Trivago's revenue growth accelerated to 20.9% year-over-year in Q2 2026, but the operating margin remained negative at -3.4%, indicating limited profitability despite gross margins of 95.0%.
trivago N.V. (TRVG) annual income statement — 12-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 598.06M | 548.91M | 460.85M | 485.03M | 535M | 361.46M | 248.92M | 838.62M | 914.82M | 1.04B | 754.17M | 493.08M | 309.33M |
| Revenue Growth % | 18.61% | 19.11% | -4.99% | -9.34% | 48.01% | 45.21% | -70.32% | -8.33% | -11.64% | 37.29% | 52.95% | 59.4% | - |
| Cost of Goods Sold | 28.48M | 15.1M | 11.27M | 11.97M | 12.69M | 11.5M | 10.13M | 9.16M | 5.43M | 5.93M | 4.27M | 2.95M | 1.44M |
| COGS % of Revenue | - | 2.75% | 2.44% | 2.47% | 2.37% | 3.18% | 4.07% | 1.09% | 0.59% | 0.57% | 0.57% | 0.6% | 0.47% |
| Gross Profit | 569.58M | 533.82M | 449.58M | 473.06M | 522.31M | 349.96M | 238.79M | 829.46M | 909.38M | 1.03B | 749.9M | 490.14M | 307.89M |
| Gross Margin % | 95.24% | 97.25% | 97.56% | 97.53% | 97.63% | 96.82% | 95.93% | 98.91% | 99.41% | 99.43% | 99.43% | 99.4% | 99.53% |
| Gross Profit Growth % | - | 18.74% | -4.96% | -9.43% | 49.25% | 46.56% | -71.21% | -8.79% | -11.66% | 37.28% | 53% | 59.19% | - |
| Operating Expenses | 565.73M | 532.29M | 481.73M | 629.65M | 642.58M | 339.91M | 491.44M | 791.31M | 927.57M | 1.05B | 794.34M | 538.01M | 338.18M |
| OpEx % of Revenue | - | 96.97% | 104.53% | 129.82% | 120.11% | 94.04% | 197.43% | 94.36% | 101.39% | 101.39% | 105.33% | 109.11% | 109.33% |
| Selling, General & Admin | 510.82M | 479.15M | 401.35M | 384.37M | 402.88M | 287.4M | 219.19M | 719.7M | 858.98M | 994.37M | 728.83M | 507.98M | 308.16M |
| SG&A % of Revenue | - | 87.29% | 87.09% | 79.25% | 75.3% | 79.51% | 88.06% | 85.82% | 93.9% | 96.04% | 96.64% | 103.02% | 99.62% |
| Research & Development | 25.39M | 51.35M | 0 | 0 | 0 | 0 | 0 | 0 | 28.69M | 28.69M | 28.69M | 28.69M | 20.12M |
| R&D % of Revenue | - | 9.35% | - | - | - | - | - | - | 3.14% | 2.77% | 3.8% | 5.82% | 6.5% |
| Other Operating Expenses | 1.46M | 1.79M | 80.39M | 245.28M | 239.7M | 52.51M | 272.25M | 71.61M | 539K | 592K | -139K | -1.66M | 123K |
| Operating Income | 3.85M | 1.53M | -32.15M | -156.59M | -120.26M | 10.05M | -252.65M | 38.15M | -18.19M | -20.37M | -44.45M | -47.87M | -30.29M |
| Operating Margin % | 0.64% | 0.28% | -6.98% | -32.28% | -22.48% | 2.78% | -101.5% | 4.55% | -1.99% | -1.97% | -5.89% | -9.71% | -9.79% |
| Operating Income Growth % | - | 104.76% | 79.47% | -30.2% | -1296.52% | 103.98% | -762.24% | 309.78% | 10.71% | 54.17% | 7.15% | -58.02% | - |
| EBITDA | 12.53M | 5.67M | -28.4M | -152.03M | -114.13M | 18.4M | -241.8M | 50.13M | -4.71M | -10.01M | -24.58M | -15.19M | 1.13M |
| EBITDA Margin % | 2.09% | 1.03% | -6.16% | -31.34% | -21.33% | 5.09% | -97.14% | 5.98% | -0.52% | -0.97% | -3.26% | -3.08% | 0.37% |
