.18 0.80 1.12 1.39 1.17 0.59 1.22 1.15 0.82 0.33 0.06 0.47 -1.92 -1.54 1.87 1.47 1.32 0.85 1.16 1.49 3.77 0.34 4.41 1.97 0.75 1.33 1.53 1.78 1.39 0.84 1.21 1.61 1.33 1.00 0.65 1.64 1.20 0.69 0.65 1.40 0.98 0.19 0.57 1.11 0.88 0.21 0.38 1.08 0.67 0.41 0.44 0.84 0.51 0.27 0.39 0.57 0.39 0.25 -7.62 0.80 0.55 0.24 0.60 0.65 0.52 0.45 0.49 0.45 0.37 0.14 0.45 0.60 0.44 0.64
Shares Outstanding 63.2 64.1 66.1 66.1 67.1 68.1 69.8 70.8 71.5 72.2 73.3 75.2 77.5 79.8 83 85 85.9 86.5 86.6 86.5 86.3 86.1 85.9 85.4 86.9 89.5 91.7 93 94.4 96.3 99.1 100 100.1 101 102 104 105.2 107 109 111 113 115 117 119 121 122 124 127 128 129 131 135 137 139 141 144 146 146 159 167 173 173 177 180 179 179 179 179 178 178 178 177 177 175 180 181.1 187.0 187.0 200 202.7 200 201.2 201.7 202.3 202.7
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2010 Q2 2010 Q1 2009 Q4 2009 Q2 2009 Q1 2007 Q3
Current Assets
Cash & Cash Equivalents 254 253 240 212 188 167 194 166 479 282 238 214 196 550 169 241 381 369 346 328 322 1,196 1,276 1,052 1,018 355 250 257 217 218 164 155 291 48 289 415 222 113 332 478 318 239 163 155 174 135 231
Short-Term Investments 0 0 0 0 0 17 0 0 0 14 0 0 0 23 0 0 0 27 0 0 0 9 0 0 0 45 0 0 0 25 0 0 0 24 0 0 0 14 0 0 0 0 0 0 0 0 0
Net Receivables 152 165 2,765 2,743 2,751 2,954 2,764 2,738 2,722 2,893 2,644 2,586 2,536 2,640 2,525 2,446 2,407 2,538 2,417 2,429 2,464 115 2,643 2,745 2,929 3,380 3,255 3,188 3,157 3,227 3,186 3,110 718 3,180 843 855 1,102 676 806 840 1,080 640 838 693 688 841 737
Inventory 1,183 1,128 1,269 1,252 1,221 1,227 1,208 1,206 1,187 1,135 1,149 1,148 1,158 1,193 1,146 1,192 1,129 1,216 1,270 1,339 1,359 1,347 1,331 1,278 1,218 1,199 1,209 1,216 1,213 1,224 1,197 1,243 337 340 317 315 324 315 287 286 293 343 330 354 391 392 554
Other Current Assets 0 0 (2,822) 175 179 181 155 166 168 176 154 164 138 138 136 137 166 128 128 118 139 2,700 122 134 153 147 362 424 456 358 0 253 2,150 3,735 429 486 466 34 265 340 481 389 427 422 397 402 338
Total Current Assets 1,589 1,546 1,682 4,626 4,592 4,777 4,554 4,528 4,825 4,757 4,432 4,359 4,281 4,768 4,182 4,227 4,311 4,525 4,357 4,418 4,493 5,591 5,574 5,425 5,539 5,362 5,274 5,280 5,218 5,229 4,676 4,665 3,682 8,377 2,039 2,258 2,302 1,738 1,843 2,127 2,349 1,728 1,876 1,740 1,802 1,924 2,010
Non-Current Assets
Property, Plant & Equipment 523 531 597 592 587 638 594 596 614 701 655 665 670 720 736 730 743 768 678 645 658 758 679 670 682 816 723 715 720 712 775 764 1,112 1,081 1,358 1,368 1,360 1,340 1,358 1,361 1,403 887 929 953 1,018 1,006 978
Goodwill 971 972 971 972 968 966 971 968 993 962 959 961 961 955 950 955 961 961 962 965 964 964 958 963 962 970 971 922 923 922 936 940 1,330 1,336 1,698 1,637 1,615 1,603 1,549 1,543 1,564 1,392 1,402 1,386 1,382 1,341 2,728
