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Travelers use trivago N.V. to compare accommodation offers, then usually click through to an online travel agency or hotel website to book. Those advertisers pay mainly for each click that sends them a potential customer; some instead pay a share of the booking amount when a referral leads to a completed booking. Advertiser bids help determine how prominently offers appear, alongside price and relevance to the traveler’s search. Nearly all revenue comes from these referrals. Select offers can also be booked directly through trivago DEALS, but this remains a small revenue source.
Online travel agencies provide most referral revenue. The business is heavily concentrated in Booking Holdings brands, including Booking.com and Agoda, and Expedia Group brands, including Expedia and Hotels.com. Expedia Group is also trivago’s controlling shareholder. These advertisers adjust their bids and spending according to the bookings and value they receive from referred travelers.
trivago spends most of its revenue on advertising to attract travelers and depends substantially on Google for traffic. Its earnings therefore depend on both the cost of bringing users to the platform and what advertisers will pay for those users. Advertisers can change bids quickly, while trivago cannot always reduce its own advertising commitments as quickly.
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trivago depends on Booking Holdings’ brands for paying referrals even as they compete for accommodation-search users: those brands supplied 40% of its referral revenue in 2025. Booking Holdings earns revenue by arranging travel reservations; watch Booking.com’s accommodation business, which supplies most of its revenue from collecting booking payments and almost all of its revenue from arranging bookings for commissions.
Expedia Group is both trivago’s majority owner and a major paying customer, yet its brands also compete for accommodation bookings; they supplied 34% of trivago’s referral revenue in 2025. Expedia collects travelers’ booking payments or earns fees for passing reservations to travel providers, so its brands’ spending on referrals to their booking sites is the direct link to trivago’s revenue.
Tripadvisor competes with trivago for hotel-search users and the advertisers paying to reach them, but is increasingly focused on experiences and dining. Watch its Hotels and Other business rather than experience-booking commissions: Tripadvisor aims to improve that legacy business’s profitability while expanding its experiences and restaurant marketplaces.
trivago relies heavily on Google Search for paid and unpaid visitors, while Google Hotel Ads competes for the same accommodation-search users and advertiser spending. Google earns money from advertisers paying to reach users; watch changes to its search displays and hotel-keyword ad prices, which can reduce trivago’s traffic or make it costlier to attract visitors.
Airbnb competes with trivago for travelers choosing accommodation by letting guests book hosts’ stays directly, rather than compare hotel prices and follow a paid referral to a booking site. Its accommodation offering is the relevant competition for trivago, rather than the services and redesigned experiences Airbnb launched in May 2025.
Alphabet Inc. earningsGOOG
Alphabet’s report can show whether Google’s search and hotel-ad changes are drawing hotel shoppers away from trivago or making it more expensive for trivago to reach them.
Look for signs that Google’s search displays still send hotel shoppers to outside comparison sites, and whether competition for hotel-search ads is pushing prices up. Continued visibility and manageable ad costs would leave trivago better able to attract users; more users kept within Google’s hotel services or pricier keywords would mean less traffic or higher acquisition costs for trivago.
trivago N.V. earningsThis company
trivago earns referral revenue by sending hotel shoppers to advertisers, and this report will show whether those referrals are growing without advertising spend eating away the return.
Read referral volume and revenue per referral (RPR) alongside ROAS, the ratio of referral revenue to advertising spend. More referrals and higher RPR with steady ROAS would mean trivago is turning more hotel shoppers into revenue without losing advertising efficiency. Slower referrals or lower RPR, especially with falling ROAS, would mean weaker monetization or higher traffic costs are leaving less profit after advertising.
