trivago N.V. reports solid Q4 2025 results, achieving 27% YoY revenue growth
Rhea-AI Summary
trivago (NASDAQ: TRVG) reported solid Q4 2025 results with total revenue €120.0M, up 27% YoY, and Referral Revenue of €109.4M (+17% YoY). Fourth-quarter net income was €14.5M, aided by an €8.8M tax release, and Adjusted EBITDA was €11.3M. Full-year 2025 revenue rose 19% to €548.9M with Adjusted EBITDA €15.8M. Management expects continued double-digit revenue growth and at least €20M Adjusted EBITDA for 2026, noting FX headwinds and higher profitability targets.
Positive
- Q4 total revenue €120.0M, +27% year-over-year
- Full-year 2025 revenue €548.9M, +19% year-over-year
- Full-year Adjusted EBITDA €15.8M, +55% year-over-year
- Fourth consecutive quarter of double-digit Referral Revenue growth
Negative
- Return on Advertising Spend declined 15.0 percentage points in Q4
- Company noted FX-related headwinds affecting Q4 results
- Management warned of a tough year-over-year comparable in Q1 2026
Market Reaction
Following this news, TRVG has gained 4.47%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.2% during the session. Our momentum scanner has triggered 9 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $3.04. This price movement has added approximately $9M to the company's valuation. Trading volume is very high at 3.9x the average, suggesting strong buying interest.
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Key Figures
Market Reality Check
Peers on Argus
TRVG gained 0.35% while key peers like DOYU (-4.11%) and AREN (-12.5%) declined, with TRUE and EB flat. This pattern points to a company-specific reaction to the earnings news rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 22 | Earnings date notice | Neutral | -0.2% | Announcement of Q4 2025 earnings release and webcast scheduling details. |
| Nov 05 | Q3 2025 earnings | Positive | +1.3% | Q3 2025 results with double-digit revenue growth and higher Adjusted EBITDA. |
| Oct 15 | Earnings date notice | Neutral | -0.4% | Scheduling announcement for Q3 2025 financial results and webcast. |
| Aug 06 | Q2 2025 earnings | Positive | -27.9% | Q2 2025 strong double-digit revenue and Referral Revenue growth across segments. |
Positive fundamental updates have not always produced sustained upside; a prior strong growth quarter saw a sharp negative reaction, indicating mixed follow-through on good news.
Recent news shows trivago steadily reporting multi‑quarter revenue growth and improving profitability. Q2 and Q3 2025 updates highlighted double‑digit revenue gains and rising Adjusted EBITDA, alongside the Holisto acquisition. However, the strong Q2 2025 report was followed by a steep one‑day decline of -27.86%, contrasting with a modest 1.31% rise on the Q3 update. Today’s Q4 2025 results continue the growth narrative with higher net income and EBITDA versus 2024, reinforcing the trend of operational improvement.
Market Pulse Summary
This announcement highlights a strong finish to 2025, with Q4 revenue up 27% year-over-year and full‑year net income of €11.2 million after a prior‑year loss. Adjusted EBITDA rose to €15.8 million, and management now targets at least €20 million for 2026. Historical releases show consistent revenue growth but varied share‑price reactions, so attention may center on maintaining double‑digit growth, Referral Revenue momentum, and disciplined brand marketing efficiency.
Key Terms
adjusted ebitda financial
return on advertising spend financial
AI-generated analysis. Not financial advice.
Exhibit 99.1
Operating and Financial Review
DÜSSELDORF, GERMANY - February 3, 2026 – trivago N.V. (NASDAQ: TRVG) (the “Company”, “we,” “us,” “our,” or “trivago,”) announced financial results for the fourth quarter ended December 31, 2025.
Highlights:
- Total revenue grew
27% year-over-year to€120.0 million in the fourth quarter, driven by a17% increase in Referral Revenue, which reached€109.4 million , compared to the same prior year period. - Fourth consecutive quarter achieving double-digit year-over-year Referral Revenue growth, primarily driven by branded channel traffic1 growth across all trivago Core segments2.
- Net income for the fourth quarter was
€14.5 million , partly driven by the release of an uncertain tax position of€8.8 million , while Adjusted EBITDA3 was€11.3 million . - Full-year 2025 resulted in total revenue growth of
19% compared to the same prior year period, Net income of€11.2 million , and an Adjusted EBITDA of€15.8 million . - In the first quarter of 2026, we expect to continue our double-digit year-over-year total revenue growth as well as improved profitability year-over-year.
