TRIP Q3 2025 Earnings

Call Details

• Call Title: TripAdvisor, Inc. Q3 2025 Earnings Call
• Date: November 6, 2025 at 1:30 PM UTC
• Management Team:
  • Angela White (Vice President of Investor Relations)
  • Matt Goldberg (President and CEO)
  • Mike Noonan (Chief Financial Officer)

Call Summary

Financial Performance

• Consolidated Q3 revenue was $553 million, which represents 4% growth versus the comparable period in 2024.
• Consolidated adjusted EBITDA for Q3 was $123 million, representing a 22% adjusted EBITDA margin.
• Experiences/Viator reported GBV of approximately $1.3 billion, up 15%, and experiences revenue of $294 million, up 9%.
• The number of experiences booked grew 18% year-over-year in the Viator segment.
• Viator adjusted EBITDA was $50 million, or 17% of revenue, representing a margin improvement of 550 basis points year-over-year.
• Brand TripAdvisor revenue was $235 million in Q3, a decline of 8% year-over-year, while branded hotels revenue was $143 million, down 5%.
• Media and advertising revenue declined 11% to $36 million, and experiences and dining revenue declined 9% to $47 million for the quarter.
• The Fork generated $63 million of revenue, up 28% (20% in constant currency), with adjusted EBITDA of $14 million, or 22% margin.

Guidance

• For Q4, consolidated revenue is expected to be approximately flat versus last year and consolidated adjusted EBITDA margin is expected to be approximately 11% to 13%.
• Viator is expected to deliver total bookings growth of approximately 16% to 18% in Q4, with some sequential pressure to GBV growth from promotional activity and a higher mix of lower price tickets.
• Viator adjusted EBITDA margin in Q4 is expected to be about 100 basis points lower year-over-year due to a non-recurring indirect tax credit in the prior year, and absent that benefit Viator would have been approximately 200 basis points higher.
• Brand TripAdvisor is expected to see revenue decline in the low-teens in Q4 with adjusted EBITDA margin expected to decline approximately 900 basis points driven by hotel meta free channel pressure and planned marketing for experiences.
• The Fork is expected to grow revenue in the mid-teens in Q4, which includes a currency benefit of approximately 10 percentage points, and the Fork's adjusted EBITDA is expected to be approximately flat year-over-year.
• Full-year consolidated revenue growth is now expected to be 3% to 4% for fiscal 2025, while full-year adjusted EBITDA margin guidance remains unchanged at 16% to 18%.
• Q4 guidance assumes approximately $10 million of adjusted EBITDA benefit from the announced cost savings program and does not assume revenue benefits from the new organizational structure.
• The company expects to provide updated segment reporting and additional guidance next quarter after finalizing fiscal 2026 plans.