Travel & Leisure Co. (TNL)
Travel + Leisure Co. functions as a global hospitality enterprise, delivering a diverse range of services and products through its two primary divisions: Vacation Ownership and Travel & Membership. The Vacation Ownership segment focuses on the development, marketing, and sale of fractional vacation ownership interests (VOIs) directly to individual consumers. This division also provides consumer financing for these purchases and manages properties, overseeing approximately 245 vacation ownership resorts as of January 26, 2022. The Travel & Membership division encompasses a variety of ventures, including the operation of three distinct vacation exchange brands, a home exchange network, advanced travel technology platforms, exclusive travel memberships, and direct-to-consumer rental services. Beyond its core segments, the company also offers private-label travel booking technology solutions. Originally founded in 1990 and headquartered in Orlando, Florida, the company adopted its current name, Travel + Leisure Co., in February 2021, having previously operated as Wyndham Destinations, Inc.
Sector: Hotels & Motels
Industry: Travel Services
Travel + Leisure Co.
NYSE:TNLConsumer Cyclical · Travel Services
-0.16%$75.40
CLOSED · Nov 3Prev close$75.52-0.16%Close$75.400.00%AH close$75.40
AH$75.40+0.00%vs close
Mkt Cap$4.54B
Float58.73M
O/S60.25M
VOL1.19M sh
$ Vol$90.1M
RVOL1.40×
Inst Own-
SI11.1%
Div Yield3.13%
Dilution
Financials Summary
Revenue$4.02B
Net Income$230M
Total Assets$6.76B
Free Cash Flow$523M
Debt & Equity
Debt 125%
Total Debt$4.91B
Total Equity-$982M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in TNL's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$6.76B
Liabilities$7.74B
Accounts Receivable$165M
Accounts Payable$62M
Inventory$1.13B
PP&E (Net)$531M
Goodwill$972M
Intangible Assets$201M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 |
| Revenue | $4.02B | $3.86B | $3.75B | $3.57B | $3.13B | $2.16B | $4.04B | $3.93B | $5.08B | $5.6B | $5.54B | $5.28B | $5.01B | $4.53B | $4.25B | $3.85B | $3.75B | $4.28B | $4.36B | $3.84B | $3.33B | $3.01B | $2.65B | $2.24B | $1.56B |
| YoY Growth | 4.1% | 3.0% | 5.1% | 13.8% | 45.1% | -46.6% | 2.8% | -22.6% | -9.3% | 1.1% | 4.8% | 5.4% | 10.5% | 6.6% | 10.5% | 2.7% | -12.4% | -1.8% | 13.5% | 15.2% | 10.7% | 13.7% | 18.3% | 44.0% | - |
| Cost of Revenue | $2.93B | $1.97B | $1.93B | $1.84B | $1.56B | $1.23B | $1.94B | $1.91B | $1.86B | $1.83B | $2.33B | $2.5B | $2.39B | $2.09B | $2.02B | $1.88B | $1.82B | $2.03B | $2.12B | $1.79B | $1.54B | $1.94B | $0 | $0 | $0 |
| Gross Profit | $1.09B | $1.89B | $1.82B | $1.73B | $1.57B | $932M | $2.1B | $2.02B | $1.95B | $1.86B | $2.54B | $2.78B | $2.62B | $2.44B | $2.23B | $1.98B | $1.93B | $2.25B | $2.24B | $2.05B | $1.79B | $1.07B | $2.65B | $2.24B | $1.56B |
| Gross Margin | 27.2% | 49.0% | 48.6% | 48.4% | 50.1% | 43.1% | 52.0% | 51.3% | 38.3% | 33.3% | 45.9% | 52.6% | 52.2% | 53.8% | 52.4% | 51.3% | 51.4% | 52.6% | 51.4% | 53.4% | 53.8% | 35.5% | 100.0% | 100.0% | 100.0% |
