Tripadvisor (NASDAQ: TRIP) Q2 2026 earnings and $700M TheFork sale

Rhea-AI Filing Summary

Tripadvisor, Inc. reported second quarter 2026 results from continuing operations and highlighted a pending divestiture. The company agreed to sell TheFork, its European restaurant platform, to American Express Travel Related Services Company, Inc. for $700.0 million in cash, subject to adjustments and regulatory approvals, with closing expected by the end of 2026. TheFork is now classified as discontinued operations, leaving Experiences and Hotels and Other as the remaining segments.

For the quarter ended June 30, 2026, revenue from continuing operations was $441.9 million, down 7% year-over-year. Experiences revenue grew to $278.6 million (up 3%), while Hotels and Other declined to $163.3 million (down 21%). GAAP net income from continuing operations was $22.8 million with diluted EPS of $0.19; non-GAAP net income was $41.0 million with non-GAAP diluted EPS of $0.35. Adjusted EBITDA was $76.4 million, or 17.3% of revenue. Cash from operating activities from continuing operations was $141.2 million and free cash flow was $129.8 million. As of June 30, 2026, cash and cash equivalents from continuing operations were $843.2 million, after using $345.4 million on April 1, 2026 to fully repay the company’s 2026 Senior Notes.

Positive

• $700.0 million TheFork sale to American Express Travel is pending, providing significant expected cash proceeds and aligning the portfolio around the Experiences segment, subject to customary approvals and closing conditions.
• Experiences segment revenue reached $278.6 million, growing 3% year-over-year, with approximately 6.5 million experience bookings and about $1.4 billion in gross bookings value.
• Tripadvisor fully repaid its 2026 Senior Notes on April 1, 2026 using $345.4 million of cash, reducing near-term debt obligations.
• Despite softer results, continuing operations generated $141.2 million in operating cash flow and $129.8 million in free cash flow in Q2 2026.

Negative

• Q2 2026 revenue from continuing operations declined 7% year-over-year to $441.9 million, with Hotels and Other segment revenue down 21% to $163.3 million.
• GAAP net income from continuing operations fell 38% year-over-year to $22.8 million, while Adjusted EBITDA declined 21% to $76.4 million.
• Cash flow from operating activities from continuing operations decreased 31% year-over-year to $141.2 million, and free cash flow declined 29% to $129.8 million.
• Experiences Adjusted EBITDA margin compressed from 14.0% to 11.1%, and Hotels and Other Adjusted EBITDA fell from $59.4 million to $45.6 million.

Filing Explained

TheFork’s sale has progressed from an exercised put option to a signed Equity Purchase Agreement with American Express Travel, but it remains uncompleted: regulatory and other closing conditions remain, so the expected cash proceeds have not yet been received.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Revenue from continuing operations: $441.9 million GAAP net income from continuing operations: $22.8 million Adjusted EBITDA from continuing operations: $76.4 million +5 more

8 metrics

Revenue from continuing operations $441.9 million Three months ended June 30, 2026, down 7% year-over-year

GAAP net income from continuing operations $22.8 million Three months ended June 30, 2026, down 38% year-over-year

Adjusted EBITDA from continuing operations $76.4 million Q2 2026, 17.3% of revenue, down 21% year-over-year

Non-GAAP net income from continuing operations $41.0 million Q2 2026, a 27% decline versus Q2 2025

Cash and cash equivalents from continuing operations $843.2 million Balance as of June 30, 2026, down $134.8 million from December 31, 2025

Pending TheFork sale price $700.0 million in cash Agreed sale to American Express Travel, expected to close by end of 2026

Experience bookings Approximately 6.5 million Number of bookings in Q2 2026, up about 5% year-over-year

Experiences gross bookings value Approximately $1.4 billion Q2 2026 gross bookings value, up about 3% year-over-year

Key Terms

discontinued operations, Adjusted EBITDA, free cash flow, non-GAAP net income (loss) from continuing operations, +2 more

6 terms

discontinued operations financial

"The financial results of TheFork are classified as discontinued operations"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

Adjusted EBITDA financial

"Adjusted EBITDA for the second quarter was $76.4 million, or 17.3% of revenue"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"Free cash flow from continuing operations (1) | | $ | 129.8"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-GAAP net income (loss) from continuing operations financial

"Tripadvisor defines “non-GAAP net income (loss) from continuing operations” as GAAP net income"

Term Loan B Facility financial

"Proceeds from the issuance of Term Loan B Facility, net of financing costs"

A Term Loan B facility is a large, multi‑year loan that a company borrows from banks or institutional investors and repays on a fixed schedule, often with smaller regular payments and a larger final payment. Think of it like a commercial mortgage for a business; it matters to investors because it changes the company’s interest costs, cash flow and financial risk — affecting its ability to pay dividends, invest in growth or meet debt obligations.

2026 Senior Notes financial

"used $345.4 million of its existing cash and cash equivalents to fully repay its 2026 Senior Notes"

Earnings Snapshot

Revenue from continuing operations: $441.9 million

three months ended June 30, 2026

Revenue from continuing operations $441.9 million (7)% year-over-year

GAAP net income from continuing operations $22.8 million (38)% year-over-year

Adjusted EBITDA from continuing operations $76.4 million (21)% year-over-year

Non-GAAP net income from continuing operations $41.0 million (27)% year-over-year

GAAP diluted EPS from continuing operations $0.19 (32)% year-over-year

Non-GAAP diluted EPS from continuing operations $0.35 (19)% year-over-year

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Tripadvisor (TRIP) Q2 2026 revenues and earnings from continuing operations?

Tripadvisor reported Q2 2026 revenue from continuing operations of $441.9 million and GAAP net income from continuing operations of $22.8 million. Non-GAAP net income from continuing operations was $41.0 million, with GAAP diluted EPS of $0.19 and non-GAAP diluted EPS of $0.35.

How did Tripadvisor (TRIP) segments perform in Q2 2026?

In Q2 2026, Experiences revenue was $278.6 million, up 3% year-over-year, while Hotels and Other revenue was $163.3 million, down 21%. Experiences Adjusted EBITDA was $30.8 million, and Hotels and Other Adjusted EBITDA was $45.6 million, reflecting margin pressure in both segments.

What is the planned sale of TheFork mentioned by Tripadvisor (TRIP)?

Tripadvisor agreed to sell TheFork to American Express Travel for $700.0 million in cash, subject to adjustments and regulatory approvals. The company exercised a put option on August 1, 2026 and signed an Equity Purchase Agreement on August 2, 2026, expecting closing by the end of 2026.

How strong is Tripadvisor (TRIP) liquidity and what debt actions occurred in 2026?

As of June 30, 2026, Tripadvisor held $843.2 million in cash and cash equivalents from continuing operations. On April 1, 2026, it used $345.4 million of cash to fully repay its 2026 Senior Notes, while maintaining a Term Loan B Facility and other long-term debt obligations.

What were Tripadvisor (TRIP) Q2 2026 Adjusted EBITDA and free cash flow?

Q2 2026 Adjusted EBITDA from continuing operations was $76.4 million, representing 17.3% of revenue and a 21% year-over-year decline. Free cash flow from continuing operations was $129.8 million, derived from $141.2 million in operating cash flow and $11.4 million in capital expenditures.

How did experience bookings and gross bookings value trend for Tripadvisor (TRIP) in Q2 2026?

Experience bookings were approximately 6.5 million in Q2 2026, up about 5% year-over-year. Gross bookings value reached roughly $1.4 billion, reflecting year-over-year growth of about 3% in the Experiences marketplace.

false000152652000015265202026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

TRIPADVISOR, INC.

