olivLaw · US equity research
Tripadvisor, Inc. TRIP
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Tripadvisor Group is a global travel platform connecting travelers with experiences, accommodations and restaurants, with a focus on the Viator experiences marketplace. In 2026 the company is simplifying its portfolio, including the pending sale of TheFork to American Express Travel for 700.0 million USD, while quarterly revenue fell to 441.9 million USD.
At the close of 04 Nov 2026, Tripadvisor, Inc. (TRIP) stock was 10.20 USD (+8.05% on the day), with market capitalisation 1.2 bn USD, P/E 332.1 on diluted EPS of 0.03 USD over the last 12 months, dividend yield 0.00%, beta 1.57, 52-week range 8.04–15.85 USD. Latest reported quarter (Q2 2026): revenue of 441.9 m USD (−7.2% YoY), net income of 22.4 m USD (−37.8% YoY), diluted EPS 0.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.8
- strong (55–70)
- Bollinger (20, 2)
- 8.53 – 9.95
- above the upper band · %B 1.18 · band width 15.4%
- SMA 50 / 200
- 9.05 / 10.96
- mixed trend
- MACD (12, 26, 9)
- 0.14 / 0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.0% | −2.0% | +18.0 pp | — |
| 3 months | −27.1% | −2.2% | −24.9 pp | — |
| 6 months | −8.8% | +4.3% | −13.0 pp | — |
| Year to date | −29.9% | +10.6% | −40.5 pp | — |
| 1 year | −31.1% | +10.5% | −41.6 pp | −12.5% |
| 3 years | −35.2% | +73.7% | −108.9 pp | −13.4% |
| 5 years | −70.9% | +61.7% | −132.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 532.0 m | 411.0 m | 398.2 m | 476.0 m | 553.0 m | 411.0 m | 382.4 m | 441.9 m |
| Cost of revenue | 40.0 m | 28.0 m | 26.8 m | 36.5 m | 41.0 m | 35.0 m | 32.8 m | 33.0 m |
| SG&A | — | — | — | 14.1 m | — | — | — | 13.1 m |
| Operating income | 70.0 m | 0 | -15.5 m | 57.9 m | 70.0 m | -34.0 m | -25.2 m | 37.8 m |
| Depreciation & amortisation | 21.0 m | 22.0 m | 21.3 m | 17.7 m | 24.0 m | 24.0 m | 24.6 m | 18.5 m |
| Interest expense | 13.0 m | 11.0 m | 11.7 m | 17.3 m | 17.0 m | 16.0 m | 15.7 m | 15.0 m |
| Pre-tax income | 66.0 m | -1.0 m | -20.3 m | 44.9 m | 63.0 m | -45.0 m | -31.6 m | 28.1 m |
| Income tax | 27.0 m | -2.0 m | -9.3 m | 8.4 m | 10.0 m | -7.0 m | 800.0 k | 5.3 m |
| Net income | 39.0 m | 1.0 m | -11.0 m | 36.0 m | 53.0 m | -38.0 m | -32.4 m | 22.4 m |
| Diluted EPS | 0.27 | 0.01 ≈ | -0.08 | 0.28 | 0.43 | -0.31 ≈ | -0.28 | 0.19 |
| Operating cash flow | -43.0 m ≈ | -3.0 m | 101.7 m | 201.8 m ≈ | 44.5 m ≈ | -103.0 m | 117.8 m | 143.7 m ≈ |
| Capex | 20.0 m ≈ | 23.0 m | 19.0 m | 15.3 m ≈ | 28.7 m ≈ | 19.0 m | 16.5 m | 6.0 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | 0 ≈ | 50.0 m | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 87 percentile of its own 23-quarter history (min 25.5, median 61.7, max 874.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.6 bn | 604.0 m | 902.0 m | 1.5 bn | 1.8 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | +3.8% | −3.4% | −61.3% | +49.3% | +65.4% | +19.8% | +2.6% | +3.1% |
| Net income | 113.0 m | 126.0 m | -289.0 m | -148.0 m | 20.0 m | 10.0 m | 5.0 m | 40.0 m |
| Net income YoY | unavailable | +11.5% | −329.4% | unavailable | unavailable | −50.0% | −50.0% | +700.0% |
| Diluted EPS | 0.81 | 0.89 | -2.14 | -1.08 | 0.14 | 0.08 | 0.04 | 0.31 |
| Diluted EPS YoY | unavailable | +9.9% | −340.4% | unavailable | unavailable | −42.9% | −50.0% | +675.0% |
| net % | 7.0% | 8.1% | -47.8% | -16.4% | 1.3% | 0.6% | 0.3% | 2.1% |
| Free cash flow | 344.0 m | 341.0 m | -249.0 m | 54.0 m | 344.0 m | 172.0 m | 70.0 m | 163.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 978.0 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 194.2 m USD
- Equity
- 644.9 m USD
- Total assets
- 2.6 bn USD
- Debt / equity
- 1.82x
- Current ratio
- 1.29x
- ROE
- 5.0%
- ROA
- 1.5%
- FCF margin
