trivago (TRVG) Q2 2026 earnings summary

Executive summary

• Achieved sixth consecutive quarter of double-digit year-over-year revenue growth, with Q2 2026 revenue up 21% to €168.4 million and positive Adjusted EBITDA for the first time in a second quarter since 2023.

• Strong double-digit referral revenue growth in Americas and Developed Europe, partially offset by FX headwinds and Middle East pressures.

• Branded channel traffic and conversion rates improved significantly, with conversion up 64% since Q2 2023.

• CRM revenue more than doubled year-over-year, with logged-in members generating over 30% of referral revenue.

• Raised full-year 2026 guidance to mid-teens percentage revenue growth and Adjusted EBITDA of around €30 million.

Financial highlights

• Q2 2026 total revenue reached €168.4 million, up 21% year-over-year; H1 2026 total revenue: €311.3 million, up 18%.

• Q2 2026 Adjusted EBITDA: €1.1 million (0.7% of total revenue), compared to a loss of €5.0 million in Q2 2025.

• Net loss improved to €3.4 million in Q2 2026 from €5.2 million in Q2 2025.

• Operational expenses rose, mainly from increased marketing investments.

• Cash and cash equivalents stood at €114.5 million as of June 30, 2026, with no long-term debt.

Outlook and guidance

• Full-year 2026 guidance increased to mid-teens percentage revenue growth and Adjusted EBITDA of around €30 million.

• Targeting a 10% Adjusted EBITDA margin by 2028.

• Management expects continued profitability momentum in H2 2026, despite macroeconomic and geopolitical uncertainties.