(Exact name of Registrant as Specified in Its Charter)

Nevada	001-35362	80-0743202
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
400 1st Avenue Needham, MA 02494
(Address of Principal Executive Offices) (Zip Code)

(781) 800-5000

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		TRIP		Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, Tripadvisor, Inc. issued a press release announcing its preliminary financial results for the three and six months ended June 30, 2026. The full text of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Pursuant to General Instruction B.2. to Form 8-K, the information set forth in Items 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number		Description
99.1		Press Release of Tripadvisor, Inc. dated August 6, 2026 regarding earnings.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		TRIPADVISOR, INC.
Date: August 6, 2026		By:	/S/ MICHAEL NOONAN
			Michael Noonan
			Chief Financial Officer

Exhibit 99.1

Tripadvisor Reports Second Quarter 2026 Financial Results

NEEDHAM, MA, August 6, 2026 — Tripadvisor, Inc. (NASDAQ: TRIP) today announced financial results for the second quarter ended June 30, 2026.

“We delivered second quarter results in-line with our expectations, while making progress in our strategy to focus on experiences and simplify our portfolio,” said Chief Executive Officer Matt Goldberg. “We continue to focus on additional opportunities across the business to enhance the value of our assets and catalyze shareholder value. The sale of TheFork unlocks significant value, adds flexibility for capital allocation, and marks another step reshaping the Company around experiences – the largest, most durable growth category in travel.”

“Our second quarter performance reflected consistent execution in an attractive experiences marketplace, even with the backdrop of a fluctuating macro environment,” said Chief Financial Officer Mike Noonan. “Our confidence in the Group’s operational and financial trajectory remains firm as we prioritize our experiences-led strategy. We remain intently focused on initiatives that strengthen our product, marketing, and supply flywheel to drive long-term growth and margin expansion.”

Pending Sale of TheFork

As previously announced on June 14, 2026, the Company entered into a put option agreement for the sale of TheFork, its European online restaurant and management platform, to American Express Travel Related Services Company, Inc. for $700.0 million in cash, subject to certain adjustments. Pursuant to the agreement, American Express Travel provided an irrevocable commitment to acquire TheFork. On August 1, 2026, following the completion of the required consultation process with the relevant French Works Council on July 30, 2026, the Company exercised the put option. On August 2, 2026, the Company entered into an Equity Purchase Agreement with American Express Travel to sell TheFork. The closing of the transaction remains subject to certain customary closing conditions, including regulatory approvals. The sale of TheFork is expected to be completed by the end of 2026.

As a result of the pending transaction, the financial results of TheFork are classified as discontinued operations, and are no longer a reportable segment. The Company's remaining segments, Experiences and Hotels and Other, are classified as continuing operations. As such, for all periods presented in this release and unless otherwise noted, all amounts, percentages, and any discussion in this press release reflect the results from these continuing operations, while TheFork is presented on a discontinued operations basis. All prior period segment disclosure information in this press release has been recast to conform to the current reporting structure.

Financial Highlights for Continuing Operations

•Revenue for the second quarter was $441.9 million, a decline of 7% year-over-year.

•Net income for the second quarter was $22.8 million, or $0.19 diluted EPS.

•Non-GAAP net income for the second quarter was $41.0 million, or $0.35 diluted EPS.

•Adjusted EBITDA for the second quarter was $76.4 million, or 17.3% of revenue.

Second Quarter 2026 Financial Summary for Continuing Operations

		Three months ended June 30,
(In millions, except percentages and per share amounts)		2026				2025				% Change
Total Revenue		$	441.9			$	476.0				(7	)%
Experiences		$	278.6			$	270.5				3	%
Hotels and Other		$	163.3			$	205.5				(21	)%
GAAP Net Income (Loss) from continuing operations		$	22.8			$	36.5				(38	)%
Total Adjusted EBITDA from continuing operations (1)		$	76.4			$	97.2				(21	)%
Experiences		$	30.8			$	37.8				(19	)%
Hotels and Other		$	45.6			$	59.4				(23	)%
Non-GAAP Net Income (Loss) from continuing operations (1)		$	41.0			$	56.0				(27	)%
Diluted Net Income (Loss) per Share from continuing operations:
GAAP		$	0.19			$	0.28				(32	)%
Non-GAAP (1)		$	0.35			$	0.43				(19	)%
Cash flow from operating activities from continuing operations		$	141.2			$	203.7				(31	)%
Free cash flow from continuing operations (1)		$	129.8			$	183.4				(29	)%

(1)“Total Adjusted EBITDA from continuing operations,” “Non-GAAP Net Income (Loss) from continuing operations,” “Non-GAAP Diluted Net Income (Loss) per Share from continuing operations,” and “Free cash flow from continuing operations” are non-GAAP measures as defined by the U.S. Securities and Exchange Commission (the “SEC”). Please refer to “Non-GAAP Financial Measures” below for definitions and explanations of these non-GAAP financial measures, as well as tabular reconciliations to the most directly comparable GAAP financial measures.

Cost performance – Total costs and expenses from continuing operations were $404.1 million for the second quarter, a decrease of 3% year-over-year, primarily driven by the following:

	For the Three Months Ended June 30,
	2026				2025				% Change
Cost of sales	$	31.0			$	36.5				(15	)%
Marketing	$	215.4			$	207.4				4	%
Personnel	$	99.2			$	125.5				(21	)%
Technology	$	21.6			$	21.5				0	%
General and administrative	$	14.5			$	9.5				53	%
Percentage of Total Revenue
Cost of sales		7.0	%			7.7	%
Marketing		48.7	%			43.6	%
Personnel		22.4	%			26.4	%
Technology		4.9	%			4.5	%
General and administrative		3.3	%			2.0	%

Cash & Liquidity – As of June 30, 2026, the Company had $843.2 million of cash and cash equivalents from continuing operations, a decrease of $134.8 million from December 31, 2025. As previously announced, on April 1, 2026, the Company used $345.4 million of its existing cash and cash equivalents to fully repay its 2026 Senior Notes due on April 1, 2026.

Segments Highlights

Experiences

•Revenue for the second quarter was $278.6 million, reflecting year-over-year growth of 3%. Excluding the impact of currency exchange rate fluctuations, year-over-year growth was approximately 2%.

•The number of experience bookings was approximately 6.5 million during the second quarter, an increase of approximately 5%, when compared to the same period in 2025. Experience bookings include a single tour, activity,

2

or attraction that can be purchased through Viator's platform for one or several travelers, prior to adjustments such as date changes, refunds, or cancellations.

•Gross bookings value (“GBV”) reached approximately $1.4 billion during the second quarter, reflecting year-over-year growth of approximately 3%. GBV is reported at the time of booking and is gross of cancellations, whereas revenue is recorded at the time of the experience and is net of cancellations.

•Adjusted EBITDA for the second quarter was $30.8 million, or 11.1% of revenue, compared to adjusted EBITDA in the same period a year ago of $37.8 million, or 14.0% of revenue.

Hotels and Other

•Revenue for the second quarter was $163.3 million, reflecting a year-over-year decline of 21%.

oHotels revenue for the second quarter was $117.9 million, reflecting a year-over-year decline of 23%.

oMedia and advertising revenue for the second quarter was $31.2 million, reflecting a year-over-year decline of 12%.

oOther revenue for the second quarter was $14.2 million, reflecting a year-over-year decline of 20%.

•Adjusted EBITDA for the second quarter was $45.6 million, or 27.9% of revenue, compared to adjusted EBITDA in the same period a year ago of $59.4 million, or 28.9% of revenue.

Restructuring and Related Reorganization Action

As previously disclosed, during the fourth quarter of 2025, the Company initiated a series of cost savings actions to support the Company’s positioning as an experiences-led and AI-enabled company. As a result of these actions, the Company incurred pre-tax restructuring and other related reorganization costs of $3.9 million during the second quarter of 2026, which consisted of employee severance and related benefits, primarily in our Hotels and Other segment.

