TripAdvisor (TRIP) Company Report

Stay22 announced a USD$122 million minority growth investment from Summit Partners to power creator monetization at a global scale.
The funding will support global expansion, product innovation, and team growth, with plans to expand beyond travel into broader creator monetization infrastructure across retail verticals.
In 2025, Stay22 processed over USD$1 billion in annual transactions and delivered USD$80 million in Gross Merchandise Value (GMV) from its expansion into the retail vertical.
Stay22 has more than tripled its headcount over the past two years and is actively hiring across product development, engineering, and partner support.

1 day ago

Press Release

Tripadvisor Issues Statement on Engagement with Starboard Value

TRIP

Board Change

M&A

Tripadvisor, Inc. issued a statement on February 17, 2026, in response to Starboard Value's intention to nominate a slate of director candidates for election to the Tripadvisor Board of Directors at its 2026 Annual Meeting of Stockholders.
The company's Board and management team have engaged in discussions with Starboard Value and are committed to enhancing value for all shareholders.
Tripadvisor has recently undertaken strategic initiatives, including realigning its operating model around Experiences and implementing a significant cost reduction program in November 2025, and announced a process on February 12, 2026, to explore the monetization of TheFork.

Feb 18, 2026, 12:35 PM

8-K

Tripadvisor Receives Letter from Starboard Value

TRIP

Board Change

Takeover Bid

Proxy Vote Outcomes

Starboard Value LP has sent a letter to Tripadvisor's Board, CEO, and Chairman, highlighting the company's prolonged underperformance and failure to take decisive action to create shareholder value.
Starboard believes a reconstituted Board is required to instill urgency, improve operational execution, and execute on value creation opportunities.
Starboard suggests Tripadvisor should explore a sale of the company, potentially in one or multiple transactions.
Starboard intends to nominate a majority slate of director candidates for election at Tripadvisor's 2026 Annual Meeting.
As of February 16, 2026, Starboard Value LP and its affiliates beneficially owned an aggregate of 10,774,996 shares of Tripadvisor's Common Stock.

Feb 17, 2026, 12:00 PM

Press Release

Tripadvisor Reports Record 2025 Revenue, Strategic Shift to Experiences, and Explores TheFork Alternatives

TRIP

Earnings

Guidance Update

M&A

Tripadvisor achieved record high revenue of $1.9 billion in 2025, driven by 10% revenue growth in experiences and 22% growth at TheFork, which offset an 8% decline in legacy hotels and other segments. The company's marketplace businesses represented 61% of group revenue and 35% of Adjusted EBITDA in 2025, marking a significant shift from 2022 where legacy offerings generated 59% of revenue and all profit.
For 2026, Tripadvisor expects marketplace revenue to deliver two-thirds of total group revenue and half of Adjusted EBITDA, with experiences alone projected to contribute over 50% of revenue and roughly 40% of Adjusted EBITDA. The company is also exploring strategic alternatives for TheFork to potentially create capacity for capital return to shareholders and invest further in its experiences strategy.
The experiences segment's gross booking value (GBV) reached more than $4.7 billion for the full year 2025, with Q4 GBV growing 16% to approximately $980 million. This segment expanded its adjusted EBITDA margins to 10% in 2025 and anticipates margin expansion of 300 to 400 basis points in 2026.
In Q4 2025, Tripadvisor repurchased 3.3 million shares for $50 million at an average cost of $15.15 per share, bringing the full-year total to 6.1 million shares for $90 million. The company concluded 2025 with approximately $1 billion in cash and cash equivalents.

