TRIP Q4 2025 Earnings

Call Details

• Call Title: TripAdvisor Q4 2025 Earnings Call
• Date: February 12, 2026 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

• Q4 consolidated revenue was $411M, flat year-over-year and in line with expectations.
• Full year 2025 revenue was $1.9B, representing 3% growth versus prior year.
• Group adjusted EBITDA for 2025 was $319M, or 17% of revenue, and Q4 consolidated adjusted EBITDA was $45M, or 11% of revenue.
• Experiences full year revenue was $924M, representing 10% growth, and full year experiences adjusted EBITDA was $91M, or a 10% margin.
• Q4 experiences adjusted EBITDA was $15M, down from $29M in the prior year, reflecting the lapse of a ~$4M indirect tax benefit and incremental growth investments.
• Hotels & Other full year revenue declined 8% to $750M, and Q4 Hotels & Other revenue declined 15% to $151M due to structural traffic headwinds.
• The Fork full year revenue was $221M, up 22%, and Q4 revenue was $57M, up 18% (9% in constant currency).
• Operating cash flow for 2025 was $245M and free cash flow was $163M, with total cash and cash equivalents of approximately $1B at year-end.

Bookings Growth & Mix

• Full year experiences GBV reached more than $4.7B, and Q4 experiences GBV was approximately $980M, representing 16% GBV growth in Q4.
• Q4 experiences booking volume grew 18%, with owned-and-operated points of sale (Viator and TripAdvisor) accelerating faster than the overall segment.
• Marketplace businesses represented 61% of group revenue in 2025 and are expected to represent approximately two-thirds of revenue by exit 2026.
• Repeat bookers comprise the majority of GBV and are the fastest-growing cohort, driving improving unit economics and marketing leverage.
• Supply in core markets increased to more than 425,000 products sourced from 70,000 suppliers, and quality scores above 4.5/5 are up approximately 20% year-over-year.
• Bookings from third-party partners remained immediately profitable per transaction, but third-party channel growth stepped down sequentially as the company lapped a prior ramp.