Conference Call

Tripadvisor will host a conference call later this morning, August 6, 2026, at 8:30 a.m., Eastern Time, to discuss the Company’s second quarter 2026 financial results, which may include forward-looking information about Tripadvisor’s business. Investors and other interested parties may also go to the Investor Relations section of Tripadvisor’s website at http://ir.tripadvisor.com for a live webcast of the conference call. A replay of the conference call will be available on Tripadvisor’s website for three months.

3

SELECTED FINANCIAL INFORMATION

Tripadvisor, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

		Three Months Ended								Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Revenue		$	441.9			$	476.0			$	767.7			$	828.5
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization as shown separately below)			31.0				36.5				58.0				58.6
Marketing			215.4				207.4				376.6				360.8
Personnel (including stock-based compensation of $16.8, $26.2, $35.3 and $51.5, respectively)			99.2				125.5				204.7				248.0
Technology			21.6				21.5				43.2				41.0
General and administrative			14.5				9.5				25.7				23.5
Depreciation and amortization			18.5				17.7				37.6				34.8
Restructuring and other related reorganization costs			3.9				—				6.9				9.3
Total costs and expenses			404.1				418.1				752.7				776.0
Operating income (loss)			37.8				57.9				15.0				52.5
Other income (expense):
Interest expense			(15.0	)			(17.3	)			(30.8	)			(29.1	)
Interest income			5.3				10.1				13.0				20.0
Other income (expense), net			—				(5.8	)			1.5				(9.1	)
Total other income (expense), net			(9.7	)			(13.0	)			(16.3	)			(18.2	)
Income (loss) before income taxes			28.1				44.9				(1.3	)			34.3
(Provision) benefit for income taxes			(5.3	)			(8.4	)			(6.5	)			(0.6	)
Net income (loss) from continuing operations			22.8				36.5				(7.8	)			33.7
Net income (loss) from discontinued operations, net of tax			(0.4	)			(0.5	)			(2.2	)			(8.7	)
Net income (loss)		$	22.4			$	36.0			$	(10.0	)		$	25.0
Net income (loss) per share attributable to common stockholders from continuing operations:
Basic		$	0.20			$	0.29			$	(0.07	)		$	0.25
Diluted		$	0.19			$	0.28			$	(0.07	)		$	0.25
Net income (loss) per share attributable to common stockholders from discontinued operations:
Basic		$	—			$	—			$	(0.02	)		$	(0.07	)
Diluted		$	—			$	—			$	(0.02	)		$	(0.06	)
Net income (loss) per share attributable to common stockholders:
Basic		$	0.19			$	0.29			$	(0.09	)		$	0.19
Diluted		$	0.19			$	0.28			$	(0.09	)		$	0.19
Numerator used to compute net income (loss) per share from continuing operations attributable to common stockholders:
Basic		$	22.8			$	36.5			$	(7.8	)		$	33.7
Diluted		$	22.8			$	36.8			$	(7.8	)		$	34.4
Numerator used to compute net income (loss) per share attributable to common stockholders:
Basic		$	22.4			$	36.0			$	(10.0	)		$	25.0
Diluted		$	22.4			$	36.3			$	(10.0	)		$	25.7
Weighted average common shares outstanding:
Basic			116.7				124.9				116.1				133.0
Diluted			117.9				130.2				116.1				138.7

4

Tripadvisor, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in millions, except number of shares and per share amounts)

		June 30,				December 31,
		2026				2025
ASSETS
Current assets:
Cash and cash equivalents		$	843.2			$	978.0
Accounts receivable, net (allowance for expected credit losses of $14.1 and $15.4, respectively)			231.3				174.8
Prepaid expenses and other current assets			45.4				40.8
Current assets - held for sale from discontinued operations			283.6				97.1
Total current assets			1,403.5				1,290.7
Property and equipment, net of accumulated depreciation of $564.1 and $537.7, respectively			153.5				164.3
Operating lease right-of-use assets			29.5				31.2
Intangible assets, net of accumulated amortization of $120.7 and $119.6, respectively			32.3				33.0
Goodwill			724.1				724.2
Non-marketable investments			27.3				27.9
Deferred income taxes, net			128.1				127.9
Other long-term assets			33.0				34.4
Noncurrent assets - held for sale from discontinued operations			—				191.8
TOTAL ASSETS		$	2,531.3			$	2,625.4
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	75.4			$	16.3
Deferred merchant payables			484.2				308.1
Deferred revenue			85.0				53.3
Current portion of debt			8.5				353.2
Income taxes payable			10.1				10.9
Accrued expenses and other current liabilities			175.2				200.3
Current liabilities - held for sale from discontinued operations			60.5				56.3
Total current liabilities			898.9				998.4
Long-term debt			815.9				819.0
Finance lease obligation, net of current portion			31.5				35.6
Operating lease liabilities, net of current portion			25.5				27.4
Deferred income taxes, net			1.1				1.1
Other long-term liabilities			95.9				95.8
Noncurrent liabilities - held for sale from discontinued operations			—				3.2
Total Liabilities			1,868.8				1,980.5
Stockholders’ equity:
Preferred stock, $0.001 par value			—				—
Authorized shares: 100,000,000
Shares issued and outstanding: 0 and 0, respectively
Common stock, $0.001 par value		0.1				0.1
Authorized shares: 1,600,000,000
Shares issued: 123,213,743 and 120,577,305, respectively
Shares outstanding: 117,108,481 and 114,472,043, respectively
Additional paid-in capital			497.5				460.3
Retained earnings			306.6				316.6
Accumulated other comprehensive income (loss)			(51.5	)			(41.9	)
Treasury stock-common stock, at cost, 6,105,262 and 6,105,262 shares, respectively			(90.2	)			(90.2	)
Total Stockholders’ Equity			662.5				644.9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	2,531.3			$	2,625.4

5

Tripadvisor, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(in millions)

