On this page of StockholderLetter.com we present the latest annual shareholder letter from TripAdvisor, Inc. — ticker symbol TRIP. Reading current and past TRIP letters to shareholders can bring important insights into the investment thesis.
Notice of 2026 Annual Meeting and Proxy Statement and 2025 Annual Report
Notice of 2026 Annual Meeting and Proxy Statement
April 30, 2026 Dear Fellow Stockholders: A year ago, we set out to build on our leadership in experiences. In 2025, we delivered becoming an experiences-first company, a shift we believe is clearly reflected in our performance. Year over year, experiences booked grew 16% to 22.9 million, while gross booking value (GBV) grew 13% to $4.7 billion. Adjusted EBITDA in our Experiences segment, meanwhile, reached $91 million, up from $79 million in 2024. Our Experiences segment accounted for nearly half of total Group revenue, and we expect its share of total Group revenue to grow even further in 2026. This reflects meaningful scale, with growth and efficiency that have enabled us to become the world s largest experiences platform, and operating profitably. Beyond experiences, we made progress across the portfolio: In dining, we saw significant growth at TheFork, with revenue up 22%, while adjusted EBITDA more than tripled, which we believe demonstrates an attractive long-term growth profile. In Hotels & Other, we streamlined and simplified the business through a restructuring that we anticipate will better align costs with its revenue profile, protect profitability, and enable a greater focus on experiences. And across all our brands, our data and AI capabilities are improving how travelers discover and book. We accelerated AI-driven product matching and personalized recommendations across our platforms to drive conversion. We expanded partnerships with leading AI and search platforms, ensuring we are present wherever travelers plan and book. At the trusted intersection between travelers and operators, we believe we ve built a differentiated data asset with unmatched utility. This progress is representative of our deliberate shift to more durable, higher growth marketplace offerings, which in 2025 represented over 60% of revenue and 35% of adjusted EBITDA. We achieved record revenue of $1.9 billion, driven by 12% growth in our marketplace offerings, our Experiences and TheFork segments, which more than offset weaker performance in our legacy offerings within our Hotels & Other segment. On a consolidated basis, year over year revenue grew 3%, while net income was $40 million, adjusted EBITDA1 was $319 million, and free cash flow1 was $163 million. Finally, we simplified our capital structure through the April 2025 merger transaction with our former controlling stockholder. Combined with $90 million in share repurchases, these actions reduced our share count by approximately 21% since the end of 2024. We also began to refresh our Board, adding leadership and operational experience aligned with our focus on long-term value creation. In 2026 we plan to build on this momentum continuing to grow our leadership in experiences, leverage the power of our assets for an AI-driven future, and simplify the portfolio with discipline. To our employees thank you for your ongoing commitment and engagement. 2025 brought significant change, and your focus, resilience and dedication made our progress possible. Across our teams and geographies, your collective contributions strengthen our business every day. To our shareholders thank you for your continued support. We re confident that our shift to becoming an experiences-first company, combined with disciplined execution, positions Tripadvisor to create meaningful long-term value. 1 Free cash flow for fiscal year ended December 31, 2024 included the impact of a net cash outflow of approximately $96 million related to a previously disclosed IRS settlement. Free cash flow and adjusted EBITDA are non-GAAP measures. Please refer to Non-GAAP Reconciliations on the Company s investor relations website for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure. 1
 • shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 • stockholder letter icon 5/2/2023 TRIP Stockholder Letter
 • stockholder letter icon 5/2/2024 TRIP Stockholder Letter
 • stockholder letter icon 4/30/2025 TRIP Stockholder Letter
 • stockholder letter icon 5/1/2025 TRIP Stockholder Letter
 • stockholder letter icon More "Information Technology Services" Category Stockholder Letters
 • Benford's Law Stocks icon TRIP Benford's Law Stock Score = 75


TRIP Shareholder/Stockholder Letter Transcript:

Notice of 2026 Annual Meeting and
Proxy Statement
and
2025 Annual Report


Notice of 2026 Annual Meeting
and Proxy Statement


April 30, 2026
Dear Fellow Stockholders:
A year ago, we set out to build on our leadership in experiences. In 2025, we delivered     becoming an experiences-first
company, a shift we believe is clearly reflected in our performance. Year over year, experiences booked grew 16% to 22.9 million,
while gross booking value (GBV) grew 13% to $4.7 billion. Adjusted EBITDA in our Experiences segment, meanwhile, reached $91
million, up from $79 million in 2024. Our Experiences segment accounted for nearly half of total Group revenue, and we expect its
share of total Group revenue to grow even further in 2026. This reflects meaningful scale, with growth and efficiency that have
enabled us to become the world   s largest experiences platform, and operating profitably.
Beyond experiences, we made progress across the portfolio:

In dining, we saw significant growth at TheFork, with revenue up 22%, while adjusted EBITDA more than tripled,
which we believe demonstrates an attractive long-term growth profile.

In Hotels & Other, we streamlined and simplified the business through a restructuring that we anticipate will better
align costs with its revenue profile, protect profitability, and enable a greater focus on experiences.

And across all our brands, our data and AI capabilities are improving how travelers discover and book. We
accelerated AI-driven product matching and personalized recommendations across our platforms to drive conversion. We
expanded partnerships with leading AI and search platforms, ensuring we are present wherever travelers plan and
book. At the trusted intersection between travelers and operators, we believe we   ve built a differentiated data asset with
unmatched utility.
This progress is representative of our deliberate shift to more durable, higher growth marketplace offerings, which in 2025
represented over 60% of revenue and 35% of adjusted EBITDA. We achieved record revenue of $1.9 billion, driven by 12% growth in
our marketplace offerings, our Experiences and TheFork segments, which more than offset weaker performance in our legacy
offerings within our Hotels & Other segment. On a consolidated basis, year over year revenue grew 3%, while net income was $40
million, adjusted EBITDA1 was $319 million, and free cash flow1 was $163 million.
Finally, we simplified our capital structure through the April 2025 merger transaction with our former controlling
stockholder. Combined with $90 million in share repurchases, these actions reduced our share count by approximately 21% since the
end of 2024. We also began to refresh our Board, adding leadership and operational experience aligned with our focus on long-term
value creation.
In 2026 we plan to build on this momentum     continuing to grow our leadership in experiences, leverage the power of our
assets for an AI-driven future, and simplify the portfolio with discipline.
To our employees     thank you for your ongoing commitment and engagement. 2025 brought significant change, and your
focus, resilience and dedication made our progress possible. Across our teams and geographies, your collective contributions
strengthen our business every day.
To our shareholders     thank you for your continued support. We   re confident that our shift to becoming an experiences-first
company, combined with disciplined execution, positions Tripadvisor to create meaningful long-term value.
1
Free cash flow for fiscal year ended December 31, 2024 included the impact of a net cash outflow of approximately $96 million related to a previously disclosed IRS
settlement. Free cash flow and adjusted EBITDA are non-GAAP measures. Please refer to    Non-GAAP Reconciliations    on the Company   s investor relations website
for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.
1


shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 

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