v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information

NOTE 18: SEGMENT AND GEOGRAPHIC INFORMATION

In the fourth quarter of 2025, we revised our segment reporting structure, as a result of the Company’s re-positioning as an experiences-led and AI-enabled company. In order to support this initiative, we combined our Viator and Brand Tripadvisor experiences operations within our new Experiences segment. This re-segmentation had no impact on TheFork segment. We now measure our business within three operating segments, which also represent our reportable segments; (1) Experiences; (2) Hotels and Other; and (3) TheFork. The nature of the services provided and related revenue recognition policies are summarized by reportable segment in “Note 2: Significant Accounting Policies.” All prior period segment disclosure information, including the disclosures of disaggregated revenue by major products and revenue sources, has been recast to conform to the current reporting structure in this Form 10-K. This recast no effect on our consolidated financial statements in any period. Our segment profit measure (Adjusted EBITDA), including its definition, and other information provided to our CODM remain consistent with prior periods.

Our operating segments are determined based on how our chief executive officer, who also serves as our chief operating decision maker (“CODM”) manages our business, regularly accesses information, and evaluates performance for operating decision-making purposes, including allocation of operating and capital resources. Adjusted EBITDA is our reported measure of segment profit and a key measure used by our CODM and Board of Directors to understand and evaluate the operating performance of our business as a whole and for our individual operating segments, and on which internal budgets and forecasts are based and approved. We define adjusted EBITDA as net income (loss) plus: (1) (provision) benefit for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation; (5) goodwill, long-lived asset, and intangible assets impairments; (6) legal reserves, settlements and other (including indirect tax reserves related to audit settlements and

the impact of one-time changes resulting from enacted indirect tax legislation); (7) restructuring and other related reorganization costs; (8) transaction related expenses; and (9) non-recurring expenses and income unusual in nature or infrequently occurring.

Direct costs are included in the applicable operating segments, as well as certain shared personnel and marketing costs, which have been allocated to each segment. We base these allocations on time-spent analyses, headcount, and other allocation methods we believe are reasonable. We do not allocate certain shared expenses to our reportable segments, such as certain information system costs, technical infrastructure costs, and other costs supporting the Tripadvisor platform and operations, that we do not believe are a material driver of individual segment performance, which is consistent with the financial information used by our CODM. We include these expenses in our Hotels and Other segment. Our allocation methodology is periodically evaluated and may change. For example, our Experiences segment now includes costs related to marketing and personnel associated with experiences generated on our Tripadvisor point of sale, which prior to the segments change, as described above, were included in our former Brand Tripadvisor segment.

The following tables present our reportable segment information for the years ended December 31, 2025, 2024 and 2023, including a reconciliation of Adjusted EBITDA to Net income (loss). We record depreciation and amortization, stock-based compensation, goodwill, long-lived asset and intangible asset impairments, legal reserves, settlements and other, transaction related expenses, and other non-recurring expenses and income, net, which are excluded from segment operating performance, in “Corporate & Eliminations.” In addition, we do not report total assets, capital expenditures and related depreciation expense by segment as our CODM does not use this information to evaluate operating segment performance. Accordingly, we do not regularly provide such information by segment to our CODM.

Our segment disclosure also includes intersegment revenues, which consists of affiliate marketing commissions for services provided by our Hotels and Other segment to TheFork segment. These intersegment transactions are recorded by each segment at amounts that we believe are approximate to fair value as if the transactions were between third parties and, therefore, impact segment performance. However, the revenue and corresponding expense are eliminated in our consolidated financial statements. The elimination of such intersegment transactions is included within the “Corporate & Eliminations” column in the tables below.

 

 

 

Year ended December 31, 2025

 

 

 

Experiences (1)

 

 

Hotels and Other (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

924

 

 

$

746

 

 

$

221

 

 

$

—

 

 

$

1,891

 

Intersegment revenue

 

 

—

 

 

 

4

 

 

 

—

 

 

 

(4

)

 

 

—

 

  Revenue

 

$

924

 

 

$

750

 

 

$

221

 

 

$

(4

)

 

$

1,891

 

Less: (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

93

 

 

 

30

 

 

 

22

 

 

 

 

 

 

145

 

Marketing

 

 

538

 

 

 

195

 

 

 

62

 

 

 

(4

)

 

 

791

 

Personnel (exclusive of stock-based compensation as shown separately below)

