TripAdvisor, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TripAdvisor, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,480	1,556	1,615	1,560	604	902	1,492	1,788	1,835	1,891
Cost of revenue		72	86	94	55	74	78	119	128	145
Gross profit		1,484	1,529	1,466	549	828	1,414	1,669	1,707	1,746
Selling and marketing	756	849	778	672	316	469	784	940
General and administrative	143	157	177	187	173	167	74	79	91	68
Operating income	166	124	183	187	-329	-131	101	126	92	80
Interest expense	12	15	12	7	35	45	44	44	46	63
Interest income		1	7	17	3	1	15	47	48	40
Other non-operating income	-15	-14	-10	7	-40	-54	-34	-1	-5	-35
Pre-tax income	151	110	173	194	-369	-185	67	125	87	45
Income tax	31	129	60	68	-80	-37	47	115	82	5
Net income	120	-19	113	126	-289	-148	20	10	5	40
EBITDA	235	203	299	313	-204	-20	198	213	177	172
EPS, basic	0.83	-0.14	0.82	0.91	-2.14	-1.08	0.14	0.07	0.04	0.32
EPS, diluted	0.82	-0.14	0.81	0.89	-2.14	-1.08	0.14	0.08	0.04	0.31
Shares, basic (weighted)	145	140	138	139	135	137	140	139	139	125
Shares, diluted (weighted)	147	140	140	141	135	137	146	145	145	131
Dividend per share	0.00	0.00	0.00	3.50	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	612	673	655	319	418	723	1,021	1,067	1,064	978
Short-term investments	118	35	15	0	0	0	0	0	0	0
Receivables	189	230	205	176	70	105	205	192	207	175
Other current assets	31	25	33	27	22	26	44	38	49	40.8
Total current assets	950	993	915	533	573	940	1,270	1,297	1,320	1,291
Property, plant and equipment	260	263	253	270	240	215	194	191	200	164
Lease right-of-use assets				74	54	42	27	15	17	31.2
Goodwill	736	758	756	840	862	843	822	829	814	724
Intangible assets	167	142	118	110	86	65	51	43	36	33
Long-term investments	16	27		0	0	0	0	0	0	0
Other non-current assets	67	73	86	95	104	94	93	44	43	34.4
Total assets	2,238	2,272	2,167	1,984	1,969	2,289	2,569	2,537	2,561	2,625
Accounts payable	14	8	15	11	18	27	39	28	49	16.3
Accrued liabilities	127	148	151	203	160	231	247	252	249	200
Deferred revenue	64	60	63	62	28	36	44	49	47	53.3
Short-term debt	80	7						0	5	353
Total current liabilities	423	372	393	435	242	357	533	572	628	998
Long-term debt	91	230			491	833	836	839	831	819
Lease liabilities				64	46	29	15	6	11	27.4
Other non-current liabilities	210	293	282	238	223	215	265	197	104	95.8
Total liabilities	736	909	696	823	1,083	1,500	1,708	1,666	1,618	1,981
Total debt	91	230			491	833	836	839	831	819
Paid-in capital	831	926	1,037	1,150	1,253	1,326	1,404	1,493	1,605	460
Retained earnings	945	926	1,043	681	389	241	261	271	276	317
Treasury stock	-197	-447	-547	-607	-722	-722	-722	-822	-847	-90.2
Other comprehensive income	-77	-42	-62	-63	-34	-56	-82	-71	-91	-41.9
Shareholders' equity	1,502	1,363	1,471	1,161	886	789	861	871	943	645
Total equity	1,502	1,363	1,471	1,161	886	789	861	871	943	645
Total liabilities and equity	2,238	2,272	2,167	1,984	1,969	2,289	2,569	2,537	2,561	2,625
Shares outstanding	131	126	125	125	122	126	128	125	127	114

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	120	-19	113	126	-289	-148	20	10	5	40
Depreciation and amortization	69	79	116	126	125	111	97	87	85	92
Stock-based compensation	85	96	118	124	109	120	88	96	120	108
Deferred income tax	-20	29	-6	6	-1	-44	-19	-25	-14	-2
Cash from operations	321	238	405	424	-194	108	400	235	144	245
Capital expenditures	-72	-64	-61	-83	-55	-54	-56	-63	-74	-82
Acquisitions	-43		-24	-110	-4	0	0
Purchases of investments	-166	-63	-16	-133
Sales and maturities of investments	32	28	5	70
Cash from investing	-163	6	-49	-176	-56	-54	-52	-63	-73	-84
Debt issued					500
Debt repaid							0	0	-500	0
Share buybacks	-105	-250	-100	-60	-115	0	0	-100	-25	-90
Dividends paid				-488
Cash from financing	-143	-200	-358	-580	341	263	-27	-127	-63	-197
Exchange rate effect	-17	17	-16	-4	8	-12	-23	1	-11	7
Net change in cash	-2	61	-18	-336	99	305	298	46	-3	-29
Free cash flow	249	174	344	341	-249	54	344	172	70	163
Interest paid	10	13	8	6	13	43	40	39	58	59
Income taxes paid	29	62	53	47	3	5	-40	140	170	29

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.41 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	92.3%	Gross profit / revenue.
Operating margin	2.7%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.8%	Pre-tax income / revenue.
Net margin	0.3%	Net income / revenue.
FCF margin	7.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.0%	Cash from operations / revenue.
Effective tax rate	62.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.2%	Net income / average total assets.
Return on invested capital (ROIC)	6.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	4.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	4.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-13.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	700.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	26.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	675.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	30.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	70.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-15.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	132.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-22.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-31.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-9.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.56x	Current assets / current liabilities.
Quick ratio	1.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.94x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.2%	Total debt / total assets.
Liabilities / assets	73.8%	Total liabilities / total assets.
Net debt	-$27.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.19x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.79x	Operating income / interest expense.
Working capital	$504.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$93.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	12.0x	Revenue / average property, plant and equipment.
Receivables turnover	7.96x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
Days payables	194 days	365 x average accounts payable / cost of revenue.
FCF conversion	2,656.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.62	Revenue / diluted weighted shares.
FCF per share	$1.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.72	Cash from operations / diluted weighted shares.
Book value per share	$5.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.80	Tangible book value / shares outstanding.
Cash per share	$7.20	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$985.6M	Share price x shares outstanding.
Enterprise value	$958.3M	Market cap + total debt - cash - short-term investments.
P/E	197x	Market cap / net income. Only when net income is positive.
P/S	0.54x	Market cap / revenue.
P/B	1.49x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.42x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.86x	Market cap / cash from operations, when positive.
EV/Sales	0.52x	Enterprise value / revenue.
EV/EBIT	19.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.78x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.22x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.5%	Free cash flow / market cap.
Earnings yield	0.5%	Net income / market cap (the inverse of P/E).
PEG	6.50x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was TripAdvisor, Inc.'s revenue in fiscal 2025?

TripAdvisor, Inc. reported revenue of $1.89B for fiscal 2025, 3.1% higher than the year before.

Was TripAdvisor, Inc. profitable in fiscal 2025?

Yes. Net income was $40.0M, a net margin of 2.1%.

How much free cash flow did TripAdvisor, Inc. generate in fiscal 2025?

Cash from operations of $245.0M minus capital expenditures of $82.0M left free cash flow of $163.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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