trivago (TRVG) Q1 2026 earnings summary

Executive summary

• Achieved 15% year-over-year total revenue growth in Q1 2026, marking the fifth consecutive quarter of double-digit growth, with improved profitability despite FX headwinds and geopolitical pressures.

• Americas and Developed Europe referral revenue grew 17% and 14% respectively, both exceeding expectations, while Rest of World declined 12% due to FX and Middle East instability.

• Branded channel traffic revenue outpaced total revenue growth, and product conversion rate increased 58% since Q1 2023.

• Logged-in members now drive over 30% of referral revenue, supporting retention and personalized experiences.

• Announced an antitrust damages claim against Google, seeking compensation for damages from 2014–2025.

Financial highlights

• Q1 2026 total revenue reached €142.9 million, up 15% year-over-year, despite FX headwinds.

• Net loss of €7.3 million, improved from €7.8 million in Q1 2025; adjusted EBITDA loss of €4.5 million, improved from €6.5 million.

• Operational expenses rose by €19.2 million to €152.9 million, mainly due to increased marketing and consolidation of trivago Deals.

• Cash and cash equivalents stood at €136.1 million as of March 31, 2026, with no long-term debt.

• Referral revenue: €134.9 million, up 9% year-over-year; other revenue: €8.0 million, up from €0.7 million.

Outlook and guidance

• Reaffirmed full-year outlook for double-digit percentage revenue growth.

• Raised adjusted EBITDA guidance for 2026 to around €25 million, targeting a 10% margin within the next few years.

• Supervisory board authorized up to €20 million share buyback program, execution planned to start end of May 2026.