Highlights 

  • Total revenue climbs 13% YoY to EUR 165.6M, driven by Referral Revenue growth. 
  • Net income reaches EUR 11.0M, aided by Holisto consolidation gain of EUR 3.2M. 
  • Adjusted EBITDA rises 18% YoY to EUR 16.0M for Q3 2025. 

Trivago N.V. (NASDAQ:TRVG)announced its financial results for the third quarter ended September 30, 2025. Total revenue increased 13% year-over-year to EUR 165.6M, led by an 11% rise in Referral Revenue, which reached EUR 161.6M. This represents the fourth consecutive quarter of overall revenue growth and the third consecutive quarter of double-digit growth in Referral Revenue, mainly driven by branded channel traffic across trivago’s Core segments. 

Net income for Q3 2025 stood at EUR 11.0M, marking the company’s strongest third-quarter performance as a publicly listed entity. This figure includes a EUR 3.2M gain from the consolidation of Holisto Limited, now operating as trivago DEALS Limited. Adjusted EBITDA grew 18% YoY to EUR 16.0M. 

Chief Executive Officer Johannes Thomas commented: 
"We’re encouraged by the strength and durability of our momentum. Revenue grew 13% year-over-year, marking our third consecutive quarter of double‑digit growth. The third quarter exceeded our expectations for both total revenue and Adjusted EBITDA. The quality of this growth gives us confidence. It’s led by our strong double-digit branded channel traffic revenue growth, which continues to outperform our expectations and benefits from compounding effects. We achieved this growth despite major foreign exchange headwinds, while improving Adjusted EBITDA by 18% year-over-year. Our AI‑powered marketing campaign featuring brand ambassador Jürgen Klopp and our local productions made a strong impact this summer. Our product has significantly improved quarter after quarter, delivering a better user experience and stronger marketing efficiency." 

Segment Highlights 

Referral Revenue growth was strongest in the Americas and Rest of World segments, increasing 14% and 12% YoY, respectively. Developed Europe contributed EUR 69.7M in Referral Revenue, up 9% YoY. Global advertising efficiency remained stable, with a Return on Advertising Spend at 134.1%. 

Advertising and Marketing Spend 

Total Advertising Spend for Q3 2025 was EUR 122.0M, up 13% YoY, reflecting higher brand marketing investments across all Core segments. ROAS remained consistent compared to Q3 2024, with the Americas segment contributing the highest ROAS at EUR 15.8M. 

Cash Position and Balance Sheet 

As of September 30, 2025, total cash, cash equivalents, and restricted cash amounted to EUR 106.3M, down from EUR 134.1M on December 31, 2024. The reduction primarily resulted from EUR 15.0M used for the Holisto acquisition and EUR 3.3M in capital expenditures. Advances from travelers totaled EUR 42.0M, representing funds to be remitted to hotel partners after guest check-ins. 

Outlook 

For fiscal year 2026, trivago expects Adjusted EBITDA of around EUR 20M while maintaining double-digit total revenue growth. For the full year 2025, the company anticipates mid-teens percentage revenue growth and positive Adjusted EBITDA of at least EUR 10M.