"We're thrilled to share the results of an exceptional year 2025 and our fourth consecutive quarter with double‑digit year-over-year growth in Referral Revenue and higher‑than‑expected profitability. For the full year 2025, we exceeded both our top‑ and bottom‑line expectations, delivering
"We are excited to report that the fourth quarter of 2025 reflected our strong growth trajectory with a year-over-year total revenue growth of
Financial Summary & Operating Metrics (€ millions, unless otherwise stated)
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||
| 2025 | 2024 | Δ Y/Y | 2025 | 2024 | Δ Y/Y | ||||||
| Total revenue | 120.0 | 94.8 | 548.9 | 460.8 | |||||||
| Referral Revenue 4 | 109.4 | 93.5 | 532.9 | 456.2 | |||||||
| Return on Advertising Spend | (15.0) ppts | (3.7) ppts | |||||||||
| Net income/(loss) | 14.5 | 5.1 | n.m. | 11.2 | (23.7) | n.m. | |||||
| Adjusted EBITDA | 11.3 | 11.1 | 15.8 | 10.2 | |||||||
n.m. not meaningful
About trivago N.V.
trivago N.V. (NASDAQ: TRVG) is a leading global hotel search and price comparison platform and one of the most recognized travel brands in the world. When price savvy travelers are searching for a hotel, we want trivago to be the obvious choice. We aim to help travelers find the best place to stay and the best time to go. trivago aims to enable them to book with confidence, saving travelers valuable time and money. By leveraging cutting-edge technology, we seek to personalize and simplify the hotel search experience for millions of travelers every month. We provide access to more than 7.0 million hotels and other types of accommodation in over 190 countries.
Discussion of Results
The discussion of results should be considered together with our unaudited financial information included with this review and the periodic reports we file with the Securities and Exchange Commission, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) have been omitted from this review. The unaudited information included with this review is derived from our preliminary internal financial reports and is subject to revision based on the completion of our year-end processes necessary to finalize our audited
financial statements as of and for the year ended December 31, 2025.
Recent Trends
Total revenues grew
During the fourth quarter, we continued to further increase our Advertising Spend, which increased by
For the full year 2025, total revenues grew
Outlook
Throughout 2026, we expect to improve profitability by continuing to scale brand marketing in our core markets at a more moderated pace than in 2025, benefiting from the compounding brand effects of our elevated investment levels in recent years. Additionally, we believe continued product improvements, an increasing number of logged-in members, and a seamless "Book & Go" user experience will further increase booking conversion and create retention. We expect that these initiatives, combined with strict cost discipline, will further drive our profitability.
We anticipate delivering double-digit year-over-year total revenue growth as well as improved profitability during the first quarter of 2026. For the full year 2026, we continue to expect double-digit year-over-year total revenue growth and an Adjusted EBITDA of at least
Revenue, Advertising Spend, and Return of Advertising Spend
Referral Revenue & Other Revenue
We match our users’ searches with large numbers of hotel and other accommodation offers through our auction platform, which we call our marketplace. With our marketplace, we provide advertisers a competitive forum to access user traffic by facilitating a vast quantity of auctions on any particular day. Advertisers submit hotel room and other accommodation rates and participate in our marketplace primarily by making bids for each user click on an advertised rate for a hotel or other accommodation on a cost-per-click, or CPC, basis. We also offer the option for our advertisers to participate in our marketplace on a cost-per-acquisition, or CPA, basis.
We earn substantially all of our revenue when users of our websites and apps click on hotel and accommodation offers or advertisements in our search results and are referred to one of our advertisers, or when a user makes a booking on the advertiser's website ultimately from a referral from our platform. We call this our Referral Revenue.
Management has identified three reportable segments: Americas, Developed Europe and Rest of World (RoW), collectively referred to as trivago Core segments. Our Americas segment is comprised of Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Peru, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our RoW segment is comprised of all other countries. In the fourth quarter of 2025, the most significant countries by revenue in that segment were Japan, Australia, Turkey, New Zealand and Poland. We have also determined that our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment for the three and twelve months ended December 31, 2025.
We also earn revenue by providing travelers with online platforms for direct hotel booking services and offering our advertisers business-to-business (B2B) solutions including subscription fees for trivago Business Studio, which provides hotels with advanced data analytics and tools to enhance the accuracy, visibility, and performance of their listings on trivago. Additionally, we have agreements with certain hotel service providers and affiliates to receive consideration based on achievement of sales volume targets or gross transaction volume of affiliate services, respectively. These revenue streams, which include existing other revenue streams and revenue streams resulting from the acquisition of trivago DEALS, do not represent a significant portion of our total revenue.
Referral Revenue by Segment5 & Other Revenue (€ millions)
| | Three months ended December 31, | Twelve months ended December 31, | |||||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | Δ € | Δ % Y/Y | ||||||||
| Americas | € 43.2 | € 36.0 | € 7.2 | € 199.8 | € 173.6 | € 26.2 | |||||||||
| Developed Europe | 42.4 | 37.0 | 5.4 | 220.7 | 192.1 | 28.6 | |||||||||
| Rest of World | 23.7 | 20.5 | 3.2 | 112.5 | 90.5 | 22.0 | |||||||||
| Total Referral Revenue | € 109.4 | € 93.5 | € 15.9 | € 532.9 | € 456.2 | € 76.7 | |||||||||
| Other revenue | 10.6 | 1.3 | 9.3 | n.m. | 16.0 | 4.7 | 11.3 | n.m. | |||||||
| Total revenue | € 120.0 | € 94.8 | € 25.2 | € 548.9 | € 460.8 | € 88.1 | |||||||||
n.m. not meaningful
Note: Some figures may not add up due to rounding.
