TRIP · Tripadvisor, Inc.

Tripadvisor's Q1 2026 results showed total revenue of $382.4 million, a 4% year-over-year decline primarily due to a 20% drop in Hotels and Other segment revenue to $157.9 million, including Hotels at $114.4 million (-23%) and media/advertising at $28.0 million (-9%). This was partially offset by strong growth in Experiences revenue to $167.9 million (+8%, or +4% ex-FX) with 5.6 million bookings (+11%) and $1.2 billion GBV (+13%), and TheFork revenue of $57.3 million (+23%, or +11% ex-FX) with bookings up 6%. CEO Matt Goldberg highlighted Experiences' accelerated growth and commitment to global scale and portfolio simplification, while CFO Mike Noonan emphasized disciplined investments amid macro uncertainties for sustainable growth. Total costs and expenses fell 1% to $407.6 million, driven by 10% lower personnel costs ($129.6M), though marketing rose 3% to $177.6M. Adjusted EBITDA margin compressed to 5.8% from higher losses in Experiences (11.4% of revenue) and Hotels and Other (23.2% vs. 31.2% prior). GAAP net loss widened to $32.4 million due to $3.3 million restructuring costs, higher interest expense, and lower tax benefit. Balance sheet strengthened with cash at $1.1 billion (up $85.5M quarter-over-quarter), enabling full repayment of $345.4 million 2026 Senior Notes on April 1. Operating cash flow improved 16% to $117.8 million, supporting free cash flow of $101.3 million. No forward guidance was provided in the release.