Tripadvisor (TRIP) Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 12, 2026 astatine 11:17 AM CST 48 min read

Image source: The Motley Fool.

Thursday, Feb. 12, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Matt Goldberg

• Chief Financial Officer — Mike Noonan

Matt Goldberg: Thanks, Angela, and bully morning, everyone. We are pleased with our 2025 results, which reflected continued momentum successful our experiences and European eating marketplace offerings are progressively replacing the declines successful our bequest metasearch and media offerings. We achieved grounds precocious gross of $1,900,000,000, a effect of 10% gross maturation successful Experiences, and 22% maturation astatine The Fork, offsetting bequest gross declines of 8% successful our Hotels and Other segments. Group adjusted EBITDA was $319,000,000 oregon 17% of revenue. Tripadvisor Group is fundamentally antithetic contiguous than it was 3 years ago. Our absorption and concern are present deliberately centered connected a ample and increasing marketplace opportunity, peculiarly successful Experiences, alternatively than connected constrained SEO-dependent bequest offerings.

This displacement is changing the creation of our gross and nett profile. In 2025, our marketplace businesses represented 61% of radical gross and 35% of adjusted EBITDA. By contrast, successful 2022, our bequest offerings generated 59% of revenue, and each of the group's profit. In 2026, we expect this modulation to beforehand further. Marketplace gross is expected to present 2 thirds of full radical gross and fractional of adjusted EBITDA. And Experiences connected its ain is expected to lend much than 50% of our gross and astir 40% of our adjusted EBITDA, firmly establishing it arsenic the group's superior worth drive.

Over the past year, we streamlined our firm operation and made deliberate operational choices to ore connected the areas of question with the top semipermanent accidental grounded successful our competitory advantages. As we participate 2026, our priorities are clear. We volition widen our enactment presumption successful Experiences globally, leverage our differentiated assets to presumption ourselves for an AI-enabled future, and simplify our bequest offerings portion we proceed to measure strategical options crossed the portfolio to unlock shareholder value. As we ore the radical much afloat connected becoming an Experiences-first company, we are mindful that The Fork has much constricted strategical synergies with wherever we are headed.

At the aforesaid time, it is increasing fast, diversifying its revenue, expanding profitability, and innovating arsenic the lone eating marketplace successful Europe operating astatine standard crossed some B2B and B2C. We judge this is simply a uniquely invaluable concern with an charismatic semipermanent maturation profile, which whitethorn beryllium underappreciated successful our portfolio fixed the marketplace enactment we person seen astir the eating category. As a result, we person decided to research strategical alternatives for The Fork arsenic portion of our broader portfolio review. We presumption this arsenic 1 imaginable way to creating further capableness for meaningful superior instrumentality to shareholders balanced with opportunities to put further successful our Experiences strategy.