Referral Revenue
Referral Revenue increased by
Other Revenue
Other revenue increased by
Advertiser Concentration
We generate the majority of our Referral Revenue from online travel agencies, or OTAs. For brands affiliated with Expedia Group, including Brand Expedia, Hotels.com, Orbitz, Travelocity, Hotwire, Wotif, Vrbo and ebookers, the share of our Referral Revenue was
Advertising Spend
Advertising Spend is used in the calculation of our primary operating metrics for trivago Core segments as further described in the "Return on Advertising Spend (ROAS)" section below. It is included in selling and marketing expense and consists of fees that we pay for our various marketing channels including TV, search engine marketing, display and affiliate marketing, email marketing, online video, app marketing, content marketing, and sponsorship and endorsement for our trivago Core segments. Other expenses not related to trivago Core segments' Advertising Spend are included in the "Selling and Marketing" section below.
| (in € millions) | Three months ended December 31, | Twelve months ended December 31, | |||||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | Δ € | Δ % Y/Y | ||||||||
| Americas | € 32.4 | € 22.6 | € 9.8 | € 165.8 | € 136.4 | € 29.4 | |||||||||
| Developed Europe | 24.8 | 21.0 | 3.8 | 159.5 | 136.3 | 23.2 | |||||||||
| Rest of World | 18.1 | 13.8 | 4.3 | 92.9 | 72.7 | 20.2 | |||||||||
| Total Advertising Spend | € 75.3 | € 57.4 | € 17.9 | € 418.2 | € 345.4 | € 72.8 | |||||||||
Advertising Spend increased by
Return on Advertising Spend (ROAS)
Our chief operating decision makers ("CODMs") manage our business and evaluate the operating performance for our trivago Core segments using our primary metrics: Return on Advertising Spend ("ROAS") Contribution and ROAS expressed as a percentage. Both metrics use Referral Revenue before intersegment eliminations from our trivago DEALS operating segment as a basis for the calculation, in line with how our CODMs manage the business. For further details, see "Segment Revenue Reconciliation" below. ROAS Contribution is the difference between Referral Revenue before intersegment eliminations and Advertising Spend. ROAS expressed as a percentage is the ratio of Referral Revenue before intersegment eliminations to Advertising Spend. We believe that both are indicators of the efficiency of our advertising.
| Three months ended December 31, | |||||||||||
| ROAS Contribution (in € millions) | ROAS (in %) | ||||||||||
| 2025 | 2024 | Δ € | 2025 | 2024 | Δ ppts | ||||||
| Americas | € 12.1 | € 13.5 | € (1.4) | (22.1) ppts | |||||||
| Developed Europe | 18.3 | 16.0 | 2.3 | (2.2) ppts | |||||||
| Rest of World | 5.6 | 6.7 | (1.1) | (17.3) ppts | |||||||
| Global | € 36.0 | € 36.1 | € (0.1) | (15.0) ppts | |||||||
Note: Some figures may not add up due to rounding.
| Twelve months ended December 31, | |||||||||||
| ROAS Contribution (in € millions) | ROAS (in %) | ||||||||||
| 2025 | 2024 | Δ € | 2025 | 2024 | Δ ppts | ||||||
| Americas | € 36.7 | € 37.2 | € (0.5) | (5.1) ppts | |||||||
| Developed Europe | 62.2 | 55.8 | 6.4 | (1.9) ppts | |||||||
| Rest of World | 19.7 | 17.8 | 1.9 | (3.3) ppts | |||||||
| Global | € 118.6 | € 110.8 | € 7.8 | (3.7) ppts | |||||||
Global ROAS decreased by 15.0 ppts and 3.7 ppts during the three and twelve months ended December 31, 2025, respectively, compared to the same periods in 2024, mainly due to continuous increases in brand marketing investments across all trivago Core segments with the intention of increasing the volume of direct traffic to our platforms in the long term. This was partly offset by improved performance marketing efficiency across all trivago Core segments. During the three months ended December 31, 2025, the testing of additional branded marketing channels further contributed to the increased Advertising Spend and lower ROAS, particularly in Americas and Rest of World.
Expenses
Expenses by Cost Category (€ millions)
| Three months ended December 31, | As a % of Revenue | ||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | ||||||
| Cost of revenue | € 5.7 | € 2.7 | € 3.0 | 111 % | 5 % | 3 % | |||||
| Selling and marketing | 83.3 | 63.6 | 19.7 | 31 % | 69 % | 67 % | |||||
| Advertising Spend | 75.3 | 57.4 | 17.9 | 31 % | 63 % | 61 % | |||||
| Other selling and marketing | 8.0 | 6.2 | 1.8 | 29 % | 7 % | 7 % | |||||
| Technology and content | 13.0 | 12.5 | 0.5 | 4 % | 11 % | 13 % | |||||
| General and administrative | 9.6 | 8.1 | 1.5 | 19 % | 8 % | 9 % | |||||
| Amortization of intangible assets | 1.3 | — | 1.3 | 0 % | 1 % | 0 % | |||||
| Impairment of intangible assets and goodwill | — | 0.1 | (0.1) | (100) % | 0 % | 0 % | |||||
| Total costs and expenses | € 113.0 | € 87.0 | € 26.0 | 30 % | 94 % | 92 % | |||||
Note: Some figures may not add up due to rounding.
