10-Q · May 7, 2026
Expedia Group's Q1 2026 results exhibited significant improvement with revenue of $3.43 billion, surpassing estimates of $3.35 billion, and achieving a diluted EPS of 1.96 against expectations of 1.25. The company…
Earnings analysis · 10-Q
EXPE earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Expedia delivered a strong Q3, with $4.938 billion of revenue, adjusted EPS of $9.39, 11% gross-bookings growth, and 34.2% adjusted EBITDA margin. B2B revenue growth of 23% and a 135-basis-point margin expansion were…
Read full summary
Expedia delivered a strong Q3, with $4.938 billion of revenue, adjusted EPS of $9.39, 11% gross-bookings growth, and 34.2% adjusted EBITDA margin. B2B revenue growth of 23% and a 135-basis-point margin expansion were key positives, and management raised full-year 2026 bookings, revenue, and margin-expansion outlooks. The principal offset is Q4 revenue guidance of $3.69 billion-$3.75 billion, which implies a substantial sequential decline from Q3, while the extracted 10-Q text provides limited current-period balance-sheet and cash-flow detail.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $8.42
- Segment
- B2B revenue increased 23% year over year; exact segment revenue was not provided in the extracted filing text.
- Segment
- Gross bookings increased 11% year over year; exact segment or product revenue was not provided in the extracted filing text.
- Segment
- Adjusted EBITDA increased 17% year over year, with adjusted EBITDA margin expanding 135 basis points to 34.2%.
What stood out
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Q3 revenue and adjusted EPS beat estimates
Revenue was $4.938 billion, exceeding the $4.734 billion consensus estimate by approximately 4.3%. GAAP EPS was $8.42, while adjusted EPS was $9.39 versus the $8.73 estimate.
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B2B and bookings drove growth
Gross bookings increased 11% year over year, while B2B revenue increased 23% and adjusted EBITDA increased 17%.
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Adjusted EBITDA margin expanded
Adjusted EBITDA margin expanded 135 basis points to 34.2%, indicating meaningful operating leverage despite the softer forward revenue outlook.
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Full-year outlook was raised
Full-year 2026 revenue guidance increased to $16.37 billion-$16.43 billion from $16.05 billion-$16.22 billion, while gross bookings guidance increased to $131.4 billion-$131.9 billion from $129.5 billion-$130.8 billion.
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Share repurchases remained substantial
The company had $5.094 billion remaining under its share-repurchase authorization at September 30, 2026, after repurchasing 1.974 million shares during Q3.
What to watch
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Q4 revenue outlook implies seasonality
Q4 revenue guidance of $3.69 billion-$3.75 billion is below the $4.938 billion reported in Q3, implying a sequential decline of approximately 24%-25%.
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Helms-Burton litigation remains pending
The Helms-Burton Mata litigation jury returned a verdict for defendants on August 31, 2026, but the plaintiff filed a motion for a new trial on September 28, 2026, leaving the matter unresolved.
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Cash-conversion visibility is limited
The filing states there were no material changes in market risk during the three and nine months ended September 30, 2026; however, the extracted filing does not quantify current-quarter free cash flow, limiting assessment of cash conversion.
Management's outlook
Full-year 2026 gross bookings guidance was raised to $131.4 billion-$131.9 billion from $129.5 billion-$130.8 billion. Full-year revenue guidance was raised to $16.37 billion-$16.43 billion from $16.05 billion-$16.22 billion, and adjusted EBITDA margin expansion guidance was raised to 1.8-2.0 percentage points from 1.5-1.75 percentage points. Q4 revenue guidance is $3.69 billion-$3.75 billion and adjusted EBITDA guidance is $830 million-$880 million.
Earlier filings 4
10-K · February 13, 2026
Expedia Group’s 2025 10-K emphasizes a platform-led strategy (unified front-end stack, One Key loyalty) and accelerated AI integration to drive product velocity, retention and efficiency. The company generated $14.7…
10-Q · August 8, 2025
Expedia Group reported Q2 revenue of $3,786 million, up 6% year-over-year, and reported EPS of $4.24 (beat consensus). Strength came from B2B (15% growth) and advertising (EG Advertising $182M, +19%; trivago $98M,…
10-K · February 7, 2025
Expedia Group reports full-year 2024 revenue of $13.7 billion, with a merchant-led mix (merchant 69%, agency 23%, advertising 8%) and continued investment in its core B2C brands and global loyalty program (One Key…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.