Intangible Assets 200 201 204 208 209 209 215 216 197 199 201 204 207 207 211 213 216 219 222 224 227 131 132 133 135 143 137 105 108 109 146 146 1,085 1,084 1,125 1,124 1,123 1,127 1,104 1,100 1,115 1,109 1,089 1,051 1,064 1,067 1,035
Long-Term Investments 1 31 0 0 0 18 0 0 0 19 0 0 0 18 0 0 0 21 0 0 0 26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets (1) (31) 763 411 408 104 364 385 394 77 408 413 358 66 301 352 369 69 382 387 386 116 479 406 458 136 458 444 401 157 599 560 3,890 171 4,041 3,961 3,943 4,814 3,889 3,811 3,734 4,103 4,289 4,222 4,113 4,106 3,449
Total Non-Current Assets 2,426 2,408 2,535 2,183 2,172 1,958 2,144 2,165 2,198 1,981 2,223 2,243 2,196 1,989 2,198 2,250 2,289 2,063 2,244 2,221 2,235 2,022 2,248 2,172 2,237 2,091 2,289 2,186 2,152 1,929 2,456 2,410 7,417 2,073 8,222 8,090 8,041 8,081 7,900 7,815 7,816 7,491 7,709 7,612 7,577 7,520 8,190
Total Assets 6,840 6,760 6,892 6,809 6,764 6,735 6,698 6,693 7,023 6,738 6,655 6,602 6,477 6,757 6,380 6,477 6,600 6,588 6,601 6,639 6,728 7,613 7,822 7,597 7,776 7,453 7,563 7,466 7,370 7,158 7,132 7,075 11,099 10,403 10,261 10,348 10,343 9,819 9,743 9,942 10,165 9,219 9,585 9,352 9,379 9,444 10,200
Current Liabilities
Account Payables 63 62 66 69 67 67 55 50 65 73 71 70 61 65 66 70 67 62 60 56 62 62 57 61 71 73 86 81 79 66 147 197 245 232 432 670 740 213 392 580 634 332 402 260 373 384 342
Short-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 289 321 234 226 231 217 233 244 252 29 23 175 169 166 463
Deferred Revenue 478 0 489 483 486 457 450 453 452 442 435 423 417 411 393 391 391 392 394 419 434 457 481 0 553 20 553 554 551 531 564 592 566 559 536 622 628 421 464 577 596 422 456 417 579 640 580
Other Current Liabilities 0 412 0 0 0 0 0 0 0 0 0 0 0 13 0 0 0 0 0 0 0 0 0 0 0 0 163 249 241 217 0 0 1,246 1,146 0 0 0 549 0 0 0 248 220 209 288 305 139
Total Current Liabilities 1,377 945 1,372 1,330 1,265 1,169 1,284 1,291 1,315 1,168 1,324 1,319 1,286 1,142 1,311 1,402 1,385 1,159 1,407 1,446 1,420 1,162 1,491 971 1,509 772 1,820 1,833 1,914 1,647 1,773 1,820 3,099 2,908 2,121 2,384 2,349 2,032 1,931 2,188 2,256 1,852 1,909 1,885 2,018 2,194 2,257
Non-Current Liabilities
Long-Term Debt 5,754 4,780 5,559 5,570 5,639 5,570 5,556 5,558 5,903 5,626 5,602 5,554 5,443 5,631 5,264 5,212 5,319 5,304 5,336 5,397 5,562 6,411 6,633 6,402 6,389 5,570 5,537 5,429 5,288 5,235 5,155 5,070 5,972 5,934 5,667 5,534 5,482 5,224 5,216 5,162 5,180 1,763 2,059 1,840 1,759 1,747 3,007
Deferred Tax Liabilities 732 716 763 745 744 722 698 709 709 687 706 715 712 679 699 700 698 686 700 708 715 725 683 734 764 815 772 761 749 736 709 701 802 613 1,285 1,255 1,298 1,167 1,198 1,195 1,306 1,127 1,144 1,137 1,005 937 890
