Short answer
TripAdvisor, Inc. (TRIP) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $1.9B (+3.1% year over year) and net income of $40M.
- Top risk flagged: Regulatory/legal risk: evolving platform liability laws affecting Experiences marketplace exposing TripAdvisor to increased insurance costs and potential uninsured legal claims
FY2025 key financial metrics · XBRL
- Revenue
- $1.9B
- +3.1% YoY
- Net income
- $40M
- +700.0% YoY
- Operating margin
- 4.2%
- −0.8 pp YoY
- EPS (diluted)
- $0.31
- +675.0% YoY
- ROE
- 6.2%
- +5.7 pp YoY
- Operating cash flow
- $245M
- +70.1% YoY
Source: XBRL data from the TripAdvisor, Inc. (TRIP) FY2025 10-K on SEC EDGAR. USD.
TripAdvisor, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Online travel platform emphasizing experiences and hotel bookings
- Strategic shift: Realignment to an experiences-led, AI-enabled operating model announced Nov 2025
- Workforce reduction: Global headcount cut to achieve $85M annualized cost savings starting 2026
- Restructuring costs: $33M pre-tax charges in Q4 2025, plus $4M expected in Q1 2026 for severance
- Segment changes: Hotels and Other segment renamed from Brand Tripadvisor; Experiences segment formerly Viator
Management Discussion & Analysis
- Revenue $1,891.3M, up 3% YoY from $1,834.6M in 2024
- Operating income $79.5M, down 13% YoY from $91.9M, operating margin approx. 4.2% vs 5.0% in 2024
- Experiences segment revenue $924.4M, best performer, up 10% YoY; Adjusted EBITDA $91.1M, margin 9.9% vs 9.4% in 2024
- Interest expense increased 36% to $63.3M; net income $39.8M vs $4.9M in 2024, up 712%
- Restructuring costs rose 106% to $43.4M; marketing costs $791.4M, up 9%; management cautious on cost growth and restructuring impacts
Risk Factors
- Regulatory/legal risk: evolving platform liability laws affecting Experiences marketplace exposing TripAdvisor to increased insurance costs and potential uninsured legal claims
- Geopolitical/macro risk: Ukraine-Russia and Israel-Hamas conflicts disrupting travel demand in affected regions
- Operational/supply chain risk: dependence on traffic from Google search and app stores subject to algorithm changes and app store policy updates
- Competitive/market disruption: competition by AI-driven travel curators like Travel Plan AI, Aitinerary, and dominant players Google and Expedia
- Financial risk: high revenue concentration with Booking and Expedia accounting for approximately 21-22% of consolidated revenue
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