trivago (TRVG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 16% YoY to €192.5m, the seventh consecutive quarter of double-digit growth; Adjusted EBITDA was €18.7m, its highest quarterly level since mid-2023.

• Americas and Developed Europe growth, brand investment, conversion gains and retention supported results; Rest of World remained pressured.

• Management maintained its 2028 target of a 10% Adjusted EBITDA margin.

Financial highlights

• Q3 net income was €5.4m versus €11.0m; 9M net loss was €7.0m versus €3.3m.

• Q3 Adjusted EBITDA was €18.7m versus €16.0m; 9M Adjusted EBITDA was €15.4m versus €4.5m.

• 9M revenue was €503.8m versus €429.0m, up 17% YoY.

• Total expenses rose €29.0m YoY to €182.4m; Selling and Marketing increased €17.3m, mainly from brand investment and trivago DEALS consolidation.

• Q3 core advertising spend rose 12% to €137.1m; it increased €10.3m (23%) in Americas and €8.2m (16%) in Developed Europe, and fell €3.3m (12%) in Rest of World.

Outlook and guidance

• FY2026 guidance maintained: mid-teens YoY total revenue growth and Adjusted EBITDA of ~€30m.

• FY2027 outlook: double-digit YoY total revenue growth and Adjusted EBITDA of ~€45m; advertising spend is expected to rise less than in 2026.

• Q4 began in line with expectations, against an exceptionally strong Q4 2025 comparison; brand investment is expected to grow at a more moderated pace.

• Management cited Americas and Europe momentum and the brand-to-product-to-member-to-CRM flywheel; Rest of World is not expected to be a major growth driver.