TripAdvisor (TRIP) Company Report

Tripadvisor reported consolidated revenue of $553 million and Adjusted EBITDA of $123 million for Q3 2025.
The company is implementing an Experiences-Led Strategy, which includes unifying Viator and Tripadvisor experiences, focusing on an AI-enabled future, and optimizing Brand Tripadvisor's legacy portfolio.
This strategic realignment is expected to generate at least $85 million in annualized gross cost savings, primarily delivered throughout 2026 and fully realized in 2027.
In Q3 2025, Viator's revenue grew 9% to $294 million with $50 million in Adjusted EBITDA, while Brand Tripadvisor's revenue declined 8% to $235 million with $59 million in Adjusted EBITDA.
New segment reporting, categorizing operations into Experiences, Hotels & Other, and TheFork, will become effective in Q4 2025.

Nov 6, 2025, 1:30 PM

Presentation

Tripadvisor Reports Q3 2025 Results and Announces Strategic Operating Model Shift

TRIP

Earnings

Guidance Update

New Projects/Investments

Tripadvisor reported Q3 2025 consolidated revenue of $553 million, a 4% growth, and adjusted EBITDA of $123 million, representing 22% of revenue.
The company is implementing a fundamental shift in its operating model to focus on experiences and an AI-enabled future, which is expected to generate at least $85 million of annualized gross cost savings.
Marketplace businesses, Viator and TheFork, contributed almost 60% of group revenue and 30% of overall group profitability in the past 12 months, with their adjusted EBITDA contribution projected to exceed 50% of consolidated EBITDA in fiscal 2026.
For Q4 2025, consolidated revenue is anticipated to be approximately flat year-over-year, with an adjusted EBITDA margin of approximately 11%-13%, leading to a full-year 2025 consolidated revenue growth forecast of 3%-4% and an adjusted EBITDA margin of 16%-18%.

Nov 6, 2025, 1:30 PM

Transcript

Tripadvisor Reports Q3 2025 Results and Announces New Operating Model

TRIP

Earnings

New Projects/Investments

Guidance Update

Tripadvisor reported Q3 2025 consolidated revenue of $553 million and Adjusted EBITDA of $123 million.
For Q3 2025, Viator revenue grew 9% to $294 million and TheFork revenue grew 28% to $63 million, while Brand Tripadvisor revenue declined 8% to $235 million.
A new operating model and segment reporting structure will be effective Q4 2025, aiming to unify experiences and position for an AI-enabled future.
The company expects to achieve at least $85 million in annualized gross cost savings, largely delivered throughout 2026 and fully realized in 2027.
Free cash flow for Q3 2025 was $26 million, with cash and cash equivalents totaling $1,218 million as of September 30, 2025.

Nov 6, 2025, 1:30 PM

Presentation

Tripadvisor Reports Q3 2025 Financial Results and Announces Operating Model Realignment

TRIP

Earnings

Layoffs

New Projects/Investments

Tripadvisor reported Q3 2025 revenue of $553 million, an increase of 4% year-over-year, with net income of $53 million and diluted EPS of $0.43.
The company announced a realignment of its operating model to support an experiences-led and AI-enabled strategy, which includes unifying Viator and Brand Tripadvisor experiences under one team.
This realignment is expected to generate at least $85 million in annualized gross cost savings, to be executed throughout 2026 and fully realized in 2027.
Tripadvisor anticipates incurring approximately $35 million to $40 million in pre-tax restructuring and other related reorganization costs, primarily in Q4 2025, mainly for employee severance and benefits.

Nov 6, 2025, 12:01 PM

8-K

Tripadvisor: Activist Investor Starboard Value Acquires Over 9% Stake

TRIP

New Projects/Investments

Demand Weakening

Takeover Bid

Activist investor Starboard Value has acquired a stake of over 9% in Tripadvisor, valued at approximately $160 million, making it one of the company's top shareholders.
Starboard's investment follows Tripadvisor's rejection of previous takeover bids and comes as Tripadvisor's stock has underperformed the broader market, losing 15-17% over the past year.
Following the news of Starboard's stake, Tripadvisor's stock price increased by more than 6% in after-hours trading.

Jul 3, 2025, 12:08 AM

Morningstar

Tripadvisor Special Call Highlights Strategic Initiatives

TRIP

New Projects/Investments

Board Change

Product Launch

Long-term growth focus remains amid macro volatility, with executives emphasizing durable travel consumer intent and a multi-category strategy across hotels, experiences, and restaurants.
The company is enhancing its platform with an AI-led travel planner and integrated booking capabilities to improve user engagement and personalization.
Strategic restructuring post-ownership issues is enabling a simplified capital structure, renewed Board perspectives, and a clearer approach to product innovation.

May 31, 2025, 8:16 AM

[Tripadvisor Inc Q1 2025 Earnings & Financials Overview]

TRIP

Earnings

M&A

Guidance Update

Revenue Acceleration/Inflection

Debt Issuance

Q1 2025 consolidated revenue reached $398M (up 1% YoY) with an adjusted EBITDA of $44M (11% margin) .
GAAP net loss was $11M while non-GAAP net income reached $21M, reflecting strategic cost management .
Free cash flow was $83M complemented by operating cash flow of $102M, bolstered by financing activities .
Despite mixed segment performance, Brand Tripadvisor generated $219M in revenue with $53M in EBITDA while strong performance by Viator helped drive overall results .
Strategic financing included a $350M add-on to the Term Loan B and significant share retirement following the merger with Liberty TripAdvisor Holdings .
Full-year guidance remains at 5%-7% revenue growth and 16%-18% adjusted EBITDA margin, with a focus on marketing efficiencies and product-led growth amid market uncertainty .

May 7, 2025, 12:31 PM

Transcript Presentation 8-K

TripAdvisor Closes Merger with Liberty TripAdvisor

TRIP

M&A

TripAdvisor announced the closing of its merger with Liberty TripAdvisor Holdings, converting various classes of Liberty shares into cash and common stock, resulting in a net share reduction and a simplified capital structure.
The transaction, valued at approximately $430 million based on the closing share price of $12.82, involved repaying Exchangeable Debentures and converting preferred shares, with total cash components of about $62.5 million.
In conjunction with the merger, TripAdvisor finalized its redomestication from Delaware to Nevada, effective April 29, 2025, with no change in its core business or management structure.

Apr 29, 2025, 12:00 AM

8-K

TripAdvisor Enters Loan Agreement for Debenture Repurchase

TRIP

Debt Issuance

M&A

On March 20, 2025, TripAdvisor executed a loan agreement as part of a Material Definitive Agreement, acting as the lender in a transaction with Liberty TripAdvisor Holdings, Inc.
The agreement provides a $330.8 million credit facility intended solely to enable the repurchase or settlement of 0.50% Exchangeable Senior Debentures due 2051, with an interest rate of Adjusted Term SOFR plus 6.00% per annum accruing daily and compounded quarterly
The transaction is secured by a continuing first priority lien on substantially all assets of the borrower and its guarantors, with customary covenants and representations typical for financings of this type

Mar 21, 2025, 12:00 AM

8-K

Tripadvisor Closes $350M Term Loan B Facility

TRIP

Debt Issuance

Tripadvisor Inc. successfully closed a $350.0 million term loan B facility through a Second Amendment to its Credit Agreement, with the loan maturing in 2031 and an interest rate of SOFR plus 2.75%.
The facility proceeds are intended to fund the repurchase, repayment, or redemption of the company's outstanding 0.25% Convertible Senior Notes due 2026.

Mar 20, 2025, 8:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for TripAdvisor.

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