A hotel price-comparison search engine that lets travelers compare accommodation deals from many booking sites and hotels in one place, then sends them off to book where they choose. It was founded in 2005 in Düsseldorf, Germany, by three engineers who built one of the country's first hotel search tools; US travel giant Expedia later took a controlling stake. Its invented name is thought to blend "travel" with a Latin-style suffix, giving it a sound that works across languages.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Trivago returned to revenue growth and profitability in FY2025, driven by its brand marketing pivot, but operating cash flow fell 62%.
Trivago's brand marketing pivot produced its first year of growth since 2022. Total revenue rose 19% to €548.9M and the company swung to a of €11.2M, driven by a 17% increase in Referral Revenue and the absence of the prior year's . The cost of that growth was a further decline in advertising efficiency and a sharp drop in to €7.7M.
Key takeaways
Total rose 19% to €548.9M, as Referral Revenue grew 17% to €532.9M, with double-digit growth across all three segments: Americas (+15%), Developed Europe (+15%), and Rest of World (+24%).
The company returned to profitability, reporting of €11.2M compared to a €23.7M net loss in 2024, primarily because the prior year included a €30.1M intangible asset that did not recur.
Selling and marketing expense increased 21% to €445.6M, driven by a 21% rise in advertising spend to €418.2M as the company accelerated brand marketing investments.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
See “Item 5: Operating and financial review and prospects - A. Operating results - Quantitative and qualitative disclosures about market risk.”
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See “Item 5: Operating and financial review and prospects - A. Operating results - Quantitative and qualitative disclosures about market risk.”
Trivago's brand marketing pivot, heavy reliance on Google and two major OTA advertisers, and intensifying competitive and AI-driven disruption pose material risks to traffic, revenue, and profitability.
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Increased brand marketing investments, including a shift to non-linear TV and social media, are expected to hurt short-to-medium-term profitability with no assurance of long-term success or adequate ROAS.
Global declined to 128.4% from 132.1%, as increased brand marketing spend aimed at long-term direct traffic growth was partly offset by improved performance marketing efficiency.
decreased 62% to €7.7M, impacted by negative changes including seasonal declines in traveler advances from the newly consolidated trivago DEALS and higher .
Advertiser concentration remained extreme, with Booking Holdings and Expedia Group brands accounting for 40% and 34% of Referral , respectively, for a combined 74%.
What changed
The decline flagged in prior years reversed: after a 5% drop in 2024, total revenue rose 19% in 2025, with all three segments returning to growth, including Developed Europe which had declined 11% the year before.
The consolidated ROAS trend continued to deteriorate, falling to 128.4% from 132.1% in 2024 and 147.6% in 2023, as the brand marketing pivot continued to weigh on near-term advertising efficiency.
The €45.3M balance of indefinite-lived at risk of further write-downs did not trigger another in 2025, and the absence of any was a primary driver of the return to .
concentration from Booking Holdings and Expedia Group edged down to a combined 74% from 76% in 2024 and 79% in 2023, a gradual but continued decline in dependency on its two largest advertisers.
The Rest of World 's growth accelerated to 24% from 7% in 2024, while the Americas segment swung from a 2% decline to 15% growth, showing the brand marketing strategy gaining traction beyond its initial Rest of World success.
What to watch
Whether the expected double-digit total growth in Q1 2026 materializes and is accompanied by the forecast moderation in brand marketing investment increases, which would signal improving .
The trajectory of consolidated ROAS, to see if the declining trend stabilizes or reverses as brand marketing investments mature and performance marketing efficiency continues to improve.
The integration and financial impact of the July 2025 trivago DEALS acquisition, particularly its effect on and the 'Book & Go' on-platform booking strategy.
Any change in the combined 74% share from Booking Holdings and Expedia Group, which would indicate whether the company is successfully diversifying its advertiser base.
Google's promotion of its own hotel search products and algorithm changes, along with higher keyword auction competition, have already reduced traffic volumes, particularly in the Americas and Developed Europe segments.
A very large portion of comes from a small number of advertisers, primarily Booking Holdings and Expedia Group brands, whose bidding changes or spending reductions could significantly and suddenly decrease revenue and profit.
The rapid advancement of AI, including AI-enabled search and chatbots, threatens to disrupt the online travel industry, potentially reducing traffic to traditional metasearch sites and requiring significant, risky investment to remain competitive.
The company faces ongoing legal and regulatory risks, including a pending class action in Israel over display practices and the complex, evolving compliance burden of global data privacy laws like GDPR and the new EU AI Act.
trivago is a global hotel search and price comparison platform that generates revenue primarily through cost-per-click and cost-per-acquisition advertising from online travel agencies.
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The company operates in three reportable segments: Americas, Developed Europe, and Rest of World, with the Americas and Developed Europe being its core markets.
trivago's platform aggregates over 7.0 million hotels and accommodations in 190+ countries, accessible via 53 localized websites and apps in 31 languages.
A key strategic priority is expanding the 'Book & Go' on-platform booking functionality, accelerated by the July 2025 acquisition of the AI-driven platform trivago DEALS.
Booking Holdings and Expedia Group's brands are its two largest advertising partners, accounting for 40% and 34% of , respectively, in 2025.
The company is rapidly adopting AI to amplify marketing and product innovation, aiming to scale impact without expanding its workforce.
trivago faces competition from online metasearch sites, search engines, OTAs, and emerging AI-powered chatbots like ChatGPT and Gemini.
Total revenue grew 19% to €548.9M in FY2025, driven by 17% Referral Revenue growth from brand marketing and improved booking conversion.
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Total rose 19% to €548.9M, with up 17% to €532.9M, driven by double-digit growth across all segments: Americas (+15%), Developed Europe (+15%), and Rest of World (+24%).
swung to €11.2M from a €23.7M loss, primarily due to the absence of a €30.1M intangible asset recorded in 2024 and favorable returns on brand advertising.
Selling and marketing expense increased 21% to €445.6M, mainly from a 21% rise in Advertising Spend to €418.2M as the company accelerated brand marketing investments across all core segments.
Global ROAS declined to 128.4% from 132.1%, as increased brand marketing spend aimed at long-term direct traffic growth was partly offset by improved performance marketing efficiency.
decreased 62% to €7.7M, impacted by negative changes including seasonal declines in traveler advances from the newly consolidated trivago DEALS and higher .
Management expects continued double-digit total growth in Q1 2026 and improved profitability, anticipating a moderation in the pace of brand marketing investment increases compared to 2025.