 

 

153

 

 

 

226

 

 

 

86

 

 

 

 

 

 

465

 

Technology

 

 

31

 

 

 

54

 

 

 

14

 

 

 

 

 

 

99

 

General and administrative (5)

 

 

18

 

 

 

38

 

 

 

16

 

 

 

 

 

 

72

 

Adjusted EBITDA

 

 

91

 

 

 

207

 

 

 

21

 

 

 

—

 

 

 

319

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(92

)

 

 

(92

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(108

)

 

 

(108

)

Restructuring and other related reorganization costs (6)

 

 

(10

)

 

 

(30

)

 

 

(3

)

 

 

 

 

 

(43

)

Legal reserves, settlements and other (7)

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

80

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

40

 

 

 

 

Year ended December 31, 2024

 

 

 

Experiences (1)

 

 

Hotels and Other (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

840

 

 

$

814

 

 

$

181

 

 

$

—

 

 

$

1,835

 

Intersegment revenue

 

 

—

 

 

 

4

 

 

 

—

 

 

 

(4

)

 

 

—

 

  Revenue

 

$

840

 

 

$

818

 

 

$

181

 

 

$

(4

)

 

$

1,835

 

Less: (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (8)

 

 

81

 

 

 

32

 

 

 

15

 

 

 

—

 

 

 

128

 

Marketing

 

 

500

 

 

 

182

 

 

 

51

 

 

 

(4

)

 

 

729

 

Personnel (exclusive of stock-based compensation as shown separately below)

 

 

141

 

 

 

251

 

 

 

83

 

 

 

—

 

 

 

475

 

Technology

 

 

25

 

 

 

54

 

 

 

12

 

 

 

—

 

 

 

91

 

General and administrative (9)

 

 

14

 

 

 

44

 

 

 

15

 

 

 

—

 

 

 

73

 

Adjusted EBITDA

 

 

79

 

 

 

255

 

 

 

5

 

 

 

—

 

 

 

339

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(85

)

 

 

(85

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(120

)

 

 

(120

)

Restructuring and other related reorganization costs (6)

 

 

(2

)

 

 

(18

)

 

 

(1

)

 

 

—

 

 

 

(21

)

Legal reserves, settlements and other (10)

 

 

 

 

 

 

 

 

 

 

 

(18

)

 

 

(18

)

Transaction related expenses (11)

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5

 

 

 

 

 

Year ended December 31, 2023

 

 

 

Experiences (1)

 

 

Hotels and Other (2)

 

 

TheFork (3)

 

 

Corporate &
Eliminations

 

 

Total

 

 

 

(in millions)

 

External revenue

 

$

737

 

 

$

897

 

 

$

154

 

 

$

—

 

 

$

1,788

 

Intersegment revenue

 

 

—

 

 

 

4

 

 

 

—

 

 

 

(4

)

 

 

—

 

  Revenue

 

$

737

 

 

$

901

 

 

$

154

 

 

$

(4

)

 

$

1,788

 

Less: (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

79

 

 

 

31

 

 

 

9

 

 

 

—

 

 

 

119

 

Marketing

 

 

469

 

 

 

199

 

 

 

41

 

 

 

(4

)

 

 

705

 

Personnel (exclusive of stock-based compensation as shown separately below)

 

 

126

 

 

 

257

 

 

 

91

 

 

 

—

 

 

 

474

 

Technology

 

 

18

 

 

 

50

 

 

 

12

 

 

 

—

 

 

 

80

 

General and administrative (12)

 

 

12

 

 

 

49

 

 

 

15

 

 

 

—

 

 

 

76

 

Adjusted EBITDA

 

 

33

 

 

 

315

 

 

 

(14

)

 

 

—

 

 

 

334

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

(87

)

 

 

(87

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

(96

)

 

 

(96

)

Restructuring and other related reorganization costs (6)

 

 

(3

)

 

 

(10

)

 

 

(9

)

 

 

-

 

 

 

(22

)

Transaction related expenses (11)

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(3

)

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

126

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Income (loss) before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125

 

(Provision) benefit for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(115

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

10

 

 

