Cash flow generation remains highly erratic, characterized by an OCF/NI ratio of -3.64 in 2026Q1 and a volatile free cash flow margin that swung from -29.7% in 2025Q4 to 26.5% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 260.8M | 245M | 144M | 235M | 400M | 108M | -194M | 424M | 405M | 238M | 321M | 382M | 387M | 349.52M | 239.07M | 217.88M | 196.91M | 125.74M |
| Operating CF Margin % | - | 12.96% | 7.85% | 13.14% | 26.81% | 11.97% | -32.12% | 27.18% | 25.08% | 15.3% | 21.69% | 25.6% | 31.06% | 37% | 31.33% | 34.2% | 40.63% | 35.71% |
| Operating CF Growth % | -2819.44% | 70.14% | -38.72% | -41.25% | 270.37% | 155.67% | -145.75% | 4.69% | 70.17% | -25.86% | -15.97% | -1.29% | 10.72% | 46.2% | 9.72% | 10.65% | 56.61% | - |
| Net Income | 18.6M | 40M | 5M | 10M | 20M | -148M | -289M | 126M | 113M | -19M | 120M | 198M | 226M | 205.44M | 194.59M | 177.79M | 138.95M | 102.22M |
| Depreciation & Amortization | 96.6M | 92M | 85M | 87M | 97M | 111M | 125M | 126M | 116M | 111M | 101M | 93M | 65M | 35.23M | 26.08M | 25.89M | 27.48M | 23.14M |
| Stock-Based Compensation | 99.7M | 108M | 120M | 96M | 88M | 120M | 109M | 124M | 118M | 96M | 85M | 72M | 63M | 48.95M | 30.1M | 17.34M | 0 | 0 |
| Deferred Taxes | -4M | -2M | -14M | -25M | -19M | -44M | -1M | 6M | 12M | 29M | -20M | -37M | -17M | 5.47M | -4.96M | -931K | -653K | 7.22M |
| Other Non-Cash Items | 25.5M | 26M | 17M | 15M | 13M | 22M | 37M | 8M | 328M | 10M | 10M | 20M | -2M | -3.72M | -520K | -563K | 164K | 5.69M |
| Working Capital Changes | 24.4M | -19M | -69M | 52M | 201M | 47M | -175M | 34M | 46M | 11M | 25M | 36M | 52M | 58.15M | -6.22M | -1.64M | 24.33M | -12.74M |
| Change in Receivables | 8M | 0 | -24M | 6M | -87M | -73M | 92M | 23M | -8M | -36M | -24M | -31M | -26M | -16.18M | -11.81M | -15.91M | -11.47M | -6M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -92M | 0 | 0 | 0 | 20M | 32M | 51M | 54.65M | -20.33M | 1.5M | 24.93M | -6.35M |
| Change in Payables | 21M | -46M | 13M | 11M | 72M | 30M | -28M | -1M | 22M | 0 | 7M | 13M | 18M | -5.88M | 13.98M | 5.88M | 1.27M | -802K |
| Cash from Investing | -81.5M | -84M | -73M | -63M | -52M | -54M | -56M | -176M | -49M | 6M | -163M | -60M | -234M | -196.79M | -244.18M | -538.86M | -139.77M | -148.93M |
| Capital Expenditures | -79.5M | 0 | -74M | -63M | -56M | -54M | -55M | -83M | -61M | -64M | -72M | -109M | -81M | -55.45M | -29.28M | -21.32M | -18.81M | -13.87M |
| CapEx % of Revenue | 4.24% | 4.34% | 4.03% | 3.52% | 3.75% | 5.99% | 9.11% | 5.32% | 3.78% | 4.11% | 4.86% | 7.31% | 6.5% | 5.87% | 3.84% | 3.35% | 3.88% | 3.94% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -4M | -110M | -24M | 64M | -43M | -4M | -331M | -34.82M | -3.01M | -35.99M | -34.45M | -44.97M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2M | -84M | 1M | 0 | 4M | 0 | 3M | 0 | -12M | -64M | 2M | 80M | 179M | 350K | 7.03M | -501.64M | -85.23M | -90.09M |
| Cash from Financing | -202.5M | -197M | -63M | -127M | -27M | 263M | 341M | -580M | -358M | -200M | -143M | -153M | -41M | -169.68M | 189.82M | 411.83M | 4.02M | 46.07M |
| Debt Issued (Net) | 315M | 324M | -16M | -7M | -7M | 334M | 494M | -5M | -238M | 64M | -30M | -140M | -30M | -45M | -14.63M | 414.67M | 1.73M | 0 |
| Equity Issued (Net) | -509M | -521M | -25M | -100M | -20M | 8M | -115M | -60M | -94M | -267M | -120M | 12M | 3M | -145M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -488M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -509M | -521M | -25M | -100M | -20M | 0 | -115M | -60M | -100M | -250M | -105M | -73M | 0 | -145.22M | -7M | 0 | 0 | 0 |
| Other Financing | -8.5M | 0 | -22M | -20M | 0 | -79M | -38M | -27M | -26M | 3M | 7M | -25M | -14M | 20.32M | 204.45M | -2.84M | 2.29M | 46.07M |
| Net Change in Cash | -33.5M | -29M | -3M | 46M | 298M | 305M | 99M | -336M | -18M | 61M | -2M | 159M | 104M | -16.37M | 183.98M | 90.4M | 61.77M | 23.36M |
