TripAdvisor Q2 Revenue Drops 7% as TheFork Sale to AmEx for $700M Moves to Discontinued Operations
TRIP sits 39% above its 52-week low of $9.01.
Summary
TripAdvisor's Q2 2026 revenue fell 7% to $441.9M as Hotels and Other declined 21%, while Experiences grew only 3%. The $700M sale of TheFork to American Express is now a discontinued operation. The company repaid $345M in convertible notes, ending with $843M in cash.
Key Events · Earnings and Guidance · TRIP
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Revenue Declines 7%
Total revenue fell to $441.9M from $476.0M a year ago, driven by a 21% drop in Hotels and Other to $163.3M. Experiences grew only 3% to $278.6M, impacted by macro headwinds.
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TheFork Sale Reclassified as Discontinued Ops
The pending $700M cash sale of TheFork to American Express is now a discontinued operation. The put option was exercised on August 1, 2026, with closing expected by year-end.
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2026 Senior Notes Repaid
The company repaid the $345M 0.25% convertible notes at maturity on April 1, 2026, using cash on hand. Cash and equivalents fell to $843.2M from $978.0M at year-end 2025.
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Restructuring Costs Continue
Restructuring and reorganization costs were $3.9M in Q2 and $6.9M for the first half, primarily in Hotels and Other, as the company realigns its operating model.
Analysis · TRIP · Technology
A deepening slide in the core Hotels and Other segment—revenue down 21% year-over-year—dragged total revenue 7% lower, overshadowing a modest 3% gain in Experiences that was itself pressured by macro headwinds. The company repaid its $345 million convertible notes, which reduced cash to $843 million, while the pending $700 million sale of TheFork to American Express has been reclassified as a discontinued operation, fundamentally reshaping the financial profile. Ongoing restructuring charges underscore a continued push to cut costs. With legacy revenue deteriorating, the strategic Experiences segment growing only slightly, and a major divestiture underway, this update marks a pivotal moment in the company's transformation.
At the time of this filing, TRIP was trading at $12.50 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $9.01 to $20.16. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.