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Dec 31, 2025
TripAdvisor Q4 2025 Earnings Report
Tripadvisor reported flat revenue year-over-year, a net loss, and a decrease in adjusted EBITDA for the fourth quarter of 2025.
Key Takeaways
Tripadvisor's fourth quarter of 2025 saw flat revenue at $411 million compared to the previous year, with a net loss of $38 million. Adjusted EBITDA decreased by 38% to $45 million, reflecting accelerated investment in experiences and legacy declines. Experiences revenue grew by 10%, while Hotels and Other revenue declined by 15%.
Total revenue for Q4 2025 was $411 million, remaining flat year-over-year.
The company reported a net loss of $38 million, or ($0.33) diluted EPS, for the fourth quarter.
Adjusted EBITDA for Q4 2025 was $45 million, a 38% decrease from the prior year, representing 11.0% of revenue.
Experiences segment revenue grew by 10% to $204 million, while Hotels and Other segment revenue declined by 15% to $151 million.
Revenue by Segment
Forward Guidance
Tripadvisor anticipates healthy growth and higher profitability in 2026, driven by continued investment in experiences and strategic alternatives for TheFork. The company expects to realize significant cost savings from its restructuring efforts.
Positive Outlook
- Marketplace businesses are poised to deliver healthy growth and higher profitability in 2026.
- Focus on extending leadership position in experiences globally.
- Evaluating options to unlock shareholder value, including exploring strategic alternatives for TheFork.
- Investment priorities in experiences are expected to deliver increasing impact to Group financial profile and long-term growth trajectory in 2026.
- Expected annualized gross cost savings of at least $85 million from restructuring, with majority realized in 2026 and fully by 2027.
Challenges Ahead
- Revenue declines in legacy offerings in 2025.
- Accelerated investment in experiences contributed to lower Q4 adjusted EBITDA.
- Expected pick up in headwinds in legacy offerings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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