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Tripadvisor connects travelers with tour and activity operators through Viator and its Tripadvisor platform. It handles bookings and payments, generally collects travelers’ money before an activity, and pays operators afterward while retaining a commission on completed transactions. Its TheFork platform lets diners find and reserve restaurants in Europe; restaurants pay fees for diners who complete their reservations and subscriptions for reservation-management software. Together, these experiences and dining marketplaces generate most of the company’s revenue.
Tripadvisor also helps travelers research hotels and compare offers, directing them to hotels and online travel agencies that pay mainly for clicks or customer acquisitions. It also sells display advertising. Booking and Expedia supply a substantial share of company revenue, almost entirely through this hotel-focused advertising business.
The business depends on attracting travelers, turning visits into bookings or valuable advertising traffic, and third-party operators delivering the experiences. Google and other search engines are important sources of visitors. In the UK and EU, Tripadvisor must maintain payment institution licenses to process experiences payments; losing a license would effectively shut down its experiences marketplace in that market.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Tripadvisor increasingly depends on experiences booking growth, making GetYourGuide and Klook important rivals to watch beyond this list.
Booking competes for Tripadvisor’s hotel shoppers but also pays Tripadvisor to send travelers to its accommodation-booking services. Booking and its subsidiaries supplied at least 10% of Tripadvisor’s total revenue in each of 2025 and 2024, making their spending on traveler referrals important to its hotel advertising business.
Expedia competes with Tripadvisor for hotel and activity bookings while paying it for hotel traveler referrals. Expedia collects travelers’ booking payments or earns fees for passing reservations to suppliers; its spending on hotel referrals is the direct connection to Tripadvisor’s advertising revenue.
trivago N.V. competes with Tripadvisor for hotel-comparison users and for payments from advertisers when it sends those users to booking sites. Its referral revenue from Booking and Expedia is worth watching: those groups supplied 40% and 34%, respectively, in 2025 and are also major Tripadvisor customers.
Airbnb competes with Tripadvisor’s Viator for travelers booking tours and activities, where Tripadvisor earns commissions on completed bookings. Airbnb connects guests with hosts offering stays, experiences and services; its redesigned experiences, launched in May 2025, are the offering to watch for this rivalry.
Google both supplies Tripadvisor with search visitors and competes for travelers and advertisers through hotel comparison, activities and trip-planning products, earning revenue from advertisers. Watch its search placement and AI overviews: Tripadvisor says Google’s promotion of its own products has hurt incoming search traffic and expects AI summaries that displace links to keep pressuring Hotels and Other.
Trip.com Group competes for the travelers who use Tripadvisor to compare hotels and book experiences, selling accommodation reservations and destination activities to leisure and business travelers. Those two offerings overlap with Tripadvisor’s hotel advertising and commission-earning experiences businesses.
YELP INC. competes with Tripadvisor for people using consumer reviews to find restaurants and for local businesses’ advertising spending. Its restaurant-discovery audience is the relevant overlap—not all of Yelp’s advertising revenue, which spans a broad range of local businesses.
Travelzoo competes with Tripadvisor for travel shoppers and suppliers’ spending on advertising, referrals and hotel transactions. Travel companies pay Travelzoo to publish offers, and it earns revenue from vouchers and hotel bookings; those advertising and commerce revenues are the relevant comparison with Tripadvisor, rather than membership fees.
Alphabet Inc. earningsGOOG
Alphabet’s report will show whether Google’s travel products and AI summaries keep travelers on Google, squeezing the search traffic Tripadvisor’s Hotels and Other business relies on.
Watch whether Google’s travel products and AI summaries keep users from clicking through to travel sites. If travelers still reach Tripadvisor from Google, Hotels and Other can continue using search visits to attract advertisers; if more travelers compare options or plan trips on Google itself, the audience Tripadvisor can sell to advertisers comes under pressure.
Fed Interest Rate Decision
For Tripadvisor, the Fed’s decision signals how borrowing rates may move; if it lifts SOFR, the benchmark rate on Tripadvisor’s Term Loan B, interest costs rise and leave less cash for the business.
Expected4.0%Last release4.0%
If it comes in above expectations
A higher-than-expected policy rate could lift SOFR and Tripadvisor’s Term Loan B interest costs, leaving less cash for its experiences and dining marketplaces and hotel platform.
If it comes in below expectations
A lower-than-expected policy rate could ease SOFR and Tripadvisor’s Term Loan B interest costs, leaving more cash for its experiences and dining marketplaces and hotel platform.
Booking Holdings Inc. earningsBKNG
Booking Holdings’ report will show whether it keeps paying Tripadvisor for hotel referrals while drawing those same shoppers to its own booking service.
Compare Booking’s spending to acquire hotel bookings with the hotel advertising and referral revenue Tripadvisor earns in Hotels and Other. Continued payments for referrals would show Tripadvisor is still earning from this major customer; cuts to that spending would mean less customer revenue while Booking remains a rival for the same hotel shoppers.
TripAdvisor, Inc. earningsThis company
Tripadvisor’s report will show whether growth in Experiences and TheFork can offset declines in Hotels and Other and improve profit.
Read revenue and adjusted EBITDA—the company’s non-GAAP measure of segment performance—for all three segments together. Growth and stronger profit contribution from Experiences and TheFork, alongside stabilizing Hotels and Other revenue, would show the newer businesses are expanding as pressure on the legacy business eases. If Hotels and Other keeps shrinking, or marketplace growth does not translate into profit, the newer businesses are not yet making up for the old business’s losses.
Airbnb, Inc. earningsABNB
Airbnb’s report will show whether its redesigned experiences are attracting travelers and competing with Tripadvisor’s Viator for activity bookings.
Watch Airbnb’s experience bookings or revenue and compare their direction with Viator’s experience bookings and related revenue. Faster growth in Airbnb experiences would show travelers have a stronger alternative, making it harder for Viator to win bookings and commissions; little growth in Airbnb experiences would mean less pressure from this competitor.
YELP INC. earningsYELP
Yelp’s report will show whether its restaurant-discovery audience and local-business ads are competing for diners and restaurant ad budgets that overlap with Tripadvisor and TheFork.
Look at Yelp’s restaurant-related user activity and advertising, not all of its local-business ad revenue. Growth in restaurant discovery and restaurant ads would point to stronger competition for diners and ad budgets; weakness in both would suggest less competitive pressure on Tripadvisor’s restaurant guidance business and TheFork.
