TRIP Q2 2025 Earnings

Call Details

• Call Title: TripAdvisor, Inc. Q2 2025 Earnings Call
• Date: August 7, 2025 at 8:30 PM UTC
• Management Team:
  • Angela White (VP of Investor Relations)
  • Matt Goldberg (President and CEO)
  • Mike Noonan (Chief Financial Officer)

Call Summary

Financial Performance

• Consolidated revenue in Q2 was $529 million, representing growth of 7% or 5% in constant currency versus Q2 2024.
• Consolidated adjusted EBITDA in Q2 was $107 million, equal to 20% of revenue on a non-GAAP basis.
• Gross booking value (GBV) grew 13% or 10% in constant currency to approximately $1.3 billion in Q2.
• Viator revenue was $270 million in Q2, up 11% year over year and approximately 9% in constant currency.
• Brand TripAdvisor reported Q2 revenue of $242 million and adjusted EBITDA of $66 million, with two differing margin percentages reported in the call.
• Total cash and cash equivalents were approximately $1.2 billion at quarter end, and Q2 operating cash flow was $202 million with free cash flow of $177 million.
• Median advertising revenue declined 13% year over year to $36 million, reflecting ongoing traffic and advertising market headwinds.

Guidance

• Q3 consolidated revenue guidance is growth of 4% to 6% and adjusted EBITDA margin guidance is 19% to 21%.
• For Q3, Viator expects 16% to 18% growth in experiences booked and total segment revenue growth in the high single digits.
• Viator's Q3 adjusted EBITDA margin is expected to be approximately 14% to 16%.
• Brand TripAdvisor expects Q3 revenue declines of approximately 3% to 4% with adjusted EBITDA margins of approximately 22% to 24%.
• The Fork expects Q3 revenue growth of approximately 25% to 27%, which includes approximately 8 percentage points of currency benefit at current rates.
• Full year guidance was reaffirmed to consolidated revenue growth of 5% to 7% and adjusted EBITDA margin of 16% to 18%.
• Company expects second half investment decisions in experiences to be neutral to consolidated adjusted EBITDA but may shift profit between segments.