Tripadvisor Group said its combined marketplace businesses of brand Tripadvisor and Viator experiences have “more than offset the declines in legacy offerings” as it reported fourth quarter and full year results for 2025.
The company reported Q4 revenue of $411 million, which was flat year over year. Full year revenue was $1.9 billion, up 3% year over year.
The experiences business reported revenue of $204 million in the quarter, up from $186 million during the same period in 2024. Full-year revenue rose 10% to $924 million.
The number of experience bookings was approximately 5 million in Q4, an 18% increase year over year. The number of experience bookings was
approximately 22.9 million during the full year, a 16% increase from 2024.
The hotels and other business unit reported a 15% decline in revenue to $151 million for the quarter. This metric was also down 8% to $750 million for the year.
“Our focus and investment are now deliberately centered on a large and growing marketplace opportunity, particularly in experiences rather than on constrained SEO, dependent legacy offerings,” said Matt Goldberg, group CEO of Tripadvisor.
AI emphasis
Discussing AI developments, Goldberg said the company delivered an AI-native minimum viable product (MVP) in Q4.
“Our goal is simple: utilize the substantial data and content we have to make more relevant, personalized recommendations, better match to travel intent and easier to book, whether in the planning phase or in destination,” Goldberg said.
He added that it's too early to say how the development will impact the company's financial profile but that early data reveals the MVP is “outperforming our prior onsite AI efforts across key customer engagement and conversion metrics.”
Early signs from the MVP, which is being improved based on live customer behavior, revealed “the approach drove multiples higher engagement with users” than the company's prior AI travel assistant.
Goldberg also said the MVP is about shifting how products are delivered to consumers.
“We want to help people validate their travel choices with better recommendations that understand who they are. Drive personalization, that these recommendations can be better explained through social proof, and that they can immediately be more actionable.”
He also spoke about Tripadvisor, with its user-generated content background providing the “social proof that users want,” becoming the “trust layer” through its own products or in partnership with a large AI platform.
Goldberg said the research-book gap with AI will only close with trust and that Tripadvisor brings “brand, content and data” to build that trust.
And the company, which has just launched its Viator app as a proof of concept on ChatGPT, is learning about agentic AI through that integration.
“We've got a licensing arrangement there with companies like Amazon and Snap. We're exploring multimodal AI. We've explored marketplace data with Microsoft, and and we're playing with others around new AI form factors and devices like glasses,” Goldberg said.
He added the company had seen “meaningful revenue” through these initiatives and that it would share more on them going forward.
Additional results
Net loss for Q4 was $38 million, down from $2 million for the same period in 2024. Net income for the year was $40 million, an increase on 2024's figure of $5 million. Adjusted EBITDA for Q4 was $45 million, accounting for 11% of revenue, and the full year figure of $319 million represented almost 17% of revenue.
Marketing costs in the quarter were $175 million, up 15% year over year, and $791 million for the full year, a 9% increase year over year.
Technology costs increased 7% to $25 million in Q4 and were up 8% to $99 million for the full year.
“We are pleased with our 2025 financial performance, achieving record revenue of $1.9 billion, driven by our marketplace businesses, in particular experiences, which contributed nearly 50% of group revenue and 30% of group profit,” Goldberg said.
He added that the marketplace businesses, which it said in November 2025 would be combined amid a restructuring plan, “are poised to deliver healthy growth and higher profitability in 2026.”
“We are squarely focused on extending our leadership position in experiences globally as we simplify our portfolio and evaluate options to unlock shareholder value, including exploring strategic alternatives for TheFork.”
Back in November, the company announced job cuts of 20% of the group or 450 people as part of the restructure and anticipated $80 million in annualized cost savings. Tripadvisor said the strategy would "support its positioning as an experiences-led and AI enabled company."
The realignment came amid activist pressure from Starboard Value, which took a 9% stake in the company in July, calling it “undervalued” at the time. In October 2025, Starboard CEO Jeff Smith spoke of opportunity to “transform and reimagine the user experience…” as reported by Reuters.
Looking into 2026 Goldberg said marketplace revenue is expected to deliver two-thirds of group revenue and half of its adjusted EBITDA. Experiences on its own is expected to contribute more than 50% of revenue and approximately 40% of adjusted EBITDA.
This story has been updated following the company's Q4 and full-year earnings call.
Travel Marketing AI Summit
Hear more from Tripadvisor's head of data and AI Rahul Todkar at Phocuswright's upcoming Travel Marketing AI Summit in New York City. On March 24, the industry's leading marketers and technologists will convene to discuss the future of AI in travel.