TripAdvisor (TRIP) Q1 2025 earnings summary

Executive summary

• Closed merger with Liberty TripAdvisor Holdings, eliminating controlling shareholder, reducing share count by 26.8–27 million, and finalizing conversion to Nevada.

• Q1 2025 consolidated revenue was $398 million, up 1% year-over-year (3% in constant currency), with adjusted EBITDA of $44 million (11% margin), both exceeding expectations.

• Viator and TheFork segments delivered double-digit revenue growth, while Brand Tripadvisor saw revenue decline but margin improvement.

• Focused on scaling growth marketplaces, leveraging AI and strategic partnerships (Amazon Alexa, Microsoft Azure, OpenAI, Perplexity) for innovation.

• Net loss improved to $(11) million from $(59) million in Q1 2024, driven by lower tax expense and cost controls.

Financial highlights

• Q1 2025 consolidated revenue: $398 million (+1% YoY, +3% constant currency); adjusted EBITDA: $44 million (11% margin); free cash flow: $83 million.

• Viator revenue: $156 million (+10% YoY, +12% constant currency), with 15% growth in booked experiences and gross booking value of $1.1 billion.

• TheFork revenue: $46 million (+12% YoY, +16% constant currency), with B2B software subscription revenue up over 90%.

• Brand Tripadvisor revenue: $219 million (-8% YoY), adjusted EBITDA $65 million (29.6–30% margin), both exceeding expectations.

• Cash and cash equivalents at quarter-end: $1.2 billion; $497 million available under the credit facility.

Outlook and guidance

• Q2 2025: consolidated revenue growth expected at 5–8%, adjusted EBITDA margin 16–18%.

• Full-year guidance maintained: 5–7% revenue growth, 16–18% adjusted EBITDA margin.

• Viator: mid-teens growth in bookings, 9–11% revenue growth, mid- to high-single digit EBITDA margin.

• TheFork: revenue growth 26–28% (6 pts currency benefit), EBITDA margin in mid-teens.

• Brand Tripadvisor: sequential revenue improvement, EBITDA margin 26–28%.