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trivago (NASDAQ: TRVG) exceeded expectations for both the top and bottom lines, delivering 19% year-over-year growth in total revenue and €15.8 million in adjusted EBITDA for the full year of 2025.
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We ended Q4’25 with an outstanding 27% year-over-year revenue growth, and better than anticipated profitability.
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trivago’s core hotel search product is advancing rapidly. Conversion increased by 37% in 2025 compared to 2023, significantly improving our unit economics.
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Logged-in members have increased, now accounting for over 25% of Referral Revenue – up 93% since Q4 of 2023.
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trivago’s long-term strategy is paying off, and we are confident that our brand and product flywheels will continue to drive growth and profitability.
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In the first quarter of 2026, we expect to continue our double-digit year-over-year total revenue growth as well as improved profitability year-over-year.
“We’re thrilled to share the results of an exceptional year 2025 and our fourth consecutive quarter with double‑digit year over year growth in Referral Revenue and higher‑than‑expected profitability. For the full year 2025, we exceeded both our top and bottom‑line expectations, delivering 19% year‑over‑year total revenue growth and €15.8 million in Adjusted EBITDA. We closed the year with an exceptionally strong fourth quarter, achieving 27% year‑over‑year total revenue growth. Our long‑term strategy is playing out, and we are confident that our brand and product flywheels can continue to drive growth and profitability. Our increased brand investments since mid-2023 are paying off. Branded traffic revenue growth has outpaced topline revenue growth significantly in the recent years. We are seeing compounding effects and sustained attractive return on incremental brand marketing spend.” said Chief Executive Officer Johannes Thomas.
“We are excited to report that the fourth quarter of 2025 reflected our strong growth trajectory with a year-over-year total revenue growth of 27% despite FX related headwinds. Growth in the fourth quarter of 2025 was driven by double-digit Referral Revenue growth in all trivago Core segments, spearheaded by a 20% increase in Americas driven by a strong response to our creatives. Although we are facing tough year-over-year comps in total revenue for the first quarter of 2026, we are off to an encouraging start in line with our increased profitability targets. We believe cost discipline, a stable headcount achieved by leveraging AI, and compounding brand effects will be key on our way to our increased profitability. For the full year of 2026, we expect double-digit percentage total revenue growth and an Adjusted EBITDA of at least €20 million.” said Chief Financial Officer Dr. Wolf Schmuhl.
Click here to access our Investor Presentation and take a closer look at our performance.
Our financial performance
Our organizational theme for 2025 was “Turning the Tide,” and this became a reality as our brand regained momentum and we shifted our focus toward achieving our turnaround. Based on our current results, it’s clear that the tide has indeed turned. For the full year of 2025, trivago achieved 19% revenue growth and generated €15.8 million in Adjusted EBITDA. We’re not only growing, we’re also starting to grow profitably. Our fourth quarter was particularly strong, with 27% year-over-year revenue growth despite facing material foreign exchange related headwinds. We’re proud to see our long term strategy playing out, and we’re confident that our brand and product flywheels will continue to drive growth and profitability.
This year, we expect double-digit total revenue growth and we’re targeting at least €20 million of adjusted EBITDA. Despite tough comparisons in the first half, we anticipate that Q1’26 will be our fifth consecutive quarter of double-digit total revenue growth, with higher profitability than a year ago.
2025 momentum highlights progress
Our strong momentum in 2025 reflects the progress that trivago has made since Andrej Lehnert (CPO), Jasmine Ezz (CMO), and Johannes Thomas (CEO) returned in mid-2023. The following three achievements from the past year underscore that progress:
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Increased brand investments. Since mid-2023, our increased investments in branding have paid off. In recent years, branded traffic revenue growth has significantly outpaced topline revenue growth. We are experiencing compounding effects and a sustained, attractive return on incremental brand marketing spending.
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The advancement of our core hotel search product. In 2025, we increased conversion by 37% compared to 2023, significantly improving our unit economics. These gains come from AI-powered features and hundreds of experiments each quarter. We’ve also evolved our membership proposition. Revenue from logged-in members now accounts for over 25% of referral revenue, up 93% in Q4 of 2025 compared to Q4 of 2023.
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Third, our investments in empowering partners are yielding meaningful results. They are reaching more qualified leads, and our transaction-based CPA model (pay-per-booking) continues to exceed expectations. Over 140 partners have adopted it, and now, over 25% of referral revenue runs through this model. Additionally, Referral Revenue flowing through our higher-converting trivago Book & Go funnel increased by 137% in Q4 of 2025 compared to Q4 of 2023.
