TripAdvisor (TRIP) Q3 2026 earnings summary

Executive summary

• Q3 continuing-operations revenue was $436.4M, down 11% YoY; Adjusted EBITDA was $71.1M, or 16.3% of revenue.

• A $369.5M non-cash goodwill impairment drove a $316.9M continuing-operations net loss.

• Strategy prioritizes Experiences growth and Viator investment while simplifying Hotels & Other and pursuing sustainable growth.

• TheFork sale to American Express closed Nov. 1, generating ~$685M in net proceeds.

Financial highlights

• Q3 revenue was $436.4M versus $490.8M; Adjusted EBITDA was $71.1M versus $107.8M.

• Q3 operating cash flow was $(122.0)M and free cash flow was $(131.2)M, versus $32.9M and $19.0M a year earlier.

• Nine-month revenue was $1,204.1M, down 9% YoY; continuing-operations net loss was $324.7M.

Outlook and guidance

• Q4 revenue is expected to decline sequentially by the low teens; Experiences declines may be modestly faster, with H&O flat versus Q3.

• Q4 Experiences bookings are expected roughly flat YoY and segment Adjusted EBITDA near break-even; group margin is expected to decline to the low-to-mid single digits.

• Restructuring is expected to generate $40M in annualized group savings, with $15M–$20M of costs primarily in Q4 2026.

• 2027 planning prioritizes durable Experiences growth and a leaner H&O footprint; specific guidance was not yet set.