| Twelve months ended December 31, | As a % of Revenue | ||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | ||||||
| Cost of revenue | € 15.1 | € 11.3 | € 3.8 | 34 % | 3 % | 2 % | |||||
| Selling and marketing | 445.6 | 368.2 | 77.4 | 21 % | 81 % | 80 % | |||||
| Advertising Spend | 418.2 | 345.4 | 72.8 | 21 % | 76 % | 75 % | |||||
| Other selling and marketing | 27.4 | 22.8 | 4.6 | 20 % | 5 % | 5 % | |||||
| Technology and content | 51.3 | 50.2 | 1.1 | 2 % | 9 % | 11 % | |||||
| General and administrative | 33.6 | 33.1 | 0.5 | 2 % | 6 % | 7 % | |||||
| Amortization of intangible assets | 1.8 | 0.0 | 1.8 | 0 % | 0 % | 0 % | |||||
| Impairment of intangible assets and goodwill | — | 30.1 | (30.1) | (100) % | 0 % | 7 % | |||||
| Total costs and expenses | € 547.4 | € 493.0 | € 54.4 | 11 % | 100 % | 107 % | |||||
Note: Some figures may not add up due to rounding.
Cost of Revenue
Cost of revenue increased by
Selling and Marketing
Selling and marketing expense increased by
Other selling and marketing expense increased by
The increase in the twelve months ended December 31, 2025 was further driven by higher television advertisement production costs incurred in the second quarter in conjunction with our brand advertising campaigns. The increases in this period were partly offset by the non-recurrence of the recognition of retroactive Canadian digital services taxes in the second quarter of 2024, as well as lower marketing expenses due to the end of our long-term sponsorship agreement in June 2024.
Technology and Content
Technology and content expense increased by
The increases in both periods were partly offset by lower cloud and IT-related service provider costs that were not closely related to revenue generation, including the non-recurrence of a one-time fee paid in the fourth quarter of 2024 related to a contract amendment. Higher capitalization of our developers' salaries and lower share-based compensation expense, compared to the same periods in 2024, further offset the increases in the three and twelve months ended December 31, 2025.
General and Administrative
General and administrative expense increased by
The increase in the twelve months was further driven by costs related to the acquisition of the remaining equity interest in trivago DEALS in the third quarter of 2025. The increases in this period were partly offset by the release of prior-year accruals and lower consulting costs related to changes in the executive leadership.
Amortization of Intangible Assets
Amortization of intangible assets was
Income Taxes, Net Income/(loss) and Adjusted EBITDA (€ millions)
| | Three months ended December 31, | Twelve months ended December 31, | |||||||||
| 2025 | 2024 | Δ € | 2025 | 2024 | Δ € | ||||||
| Operating income/(loss) | € 7.0 | € 7.8 | € (0.8) | € 1.5 | € (32.2) | € 33.7 | |||||
| Other income/(expense) | |||||||||||
| Interest expense | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) | 0.0 | |||||
| Interest income | 0.7 | 0.8 | (0.1) | 2.5 | 3.6 | (1.1) | |||||
| Other income/(expense), net | 0.1 | (0.0) | 0.1 | 4.1 | 0.4 | 3.7 | |||||
| Total other income, net | € 0.8 | € 0.8 | € — | € 6.5 | € 3.9 | € 2.6 | |||||
| Income/(loss) before income taxes | 7.8 | 8.7 | (0.9) | 8.0 | (28.2) | 36.2 | |||||
| Expense/(benefit) for income taxes | (6.8) | 2.8 | (9.6) | (5.4) | (6.3) | 0.9 | |||||
| Income/(loss) before equity method investments | € 14.5 | € 5.8 | € 8.7 | € 13.4 | € (22.0) | € 35.4 | |||||
| Loss from equity method investments | (0.0) | (0.8) | 0.8 | (2.2) | (1.7) | (0.5) | |||||
| Net income/(loss) | € 14.5 | € 5.1 | € 9.4 | € 11.2 | € (23.7) | € 34.9 | |||||
| Adjusted EBITDA | € 11.3 | € 11.1 | € 0.2 | € 15.8 | € 10.2 | € 5.6 | |||||
Note: Some figures may not add up due to rounding.
Net Other Income
Net other income of
Income Taxes
Income tax benefit was
Income tax benefit was
The difference between the weighted average tax rates and the effective tax rates for the three and twelve months ended December 31, 2025 is primarily due to the reversal of the previously recorded uncertain tax position as further described above and the tax benefit from the revaluation of deferred tax liabilities due to the German tax rate changes beginning in fiscal year 2028. These were slightly offset by the non-tax-deductible share-based compensation expense.