Together, these three areas, brand, product, and partners will continue to build durable momentum for us in 2026 and beyond.
We operate in a large and growing industry in which we are well-positioned. The travel industry is one of the most lucrative global markets, estimated at around $1.6 trillion. Hotels account for approximately $500 billion of this market, and trivago is a well-known and trusted brand within it. Our research shows that roughly half of travelers prioritize value and competitive prices, and more than 40% compare prices across booking sites. Our value proposition is perfectly geared toward these deal seekers and caters to their behavior. This gives us strong confidence in our ability to grow substantially.
Following is an update on our key strategic focus areas as presented by CEO, Johannes Thomas on February 4, 2026.
Driving growth through brand marketing
We’re happy to observe our brand engine continuing to gain momentum. Our brand marketing team has run campaigns in 30 countries and have delivered success across all geographical segments in 2025, strengthening both awareness and preference for trivago. Our AI-powered summer campaign featuring global icon and soccer coach Jürgen Klopp, was very effective, and our winter campaign started with promising results. In the last quarter, we took a different approach than in previous years. We leaned into the Latin American Markets, which have a different peak seasonality, and invested in other key markets where we identified exceptional opportunities that we chose to exploit. We’re also consistently improving marketing efficiency and have expanded into new brand marketing channels. Remaining disciplined, investing in what we see is working.
In 2026, we will continue to increase our investment in brand marketing, primarily in the markets we have focused on in recent years. However, the pace of growth in brand spending will substantially slow down as we approach our target investment levels. Our priority will shift from entering new markets to optimizing existing ones further. Unlike in previous years, when profitable regions subsidized newer markets to a greater extent, we will focus on improving performance in areas where we are already strong. We expect that the slower growth in incremental brand marketing spending, combined with the compounding effects of past investments, will make us progressively more profitable in 2026 and beyond.
Looking ahead to 2026, we will maintain our relentless focus on improving our core product. We see clear upside in further increasing conversion through high‑velocity testing. We will continue to invest in AI‑powered features that are central to offering a superior hotel search experience. We aim to lead on price perception, offering great deals and making them easy for users to find. We will stay focused on expanding our member base while providing a more personalized experience. In addition, we will double down on trivago Book & Go which we aim to integrate more deeply in our platforms user journey with the goal to facilitate a more seamless booking experience that further elevates conversion rates for our partners and as well as trivago.
Empowering Partners to Realise their Full Potential
Our transaction-based CPA-Model has seen broad adoption among small and mid-sized partners. These partners often lack the resources and data scale needed to optimize bids and exposure effectively in our auction. By shifting risk and optimization complexity away from bidding, the CPA-Model helps smaller partners compete more effectively on our platform. Going forward, we will continue to deliver highly qualified users to our partners, equip them with even better tools, and increase our efforts to help them optimize their rates on trivago. In particular, we will focus on working with our partners to deliver more exclusive deals to members.
Our 2026 Outlook
This year our strategic focus is “Optimizing Momentum, Pushing Frontiers.” Under this banner, we aim to strike the right balance between growth and marketing discipline, all the while continuing to innovate at the forefront of our industry. We’re especially excited about how AI will accelerate this plan. Our vision is to operate our nimble team of 600 as if we were 6,000, adopting AI across the business to amplify marketing impact, build features that once felt out of reach, and boost daily productivity, all without expanding our workforce. Combined with our rich user experience, highly optimized platform, unique deals, and one of the strongest global travel brands, we believe this gives trivago a durable advantage in our industry. We’re proud to be on this journey together. Investors can be confident that we will maintain our momentum and stay disciplined in delivering on our strategy, which we expect will continue to fuel our growth. Thank you, partners and investors, for your ongoing trust and support.
About trivago N.V.
trivago N.V. (NASDAQ: TRVG) is a leading global hotel search and price comparison platform and one of the most recognized travel brands in the world. When price savvy travelers are searching for a hotel, we want trivago to be the obvious choice. We aim to help travelers find the best place to stay and the best time to go. trivago aims to enable them to book with confidence, saving travelers valuable time and money. By leveraging cutting-edge technology, we seek to personalize and simplify the hotel search experience for millions of travelers every month. We provide access to more than 5.0 million hotels and other types of accommodation in over 190 countries.
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