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Visual21 Nov 2025
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TripAdvisor (TRIP) investor relations material
TripAdvisor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue grew 4% year-over-year to $553 million, with net income of $53 million and adjusted EBITDA of $123 million (22% margin), driven by experiences-led strategy and integration of Viator and Brand Tripadvisor operations.
Strategic focus on experiences and AI, with at least $85 million in annualized gross cost savings expected by 2027 through headcount and operating cost reductions.
Viator and TheFork now represent nearly 60% of group revenue and 30% of profitability, up from 40% three years ago.
Major restructuring and merger with Liberty TripAdvisor Holdings completed, including significant share repurchases and segment realignment.
AI initiatives include launching an AI-native MVP for trip planning, integration with ChatGPT, and licensing deals with leading AI companies.
Financial highlights
Q3 2025 revenue increased 4% year-over-year to $553 million; adjusted EBITDA was $123 million (22.2% margin); net income was $53 million (EPS $0.43 diluted).
Viator Q3 revenue grew 9% to $294 million, with 18% growth in experiences booked and adjusted EBITDA margin of 16.8%.
Brand Tripadvisor Q3 revenue declined 8% to $235 million, with adjusted EBITDA margin of 25.3%.
TheFork Q3 revenue rose 28% to $63 million, with adjusted EBITDA margin of 21.9%.
Cash and cash equivalents at September 30, 2025, were $1.2 billion; free cash flow for Q3 was $26 million.
Outlook and guidance
$85 million in annualized gross cost savings expected, mostly realized in 2026 and fully in 2027, with continued focus on experiences and AI-enabled products.
Operating segments to be reorganized into Experiences, Hotels & Other, and TheFork in Q4 2025.
Q4 consolidated revenue expected to be flat year-over-year; full-year 2025 consolidated revenue growth expected at 3%-4%, with adjusted EBITDA margin of 16%-18%.
Viator bookings growth expected at 16%-18% in Q4; Brand Tripadvisor revenue to decline in the low teens; TheFork revenue to grow in the mid-teens.
Brand Tripadvisor cost savings breakdown?
AI-enabled product roadmap details?
Strategy for new Hotels & Other segment?
Tripadvisor consumer experience changes?
FY26 margin impact from cost savings program?
TheFork's strategic options, including divestment?
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Next TripAdvisor earnings date
Q4 202513 Feb, 2026
Next TripAdvisor earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Advice for Trips
TripAdvisor, founded in 2000, operates as a travel platform helping users plan and book their trips. It features a vast collection of user-generated content, including reviews and opinions about various travel-related aspects like hotels, restaurants, attractions, and other travel experiences. Additionally, TripAdvisor offers comparison tools for hotel and flight prices, enabling travelers to find cost-effective options. The platform also facilitates direct booking for hotels, vacation rentals, and experiences. TripAdvisor is headquartered in Needham, Massachusetts, and its shares are listed on the Nasdaq.
Founding, Acquisition, and Spin-off
TripAdvisor was founded in February 2000. TripAdvisor quickly grew, providing extensive reviews and advice on hotels, restaurants, and attractions worldwide. In 2004, it was acquired by IAC and later became part of Expedia. Following a successful period under Expedia, TripAdvisor was spun off as an independent company in 2011. Since then, it has expanded its services, including direct booking capabilities and the introduction of various travel-related features.
User-Generated Content
TripAdvisor's website is most known for its extensive collection of user-generated content. This content primarily comprises millions of reviews and opinions from travelers worldwide, covering hotels, restaurants, attractions, and other travel experiences. These reviews often include detailed descriptions, personal experiences, ratings, and photographs, providing valuable insights for other travelers. Users can sort and filter this content based on various criteria, such as date, rating, and type of traveler, to find the information most relevant to what they’re looking for.
Other Services
Beyond user-generated content, TripAdvisor provides several other services. It offers a price comparison tool that helps users find competitive rates for hotels and flights, integrating price data from various sources. The platform also facilitates direct bookings for hotels, (directly competing with companies such as Booking), vacation rentals, and unique travel experiences such as tours and activities.
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