Net Income/(Loss) and Adjusted EBITDA
Net income was
Adjusted EBITDA was
Balance Sheet and Cash Flows
Total cash, cash equivalents and restricted cash were
Cash used in investing activities during the twelve months ended December 31, 2025, was primarily driven by the net cash used in the acquisition of the remaining equity interest in trivago DEALS of
Cash used in financing activities during the twelve months ended December 31, 2025, was primarily driven by
Cash provided by operating activities during the twelve months ended December 31, 2025, was primarily driven by net income of
Positive effects from net income were partly offset by an increase in net working capital of
trivago N.V. Condensed consolidated balance sheets
(€ thousands, except per share amounts) (unaudited)
| ASSETS | As of December 31, 2025 | As of December 31, 2024 | |
| Current assets: | |||
| Cash and cash equivalents | € 130,936 | € 133,745 | |
| Restricted cash | 135 | 342 | |
| Accounts receivable, net of allowance for credit losses of | 42,680 | 25,652 | |
| Accounts receivable, related party | 21,786 | 21,259 | |
| Short-term investments | 11,876 | — | |
| Tax receivable | 307 | 2,815 | |
| Prepaid expenses and other current assets | 6,369 | 6,458 | |
| Total current assets | 214,089 | 190,271 | |
| Property and equipment, net | 8,810 | 8,210 | |
| Operating lease right-of-use assets | 37,631 | 39,865 | |
| Deferred income taxes | 2,438 | — | |
| Equity method investments | 4,877 | 13,170 | |
| Investments and other assets | 2,636 | 3,856 | |
| Intangible assets, net | 74,171 | 45,345 | |
| Goodwill | 13,797 | — | |
| TOTAL ASSETS | € 358,449 | € 300,717 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Accounts payable | € 34,142 | € 24,668 | |
| Income taxes payable | 6,867 | 1,613 | |
| Deferred revenue | 3,927 | 1,041 | |
| Payroll liabilities | 4,042 | 2,327 | |
| Accrued expenses and other current liabilities | 10,504 | 17,667 | |
| Advances from travelers | 34,535 | — | |
| Operating lease liability | 2,486 | 2,363 | |
| Total current liabilities | 96,503 | 49,679 | |
| Operating lease liability | 33,856 | 36,070 | |
| Deferred income taxes | 14,190 | 16,798 | |
| Other long-term liabilities | 601 | 565 | |
| Stockholders’ equity: | |||
| Class A common stock, | 6,937 | 6,843 | |
| Class B common stock, | 142,486 | 142,486 | |
| Reserves | 692,845 | 687,232 | |
| Contribution from Parent | 122,307 | 122,307 | |
| Accumulated other comprehensive income/(loss) | (966) | 267 | |
| Accumulated deficit | (750,310) | (761,530) | |
| Total stockholders' equity | 213,299 | 197,605 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | € 358,449 | € 300,717 | |
trivago N.V. Condensed consolidated statements of operations
(€ thousands, except per share amounts) (unaudited)
| Three months ended December 31, | Twelve months ended December 31, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Revenue | € 83,375 | € 60,640 | € 361,588 | € 287,929 | |||
| Revenue from related party | 36,585 | 34,135 | 187,324 | 172,920 | |||
| Total revenue | 119,960 | 94,775 | 548,912 | 460,849 | |||
| Costs and expenses: | |||||||
| Cost of revenue, including related party, excluding amortization (1) | 5,726 | 2,674 | 15,095 | 11,266 | |||
| Selling and marketing, including related party (1)(3) | 83,312 | 63,617 | 445,578 | 368,249 | |||
| Technology and content, including related party (1)(2)(3) | 13,030 | 12,463 | 51,346 | 50,217 | |||
| General and administrative, including related party (1)(3) | 9,620 | 8,052 | 33,571 | 33,097 | |||
| Amortization of intangible assets (2) | 1,302 | — | 1,792 | 23 | |||
| Impairment of intangible assets and goodwill | — | 148 | — | 30,148 | |||
| Operating income/(loss) | 6,970 | 7,821 | 1,530 | (32,151) | |||
| Other income/(expense) | |||||||
| Interest expense | (24) | (4) | (41) | (17) | |||
| Interest income | 679 | 849 | 2,462 | 3,559 | |||
| Other income/(expense), net | 134 | (11) | 4,079 | 362 | |||
| Total other income, net | 789 | 834 | 6,500 | 3,904 | |||
| Income/(loss) before income taxes | 7,759 | 8,655 | 8,030 | (28,247) | |||
| Expense/(benefit) for income taxes | (6,772) | 2,845 | (5,356) | (6,254) | |||
| Income/(loss) before equity method investments | 14,531 | 5,810 | 13,386 | (21,993) | |||
| Loss from equity method investments | (41) | (751) | (2,166) | (1,705) | |||
| Net income/(loss) | € 14,490 | € 5,059 | € 11,220 | € (23,698) | |||
| Earnings per share available to common stockholders: | |||||||
| Basic | € 0.04 | € 0.01 | € 0.03 | € (0.07) | |||
| Diluted | 0.04 | 0.01 | 0.03 | (0.07) | |||
| Shares used in computing earnings per share: | |||||||
| Basic | 352,293 | 350,324 | 352,297 | 349,622 | |||
| Diluted | 356,557 | 351,018 | 357,589 | 349,622 | |||
| Three months ended December 31, | Twelve months ended December 31, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| (1) Includes share-based compensation as follows: | |||||||