		Three Months Ended								Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Operating activities:
Net income (loss)		$	22.4			$	36.0			$	(10.0	)		$	25.0
Less: Net income (loss) from discontinued operations, net of tax			(0.4	)			(0.5	)			(2.2	)			(8.7	)
Net income (loss) from continuing operations			22.8				36.5				(7.8	)			33.7
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			18.5				17.7				37.6				34.8
Stock-based compensation expense			16.8				26.2				35.3				51.5
Other, net			(3.1	)			8.1				(0.9	)			14.9
Changes in operating assets and liabilities, net			86.2				115.2				188.2				169.8
Net cash provided by (used in) operating activities - continuing operations			141.2				203.7				252.4				304.7
Net cash provided by (used in) operating activities - discontinued operations			2.5				(2.2	)			9.1				(1.2	)
Net cash provided by (used in) operating activities			143.7				201.5				261.5				303.5
Investing activities:
Capital expenditures, including capitalized website development			(11.4	)			(20.3	)			(22.5	)			(34.3	)
Other investing activities, net			—				(2.1	)			—				(2.2	)
Net cash provided by (used in) investing activities - continuing operations			(11.4	)			(22.4	)			(22.5	)			(36.5	)
Net cash provided by (used in) investing activities - discontinued operations			(5.3	)			(4.6	)			(10.7	)			(9.6	)
Net cash provided by (used in) investing activities			(16.7	)			(27.0	)			(33.2	)			(46.1	)
Financing activities:
Proceeds from the issuance of Term Loan B Facility, net of financing costs			—				—				—				341.4
Repayment of 2026 Senior Notes			(345.0	)			—				(345.0	)			—
Principal payments on Term Loan B Facility			(2.1	)			(2.1	)			(4.3	)			(4.3	)
Repurchase of common stock related to Merger, including transaction costs			—				(79.9	)			—				(410.7	)
Repurchase of common stock under the share repurchase program			—				(40.0	)			—				(40.0	)
Payment of withholding taxes on net share settlements of equity awards			(1.7	)			(2.7	)			(5.9	)			(10.1	)
Payments of finance lease obligation			(2.0	)			(1.9	)			(3.9	)			(3.9	)
Net cash provided by (used in) financing activities - continuing operations			(350.8	)			(126.6	)			(359.1	)			(127.6	)
Net cash provided by (used in) financing activities - discontinued operations			(0.3	)			(0.4	)			(1.6	)			(1.9	)
Net cash provided by (used in) financing activities			(351.1	)			(127.0	)			(360.7	)			(129.5	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(1.2	)			10.4				(7.4	)			19.7
Net increase (decrease) in cash, cash equivalents and restricted cash			(225.3	)			57.9				(139.8	)			147.6
Cash, cash equivalents and restricted cash at beginning of period			1,120.4				1,154.0				1,034.9				1,064.3
Cash, cash equivalents and restricted cash at end of period			895.1				1,211.9				895.1				1,211.9
Less: Cash, cash equivalents and restricted cash at end of period from discontinued operations			51.9				56.4				51.9				56.4
Cash, cash equivalents and restricted cash at end of period from continuing operations		$	843.2			$	1,155.5			$	843.2			$	1,155.5
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes, net of refunds		$	2.9			$	13.6			$	4.4			$	15.5
Cash paid during the period for interest		$	14.3			$	16.4			$	28.6			$	26.8
Supplemental disclosure of non-cash flow financing activities:
Issuance of common stock related to Merger		$	—			$	38.9			$	—			$	38.9
Net operating loss carryforwards retained related to Merger		$	—			$	13.1			$	—			$	13.1

6

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we also report certain non-GAAP financial measures. 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 GAAP in such company’s financial statements. These non-GAAP financial measures are not prepared under a comprehensive set of accounting rules and, therefore, should only be reviewed alongside results reported under GAAP.

We may use the following non-GAAP measures: Adjusted EBITDA (including forecasted Adjusted EBITDA), Adjusted EBITDA margin (including forecasted Adjusted EBITDA margin), non-GAAP net income (loss), non-GAAP net income (loss) per diluted net income (loss) per share, free cash flow, and non-GAAP total revenue growth before foreign exchange effect (or “constant currency basis” revenue growth), as well as other measures.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of Tripadvisor’s liquidity, except for free cash flow. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures do not take into account the impact of certain expenses to our unaudited condensed consolidated statements of operations. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare Tripadvisor’s performance to that of other companies. We endeavor to compensate for the limitations of the non-GAAP financial measures presented by providing tabular reconciliations to the most directly comparable GAAP financial measure, definitions, limitations, and other related information about these non-GAAP financial measures. We do not reconcile Adjusted EBITDA and Adjusted EBITDA margin guidance to projected GAAP net income (loss) from continuing operations because GAAP net income (loss) from continuing operations or the reconciling items between Adjusted EBITDA and Adjusted EBITDA margin and GAAP net income (loss) from continuing operations are unavailable on a forward-looking basis, as a result of the uncertainty regarding, and the potential variability of, certain of these items. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort.

We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and/or allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time.

We define our non-GAAP financial measures as below:

Tripadvisor defines “Adjusted EBITDA” from continuing operations as net income (loss) plus from continuing operations: (1) provision (benefit) for income taxes; (2) other expense (income), net; (3) depreciation and amortization; (4) stock-based compensation expense; (5) goodwill, long-lived assets and intangible asset 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 (including non-operational costs related to significant shareholder activism, which includes third-party advisory, legal, and other professional fees); and (9) non-recurring expenses (income) unusual in nature or infrequently occurring. These items are excluded from our Adjusted EBITDA from continuing operations performance measure because these items are non-cash in nature, or because the amount is unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. The Company believes that excluding these amounts better enables management and investors to compare financial results between periods as these costs may vary independent of business performance.

Tripadvisor defines “Adjusted EBITDA margin” as Adjusted EBITDA from continuing operations divided by revenue from continuing operations.

Adjusted EBITDA from continuing operations and Adjusted EBITDA margin are key operating performance measures used by our management and board of directors to understand and evaluate the financial performance of our business as a whole and our individual business segments, and on which internal budgets and forecasts are based and approved. In particular, the exclusion of

7

certain expenses in calculating Adjusted EBITDA from continuing operations can provide a useful measure for period-to-period comparisons and better enables management and investors to compare financial results between periods as these costs may vary independent of core business performance. Accordingly, we believe that Adjusted EBITDA from continuing operations and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors and allows for a useful comparison of our performance with our historical results from prior periods.

Our use of Adjusted EBITDA from continuing operations 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 GAAP. Because of these limitations, you should consider Adjusted EBITDA from continuing operations alongside other financial performance measures, including net income (loss) from continuing operations and our other GAAP results.

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 the interest expense or cash requirements necessary to service interest or principal payments on our debt;

•Adjusted EBITDA does not consider the potentially dilutive impact of stock-based compensation;

•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized 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;

•Adjusted EBITDA does not reflect certain income and expenses not directly tied to the ongoing core operations of our business, including, but not limited to, legal reserves, settlements and other, as well as restructuring and other related reorganization costs, and transaction related expenses;

•Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;

•Adjusted EBITDA is unaudited and does not conform to SEC Regulation S-X, and as a result such information may be presented differently in our future filings with the SEC; and

•other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Tripadvisor defines “non-GAAP net income (loss) from continuing operations” as GAAP net income (loss) from continuing operations excluding: (1) stock-based compensation expense; (2) amortization of intangible assets; (3) goodwill, intangible asset, and other long-lived asset impairments; (4) 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); (5) restructuring and other related reorganization costs; (6) transaction related expenses (including non-operational costs related to significant shareholder activism, which includes third-party advisory, legal, and other professional fees); and (7) non-recurring expenses (income) or expenses unusual in nature or infrequently occurring that we do not believe are indicative of our ongoing operating results. The non-GAAP adjustments from continuing operations described previously are reported on a pre-tax basis. The income tax effect on these non-GAAP adjustments is calculated based on the individual impact that these items had on our GAAP income tax expense (benefit) from continuing operations for the periods presented, in addition to non-recurring or infrequent discrete tax items (including significant adjustments related to (i) tax audit reserves/settlements; (ii) non-recurring or infrequent income tax reserves or adjustments; and (iii) the impact of one-time changes resulting from tax legislation or legislation that impacts taxes, such as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) or the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”)). We believe non-GAAP net income (loss) is an operating performance measure that provides investors and analysts with useful supplemental information about the financial performance of our business, as it incorporates our unaudited condensed consolidated statement of operations, taking into account depreciation, which management believes is an ongoing cost of doing business, as well as other items which are not allocated to the operating businesses such as interest expense, interest income, income taxes, and foreign exchange gains and losses, but excluding the impact of certain expenses, infrequently occurring items and items not directly tied to the ongoing core operations of our businesses. Non-GAAP net income (loss) from continuing operations also enables comparison of financial results between periods where certain items may vary independent of business performance.

8

Tripadvisor defines “non-GAAP net income (loss) per diluted share from continuing operations,” or “non-GAAP diluted EPS from continuing operations,” as non-GAAP net income (loss) from continuing operations divided by GAAP diluted shares. We believe non-GAAP diluted EPS from continuing operations is useful to investors because it represents, on a per share basis, our unaudited condensed consolidated statement of operations, taking into account depreciation, which we believe is an ongoing cost of doing business, as well as other items which are not allocated to the operating businesses such as interest expense, interest income, income taxes and foreign exchange gains or losses, but excludes the effects of certain expenses not directly tied to the ongoing core operations of our business. Tripadvisor calculates non-GAAP diluted EPS from continuing operations using weighted average diluted shares prepared under GAAP.

