Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

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.

Disaggregated Revenue to Products and Revenue

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.

Summary of Revenue by Geographic Location

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

Property and Equipment, Net

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