| Research and Development | $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 |
| Selling, General, and Administrative | $1.08B | $1.02B | $961M | $930M | $797M | $727M | $1.16B | $1.12B | $1.13B | $1.07B | $1.41B | $1.56B | $1.47B | $1.39B | $1.22B | $1.07B | $1.09B | $1.39B | $1.35B | $1.23B | $1.18B | $0 | $0 | $0 | $0 |
| Other | -$707M | $134M | $140M | $145M | $155M | $310M | $136M | $373M | $381M | $139M | $200M | $279M | $0 | $0 | $2.02B | $1.77B | $178M | $1.69B | $182M | $247M | -$5M | $2.41B | $2.16B | $1.75B | $1.24B |
| Total Operating Expenses | $376M | $1.16B | $1.1B | $1.07B | $952M | $1.04B | $1.29B | $1.5B | $1.51B | $1.21B | $1.61B | $1.84B | $1.81B | $1.69B | $3.24B | $2.84B | $1.27B | $3.08B | $1.53B | $1.47B | $1.18B | $2.41B | $2.16B | $1.75B | $1.24B |
| Operating Income (EBIT) | $717M | $733M | $720M | $653M | $618M | -$105M | $812M | $523M | $439M | $658M | $935M | $941M | $910M | $852M | $767M | $718M | $594M | -$830M | $710M | $577M | $620M | $600M | $495M | $488M | $320M |
| Operating Margin | 17.8% | 19.0% | 19.2% | 18.3% | 19.7% | -4.9% | 20.1% | 13.3% | 8.6% | 11.8% | 16.9% | 17.8% | 18.2% | 18.8% | 18.0% | 18.6% | 15.8% | -19.4% | 16.3% | 15.0% | 18.6% | 19.9% | 18.7% | 21.8% | 20.6% |
| Interest Expense | $367M | $249M | $251M | $195M | $198M | $192M | $162M | $170M | $156M | $133M | $122M | $113M | $131M | $132M | $152M | $167M | $114M | $80M | $73M | $67M | $0 | $0 | $6M | $0 | $0 |
| Interest Income | $463M | $14M | $13M | $6M | $3M | $7M | $7M | $5M | $7M | $7M | $8M | $10M | $9M | $8M | $24M | $5M | $7M | $12M | $11M | $32M | $6M | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$380M | -$220M | -$235M | -$167M | -$189M | -$171M | -$132M | -$127M | -$121M | -$116M | -$98M | -$96M | -$227M | -$224M | -$117M | -$155M | -$101M | -$57M | -$55M | -$35M | $6M | -$13M | $5M | $22M | $23M |
| Income Before Tax (EBT) | $337M | $513M | $485M | $486M | $429M | -$276M | $680M | $396M | $590M | $940M | $916M | $845M | $683M | $628M | $650M | $563M | $493M | -$887M | $655M | $542M | $626M | $587M | $500M | $510M | $343M |
| Income Tax Expense | $107M | $135M | $94M | $130M | $116M | -$23M | $191M | $130M | -$229M | $328M | $304M | $316M | $250M | $229M | $233M | $184M | $200M | $187M | $252M | $190M | $195M | $234M | $186M | $189M | $41M |
| Net Income | $230M | $411M | $396M | $357M | $308M | -$253M | $507M | $672M | $854M | $611M | $612M | $529M | $432M | $400M | $417M | $379M | $293M | -$1.07B | $403M | $287M | $431M | $349M | $299M | $308M | $302M |
| Net Income Margin | 5.7% | 10.6% | 10.6% | 10.0% | 9.8% | -11.7% | 12.5% | 17.1% | 16.8% | 10.9% | 11.1% | 10.0% | 8.6% | 8.8% | 9.8% | 9.8% | 7.8% | -25.1% | 9.2% | 7.5% | 12.9% | 11.6% | 11.3% | 13.7% | 19.4% |
| Supplementary Data | |||||||||||||||||||||||||
| EPS | 3.51 | 5.39 | 5.32 | 4.27 | 3.62 | -2.94 | 5.31 | 6.79 | 8.46 | 5.56 | 5.18 | 4.22 | 3.25 | 2.80 | 2.57 | 2.13 | 1.64 | -6.03 | 2.22 | 1.45 | 2.15 | 1.74 | 1.49 | 1.54 | 1.50 |