Other Non-Current Liabilities 0 705 0 0 0 54 0 0 0 67 0 0 0 87 0 0 0 88 (700) (708) (715) (1,063) (683) 0 (764) 94 (772) (761) (749) (643) (709) (701) 293 (464) 371 387 349 484 393 412 385 1,526 1,516 1,535 1,795 1,895 638
Total Non-Current Liabilities 6,486 6,797 6,341 6,332 6,402 6,446 6,275 6,286 6,633 6,487 6,328 6,287 6,166 6,519 5,972 5,921 6,026 6,223 6,043 6,111 6,284 7,419 7,324 7,676 7,158 7,205 6,313 6,193 6,040 6,080 5,868 5,775 7,350 6,768 7,510 7,372 7,328 7,069 7,015 6,973 7,069 4,657 4,975 4,779 4,851 4,871 4,535
Total Liabilities 7,863 7,742 7,713 7,662 7,667 7,615 7,559 7,577 7,948 7,655 7,652 7,606 7,452 7,661 7,283 7,323 7,411 7,382 7,450 7,557 7,704 8,581 8,815 8,647 8,667 7,977 8,133 8,026 7,954 7,727 7,641 7,595 10,449 9,520 9,631 9,756 9,677 9,101 8,946 9,161 9,325 6,509 6,884 6,664 6,869 7,065 6,792
Stockholders' Equity
Common Stock 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
Retained Earnings 2,453 2,412 2,510 2,437 2,367 2,334 2,250 2,189 2,097 2,067 1,971 1,895 1,836 1,808 1,750 1,668 1,603 1,587 1,511 1,437 1,392 1,390 1,414 1,399 1,607 1,785 1,651 1,558 1,480 1,442 1,384 1,285 2,449 2,609 2,219 2,077 2,060 1,977 1,866 1,726 1,628 (215) (287) (315) (477) (540) 427
Accumulated Other Comprehensive Income (63) (67) (69) (66) (100) (112) (61) (82) (85) (70) (94) (79) (81) (79) (112) (78) (45) (48) (42) (27) (29) (16) (56) (77) (117) (52) (77) (51) (50) (52) (31) (26) 3 (10) (9) (39) (84) (113) (56) (66) (38) 105 129 138 140 93 197
Total Stockholders' Equity (1,023) (982) (821) (852) (903) (881) (862) (885) (926) (918) (1,008) (1,014) (984) (913) (911) (854) (819) (801) (857) (925) (983) (975) (1,000) (1,056) (897) (530) (576) (565) (589) (574) (514) (525) 645 878 624 587 662 714 793 778 837 2,710 2,701 2,688 2,510 2,379 3,408
Total Liabilities & Equity 6,840 6,760 6,892 6,809 6,764 6,735 6,698 6,693 7,023 6,738 6,655 6,602 6,477 6,757 6,380 6,477 6,600 6,588 6,601 6,639 6,728 7,613 7,822 7,597 7,776 7,453 7,563 7,466 7,370 7,158 7,132 7,075 11,099 10,403 10,261 10,348 10,343 9,819 9,743 9,942 10,165 9,219 9,585 9,352 9,379 9,444 10,200
Debt Metrics
Total Debt 5,754 4,908 5,578 5,587 5,658 5,670 5,577 5,577 5,924 5,733 5,622 5,572 5,454 5,753 5,273 5,221 5,328 5,449 5,343 5,403 5,569 6,575 6,641 6,411 6,394 5,755 5,541 5,432 5,291 5,238 5,159 5,074 6,261 6,327 5,901 5,760 5,713 5,441 5,449 5,406 5,432 1,792 2,082 2,015 1,928 1,913 3,470
Net Debt 5,500 4,655 5,338 5,375 5,470 5,503 5,383 5,411 5,445 5,451 5,384 5,358 5,258 5,203 5,104 4,980 4,947 5,080 4,997 5,075 5,247 5,379 5,365 5,359 5,376 5,400 5,291 5,175 5,074 5,020 4,995 4,919 5,970 6,279 5,612 5,345 5,491 5,328 5,117 4,928 5,114 1,553 1,919 1,860 1,754 1,778 3,239
