TripAdvisor, Inc.

ir.tripadvisor.com

How Do They Make Money?

Travelers pay when booking experiences, and Tripadvisor earns a commission when each activity takes place. Hotel partners pay for clicks or bookings, while hotels and advertisers also pay for ads; restaurants pay per seated diner and for reservation-software subscriptions.

revenue

Segment	Share	How money arrives
Experiences Sold outright	49%	Sold outright
TheFork	12% FY2022: 8.5%
Hotels and Other	40%

Who Are Their Customers?

Travelers and diners search, discover and book through Tripadvisor, Viator and TheFork; experience bookings also come through third-party travel and content websites. Hotels, restaurants, travel partners and advertisers buy leads, advertising or reservation tools on the platforms.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

4% of revenue

▼ −13% vs FY2024 ($92M, 5%)

Net income, FY2025

2% of revenue

▲ +700% vs FY2024 ($5M, 0%)

Free cash flow, FY2025

9% of revenue

▲ +133% vs FY2024 ($70M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −7%; vs $476M in Q2 FY2025
Net income: ▼ −38%; vs $36M in Q2 FY2025

Experiences share of revenue vs 56.8% in Q2 FY2025

Aug 3, 2026 Agreed to sell TheFork for $700 million The all-cash sale remains subject to regulatory approvals and other closing conditions.

Growing. Revenue grew 2.1x in 4 years, from $902M in FY2021 to $1.9B in FY2025, about 20% a year.

Other travel categories Travelers could use Tripadvisor for vacation rentals, flights and rental cars; the latest report says those categories are no longer offered on its platform.

Revenue over time

Experiences TheFork Hotels and Other Other Viator Brand Tripadvisor

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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