| Diluted EPS | 3.44 | 5.35 | 5.28 | 4.23 | 3.62 | -2.94 | 5.29 | 6.77 | 8.40 | 5.53 | 5.14 | 4.18 | 3.21 | 2.75 | 2.51 | 2.05 | 1.61 | -6.03 | 2.20 | 1.44 | 2.15 | 1.74 | 1.49 | 1.54 | 1.50 |
| Weighted Average OS | 65.60M | 70.10M | 74.50M | 83.40M | 86.50M | 86.10M | 92.10M | 98.90M | 103.00M | 110.00M | 118.00M | 125.00M | 133.00M | 143.00M | 162.00M | 178.00M | 179.00M | 178.00M | 181.00M | 197.93M | 200.47M | 200.57M | 200.67M | 200.00M | 201.96M |
| EBITDA | $828M | $877M | $848M | $800M | $751M | $42M | $963M | $704M | $609M | $802M | $1.15B | $1.19B | $1.03B | $945M | $968M | $873M | $785M | -$623M | $894M | $725M | $751M | $3.01B | $2.65B | $2.24B | $1.56B |
| EBITDA Margin | 20.6% | 22.7% | 22.6% | 22.4% | 24.0% | 1.9% | 23.8% | 17.9% | 12.0% | 14.3% | 20.7% | 22.6% | 20.6% | 20.8% | 22.8% | 22.7% | 20.9% | -14.6% | 20.5% | 18.9% | 22.5% | 100.0% | 100.0% | 100.0% | 100.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 |
| Assets | |||||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||||
| Cash and Cash Equivalents | $253M | $167M | $282M | $550M | $369M | $1.2B | $355M | $218M | $48M | $113M | $171M | $183M | $194M | $195M | $142M | $156M | $155M | $136M | $210M | $269M | $99M | $0 | $0 | $0 | $0 |
| Short-Term Investments | $0 | $17M | $14M | $12M | $27M | $9M | $45M | $25M | $24M | $14M | $12M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $253M | $184M | $296M | $562M | $396M | $1.21B | $400M | $243M | $72M | $127M | $183M | $183M | $194M | $195M | $142M | $156M | $155M | $136M | $210M | $269M | $99M | $0 | $0 | $0 | $0 |
| Accounts Receivable | $165M | $2.95B | $2.89B | $2.64B | $2.54B | $115M | $3.38B | $3.23B | $3.18B | $676M | $901M | $897M | $925M | $823M | $775M | $720M | $693M | $751M | $767M | $819M | $1.74B | $0 | $0 | $0 | $0 |
| Inventory | $1.13B | $1.23B | $1.14B | $1.19B | $1.22B | $1.35B | $1.2B | $1.22B | $340M | $315M | $295M | $302M | $346M | $379M | $351M | $348M | $354M | $414M | $586M | $520M | $446M | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $181M | $176M | $138M | $128M | $2.7B | $147M | $358M | $3.73B | $494M | $134M | $249M | $237M | $311M | $314M | $424M | $422M | $462M | $333M | $276M | $288M | $0 | $0 | $0 | $0 |
| Total Current Assets | $1.55B | $4.78B | $4.76B | $4.77B | $4.53B | $5.59B | $5.36B | $5.23B | $8.38B | $1.74B | $1.67B | $1.78B | $1.85B | $1.83B | $1.7B | $1.75B | $1.74B | $1.91B | $2.06B | $2.05B | $2.57B | $0 | $0 | $0 | $0 |
| Long-Term Assets | |||||||||||||||||||||||||
| Property, Plant & Equipment Net | $531M | $638M | $701M | $720M | $768M | $758M | $816M | $712M | $1.08B | $1.34B | $1.4B | $1.5B | $1.55B | $1.29B | $1.12B | $1.04B | $953M | $1.04B | $1.01B | $916M | $718M | $0 | $0 | $0 | $0 |
| Goodwill | $972M | $966M | $962M | $955M | $961M | $964M | $970M | $922M | $1.34B | $1.6B | $1.56B | $1.55B | $1.59B | $1.57B | $1.48B | $1.48B | $1.39B | $1.35B | $2.72B | $2.7B | $2.65B | $0 | $0 | $0 | $0 |
