trivago (TRVG) Q3 2025 earnings summary

Executive summary

• Achieved 13% year-over-year revenue growth in Q3 2025, marking the third or fourth consecutive quarter of double-digit growth, with strong branded revenue driven by AI-powered campaigns, product enhancements, and successful marketing initiatives.

• Adjusted EBITDA improved by 18% year-over-year to €16.0 million, with net income reaching €11.0 million, aided by a €3.2 million gain from the Holisto acquisition.

• Strategic acquisition of Holisto (now trivago DEALS Ltd.) completed in July 2025, integrated into operations and financial guidance.

• Growth supported by strong branded traffic, AI-powered marketing, and product enhancements improving user experience and marketing efficiency.

• Foreign exchange headwinds negatively impacted revenue by approximately 4% globally, but momentum remained strong.

Financial highlights

• Q3 2025 total revenue reached €165.6 million, up 13% year-over-year; Referral Revenue was €161.6 million (+11% YoY).

• Adjusted EBITDA for Q3 2025: €16.0 million (9.3% of revenue), up 18% year-over-year; net income: €11.0 million.

• Cash and cash equivalents stood at €106.3 million as of September 30, 2025, with no long-term debt.

• Operational expenses decreased by €12.3 million to €153.4 million, mainly due to the non-recurrence of a €30 million impairment charge from the prior year.

• Excluding the impairment, operational expenses increased by €17.7 million, primarily from a €14.5 million rise in selling and marketing expenses.

Outlook and guidance

• Expecting mid-teens percentage revenue growth and positive adjusted EBITDA of at least €10 million for full-year 2025.

• 2026 guidance targets double-digit revenue growth and adjusted EBITDA of around €20 million, with focus on optimizing 27 core travel markets.

• Focus remains on scaling profitable marketing and expanding the facilitated booking funnel post-Holisto acquisition.