Feb 12, 2026, 1:30 PM

Transcript

TripAdvisor Reports Record 2025 Revenue, Strategic Shift to Marketplace Businesses, and Explores Alternatives for TheFork

TRIP

Earnings

Guidance Update

M&A

TripAdvisor achieved record high revenue of $1.9 billion and Adjusted EBITDA of $319 million (17% of revenue) for 2025, driven by 10% revenue growth in experiences and 22% growth at TheFork.
The company is undergoing a significant strategic shift towards marketplace businesses, with experiences and TheFork representing 61% of group revenue and 35% of Adjusted EBITDA in 2025, and projected to contribute two-thirds of total group revenue and half of Adjusted EBITDA in 2026.
TripAdvisor is exploring strategic alternatives for TheFork to unlock shareholder value and create capacity for capital return, while continuing to invest in its experiences strategy, which saw its Adjusted EBITDA margins expand to 10% in 2025.
For Q1 2026, consolidated revenue is expected to decline 3%-5% year-over-year, with Experiences revenue growing in the low teens and TheFork revenue growing 20%-22%, while consolidated Adjusted EBITDA margin is projected to be 3%-5% due to increased marketing investment in experiences.

Feb 12, 2026, 1:30 PM

Transcript

Tripadvisor Reports Record 2025 Revenue, Shifts Focus to Experiences, and Explores Strategic Alternatives for TheFork

TRIP

Earnings

Guidance Update

M&A

Tripadvisor achieved record high revenue of $1.9 billion for full year 2025, with 10% revenue growth in experiences and 22% growth at TheFork, offsetting 8% declines in legacy hotels and other segments.
The company is undergoing a strategic shift, with marketplace businesses (experiences and TheFork) representing 61% of group revenue and 35% of Adjusted EBITDA in 2025, and projected to reach two-thirds of total group revenue and half of Adjusted EBITDA in 2026.
For 2026, Tripadvisor expects modest consolidated revenue growth and mid-single-digit EBITDA growth, with experiences revenue projected to grow in the low teens and TheFork in the low to mid-teens, while hotels and other revenue is expected to decline by mid- to high-teens.
Tripadvisor is exploring strategic alternatives for TheFork, viewing it as a potential path to creating additional capacity for meaningful capital return to shareholders and further investment in its experiences strategy.
During 2025, the company repurchased 6.1 million shares for approximately $90 million at an average price of $14.72, with approximately $110 million remaining in its share repurchase authorization.

Feb 12, 2026, 1:30 PM

Transcript

Tripadvisor Announces Q4 and Full-Year 2025 Financial Results

TRIP

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Tripadvisor reported Q4 2025 consolidated revenue of $411 million and Adjusted EBITDA of $45 million. For the full year 2025, annual revenue reached $1,891 million and Adjusted EBITDA was $319 million.
In 2025, Marketplace revenue grew 12% year over year, accounting for 61% of total revenue mix, with Experiences revenue increasing 10% year over year to 49% of the total mix.
Q4 2025 Free Cash Flow was -$122 million, contributing to an annual Free Cash Flow of $163 million for 2025. The company ended the year with $1,035 million in cash and cash equivalents.
Strategic priorities include extending leadership in experiences, leveraging AI and data assets, simplifying legacy offerings, and driving profitable growth, particularly by expanding TheFork's revenue mix.

Feb 12, 2026, 1:30 PM

Presentation

Tripadvisor Announces Q4 and Full Year 2025 Financial Results

TRIP

Earnings

Share Buyback

Layoffs

Tripadvisor reported Q4 2025 revenue of $411 million, which was flat year-over-year, and a net loss of $38 million or ($0.33) diluted EPS. For the full year 2025, revenue reached a record $1,891 million, reflecting 3% year-over-year growth, with net income of $40 million or $0.31 diluted EPS.
The company's 2025 financial performance was primarily driven by its marketplace businesses, with the Experiences segment contributing nearly 50% of Group revenue and 30% of Group profit.
Tripadvisor is strategically focused on extending its leadership in experiences and is exploring strategic alternatives for TheFork to simplify its portfolio and unlock shareholder value.
In Q4 2025, the company initiated cost savings actions, including a global workforce reduction, anticipating at least $85 million in annualized gross cost savings by 2027. Additionally, Tripadvisor repurchased 3,297,182 shares for $50 million during the quarter, with $110 million remaining under its share repurchase program as of December 31, 2025.

Feb 12, 2026, 12:01 PM

8-K

Tripadvisor Reports Q3 2025 Results and Strategic Realignment

TRIP

Earnings

New Projects/Investments

Demand Weakening

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%.