The Q2 miss and decelerating Experiences growth are negative, but the $700M TheFork sale is a transformative catalyst that will reshape the company. Traders should watch for updates on the TheFork deal closing and any capital allocation plans (buybacks, debt paydown, or M&A) from the proceeds. The stock may trade on the sum-of-the-parts thesis rather than the weak quarterly results.
Price Chart
Executive Summary
TripAdvisor reported Q2 2026 revenue of $441.9M (-7% YoY) and GAAP EPS of $0.19, missing consensus estimates of $0.38 EPS and $504.3M revenue. The core Hotels segment continued its steep decline (-21% YoY), while Experiences growth slowed to 3%. The pending $700M sale of TheFork to American Express is the key catalyst, reshaping the company around Experiences and providing significant cash for capital allocation, but the underlying business trends remain weak.
Key Financial Metrics
Key Facts
- Revenue of $441.9M declined 7% YoY, missing the $504.3M consensus.
- GAAP diluted EPS from continuing ops was $0.19, well below the $0.38 consensus estimate.
- Experiences segment revenue grew only 3% YoY to $278.6M, a sharp deceleration from 8% in Q1.
- Hotels and Other segment revenue fell 21% YoY to $163.3M, with Hotels revenue down 23%.
- Adjusted EBITDA from continuing ops was $76.4M (17.3% margin), down 21% YoY from $97.2M.
- TheFork is classified as discontinued operations pending its $700M sale to American Express, expected to close by end of 2026.
- Company fully repaid $345.4M of 2026 Senior Notes on April 1, 2026, reducing debt.
- Operating cash flow from continuing ops was $141.2M, down 31% YoY from $203.7M.
Financial Impact
Revenue miss of ~$62M vs consensus; GAAP EPS miss of $0.19 vs $0.38 consensus; Adjusted EBITDA down 21% YoY to $76.4M
Risk Factors
- TheFork sale fails to close or is delayed beyond 2026.
- Experiences growth continues to decelerate, signaling market share loss or demand normalization.
- Hotels segment decline accelerates, pressuring overall profitability.
- Proceeds from TheFork sale are deployed poorly (e.g., value-destructive M&A).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-336666 |
| Document: trip-20260806.htm | 0001193125-26-336666 |
| Document: 0001193125-26-336666-index-headers.html | 0001193125-26-336666 |
| Document: 0001193125-26-336666-index.html | 0001193125-26-336666 |
| Document: 0001193125-26-336666.txt | 0001193125-26-336666 |
| 8-K Data (Synthetic) | 0001193125-26-336666 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | 8-K | $10.42 $9.29 | ▼ −10.84% | ▼ −11.44% | $8.50 (−18.43%) |
Aug 3, 2026 8w ago | 8-K | $14.33 $9.46 | ▼ −33.98% | ▼ −32.75% | $8.50 (−40.68%) |
Jun 15, 2026 15w ago | 8-K | $12.56 $14.40 | ▲ +14.65% | ▲ +15.40% | $8.50 (−32.32%) |
Apr 6, 2026 25w ago | 8-K | $10.75 $11.33 | ▲ +5.40% | ▼ −4.39% | $8.50 (−20.93%) |
Apr 2, 2026 26w ago | 8-K | $10.85 $11.13 | ▲ +2.58% | ▼ −7.30% | $8.50 (−21.66%) |
Mar 27, 2026 26w ago | 3 | $10.39 $10.86 | ▲ +4.52% | ▼ −8.07% | $8.50 (−18.19%) |
US Market Status
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