TripAdvisor (TRIP) Q4 2024 earnings summary

Executive summary

• Exceeded expectations for Q4 and full year 2024, with consolidated revenue up 5% in Q4 to $411M and full-year revenue at $1.84B, driven by growth in Viator and TheFork, and all three segments contributing positively to group profit.

• The company operates three main brands—Tripadvisor, Viator, and TheFork—each with leading market positions and a strategic focus on experiences and dining marketplaces.

• Net income for Q4 was $2M ($0.01 diluted EPS); full year net income was $5M ($0.04 diluted EPS); non-GAAP net income for Q4 was $43M ($0.30 diluted EPS), and $188M ($1.30 diluted EPS) for the year.

• Strategic initiatives included a focus on engagement-led growth, product innovation, and leveraging group capabilities for sustainable multi-year expansion.

Financial highlights

• Q4 consolidated revenue grew 5% year-over-year to $411M; Adjusted EBITDA was $73M (18% margin); full-year revenue reached $1.84B, up 3%, with Adjusted EBITDA of $339M (18% margin).

• Viator Q4 revenue grew 16% to $186M; TheFork Q4 revenue up 23% to $48M; Brand Tripadvisor Q4 revenue declined 6% to $204M.

• FY24 revenue: $949M for Brand Tripadvisor (-8% y/y), $840M for Viator (+14% y/y), $181M for TheFork (+18% y/y).

• Q4 operating cash flow was negative $2M; full-year operating cash flow was $144M; free cash flow for 2024 was $70M, down 59% year-over-year.

• Ended 2024 with $1.1B in cash and cash equivalents, with total liquidity at $1.56B including an unborrowed revolver.

Outlook and guidance

• 2025 consolidated revenue growth expected at 5%-7%, with Adjusted EBITDA margin of 16%-18%; Q1 2025 guidance: consolidated revenue flat to low single-digit decline, Adjusted EBITDA margin 5%-7%.

• Viator expected to see mid- to high-teens booking volume growth and low- to mid-teens revenue growth, with margin improvement; TheFork revenue growth expected in low double digits.

• Brand Tripadvisor to see low single-digit revenue declines, improving in the second half; disciplined investment and resource alignment to support long-term growth.

• Continued focus on engagement, product innovation, and market share expansion across all segments.