| Free Cash Flow | 181.3M | 163M | 70M | 172M | 344M | 54M | -249M | 341M | 344M | 174M | 249M | 273M | 306M | 294.07M | 209.78M | 196.56M | 178.1M | 111.86M |
| FCF Margin % | 9.67% | 8.62% | 3.81% | 9.62% | 23.06% | 5.99% | -41.23% | 21.86% | 21.3% | 11.18% | 16.82% | 18.3% | 24.56% | 31.13% | 27.5% | 30.85% | 36.75% | 31.77% |
| FCF Growth % | 123.83% | 132.86% | -59.3% | -50% | 537.04% | 121.69% | -173.02% | -0.87% | 97.7% | -30.12% | -8.79% | -10.78% | 4.06% | 40.18% | 6.73% | 10.36% | 59.21% | - |
| FCF per Share | 1.57 | 1.24 | 0.48 | 1.23 | 2.36 | 0.39 | -1.85 | 2.42 | 2.46 | 1.24 | 1.69 | 1.87 | 2.10 | 2.03 | 1.49 | 1.46 | 1.33 | 0.84 |
| FCF Conversion (FCF/Net Income) | 9.75x | 6.13x | 28.80x | 23.50x | 20.00x | -0.73x | 0.67x | 3.37x | 3.58x | -12.53x | 2.68x | 1.93x | 1.71x | 1.70x | 1.23x | 1.23x | 1.42x | 1.23x |
| Interest Paid | 49M | 0 | 58M | 39M | 0 | 43M | 13M | 6M | 8M | 13M | 10M | 7M | 7M | 8M | 10M | 313K | 7K | 0 |
| Taxes Paid | 18M | 0 | 170M | 140M | 0 | 5M | 3M | 47M | 53M | 62M | 29M | 43M | 54M | 50M | 108M | 42.22M | 67.99M | 55.25M |
Search Engine Traffic Volatility
As reported in recent financial filings, Tripadvisor's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme -3.64 in 2026Q1, suggesting that accounting profits are not currently representative of the actual cash-generating capacity of the underlying business model.
The significant disconnect between net income and operating cash flow appears driven by heavy reliance on working capital fluctuations and non-cash adjustments. Investors should monitor whether this volatility reflects genuine operational shifts or merely the timing of payments within the Viator transactional segment.
Based on quarterly data, Tripadvisor's free cash flow trajectory remains highly erratic, swinging from a negative 29.7% margin in 2025Q4 to a positive 26.5% in 2026Q1, which indicates that the company struggles to maintain consistent cash generation amidst seasonal and operational pressures.
This inconsistency suggests that the business model is highly sensitive to seasonal booking cycles and marketing spend efficiency. The inability to sustain positive FCF margins across consecutive quarters warrants further investigation into the company's long-term ability to self-fund operations without external liquidity.
According to recent SEC filings, Tripadvisor's cash flow is heavily influenced by working capital changes, which saw a massive $99.4 million inflow in 2026Q1 following a $123 million outflow in 2025Q4, highlighting the company's vulnerability to timing differences in customer payments and vendor settlements.
These dramatic swings suggest that the company's cash position is more a function of timing in the transactional booking cycle than underlying operational profitability. Such volatility may mask underlying trends in demand, making it difficult for analysts to gauge the true health of the core business.
As indicated by financial statements, Tripadvisor utilized $451 million for share repurchases in 2025Q2, yet the company's inconsistent cash flow generation raises questions about the sustainability of such aggressive capital returns in the face of intensifying competition from search engine giants.
The decision to prioritize large-scale buybacks during periods of operational volatility may indicate a lack of high-return internal investment opportunities. Investors should monitor whether this capital allocation strategy effectively supports shareholder value or merely depletes the cash reserves needed to defend against market share erosion.
Quick answers to the most common questions about buying TRIP stock.
Tripadvisor, Inc. (TRIP) generated $245.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tripadvisor, Inc. (TRIP) generated $163.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Tripadvisor, Inc. (TRIP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tripadvisor, Inc. (TRIP) spent $521.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.