Non-GAAP net income (loss) from continuing operations and non-GAAP diluted EPS from continuing operations have some of the same limitations as Adjusted EBITDA. In addition, non-GAAP net income (loss) from continuing operations does not include all items that affect our GAAP net income (loss) from continuing operations and GAAP diluted EPS from continuing operations for the period. Therefore, we think it is important to evaluate these measures along with our unaudited condensed consolidated statements of operations from continuing operations, which are prepared under GAAP.

Tripadvisor defines “non-GAAP Cost of sales” as GAAP Costs of sales from continuing operations before legal reserves, settlements and other; “non-GAAP Personnel” expenses as GAAP Personnel expenses from continuing operations before stock-based compensation expense; and “non-GAAP General and Administrative” expenses as GAAP General and Administrative expenses from continuing operations before legal reserves, settlements and other, transaction related expenses; and other non-recurring items. These items are excluded from our non-GAAP operating expenses because the amount is unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. The Company believes that excluding these amounts better enables management and investors to compare financial results between periods as these costs may vary independent of business performance.

Tripadvisor defines “free cash flow” from continuing operations as cash provided by (used in) operations from continuing operations less capital expenditures from continuing operations, which are purchases of property and equipment, including the capitalization of website development costs. We believe this financial measure can provide useful supplemental information to help investors better understand underlying cashflow trends in our business, as it represents the operating cash flow that our core operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the ongoing core operations of our businesses, such as financing activities, foreign currency exchange rate impact on cash, or other investing activities. Free cash flow from continuing operations has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with the unaudited condensed consolidated statements of cash flows, which are prepared under GAAP.

Tripadvisor calculates the estimated effects of foreign currency exchange rates on revenue to determine constant currency revenue growth, by translating actual revenue for the current three months and year ended using the comparable prior period foreign currency exchange rates. We believe this is a useful estimate that facilitates management's internal comparison to our historical performance because the effects of foreign currency exchange rate volatility are not indicative of our ongoing core operating results.

Pursuant to the requirements of Regulation G, we present reconciliations of these non-GAAP financial measures, described above, to the most directly comparable GAAP measures in the tables below.

9

Tripadvisor, Inc

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FROM CONTINUING OPERATIONS

(in millions, except per share amounts and percentages)

(Unaudited)

	2024															2025															2026
	Q1			Q2			Q3			Q4			FY*			Q1			Q2			Q3			Q4			FY*			Q1			Q2			YTD*
Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP):
GAAP Net Income (Loss)	$	(45.0	)	$	22.8		$	43.1		$	5.1		$	26.2		$	(2.7	)	$	36.5		$	48.5		$	(29.9	)	$	52.4		$	(30.6	)	$	22.8		$	(7.8	)
Add: Provision (benefit) for income taxes		42.2			18.0			21.7			0.6			82.2			(7.8	)		8.4			7.2			(7.7	)		-			1.2			5.3			6.5
Add: Other expense (income), net		(1.8	)		(1.8	)		4.5			1.0			1.9			5.2			13.0			7.4			10.9			36.5			6.6			9.7			16.3
Add: Restructuring and other related organization costs		(0.6	)		-			(0.1	)		20.2			19.6			9.4			-			0.3			31.1			40.7			3.0			3.9			6.9
Add: Legal reserves, settlements and other (1)		10.0			3.7			-			3.5			17.2			-			(4.6	)		-			0.1			(4.5	)		0.2			(0.9	)		(0.7	)
Add: Transaction related expenses (2)		1.3			2.2			0.9			(0.8	)		3.5			-			-			-			-			-			3.3			0.3			3.5
Add: Non-recurring expenses (income) (3)		-			-			-			-			-			-			-			-			-			-			(4.8	)		-			(4.8	)
Add: Stock-based compensation		24.6			30.5			28.4			24.9			108.3			25.2			26.2			25.7			19.7			96.9			18.5			16.8			35.3
Add: Depreciation and amortization (4)		18.5			17.2			17.4			17.2			70.5			17.0			17.7			18.7			19.2			72.7			19.0			18.5			37.6
Adjusted EBITDA (Non-GAAP)	$	49.2		$	92.6		$	115.9		$	71.7		$	329.4		$	46.3		$	97.2		$	107.8		$	43.4		$	294.7		$	16.4		$	76.4		$	92.8
Reconciliation from GAAP Net Income (Loss) to Non-GAAP Net Income (Loss):
GAAP Net Income (Loss)	$	(45.0	)	$	22.8		$	43.1		$	5.1		$	26.2		$	(2.7	)	$	36.5		$	48.5		$	(29.9	)	$	52.4		$	(30.6	)	$	22.8		$	(7.8	)
Add: Stock-based compensation expense		24.6			30.5			28.4			24.9			108.3			25.2			26.2			25.7			19.7			96.9			18.5			16.8			35.3
Add: Legal reserves, settlements and other (1)		10.0			3.7			-			3.5			17.2			-			(4.6	)		-			0.1			(4.5	)		0.2			(0.9	)		(0.7	)
Add: Restructuring and other related organization costs		(0.6	)		-			(0.1	)		20.2			19.6			9.4			-			0.3			31.1			40.7			3.0			3.9			6.9
Add: Transaction related expenses (2)		1.3			2.2			0.9			(0.8	)		3.5			-			-			-			-			-			3.3			0.3			3.5
Add: Non-recurring expenses (income) (3)		-			-			-			-			-			-			-			-			-			-			(4.8	)		-			(4.8	)
Add: Amortization of intangible assets		1.9			1.5			1.7			0.6			5.8			0.6			0.6			0.7			0.4			2.4			0.4			0.3			0.7
Add: (Gain)/Loss on investments		(0.7	)		(0.7	)		(0.7	)		(0.7	)		(2.6	)		(0.7	)		(0.7	)		(0.7	)		(0.7	)		(2.6	)		(0.7	)		(0.7	)		(1.3	)
Subtract: Income tax effect of Non-GAAP adjustments (5)		(35.7	)		1.3			0.5			7.9			(25.9	)		4.9			2.0			3.3			9.9			20.1			2.4			1.5			4.0
Non-GAAP Net Income (Loss)	$	27.2		$	58.7		$	72.8		$	44.9		$	203.9		$	26.9		$	56.0		$	71.2		$	10.8		$	165.2		$	(13.1	)	$	41.0		$	27.8
Interest expense on 2026 Senior Notes, net of tax (6)		0.3			0.3			0.3			0.3			1.1			0.3			0.3			0.3			0.3			1.1			-			-			0.4
Numerator used to compute Non-GAAP net income (loss) per diluted share	$	27.5		$	59.0		$	73.1		$	45.2		$	205.0		$	27.2		$	56.3		$	71.5		$	11.1		$	166.3		$	(13.1	)	$	41.0		$	28.2
Reconciliation from GAAP Net Income (Loss) per share to Non-GAAP Net Income (Loss) per share:
GAAP Diluted Shares Outstanding		138.4			145.2			144.2			145.2			145.0			141.0			130.2			123.7			115.7			131.0			115.4			117.9			116.1
Add: Potential dilutive effect of common equivalent shares		7.1			-			-			-			-			6.1			-			-			7.1			-			-			-			3.5
Non-GAAP Diluted Shares Outstanding (7)		145.5			145.2			144.2			145.2			145.0			147.1			130.2			123.7			122.8			131.0			115.4			117.9			119.6
GAAP Diluted Net Income (Loss) per Share	$	(0.33	)	$	0.16		$	0.30		$	0.04		$	0.18		$	(0.02	)	$	0.28		$	0.39		$	(0.26	)	$	0.40		$	(0.27	)	$	0.19		$	(0.07	)
Add: Stock-based compensation expense		0.17			0.20			0.19			0.17			0.75			0.18			0.21			0.22			0.17			0.74			0.17			0.15			0.30
Add: Legal reserves, settlements and other (1)		0.07			0.03			-			0.02			0.12			-			(0.04	)		-			-			(0.03	)		-			(0.01	)		(0.01	)
Add: Restructuring and other related organization costs		-			-			-			0.14			0.14			0.06			-			-			0.25			0.31			0.03			0.04			0.06
Add: Transaction related expenses (2)		0.01			0.02			0.01			(0.01	)		0.02			-			-			-			-			-			0.03			-			0.03
Add: Non-recurring expenses (income) (3)		-			-			-			-			-			-			-			-			-			-			(0.04	)		-			(0.04	)
Add: Amortization of intangible assets		0.01			0.01			0.01			-			0.04			-			0.01			0.01			-			0.02			-			-			0.01
Add: (Gain)/Loss on investments		-			-			-			-			(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)
Add: Adjustment to GAAP diluted shares outstanding (7)		0.01			-			-			-			-			-			-			-			0.02			-			-			-			-
Subtract: Income tax effect of Non-GAAP adjustments (5)		(0.25	)		0.01			-			0.05			(0.18	)		0.03			0.02			0.03			0.08			0.15			0.02			0.01			0.03
Non-GAAP Diluted Net Income (Loss) per Share	$	0.19		$	0.41		$	0.51		$	0.31		$	1.41		$	0.18		$	0.43		$	0.58		$	0.09		$	1.27		$	(0.11	)	$	0.35		$	0.24
Foreign Exchange Reconciliation:
GAAP Total Revenue Growth																	(1	)%		4	%		1	%		(2	)%		1	%		(8	)%		(7	)%		(7	)%
Estimated effects of changes in foreign currency exchange rates																	(2	)%		1	%		3	%		3	%		1	%		3	%		1	%		2	%
Non-GAAP Total Revenue growth on a constant currency basis																	1	%		3	%		(2	)%		(5	)%		(0	)%		(11	)%		(8	)%		(9	)%
GAAP Total Experiences Segment Revenue																	10	%		11	%		9	%		10	%		10	%		8	%		3	%		5	%
Estimated effects of changes in foreign currency exchange rates																	(2	)%		2	%		3	%		3	%		2	%		4	%		1	%		2	%
Non-GAAP Total Experiences segment revenue growth on a constant currency basis																	12	%		9	%		6	%		7	%		8	%		4	%		2	%		3	%
GAAP Total Hotels and Other Segment Revenue																	(8	)%		(3	)%		(8	)%		(15	)%		(8	)%		(20	)%		(21	)%		(20	)%
Estimated effects of changes in foreign currency exchange rates																	(1	)%		1	%		2	%		1	%		1	%		2	%		0	%		2	%
Non-GAAP Total Hotels and Other segment revenue growth on a constant currency basis																	(7	)%		(4	)%		(10	)%		(16	)%		(9	)%		(22	)%		(21	)%		(22	)%
Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow:
Cash flow provided by (used in) operations	$	143.4		$	55.4		$	(47.2	)	$	2.7		$	154.2		$	101.1		$	203.7		$	32.9		$	(103.0	)	$	234.7		$	111.1		$	141.2		$	252.4
Subtract: Capital expenditures		11.8			11.9			15.4			18.9			58.0			14.0			20.3			13.9			13.1			61.3			11.1			11.4			22.5
Free Cash Flow (Non-GAAP)	$	131.6		$	43.5		$	(62.6	)	$	(16.2	)	$	96.2		$	87.1		$	183.4		$	19.0		$	(116.1	)	$	173.4		$	100.0		$	129.8		$	229.9

