Brand Tripadvisor revenue declined 3% to $242 million, with adjusted EBITDA of $66 million or 27% of revenue, impacted by higher marketing spend and free traffic headwinds.
Operating cash flow was $202 million and free cash flow was $177 million, reflecting improved cash generation compared to prior year.
TheFork revenue grew 20% to $54 million, with adjusted EBITDA margin improving by nearly 900 basis points to 16%.
TripAdvisor's Q2 2025 consolidated revenue grew 7% to $529 million, with adjusted EBITDA of $107 million or 20% of revenue, exceeding expectations.
Viator segment revenue grew 11% to $270 million, with adjusted EBITDA margin improving by nearly 800 basis points to 12%.
Adjusted EBITDA margin increased to 46.7% for Las Vegas operations and 43.6% consolidated, up 47 and 212 basis points respectively.
Capital spend in Q2 was $78.2 million; full year 2025 capital spend expected between $325 million and $375 million, down $25 million from prior guidance.
Consolidated second quarter net revenue was $526.3 million, up 8.2%; adjusted EBITDA was $229.4 million, up 13.7%.
Las Vegas operations delivered highest quarterly net revenue and adjusted EBITDA in 49-year history with near record adjusted EBITDA margin.
Operating free cash flow was $124.3 million or $1.18 per share, converting 54% of adjusted EBITDA; year-to-date free cash flow $217.3 million or $2.06 per share.
Second quarter Las Vegas net revenue was $513.3 million, up 6.2% year-over-year; adjusted EBITDA was $239.4 million, up 7.3%.
Strong performance across gaming, hotel, food and beverage, and group sales and catering segments with near record revenue and profitability.
Adjusted diluted EPS declined to $1.17 from $1.71 in the prior year quarter.
Adjusted EBITDA decreased to $56.2 million from $67 million year-over-year.
Adjusted free cash flow for the first six months of 2025 was $48.7 million, down from $52.9 million in the same period last year.
Applebee's reported a 4.9% increase in comp sales with positive traffic growth, the first positive traffic since Q1 2023.
Company-owned portfolio showed solid progress with comp sales improving over Q1 and performing near system average.
Consolidated total revenues increased 11.9% to $230.8 million in Q2 2025 compared to $206.3 million in Q2 2024, driven primarily by increased company restaurant sales.
IHOP posted a negative 2.3% comp sales but showed sequential improvement from Q1 and achieved second consecutive quarter of traffic outperformance relative to Black Box.
Adjusted EBITDA declined to $15.3 million from $20.1 million, reflecting lower margins and higher noncash expenses related to self-insurance.
Bombshells segment revenues declined due to divestitures and same-store sales decline but returned to profitability with an operating income of $87,000 versus a loss of $8.9 million last year.
Free cash flow remained stable at $13.3 million, with a sequential increase in free cash flow margin to 19% of revenues.
GAAP EPS was $0.46 compared to a loss of $0.56 per share last year; non-GAAP EPS was $0.77 versus $1.35 year-over-year.
Net income attributable to common shareholders was $4.1 million, a significant improvement from a loss of $5.2 million in the prior year quarter.
Nightclub revenues were nearly flat with a slight decline in same-store sales offset by acquisitions; operating income increased to $17.8 million with a margin of 28.5%.
Total revenues for Q3 2025 were $71.1 million, down from $76.2 million year-over-year, primarily due to the sale and divestiture of underperforming Bombshells locations.
Gross profit margin improved to 55.7% from 53.6% in the prior year quarter, driven by pricing actions, supply chain optimization, and lower input costs.
International sales accounted for approximately 41% of total net sales, up from 39% in Q2 2024.
Net income rose 14.9% to $488.8 million, and diluted EPS increased 21.1% to $0.50.
Net sales for Q2 2025 reached a record $2.11 billion, an 11.1% increase over Q2 2024.
Operating income increased 19.8% to $631.6 million, with adjusted operating income up 21.5%.
The Alcohol Brands segment saw an 8.6% decline in net sales to $38 million.
Dafinchi
