May 7th, 2026

The call conveyed balanced progress: strong execution on the strategic pivot to experiences and AI (momentum in Jan–Feb, product and conversion gains, robust cash flow, and outsized Fork performance) but material near-term headwinds from geopolitical events and destination-specific disruptions that compressed revenue growth and experiences profitability in March. Management expects recovery through Q2 but guided conservatively given macro uncertainty, leading to muted near-term revenue outlook while highlighting structural progress and productivity gains.

Company Guidance

Tripadvisor's guidance for Q2 and the year: for Q2 the company expects consolidated revenue down "mid-single digits," with Experiences bookings growth of about 5%–8% and Experiences revenue growth of roughly 2%–5% (with bookings/GBV and cancellations expected to normalize through the quarter), Fork revenue growth of ~10%–13% (including ~400 bps currency benefit), and Hotels & Other revenue declining ~21%–24%; consolidated adjusted EBITDA margin is guided to ~15%–17%, with Experiences EBITDA margins ~12%–14% (roughly flat YoY), Fork margins ~11%–13% (impacted by marketing timing), and Hotels & Other margins ~22%–24%; management expects bookings/GBV to recover to normalized levels by the end of Q2, first-half adjusted EBITDA margin to be about 500 basis points higher than last year, and noted that adjusting the full-year outlook only for first-half macro impacts would imply roughly flat consolidated revenue growth and flat adjusted EBITDA margin, while the outlook excludes any further material macro deterioration.