Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Incentive Equity Awards Granted By The Company

The activity related to incentive equity awards granted by the Company to key employees and senior officers for the six months ended June 30, 2025, consisted of the following (in millions, except grant prices):


	Balance, December 31, 2024		Granted		Performance Adjustment (a)		Vested /Exercised (b)		Cancelled / Forfeited (c)		Balance, June 30, 2025
RSUs
Number of RSUs	1.6		0.7		—		(0.6)		—		1.7		(d)
Weighted average grant price	$	45.99	$	54.18	$	—	$	48.32	$	—	$	48.59

PSUs
Number of PSUs	0.9		0.2		0.1		(0.3)		—		0.9		(e)
Weighted average grant price	$	45.17	$	54.46	$	52.87	$	52.87	$	—	$	45.93





NQs
Number of NQs	1.4		—		—		—		—		1.4		(f)
Weighted average grant price	$	43.40	$	—	$	—	$	—	$	—	$	43.42

(a)Represents additional shares awarded as the Company exceeded target performance metrics at the end of the associated performance period.

(b)Upon exercise of NQs and vesting of RSUs and PSUs, the Company issues new shares to participants.

(c)The Company recognizes cancellations and forfeitures as they occur.

(d)Aggregate unrecognized compensation expense related to RSUs was $66 million as of June 30, 2025, which is expected to be recognized over a weighted average period of 2.8 years.

(e)The aggregate unrecognized compensation expense related to PSUs that are probable of vesting was $15 million as of June 30, 2025, which is expected to be recognized over a weighted average period of 2.3 years. The maximum amount of compensation expense associated with PSUs that are not probable of vesting could range up to $41 million which would be recognized over a weighted average period of 0.7 years.

(f)There were 1.4 million NQs which were exercisable as of June 30, 2025. These exercisable NQs will expire over a weighted average period of 4.5 years and carry a weighted average grant date fair value of $8.68. There was no unrecognized compensation expense for NQs as of June 30, 2025.

Travel & Leisure Co. 10-Q