Filing Flows › Travelzoo (TZOO) › Q4 2025
Travelzoo (TZOO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 11, 2026
Travelzoo (TZOO) reported revenue of $22.5M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +1% from the quarter before. Operating margin was 2.5%, net earnings $57K (0.3% of revenue).
Travelzoo, Q4 2025: revenue $22.5M (+9% year over year), operating margin 2.5%, net earnings $57K, operating cash flow $1.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.5M | +1% | +9% |
| Gross profit | $17.5M | -0.8% | -2% |
| Operating profit | $552K | +13% | -89% |
| Net earnings | $57K | -68% | -98% |
| Operating cash flow | $1.5M | — | -81% |
| Free cash flow | $1.4M | — | -82% |
What changed
Revenue was $22.5M in Q4 2025, up 9% year over year and up 1% from the previous quarter. Travelzoo North America was the largest line at 66% of revenue.
Gross margin was 78.0%, down 8.6 points from a year earlier. Operating profit was $552K, a 2.5% margin (down 21.0 points year over year). Operating profit fell $4.3M even though revenue rose $1.8M versus a year earlier, so costs grew faster than sales. Operating expenses grew 30% against revenue growth of 9%. The fastest-growing cost line was Sales & marketing (+32%). Net earnings were −$21K. The effective tax rate was 90.1%.
Operating cash flow was $1.5M (down 81% year over year), 2547% of net income including minority interests. Non-cash charges added back $66K of depreciation and amortization and $338K of share-based compensation. Working capital and other items added $1.0M. Capital expenditures of $16K left free cash flow of $1.4M.
Questions
What was Travelzoo's revenue in the fourth quarter 2025?
Travelzoo (TZOO) reported revenue of $22.5M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +1% from the quarter before.
Was Travelzoo profitable in the fourth quarter 2025?
Operating profit was $552K (2.5% of revenue) and net earnings $57K.
Source: Travelzoo 10-K on SEC EDGAR.