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2005 Q3 2005 Q2 2005 Q1
Operating Activities
Net Income 79 (4) 291 108 73 86 97 129 66 124 110 94 63 90 115 100 51 112 101 71 29 5 40 (164) (134) 155 135 118 81 106 131 (5) 34 449 204 78 141 164 197 155 96 121 89 130
Depreciation & Amortization 32 32 92 31 30 29 30 28 28 29 28 27 28 28 30 31 30 31 30 32 31 32 32 31 31 31 31 28 31 33 32 17 56 16 69 65 63 65 62 63 62 32 33 32
Stock-Based Compensation 13 0 38 12 14 12 9 11 9 7 9 12 10 11 10 12 12 8 8 9 7 6 6 7 1 7 5 7 5 8 12 91 18 22 13 12 15 16 16 22 14 0 0 0
Change in Working Capital (238) (204) (345) (54) (121) (208) (109) (82) (168) (92) (157) (120) (215) (40) (208) (158) (23) (13) (47) 62 (28) 31 3 160 (129) (169) (284) (218) (97) (217) (207) (176) (251) 11 (421) 51 (163) (148) (304) 95 (31) (249) 23 (51)
Other Non-Cash Items 123 312 399 134 103 164 131 86 90 104 106 87 88 105 91 101 58 7 61 45 51 30 64 72 338 65 159 165 118 119 72 198 249 277 114 265 102 70 103 84 79 66 9 25
Operating Cash Flow 38 124 516 232 121 98 145 174 47 152 88 103 7 175 37 89 141 133 145 212 78 150 94 73 57 132 55 113 152 87 50 172 133 321 3 425 238 187 80 445 261 (31) 144 21
Investing Activities
Capital Expenditure (19) (32) (85) (37) (21) (23) (20) (21) (17) (32) (14) (16) (12) (16) (12) (14) (10) (17) (15) (13) (12) (13) (17) (18) (21) (33) (25) (30) (20) (36) (22) (13) (28) (28) (43) (47) (35) (55) (46) (47) (43) (27) (30) (21)
Acquisitions 0 0 0 0 (1) 0 (1) (3) (40) 6 0 0 (6) 2 (2) 0 0 37 0 (2) (35) 0 0 0 0 106 (51) 0 0 0 0 (5) (5) 5 (21) (3) (2) 1 (4) (1) (6) (30) (2) (8)
Purchases of Investments (8) 0 (6) (4) 0 0 0 0 0 0 0 0 0 6 6 1 (7) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21 (21) 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 9 0 3 15 0 0 0 0 0 0 0 0 0 (8) 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (53) 21 0 0 0 0 0 0 0 0 0
Other Investing Activities 0 3 0 0 0 0 1 0 0 (8) 1 0 1 0 (5) 0 1 (36) 0 0 0 46 (45) 0 3 (2) 6 5 (22) 47 10 (676) (2) (168) 26 (7) (42) (127) 18 (2) (41) (155) (22) 34
Investing Cash Flow (18) (29) (30) (26) (22) (23) (20) (24) (57) (34) (13) (16) (17) (16) (5) (13) (16) (16) (15) (15) (47) 33 (62) (18) (18) 71 (70) (25) (42) 11 (12) (694) (30) (223) (38) (54) (79) (181) (32) (50) (90) (212) (54) 5
Financing Activities
Net Debt Issuance 147 15 (226) (91) 66 24 (7) (358) 275 24 48 105 (194) 364 60 (105) 11 (31) (60) (170) (846) (244) 230 (7) 824 34 110 122 47 70 93 (1,124) 262 82 137 32 144 66 41 (34) 238 173 65 (6)
