TripAdvisor, Inc. (TRIP) · Nov 5, 2026 · Earnings

Tripadvisor earnings miss as Hotels slump and goodwill is impaired

Miss — Revenue $436.4M vs ~$448.2M consensus

Tripadvisor’s Q3 earnings miss as Hotels revenue falls 23%, Experiences margins weaken, and a $369.5 million goodwill impairment exposes deeper search-driven pressure.

Tripadvisor is midway through an experiences-led reset: it is trying to make Viator the growth engine while managing the legacy Hotels and Other business through worsening search visibility and AI-driven changes. Earlier company commentary already pointed to persistent SEO and AI-overview pressure on Hotels, while Q2 commentary said Q3 Hotels revenue could decline roughly 20%-23%.

The quarter missed a modest external revenue bar, and the underlying business was weaker than the headline loss suggests. Published pre-release estimates put Q3 revenue around $448 million, versus $436.4 million reported, while non-GAAP diluted EPS was $0.37. The $316.9 million GAAP loss was dominated by a non-cash impairment, but adjusted EBITDA still fell 34% and free cash flow swung sharply negative.

MetricQ3 2026Q3 2025Consensus / comparison
Revenue (Financial Highlights)$436.4M (-11%)$490.8M~$448.2M
Non-GAAP diluted EPS (Financial Highlights)$0.37 (-36%)$0.58~$0.43
Adjusted EBITDA (Financial Highlights)$71.1M (-34%)$107.8M
Experiences revenue (Segment Highlights — Experiences)$284.8M (-3%)$294.3M
Hotels and Other revenue (Segment Highlights — Hotels and Other)$151.6M (-23%)$196.5M
Free cash flow (Financial Summary)$(131.2)M$19.0M

Hotels is no longer just a drag; the filing treats it as structurally impaired. Hotels and Other revenue fell 23%, and segment adjusted EBITDA dropped 41% to $32.9 million. Tripadvisor recognized a $369.5 million goodwill impairment because of sustained underperformance and reduced profitability forecasts, attributing the pressure largely to changes in the search landscape. 〔0〕 That is the clearest new information in the quarter: management is formally reducing the recorded value of a business whose traffic model has deteriorated.

The Experiences pivot is growing activity, but not yet producing growth-quality economics. Experience bookings rose 2% and GBV was approximately flat, but Experiences revenue fell 3%, adjusted EBITDA fell 27%, and margin compressed to 13.4% from 17.8%. The gap between bookings and revenue suggests that more marketplace activity is not yet translating into stronger monetization or profitability. The new restructuring shifts additional product, engineering, and analytics resources toward Experiences and targets approximately $40 million of annualized gross savings, but it also carries $15 million-$20 million of near-term restructuring costs.

TheFork sale improves financial flexibility, but it does not repair the operating miss. The company completed the previously announced sale for approximately $741 million of net cash and expects to prioritize long-term debt reduction. That provides a meaningful balance-sheet cushion, but the quarter still consumed $122 million of operating cash from continuing operations and leaves the core retained businesses facing weaker demand capture.

Bottom line: The filing weakens Tripadvisor’s current story: Hotels is facing a more durable search-driven decline, while Experiences has not yet converted booking growth into revenue or margin growth. TheFork proceeds buy time and reduce balance-sheet pressure, but they do not offset the operating miss.

What to watch next

Q4 results and restructuring savings update, early 2027

Original filing on SEC EDGAR

More TripAdvisor, Inc. news

Tripadvisor earnings miss as Hotels slump and goodwill is impaired | TRIP Stock News
AllSight

Breaking down Wall Street's
information edge.

A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.

—
8-K events this week
—
filings analyzed in total
live · updated 30s ago
Live events · whole market · · --:--:-- ET
AllSight read
Straight from the 8-K
Verbatim from the filing AllSight decoded — highlighted above. Open on SEC EDGAR ↗
Limited-time offerFree 14-day Pro trial
AllSight

Sign in to AllSight

  • Follow any company — we email you the moment it files, free!
  • Your watchlist saved to your account, on every device — free!

by Signing in NOW, claim your FREE 14-day Pro trial!

No password. We email you a 6-digit code. By continuing you agree to our Terms & Privacy.
AllSight · Live plain-English 8-K decodes across the whole US market · Not investment advice.