- 8.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 604.0 m | 902.0 m | 1.5 bn | 1.8 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 55.0 m | 74.0 m | 78.0 m | 119.0 m | 128.0 m | 145.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 549.0 m ≈ | 828.0 m ≈ | 1.4 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Operating income | -329.0 m | -131.0 m | 101.0 m | 126.0 m | 92.0 m | 80.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 125.0 m | 111.0 m | 97.0 m | 87.0 m | 85.0 m | 92.0 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | -204.0 m ≈ | -20.0 m ≈ | 198.0 m ≈ | 213.0 m ≈ | 177.0 m ≈ | 172.0 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 35.0 m | 45.0 m | 44.0 m | 44.0 m | 46.0 m | 63.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | -369.0 m | -185.0 m | 67.0 m | 125.0 m | 87.0 m | 45.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | -80.0 m | -37.0 m | 47.0 m | 115.0 m | 82.0 m | 5.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | -289.0 m | -148.0 m | 20.0 m | 10.0 m | 5.0 m | 40.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | -2.14 | -1.08 | 0.14 | 0.08 | 0.04 | 0.31 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 134.9 m | 137.2 m | 145.7 m | 144.8 m | 145.0 m | 131.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 418.0 m | 723.0 m | 1.0 bn | 1.1 bn | 1.1 bn | 978.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Receivables | 70.0 m | 105.0 m | 205.0 m | 192.0 m | 207.0 m | 174.8 m | SEC (XBRL)· 06 Aug 2026verified |
| Current assets | 573.0 m | 940.0 m | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 07 May 2026verified |
| Property, plant & equipment, net | 240.0 m | 215.0 m | 194.0 m | 191.0 m | 200.0 m | 164.3 m | SEC (XBRL)· 06 Aug 2026verified |
| Goodwill | 862.0 m | 843.0 m | 822.0 m | 829.0 m | 814.0 m | 724.2 m | SEC (XBRL)· 06 Aug 2026verified |
| Intangibles (excl. goodwill) | 86.0 m | 65.0 m | 51.0 m | 43.0 m | 36.0 m | 33.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Total assets | 2.0 bn | 2.3 bn | 2.6 bn | 2.5 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 07 May 2026verified |
| Accounts payable | 18.0 m | 27.0 m | 39.0 m | 28.0 m | 49.0 m | 16.3 m | SEC (XBRL)· 06 Aug 2026verified |
| Short-term debt | — | — | — | 0 | 5.0 m | 353.2 m | SEC (XBRL)· 07 May 2026verified |
| Long-term debt | 491.0 m | 833.0 m | 836.0 m | 839.0 m | 831.0 m | 819.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 242.0 m | 357.0 m | 533.0 m | 572.0 m | 628.0 m | 998.4 m | SEC (XBRL)· 07 May 2026verified |
| Total liabilities | 1.1 bn | 1.5 bn | 1.7 bn | 1.7 bn | 1.6 bn | 2.0 bn | SEC (XBRL)· 07 May 2026verified |
| Equity | 886.0 m † | 789.0 m † | 861.0 m † | 871.0 m † | 942.8 m † | 644.9 m † | SEC (XBRL)· 07 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -194.0 m | 108.0 m | 400.0 m | 235.0 m | 144.0 m | 245.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 55.0 m | 54.0 m | 56.0 m | 63.0 m | 74.0 m | 82.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | -249.0 m ≈ | 54.0 m ≈ | 344.0 m ≈ | 172.0 m ≈ | 70.0 m ≈ | 163.0 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | -56.0 m | -54.0 m | -52.0 m | -63.0 m | -73.0 m | -84.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | 341.0 m | 263.0 m | -27.0 m | -127.0 m | -63.0 m | -197.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 115.0 m | 0 | 0 | 100.0 m | 25.0 m | 90.0 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet65
- Growth35
- Quality64
- Returns100
- Valuation94
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.14 – 51.46 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)28.89 – 51.46 (Mid 36.84)WACC 7.6% · starting FCFF 186.3 m USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales12.20 – 40.81 (Mid 19.78)16 companies used · median multiple 1.3x · quartiles 0.8x – 2.7xBMBL, CDLX, FDS, FLUT, GMM, GOOGL, GRND, HCAT, MGNI, NIQ, PPLI, SABR, SANG, SNAP, WB, ZIP
