TripAdvisor, Inc 8-K, filed Aug 7, 2025

TripAdvisor, Inc. (TRIP)

8-K 2025-08-07 For: 2025-08-07

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Added on April 12, 2026

About this 8-K

TripAdvisor, Inc filed this 8-K on August 7, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Nevada	001-35362	80-0743202
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

400 1st Avenue Needham, MA 02494
(Address of Principal Executive Offices) (Zip Code)


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit
Number		Description

99.1		Press Release of Tripadvisor, Inc. dated August 7, 2025 regarding earnings.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


	TRIPADVISOR, INC.

Date: August 7, 2025	By:	/S/ MICHAEL NOONAN
		Michael Noonan
		Chief Financial Officer


	Three months ended June 30,
(In millions, except percentages and per share amounts)	2025			2024			% Change
Total Revenue	$	529		$	497			7	%
Brand Tripadvisor (1)	$	242		$	250			(3	)%
Viator	$	270		$	244			11	%
TheFork	$	54		$	42			28	%
Intersegment eliminations (1)	$	(37	)	$	(39	)		(6	)%

GAAP Net Income (Loss)	$	36		$	24			49	%

Total Adjusted EBITDA (2)	$	107		$	97			11	%
Brand Tripadvisor	$	66		$	84			(21	)%
Viator	$	32		$	10			230	%
TheFork	$	9		$	3			184	%

Non-GAAP Net Income (Loss) (2)	$	60		$	57			5	%

Diluted Earnings (Loss) per Share:
GAAP	$	0.28		$	0.17			65	%
Non-GAAP (2)	$	0.46		$	0.39			18	%

Cash flow from operating activities	$	202		$	53			281	%
Free cash flow (2)	$	177		$	37			372	%


	Three Months Ended						Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Revenue	$	529		$	497		$	927		$	892

Costs and expenses:
Cost of sales (exclusive of depreciation and amortization as shown separately below)		42			40			68			64
Marketing		218			204			389			366
Personnel (including stock-based compensation of $29, $34, $57 and $61, respectively)		149			153			293			303
Technology		25			22			48			44
General and administrative		13			21			31			50
Depreciation and amortization		23			21			44			42
Restructuring and other related reorganization costs		—			—			10			1
Total costs and expenses		470			461			883			870
Operating income (loss)		59			36			44			22
Other income (expense):
Interest expense		(17	)		(11	)		(29	)		(22	)
Interest income		10			13			20			25
Other income (expense), net		(5	)		—			(8	)		(3	)
Total other income (expense), net		(12	)		2			(17	)		—
Income (loss) before income taxes		47			38			27			22
(Provision) benefit for income taxes		(11	)		(14	)		(2	)		(57	)
Net income (loss)	$	36		$	24		$	25		$	(35	)

Earnings (loss) per share attributable to common stockholders:
Basic	$	0.29		$	0.17		$	0.19		$	(0.25	)
Diluted	$	0.28		$	0.17		$	0.19		$	(0.25	)

Numerator used to compute net income (loss) per share attributable to common stockholders:
Basic	$	36		$	24		$	25		$	(35	)
Diluted	$	36		$	24		$	26		$	(35	)

Weighted average common shares outstanding:
Basic		125			139			133			139
Diluted		130			145			139			139


	June 30,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,212		$	1,064
Accounts receivable, net (allowance for expected credit losses of $29 and $25, respectively)		284			207
Prepaid expenses and other current assets		51			49
Total current assets		1,547			1,320
Property and equipment, net of accumulated depreciation of $612 and $567, respectively		214			200
Operating lease right-of-use assets		38			17
Intangible assets, net of accumulated amortization of $201 and $189, respectively		35			36
Goodwill		843			814
Non-marketable investments		29			30
Deferred income taxes, net		116			101
Other long-term assets, net of allowance for credit losses of $10 and $10, respectively		45			43
TOTAL ASSETS	$	2,867		$	2,561

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	80		$	49
Deferred merchant payables		473			255
Deferred revenue		85			47
Current portion of debt		353			5
Income taxes payable		21			23
Accrued expenses and other current liabilities		237			249
Total current liabilities		1,249			628
Long-term debt		822			831
Finance lease obligation, net of current portion		40			43
Operating lease liabilities, net of current portion		33			11
Deferred income taxes, net		1			1
Other long-term liabilities		95			104
Total Liabilities		2,240			1,618

