TripAdvisor (TRIP) investor relations material

Executive summary

• Q2 2026 revenue from continuing operations was $441.9 million, with adjusted EBITDA of $76.4 million, in line with expectations despite macroeconomic and weather headwinds.

• Announced the pending sale of TheFork to American Express Travel for $700 million, expected to close by year-end 2026, with proceeds to provide capital allocation flexibility and a sharpened focus on the Experiences segment.

• Continuing operations now comprise Experiences and Hotels & Other segments, with all financials recast accordingly.

• Strategic priorities include extending leadership in Experiences, leveraging AI, simplifying the legacy portfolio, and driving sustainable, profitable growth.

• Net income from continuing operations for Q2 2026 was $22.8 million, a 38% decrease year-over-year.

Financial highlights

• Revenue from continuing operations was $441.9 million, down 7% year-over-year; adjusted EBITDA was $76.4 million (17.3% margin), down 21% year-over-year.

• Experiences segment bookings grew 5% year-over-year; Viator, the largest point of sale, grew 10%.

• Experiences revenue increased 3% (2% in constant currency), with gross booking value up 3% to $1.4 billion.

• Hotels & Other segment revenue declined 21% to $163 million; adjusted EBITDA margin was 28%.

• Cash and cash equivalents at June 30, 2026, were $843.2 million, down from $978.0 million at year-end 2025, reflecting the full repayment of $345 million in Senior Notes.

Outlook and guidance

• Q3 guidance: Experiences bookings growth expected at 5–7%, revenue change from -2% to +1%, and adjusted EBITDA margin of 14–17%.

• Hotels & Other revenue expected to decline 20–23% with adjusted EBITDA margin of 22–25%.

• Q3 continuing operations revenue expected to decline 7–10%, with adjusted EBITDA margin of 17–20%.

• Management expects continued macroeconomic and geopolitical headwinds to impact travel demand and financial results in the second half of 2026.

• Modest improvement in Q4 revenue growth anticipated if travel disruptions do not recur.