Expedia Group Reports Third Quarter 2026 Results
Expedia Group, Inc. (EXPE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Expedia Group Reports Third Quarter 2026 Results 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, WA – November 4, 2026 – Expedia Group,
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance provide a fresh catalyst for the stock, likely prompting buying interest.
Market read
Strong earnings and raised guidance position Expedia as a potential outperformer in the travel sector.
What to watch
Potential headwinds from macro travel cost inflation and competitive pricing pressures.
Expedia Group Reports Third Quarter 2026 Results 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
Third-quarter Gross Bookings grew 11%, revenue grew 12%, GAAP operating income grew 28%, and Adjusted EBITDA grew 17% with 135 basis points of margin expansion. The company also increased full-year Gross Bookings, revenue and Adjusted EBITDA margin expansion guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Booked Room Nightsother | 115.7 | – | 7% |
| Q3 2026 Average Daily Rate (ADR) Bookedother | $215.0 | – | 2 % |
| Q3 2026 Booked Air Ticketsother | 13.6 | – | (6) % |
| Q3 2026 Gross Bookingsother | $34.01B | – | 11% |
| Q3 2026 Lodging Gross Bookingsother | $24,875 | – | 10% |
| Q3 2026 Non-lodging Gross Bookingsother | $9,133 | – | 14% |
| Q3 2026 RevenueGAAP | $4,938 | – | 12% |
| Q3 2026 Revenue marginother | 14.5% | – | 16 bps |
| Q3 2026 Operating incomeGAAP | $1.33B | – | 28% |
| Q3 2026 Net incomeGAAP | $1.04B | – | – |
| Q3 2026 Net income attributable to Expedia Group, Inc.GAAP | $1.03B | – | 7% |
| Q3 2026 Net income marginGAAP | 20.9 % | – | – |
| Q3 2026 Diluted Earnings Per ShareGAAP | $8.42 | – | 15% |
| Q3 2026 Basic Earnings Per ShareGAAP | $8.59 | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $1.69B | – | 17% |
| Q3 2026 Adjusted EBITDA marginnon-GAAP | 34.2% | – | 135 bps |
| Q3 2026 Adjusted net incomenon-GAAP | $1.15B | – | 19% |
| Q3 2026 Adjusted earnings per sharenon-GAAP | $9.39 | – | 24% |
| Q3 2026 Net cash provided by (used in) operating activitiesGAAP | −$1.16B | – | 133% |
| Q3 2026 Free Cash Flownon-GAAP | −$1.40B | – | 104% |
| Q3 2026 Cost of revenueGAAP | $419M | – | – |
| Q3 2026 Adjusted cost of revenuenon-GAAP | $415M | – | 11% |
| Q3 2026 Selling and marketing - directGAAP | $2.18B | – | 10% |
| Q3 2026 Selling and marketing - indirectGAAP | $209M | – | – |
| Q3 2026 Technology and contentGAAP | $334M | – | – |
| Q3 2026 General and administrativeGAAP | $194M | – | – |
| Q3 2026 Depreciation and amortizationGAAP | $224M | – | – |
| Q3 2026 Legal reserves, occupancy tax and otherGAAP | $13M | – | – |
| Q3 2026 Restructuring and related reorganization chargesGAAP | $35M | – | – |
| Nine months ended September 30, 2026 RevenueGAAP | $12,679 | – | – |
| Nine months ended September 30, 2026 Operating incomeGAAP | $2,377 | – | – |
| Nine months ended September 30, 2026 Net income attributable to Expedia Group, Inc.GAAP | $1,902 | – | – |
| Nine months ended September 30, 2026 Diluted earnings per shareGAAP | $15.43 | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $3,350 | – | – |
| Nine months ended September 30, 2026 Adjusted net incomenon-GAAP | $2,099 | – | – |
| Nine months ended September 30, 2026 Adjusted earnings per sharenon-GAAP | $17.03 | – | – |
| Nine months ended September 30, 2026 Net cash provided by operating activitiesGAAP | $4,252 | – | – |
| Nine months ended September 30, 2026 Free cash flownon-GAAP | $3,627 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| B2CQ3 2026 B2C Gross Bookings were $22,862 and grew 7%. | $3,065 | – | 6% |
| B2BQ3 2026 B2B Gross Bookings were $11,146 and grew 19%. | $1,708 | – | 23% |
| OtherOther is comprised of trivago, corporate and intercompany eliminations. | $165 | – | 20% |
Q4 2026; Full Year 2026 outlook
- RevenueQ4 2026: $3.69 - $3.75B +4.0-5.7%; Full Year 2026: $16.37 - $16.43B +11-12%
- NoteQ4 2026 Gross Bookings: $27.9 - $28.4B +3.3-5.2%
- NoteQ4 2026 Adjusted EBITDA: $830 - $880M
- NoteFull Year 2026 Gross Bookings: $131.4 - $131.9B +10%
- NoteFull Year 2026 Adjusted EBITDA margin expansion: +1.8 - 2.0pts
Capital returns
- Repurchased approximately 2 million shares for $576 million in the third quarter.
