Expedia Group (EXPE) Earnings Date & Reports

Key Takeaways

• Expedia Group reported third quarter 2026 revenue of $4.94 billion, up 11.9% year over year and above the roughly $4.73 billion consensus estimate.
• Adjusted earnings per share (EPS) came in at $9.39, beating analysts' consensus of about $8.89, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $1.69 billion with a 34.2% margin.
• Gross bookings rose 11% year over year, helped by 7% room night growth and a 3% increase in ADR (average daily rate) on a currency-neutral basis.
• The company raised its full-year 2026 guidance for gross bookings, revenue, and EBITDA margin expansion, but issued fourth quarter EBITDA guidance below consensus expectations.
• Shares fell roughly 6% in after-hours trading, reflecting investor caution about the softer near-term outlook despite the top- and bottom-line beats.
• For more detail on Expedia Group's Major News, Today's Price Move, Price Targets, and Forecast, explore the dedicated pages for the EXPE ticker.
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Earnings Context and Why It Matters

Expedia Group's third quarter 2026 results matter because they offer a real-time read on global travel demand heading into the slower fourth quarter and into the next year. As one of the world's largest online travel platforms, Expedia's gross bookings and room night figures act as a barometer for consumer spending on hotels, flights, and vacation rentals. Investors were watching whether resilient travel demand and strong B2B (business-to-business) momentum could offset a softer macro backdrop, including U.S. election-related uncertainty and geopolitical disruption. The report also tested management's ability to sustain margin expansion through marketing leverage and cost discipline while continuing to return capital to shareholders through buybacks.

Reported Results

For the third quarter ended September 30, 2026, Expedia Group reported revenue of $4.94 billion, an 11.9% increase from $4.41 billion a year earlier and above the $4.73 billion consensus estimate. Adjusted EPS came in at $9.39, beating the roughly $8.89 consensus, while adjusted net income grew 19% year over year. On a GAAP (generally accepted accounting principles) basis, net income attributable to the company was approximately $1.03 billion, or $8.42 per share, up from $959 million, or $7.33 per share, in the prior-year period.

Adjusted EBITDA reached $1.69 billion, a 34.2% margin that improved more than one percentage point year over year. Gross bookings increased 11% year over year, driven by 7% room night growth and a 3% increase in ADR on a currency-neutral basis. Free cash flow reached $3.7 billion on a trailing twelve-month (TTM) basis, up 25% year over year. During the quarter, Expedia repurchased about 2 million shares for $576 million, bringing year-to-date repurchases to roughly $1.5 billion.

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Market Reaction and Investor Sentiment

Despite beating top- and bottom-line estimates, Expedia shares declined roughly 6% in after-hours trading. The pullback reflected a mixed interpretation of the report: the third quarter itself was strong, but the fourth quarter outlook signaled moderation. Management cited a softer operating environment tied to the U.S. election cycle and geopolitical events affecting travel in Europe, the Middle East, and Africa, along with the impact of lapping prior-year B2B promotional activity and the timing of its fall sale, which pulled demand into the third quarter. Investors appeared to weigh the cautious near-term guidance against an otherwise solid quarter and raised full-year outlook.

Forward Outlook and Key Factors to Monitor

For the fourth quarter of 2026, Expedia guided to gross bookings of $27.9 billion to $28.4 billion, representing growth of roughly 3.3% to 5.2% year over year, and revenue of $3.69 billion to $3.75 billion, or about 4% to 5.7% growth. Management expects adjusted EBITDA of $830 million to $880 million, implying a margin of 22.5% to 23.5% — below the consensus EBITDA estimate and reflecting sequentially slower revenue growth plus strategic investments and costs from recent acquisitions.

For the full year, the company raised its outlook to gross bookings of $131.4 billion to $131.9 billion, revenue of $16.37 billion to $16.43 billion, and adjusted EBITDA margin expansion of approximately 180 to 200 basis points (a basis point is one-hundredth of a percentage point).

Going forward, investors should monitor whether travel demand stabilizes after the U.S. election, how geopolitical conditions affect European booking trends, and whether B2B momentum continues. Other factors to watch include the pace of marketing leverage and cost discipline, the integration and costs of recent acquisitions, and the continuation of share repurchases and dividends as part of Expedia's capital allocation strategy.

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