Travel + Leisure Co. reported mixed second-quarter 2026 results, with adjusted EPS of $1.88 narrowly missing expectations and revenue of about $1.063 billion topping analyst estimates. The Vacation Ownership segment drove performance, with revenue up 6% and adjusted EBITDA rising 13% to $247 million as sales and guest metrics improved. In contrast, the Travel and Membership segment declined 5% in revenue and saw adjusted EBITDA fall 11%, reflecting lower exchange volumes and a shift toward lower-margin transactions. Management raised its full-year outlook, increasing adjusted EBITDA guidance to a range of $1.065 billion to $1.085 billion and signaling confidence in continued momentum, while also guiding third-quarter volume per guest similar to current levels. The quarter also saw some shareholder activity with insiders selling about $2.2 million in the prior three months, and the stock traded modestly higher in after-hours trading as investors digested the beat and the raised full-year targets. Overall, the results portray a resilient demand backdrop for VOIs amid a mixed picture across segments, with management underscoring continued growth opportunities from its diversified business mix.