| Cost of revenue | € 28 | € 31 | € 118 | € 121 | |||
| Selling and marketing | 130 | 592 | 531 | 939 | |||
| Technology and content | 215 | 320 | 972 | 1,322 | |||
| General and administrative | 1,544 | 1,691 | 6,211 | 6,069 | |||
| (2) Includes amortization as follows: | |||||||
| Amortization of internal use software and website development costs included in technology and content | € 820 | € 791 | € 3,158 | € 3,185 | |||
| Amortization of acquired technology and other assets included in amortization of intangible assets | 1,302 | — | 1,792 | 23 | |||
| (3) Includes related party expense as follows: | |||||||
| Selling and marketing | € 12 | € 7 | € 112 | € 33 | |||
| Technology and content | 253 | 604 | 1,542 | 1,726 | |||
| General and administrative | 24 | 12 | 76 | 55 | |||
trivago N.V. Condensed consolidated statements of cash flows
(€ thousands) (unaudited)
| Three months ended December 31, | Twelve months ended December 31, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Operating activities: | |||||||
| Net income/(loss) | € 14,490 | € 5,059 | € 11,220 | € (23,698) | |||
| Adjustments to reconcile net loss to net cash provided by/(used in): | |||||||
| Depreciation (property and equipment and internal-use software and website development) | 1,089 | 462 | 4,140 | 3,725 | |||
| Goodwill and intangible assets impairment loss | — | 148 | — | 30,148 | |||
| Share-based compensation | 1,917 | 2,634 | 7,832 | 8,451 | |||
| Deferred income taxes | (1,356) | 157 | (3,304) | (9,751) | |||
| Gain on step acquisition | — | — | (3,246) | — | |||
| Other, net | 1,240 | 860 | 3,107 | 1,455 | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, including related party | 18,910 | 20,767 | (9,421) | (4,305) | |||
| Prepaid expenses and other assets | 360 | (1,807) | 3,765 | 5,585 | |||
| Accounts payable | (3,775) | (1,203) | 5,296 | 6,898 | |||
| Taxes payable/receivable, net | 3,129 | 2,348 | 6,744 | 4,504 | |||
| Advances from travelers | (7,533) | — | (10,425) | — | |||
| Other changes in operating assets and liabilities, net | (9,122) | (2,490) | (7,977) | (2,762) | |||
| Net cash provided by operating activities | € 19,349 | € 26,935 | € 7,731 | € 20,250 | |||
| Investing activities: | |||||||
| Purchase of investments | (1,290) | — | (2,240) | — | |||
| Proceeds from sales and maturities of investments | 7,831 | — | 11,240 | 25,225 | |||
| Business acquisition, net of cash acquired | — | — | (14,986) | — | |||
| Capital expenditures, including internal-use software and website development | (1,203) | (698) | (4,512) | (2,800) | |||
| Proceeds from receipt of tax credits | — | — | 1,020 | — | |||
| Investment in equity-method investee | — | — | — | (10,211) | |||
| Other investing activities, net | 3 | 2 | 252 | 6 | |||
| Net cash provided by/(used in) investing activities | € 5,341 | € (696) | € (9,226) | € 12,220 | |||
| Financing activities: | |||||||
| Payment of withholding taxes on net share settlements of equity awards | (241) | (96) | (1,173) | (699) | |||
| Other financing activities, net | (24) | (19) | (92) | (75) | |||
| Net cash used in financing activities | € (265) | € (115) | € (1,265) | € (774) | |||
| Effect of exchange rate changes on cash | 306 | 33 | (256) | 202 | |||
| Net increase/(decrease) in cash, cash equivalents and restricted cash | € 24,731 | € 26,157 | € (3,016) | € 31,898 | |||
| Cash, cash equivalents and restricted cash at beginning of the period | 106,340 | 107,930 | 134,087 | 102,189 | |||
| Cash, cash equivalents and restricted cash at end of the period | € 131,071 | € 134,087 | € 131,071 | € 134,087 | |||
| Supplemental cash flow information: | |||||||
| Cash received for interest | € 720 | € 902 | € 2,488 | € 3,571 | |||
| Cash paid for taxes, net of (refunds) | 260 | (79) | 268 | (1,518) | |||
| Non-cash investing and financing activities: | |||||||
| Receipt of tax credits | — | 1,020 | — | 1,020 | |||
Earnings Per Share and Ownership of the Company
Basic and diluted earnings per share of common stock are computed by dividing net income/(loss) by the weighted average number of Class A and Class B shares outstanding during the period.
The following table presents our basic and diluted earnings per share:
| Three months ended December 31, | Twelve months ended December 31, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| Numerator (€ thousands) | |||||||
| Net income/(loss) | € 14,490 | € 5,059 | € 11,220 | € (23,698) | |||
| Denominator (in thousands) | |||||||
| Weighted average number of common shares: | |||||||
| Basic | 352,293 | 350,324 | 352,297 | 349,622 | |||
| Diluted | 356,557 | 351,018 | 357,589 | 349,622 | |||
| Net income/(loss) per share: | |||||||
| Basic (1) | € 0.04 | € 0.01 | € 0.03 | € (0.07) | |||
| Diluted (2) | € 0.04 | € 0.01 | € 0.03 | € (0.07) | |||
(1) Basic net income/(loss) per common share is computed by dividing net income/(loss) by basic weighted average common shares outstanding.
