TripAdvisor (TRIP) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $1.9 billion in 2025, up 3% year-over-year, driven by 10% growth in experiences and 22% growth at TheFork, offsetting an 8% decline in legacy hotels and other segments.

• Adjusted EBITDA for FY25 was $319 million (17% margin), with free cash flow of $163 million, indicating strong operational performance and cash generation.

• Marketplace businesses represented 61% of group revenue and 35% of Adjusted EBITDA, with expectations to reach two-thirds of revenue and half of Adjusted EBITDA in 2026.

• Strategic focus is on expanding global leadership in experiences, leveraging AI, simplifying legacy offerings, and portfolio review for TheFork.

• Full-year net income was $40 million, or $0.31 diluted EPS, while Q4 saw a net loss of $38 million.

Financial highlights

• FY25 consolidated revenue reached $1,891 million, a 3% increase year-over-year; Q4 revenue was $411 million, flat year-over-year.

• Adjusted EBITDA for FY25 was $319 million (16.9%–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 and 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.

• Liquidity at year-end included $1,035 million in cash and equivalents and $496 million in unborrowed revolver facility.

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 and other segment expected to see mid- to high-teens revenue declines and margin contraction.

• At least $85 million in annualized gross cost savings expected from restructuring, with most realized in 2026 and fully by 2027.