- Paid quarterly dividend of $0.48 per share on September 17, 2026.
- Declared quarterly dividend of $0.48 per share on November 4, 2026.
- Quarterly cash dividend of $0.48 per share is payable on December 10, 2026 to stockholders of record as of the close of business on November 18, 2026.
- Nine months ended September 30, 2026 purchases of treasury stock were $(1,727).
- Nine months ended September 30, 2026 payment of dividends to stockholders was $(173).
What drove it
- Booked Room Nights grew 7%.
- Average Daily Rate (ADR) Booked grew 2 %.
- Lodging Gross Bookings grew 10% and Non-lodging Gross Bookings grew 14%.
- B2B revenue grew 23%, compared with 6% growth in B2C revenue.
- Merchant Gross Bookings grew 15%, compared with 4% growth in Agency Gross Bookings.
- Advertising & Media - trivago revenue grew 20%, Other revenue grew 28%, and Advertising & Media - EG revenue grew 7%.
- Adjusted EBITDA margin was 34.2%, with 135 bps of year-over-year expansion.
Concerns
- Booked Air Tickets were 13.6, compared with 14.4, a (6) % change.
- Air revenue was $93, compared with $101, a (7)% change.
- Q3 2026 net cash provided by (used in) operating activities was $(1,157), compared with $(497).
- Q3 2026 Free Cash Flow was $(1,399), compared with $(686).
- B2B Adjusted EBITDA margin was 27.5%, compared with 28.9%, a (134) bps change.
- The Q4 2026 outlook calls for Gross Bookings growth of +3.3-5.2% and revenue growth of +4.0-5.7%, compared with Q3 growth of 11% and 12%, respectively.
What to watch
- Q4 2026 Gross Bookings guidance of $27.9 - $28.4B +3.3-5.2%.
- Q4 2026 revenue guidance of $3.69 - $3.75B +4.0-5.7%.
- Q4 2026 Adjusted EBITDA guidance of $830 - $880M.
- Full Year 2026 Gross Bookings guidance of $131.4 - $131.9B +10%.
- Full Year 2026 revenue guidance of $16.37 - $16.43B +11-12%.
- Full Year 2026 Adjusted EBITDA margin expansion guidance of +1.8 - 2.0pts.
- B2B growth and B2B Adjusted EBITDA margin performance.
- Booked Air Tickets and Air revenue trends.
Balance sheet and cash flow
- Cash and cash equivalents were $5,040 at September 30, 2026, compared with $5,413 at December 31, 2025.
- Restricted cash and cash equivalents were $1,543 at September 30, 2026, compared with $1,563 at December 31, 2025.
- Short-term investments were $527 at September 30, 2026, compared with $320 at December 31, 2025.
- Current maturities of long-term debt were $749 at September 30, 2026, compared with $1,692 at December 31, 2025.
- Long-term debt, excluding current maturities, was $4,711 at September 30, 2026, compared with $4,469 at December 31, 2025.
- Nine months ended September 30, 2026 capital expenditures, including internal-use software and website development, were $(625), compared with $(585).
- Nine months ended September 30, 2026 net cash used in investing activities was $(1,844), compared with $(332).
- Nine months ended September 30, 2026 net cash used in financing activities was $(2,762), compared with $(1,747).
