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TripAdvisor
TripAdvisor (TRIP) investor relations material
TripAdvisor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
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.
Explain Q4 Experiences EBITDA decline
TheFork's improved EBITDA and strategic review
Impact of $85M cost savings on 2026 financials
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Next TripAdvisor earnings date
Q1 20266 May, 2026
TripAdvisor
Next TripAdvisor earnings date
Q1 20266 May, 2026
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Frequently asked questions
Advice for Trips
TripAdvisor, founded in 2000, operates as a travel platform helping users plan and book their trips. It features a vast collection of user-generated content, including reviews and opinions about various travel-related aspects like hotels, restaurants, attractions, and other travel experiences. Additionally, TripAdvisor offers comparison tools for hotel and flight prices, enabling travelers to find cost-effective options. The platform also facilitates direct booking for hotels, vacation rentals, and experiences. TripAdvisor is headquartered in Needham, Massachusetts, and its shares are listed on the Nasdaq.
Founding, Acquisition, and Spin-off
TripAdvisor was founded in February 2000. TripAdvisor quickly grew, providing extensive reviews and advice on hotels, restaurants, and attractions worldwide. In 2004, it was acquired by IAC and later became part of Expedia. Following a successful period under Expedia, TripAdvisor was spun off as an independent company in 2011. Since then, it has expanded its services, including direct booking capabilities and the introduction of various travel-related features.
User-Generated Content
TripAdvisor's website is most known for its extensive collection of user-generated content. This content primarily comprises millions of reviews and opinions from travelers worldwide, covering hotels, restaurants, attractions, and other travel experiences. These reviews often include detailed descriptions, personal experiences, ratings, and photographs, providing valuable insights for other travelers. Users can sort and filter this content based on various criteria, such as date, rating, and type of traveler, to find the information most relevant to what they’re looking for.
Other Services
Beyond user-generated content, TripAdvisor provides several other services. It offers a price comparison tool that helps users find competitive rates for hotels and flights, integrating price data from various sources. The platform also facilitates direct bookings for hotels, (directly competing with companies such as Booking), vacation rentals, and unique travel experiences such as tours and activities.
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