| EBITDA Growth % | 148.54% | 119.96% | 81.32% | -33.21% | -720.27% | 107.61% | -582.31% | 1163.5% | 52.93% | 59.26% | -61.81% | -1443.15% | - |
| D&A (Non-Cash Add-back) | 8.67M | 4.14M | 3.75M | 4.56M | 6.13M | 8.35M | 10.85M | 11.98M | 13.47M | 10.35M | 19.86M | 32.68M | 31.43M |
| EBIT | 8.07M | 5.9M | -28.23M | -151.85M | -120.2M | 23.68M | -252.86M | 37.72M | -18.63M | -17.77M | -44.58M | -50.54M | -31.73M |
| Net Interest Income | 2.6M | 2.33M | 3.54M | 5.2M | 571K | -215K | -270K | -33K | -1.84M | -44K | -137K | -147K | -11K |
| Interest Income | 2.69M | 2.36M | 3.56M | 5.21M | 622K | 174K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 82.18K | 39.38K | 17K | 12K | 51K | 389K | 270K | 33K | 1.84M | 44K | 137K | 147K | 11K |
| Other Income/Expense | 4.09M | 4.33M | 2.2M | 4.5M | -386K | 13.24M | -482K | -461K | -320K | 2.56M | -276K | -2.81M | -1.45M |
| Pretax Income | 7.94M | 5.86M | -29.95M | -152.09M | -120.65M | 23.29M | -253.13M | 37.69M | -19.49M | -17.81M | -44.72M | -50.68M | -31.74M |
| Pretax Margin % | 1.33% | 1.07% | -6.5% | -31.36% | -22.55% | 6.44% | -101.69% | 4.49% | -2.13% | -1.72% | -5.93% | -10.28% | -10.26% |
| Income Tax | -4.88M | -5.36M | -6.25M | 12.39M | 6.57M | 12.59M | -7.75M | 20.98M | 1.39M | -4.76M | 6.67M | -11.32M | -8.64M |
| Effective Tax Rate % | -61.48% | -91.34% | 20.88% | -8.15% | -5.45% | 54.04% | 3.06% | 55.67% | -7.14% | 26.74% | -14.91% | 22.33% | 27.23% |
| Net Income | 12.82M | 11.22M | -23.7M | -164.48M | -127.22M | 10.7M | -245.38M | 17.16M | -20.82M | -12.48M | -50.68M | -39.13M | -23.1M |
| Net Margin % | 2.14% | 2.04% | -5.14% | -33.91% | -23.78% | 2.96% | -98.58% | 2.05% | -2.28% | -1.21% | -6.72% | -7.94% | -7.47% |
| Net Income Growth % | 151.97% | 147.35% | 85.59% | -29.29% | -1288.51% | 104.36% | -1529.86% | 182.45% | -66.77% | 75.37% | -29.53% | -69.41% | - |
| Net Income (Continuing) | 12.82M | 11.22M | -23.7M | -164.48M | -127.22M | 10.7M | -245.38M | 17.16M | -21.49M | -13.05M | -51.39M | -39.37M | -23.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 199.81M | 2.08M | 0 |
| EPS (Diluted) | 0.18 | 0.15 | -0.34 | -2.40 | -1.80 | 0.15 | -3.45 | 0.25 | -0.30 | -0.23 | -1.05 | -0.85 | -0.49 |
| EPS Growth % | 152.23% | 144.12% | 85.83% | -33.33% | -1300% | 104.35% | -1480% | 183.33% | -30.43% | 78.1% | -23.53% | -73.47% | - |
| EPS (Basic) | - | 0.15 | -0.35 | -2.40 | -1.85 | 0.15 | -3.45 | 0.25 | -0.30 | -0.23 | -1.05 | -0.85 | -0.49 |
| Diluted Shares Outstanding | 70.66M | 71.52M | 69.92M | 68.99M | 70.99M | 71.33M | 70.67M | 71.35M | 70.17M | 54.93M | 47.56M | 47.02M | 47.02M |
| Basic Shares Outstanding | 70.66M | 70.46M | 67.71M | 68.53M | 69.26M | 70.51M | 70.67M | 70.4M | 70.17M | 54.93M | 47.56M | 47.02M | 47.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TRVG stock.
