Exceeded guidance with 11% Gross Bookings and 12% revenue growth y/y
Grew GAAP Net Income 7% and Adjusted EBITDA 17% y/y
Expanded Adj. EBITDA margins y/y
Increases full year guidance
SEATTLE--(BUSINESS WIRE)--November 04, 2026--
Expedia Group, Inc. $(EXPE)$ announced financial results today for the third quarter ended September 30, 2026.
Third Quarter Highlights (All comparisons year-over-year)
-- Booked Room Nights grew 7%.
-- Total Gross Bookings grew 11%, while B2B Gross Bookings grew 19% and
B2C Gross Bookings grew 7%.
-- Lodging Gross Bookings grew 10%.
-- Revenue grew 12%, driven by B2B, which grew 23%.
-- GAAP net income increased 7% while Adjusted Net Income grew 19%.
Adjusted EBITDA increased 17% with 135 basis points of margin expansion.
-- Diluted GAAP earnings per share increased 15% while Adjusted EPS
increased 24%.
-- Repurchased approximately 2 million shares for $576 million in the
third quarter.
-- Paid quarterly dividend of $0.48 per share on September 17, 2026 and
declared quarterly dividend of $0.48 per share on November 4, 2026.
"We exceeded the high end of our guidance in the quarter, reflecting resilient travel demand and strong execution," said Ariane Gorin, CEO of Expedia Group. "We continue to deliver traveler value through more personalized and rewarding product experiences, improve supply across our marketplace, and advance our strategy to build the one-stop travel platform for B2B partners. AI is opening further opportunities across our business, enhancing internal productivity and creating new sources of growth. Our progress and the results we delivered demonstrate the differentiation of our platform and reinforce our confidence in our ability to deliver value for all our stakeholders."
Financial Summary & Operating Metrics (In millions except per share amounts)
------------------------------------------------------------------------------
Expedia Group, Inc.
Metric Q3 2026 Q3 2025 <DELTA> Y/Y
---------------------------------------------- -------- ------- -----------
Booked Room Nights 115.7 108.2 7%
Gross Bookings $34,008 $30,727 11%
Revenue $4,938 $4,412 12%
Operating income $1,326 $1,036 28%
Net income attributable to Expedia Group,
Inc. $1,030 $959 7%
Diluted Earnings Per Share $8.42 $7.33 15%
Adjusted EBITDA* $1,689 $1,449 17%
Adjusted EPS* $9.39 $7.57 24%
Net cash provided by (used in) operating
activities $(1,157) $(497) 133%
Free Cash Flow* $(1,399) $(686) 104%
---------------------------------------------- -------- ------- -----------
* A reconciliation of non-GAAP financial
measures to the most comparable GAAP measures
is provided at the end of this release.
Business Outlook
Metric Q4 2026
--------------------- --------------
$27.9 - $28.4B
Gross Bookings +3.3-5.2%
--------------------- --------------
$3.69 - $3.75B
Revenue +4.0-5.7%
--------------------- --------------
Adjusted EBITDA** $830 - $880M
--------------------- --------------
Metric Full Year 2026
------------------------------------- ---------------------------------------
Previous Guidance Current Guidance
------------------------------------- ------------------- ------------------
Gross Bookings $129.5 - $130.8B $131.4 - $131.9B
+8-9% +10%
------------------------------------- ------------------- ------------------
Revenue $16.05 - $16.22B $16.37 - $16.43B
+9-10% +11-12%
------------------------------------- ------------------- ------------------
Adjusted EBITDA margin expansion** +1.5 - 1.75pts +1.8 - 2.0pts
------------------------------------- ------------------- ------------------
** A reconciliation for the Adjusted EBITDA and Adjusted EBITDA margin
expansion forecast is not provided because we cannot, without unreasonable
effort, predict certain items, including but not limited to, foreign exchange
rate gains or losses and minority investment gains or losses, and are unable
to address the probable significance of the unavailable information.
Quarterly Dividend
Expedia Group's Executive Committee, acting on behalf of its Board of Directors, has declared a quarterly cash dividend of $0.48 per share of outstanding common stock, payable on December 10, 2026 to stockholders of record as of the close of business on November 18, 2026.
