Trivago saw continued growth in the fourth quarter and in full-year 2025, representing a positive shift after mixed full-year results in 2024.
“Our long-term strategy is playing out, and we are confident that our brand and product flywheels can continue to drive growth and profitability,” Trivago CEO Johannes Thomas said in an earnings release, also calling 2025 an “exceptional” year for the company.
Total revenue was up 27% year over year to €120 million in Q4 2025, driven by a 17% year-over-year increase in referral revenue. This marks the fourth consecutive quarter the company has seen a double-digit year-over-year rise in referral revenue.
Trivago CFO Wolf Schmuhl said the company was excited to report the positive results, showing revenue growth “despite FX-related headwinds.”
“Growth in the fourth quarter of 2025 was driven by double-digit referral revenue growth in all Trivago core segments, spearheaded by a 20% increase in Americas, driven by a strong response to our creatives.”
In developed Europe, total referral revenue was up 15%, and the rest of the world was up 16%.
Additionally, the company said artificial intelligence (AI) product improvements improved its hotel search experience, leading to a high in booking conversion rate and improved profitability.
“Our core hotel search product continues to advance quickly. In 2025, we have improved our conversion reaching 37% increase versus 2023, materially enhancing our unit economics,” Thomas said in his prepared remarks.
“These gains are powered by AI and hundreds of experiments each quarter. We have evolved our member proposition, driving revenue from logged-in members to more than 25% of referral revenue, a 93% increase in Q4 2025 compared to Q4 2023.”
According to Thomas, the rise in conversions is multifaceted, telling PhocusWire in an interview that “many things stack up.”
To determine what's driving uplift, Trivago runs hundreds of AI and content tests daily, Thomas said. He added that Trivago's Book & Go feature has increased its stake substantially since Q4 2023, and conversion is up through that funnel too.
Last year, Trivago said the acquisition of Holisto would help expand Book & Go, giving users the ability to book hotels directly on Trivago.
The company now offers that booking funnel to partners. Thomas said that when Trivago onboards partners, there is typically a substantial 20% to 30% conversion uplift.
“You are suddenly way more competitive in our auction, which is good for the partner and makes our marketplace more healthy,” Thomas said.
Additionally, Trivago reported an adjusted EBITDA of €11.3 million for the fourth quarter and a net income of €14.5 million, which the company said was partially driven by the release of an uncertain tax position accounting for €8.8 million.
Advertising spend was also up in Q4, totaling €75.3 million. During the same period last year, Trivago spent €57.4 million on advertising.
Full-year results
The numbers for the full year were also positive.
Total revenue growth for full-year 2025 rose 19% to €548.9 million, up from €460.8 million the year prior. Referral revenue for the year was €532.9 million in 2025, compared to €456.2 million in 2024.
Trivago reported a net income of €11.2 million for 2025, versus a €23.7 million net loss in 2024.
Adjusted EBITDA was €15.8 million, compared to €10.2 million in 2024—though this was still lower than Trivago’s adjusted EBITDA of €54.1 million in 2023.
For the full year in 2025, advertising spend totaled €418.2 million, up from €345.4 million in 2024.
“Our increased brand investments since mid-2023 are paying off,” Thomas said. “Branded channel traffic revenue growth has outpaced topline revenue growth significantly in the recent years. We are seeing compounding effects and sustained attractive return on incremental brand marketing spend.”
This story was updated following Trivago’s Q4 2025 earnings call.