| Intangible Assets | $201M | $209M | $199M | $207M | $219M | $131M | $143M | $109M | $1.08B | $1.13B | $1.12B | $1.11B | $1.15B | $1.19B | $1.13B | $731M | $1.05B | $1.08B | $1.04B | $1.04B | $992M | $0 | $0 | $0 | $0 |
| Long-Term Investments | $31M | $18M | $19M | $18M | $21M | $26M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $704M | $23M | $23M | $23M | $25M | $27M | $26M | $29M | $26M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | -$31M | $104M | $77M | $66M | $69M | $116M | $136M | $157M | $171M | $4.81B | $3.84B | $3.74B | $3.59B | $3.59B | $3.59B | $4.41B | $4.22B | $4.19B | $3.63B | $2.81B | $2.24B | $0 | $0 | $0 | $0 |
| Total Long-Term Assets | $2.41B | $1.96B | $1.98B | $1.99B | $2.06B | $2.02B | $2.09B | $1.93B | $2.07B | $8.08B | $7.92B | $7.9B | $7.89B | $7.63B | $7.32B | $7.66B | $7.61B | $7.66B | $8.4B | $7.47B | $6.6B | $0 | $0 | $0 | $0 |
| Other Assets | $2.81B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8.34B | $7.04B | $5.51B | $3.6B |
| Total Assets | $6.76B | $6.74B | $6.74B | $6.76B | $6.59B | $7.61B | $7.45B | $7.16B | $10.4B | $9.82B | $9.72B | $9.68B | $9.74B | $9.46B | $9.02B | $9.42B | $9.35B | $9.57B | $10.46B | $9.52B | $9.17B | $8.34B | $7.04B | $5.51B | $3.6B |
| Liabilities | |||||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||||
| Accounts Payable | $62M | $67M | $73M | $65M | $62M | $62M | $73M | $66M | $232M | $213M | $394M | $385M | $360M | $307M | $278M | $274M | $260M | $316M | $380M | $377M | $239M | $0 | $0 | $0 | $0 |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $321M | $217M | $253M | $261M | $233M | $544M | $242M | $234M | $175M | $169M | $175M | $293M | $355M | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $60M | $65M | $80M | $106M | $73M | $86M | $117M | $65M | $137M | $102M | $129M | $120M | $103M | $93M | $63M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $457M | $442M | $411M | $392M | $457M | $20M | $531M | $559M | $421M | $483M | $464M | $451M | $383M | $402M | $401M | $417M | $672M | $612M | $545M | $271M | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $412M | $0 | $0 | $13M | $0 | $0 | $0 | $217M | $1.15B | $549M | $44M | $15M | $0 | $0 | $0 | $0 | $209M | $294M | $237M | $187M | $0 | $0 | $0 | $0 | $0 |
| Total Current Liabilities | $945M | $1.17B | $1.17B | $1.14B | $1.16B | $1.16B | $772M | $1.65B | $2.91B | $2.03B | $1.96B | $1.86B | $1.74B | $1.93B | $1.56B | $1.57B | $1.89B | $2.17B | $2.18B | $1.98B | $1.29B | $0 | $0 | $0 | $0 |
| Long-Term Liabilities | |||||||||||||||||||||||||