Stockholders’ equity:
Preferred stock, $0.001 par value		—			—
Authorized shares: 100,000,000
Shares issued and outstanding: 0 and 0, respectively
Common stock, $0.001 par value		—			—
Authorized shares: 1,600,000,000
Shares issued: 118,858,327 and 153,655,038, respectively
Shares outstanding: 116,050,247 and 127,394,786, respectively
Class B common stock, $0.001 par value		—			—
Authorized shares: 400,000,000
Shares issued and outstanding: 0 and 12,799,999, respectively
Additional paid-in capital		412			1,605
Retained earnings		301			276
Accumulated other comprehensive income (loss)		(46	)		(91	)
Treasury stock-common stock, at cost, 2,808,080 and 26,260,252 shares, respectively		(40	)		(847	)
Total Stockholders’ Equity		627			943
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,867		$	2,561


	2024															2025
	Q1			Q2			Q3			Q4			FY*			Q1			Q2			YTD*
Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP):
GAAP Net Income (Loss)	$	(59	)	$	24		$	39		$	2		$	5		$	(11	)	$	36		$	25
Add: Provision (benefit) for income taxes		43			14			27			(3	)		82			(9	)		11			2
Add: Other expense (income), net		1			(2	)		4			1			5			5			12			17
Add: Restructuring and other related organization costs		1			-			(1	)		21			21			10			-			10
Add: Legal reserves, settlements and other (1)		10			4			-			3			18			-			(4	)		(4	)
Add: Transaction related expenses		1			2			1			(1	)		3			-			-			-
Add: Stock-based compensation expense		28			34			31			28			120			28			29			57
Add: Depreciation and amortization (2)		22			21			21			22			85			21			23			44
Adjusted EBITDA (Non-GAAP)	$	47		$	97		$	122		$	73		$	339		$	44		$	107		$	151

Reconciliation from GAAP Net Income (Loss) to Non-GAAP Net Income (Loss):
GAAP Net Income (Loss)	$	(59	)	$	24		$	39		$	2		$	5		$	(11	)	$	36		$	25
Add: Stock-based compensation expense		28			34			31			28			120			28			29			57
Add: Legal reserves, settlements and other (1)		10			4			-			3			18			-			(4	)		(4	)
Add: Restructuring and other related organization costs		1			-			(1	)		21			21			10			-			10
Add: Transaction related expenses		1			2			1			(1	)		3			-			-			-
Add: Amortization of intangible assets		2			2			2			1			6			1			1			1
Add: (Gain)/Loss on investments		(1	)		(1	)		(1	)		(1	)		(3	)		(1	)		(1	)		(1	)
Subtract: Income tax effect of Non-GAAP adjustments (3)		7			6			(5	)		11			18			6			1			7
Subtract: Non-recurring or infrequent discrete tax items (4)		(42	)		2			4			(1	)		(36	)		-			-			-
Non-GAAP Net Income (Loss)	$	17		$	57		$	72		$	43		$	188		$	21		$	60		$	81
Interest expense on 2026 Senior Notes, net of tax (5)		-			-			-			-			1			-			-			1
Numerator used to compute Non-GAAP net income (loss) per diluted share	$	17		$	57		$	72		$	43		$	189		$	21		$	60		$	82

Reconciliation from GAAP Earnings per Share (EPS) to Non-GAAP EPS:
GAAP Diluted Shares Outstanding		138			145			144			145			145			141			130			139
Add: Potential dilutive effect of common equivalent shares		8			-			-			-			-			6			-			-
Non-GAAP Diluted Shares Outstanding (6)		146			145			144			145			145			147			130			139

GAAP Diluted Earnings (Loss) per Share	$	(0.43	)	$	0.17		$	0.27		$	0.01		$	0.04		$	(0.08	)	$	0.28		$	0.19
Add: Stock-based compensation expense		0.19			0.23			0.22			0.19			0.83			0.18			0.22			0.41
Add: Legal reserves, settlements and other (1)		0.07			0.03			-			0.02			0.12			-			(0.03	)		(0.03	)
Add: Restructuring and other related organization costs		0.01			-			(0.01	)		0.15			0.14			0.07			-			0.07
Add: Transaction related expenses		0.01			0.01			0.01			(0.01	)		0.02			-			-			-
Add: Amortization of intangible assets		0.01			0.01			0.01			0.01			0.04			0.01			0.01			0.01
Add: (Gain)/Loss on investments		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)
Add: Adjustment to GAAP diluted shares outstanding (6)		0.03			-			-			-			-			0.01			-			-
Subtract: Income tax effect of Non-GAAP adjustments (3)		0.05			0.04			(0.04	)		0.07			0.12			0.04			0.01			0.05
Subtract: Non-recurring or infrequent discrete tax items (4)		(0.29	)		0.01			0.03			(0.01	)		(0.25	)		-			-			-
Non-GAAP Diluted Earnings (Loss) per Share	$	0.12		$	0.39		$	0.50		$	0.30		$	1.30		$	0.14		$	0.46		$	0.59

