TripAdvisor (T6A) Q2 2026 Earnings Report
DE:T6A Q2 2026 EPS Results
- Actual EPS
- EUR 0.31
- Consensus EPS
- EUR 0.34
- Beat/Miss
- Missed by -EUR 0.02
- One Year Ago EPS
- EUR 0.41
DE:T6A Q2 2026 Revenue Results
- Actual Revenue
- EUR 395.68M
- Expected Revenue
- EUR 453.32M
- Beat/Miss
- Missed by -EUR 57.64M
- YoY Revenue Growth
- -16.47%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 08/06/2026
- Time
- Before Open
- Conference Call
- Thursday, August 6, 2026
TripAdvisor's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call was cautiously positive but mixed. TripAdvisor highlighted strong execution in experiences, Viator growth, marketplace improvements, B2B2C expansion, cost reductions, cash generation, AI partnerships, and the proposed TheFork sale. However, these positives were offset by SEO-related pressure, declines in hotels and other, lower average booking values, weather-related cancellations, weaker U.S.-to-Europe demand, margin pressure, and negative Q3 revenue guidance. Management remained confident in the long-term experiences opportunity but adopted a more prudent second-half outlook.
For Q3, TripAdvisor expects experiences booked to improve slightly from Q2 to approximately 5%-7% growth, experiences revenue to show declines of 2% at the low end and growth of 1% at the high end, including approximately one percentage point of currency headwind, and experiences adjusted EBITDA margin of 14%-17%; hotels and other revenue is expected to show declines of approximately 20%-23%, with adjusted EBITDA margin of approximately 22%-25%; continuing operations revenue is expected to show declines of 7%-10%, with adjusted EBITDA margin of 17%-20%. For the second half of 2026, the company adopted a more prudent outlook, expects modest improvement in revenue growth across both segments in Q4, assuming one-off travel disruptions do not recur, and anticipates the typical seasonal step down in adjusted EBITDA margin as it moves from Q3-Q4; further acceleration remains dependent on a more normalized macro backdrop. TheFork is expected to close before year-end, with approximately $680 million of net proceeds, and the company anticipates recovering the majority of approximately $4 million in annual costs, roughly $1 million per quarter, in 2027 through a transition services agreement.
- Q2 Continuing Operations Met ExpectationsContinuing operations revenue was $442 million and adjusted EBITDA was $76 million. Relative to expectations, which included TheFork, revenue was in line and adjusted EBITDA was above expectations.
- Proposed TheFork Sale Creates Capital Allocation FlexibilityTripAdvisor announced a proposed agreement to sell TheFork for $700 million, signed the definitive agreement on August 2nd, and expects to close before year-end. The company anticipates approximately $680 million of net proceeds, which would provide flexibility for debt reduction and/or share repurchases.
- Viator and Experiences Bookings Continued to GrowExperiences bookings grew 5% in Q2, in line with expectations, while Viator, the largest owned and operated point of sale, grew 10%. Management stated that Viator has been growing in the mid-teens this year.
- Experiences Gross Booking Value IncreasedExperiences gross booking value grew 3% to approximately $1.4 billion. Currency was a tailwind of approximately 1 percentage point to growth.
- Demand Diversification and Paid Channel GrowthTripAdvisor is broadening customer acquisition beyond paid search through social and other mid-funnel channels. The company reported healthy double-digit growth in paid channels and said early results support scaling these investments, with attractive customer acquisition economics.
- Marketing Efficiency and Customer Cohorts Remained StableMarketing costs as a percentage of GBV increased modestly from approximately 11.3% to 12.4%, but SEM costs relative to SEM-derived GBV remained flat year-over-year. Management said ROAS targets remained consistent, there was no deterioration in cohorts, and repeat rates remained consistent.
- Product Improvements Supported ConversionImprovements to personalization, review presentation, and availability details simplified the booking process. Management said these investments were producing compounding conversion gains, strengthening the booking experience, and supporting items growth.
- Targeted Supply Expansion Improved Marketplace QualityStrategically targeted inventory in secondary and tertiary destinations secured its first booking significantly faster, earned more per product than average, and generated a majority of bookings from first-time customers. New customers were also booking in less-penetrated categories such as ticketed attractions and events.