For fiscal year 2025, trivago N.V. (TRVG) reported total revenue of $548.9M. This represents a 77.5% increase compared to $309.3M in 2014.
trivago N.V. (TRVG) is profitable, generating $11.2M in net income for the fiscal year ending 2025 with a net profit margin of 2.0%.
trivago N.V. (TRVG) reported an operating income of $1.5M, resulting in an operating profit margin of 0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
trivago N.V. (TRVG) generated $533.8M in gross profit for the year, representing a gross profit margin of 97.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses despite high margins
Volatile Growth Shows Recent Acceleration
Trivago's revenue growth has accelerated to 20.9% year-over-year in Q2 2026, according to the company's quarterly filings, marking a significant rebound after contraction in 2024 but remaining highly volatile quarter-to-quarter.
The company's top-line trajectory shows inconsistent momentum, with strong double-digit growth in recent quarters contrasting with negative growth periods in 2024. This pattern suggests trivago's performance may be heavily influenced by marketing spend and seasonality rather than durable organic growth drivers. The acceleration in early 2026 is encouraging but its sustainability is questionable given the historical volatility.
Structurally High Margins Show Early Erosion
Trivago maintains a gross margin exceeding 95% in most quarters, far above peers like Tripadvisor at 62%, but the decline to 93.2% in Q4 2025 as reported in financial statements may signal emerging cost pressures.
The company's industry-leading gross margin is a core strength, indicating a highly scalable platform with minimal direct costs. However, the recent compression from near 98% levels warrants monitoring, as it could reflect increased investment in technology infrastructure or content acquisition. This structural advantage has not translated to operating profitability, highlighting an issue with expense management rather than revenue quality.
Fixed Cost Burden Limits Profitability
Operating leverage appears minimal, as Q2 2026's $168.4 million in revenue still generated a $5.8 million operating loss, demonstrating that SG&A expenses consistently overwhelm the high gross profit base.
Despite exceptional gross margins, trivago has failed to demonstrate scalable profitability. SG&A expenses regularly consume nearly all gross profit, often exceeding 90% of revenue, which suggests a rigid cost structure driven by substantial marketing and administrative overhead. The lack of positive operating leverage during revenue upswings indicates that incremental growth is not translating efficiently to bottom-line improvement.
Profitability Relies on Non-Operating Items
Earnings quality is questionable, as Q4 2025 net income of $14.4 million far exceeded operating income of $6.9 million, implying significant reliance on non-operating gains per the income statement.
The company's reported net income frequently diverges from operating income, with tax benefits or interest income contributing to occasional profits. Additionally, stock-based compensation, while minimal in some quarters, further reduces cash earnings quality. This pattern suggests the core business is not yet capable of generating sustainable net profitability on its own.
Unsustainable Cost Structure Under Scrutiny
Short-sellers would focus on trivago's persistent operating losses despite 95%+ gross margins, highlighting that six of the last ten quarters showed negative operating income, a trend that revenue growth alone may not resolve.
The central bear case is that trivago's business model is structurally unprofitable due to bloated operating expenses. Even with strong top-line growth, the company's inability to convert high-margin revenue into operating income suggests deep-seated inefficiencies. The slight recent decline in gross margin could be an early indicator of competitive erosion, which would exacerbate the existing profitability challenges.