TRIP earnings analysis
What we found in TRIP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Tripadvisor's revenue decreased by 4% year-over-year to $382.4 million from $398.2 million in Q1 2025.
- Negative EPS Performance
- Diluted EPS came in at $(0.28), down from $(0.08) in Q1 2025, missing the estimate of $(0.10).
- Growth in Experiences Segment
- Revenue from the Experiences segment rose 7.8% to $167.9 million, up from $155.8 million in Q1 2025.
- Hotels and Other Segment Decline
- Hotels and Other segment revenue dropped 20% year-over-year to $157.9 million from $196.7 million.
- Increased Marketing Expenses
- Marketing costs increased by 3.5% from $171.6 million in Q1 2025 to $177.6 million in Q1 2026.
- Adjusted EBITDA Decline
- Adjusted EBITDA fell to $22.1 million, down 49.7% from $43.8 million in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Net Loss
- Net loss widened to $32.4 million, significantly higher than $11.0 million in Q1 2025.
- Significant EBITDA Decline
- Consolidated Adjusted EBITDA decreased by 49.9% year-over-year, from $43.8 million to $22.1 million.
- Restructuring Costs
- Incurring $3.3 million in restructuring costs, which impacted margins and operational efficiency.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.28
- Segment
- Experiences: $167.9M
- Segment
- Hotels and Other: $157.9M
- Segment
- TheFork: $57.3M
What they said about what is next.
Management noted macro headwinds negatively impacting growth in the Experiences segment going forward.
The filing reads worse than the one before it.
What came before.
- 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)…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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