# Tripadvisor, Inc. (TRIP)

> Source: Nexqual · https://nexqual.com/TRIP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tripadvisor, Inc. (TRIP), nexqual.com/TRIP" · informational, not investment advice.

**Price:** USD 9.67 (+2.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.44 · day 9.35–9.72 · 52w 8.02–17.53 · market cap $1.13B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.79B, net income $5.0M (0.3% margin), free cash flow $133M (SEC filings).
- Valuation: P/E 225.0x (avg 262.6x at the last 3 fiscal year-ends), EV/EBITDA 7.9x, net cash $18.8M.
- Earnings quality: non-operating income -$34.1M vs operating income $48.6M over the last four quarters; P/E excluding non-operating income ≈41.4x (estimate: non-operating income taxed at the company's 35% effective rate).
- 2 of 80 tracked superinvestors hold TRIP (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $293K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (16 analysts), mean target USD 13.21 (range 8–21).
- Total return with dividends: 1Y -39.9% vs S&P 500 +14.9%; 5Y -71.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.45, revenue estimate $452M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $902M | $1.49B | $1.79B | $1.83B | $1.89B | $1.79B |
| Gross profit | — | $1.41B | $1.67B | $1.71B | $1.75B | — |
| Operating income | -$131M | $101M | $126M | $92.0M | $80.0M | $48.6M |
| Net income | -$148M | $20.0M | $10.0M | $5.0M | $40.0M | $5.0M |
| EPS (diluted) | -$1.08 | $0.14 | $0.08 | $0.04 | $0.31 | — |
| Free cash flow | $54.0M | $344M | $172M | $70.0M | $163M | $133M |
| Gross margin | — | 94.8% | 93.3% | 93.0% | 92.3% | — |
| Operating margin | -14.5% | 6.8% | 7.0% | 5.0% | 4.2% | 2.7% |
| Net margin | -16.4% | 1.3% | 0.6% | 0.3% | 2.1% | 0.3% |
| Revenue growth | +49.3% | +65.4% | +19.8% | +2.6% | +3.1% | — |
| Cash + short-term investments | $723M | $1.02B | $1.07B | $1.06B | $978M | — |
| Total debt | $833M | $836M | $839M | $836M | $1.17B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 225.0x · P/E ex non-operating (est.) ≈41.4x · P/S 0.6x · EV/EBITDA 7.9x · EV/Sales 0.6x · P/FCF 8.5x · P/B 1.7x · FCF yield 11.80% · Earnings yield 0.44% · Net cash $18.8M · EV $1.11B
P/E at fiscal year-ends: Dec 2025 47.7x, Dec 2024 428.4x, Dec 2023 311.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold TRIP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 1.62% | $31.0M | Reduced -50.9% |
| David Einhorn | Greenlight Capital | 0.83% | $32.4M | Added +51.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Ambeskovic Almir | CEO, TheFork | 8,000 | $76K | 20.8% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-16 | Dalton Kristen Ann | Chief Strategy & Ops Officer | 7,908 | $119K | 6.3% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Ambeskovic Almir | CEO, TheFork | 8,000 | $98K | 18.9% | Yes (adopted December 2, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 16 analysts; mean target USD 13.21 (low 8, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Cantor Fitzgerald | Target lowered | Underweight | $9 → $8 |
| 2026-08-11 | UBS | Target lowered | Neutral | $15 → $12 |
| 2026-08-10 | B. Riley Securities | Target lowered | Neutral | $13 → $12.5 |
| 2026-08-07 | JP Morgan | Target lowered | Underweight | $11 → $10 |
| 2026-08-07 | Cantor Fitzgerald | Target lowered | Underweight | $10 → $9 |
| 2026-07-30 | UBS | Target raised | Neutral | $13.7 → $15 |
| 2026-07-21 | BTIG | Downgrade | Buy → Neutral |  |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -39.9% | -71.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -40.0% | -22.2% |
| Volatility (annualized) | 57.3% | 51.9% |
| Max drawdown | -51.9% (Oct 2025→Sep 2026) | -76.0% (Nov 2021→Sep 2026) |

## Peers (Travel Services)
PRSU (Pursuit Attractions and Hospita) USD 56.29 +0.48% · LIND (Lindblad Expeditions Holdings I) USD 35.25 -2.60% · TNL (Travel   Leisure Co.) USD 67.32 +0.21% · MMYT (MakeMyTrip Limited) USD 45.34 +2.35% · NCLH (Norwegian Cruise Line Holdings ) USD 15.54 -0.32% · TCOM (Trip.com Group Limited) USD 39.57 +0.66%

## More
Full page: https://nexqual.com/TRIP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TRIP's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/1526520/000119312526051281/trip-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "It is possible that our customers and potential customers would hold us accountable for any breach of security affecting the AWS infrastructure and we may incur significant liability from those customers and from third p…" |
| Partner | Expedia (EXPE) | "For the years ended December 31, 2025 and 2024, Booking (and its subsidiaries) accounted for 10% or more of our consolidated revenue, and together with Expedia (and its subsidiaries), our two most significant travel part…" |
| Partner | Alphabet (Google) (GOOGL) | "We believe we have been particularly successful with the strategic use of a number of cost effective online and offline marketing channels to reach travelers and diners, including our own platform channels (i.e., website…" |
| Related party | Liberty TripAdvisor Holdings | "We considered LTRIP a related party through April 29, 2025, the Merger Date, for all periods presented." |

## Company outlook (8-K filed 2026-08-06)

- "The sale of TheFork is expected to be completed by the end of 2026."
- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.45 | $0.78 | -41.7% | $452.2M | 12 |
| Next quarter (ends 2026-12-31) | $0.14 | $0.28 | -48.1% | $340.2M | 12 |
| Current fiscal year (ends 2026-12-31) | $0.84 | $1.31 | -36.4% | $1.57B | 12 |
| Next fiscal year (ends 2027-12-31) | $1.07 | $1.59 | -32.7% | $1.63B | 12 |