10

Tripadvisor, Inc

Supplemental Financial Information from Continuing Operations

(in millions, except percentages)

(Unaudited)

	2024															2025															2026
	Q1			Q2			Q3			Q4			FY*			Q1			Q2			Q3			Q4			FY*			Q1			Q2			YTD*
Segments - Revenue:
Total Revenue	$	354.7		$	455.7		$	483.9		$	363.7		$	1,658.0		$	352.5		$	476.0		$	490.8		$	355.0		$	1,674.3		$	325.8		$	441.9		$	767.7
Growth % (y/y)		5	%		(0	)%		(2	)%		3	%		1	%		(1	)%		4	%		1	%		(2	)%		1	%		(8	)%		(7	)%		(7	)%
Experiences		141.1			243.8			269.6			185.6			840.1			155.8			270.5			294.3			203.7			924.4			167.9			278.6			446.5
Growth % (y/y)		22	%		13	%		10	%		15	%		14	%		10	%		11	%		9	%		10	%		10	%		8	%		3	%		5	%
Hotels and Other		213.6			211.9			214.3			178.1			817.9			196.7			205.5			196.5			151.3			749.9			157.9			163.3			321.2
Growth % (y/y)		(4	)%		(12	)%		(13	)%		(7	)%		(9	)%		(8	)%		(3	)%		(8	)%		(15	)%		(8	)%		(20	)%		(21	)%		(20	)%
Hotels		158.6			150.4			151.1			124.6			584.5			148.0			152.3			143.1			106.9			550.3			114.4			117.9			232.3
Growth % (y/y)		(6	)%		(14	)%		(17	)%		(8	)%		(11	)%		(7	)%		1	%		(5	)%		(14	)%		(6	)%		(23	)%		(23	)%		(23	)%
Media and advertising		32.6			40.6			40.5			36.0			149.7			30.8			35.5			36.0			29.8			132.0			28.0			31.2			59.2
Growth % (y/y)		9	%		(3	)%		5	%		3	%		3	%		(6	)%		(13	)%		(11	)%		(17	)%		(12	)%		(9	)%		(12	)%		(11	)%
Other		22.4			20.9			22.7			17.5			83.7			17.9			17.7			17.4			14.6			67.6			15.5			14.2			29.7
Growth % (y/y)		(5	)%		(16	)%		(19	)%		(15	)%		(14	)%		(20	)%		(15	)%		(23	)%		(17	)%		(19	)%		(13	)%		(20	)%		(17	)%
Percent of Total Revenue:**
Experiences		40	%		54	%		56	%		51	%		51	%		44	%		57	%		60	%		57	%		55	%		52	%		63	%		58	%
Hotels		45	%		33	%		31	%		34	%		35	%		42	%		32	%		29	%		30	%		33	%		35	%		27	%		30	%
Media and advertising		9	%		9	%		8	%		10	%		9	%		9	%		7	%		7	%		8	%		8	%		9	%		7	%		8	%
Other		6	%		5	%		5	%		5	%		5	%		5	%		4	%		4	%		4	%		4	%		5	%		3	%		4	%
GAAP Net Income (Loss): (8)	$	(45.0	)	$	22.8		$	43.1		$	5.1		$	26.2		$	(2.7	)	$	36.5		$	48.5		$	(29.9	)	$	52.4		$	(30.6	)	$	22.8		$	(7.8	)
Growth % (y/y)																	(94	)%		60	%		13	%	n.m.				100	%		1,033	%		(38	)%	n.m.
GAAP Net Income (Loss) margin		(12.7	%)		5.0	%		8.9	%		1.4	%		1.6	%		(0.8	%)		7.7	%		9.9	%		(8.4	%)		3.1	%		(9.4	%)		5.2	%		(1.0	%)

(1)During the second quarter of 2026, the Company realized a refund of $2.0 million, resulting from the repeal of enacted tax legislation in Canada during 2026 related to digital service taxes, which required retrospective application back to January 1, 2022 through April 1, 2024, when the legislation was originally enacted. In addition, during the second quarter of 2026, the Company recorded an estimated legal contingency accrual of $1.1 million. The amount of $4.6 million, presented in the second quarter of 2025, represents the reversal of an estimated accrual related to the settlement of a regulatory related matter, based on updated information at the time.