Stock Repurchased (87) (90) (225) (70) (70) (72) (68) (69) (25) (40) (67) (101) (101) (111) (113) (82) (45) (25) 0 0 0 0 0 0 (128) (125) (90) (64) (61) (104) (103) (47) (76) (152) (148) (153) (147) (150) (149) (152) (168) 0 0 0
Dividends Paid (41) (35) (114) (37) (41) (34) (35) (35) (38) (32) (33) (34) (37) (32) (33) (35) (35) (30) (26) (27) (26) (26) (26) (43) (43) (41) (41) (42) (42) (40) (40) (44) (70) (58) (59) (61) (64) (54) (54) (55) (60) 0 0 0
Other Financing Activities (16) 27 178 1 (20) (8) (5) (9) (9) (11) (6) (19) (11) (7) (13) (20) (10) (11) (11) (22) (14) (6) (27) (2) (7) (6) (14) (75) (12) 6 2 1,542 (47) (27) (26) (4) (57) (6) (29) 17 (37) (64) 0 0
Financing Cash Flow 7 (83) (360) (192) (63) (84) (113) (464) 203 (56) (58) (43) (343) 218 (99) (236) (79) (93) (97) (214) (884) (273) 177 (48) 646 (133) (35) (53) (68) (68) (48) 327 69 (155) (95) (185) (124) (144) (191) (224) (27) 109 65 (6)
Cash Position
Net Change in Cash 30 12 85 20 38 (20) 17 (315) 189 66 14 (120) (354) 383 (73) (169) 50 23 28 (15) (856) (81) 212 15 669 75 (56) 36 43 27 (10) (202) 173 (56) (126) 193 37 (147) (146) 160 147 (133) 142 17
Cash at Beginning 426 414 155 367 329 349 332 647 458 392 378 334 688 305 378 547 497 474 446 461 1,317 1,398 1,186 1,171 502 427 483 447 404 377 387 589 416 289 415 222 185 332 478 318 171 253 111 94
Cash at End 456 426 240 387 367 329 349 332 647 458 392 214 334 688 305 378 547 497 474 446 461 1,317 1,398 1,186 1,171 502 427 483 447 404 377 387 589 233 289 415 222 185 332 478 318 120 253 111
Free Cash Flow 19 92 431 195 100 75 125 153 30 120 74 87 (5) 159 25 75 131 116 130 199 66 137 77 55 36 99 30 83 132 51 28 159 105 293 (40) 378 203 132 34 398 218 (58) 114 0
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1
Income Statement
Revenue 961 1,026 1,044 1,018 934 971 993 985 916 936 986 949 879 899 937 922 809 870 839 797 628 645 614 343 558 981 1,105 1,039 918 956 1,062 1,007 1,190 1,246 1,629 1,479 1,319 1,320 1,573 1,403 1,303 1,311 1,564 1,398 1,262 1,231 1,514 1,343 1,193 1,195 1,427 1,253 1,133 1,094 1,265 1,139 1,036 1,001 1,212 1,090 952 937 1,065 963 886 913 1,016 920 901 911 1,226 1,132 1,012 1,032 1,216 1,100 1,012 970 1,047 955 870 725 948 867 795
Gross Profit 520 148 576 506 432 496 497 489 411 470 486 462 404 442 461 456 371 449 433 397 293 330 313 140 166 529 569 542 465 487 555 522 454 477 528 506 432 (330) 828 730 635 655 812 722 647 629 834 712 603 615 776 653 574 574 702 623 543 516 666 561 486 458 576 498 445 481 541 458 447 483 667 587 511 533 646 549 515 501 573 506 471 (564) 851 782 726
