TripAdvisor (TRIP) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $1.9 billion in 2025, driven by 10% growth in Experiences and 22% growth at TheFork, offsetting an 8% decline in Hotels & Other; marketplace businesses now represent 61% of revenue and 35% of adjusted EBITDA.

• Adjusted EBITDA for FY25 was $319 million (17% margin), with free cash flow of $163 million and year-end cash and equivalents of ~$1 billion.

• Strategic focus is on expanding global leadership in Experiences, leveraging AI, simplifying legacy offerings, and reviewing TheFork for potential alternatives.

• Streamlined corporate structure and operational focus on high-growth travel segments, with ongoing investments in AI and data assets.

Financial highlights

• FY25 consolidated revenue reached $1.9 billion, a 3% increase year-over-year; Q4 revenue was $411 million (flat y/y).

• Adjusted EBITDA for FY25 was $319 million (17% margin); Q4 Adjusted EBITDA was $45 million (11% margin).

• Experiences segment revenue grew 10% to $924 million; TheFork revenue grew 22% to $221 million; Hotels & Other revenue declined 8% to $750 million.

• Operating cash flow was $245 million; free cash flow was $163 million; cash and equivalents at year-end were ~$1 billion.

Outlook and guidance

• 2026 guidance calls for modest consolidated revenue growth, with marketplace businesses expected to comprise about two-thirds of revenue.

• Experiences revenue projected to exceed half of consolidated revenue, with low-teens growth and margin expansion of 300–400 basis points.

• TheFork revenue expected to grow in the low to mid-teens, with B2B growth above 20% and margin expansion of 200–300 basis points.

• Hotels & Other segment expected to see mid- to high-teens revenue declines and margin contraction.

• Q1 2026 revenue expected to decline 3–5% year-over-year due to seasonality and legacy headwinds.