(2) Diluted net income/(loss) per common share is computed by dividing net income/(loss) by the diluted weighted average common shares outstanding, which has been adjusted to include potentially dilutive securities. Diluted net income/(loss) per common share for the twelve-month period ended December 31, 2024 does not include the effects of the exercise of then-outstanding stock options as the inclusion of these instruments would have been anti–dilutive.
The split between Class A and Class B shares of trivago N.V. as of December 31, 2025 is as follows:
| Class A shares | Class B shares | Total | |||
| Number of shares | 115,621,475 | 237,476,895 | 353,098,370 | ||
| Shares in % | 33 % | 67 % | 100 % |
Segment Revenue Reconciliation (€ millions)
| Three months ended December 31, | |||||||||||
| Referral Revenue from external customers, including related party | Intersegment Referral Revenue | Total Segment Revenue | |||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
| Americas | € 43.2 | € 36.0 | € 1.3 | € — | € 44.5 | € 36.0 | |||||
| Developed Europe | 42.4 | 37.0 | 0.6 | — | 43.0 | 37.0 | |||||
| Rest of World | 23.7 | 20.5 | 0.1 | — | 23.8 | 20.5 | |||||
| Twelve months ended December 31, | |||||||||||
| Referral Revenue from external customers, including related party | Intersegment Referral Revenue | Total Segment Revenue | |||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
| Americas | € 199.8 | € 173.6 | € 2.8 | € — | € 202.5 | € 173.6 | |||||
| Developed Europe | 220.7 | 192.1 | 1.0 | — | 221.7 | 192.1 | |||||
| Rest of World | 112.5 | 90.5 | 0.1 | — | 112.6 | 90.5 | |||||
Note: Some figures may not add up due to rounding.
Notes & Definitions:
Definitions of Non-GAAP Measures
Adjusted EBITDA:
We report Adjusted EBITDA as a supplemental measure to U.S. Generally Accepted Accounting Principles ("GAAP").
We define Adjusted EBITDA as net income/(loss) adjusted for:
- income/(loss) from equity method investments,
- expense/(benefit) for income taxes,
- total other (income)/expense, net,
- depreciation of property and equipment and amortization of intangible assets,
- impairment of, and gains/(losses) on disposals of, property and equipment,
- impairment of intangible assets and goodwill,
- share-based compensation, and
- certain other items, including restructuring, acquisition and integration costs, and significant legal settlements and court-ordered penalties.
From time to time, we may exclude from Adjusted EBITDA the impact of certain items that affect the period-to-period comparability of our operating performance.
Adjusted EBITDA is a non-GAAP financial measure. A “non-GAAP financial measure” refers to a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with U.S. GAAP in such company’s financial statements. We present these non-GAAP financial measures because they are used by management to evaluate our operating performance, formulate business plans, and make strategic decisions on capital allocation. We also believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating performance and consolidated results of operations in the same manner as our management, and the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure in comparing financial results between periods as these costs may vary independent of core business performance.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results reported in accordance with U.S. GAAP, including net income/loss. Some of these limitations are:
- Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
- Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
- Adjusted EBITDA does not reflect expenses, such as restructuring and other related reorganization costs;
- Although depreciation, amortization and impairments are non-cash charges, the assets being depreciated, amortized or impaired may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and
- Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.
We periodically provide an Adjusted EBITDA outlook. We are, however, unable to provide a reconciliation of our Adjusted EBITDA outlook to net income/(loss), the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably or reliably predicted or are not in our control, including, in particular, the timing or magnitude of share-based compensation, interest, taxes, impairments, restructuring related costs and/or significant legal settlements and court-ordered penalties without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income/(loss) in the future.
Tabular Reconciliations for Non-GAAP Measures
Adjusted EBITDA (€ millions)
| Three months ended December 31, | Twelve months ended December 31, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Net income/(loss) | € 14.5 | € 5.1 | € 11.2 | € (23.7) | ||||
| Loss from equity method investments | (0.0) | (0.8) | (2.2) | (1.7) | ||||
| Income/(loss) before equity method investments | € 14.5 | € 5.8 | € 13.4 | € (22.0) | ||||
| Expense/(benefit) for income taxes | (6.8) | 2.8 | (5.4) | (6.3) | ||||
| Income/(loss) before income taxes | € 7.8 | € 8.7 | € 8.0 | € (28.2) | ||||
| Add/(less): | ||||||||
| Interest expense | (0.0) | 0.0 | 0.0 | 0.0 | ||||
| Interest income | (0.7) | (0.8) | (2.5) | (3.6) | ||||
| Other income/(expense), net | (0.1) | 0.0 | (4.1) | (0.4) | ||||
| Operating income/(loss) | € 7.0 | € 7.8 | € 1.5 | € (32.2) | ||||
| Depreciation of property and equipment and amortization of intangible assets | 2.4 | 0.5 | 5.9 | 3.7 | ||||
| Impairment of, and gains and losses on disposals of, property and equipment | (0.0) | — | (0.0) | — | ||||
| Impairment of intangible assets and goodwill | — | 0.1 | — | 30.1 | ||||
| Share-based compensation | 1.9 | 2.6 | 7.8 | 8.5 | ||||
| Certain other items, including restructuring, acquisition and integration costs, significant legal settlements and court-ordered penalties (1) | 0.1 | 0.0 | 0.6 | 0.0 | ||||
| Adjusted EBITDA | € 11.3 | € 11.1 | € 15.8 | € 10.2 | ||||
Note: Some figures may not add up due to rounding.
