10-K · February 13, 2026
Tripadvisor’s 10-K reiterates a strategic shift toward scaling its Experiences marketplace and TheFork dining marketplace while running Hotels & Other for profitability; marketplace offerings (Experiences + TheFork)…
Earnings analysis · 10-Q
TRIP earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Tripadvisor reported disappointing Q1 2026 results with revenue of $382.4 million, down 4% from $398.2 million in Q1 2025. This resulted in a net loss of $32.4 million and a diluted EPS of $(0.28), worse than the…
Read full summary
Tripadvisor reported disappointing Q1 2026 results with revenue of $382.4 million, down 4% from $398.2 million in Q1 2025. This resulted in a net loss of $32.4 million and a diluted EPS of $(0.28), worse than the $(0.10) consensus estimate. The company's Experiences segment grew while its Hotels and Other segment saw a significant decline in revenue.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.28
What stood out
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Revenue Decline
Tripadvisor's revenue decreased by 4% year-over-year to $382.4 million from $398.2 million in Q1 2025.
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Negative EPS Performance
Diluted EPS came in at $(0.28), down from $(0.08) in Q1 2025, missing the estimate of $(0.10).
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Growth in Experiences Segment
Revenue from the Experiences segment rose 7.8% to $167.9 million, up from $155.8 million in Q1 2025.
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Hotels and Other Segment Decline
Hotels and Other segment revenue dropped 20% year-over-year to $157.9 million from $196.7 million.
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Increased Marketing Expenses
Marketing costs increased by 3.5% from $171.6 million in Q1 2025 to $177.6 million in Q1 2026.
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Adjusted EBITDA Decline
Adjusted EBITDA fell to $22.1 million, down 49.7% from $43.8 million in the prior year.
What to watch
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Increased Net Loss
Net loss widened to $32.4 million, significantly higher than $11.0 million in Q1 2025.
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Significant EBITDA Decline
Consolidated Adjusted EBITDA decreased by 49.9% year-over-year, from $43.8 million to $22.1 million.
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Restructuring Costs
Incurring $3.3 million in restructuring costs, which impacted margins and operational efficiency.
Management's outlook
Management noted macro headwinds negatively impacting growth in the Experiences segment going forward.
Earlier filings 4
10-Q · May 7, 2025
Tripadvisor reported Q1 revenue of $398M, up $3M (0.8%) year-over-year, with diluted EPS of $(0.08) versus $(0.43) in Q1 2024. Gross margin remained high at ~93.2% while operating loss was $(15)M; operating cash flow…
10-K · February 20, 2025
Tripadvisor presents a strategy to monetize a large, trusted travel audience across three segments (Brand Tripadvisor, Viator, TheFork) by investing in product, data and marketplace scale. The filing emphasizes durable…
10-Q · August 6, 2024
Tripadvisor reported Q2 revenue of $497.0M, essentially flat versus $494.0M a year ago, with operating income of $36.0M (down from $44.0M) and diluted EPS of $0.17 (unchanged). Viator drove growth (Q2 revenue $244.0M vs…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.