- Supplier Onboarding and Connectivity ProgressedContinued investments in supplier onboarding and connectivity reduced listing friction, helped operators get experiences live faster, and improved the quality and richness of listing content.
- B2B2C Distribution Channel ScaledInvestments in improved integration, account management, and co-marketing capabilities were yielding significant benefits. The B2B2C channel, comprising hundreds of merchant partners, thousands of travel agents, and other distribution partners, delivered robust GBV growth and was described as having a favorable margin profile.
- Hotels and Other Remained Highly ProfitableThe hotels and other segment generated $46 million of adjusted EBITDA, representing a 28% margin. Adjusted EBITDA was higher than expectations, primarily because personnel and other fixed costs were lower than anticipated.
- Fixed-Cost Reduction in Hotels and OtherYear-to-date fixed costs in hotels and other were reduced by approximately 16%, with management continuing to evaluate further opportunities to streamline the business.
- TheFork Delivered Double-Digit Growth Before the SaleTheFork generated Q2 revenue of $61 million, representing 13% growth, or 10% in constant currency. Adjusted EBITDA was $11 million, or approximately 19% of revenue.
- Strong Cash Flow and LiquidityQ2 operating cash flow was $141 million and free cash flow was $130 million. Cash and cash equivalents at June 30th were approximately $843 million.
- Lower Cost of Revenue and Personnel ExpenseCost of revenue was 7% of revenue, approximately 70 basis points lower year-over-year, including a benefit of approximately $2 million from an indirect tax refund. Personnel costs were 22% of revenue, approximately 400 basis points lower, primarily due to lower hotels and other costs and lower share-based compensation expense.
- AI Partnerships and Marketplace Visibility ExpandedViator became the first travel experiences partner for Google Gemini and TripAdvisor stated that it has partnerships or agreements involving OpenAI, Perplexity, Microsoft, Amazon, Anthropic, and other AI platforms. TripAdvisor and Viator were already among the most visible travel brands in Google's AI overviews, although AI-driven traffic remains small.
- AI Product and Operational Applications AdvancedTripAdvisor reported millions of users for its native AI planning product and recently launched an in-destination mobile-first MVP. Internally, AI is being used or piloted to improve engineering productivity, automate supply acquisition and customer service workflows, optimize marketing, detect review fraud, moderate and curate content, and support workforce productivity.
- Long-Term Experiences Opportunity Remained a Strategic PriorityManagement reiterated that experiences is the largest long-term growth opportunity in travel and said the company would continue investing in demand, storefronts, supply, B2B2C distribution, and margin expansion. Management also cited retained and reactivated user growth, improving repeat rates, lower-cost booker cohorts, and improving conversion.
- Travel Intent and Experiences ResilienceManagement said travel intent remained durable for the fall, with U.S. domestic intent picking up at the expense of international travel. Management also stated that 80% of travelers say they would cut another part of travel before cutting experiences.
DE:T6A Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 05, 2026 | 2026 (Q3) | 0.39- | 0.58 | ― | ― |
| Aug 06, 2026 | 2026 (Q2) | 0.340.31 | 0.41 | -23.91% (-0.10) | |
| May 07, 2026 | 2026 (Q1) | -0.06-0.10 | 0.13 | -178.57% (-0.22) | |
| Feb 12, 2026 | 2025 (Q4) | 0.130.04 | 0.27 | -86.67% (-0.23) | |
| Nov 06, 2025 | 2025 (Q3) | 0.520.58 | 0.45 | 30.00% (+0.13) | |
| Aug 07, 2025 | 2025 (Q2) | 0.370.41 | 0.35 | 17.95% (+0.06) | |
| May 07, 2025 | 2025 (Q1) | 0.030.13 | 0.11 | 16.67% (+0.02) | |
| Feb 20, 2025 | 2024 (Q4) | 0.190.27 | 0.34 | -21.05% (-0.07) | |
| Nov 06, 2024 | 2024 (Q3) | 0.400.45 | 0.47 | -3.85% (-0.02) | |
| Aug 06, 2024 | 2024 (Q2) | 0.330.35 | 0.3 | 14.71% (+0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