Foreign Exchange Reconciliation:
GAAP Total Revenue Growth		6	%		1	%		(0	)%		5	%		3	%		1	%		7	%		4	%
Estimated effects of changes in foreign currency exchange rates		0	%		0	%		0	%		0	%		0	%		(2	)%		2	%		0	%
Non-GAAP Total Revenue growth on a constant currency basis		6	%		1	%		(0	)%		5	%		3	%		3	%		5	%		4	%

GAAP Total Brand Tripadvisor Segment Revenue		(2	)%		(10	)%		(12	)%		(6	)%		(8	)%		(8	)%		(3	)%		(6	)%
Estimated effects of changes in foreign currency exchange rates		0	%		0	%		0	%		1	%		0	%		(1	)%		1	%		0	%
Non-GAAP Total Brand Tripadvisor segment revenue growth on a constant currency basis		(2	)%		(10	)%		(12	)%		(7	)%		(8	)%		(7	)%		(4	)%		(6	)%

GAAP Total Viator Segment Revenue		23	%		13	%		10	%		16	%		14	%		10	%		11	%		11	%
Estimated effects of changes in foreign currency exchange rates		0	%		(1	)%		(1	)%		0	%		0	%		(2	)%		2	%		0	%
Non-GAAP Total Viator segment revenue growth on a constant currency basis		23	%		14	%		11	%		16	%		14	%		12	%		9	%		11	%

GAAP Total TheFork Segment Revenue		17	%		11	%		17	%		23	%		18	%		12	%		28	%		21	%
Estimated effects of changes in foreign currency exchange rates		1	%		(1	)%		2	%		(3	)%		1	%		(4	)%		6	%		2	%
Non-GAAP Total TheFork segment revenue growth on a constant currency basis		16	%		12	%		15	%		26	%		17	%		16	%		22	%		19	%

Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow:
Cash flow provided by (used in) operations	$	139		$	53		$	(44	)		(2	)		144			102			202			304
Subtract: Capital expenditures		16			16			20			23			74			19			25			44
Free Cash Flow (Non-GAAP)	$	123		$	37		$	(64	)	$	(25	)	$	70		$	83		$	177		$	260


Item 2.02.	Results of Operations and Financial Condition.


	2024															2025
	Q1			Q2			Q3			Q4			FY*			Q1			Q2			YTD*
Segments - Revenue:
Total Revenue	$	395.1		$	496.7		$	531.7		$	411.1		$	1,834.6		$	398.2		$	529.2		$	927.4
Growth % (y/y)		6	%		1	%		(0	)%		5	%		3	%		1	%		7	%		4	%
Brand Tripadvisor		239.5			250.3			255.2			203.9			948.8			219.4			241.8			461.2
Growth % (y/y)		(2	)%		(10	)%		(12	)%		(6	)%		(8	)%		(8	)%		(3	)%		(6	)%
Tripadvisor-branded hotels		158.6			150.4			151.1			124.6			584.5			148.0			152.3			300.3
Growth % (y/y)		(5	)%		(14	)%		(17	)%		(7	)%		(11	)%		(7	)%		1	%		(3	)%
Media and advertising		32.6			40.6			40.5			36.0			149.7			30.8			35.5			66.2
Growth % (y/y)		10	%		(2	)%		5	%		3	%		3	%		(6	)%		(13	)%		(10	)%
Tripadvisor experiences and dining (7)		35.8			48.1			50.9			34.7			169.5			30.5			44.7			75.2
Growth % (y/y)		9	%		(4	)%		(7	)%		(8	)%		(4	)%		(15	)%		(7	)%		(10	)%
Other		12.5			11.2			12.7			8.6			45.1			10.1			9.3			19.5
Growth % (y/y)		(8	)%		(15	)%		(19	)%		(20	)%		(12	)%		(19	)%		(17	)%		(18	)%
Viator		141.1			243.8			269.6			185.6			840.1			155.8			270.5			426.3
Growth % (y/y)		23	%		13	%		10	%		16	%		14	%		10	%		11	%		11	%
TheFork		41.3			42.2			49.1			48.3			180.8			46.4			54.2			100.7
Growth % (y/y)		17	%		11	%		17	%		23	%		18	%		12	%		28	%		21	%
Intersegment revenue (7)		(26.8	)		(39.6	)		(42.2	)		(26.7	)		(135.1	)		(23.4	)		(37.3	)		(60.8	)
Growth % (y/y)		18	%		1	%		(3	)%		(5	)%		1	%		(13	)%		(6	)%		(8	)%