- Peers: EV/EBITDA12.14 – 21.67 (Mid 18.03)9 companies used · median multiple 15.0x · quartiles 10.1x – 18.0xAPP, FDS, FLUT, GMM, GRND, MGNI, NIQ, SABR, WB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 92.1% | 100 (on a fixed band) | 11% |
| EBIT margin · Quality | 2.7% | 54 (vs peers) | 9% |
| FCF margin · Quality | 7.4% | 30 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 8.2% | 33 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 3.1% | 39 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.1x | 86 (vs peers) | 6% |
| Current ratio · Balance sheet | 1.6x | 45 (on a fixed band) | 6% |
| EV/Sales · Valuation | 0.7x | 89 (vs peers) | 17% |
| FCF yield · Valuation | 11.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.2% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet65/100 · 2/2 factors with a value
- Growth35/100 · 2/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation94/100 · 2/2 factors with a value
Memo
TRIPADVISOR, INC. (TRIP). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 3.1%; net margin 0.3%; ROE 0.8%; net debt/EBITDA -0.1x.
The estimated value range is 12.20–40.81 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 19.78 USD, the price of 10.20 USD leaves a potential of 93.9% (value / price − 1) and a margin of safety of 48.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 92.1%
- Net debt / EBITDA: -0.1x
- EV/Sales: 0.7x
- FCF yield: 11.1%
- Shareholder yield (distributions): 4.2%
- The price is below the estimated value range
What contradicts it
- FCF margin: 7.4%
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,442.7 bn | 14.6 | 44.3% | 50.0% | +15.1% | −13% / +111% |
| APPAppLovin Corporation | 82.3 bn | 18.9 | 203.7% | 64.6% | +70.0% | −59% / +555% |
| FLUTFlutter Entertainment plc | 14.2 bn | — | -9.1% | -5.0% | +16.6% | −61% / −48% |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| SNAPSnap Inc | 10.2 bn | — | -15.6% | -4.9% | +10.6% | −23% / −57% |
| NIQNIQ Global Intelligence plc | 6.0 bn | — | -65.3% | -8.0% | +5.7% | +29% / unavailable |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| MGNIMagnite, Inc. | 3.3 bn | 21.9 | 19.6% | 22.5% | +6.9% | +55% / +182% |
| GRNDGrindr Inc. | 2.4 bn | 27.6 | 108.7% | 18.7% | +27.6% | +9% / +108% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| TRIPTripadvisor, Inc. | 1.2 bn | 332.1 | 0.8% | 0.3% | +3.1% | −31% / −35% |
| HSTMHealthstream Inc | 949.7 m | 45.4 | 6.0% | 6.6% | +4.3% | +29% / +30% |
| NXDRNextdoor Holdings, Inc | 934.4 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| CEVACeva, Inc. | 788.9 m | — | -3.6% | -9.5% | +2.5% | +30% / +29% |
| BMBLBumble Inc. | 718.8 m | — | -94.7% | -58.0% | −9.9% | +69% / −57% |
| SABRSabre Corporation | 702.2 m | 1.1 | — | 25.1% | +1.0% | +8% / −51% |
| YALAYalla Group Limited | 413.9 m | 6.8 | 19.6% | 43.3% | +0.7% | −20% / −6% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| MFMindForge Inc. | 172.5 m | — | -167.2% | -222.9% | −49.9% | −83% / unavailable |
| SANGSangoma Technologies Corp | 150.7 m | — | -1.9% | -2.1% | −4.3% | −13% / +55% |
| HCATHealth Catalyst, Inc. | 119.7 m | — | -118.1% | -90.6% | +1.5% | −47% / −78% |
1- and 3-year price returns: for TRIP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.69 Total return -15% · Per year -15% | 15.33 Total return 50% · Per year 50% | 23.06 Total return 126% · Per year 126% |
| 3 years | 9.08 Total return -11% · Per year -4% | 17.96 Total return 76% · Per year 21% | 29.56 Total return 190% · Per year 43% |
| 5 years | 9.48 Total return -7% · Per year -1% | 21.03 Total return 106% · Per year 16% | 37.90 Total return 272% · Per year 30% |
- Exit P/E± 4.49
- Net margin± 3.14
- Annual revenue growth± 2.49