Conference Call
Expedia Group will webcast a conference call to discuss third quarter 2026 financial results and certain forward-looking information on Wednesday, November 4, 2026 at 1:30 p.m. Pacific Time (PT). The webcast will be open to the public and available via ir.expediagroup.com. Expedia Group expects to maintain access to the webcast on the IR website for approximately twelve months subsequent to the initial broadcast. An earnings presentation containing financial and other statistical information supporting the prepared remarks on the call, together with reconciliations of the non-GAAP financial measures used, will be available on the "Investors" section of Expedia Group's website at ir.expediagroup.com beginning at approximately 1:00 p.m. PT on the same date and will remain available following the call.
About Expedia Group
Expedia Group, Inc. is the global travel marketplace with one purpose: to help travelers explore the world, one journey at a time. Expedia Group(TM) connects travelers, partners, and advertisers through its trusted brands, leading technology, and rich first-party data, delivering predictive, personalized experiences that shape the future of travel.
Expedia Group's ecosystem includes three flagship consumer brands -- Expedia(R), Hotels.com(R), and Vrbo(R) -- the largest B2B travel business, and a premier advertising network. Guided by an experienced and passionate global team, Expedia Group helps millions of travelers in more than 70 countries explore the world with confidence and ease.
(c) 2026 Expedia, Inc., an Expedia Group company. All rights reserved. Expedia Group and the Expedia Group logo are trademarks of Expedia, Inc. CST: 2029030-50.
Expedia Group, Inc.
Trended Metrics
(All figures in millions, except ADR booked)
The metrics below are intended to supplement the financial statements in this release and in our filings with the SEC, and do not include adjustments for one-time items, acquisitions, foreign exchange or other adjustments. The definition or methodology of any of our supplemental metrics are subject to change, and such changes could be material. We may also discontinue certain supplemental metrics as our business evolves over time. In the event of any discrepancy between any supplemental metric and our historical financial statements, you should rely on the information included in the financial statements filed with or furnished to the SEC.
2025 2026 Y/Y
---------------------------------- ------------------------- ------
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Growth
------- ------- ------- ------- ------- ------- ------- ------
Operating
metrics
Booked Room
Nights 107.7 105.5 108.2 94.0 113.9 111.5 115.7 7 %
Average Daily
Rate ("ADR")
Booked $213.9 $209.3 $209.8 $207.0 $228.1 $220.6 $215.0 2 %
Booked Air
Tickets 14.8 15.0 14.4 12.8 15.7 14.2 13.6 (6) %
Gross Bookings
by business
model
Agency $13,239 $12,376 $11,875 $10,517 $14,357 $13,317 $12,355 4%
Merchant 18,212 18,033 18,852 16,486 21,173 20,611 21,653 15%
------- ------- ------- ------- ------- ------- ------- ------
Total $31,451 $30,409 $30,727 $27,003 $35,530 $33,928 $34,008 11%
Gross Bookings
by product
Lodging $23,032 $22,073 $22,705 $19,455 $25,977 $24,603 $24,875 10%
Non-lodging 8,419 8,336 8,022 7,548 9,553 9,325 9,133 14%
------- ------- ------- ------- ------- ------- ------- ------
Total $31,451 $30,409 $30,727 $27,003 $35,530 $33,928 $34,008 11%
Revenue by
product
Lodging $2,289 $3,040 $3,604 $2,819 $2,610 $3,429 $3,991 11%
Air 107 105 101 94 107 91 93 (7)%
Advertising &
Media -
EG(1) 174 182 194 208 197 206 206 7%
Advertising &
Media -
trivago(1) 85 98 137 97 125 145 165 20%
Other(2) 333 361 376 329 387 444 483 28%
------- ------- ------- ------- ------- ------- ------- ------
Total $2,988 $3,786 $4,412 $3,547 $3,426 $4,315 $4,938 12%
Revenue by
geography
U.S. points of
sale $1,831 $2,303 $2,537 $2,039 $1,990 $2,570 $2,845 12%
Non-U.S.
points of