Key Highlights

  • Travel + Leisure reported adjusted EPS of $2.21, up 23%, while GAAP EPS of $1.73 rose only 4%.
  • Travelzoo's Club Members reached 4.5 million, up 65%, as the company posted a loss of $0.20 per share.
  • Polaris raised 2026 adjusted EPS guidance to $3.50 to $3.60 from $3.00 to $3.10.
  • Monarch reported record third-quarter revenue of $146.3 million, up 2.4%, with diluted EPS of $1.76, up 4.1%.
  • Travel + Leisure repurchased 3.5 million shares for $250 million year to date, with $671 million of authorization left.

Which Travel and Leisure Companies Reported on October 27, and What Did They Say?

Four companies with consumer leisure exposure sit in the October 27 batch, and their results diverged. Travel + Leisure (NYSE:TNL) reported adjusted EPS of $2.21, up 23%, with Vacation Ownership revenue up 9% to $953 million. Travelzoo (NASDAQ:TZOO) reported revenue of $22.9 million and a loss of $0.20 per share as marketing spend built a 4.5 million Club Member base.

Polaris (NYSE:PII) reported sales of $2,042.6 million, up 11%, and raised its 2026 outlook. Monarch Casino & Resort (NASDAQ:MCRI) reported record third-quarter revenue of $146.3 million, up 2.4%, after the close, with diluted EPS of $1.76. No share reaction is stated for any of the four.

Travel + Leisure: Did a Strong Adjusted EPS Beat Hide a Slide in Membership Revenue?

Travel + Leisure reported third-quarter adjusted EPS of $2.21 against $1.80 and a screened estimate of $2.06, a gap of $0.15 (calculated). GAAP EPS was $1.73, so adjusted exceeded GAAP by $0.48 (calculated). Travel and Membership revenue fell 11% to $150 million, and its adjusted EBITDA slid 12% to $51 million.

Net VOI sales rose 10% to $545 million and tours 7% to 213,000, though volume per guest slipped 1% to $3,286 on acquisition mix. Full-year adjusted EBITDA guidance is $1.070 billion to $1.085 billion, implying roughly $293 million to $308 million for the fourth quarter (calculated), and covenant leverage rose to 3.3 times after about $350 million went into the Yes& Vacations and Spinnaker Resorts deals. The company repurchased about 1.1 million shares for $75 million in the quarter at an average price of $71.45, and after quarter-end completed a $300 million term securitization at a 6.18% weighted average coupon.

Travelzoo: Why Did a Revenue Gain Become a $0.20 Loss Per Share?

Travelzoo's revenue rose 3% to $22.9 million, but operating income swung to a $2.6 million loss from a $0.5 million profit. The loss per share of $0.20 compares with a screened estimate of a $0.12 loss, a gap of $0.08 (calculated). Management said marketing costs are expensed at once while membership fees are recognized over 12 months.

Acquisition marketing reached $5.8 million against a $2.3 million quarterly average, about 2.5 times (calculated). Management estimates the spend lowers 2026 EPS by about $0.60 and lifts 2027 EPS by about $1.20, with membership revenue near $17 million in 2026 and $30 million or more in 2027. North America swung to a $1.4 million operating loss on revenue of $14.8 million, and deferred revenue climbed to $13.5 million from $8.7 million at the end of 2025. Club Members of 4.5 million imply roughly 2.7 million a year earlier (calculated).

Polaris: How Much of the Raised Outlook Comes From Powersports Strength?

Polaris reported adjusted EPS of $1.08 against $0.41 and GAAP EPS of $0.66 against a loss of $0.28. Powersports sales rose 18% to $1,822.1 million and marine sales 29% to $133.4 million, while Aixam and Goupil fell 12% to $68.0 million. North America rose 14%, and international declined 11%. Adjusted gross margin was 21.2% against 20.7%, and management credited a disciplined approach to dealer inventory.

The raised range of $3.50 to $3.60 for adjusted EPS lifts its midpoint by $0.50 to $3.55 (calculated). About $1.09 of it comes from tariff refunds, and nine-month free cash flow of $219.3 million trails $485.5 million a year earlier.

Monarch: Did a Record Quarter Hide Slower Profit Growth?

Monarch reported record third-quarter net revenue of $146.3 million, up 2.4%, and adjusted EBITDA of $56.0 million, up 2.1%, a 38.3% margin. Net income rose only 1.4% to $32.0 million, and diluted EPS was $1.76 against $1.69, up 4.1%. The screen showed EPS of $1.82 as screened, which does not match the company's diluted $1.76 or basic $1.80. No numerical guidance was issued.

Casino revenue rose 3.4% to $82.8 million, while hotel revenue grew just 0.9% after 13.0% in the second quarter. The tax provision rose to $10.1 million, an implied rate near 24.0% against 18.5% (calculated). Monarch repurchased 300,859 shares for $37 million, holds $137.4 million of cash with no borrowings, and is appealing a $74.6 million PCL judgment.

Travel and Leisure Results Compared: Who Is Growing, Spending and Returning Cash?

Calculated from the figures above, Polaris' 11% sales growth is eight points ahead of Travelzoo's 3%, Monarch's 2.4% revenue growth trails Polaris by 8.6 points (calculated). Travel + Leisure's two segments split nine points up and eleven down. Polaris' adjusted EPS of $1.08 is about 2.6 times the prior-year figure, and Travel + Leisure's rose 23%. Travelzoo's 2027 membership revenue target of $30 million or more is about 3.9 times its $7.7 million of 2025 (calculated).

Cash returns differ in scale: Travel + Leisure's $250 million of year-to-date buybacks is roughly 44 times Travelzoo's $5.7 million over nine months (calculated). Monarch's $37 million quarterly buyback is about half of Travel + Leisure's $75 million (calculated). Polaris paid $116.3 million of dividends over nine months, and Monarch's $0.30 quarterly dividend sits within a $1.20 annual rate. Cash balances run from $306 million at Travel + Leisure and $301.7 million at Polaris to $137.4 million at Monarch and $8.8 million at Travelzoo.

What to Watch Next: Dividend Decision, Club Member Conversion and the Monarch Tax Rate

Travel + Leisure's board is due to act in November on a recommended $0.60 fourth-quarter dividend, and investors will track whether VPG recovers and leverage eases from 3.3 times. Travelzoo expects fourth-quarter revenue to grow, with the Legacy Member conversion and the planned Travelzoo META launch in view. Polaris' fourth-quarter release will test whether refund benefits repeat, and Monarch's $0.30 dividend is payable December 15 to holders of record on December 1, with investors watching its tax rate, hotel revenue after slowing to 0.9%, and the PCL appeal.