What move does the options market price into Travel & Leisure's report?

Implied ±11.8%, either direction · provisional.

TNLNYSEHotels & Motels

Travel & Leisure Co. (TNL) earnings date, market-implied expected move, and options open interest by expiry

71.58

pre 71.58 +0.13%

Pre-market16:00 ETdelayed

Open71.63Volume1.2MMkt cap$4.3BP/E18.54EPS3.86Div yield3.29%

Day70.94 – 71.6393%52-wk58.33 – 78.9264%

TNL

Travel & Leisure Co.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±11.8%implied · straddle

63.2180.13

spot 71.67exp Feb 19ATM strike 72.5ATM straddle 9.95IV 32%

Oct 30 closeprovisional

Expected move

Inputs

Next report

Feb 17

before open · in 107 days

est.Q4 FY26

Calendar

Next report

Last report

+2.45%

vs ±7.9% implied · ×0.31

shaded = implied · ▲▼ = realized

Oct 27 '26 · confirmed

Implied vs realized

Linked news

11dWH · supplierWYNDHAM HOTELS & RESORTS REPORTS STRONG THIRD QUARTER RESULTS

News

Largest filed tie

13F top-10 QoQ

+8.92%

shares held · 10 largest managers

13F · Jun 30 '26125d lag

476 managers

Top fund weight

0.13%

TNL weight · MDY

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Travel & Leisure (TNL) is expected to report on Feb 17 before open (estimated date).

Implied vs realized

2 reports

—≥ implied

Q2 FY26Jul 22 '26confirmed—▲+0.82%—

Q3 FY26Oct 27 '26confirmed±7.9%▲+2.45%×0.31

quarterimplied−10%0+10%realized×

Q3 FY26±7.9%▲+2.45%×0.31

Q2 FY26—▲+0.82%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Oct 30 close

0.37OI · 3 expiries · Oct 30 closeP/C open interest · Feb 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1,452+26%Nov 2018d0.492,939+1%0.49

37+1750%Dec 1846d0.28130+713%0.28

report · Feb 17 · before open · est.

195+65%Feb 19109d534+66%

ExpiryPutsCallsP/C

Nov 2018d1,452+26%2,939+1%0.49

Dec 1846d37+1750%130+713%0.28

report · Feb 17 · before open · est.

Feb 19109d195+65%

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±11.8%

Funds 4

MDY±0.0%

REVS±0.0%

VTI±0.0%

VT±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

9.81%as filednet margin · revenue +3.57% QoQ · +5.46% YoY

Revenue

$1.1B+3.57% QoQ

Gross profit

$1.1B+4.35% QoQ

98.00% margin

Operating income

$195M−7.14% QoQ

17.71% margin

Pre-tax income

$146M−5.81% QoQ

Net income

$108M−0.92% QoQ

9.81% margin

Cost of revenue

$22M−24.14% QoQ

Operating expenses

$884M+7.28% QoQ

SG&A $617M

Marketing $187M

Depreciation $35M

Other operating $45M

Other expense

$49M

Tax

$38M−17.39% QoQ

Revenue$1.1B+3.57%

Gross profit

$1.1B+4.35%

98.00% margin

Operating income

$195M−7.14%

17.71% margin

Pre-tax income

$146M−5.81%

Net income

$108M−0.92%

9.81% margin

Cost of revenue

$22M−24.14%

Operating expenses

$884M+7.28%

SG&A $617M

Marketing $187M

Depreciation $35M

Other expense

$49M

Tax$38M−17.39%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

PPI ×1.26· ±1.9% vs ±1.5% · 11 releases

eventrelease day|move|up · n×base

PPIproducer prices±1.9%7 of 11×1.26

PCEpersonal income & outlays±1.5%9 of 20×1.00

FOMCrate decision±1.5%13 of 24×0.98

GDPgross domestic product±1.5%8 of 20×0.98

CPROFcorporate profits±1.2%5 of 12×0.80

NFPjobs report±1.0%2 of 10×0.65

CPIconsumer prices±0.9%5 of 11×0.57

Bar = avg |move| to ±2% · tick = ±1.5% avg day · ×base = |move| ÷ ±1.5% · min 6 releases

Earnings history

EPS 1.73 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 27 '26 · confirmed	1.73	—
Q2 FY26	Jul 22 '26 · confirmed	1.72	—
Q1 FY26	—	1.22	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod