TRIP

EX-99.1

2 trip-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Tripadvisor Reports First Quarter 2026 Financial Results

NEEDHAM, MA, May 7, 2026 — Tripadvisor, Inc. (NASDAQ: TRIP) today announced financial results for the first quarter ended March 31, 2026.

Financial highlights

• Revenue for the first quarter was $382.4 million, a decline of 4% year-over-year.

• Net loss for the first quarter was $32.4 million, or $(0.28) diluted EPS.

• Non-GAAP net loss for the first quarter was $13.1 million, or $(0.11) diluted EPS.

• Adjusted EBITDA for the first quarter was $22.1 million, or 5.8% of revenue.

“We kicked off 2026 by delivering Q1 Group revenue in-line and adjusted EBITDA ahead of expectations, despite the dynamic changes in the macro environment between the start and end of the period,” said Chief Executive Officer Matt Goldberg. “In Experiences we started the quarter with accelerated growth, reflecting the strength of our combined offering and the underlying opportunity we see in the category as we continue to scale globally. We are dedicated to driving a durable leadership position in Experiences, simplifying our portfolio, and focusing on the best path for value recognition across our assets.”

“We are pleased with our first quarter results, which reflect the strategic shift of our priorities toward Experiences and the simplification of our legacy portfolio,” said Chief Financial Officer Mike Noonan. “Despite macro uncertainties, we remain committed to disciplined investments across marketing, product, and data to deliver a best-in-class traveler experience. These priorities reinforce our confidence in sustainable revenue and profit growth for both Experiences and the Group.”

First Quarter 2026 Summary

Three months ended March 31,

(In millions, except percentages and per share amounts)

2026

2025

% Change

Total Revenue

$

382.4

$

398.2

(4

)%

Experiences

$

167.9

$

155.8

8

%

Hotels and Other (1)

$

157.9

$

196.7

(20

)%

TheFork

$

57.3

$

46.4

23

%

Intersegment eliminations (1)

$

(0.7

)

$

(0.7

)

0

%

GAAP Net Income (Loss)

$

(32.4

)

$

(11.0

)

195

%

Total Adjusted EBITDA (2)

$

22.1

$

43.8

(50

)%

Experiences

$

(19.2

)

$

(14.1

)

36

%

Hotels and Other

$

36.7

$

61.4

(40

)%

TheFork

$

4.6

$

(3.5

)

n.m.

Non-GAAP Net Income (Loss) (2)

$

(13.1

)

$

20.9

n.m.

Diluted Earnings (Loss) per Share:

GAAP

$

(0.28

)

$

(0.08

)

250

%

Non-GAAP (2)

$

(0.11

)

$

0.14

n.m.

Cash flow from operating activities

$

117.8

$

101.7

16

%

Free cash flow (2)

$

101.3

$

82.7

22

%

n.m. = not meaningful

(1) Hotels and Other segment revenue figures shown in this table are gross of intersegment (intercompany) revenue, which is eliminated on a consolidated basis.

(2) “Total Adjusted EBITDA,” “Non-GAAP Net Income (Loss),” “Non-GAAP Diluted Earnings (Loss) per Share,” and “Free cash flow” are non-GAAP measures as defined by the U.S. Securities and Exchange Commission (the “SEC”). Please refer to “Non-GAAP Financial Measures” below for definitions and explanations of these non-GAAP financial measures, as well as tabular reconciliations to the most directly comparable GAAP financial measures.

1

Cost performance – Total costs and expenses were $407.6 million for the first quarter, a decrease of 1% year-over-year, primarily driven by the following:

Three months ended March 31,

2026

2025

% Change

Cost of sales

$

32.8

$

26.8

22

%

Marketing

$

177.6

$

171.6

3

%

Personnel

$

129.6

$

143.8

(10

)%

Technology

$

25.0

$

22.7

10

%

General and administrative

$

14.7

$

17.4

(16

)%

Percentage of Total Revenue

Cost of sales

8.6

%

6.7

%

Marketing

46.4

%

43.1

%

Personnel

33.9

%

36.1

%

Technology

6.5

%

5.7

%

General and administrative

3.8

%

4.4

%

Cash & Liquidity – As of March 31, 2026, the Company had approximately $1.1 billion of cash and cash equivalents, an increase of $85.5 million from December 31, 2025. Subsequently, on April 1, 2026, the Company used $345.4 million of its existing cash and cash equivalents to fully repay its 2026 Senior Notes due on April 1, 2026.

Segments Highlights:

Experiences

• Revenue for the first quarter was $167.9 million, reflecting year-over-year growth of 8%. Excluding the impact of currency exchange rate fluctuations, year-over-year growth was approximately 4%.

• The number of experience bookings was approximately 5.6 million during the first quarter, an increase of approximately 11%, when compared to the same period in 2025. Experience bookings include a single tour, activity, or attraction that can be purchased through Viator's platform for one or several travelers, prior to adjustments such as date changes, refunds, or cancellations.

• Gross bookings value (“GBV”) reached approximately $1.2 billion during the first quarter, reflecting year-over-year growth of approximately 13%. GBV is reported at the time of booking and is gross of cancellations,

8-K

false000152652000015265202026-02-122026-02-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 12, 2026

TRIPADVISOR, INC.

(Exact name of Registrant as Specified in Its Charter)

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)

(781) 800-5000 Registrant’s Telephone Number, Including Area Code Not Applicable (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

TRIP

Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On February 12, 2026, Tripadvisor, Inc. issued a press release announcing its preliminary financial results for the quarter and year ended December 31, 2025. The full text of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to General Instruction B.2. to Form 8-K, the information set forth in Items 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01.

Regulation FD Disclosure.

In the fourth quarter of 2025, the Company announced the realignment of its operating model to support its long-term goals and strategic priorities. As a result, in consultation with the Company's Chief Executive Officer (“CEO”), who also is the chief operating decision maker (“CODM”), we evaluated our operations and realigned the reportable segment information which our CODM regularly assesses to evaluate performance for operating decision-making purposes, including allocation of resources. The revised segment reporting structure consists of the following reportable segments: (1) Experiences; (2) Hotels and Other; and (3) TheFork. All prior period segment disclosure information in Exhibit 99.1 and Exhibit 99.2 to this Form 8-K filed February 12, 2026 has been recast to conform to the current segment reporting structure. This recast had no effect on our unaudited condensed consolidated financial statements in any period. We have included comparative figures by recasting summary historical results for the quarters within and for the years ended December 31, 2025, 2024, and 2023, on a segment basis as Exhibit 99.1 and Exhibit 99.2 to our Form 8-K filed February 12, 2026. Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Item 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits. (d) Exhibits.

Exhibit

Number

Description

99.1

Press Release of Tripadvisor, Inc. dated February 12, 2026 regarding earnings.

99.2

Memo regarding Changes in Segment Information dated February 12, 2026.

104

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersi

8-K

0001526520false00015265202025-11-062025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 6, 2025

TRIPADVISOR, INC.

(Exact name of Registrant as Specified in Its Charter)

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)

(781) 800-5000 Registrant’s Telephone Number, Including Area Code Not Applicable (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

TRIP

Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On November 6, 2025, Tripadvisor, Inc. issued a press release announcing its preliminary financial results for the three and nine months ended September 30, 2025. The full text of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to General Instruction B.2. to Form 8-K, the information set forth in Items 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 2.05.

Costs Associated with Exit or Disposal Activities.

On November 6, 2025, the Company issued a press release announcing the realignment of its operating model to support the Company’s long-term goals and positioning as an experiences-led and AI-enabled company. This realignment will include a reduction of the Company’s global workforce and a substantial portion of the costs associated with this course of action will relate to severance payments, employee benefits and other associated costs. The Company expects at least $85 million in annualized gross cost savings, the majority of which are expected to be realized in 2026 and fully realized by 2027. The Company estimates that it will incur charges of approximately $35 million to $40 million in connection with these actions, primarily consisting of cash expenditures for employee severance payments, employee benefits and other related costs. We expect that the substantial portion of these charges will be incurred during the fourth quarter of 2025, with the remaining expensed during 2026. The estimated charges and the timing of such charges are based on certain assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from such estimates. We may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur as a result of or in connection with the implementation of the planned workforce reduction.

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 3, 2025, Greg O’Hara notified the Company of his decision to resign from the Board of Directors (the “Board”), effective November 3, 2025. Mr. O’Hara’s resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. On November 5, 2025, the Board appointed Alex Dichter to the Board. Currently, Mr. Dichter serves as senior advisor to KSL Capital Partners, a private equity fund focused on investments in Hospitality and Travel, and SkyLink, a cor