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tripadvisor Group is a global travel platform connecting travelers with experiences, accommodations and restaurants, with a focus on the Viator experiences marketplace. In 2026 the company is simplifying its portfolio, including the pending sale of TheFork to American Express Travel for 700.0 million USD, while quarterly revenue fell to 441.9 million USD 23.
SWOT
Strengths
- A globally recognized brand, extensive user-generated content and a large experiences inventory give the company scale and trust advantages 1.
- Marketplaces have grown their share of revenue and adjusted EBITDA, suggesting a more favorable profit structure 1.
- The company retains meaningful liquidity after repaying its 2026 notes, although its cash balance declined 2.
Weaknesses
- Hotels and Other revenue declined sharply in 2026 and the segment depends on search traffic the company does not control 31.
- The company relies on a few large advertising partners, and losing one could quickly affect revenue 1.
- Marketing costs rose as a share of revenue in the second quarter, which could compress margins 3.
Opportunities
- The TheFork sale could provide capital for investment in experiences or for debt reduction 23.
- The shift of experiences online leaves room for growth in a fragmented market, and AI integration could improve personalization 1.
- Expansion in Europe and growth in operator supply could support booking volumes 1.
Risks
- Dependence on online searchhigh
The company relies on search engines and metasearch for traffic, and algorithm changes could reduce platform visibility 1.
- Concentration of partnershigh
Two large partners account for a significant share of revenue, and cuts in their advertising spend could have a rapid impact 1.
- Liability for experiencesmedium
As the experiences marketplace grows, the company may face safety incidents and liability tied to third-party operators 1.
- Completion of the TheFork salemedium
The transaction depends on regulatory approvals and customary closing conditions, and delays could affect capital allocation plans 23.
- Macroeconomic and geopolitical factorsmedium
Geopolitical events, currency fluctuations and policy changes can affect travel spending and results 1.
Investment thesis
What would need to be true (bull case)
- If the experiences market keeps digitizing, the Viator marketplace could benefit from higher demand and a larger share of revenue 13.
- The TheFork sale could simplify the portfolio and free resources for investment in experiences 23.
- Announced cost savings could improve margins as they are realized in 2026 and 2027 1.
What would break the thesis
- If Hotels and Other revenue keeps declining, the company could struggle to offset the segment's decline 3.
- Dependence on online search and a few large partners could make revenue vulnerable to rapid changes 1.
- If the macro environment stays weak, experiences demand could slow and quarterly results could remain under pressure 23.
What to watch
- Completion of the TheFork sale to American Express Travel and use of the proceedsend of 2026
- Revenue and adjusted EBITDA trends in Hotels and OtherQ3 2026
- Realized benefits of the cost savings program2026-2027
- Growth in experience bookings and GBV, including EuropeQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Tripadvisor Group operates online platforms that connect travelers with experiences, accommodations and restaurants through three brands: Viator, Tripadvisor and TheFork. The group aims to be the most trusted source for travel and experiences, and user-generated content supports search and planning 1. The experiences platform uses a shared supply infrastructure covering more than 425000 bookable experiences from 70000 operators 1.