Percent of Total Revenue:**
Tripadvisor-branded hotels		40	%		30	%		28	%		30	%		32	%		37	%		29	%		32	%
Media and advertising		8	%		8	%		8	%		9	%		8	%		8	%		7	%		7	%
Tripadvisor experiences and dining (7)		9	%		10	%		10	%		9	%		9	%		8	%		8	%		8	%
Other		3	%		2	%		2	%		2	%		2	%		3	%		2	%		2	%
Viator		36	%		49	%		51	%		45	%		46	%		39	%		51	%		46	%
TheFork		10	%		8	%		9	%		12	%		10	%		12	%		10	%		11	%
Intersegment revenue (7)		(7	)%		(8	)%		(8	)%		(7	)%		(7	)%		(6	)%		(7	)%		(7	)%


GAAP Net Income (Loss): (8)	$	(59.3	)	$	24.1		$	38.5		$	1.6		$	4.9		$	(11.0	)	$	36.0		$	25.0
Growth % (y/y)		(19	)%		0	%		44	%		(94	)%		(50	)%		(81	)%		49	%	n.m.
GAAP Net Income (Loss) margin		(15.0	%)		4.9	%		7.2	%		0.4	%		0.3	%		(2.8	%)		6.8	%		2.7	%


	2024															2025
	Q1			Q2			Q3			Q4			FY*			Q1			Q2			YTD*
Total Consolidated Adjusted EBITDA (1)
Total Revenue	$	395.1		$	496.7		$	531.7		$	411.1		$	1,834.6		$	398.2		$	529.2		$	927.4
Less:
Cost of sales (2)		24.5			36.1			39.7			28.1			128.4			26.8			41.8			68.7
Marketing		162.2			203.4			210.8			152.0			728.6			171.6			217.7			389.4
Personnel (3)		121.8			119.7			115.6			118.1			475.2			115.9			120.0			235.8
Technology		21.9			22.3			23.3			23.9			91.3			22.7			24.9			47.6
General and administrative (2)		18.0			18.6			19.9			16.2			72.6			17.4			17.8			35.1
Total Consolidated Adjusted EBITDA	$	46.7		$	96.6		$	122.4		$	72.8		$	338.5		$	43.8		$	107.0		$	150.8
Growth % (y/y)		42	%		8	%		(4	)%		(13	)%		1	%		(6	)%		11	%		5	%
Total Adjusted EBITDA Margin		11.8	%		19.4	%		23.0	%		17.7	%		18.5	%		11.0	%		20.2	%		16.3	%

Intersegment revenue (4)		(26.8	)		(39.6	)		(42.2	)		(26.7	)		(135.1	)		(23.4	)		(37.3	)		(60.8	)

Segment - Brand Tripadvisor
Total Revenue (4)	$	239.5		$	250.3		$	255.2		$	203.9		$	948.8		$	219.4		$	241.8		$	461.2
Less:
Cost of sales		6.5			8.3			8.6			9.3			32.8			4.9			9.0			14.0
Marketing		60.8			67.7			70.5			51.5			250.5			62.1			81.6			143.7
Personnel (3)		69.7			65.4			64.1			67.0			266.2			64.7			62.3			127.0
Technology		13.3			13.1			13.6			14.6			54.5			12.8			13.6			26.5
General and administrative		11.5			12.1			11.9			9.1			44.4			10.0			9.4			19.3
Adjusted EBITDA	$	77.7		$	83.7		$	86.5		$	52.4		$	300.4		$	64.9		$	65.9		$	130.7
Growth % (y/y)		8	%		(13	)%		(22	)%		(23	)%		(14	)%		(16	)%		(21	)%		(19	)%
Adjusted EBITDA Margin		32.4	%		33.4	%		33.9	%		25.7	%		31.7	%		29.6	%		27.3	%		28.3	%

Segment - Viator
Total Revenue	$	141.1		$	243.8		$	269.6		$	185.6		$	840.1		$	155.8		$	270.5		$	426.3
Less:
Cost of sales		15.5			25.0			26.5			13.4			80.4			17.1			27.5			44.6
Marketing (5)		113.7			166.3			169.5			112.5			561.9			114.0			162.1			276.2
Personnel (3)		30.6			33.4			31.9			30.5			126.4			31.8			36.0			67.7
Technology		5.6			6.2			6.5			6.2			24.6			6.6			7.9			14.5
General and administrative		3.2			3.1			4.8			2.9			14.0			3.9			4.7			8.6
Adjusted EBITDA	$	(27.5	)	$	9.8		$	30.4		$	20.1		$	32.8		$	(17.6	)	$	32.3		$	14.7
Growth % (y/y)		(10	)%	n.m.				76	%		33	%	n.m.				(36	)%		230	%	n.m.
Adjusted EBITDA Margin		(19.5	)%		4.0	%		11.3	%		10.8	%		3.9	%		(11.3	)%		11.9	%		3.4	%