Travel + Leisure Co. (0M1K) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the Travel and Leisure Co. Fourth Quarter 2025 earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operating assistance, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Andrew Burns, Vice President, Investor Relations. Thank you. You may begin. Thank you, Shamali. Good morning, everyone. Before we begin, I would like to remind you that our discussion today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and the forward-looking statements made today are effective only as of today. We undertake no obligations to publicly update or revise these statements. The factors that could cause actual results to differ are discussed in our SEC filings and our press release accompanying this earnings call. You can find a reconciliation of the non-GAAP financial measures discussed in today's call in the earnings press release available on our investor relations website. Please note that all references to EBITDA, deleted earnings per share, free cash flow, and return on invested capital made during this call are on an adjusted basis as disclosed in our earnings press release. This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our results and longer-term growth strategy. And then Eric Hogue, our Chief Financial Officer, will provide greater detail on our results, capital allocation strategy, and outlook for 2026. Following our prepared remarks, we'll open the call up for questions. Finally, all comparisons today are to the same period of the prior year unless specific...