| Long-Term Debt | $4.78B | $5.57B | $5.63B | $5.63B | $5.3B | $6.41B | $5.57B | $5.24B | $5.93B | $5.22B | $4.93B | $4.79B | $4.61B | $4.02B | $3.77B | $3.51B | $1.84B | $1.81B | $1.35B | $2.61B | $1.69B | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $468M | $0 | $0 | $0 | $0 | $1.18B | $541M | $749M | $613M | $194M | $198M | $199M | $192M | $207M | $182M | $206M | $267M | $311M | $262M | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $716M | $722M | $687M | $679M | $686M | $725M | $815M | $736M | $613M | $1.17B | $1.15B | $1.2B | $1.17B | $1.14B | $1.06B | $1.02B | $1.14B | $966M | $927M | $782M | $823M | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $705M | $54M | $67M | $87M | $88M | -$1.06B | $94M | -$643M | -$464M | $484M | $401M | $370M | $400M | $235M | $208M | $187M | $1.53B | $1.97B | $2.22B | $595M | $329M | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $6.8B | $6.45B | $6.49B | $6.52B | $6.22B | $7.42B | $7.21B | $6.08B | $6.77B | $7.07B | $6.68B | $6.56B | $6.37B | $5.6B | $5.23B | $4.92B | $4.78B | $5.06B | $4.76B | $3.98B | $2.84B | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.66B | $2.76B | $1.65B | $1.04B |
| Total Liabilities | $7.74B | $7.62B | $7.66B | $7.66B | $7.38B | $8.58B | $7.98B | $7.73B | $9.52B | $9.1B | $8.76B | $8.42B | $8.12B | $7.53B | $6.79B | $6.5B | $6.66B | $7.23B | $6.94B | $5.96B | $4.13B | $3.66B | $2.76B | $1.65B | $1.04B |
| Stockholders' Equity | |||||||||||||||||||||||||
| Preferred Stock | $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 |
| Common Stock | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $0 | $0 | $0 | $0 | $0 |
| Retained Earnings | $2.41B | $2.33B | $2.07B | $1.81B | $1.59B | $1.39B | $1.78B | $1.44B | $2.61B | $1.98B | $1.59B | $1.18B | $832M | $558M | $293M | -$25M | -$315M | -$578M | $525M | $156M | $0 | $0 | $0 | $0 | $0 |
| Comprehensive Income & Other | -$67M | -$112M | -$70M | -$79M | -$48M | -$16M | -$52M | -$52M | -$10M | -$113M | -$74M | $24M | $122M | $151M | $128M | $155M | $138M | $98M | $194M | $184M | $5.03B | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | -$3.4B | -$3.22B | -$2.99B | -$2.72B | -$2.39B | -$2.37B | -$2.32B | -$2.02B | -$1.73B | -$1.26B | -$644M | $70M | $789M | $1.37B | $1.94B | $2.94B | $3B | $2.92B | $2.99B | $3.4B | $5.03B | $4.68B | $4.28B | $3.86B | $2.57B |
| Total Equity | -$982M | -$881M | -$918M | -$913M | -$801M | -$975M | -$530M | -$574M | $878M | $714M | $950M | $1.25B | $1.62B | $1.93B | $2.23B | $2.92B | $2.69B | $2.34B | $3.52B | $3.56B | $5.03B | $4.68B | $4.28B | $3.86B | $2.57B |
| Minority Interest | -$1M | $1M | $1M | $9M | $7M | $7M | $6M | $5M | $5M | $4M | $3M | $2M | $2M | $1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $6.76B | $6.73B | $6.74B | $6.75B | $6.58B | $7.61B | $7.45B | $7.15B | $10.4B | $9.81B | $9.71B | $9.68B | $9.74B | $9.46B | $9.02B | $9.42B | $9.35B | $9.57B | $10.46B | $9.52B | $9.17B | $8.34B | $7.04B | $5.51B | $3.6B |
| Supplementary Data | |||||||||||||||||||||||||
| Total Debt | $4.91B | $5.67B | $5.73B | $5.75B | $5.45B | $6.58B | $5.75B | $5.24B | $6.33B | $5.44B | $5.18B | $5.05B | $4.84B | $4.56B | $4.01B | $3.74B | $2.02B | $1.98B | $1.53B | $2.9B | $2.04B | $0 | $0 | $0 | $0 |
| Net Debt | $4.66B | $5.5B | $5.45B | $5.2B | $5.08B | $5.38B | $5.4B | $5.02B | $6.28B | $5.33B | $5.01B | $4.87B | $4.65B | $4.37B | $3.87B | $3.59B | $1.86B | $1.85B | $1.32B | $2.63B | $1.94B | $0 | $0 | $0 | $0 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 |
