LOWOutside partyCustomer
21%
Booking and Expedia
“10-K Item 1: 'Booking (and its subsidiaries) accounted for 10% or more ... together with Expedia (and its subsidiaries), our two most significant travel partners, accounted for approximately 21%'”
TRIP · Concentration risk · 10-K extracted
TripAdvisor (TRIP) concentration risks
Updated
The most significant concentration TripAdvisor discloses is Booking and Expedia at 21%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: TripAdvisor’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06TripAdvisor's disclosed concentration is narrow: its relationship with Booking and Expedia, described as its two most significant travel partners, together accounted for approximately 21% of the company's business — a share the filing discloses at a low level. This is a dependency-type exposure rather than a structural feature of the business model, meaning it reflects reliance on specific distribution counterparties rather than an inherent concentration in the company's revenue mix, geography, or supply chain. Because only this single partner relationship is disclosed, and at a low share, the overall concentration profile is limited: there is no indication of customer, geographic, or supplier concentration beyond this one line. Should either Booking or Expedia meaningfully reduce its distribution relationship with TripAdvisor, the impact would be idiosyncratic to that counterparty rather than symptomatic of a broader structural weakness in the business. For an investor, this points to a relatively contained concentration risk profile, with the caveat that traffic-partner dependency warrants ongoing monitoring given the scale of the two named partners in online travel distribution. Overall, the disclosed exposure is low in share and counterparty-specific in character, with no other concentration factors flagged in the filing.
For the engine’s reasoning on TRIP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Travel Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| EXPE | Expedia Group, Inc. | 2 | 0 | 0 | 2 |
| CUK | Carnival Plc | 1 | 0 | 0 | 1 |
| CCL | Carnival Corporation Ltd. | 0 | 1 | 0 | 1 |
| TRIP● | TripAdvisor, Inc. | 0 | 0 | 1 | 1 |
| ABNB | Airbnb, Inc. | 0 | 0 | 0 | 0 |
| BKNG | Booking Holdings Inc. Common St | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.