- Cash, cash equivalents and restricted cash and cash equivalents at end of period were $6,583, compared with $7,262.
Analysis
Expedia Group reported broad third-quarter growth, led by $34,008 of Gross Bookings, up 11%, and $4,938 of revenue, up 12%. Booked Room Nights increased 7% to 115.7 and ADR Booked increased 2 % to $215.0. Lodging Gross Bookings grew 10% to $24,875, while Non-lodging Gross Bookings grew 14% to $9,133. Merchant Gross Bookings rose 15%, faster than 4% growth in Agency Gross Bookings.
B2B was the primary revenue growth contributor. B2B revenue increased 23% to $1,708 and B2B Gross Bookings increased 19% to $11,146. B2C revenue grew 6% to $3,065 and B2C Gross Bookings grew 7% to $22,862. Other revenue increased 20% to $165. Product-level performance also showed $483 of Other revenue, up 28%, and $165 of Advertising & Media - trivago revenue, up 20%, while Air revenue declined (7)% to $93 and Booked Air Tickets declined (6) % to 13.6.
Profitability improved materially. GAAP operating income rose 28% to $1,326, net income attributable to Expedia Group, Inc. increased 7% to $1,030, and diluted GAAP earnings per share rose 15% to $8.42. Adjusted EBITDA increased 17% to $1,689 and its margin expanded 135 bps to 34.2%. B2C Adjusted EBITDA margin expanded 273 bps to 43.5%, while B2B Adjusted EBITDA margin declined (134) bps to 27.5%. Revenue margin increased 16 bps to 14.5%.
Cash generation was negative in the quarter, with net cash provided by (used in) operating activities of $(1,157) and Free Cash Flow of $(1,399). For the nine months ended September 30, 2026, net cash provided by operating activities was $4,252 and Free Cash Flow was $3,627. The company repurchased approximately 2 million shares for $576 million during the third quarter and paid a quarterly dividend of $0.48 per share on September 17, 2026.
The company raised its full-year outlook to Gross Bookings of $131.4 - $131.9B +10%, revenue of $16.37 - $16.43B +11-12%, and Adjusted EBITDA margin expansion of +1.8 - 2.0pts. The Q4 outlook calls for Gross Bookings of $27.9 - $28.4B +3.3-5.2%, revenue of $3.69 - $3.75B +4.0-5.7%, and Adjusted EBITDA of $830 - $880M. The outlook indicates slower growth rates in Q4 than the third quarter while retaining higher full-year targets.
Management, verbatim
We exceeded the high end of our guidance in the quarter, reflecting resilient travel demand and strong execution.
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.
Ariane Gorin, CEO of Expedia Group
AI is opening further opportunities across our business, enhancing internal productivity and creating new sources of growth.
Ariane Gorin, CEO of Expedia Group
Not in the filing
stated, not guessed- Q3 2026 GAAP gross margin was not reported.
- Q3 2026 non-GAAP gross margin was not reported.
- Q4 2026 gross margin guidance was not reported.
- Q4 2026 operating expenses guidance was not reported.
- Q4 2026 tax rate guidance was not reported.
- Q4 2026 GAAP net income and EPS guidance were not reported.
- Q4 2026 free cash flow guidance was not reported.
- Prior-release outlook was not provided; therefore, no actual-versus-prior-guidance comparison is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Expedia Group filed a Form 8‑K announcing its Q3 2026 financial results and updated guidance.
Ticker impact
Expedia Group reported Q3 2026 results beating guidance with 12% revenue growth and raised full-year guidance.
likely upward pressure as the market prices in the earnings beat and raised guidance.
The earnings beat and raised guidance are fresh primary disclosures for a large-cap travel platform, providing a clear catalyst for price appreciation.
Market effects
Travel and online booking sector may see broader rally on Expedia's strong performance.
U.S. travel stocks could benefit from the upbeat outlook.
Positive earnings from a global travel marketplace may lift related international travel and hospitality equities.
Counterpoint
If travel demand softens later in the year, the rally could be short-lived.
Key entities
- CompanyExpedia Group, Inc.
Global online travel marketplace.