| Operating Activities | |||||||||||||||||||||
| Net Income | $230M | $378M | $391M | $356M | $313M | -$253M | $489M | $266M | $872M | $612M | $612M | $529M | $433M | $399M | $417M | $379M | $293M | -$1.07B | $403M | $287M | $431M |
| Depreciation & Amortization | $124M | $115M | $112M | $119M | $124M | $126M | $121M | $138M | $136M | $127M | $187M | $233M | $216M | $185M | $178M | $173M | $178M | $184M | $166M | $148M | $131M |
| Deferred Income Tax | -$21M | $26M | $8M | -$4M | -$39M | -$88M | $79M | $122M | -$404M | $93M | $40M | $47M | $64M | $62M | $70M | $76M | $90M | $110M | $156M | $103M | $236M |
| Stock-Based Compensation | $57M | $41M | $38M | $45M | $32M | $20M | $24M | $129M | $70M | $68M | $58M | $57M | $53M | $41M | $42M | $39M | $37M | $35M | $26M | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||||
| Accounts Receivable | -$500M | -$514M | -$522M | -$401M | $20M | $267M | -$577M | -$642M | -$529M | -$429M | -$341M | -$250M | -$318M | -$322M | $20M | $14M | $92M | $3M | -$17M | -$35M | $0 |
| Inventory | -$68M | -$16M | $25M | $31M | -$6M | -$119M | $13M | -$27M | -$71M | -$27M | -$25M | -$17M | $32M | $95M | $79M | $54M | -$9M | -$147M | -$322M | -$280M | -$21M |
| Accounts Payable | $96M | -$19M | -$70M | -$71M | $24M | $15M | -$64M | -$146M | $92M | $39M | $109M | $84M | $46M | $18M | $41M | -$52M | -$231M | -$932M | $146M | $277M | $0 |
| Other Working Capital | -$118M | -$18M | -$17M | $12M | -$64M | -$98M | -$140M | -$36M | -$14M | $29M | $44M | $23M | $8M | -$4M | -$252M | -$455M | -$291M | $87M | -$828M | -$650M | -$422M |
| Total Working Capital Change | -$590M | -$567M | -$584M | -$429M | -$26M | $65M | -$768M | -$851M | -$522M | -$388M | -$213M | -$160M | -$232M | -$213M | -$112M | -$439M | -$439M | -$989M | -$1.02B | -$688M | -$443M |
| Other Non-Cash Items | $840M | $471M | $385M | $355M | $164M | $504M | $507M | $638M | $835M | $461M | $307M | $278M | $474M | $530M | $408M | $407M | $530M | $1.84B | $280M | $335M | $133M |
| Net Cash from Operating | $640M | $464M | $350M | $442M | $568M | $374M | $452M | $442M | $987M | $973M | $991M | $984M | $1.01B | $1B | $1B | $635M | $689M | $109M | $10M | $165M | $488M |
| Investing Activities | |||||||||||||||||||||
| Capital Expenditures | -$117M | -$81M | -$74M | -$52M | -$57M | -$69M | -$108M | -$99M | -$153M | -$191M | -$222M | -$235M | -$238M | -$208M | -$239M | -$167M | -$135M | -$187M | -$194M | -$191M | -$134M |
| Acquisitions | -$1M | -$44M | -$6M | -$2M | -$37M | $0 | $55M | -$5M | -$18M | -$10M | $12M | $3M | -$3M | -$42M | -$27M | -$236M | $5M | -$135M | -$16M | -$105M | -$552M |
| Purchases of Investments | -$19M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1M | $0 | -$3M | $0 | -$10M | -$10M | -$13M | -$48M | -$50M | -$24M | $0 |
| Sales of Investments | $21M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6M | $6M | $0 | $3M | $0 | $31M | $20M | $22M | $42M | $30M | $0 | $0 |