(2)The Company expensed certain costs related to shareholder activism of $3.3 million during the first quarter of 2026.

(3)During the first quarter of 2026, the Company recovered $4.8 million related to an external fraud incident which occurred during the fourth quarter of 2022. The Company has reduced Adjusted EBITDA by this recovery amount during the first quarter of 2026. The Company considers such recovery to be non-recurring in nature.

(4)Depreciation and amortization includes capitalized website development.

(5)The non-GAAP adjustments described above are reported on a pre-tax basis. The income tax effect on these non-GAAP adjustments was calculated based on the individual impact that these items had on our GAAP income tax expense (benefit) from continuing operations for the periods presented.

(6)In periods for which we present net income, interest expense on our 2026 Senior Notes, net of tax, was added back to the numerator for purposes of the if-converted method used to calculate both GAAP and non-GAAP diluted net income per share, as share settlement is presumed under GAAP.

(7)In periods for which we present a GAAP net loss, but Non-GAAP net income, the Company calculates GAAP diluted shares using the treasury stock method, adjusted for the 2026 Senior Notes using the if-converted method, as share settlement is presumed under GAAP, in order to calculate Non-GAAP Diluted EPS.

(8)The Company does not calculate or report net income by segment.

* Full-year totals reflect data as reported and may differ from the summation of the quarterly data on this table due to rounding.

** Percentages may not total to 100% due to rounding.

11

Tripadvisor, Inc

Supplemental Financial Information from Continuing Operations (continued)

(in millions, except percentages)

(Unaudited)

	2024															2025															2026
	Q1			Q2			Q3			Q4			FY*			Q1			Q2			Q3			Q4			FY*			Q1			Q2			YTD*
Total Adjusted EBITDA from continuing operations (1)
Total Revenue	$	354.7		$	455.7		$	483.9		$	363.7		$	1,658.0		$	352.5		$	476.0		$	490.8		$	355.0		$	1,674.3		$	325.8		$	441.9		$	767.7
Less:
Cost of sales (2)		22.0			33.4			35.1			22.7			113.1			22.0			36.5			36.2			27.9			122.7			27.0			33.0			60.0
Marketing		148.6			195.6			199.1			138.2			681.6			153.4			207.4			212.4			160.3			733.6			161.2			215.4			376.6
Personnel (2)		101.3			99.7			97.0			98.3			396.5			97.3			99.3			98.1			87.9			382.3			87.1			82.4			169.4
Technology		18.9			19.2			20.1			20.9			79.0			19.5			21.5			21.9			22.0			85.0			21.6			21.6			43.2
General and administrative (2)		14.7			15.2			16.7			11.9			58.4			14.0			14.1			14.4			13.5			56.0			12.5			13.1			25.7
Total Adjusted EBITDA	$	49.2		$	92.6		$	115.9		$	71.7		$	329.4		$	46.3		$	97.2		$	107.8		$	43.4		$	294.7		$	16.4		$	76.4		$	92.8
Growth % (y/y)																	(6	)%		5	%		(7	)%		(39	)%		(11	)%		(65	)%		(21	)%		(35	)%
Total Adjusted EBITDA Margin		13.9	%		20.3	%		24.0	%		19.7	%		19.9	%		13.1	%		20.4	%		22.0	%		12.2	%		17.6	%		5.0	%		17.3	%		12.1	%
Segment - Experiences
Total Revenue	$	141.1		$	243.8		$	269.6		$	185.6		$	840.1		$	155.8		$	270.5		$	294.3		$	203.7		$	924.4		$	167.9		$	278.6		$	446.5
Less:
Cost of sales		15.5			25.0			26.5			13.4			80.4			17.1			27.5			29.1			19.6			93.3			20.0			27.5			47.4
Marketing		101.6			146.9			152.2			98.9			499.6			106.2			152.1			159.7			120.0			538.0			118.7			170.7			289.4
Personnel (3)		34.5			37.0			35.6			34.9			142.2			36.0			40.2			40.2			37.2			153.5			37.0			37.1			74.1
Technology		5.7			6.3			6.7			6.4			25.1			6.8			8.1			7.8			8.3			31.1			7.8			7.9			15.7
General and administrative		3.4			3.2			4.9			3.1			14.5			4.0			4.8			5.1			4.3			18.3			4.0			4.6			8.7
Adjusted EBITDA	$	(19.6	)	$	25.4		$	43.7		$	28.9		$	78.3		$	(14.3	)	$	37.8		$	52.4		$	14.3		$	90.2		$	(19.6	)	$	30.8		$	11.2
Growth % (y/y)																	(27	)%		49	%		20	%		(51	)%		15	%		37	%		(19	)%		(52	)%
Adjusted EBITDA Margin		(13.9	)%		10.4	%		16.2	%		15.6	%		9.3	%		(9.2	)%		14.0	%		17.8	%		7.0	%		9.8	%		(11.7	)%		11.1	%		2.5	%
Segment - Hotels and Other
Total Revenue	$	213.6		$	211.9		$	214.3		$	178.1		$	817.9		$	196.7		$	205.5		$	196.5		$	151.3		$	749.9		$	157.9		$	163.3		$	321.2
Less:
Cost of sales		6.5			8.4			8.6			9.3			32.7			4.9			9.0			7.1			8.3			29.4			7.0			5.5			12.6
Marketing		47.0			48.7			46.9			39.3			182.0			47.2			55.3			52.7			40.3			195.6			42.5			44.7			87.2
Personnel (3)		66.8			62.7			61.4			63.4			254.3			61.3			59.1			57.9			50.7			228.8			50.1			45.3			95.3
Technology		13.2			12.9			13.4			14.5			53.9			12.7			13.4			14.1			13.7			53.9			13.8			13.7			27.5
General and administrative		11.3			12.0			11.8			8.8			43.9			10.0			9.3			9.3			9.2			37.7			8.5			8.5			17.0
Adjusted EBITDA	$	68.8		$	67.2		$	72.2		$	42.8		$	251.1		$	60.6		$	59.4		$	55.4		$	29.1		$	204.5		$	36.0		$	45.6		$	81.6
Growth % (y/y)																	(12	)%		(12	)%		(23	)%		(32	)%		(19	)%		(41	)%		(23	)%		(32	)%
Adjusted EBITDA Margin		32.2	%		31.7	%		33.7	%		24.0	%		30.7	%		30.8	%		28.9	%		28.2	%		19.2	%		27.3	%		22.8	%		27.9	%		25.4	%
	2024															2025															2026
	Q1			Q2			Q3			Q4			FY*			Q1			Q2			Q3			Q4			FY*			Q1			Q2			YTD*
Reconciliation from GAAP Operating Expenses to Non-GAAP Operating Expenses from Continuing Operations:
GAAP Cost of sales	$	22.0		$	37.1		$	35.1		$	21.8		$	115.9		$	22.0		$	36.5		$	36.2		$	27.9		$	122.7		$	27.0		$	31.0		$	58.0
Subtract: Legal reserves, settlements and other (4)		-			3.7			-			(0.9	)		2.8			-			-			-			-			-			-			(2.0	)		(2.0	)
Non-GAAP Cost of sales	$	22.0		$	33.4		$	35.1		$	22.7		$	113.1		$	22.0		$	36.5		$	36.2		$	27.9		$	122.7		$	27.0		$	33.0		$	60.0
GAAP Personnel	$	125.9		$	130.2		$	125.4		$	123.2		$	504.8		$	122.5		$	125.5		$	123.8		$	107.6		$	479.2		$	105.6		$	99.2		$	204.7
Subtract: Stock-based compensation		24.6			30.5			28.4			24.9			108.3			25.2			26.2			25.7			19.7			96.9			18.5			16.8			35.3
Non-GAAP Personnel	$	101.3		$	99.7		$	97.0		$	98.3		$	396.5		$	97.3		$	99.3		$	98.1		$	87.9		$	382.3		$	87.1		$	82.4		$	169.4
% of revenue		28.6	%		21.9	%		20.0	%		27.0	%		23.9	%		27.6	%		20.9	%		20.0	%		24.8	%		22.8	%		26.7	%		18.6	%		22.1	%
GAAP General and administrative	$	26.0		$	17.4		$	17.6		$	15.5		$	76.3		$	14.0		$	9.5		$	14.4		$	13.6		$	51.5		$	11.2		$	14.5		$	25.7
Subtract: Legal reserves, settlements and other		10.0			-			-			4.4			14.4			-			(4.6	)		-			0.1			(4.5	)		0.2			1.1			1.3
Subtract: Transaction related expenses (5)		1.3			2.2			0.9			(0.8	)		3.5			-			-			-			-			-			3.3			0.3			3.5
Subtract: Non-recurring expenses (income) (6)		-			-			-			-			-			-			-			-			-			-			(4.8	)		-			(4.8	)
Non-GAAP General and administrative	$	14.7		$	15.2		$	16.7		$	11.9		$	58.4		$	14.0		$	14.1		$	14.4		$	13.5		$	56.0		$	12.5		$	13.1		$	25.7

