trivago (TRVG) Q4 2025 earnings summary

Executive summary

• Achieved 19% year-over-year total revenue growth in FY 2025, with €548.9M–€549M in revenue and €15.8M Adjusted EBITDA, marking four consecutive quarters of double-digit growth and surpassing expectations.

• Q4 2025 delivered 27% year-over-year total revenue growth to €120M, with strong branded traffic, improved conversion rates, and profitability exceeding forecasts.

• Strategic focus in 2025 was on turnaround and brand investments; 2026 priorities include optimizing momentum, balancing growth with marketing discipline, and continued innovation.

• AI-powered product enhancements, including Smart Search and improved member proposition, led to a 37% increase in conversion rates since 2023.

• Expanded transaction-based CPA model and Book & Go platform, with over 140 partners and 25%+ of referral revenue processed.

Financial highlights

• FY 2025 total revenue: €548.9M–€549M (+19% YoY); Q4 2025 revenue: €120M (+27% YoY).

• Adjusted EBITDA for FY 2025: €15.8M; Q4 2025 Adjusted EBITDA: €11.2M–€11.3M.

• Net income for FY 2025: €11.2M–€11.3M; Q4 2025 net income: €11.1M–€14.5M, aided by an €8.8M tax position release.

• Operational expenses in Q4 increased by €26M to €113M, mainly due to higher brand marketing and the Trivago Deals acquisition.

• Cash and cash equivalents at year-end: €130.9M–€131.1M; no long-term debt or outstanding loans.

Outlook and guidance

• Expecting double-digit total revenue growth and at least €20M Adjusted EBITDA in 2026.

• Anticipate fifth consecutive quarter of double-digit revenue growth in Q1 2026, with higher profitability.

• Brand marketing spend growth will slow, focusing on optimizing existing markets and leveraging compounding effects for profitability.