Operating Income 159 39 214 206 156 206 189 189 150 191 207 183 138 162 189 185 117 195 186 151 87 85 64 (114) (141) 260 214 198 140 158 197 65 103 31 184 45 185 254 336 271 195 208 320 271 216 154 351 266 171 166 323 241 181 156 288 231 178 100 284 230 152 137 279 172 130 149 206 151 89 (1,329) 242 171 85 190 197 170 154 161 139 130 148 144 200 149 127
Net Income 79 (61) 111 108 73 119 97 129 66 129 110 94 64 91 116 100 51 107 101 72 29 3 40 (164) (134) 168 135 124 80 112 148 378 34 449 264 85 141 164 196 156 96 141 190 159 122 81 206 153 90 86 187 133 27 80 159 128 32 56 175 114 72 79 156 95 50 73 104 71 45 (1,356) 142 98 42 105 117 96 86 93 92 75 28 91 121 89 130
EPS (Diluted) 1.22 -0.95 1.67 1.62 1.07 1.71 1.39 1.37 0.92 1.77 1.49 1.18 0.80 1.12 1.39 1.17 0.59 1.22 1.15 0.82 0.33 0.06 0.47 -1.92 -1.54 1.87 1.47 1.32 0.85 1.16 1.49 3.77 0.34 4.41 1.97 0.75 1.33 1.53 1.78 1.39 0.84 1.21 1.61 1.33 1.00 0.65 1.64 1.20 0.69 0.65 1.40 0.98 0.19 0.57 1.11 0.88 0.21 0.38 1.08 0.67 0.41 0.44 0.84 0.51 0.27 0.39 0.57 0.39 0.25 -7.62 0.80 0.55 0.24 0.60 0.65 0.52 0.45 0.49 0.45 0.37 0.14 0.45 0.60 0.44 0.64
Balance Sheet
Cash & Equivalents 254 253 240 212 188 167 194 166 479 282 238 214 196 550 169 241 381 369 346 328 322 1,196 1,276 1,052 1,018 355 250 257 217 218 164 155 291 48 289 415 222 113 332 478 318 239 163 155 174 135 231
Total Assets 6,840 6,760 6,892 6,809 6,764 6,735 6,698 6,693 7,023 6,738 6,655 6,602 6,477 6,757 6,380 6,477 6,600 6,588 6,601 6,639 6,728 7,613 7,822 7,597 7,776 7,453 7,563 7,466 7,370 7,158 7,132 7,075 11,099 10,403 10,261 10,348 10,343 9,819 9,743 9,942 10,165 9,219 9,585 9,352 9,379 9,444 10,200
Total Debt 5,754 4,908 5,578 5,587 5,658 5,670 5,577 5,577 5,924 5,733 5,622 5,572 5,454 5,753 5,273 5,221 5,328 5,449 5,343 5,403 5,569 6,575 6,641 6,411 6,394 5,755 5,541 5,432 5,291 5,238 5,159 5,074 6,261 6,327 5,901 5,760 5,713 5,441 5,449 5,406 5,432 1,792 2,082 2,015 1,928 1,913 3,470
Stockholders' Equity (1,023) (982) (821) (852) (903) (881) (862) (885) (926) (918) (1,008) (1,014) (984) (913) (911) (854) (819) (801) (857) (925) (983) (975) (1,000) (1,056) (897) (530) (576) (565) (589) (574) (514) (525) 645 878 624 587 662 714 793 778 837 2,710 2,701 2,688 2,510 2,379 3,408
Cash Flow
Operating Cash Flow 38 124 516 232 121 98 145 174 47 152 88 103 7 175 37 89 141 133 145 212 78 150 94 73 57 132 55 113 152 87 50 172 133 321 3 425 238 187 80 445 261 (31) 144 21
Capital Expenditure (19) (32) (85) (37) (21) (23) (20) (21) (17) (32) (14) (16) (12) (16) (12) (14) (10) (17) (15) (13) (12) (13) (17) (18) (21) (33) (25) (30) (20) (36) (22) (13) (28) (28) (43) (47) (35) (55) (46) (47) (43) (27) (30) (21)
Free Cash Flow 19 92 431 195 100 75 125 153 30 120 74 87 (5) 159 25 75 131 116 130 199 66 137 77 55 36 99 30 83 132 51 28 159 105 293 (40) 378 203 132 34 398 218 (58) 114 0