TripAdvisor, Inc. (TRIP)

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AI: Undervalued

Price checkThe sale value and cash yield outweigh serious operating weakness at the latest close.

At the August 14 close of $10.74, 117.1 million shares imply a $1.26 billion market value. Cash generated over the last four quarters was about $132.8 million after $203.0 million from operations and $70.2 million of investment spending; that is cash left after running and reinvesting in the business. The price is 9.5 times that cash, a 10.6% cash yield. If the $700 million TheFork sale closes, market value plus debt minus cash and sale proceeds falls to roughly $539 million. That assumes near-full proceeds, supporting Undervalued.

Big pictureCash remains positive, but shrinking hotel economics make recent improvement less dependable.

Full-year 2025 revenue grew only 3% to $1.89 billion, while operating income fell 13% to $80 million. Free cash flow improved to $163 million from $70 million, but ranged from $54 million to $344 million during 2021–2025, so it is not smooth. Over the latest four quarters, net income was only about $5 million and free cash flow was $132.8 million. Second-quarter 2026 revenue fell 7% to $441.9 million and operating income fell 35% to $37.8 million. The first-quarter loss shows that travel seasonality concentrates profits around summer.

Business strengthLiquidity is sound, while stock awards and uneven buybacks weaken shareholder gains.

At June 30, cash of $843.2 million slightly exceeded $824.4 million of debt, while $1.40 billion of current assets covered $898.9 million of near-term liabilities. This limits financing risk before the sale. Allocation is mixed: Tripadvisor spent $90 million on repurchases during 2025 but recorded $108 million of share-based pay. Shares fell 10% during 2025 mainly because the Liberty transaction retired shares, then rose 2.3% to 117.1 million by June. Last-four-quarter stock pay of $91.8 million equaled 69% of free cash flow, weakening owners’ underlying benefit.

What could change the storyTheFork proceeds can unlock value, but only if Experiences growth offsets hotel decline.

The strongest bull case is that Tripadvisor converts TheFork’s $28 million of last-twelve-month adjusted operating cash earnings into about $700 million, then uses the proceeds for debt reduction or repurchases while Experiences resumes 2025’s 16% booking growth. The bear case is that Hotels and Other keeps shrinking and Experiences cannot replace its profit, leaving net income near the latest four-quarter total of $5 million. Watch the sale’s expected year-end closing, actual cash allocation and Experiences bookings. Failure to close, heavy reinvestment or two more quarters of falling continuing revenue would weaken the valuation case.

$10.74 price considered

AI: News

Second-quarter slowdownRevenue and profit fell, challenging hopes that Experiences can quickly replace shrinking hotel income.

On August 6, the supplied SEC-derived figures showed second-quarter revenue of $441.9 million, down 7% from $476 million, while operating income fell to $37.8 million from $57.9 million. First-half net income was a $10 million loss after the seasonally weak first quarter. By August 14, the shares had lost 26.4% over one month. The timing makes the report a plausible contributor, but does not prove it caused the entire decline. Continued weakness would reduce the cash available for reinvestment and repurchases.

TheFork sale agreementThe cash sale could reshape the balance sheet and fund meaningful debt reduction or share repurchases.

On June 15, Tripadvisor announced a proposed $700 million cash sale of TheFork to American Express, with closing expected before year-end subject to approvals. TheFork had produced $232 million of trailing revenue and $28 million of adjusted operating cash earnings; Tripadvisor expects minimal tax cost. Reuters reported that the shares rose 7% in morning trading. The deal crystallizes a high price for a relatively small profit contributor, but value ultimately depends on closing and whether management returns the proceeds or reinvests them productively.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.89B	$1.83B	$1.79B	$1.49B	$902.0M	$604.0M	$1.56B	$1.61B	$1.56B	$1.48B	$1.49B	$1.25B	$945.0M	$763.0M	$637.1M	$484.6M	$352.1M
Operating income	$80.0M	$92.0M	$126.0M	$101.0M	−$131.0M	−$329.0M	$187.0M	$183.0M	$124.0M	$166.0M	$232.0M	$340.0M	$294.0M	$296.0M	$272.8M	$226.3M	$168.2M
EBITDAderived	$172.0M	$177.0M	$213.0M	$198.0M	−$20.0M	−$204.0M	$313.0M	$299.0M	$235.0M	$267.0M	$325.0M	$405.0M	$330.0M	$322.0M	$298.6M	$253.8M	$191.3M
Net income	$40.0M	$5.0M	$10.0M	$20.0M	−$148.0M	−$289.0M	$126.0M	$113.0M	−$19.0M	$120.0M	$198.0M	$226.0M	$205.0M	$194.0M	$177.7M	$138.8M	$102.4M
Basic EPSper diluted share	$0.32	$0.04	$0.07	$0.14	-$1.08	-$2.14	$0.91	$0.82	-$0.14	$0.83	$1.38	$1.58	$1.44	$1.39	$1.33	$1.04	$0.77
Diluted EPSper diluted share	$0.31	$0.04	$0.08	$0.14	-$1.08	-$2.14	$0.89	$0.81	-$0.14	$0.82	$1.36	$1.55	$1.41	$1.37	$1.32	$1.04	$0.77

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$325.90M disclosed value

Sells (SEC code S)8$983.6K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 2, 2026Form 4 · 10b5-1	Ambeskovic AlmirCEO, TheFork	SellCommon Stock	8.0K	$12.30	$98.4K	34.4K
Mar 2, 2026Form 4	Ambeskovic AlmirCEO, TheFork	SellCommon Stock	8.0K	$9.67	$77.4K	37.6K
Dec 10, 2025Form 4	Dalton Kristen AnnPresident, Brand Tripadvisor	SellCommon Stock	18.0K	$14.98	$269.6K	84.2K
Nov 17, 2025Form 4	Ambeskovic AlmirCEO, TheFork	SellCommon Stock	2.1K	$14.71	$30.8K	20.9K
Sep 19, 2025Form 4 · 10b5-1	Kalvert Seth JChief Legal Officer & Sec.	SellCommon Stock	10.9K	$20.04	$218.0K	136.9K

Review ownership filings at SEC.gov ↗

TripAdvisor, Inc. (TRIP)

Financial charts

Financial statements

Insider buys & sells