(1)
Includes certain shared personnel costs allocated from the Hotels and Other segment of $12 million, $10 million and $8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2)
Certain shared personnel costs of $15 million, $14 million and $11 million for the years ended December 31, 2025, 2024 and 2023, respectively, were allocated to the Experiences and TheFork segments.
(3)
Includes certain shared personnel costs allocated from the Hotels and Other segment of $3 million, $4 million and $3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(4)
The significant segment expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by our CODM.
(5)
Exclusive of a $4 million cost benefit in the Hotels and Other segment which is included separately below in legal reserves, settlements and other.
(6)
Refer to “Note 7: Accrued Expenses and Other Current Liabilities” for information regarding restructuring and other related reorganization costs.
(7)
Represents a decrease of $4 million of a previously estimated accrual for the potential settlement of a regulatory related matter during 2025, reflected in general and administrative expenses on our consolidated statement of operations. Refer to “Note 11: Commitments and Contingencies” for further information.
(8)
Exclusive of $2 million and $1 million in the Hotels and Other and Experiences segments, respectively, which are included separately below in legal reserves, settlements and other.
(9)
Exclusive of $18 million in the Hotels and Other segment which is included separately below in legal reserves, settlements and other and transaction related expenses.
(10)
This amount primarily includes an estimated accrual for the potential settlement of a regulatory related matter of $10 million expensed during 2024 and is reflected in general and administrative expenses on our consolidated statement of operations. Refer to “Note 11: Commitments and Contingencies” for further information. In addition, this amount includes a one-time charge of $3 million during the year ended December 31, 2024, resulting from enacted tax legislation in Canada during June 2024 related to digital service taxes, which required retrospective application back to January 1, 2022. This amount represents the one-time retrospective liability for the periods prior to April 1, 2024, while amounts for all prospective periods are included within adjusted EBITDA and are reflected in cost of sales on our consolidated statements of operations.
(11)
The Company expensed certain transaction related costs of $3 million during both the years ended December 31, 2024 and 2023, to general and administrative expenses on our consolidated statements of operations.
(12)
Exclusive of $3 million in the Experiences segment which is included separately below in transaction related expenses.

Product and Geographic Information

We disaggregate revenue into major products and revenue sources, as follows, for the periods presented:

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Major products/revenue sources (1):

 

(in millions)

 

Experiences

 

$

924

 

 

$

840

 

 

$

737

 

 

 

 

 

 

 

 

 

 

 

Hotels and Other

 

 

 

 

 

 

 

 

 

   Hotels

 

 

550

 

 

 

585

 

 

 

659

 

   Media and advertising

 

 

132

 

 

 

150

 

 

 

145

 

   Other (2)

 

 

68

 

 

 

83

 

 

 

97

 

Total Hotels and Other

 

 

750

 

 

 

818

 

 

 

901

 

 

 

 

 

 

 

 

 

 

 

TheFork

 

 

221

 

 

 

181

 

 

 

154

 

Intersegment eliminations (2)

 

 

(4

)

 

 

(4

)

 

 

(4

)

  Total Revenue

 

$

1,891

 

 

$

1,835

 

 

$

1,788

 
(1)
Our revenue is recognized primarily at a point in time for all reported segments.
(2)
Tripadvisor dining revenue within the Hotels and Other segment is shown gross of intersegment (intercompany) revenue, which is eliminated on a consolidated basis.

 

The Company measures its geographic revenue based on the physical location of each of the Company's subsidiaries, which generate the revenue, and is consistent with our measurement of long-lived physical assets, or property and equipment, net. As such, this geographic classification does not necessarily align with where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider, experience operator or restaurant.

The Company’s revenue based on geographic location consists of the following for the periods presented:

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(in millions)

 

Revenue

 

 

 

 

 

 

 

 

 

United States

 

$

1,288

 

 

$

1,230

 

 

$

1,198

 

United Kingdom

 

 

301

 

 

 

334

 

 

 

349

 

All other countries

 

 

302

 

 

 

271

 

 

 

241

 

Total revenue

 

$

1,891

 

 

$

1,835

 

 

$

1,788

 

The Company’s property and equipment, net for the United States and all other countries based on the geographic location of the assets consists of the following as of the dates presented:

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(in millions)

 

Property and equipment, net

 

 

 

 

 

 

United States

 

$

136

 

 

$

144

 

All other countries

 

 

74

 

 

 

56

 

Total

 

$

210

 

 

$

200

 

 

Customer Concentrations

 

Refer to “Note 2: Significant Accounting Policies” under the section entitled “Certain Risks and Concentrations” for information regarding our major customer concentrations.