(1) In completing the acquisition of trivago DEALS, we incurred total transaction costs of
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This review contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance. These forward-looking statements are based on management’s expectations as of the date of this review and assumptions which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as "will," “intend” and “expect,” among others, generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and may include statements relating to future revenue, expenses, margins, profitability, net income/(loss), earnings per share and other measures of results of operations and the prospects for future growth of trivago N.V.’s business. Actual results and the timing and outcome of events may differ materially from those expressed or implied in the forward-looking statements for a variety of reasons, including, among others:
- the extent to which our strategy of increasing brand marketing investments positively impacts the volume of direct traffic to our platform and grows our revenue in future periods without reducing our profits or incurring losses;
- the continuing negative impact of having almost completely ceased television advertising in 2020 and only having resumed such advertising at reduced levels in recent years on our ability to grow our revenue;
- our reliance on search engines, particularly Google, whose search results can be affected by a number of factors, many of which are not in our control;
- the promotion by Google of its own product and services that compete directly with our hotel and accommodation search;
- our continued dependence on a small number of advertisers for our revenue and adverse impacts that could result from their reduced spending or changes in their cost-per-click, or (CPC), bidding or cost-per-acquisition (CPA) strategy;
- our ability to generate referrals, customers, bookings or revenue and profit for our advertisers on a basis they deem to be cost-effective;
- factors that contribute to our period-over-period volatility in our financial condition and result of operations;
- the potential negative impact of a worsening of the economic outlook and inflation on consumer discretionary spending;
- any further impairment of intangible assets and goodwill;
- geopolitical and diplomatic tensions, instabilities and conflicts, including war, civil unrest, terrorist activity, sanctions or other geopolitical events or escalations of hostilities, such as the ongoing military conflict between Russia and Ukraine, the ongoing conflicts affecting the Middle Eastern region, potential changes in U.S. tariff policy and other countries' responses thereto, or other developments resulting in heightened cross-border controls;
- increasing competition in our industry;
- our ability to innovate, integrate, and provide tools and services that are useful to our users and advertisers;
- our business model's dependence on consumer preferences for traditional hotel-based accommodation;
- our dependence on relationships with third parties to provide us with content;
- changes to and our compliance with applicable laws, rules and regulations;
- the potential operating difficulties and other harmful consequences from the integration of acquired assets and businesses;
- acquisitions may not achieve anticipated strategic or financial benefits, may involve unanticipated costs or liabilities, may result in goodwill or intangible asset impairments, or may divert management attention from other priorities;
- the impact of any legal and regulatory proceedings to which we are or may become subject; and
- potential disruptions in the operation of our systems, security breaches and data protection,
as well as other risks and uncertainties detailed in our public filings with the SEC, including trivago's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as such risks and uncertainties may be updated from time to time to reflect material geopolitical, economic, and regulatory developments. Except as required by law, we undertake no obligation to update any forward-looking or other statements in this review, whether as a result of new information, future events or otherwise.
1 Branded channel traffic refers to traffic to our platform through: one of our localized platform websites, one of our downloadable mobile applications, branded search engine optimization marketing channels (or "branded free traffic") for keyword searches that are inclusive of the trivago brand name, and/or paid keyword searches that include the trivago brand name, such as "trivago" or "trivago hotel".
2 trivago Core segments refers to our three reportable segments: Americas, Developed Europe and Rest of World (RoW).
3 “Adjusted EBITDA” is a non-GAAP measure. Please see “Definitions of Non-GAAP Measures” and “Tabular Reconciliations for Non-GAAP Measures” on pages 18 to 19 herein for explanations and reconciliations of non-GAAP measures used.
4 Referral Revenue is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of December 31, 2025.
5 Referral Revenue by Segment is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of December 31, 2025. Please refer to "Segment Revenue Reconciliation" on page 17 herein showing segment revenue before intercompany eliminations that is used for the calculation of ROAS Contribution and ROAS expressed as a percentage shown in the section "Return on Advertising Spend (ROAS)" below.
FAQ
What were trivago (TRVG) Q4 2025 revenue and Referral Revenue figures?
How profitable was trivago in 2025 and what was Adjusted EBITDA?
What guidance did trivago give for 2026 regarding revenue and profitability?
Why did trivago's Return on Advertising Spend change in Q4 2025?
Did trivago mention any near-term risks for shareholders after Q4 2025 results?
