TripAdvisor(US:TRIP)2025-11-06 13:30Financial Performance & Strategic Shift - Tripadvisor's LTM 3Q25 revenue mix shows Experiences contributing $906 million with 11% year-over-year growth, Hotels & Other contributing $899 million with a 7% year-over-year decline, and TheFork contributing $212 million with 24% year-over-year growth[10] - LTM 3Q25 Adjusted EBITDA margins were 9% for Experiences ($84 million), 27% for Hotels & Other ($242 million), and 9% for TheFork ($19 million)[10] - The company is undergoing an operating model reset, focusing on Experiences-led strategy and aiming for at least $85 million in annualized gross cost savings, largely delivered throughout 2026 and fully realized in 2027[13] - In Q3 2025, Tripadvisor's revenue was $294 million, a 9% increase, with an Adjusted EBITDA of $50 million, representing 17% of revenue[23] Segment Highlights - Viator's booked experiences grew by 18% in Q3 2025[23] - Brand Tripadvisor's revenue declined by 8% to $235 million, with an Adjusted EBITDA of $59 million, representing 25% of revenue in Q3 2025[23] - TheFork's revenue grew by 28% (20% in constant currency) to $63 million, with an Adjusted EBITDA of $14 million, representing 22% of revenue in Q3 2025[23] Business Focus & Market Position - Viator has over 400,000 bookable experiences, approximately 4 times more than its closest competitor, and works with over 65,000 operators[47] - Brand Tripadvisor has approximately 300 million monthly unique users and over 100 million active members, with over 1 billion reviews and opinions across 43 global markets[59] - TheFork operates in 11 countries with over 55,000 bookable restaurants, with over 20 million ratings, reviews, and photos, and 75%+ bookings via mobile app and from repeat diners[69] Liquidity - The company's liquidity position as of September 30, 2025, was $1.714 billion[31, 32]