12

(1)Adjusted EBITDA is a non-GAAP measure, and certain operating expenses used to calculate Adjusted EBITDA are also non-GAAP given they exclude GAAP expenses in some cases. Please refer to above for our definitions of non-GAAP operating expenses, as well as above for reconciliations to the most directly comparable GAAP measure.

(2)Refer to GAAP Operating Expenses to non-GAAP Operating Expenses reconciliations above.

(3)This amount is exclusive of stock-based compensation expense. Please refer above to our definition of Adjusted EBITDA, which is our segment measure under GAAP.

(4)During the second quarter of 2026, the Company realized a refund of $2.0 million, resulting from the repeal of enacted tax legislation in Canada during 2026 related to digital service taxes, which required retrospective application back to January 1, 2022 through April 1, 2024, when the legislation was originally enacted.

(5)The Company expensed certain costs related to shareholder activism of $3.3 million during the first quarter of 2026, to general and administrative expenses on our unaudited condensed consolidated statements of operations.

(6)During the first quarter of 2026, the Company recovered $4.8 million related to an external fraud incident, which occurred during the fourth quarter of 2022. The Company has reduced Adjusted EBITDA by this recovery amount during the first quarter of 2026, which was recorded to general and administrative expenses on the unaudited condensed consolidated statement of operations. The Company considers such recovery to be non-recurring in nature.

* Full-year totals reflect data as reported and may differ from the summation of the quarterly data on this table due to rounding.

Operating Metrics

We review a number of metrics, including, but not limited to, monthly active users, hotel shoppers, cost-per-click, gross booking value (“GBV”), and number of experience bookings, both defined below, seated diners, dining bookings, and other metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. We make certain metrics available to investors as we believe they are useful to investors both because they allow for greater transparency with respect to metrics used by management in its financial and operational decision-making, and because they may be used by investors to help analyze the health of our business.

While these numbers are based on what we believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring usage and user engagement across our large user base around the world. For example, a single user may have multiple member accounts or browse the internet on multiple browsers or devices, some users may restrict our ability to accurately identify them across visits, and we are not always able to capture user information on all of our platforms. As such, the calculations of our unique users may not accurately reflect the actual number of people or organizations using our platform. Our metrics are also affected by applications that automatically contact our servers for regular updates with no discernible user action involved, and this activity can cause our system to count the users associated with such applications as active users on the day or days such contact occurs. As such, the calculation of some of the metrics presented may be affected as a result of this activity, or other reasons. We regularly review our processes and may adjust how we calculate our internal metrics to improve their accuracy.

Definitions

Variable costs consist of cost of sales and marketing expenses.

Fixed costs consist of personnel, technology, and general and administrative expenses, not including stock-based compensation, depreciation, amortization, restructuring and other related reorganization costs, legal reserves, settlements and other, transaction related expenses, non-recurring expenses and income, interest expense, or income taxes.

We use the operating metrics described below to assist us in measuring our operations performance, identifying trends, formulating projections and making strategic decisions for our Experiences segment. We are not aware of any uniform standards for calculating these metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way. Management believes it is useful to monitor these metrics together and not individually as it does not make business decisions based upon any single metric. We regularly review our processes and may adjust how we calculate these metrics to improve their accuracy. None of these metrics should be considered as an alternative to any measure of financial performance calculated in accordance with GAAP.

GBV represents the total dollar value of experience bookings in a given period prior to any adjustments such as date changes, refunds or cancellations. GBV is an operational measure that provides an indication of total engagement and economic activity driven by our platform in a given period by all marketplace constituents (travelers, experience operators, and partners). Management uses GBV for operational decision-making purposes to monitor the growth, scale, and reach of its online marketplace as well as assess the health of its global ecosystem. Accordingly, management does not consider GBV to be an indicator of revenue or any other financial statement measure.

13

We define an “experience booking” as a single tour, activity, or attraction that can be purchased through Viator's platform for one or several travelers, prior to adjustments such as date changes, refunds, or cancellations. This metric is reported at the time the booking is made. As an example, a single experience booked in January for three travelers would be reported as one experience booking in the first quarter. We believe that the number of experience bookings, an operational measure, is a useful indicator of the scale of our marketplace.

Safe Harbor Statement

Statements in this press release, as well as statements by our executive officers, regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to Tripadvisor’s future financial performance on both a GAAP and non-GAAP basis, and Tripadvisor’s prospects as a comprehensive destination for hotels, experiences, and restaurants, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “would,” “opportunity,” “goal,” “objective” or similar terms, variations of such terms or the negative of those terms. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements with respect to our experiences-led strategy, growth objectives, AI-led initiatives, business and market trends, the pending sale of TheFork, including the timing and completion of the transaction, and our financial outlook and statements regarding management’s plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including, but not limited to, our ability to execute and achieve the expected benefits from our strategic focus on experiences; our ability to complete the pending sale of TheFork, including the satisfaction of closing conditions (such as obtaining required regulatory and antitrust clearance); unexpected complexities or costs relating to segregating shared systems and operations; other potential unforeseen costs or tax consequences related to the divestiture; our ability to leverage the Company's data to capitalize on AI-led opportunities; our ability to respond to market trends and technological changes; and those risks, uncertainties and factors detailed in Tripadvisor’s filings with the SEC. As a result of such risks, uncertainties and factors, Tripadvisor’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Tripadvisor is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Tripadvisor, Inc.

The Tripadvisor Group connects people to experiences worth sharing, and aims to be the world’s most trusted source for travel and experiences. We leverage our brands, technology, and capabilities to connect our global audience with partners through rich content, travel guidance, and two-sided marketplaces for experiences, restaurants, and other travel categories such as hotels. The subsidiaries of Tripadvisor, Inc. (Nasdaq: TRIP), include a portfolio of travel brands and businesses, including Tripadvisor, Viator, and TheFork.

Contacts:

Investors

ir@tripadvisor.com

Media

northamericapr@tripadvisor.com

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