Cash flow generation remains highly erratic, with the OCF/NI ratio fluctuating from a peak of 6.18 in 2023Q4 to a trough of -0.24 in 2024Q3, reflecting significant seasonal volatility.
| Cash from Operations | 17.81M | 7.73M | 20.25M | 27.8M | 66.27M | 32.54M | 7.87M | 74.22M | -4.58M | -10.34M | 31.15M | -1.01M | 630K |
| Operating CF Margin % | - | 1.41% | 4.39% | 5.73% | 12.39% | 9% | 3.16% | 8.85% | -0.5% | -1% | 4.13% | -0.21% | 0.2% |
| Operating CF Growth % | 113.7% | -61.82% | -27.16% | -58.05% | 103.68% | 313.31% | -89.39% | 1719.13% | 55.65% | -133.18% | 3168.67% | -261.11% | - |
| Net Income | 11.47M | 11.22M | -23.7M | -164.48M | -127.22M | 10.7M | -245.38M | 17.16M | -20.82M | -13.05M | -51.39M | -39.37M | -23.1M |
| Depreciation & Amortization | 7.33M | 5.93M | 3.75M | 4.56M | 6.13M | 8.35M | 10.85M | 11.98M | 13.05M | 11.02M | 18.94M | 32.68M | 31.43M |
| Stock-Based Compensation | 5.79M | 7.83M | 8.45M | 9.51M | 15.34M | 17.26M | 15.08M | 19.89M | 20.7M | 16.02M | 53.72M | 14.13M | 2.38M |
| Deferred Taxes | -3.75M | -3.3M | -9.75M | -3.5M | -19.73M | 8.86M | -8.25M | 1.9M | -1.45M | -4.85M | -4.84M | -10.44M | -9.31M |
| Other Non-Cash Items | 41.31K | -1.93M | 31.58M | 197.6M | 186.39M | -2.29M | 209.83M | 619K | 3.24M | -2.04M | 5.76M | 3.38M | 3.47M |
| Working Capital Changes | -3.21M | -12.02M | 9.92M | -15.88M | 5.36M | -10.34M | 25.73M | 22.66M | -19.32M | -17.44M | 8.96M | -1.39M | -4.23M |
| Change in Receivables | -22.2M | -19.85M | -4.3M | 6.69M | -10.11M | -25.75M | 53.73M | 24.93M | -14.41M | -29.73M | -11.26M | -18.54M | -10.71M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.28M | -1.25M | 342K | 4.07M | -2.81M |
| Change in Payables | 5.59M | 5.29M | 6.9M | -2.39M | 5.29M | 6.9M | -26.62M | -665K | -18.01M | 13.59M | 13.88M | 13.1M | 6.93M |
| Cash from Investing | 771.27K | -9.23M | 12.22M | 16.29M | -54.91M | 10.02M | -16.19M | -17.98M | -24.14M | -18.29M | -8.99M | -6.51M | -4.62M |
| Capital Expenditures | -4.5M | -4.51M | -2.8M | -3.51M | -3.98M | -3.78M | -5.5M | -8.02M | -24.78M | -17.36M | -8.12M | -6.22M | -3.73M |
| CapEx % of Revenue | 0.79% | 0.82% | 0.61% | 0.72% | 0.74% | 1.05% | 2.21% | 0.96% | 2.71% | 1.68% | 1.08% | 1.26% | 1.2% |
| Acquisitions | -14.99M | -14.99M | -10.21M | 0 | -5.95M | -4.3M | -2.48M | 0 | -673K | -922K | -874K | -286K | -897K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.27M | 10.27M | 6K | 28K | 17K | 114K | 644K | 36K | 1.31M | -233.89K | -874K | 0 | 0 |
| Cash from Financing | -1.19M | -1.26M | -774K | -190.44M | -19.62M | 1.05M | -180K | -99K | 161K | -7.22M | 187.64M | 18.97M | 1.04M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.96M | 1.04M |
| Equity Issued (Net) | -890K | -1.17M | -699K | 0 | -19.63M | 0 | 0 | 0 | 0 | 0 | 208.53M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -184.38M | 0 | 0 | 0 | 0 | -158K | -158K | 0 | 0 | 0 |
| Share Repurchases | -890K | -1.17M | -699K | 0 | -19.63M | 0 | 0 | 0 | 0 | -3.79M | 0 | 0 | 0 |
| Other Financing | -304.8K | -92K | -75K | -6.06M | 6K | 1.05M | -180K | -99K | 161K | -7.22M | -20.88M | 10K | 0 |
| Net Change in Cash | 15.02M | -3.02M | 31.9M | -146.74M | -7.79M | 45.95M | -9.77M | 56.23M | -28.59M | -37.1M | 209.74M | 11.41M | -2.85M |
| Free Cash Flow | 13.3M | 3.22M | 17.45M | 24.29M | 62.29M | 28.75M | 2.37M | 66.2M | -29.36M | -27.7M | 23.03M | -7.24M | -3.1M |
| FCF Margin % | 2.34% | 0.59% | 3.79% | 5.01% | 11.64% | 7.96% | 0.95% | 7.89% | -3.21% | -2.68% | 3.05% | -1.47% | -1% |
