TripAdvisor (TRIP) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $382.4 million, down 4% year-over-year, with adjusted EBITDA of $22.1 million (5.8%–6% margin), slightly above expectations, but net loss widened to $32.4 million due to macro headwinds and increased costs.

• Experiences and TheFork segments showed strong momentum and revenue growth, while Hotels and Other segment revenue declined sharply due to SEO and free marketing channel declines.

• Strategic focus remains on building the largest experiences marketplace, leveraging AI, and simplifying legacy businesses for profitability, with disciplined investments in marketing, product, and data.

• TheFork outperformed with 23% revenue growth (11% in constant currency), 8% adjusted EBITDA margin, and strong B2B and premium restaurant growth.

• Restructuring actions and cost savings initiatives continued, with $3.3 million in related costs in Q1 2026.

Financial highlights

• Q1 2026 consolidated revenue: $382.4 million (down 4% year-over-year); adjusted EBITDA: $22.1 million (5.8%–6% margin); net loss: $32.4 million.

• Experiences revenue grew 8% (4% in constant currency) to $167.9 million; bookings up 11%, GBV up 13% to $1.2 billion.

• TheFork revenue: $57.3 million, up 23% (11% in constant currency); adjusted EBITDA $4.6–$5 million (8% margin); B2B revenue up over 50%.

• Hotels and Other revenue: $157.9–$158 million, down 20%; adjusted EBITDA $36.7–$37 million (23% margin); media and advertising revenue down 9%.

• Operating cash flow: $117.8–$118 million; free cash flow: $101–$101.3 million; cash and equivalents: $1.1 billion as of March 31, 2026.

Outlook and guidance

• Q2 2026 consolidated revenue expected to decline mid-single digits; Experiences bookings growth of 5%–8%, revenue growth of 2%–5%.

• TheFork revenue expected to grow 10%–13% (including currency benefit); Hotels and Other to decline 21%–24%.

• Q2 consolidated adjusted EBITDA margin expected at 15%–17%; full-year outlook assumes flat revenue and EBITDA margin due to macro headwinds.

• Management expressed confidence in sustainable revenue and profit growth for Experiences and the Group, but macro uncertainty and geopolitical risks remain.