Revenue models differ by segment: experiences earn commissions on completed transactions, while Hotels and Other relies on click-based and impression-based advertising 1. The company says marketplaces reached about 60% of consolidated revenue in 2025, up from about 50% in 2023, a shift toward marketplace models 1.
In November 2025 the company reorganized its segments into Experiences, Hotels and Other and TheFork after combining the Viator and Tripadvisor experiences operations and announcing cost savings 1. From August 2026 TheFork is presented as discontinued operations, leaving Experiences and Hotels and Other as continuing segments 3.
Segments
Experiences
The Experiences segment includes Viator, a pure-play experiences OTA, and the Tripadvisor points of sale that serve the discovery phase. Revenue grew 3% in the second quarter of 2026 to 278.6 million USD, and bookings rose about 5% to 6.5 million 3. The company names this its highest strategic priority 1.
Hotels and Other
Hotels and Other includes hotel metasearch and advertising for hotels, restaurants and cruises. Revenue fell 21% in the second quarter of 2026 to 163.3 million USD, and the company manages the segment for profitability 3.
Market context
The company estimates the global experiences market could reach about 365 billion USD by 2028, with roughly 30% online penetration in 2025, according to Arival 1. Online restaurant reservations in Europe and travel advertising are adjacent markets the company considers relevant 1.
The market is highly fragmented and many bookings still happen offline, leaving room for online platforms with broad inventory and trusted reviews 12.
Trends
- Digitization of experiencestailwind
As experiences move online, travelers and suppliers could favor large trusted platforms, which could support the Experiences segment 1.
- Shifts in online searchheadwind
Search engines have increased the prominence of their own products, and AI overviews can displace top-ranked links, reducing organic traffic to Hotels and Other 12.
- Volatile macro environmentheadwind
The company noted that geopolitical tensions and macro conditions in early 2026 pressured travel demand, and quarterly results reflected this 23.
- Experiences-focused portfoliomixed
Exiting TheFork and focusing on experiences could simplify the structure and free capital for marketplace investment 23.
Competitive position
The company competes with general OTAs such as Expedia, Booking, Airbnb and Trip.com, experiences OTAs such as GetYourGuide and Klook, hotel metasearch providers such as trivago and Kayak, and advertising platforms such as Google and Facebook 1. Some of these rivals have more customers, data and financial resources 1.
Competition is intense and constantly changing, and relationships with major partners such as Booking and Expedia, which together account for about 21% of consolidated revenue, are a risk factor 1.
- Expedia GroupEXPE
Nasdaq-listed general OTA with hotel and experiences businesses, named by the company as both competitor and partner.
- Booking HoldingsBKNG
General OTA with major accommodation revenue, named as both partner and competitor and as the largest single advertising partner.
- GetYourGuide
Tours and experiences platform named as an experiences OTA competing directly with Viator.
- trivago
Hotel metasearch engine named in the company's competitor list for hotel metasearch.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- AI summaries of Tripadvisor hotel reviews downplay serious complaints, investigation findsThe Guardian World · 01 Jul 2026 · RO
- „Ciudatul” din Centrul Vechi al Bucureștiului. O crâșmă cu mici? Nu, Muzeul Micului Paris. Locul 2 pe TripadvisorLibertatea.ro · 01 Jul 2026 · RO
- Tripadvisor продаст American Express сервис по бронированию ресторановKommersant (RU) · 15 Jun 2026 · RU
- Tripadvisor a numit cel mai bun hotel din lume pentru 2026 și costă puțin peste 50 de euro pe noapteHotNews.ro · 12 Jun 2026 · RO
The latest news item in our archive is from 01 Jul 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Acquisition or disposition of assets · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report03 Aug 2026Material agreement · Financial statements and exhibits
- Current report01 Jul 2026Shareholder vote
- Current report15 Jun 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report06 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tripadvisor, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tripadvisor, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Tripadvisor, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.