| FCF Growth % | 39.07% | -81.55% | -28.15% | -61.01% | 116.63% | 1112.78% | -96.42% | 325.47% | -6% | -220.3% | 418.08% | -133.82% | - |
| FCF per Share | 0.19 | 0.05 | 0.25 | 0.35 | 0.88 | 0.40 | 0.03 | 0.93 | -0.42 | -0.50 | 0.48 | -0.15 | -0.07 |
| FCF Conversion (FCF/Net Income) | 1.16x | 0.69x | -0.85x | -0.17x | -0.52x | 3.04x | -0.03x | 4.32x | 0.22x | 0.83x | -0.61x | 0.03x | -0.03x |
| Interest Paid | 0 | 0 | 16K | 12K | 51K | 383K | 217K | 51K | 223K | 2K | 160K | 100K | 11K |
| Taxes Paid | 870K | 0 | 0 | 32.98M | 9.44M | 0 | 0 | 25.17M | 3.33M | 2.55M | 8.7M | 751K | 2.1M |
SEM bidding cost inflation
According to recent financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating from a low of -0.24 in 2024Q3 to a high of 6.18 in 2023Q4, indicating significant disconnects between accounting profits and actual cash generation.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's underlying cash health due to the timing of marketing expenditures and working capital swings. Investors should interpret these wide swings as evidence that the business model is highly sensitive to the timing of cash outflows for advertising relative to the recognition of referral revenue.
As reported in financial statements, trivago's free cash flow trajectory is deeply seasonal and inconsistent, swinging from a peak of $26.2M in 2024Q4 to a trough of -$15.1M in 2025Q1, reflecting the inherent difficulty in maintaining positive cash flow during off-peak travel periods.
The inability to generate consistent positive free cash flow across all quarters suggests that the company remains in a defensive posture, where cash reserves are frequently depleted to fund operations during winter troughs. This pattern warrants further investigation into whether the company can ever achieve a self-sustaining cash flow profile that does not rely on seasonal revenue spikes.
Based on the provided cash flow data, working capital changes are the primary driver of short-term liquidity, with a notable $17.6M inflow in 2024Q4 followed by a $10.4M outflow in 2024Q3, highlighting the company's reliance on timing differences in payables and receivables to manage cash.
The volatility in working capital suggests that the company's cash position is highly susceptible to the payment cycles of its major OTA partners. This dependency implies that any shift in the settlement terms with Expedia or Booking Holdings could have an immediate and material impact on the company's available cash for operations.
Data from recent filings indicates that trivago maintains a very low capital intensity, with CapEx/Revenue ratios consistently remaining at or below 1.0% over the last ten quarters, reflecting the asset-light nature of its digital metasearch platform.
While the low capital intensity is a structural advantage, it also suggests that the company is not investing heavily in proprietary infrastructure or hardware, which may limit its ability to differentiate its product from competitors. Investors should monitor whether this lack of capital investment is a strategic choice or a symptom of limited growth opportunities.
Quick answers to the most common questions about buying TRVG stock.
trivago N.V. (TRVG) generated $7.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
trivago N.V. (TRVG) generated $3.2M 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.
trivago N.V. (TRVG) spent $4.5M 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, trivago N.V. (TRVG) spent $1.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.