Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 5, 2026
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains "forward-looking statements" about Expedia Group’s financial performance, operating results, and guidance, which may include, but are not limited to, statements relating to future gross bookin
Slide 3: Q2-26 snapshot
Q2 2026 EARNINGS Q2-26 111.5M $1,119M snapshot Booked Room Nights +6% y/y Adjusted EBITDA1 +23% y/y Key Takeaways 1. 2. Exceeded top and bottom-line guidance Sustained strong free cash flow generation $33.9B 25.9% 3. Increasing full-year guidance Gross Bookings +12% y/y Adjusted EBITDA Margin1 +196
Slide 4: Summary of Q2-26 results
RESULTS Summary of Q2-26 results Booked Room Nights Gross Bookings Revenue Adjusted EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) +6% +12% +14% +23% 111.5M $33.9B 105.5M $4.3B $1,119M $30.4B $3.8B $908M Q2-25 Q2-26 Q2-25 Q2-26 Q2-25 Q2-26 Q2-25 Q2-26 Room Night growth led by
Slide 5: Booked Room Nights and ADR Booked
RESULTS Booked Room Nights and ADR Booked Booked Room Nights Average Daily Rate2 (in millions) 113.9M 111.5M $228 108.2M $221 105.5M $209 $210 $207 94.0M Booked Room Night growth by region US: up mid single-digits EMEA: up low single-digits Rest of World: up low double-digits TTM Room Night growth w
Slide 6: Expedia Group Performance
RESULTS Expedia Group Performance Gross Bookings Revenue ($ in billions) ($ in billions) $35.5B $4.4B $4.3B $33.9B $30.4B $30.7B $3.8B Gross Bookings were driven $3.5B $3.4B by Room Night growth and $27.0B higher Average Daily Rates and air ticket prices Revenue growth exceeded Gross Bookings growth
Slide 7: B2C Segment Performance
RESULTS B2C Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) Gross Bookings and revenue $24.8B $2.9B were driven by sustained $23.2B $2.7B $21.6B $21.3B $2.5B momentum in the US, which grew at the strongest pace in $18.3B $2.2B $2.1B 15 quarters Adjusted EBITDA margin expan
Slide 8: B2B Segment Performance
RESULTS B2B Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) Gross Bookings and revenue $10.7B $10.7B were driven by continued double- digit growth across all regions $9.4B $1.5B and benefits from elevated $8.8B $8.7B $1.4B $1.3B marketing activity from some of $1.2B $1.2B
Slide 9: Improving Operational Efficiency
RESULTS Improving Operational Efficiency Adjusted Cost of Revenue1 Direct Marketing Adjusted Overhead1,2 ($ in millions) ($ in millions) ($ in millions) +7% +10% +0% $399M $2,119M $637M $638M $373M $1,920M $103M Other2 $76M $915M B2B $752M $1,092M $1,101M B2C Q2-25 Q2-26 Q2-25 Q2-26 Q2-25 Q2-26 % of
Slide 10: Expedia Group Margins
RESULTS Expedia Group Margins Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in millions) $7.57 $1,449M Adjusted EBITDA margin $1,119M $5.76 expansion was driven by disciplined cost management, $908M positive revenue mix, and B2C $848M $4.24 marketing leverage $3.78 $542M Adjusted EPS outpac
Slide 11: Free Cash Flow and Capital Return
RESULTS Free Cash Flow and Capital Return Balance Sheet1 Free Cash Flow3 Capital Return (Trailing 12 Months) (Trailing 12 Months) $7.1B ($ in billions) $4.5B ($ in billions) $2.2B Unrestricted Cash & $4.1B Short-Term Investments $1.9B $1.8B $1.7B $3.1B $1.6B $0.2B Dividends $3.0B BBB / Baa2 / BBB In
Slide 12: Guidance
Q2 2026 EARNINGS Guidance Q3 2026 GROSS BOOKINGS $32.2 - $32.8B +5 - 7% REVENUE $4.65 - $4.75B +5 - 8% ADJUSTED EBITDA1 $1.51 - $1.56B Full Year 2026 GROSS BOOKINGS $129.5 - $130.8B +8 - 9% REVENUE $16.05 - $16.22B +9 - 10% ADJUSTED EBITDA +1.5 - 1.75pts MARGIN EXPANSION1 1 A reconciliation for the
Slide 13: e) expedia, Group’
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Slide 14: Appendix
Q2 2026 EARNINGS Appendix
Slide 15: Notes & Definitions
APPENDIX Notes & Definitions Booked Room Nights: Represents booked hotel room nights and property B2C: The B2C segment provides a full range of travel and advertising nights. Booked hotel room nights include both merchant and agency services to our worldwide customers through a variety of consumer h
Slide 16: Non-GAAP Definitions
APPENDIX Non-GAAP Definitions Adjusted EBITDA is defined as net income (loss) attributable to Expedia Group adjusted for: (1) net income (loss) attributable to non-controlling interests; (2) provision for income taxes; (3) total other expenses, net; (4) stock-based compensation expense, including co
Slide 17: Non-GAAP Definitions (continued)
APPENDIX Non-GAAP Definitions (continued) Trailing Twelve Month Financial Information. Expedia Group includes certain unaudited financial information for the trailing twelve months ("TTM"), which is calculated as the twelve months ended as of the applicable quarter end. This presentation is not in a
Slide 18: Non-GAAP Definitions (continued)
APPENDIX Non-GAAP Definitions (continued) Adjusted Net Income (Loss) generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to Expedia Group plus the fo
Slide 19: Non-GAAP Definitions (continued)
APPENDIX Non-GAAP Definitions (continued) Adjusted EPS is defined as Adjusted Net Income (Loss) divided by adjusted weighted average shares outstanding, which, when applicable, include dilution from our convertible debt instruments per the treasury stock method for Adjusted EPS. The treasury stock m
Slide 20: Adjusted Net Income (Loss) & Adjusted EPS Reconciliation
APPENDIX Adjusted Net Income (Loss) & Adjusted EPS Reconciliation August 5, 2026 20
Slide 21: Adjusted EBITDA Reconciliation
APPENDIX Adjusted EBITDA Reconciliation August 5, 2026 21
Slide 22: Free Cash Flow Reconciliation
APPENDIX Free Cash Flow Reconciliation August 5, 2026 22
Slide 23: Non-GAAP Expenses Reconciliation
APPENDIX Non-GAAP Expenses Reconciliation August 5, 2026 23