| Other Investing Activities | $9M | $1M | $0 | $4M | $1M | $4M | -$13M | -$621M | -$223M | -$152M | -$92M | -$44M | -$160M | -$269M | -$11M | -$25M | $12M | $9M | -$25M | -$151M | -$6M |
| Net Cash from Investing | -$107M | -$124M | -$80M | -$50M | -$93M | -$65M | -$66M | -$725M | -$394M | -$353M | -$302M | -$276M | -$401M | -$519M | -$256M | -$418M | -$109M | -$319M | -$255M | -$471M | -$692M |
| Financing Activities | |||||||||||||||||||||
| Debt Repaid | $11M | $59M | $12M | -$331M | $1.11B | -$810M | -$313M | $690M | -$399M | -$322M | -$179M | -$188M | -$87M | -$330M | -$225M | -$75M | $501M | -$231M | -$682M | -$1.36B | -$285M |
| Common Stock Issuance | $20M | $15M | $9M | $10M | $11M | $7M | $11M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $25M | $13M | $0 |
| Common Stock Repurchases | -$301M | -$234M | -$309M | -$351M | -$25M | -$128M | -$340M | -$330M | -$599M | -$619M | -$658M | -$646M | -$593M | -$631M | -$893M | -$235M | $0 | -$15M | -$526M | -$329M | $0 |
| Dividends Paid | -$149M | -$142M | -$136M | -$135M | -$109M | -$138M | -$166M | -$194M | -$242M | -$223M | -$202M | -$179M | -$156M | -$134M | -$99M | -$86M | -$29M | -$28M | -$14M | -$1.36B | -$59M |
| Other Financing Activities | -$2M | -$38M | -$30M | -$51M | -$59M | -$49M | -$107M | $1.51B | -$116M | -$44M | $6M | -$30M | $80M | $4M | $14M | $68M | -$31M | -$27M | $35M | $792M | -$5M |
| Net Cash from Financing | -$443M | -$458M | -$500M | -$196M | -$1.29B | $502M | -$289M | $280M | -$559M | -$586M | -$675M | -$701M | -$605M | -$431M | -$753M | -$219M | -$561M | $166M | $177M | $473M | $221M |
| Forex Effect | $7M | -$11M | $0 | -$5M | -$7M | $4M | $1M | -$9M | $14M | -$20M | -$26M | -$18M | -$3M | -$1M | -$8M | $3M | $0 | -$30M | $9M | $3M | -$12M |
| Net Change in Cash | $97M | -$129M | -$230M | $191M | -$820M | $815M | $98M | -$12M | $48M | $14M | -$12M | -$11M | -$1M | $53M | -$14M | $1M | $19M | -$74M | -$59M | $170M | $5M |
| Supplementary Data | |||||||||||||||||||||
| Operating Cash Flow | $640M | $464M | $350M | $442M | $568M | $374M | $452M | $442M | $987M | $973M | $991M | $984M | $1.01B | $1B | $1B | $635M | $689M | $109M | $10M | $165M | $488M |
| Capital Expenditure | -$117M | -$81M | -$74M | -$52M | -$57M | -$69M | -$108M | -$99M | -$153M | -$191M | -$222M | -$235M | -$238M | -$208M | -$239M | -$167M | -$135M | -$187M | -$194M | -$191M | -$134M |
| Free Cash Flow | $523M | $383M | $276M | $390M | $511M | $305M | $344M | $343M | $834M | $782M | $769M | $749M | $770M | $796M | $764M | $468M | $554M | -$78M | -$184M | -$26M | $354M |
| Cash at Beginning | $329M | $458M | $688M | $497M | $1.32B | $502M | $404M | $416M | $185M | $171M | $183M | $194M | $195M | $142M | $156M | $155M | $136M | $210M | $269M | $99M | $94M |
| Cash at End | $426M | $329M | $458M | $688M | $497M | $1.32B | $502M | $404M | $233M | $185M | $171M | $183M | $194M | $195M | $142M | $156M | $155M | $136M | $210M | $269M | $99M |