EarningsQ2 2026 Earnings Report
TRTPF Q2 2026 EPS Results
Actual EPS$0.03
Consensus EPS$0.03
Beat/MissBeat by +<$0.01
One Year Ago EPS$0.02
TRTPF Q2 2026 Revenue Results
Actual Revenue$148.83M
Expected Revenue$151.00M
Beat/MissMissed by -$2.17M
YoY Revenue Growth+18.77%
Earnings Announcement Details
QuarterQ2 2026
Date09/15/2026
TimeBefore Open
Conference CallTuesday, September 15, 2026
TRTPF Upcoming Earnings
Trustpilot Group Plc's next earnings date is estimated for March 23, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Trustpilot reported robust bookings, enterprise growth, adjusted EBITDA expansion, improving gross margin, strong platform engagement, and significant AI-related momentum, while reaffirming full-year and long-term guidance. The main challenges were slower free cash flow growth, a decline in net dollar retention, higher stock-based compensation, historical tax and reserve-related technical issues, and the transition associated with the sales reorganization.Company Guidance
Strong Bookings and Profit Growth
H1 bookings grew 18% in constant currency to $171 million. Adjusted EBITDA increased 46% year-on-year to a record $26.3 million, with adjusted EBITDA margin rising 2.8 percentage points to a record 17.4%.
Full-Year Guidance Reaffirmed
Trustpilot maintained its full-year guidance for high teens constant currency revenue growth and a 2 to 3 percentage point increase in adjusted EBITDA margin. The company also reaffirmed its longer-term targets of a 25% adjusted EBITDA margin in 2028 and 30% in 2030.
Enterprise Customer Momentum
ARR from customers paying more than $20,000 per year grew 35% year-on-year, while customer logos in that cohort increased 29% year-on-year. Customers paying more than $20,000 represented 47% of total bookings, up from 27% in H1 2023, and ARR from the segment increased 174% over the same period.
North America Acceleration
North America bookings grew 27% in constant currency, new business sales increased 76% year-on-year, organic reviews rose 50%, and the number of paying customers increased 11%. Notable new customers included Bed Bath & Beyond, Intact Insurance, and Sunrun.
Regional Growth Across Europe and the U.K.
U.K. bookings grew 11% in constant currency to $64 million, while Europe and the rest of the world grew 19% in constant currency to $68 million. DACH bookings increased 30% in constant currency, and DACH ARR surpassed $20 million.
Strong Retention and Subscription Economics
LTM gross dollar retention remained at 87%, including 88% in the U.K., while LTM net dollar retention was 101%. Trustpilot said gross retention improved by 3 percentage points over the past three years, from 84% to 87%, and that enterprise retention and expansion remain ahead of the group.
Revenue and Margin Improvement
Revenue reached $151.4 million and gross margin increased 0.8 percentage points year-on-year to 83%, reflecting infrastructure and hosting optimizations as volume scaled. Technology and content declined to 23% of revenue, down 0.5 percentage points, and G&A declined to 14% of revenue, down 1.2 percentage points.
Positive Cash Generation and Shareholder Returns
Adjusted free cash flow was $16 million, up 5% year-on-year, and adjusted diluted free cash flow per share increased 13% to $0.039. Trustpilot returned $25.8 million to shareholders through buybacks in H1, while its employee benefit trust purchased a further $16.5 million. Since 2024, the company has returned $141 million and repurchased 11% of the shares outstanding at the start of the program.
Growing Review Dataset and Platform Engagement
Users submitted 20% more reviews year-on-year, expanding the dataset to 394 million active reviews. Trustpilot crossed 400 million reviews in July, impressions of its brand on other websites grew 15%, and its reviews received 29 billion Google impressions in H1.
AI Search Leadership
Trustpilot said it is the number one cited review platform globally according to Seer Interactive, with ChatGPT citations increasing more than 400% year-on-year. Its Semrush Domain Authority score reached 100, up from 95 last year, and the company said an active Trustpilot profile drives up to 75 times greater citation visibility than having no profile.
Review Integrity and Safeguarding Progress
Trustpilot removed 3.9 million fake reviews in H1, up 28% year-on-year, with the vast majority removed automatically. Automated systems reduced threat response times to a matter of hours, while business profile warnings increased 83% year-on-year.
Product Innovation and Enterprise Features
Trustpilot released AI Search Analytics, an in-app review collector, Invitation Optimizer, custom dashboards, and a lower-cost digital-only starter plan. A second major 2026 release window includes multi-domain user management and QR-code review collection. Product review pages and a universal product catalog were also launched, with product reviews showing an average increase of more than 15x in AI citation growth during a beta trial of over 400 businesses.
Expanded Shopify Partnership
Trustpilot became a Shopify key product partner and upgraded its Shopify 2.0 app so merchants can embed Trustpilot directly within Shopify's native ecosystem.
Sales Model Designed for Scale
Trustpilot reorganized sales operations by introducing outsourced business development, dedicated customer success roles focused on onboarding and adoption, and dedicated account managers focused on cross-selling, upgrades, and net revenue retention. Management said the model combines digital acquisition, outsourcing, AI, and in-house capabilities to address the company's large market opportunity.
Continued Investment in Technology and Growth
Trustpilot invested $13 million in organic growth during H1 across go-to-market, product innovation, and trust and content integrity. The company rolled out Claude across its technology, product, and finance teams and expects to consider expanding adoption to additional teams in H2.
Long-Term Business Expansion
Trustpilot grew from $30 million of ARR at the end of 2015 to approximately $330 million today and progressed from loss-making to approaching a 20% EBITDA margin. Management said the company remains focused on scaling trust, accelerating with AI, and growing enterprise.
TRTPF Earnings History
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.
Beat
Missed