Tripadvisor, Inc.

Q1 consolidated revenue was $382 million, down 4% year over year, and consolidated adjusted EBITDA was $22 million, or 6% of revenue, slightly above expectations. Experiences revenue was $158 million, down 20%, with segment bookings up 11% and GBV up 13% to approximately $1.2 billion; Experiences EBITDA was a loss of $19 million, or negative 11% margin. The Fork reported $57 million in revenue, up 23% (11% constant currency), with adjusted EBITDA of $5 million, or about 8% margin. Hotels & Other revenue was $158 million, down 20%, and adjusted EBITDA was $37 million, or 23% margin. For Q2, management guided consolidated revenue down mid-single digits, Experiences bookings up about 5% to 8% and revenue up about 2% to 5%, The Fork revenue up about 10% to 13%, Hotels & Other revenue down about 21% to 24%, and consolidated adjusted EBITDA margin of about 15% to 17%. For the full year, management said the updated outlook would imply approximately flat consolidated revenue growth and approximately flat adjusted EBITDA margin.

Matt Goldberg framed the quarter as evidence that Tripadvisor’s strategy is shifting the company toward an experiences-first business with stronger product, supply, and marketing coordination. He said January and February showed strong experiences momentum before geopolitical and destination-specific disruptions hit late in the quarter, and he emphasized that AI and proprietary travel data are becoming central to the company’s long-term positioning. His tone was constructive and confident, repeatedly stressing travel resilience, the size of the experiences opportunity, and the company’s ability to build around trusted content and structured data.

Mike Noonan focused on the quarter’s hard numbers and the impact of macro disruption on bookings and cancellations. He said Q1 revenue was $382 million, adjusted EBITDA was $22 million, Experiences bookings grew 11%, GBV reached about $1.2 billion, and free cash flow was $101 million with operating cash flow of $118 million. He also noted total cash and equivalents of about $1.1 billion at March 31, followed by repayment of convertible notes on April 1 that reduced cash and short-term debt by about $345 million. On costs, he highlighted Experiences marketing leverage efforts, The Fork’s EBITDA margin expansion, and Hotels & Other fixed costs down approximately 14%, while saying share repurchases were paused during the portfolio review but remain under evaluation.

Analysts pressed management on how much of the slowdown came from the Middle East versus Mexico and Hawaii, and whether broader U.S. macro weakness was also showing up; management said the impact was driven by both geopolitical and destination-specific issues, with Mexico and Hawaii being meaningful leisure markets for the company and the U.S. traveler relatively resilient. Questions also focused on AI traffic, where management said volumes are still small but conversion is already among the highest of any channel because the traffic is high intent. On The Fork, management said the portfolio review is progressing, a transaction is still being explored, and any proceeds could be used for shareholder returns, debt reduction, or further investment in experiences.