Slide 1: Q3 2025 Earnings
NOVEMBER 2025 Q3 2025 Earnings
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: Q3'25 snapshot
Q3 2025 EARNINGS Q3’25 108M $1,449M snapshot Room Nights Booked +11% y/y Adj. EBITDA1 +16% y/y Key Takeaways $30.7B 33% 1. Exceeds top and bottom-line guidance 2. Increases full year guidance 3. US Nights growth highest in over 3 years Gross Bookings +12% y/y Adj. EBITDA Margin1 +208 bps y/y $4.4B $
Slide 4: Delivering more value for Travelers
Q3 2025 EARNINGS Delivering more value for Travelers Product Supply Loyalty New design flows in 3x participating Vrbo member deals Flexibility for travelers post-booking path properties as last year to choose how and when they save Discounts are illustrative only PROPRIETARY & CONFIDENTIAL 4
Slide 5: Investing where we see the greatest opportunities for growth
Q3 2025 EARNINGS Investing where we see the greatest opportunities for growth B2B Advertising Consumer GenAI AI Search Experience $9.4B $194M Gross Bookings + 26% y/y Ad revenue + 16% y/y Record number of > $3 billion of bookings YTD 10/31 active partners PROPRIETARY & CONFIDENTIAL 5
Slide 6: Driving operational efficiencies and expanding margins
Q3 2025 EARNINGS Driving operational efficiencies and expanding margins B2C leverage against marketing spend AI enhancing developer Adj. EBITDA productivity and resolution margins1 up speed on servicing >200 bps Embedding expert squads y/y across teams to accelerate AI adoption 1A reconciliation of
Slide 7: Summary of Q3'25 results
RESULTS Summary of Q3’25 results Room Nights Booked Gross Bookings Revenue Adj. EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) +11% +12% +9% +16% 108M $30.7B $4.4B $1,449M $27.5B $4.1B $1,250M 97M Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 US Nights growth highest in over
Slide 8: Room Nights and ADR Booked
RESULTS Room Nights and ADR Booked Room Nights Booked Average Daily Rate1 (in millions) 108M 108M $214 105M $209 $210 $206 97M $199 86M Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Room Nights 9% 12% 6% 7% 11% ADR¹ Y/Y (1%) 1% (1%) 0% 2% Booked Y/Y 1Represents the average paid rate pe
Slide 9: Expedia Group Performance
RESULTS Expedia Group Performance Gross Bookings Revenue ($ in billions) ($ in billions) $31.5B $30.7B $4.4B $30.4B $4.1B $27.5B $3.8B $24.4B $3.2B $3.0B Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Gross Bookings Revenue Y/Y 7% 13% 4% 5% 12% Y/Y 3% 10% 3% 6% 9% Lodging Lodging Y/Y 8%
Slide 10: B2C Segment Performance
RESULTS B2C Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $22.6B $2.9B $21.6B $21.3B $2.8B $20.0B $2.5B $17.4B $2.1B $2.0B Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 B2C Gross Revenue Y/Y (1%) 6% (2%) 2% 4% 3% 9% 1% 1% 7% Bookings Y/Y Adj. EBITDA 37.0% 2
Slide 11: B2B Segment Performance
RESULTS B2B Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $9.4B $1.4B $8.8B $8.8B $1.2B $1.2B $7.5B $7.0B $1.0B $0.9B Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Revenue B2B Gross 18% 21% 14% 15% 18% Bookings Y/Y 19% 24% 14% 17% 26% Y/Y Adj. EBITDA Margin
Slide 12: Expedia Group Margins
RESULTS Expedia Group Margins Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in millions) $1,449M $7.57 $1,250M $6.13 $908M $4.24 $643M $2.39 $296M $0.40 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Adj. EBITDA¹ Y/Y 3% 21% 16% 16% 16% Adj. EPS¹ Y/Y 13% 39% 90% 21% 23% Adj. EBI
Slide 13: Improving Operational Efficiency
RESULTS Improving Operational Efficiency Adj. Cost of Revenue1 Direct Marketing Adj. Overhead1,2 ($ in millions) ($ in millions) ($ in millions) +7% +3% (3%) $385M $1,976M $602M $620M $373M $1,855M Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 % of % of Gross % of 9.5% (104 bps) 8.4% 6.7% (31 bps) 6.4% 14.8%
Slide 14: Free Cash Flow and Capital Return
RESULTS Free Cash Flow and Capital Return Dividends Repurchases Balance Sheet1 Free Cash Flow2 Capital Return (Trailing 12 Months) (Trailing 12 Months) $6.2B ($ in billions) $3.0B $1.9B ($ in billions) Cash & Short-Term Investments $1.7B $1.6B $1.6B $2.4B $0.2B $2.3B $1.4B $2.0B $1.9B Investment Gra
Slide 15: Guidance
Q3 2025 EARNINGS Guidance Q4 2025 Full Year 2025 GROSS BOOKINGS +6-8% +7% REVENUE +6-8% +6-7% ADJ. EBITDA MARGIN1 +2% +2% 1A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation Note: All figures expressed on a year-over-
Slide 16: Expedia Group
Q expedia , Group’
Slide 17: Appendix
Q2 2025 EARNINGS Appendix
Slide 18: Notes & Definitions
APPENDIX Notes & Definitions Booked Room Nights: Represents booked hotel room nights and B2C: The B2C segment provides a full range of travel and advertising property nights for our B2C reportable segment and booked hotel room services to our worldwide customers through a variety of consumer nights
Slide 19: 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 20: Non-GAAP Definitions (continued)
APPENDIX Non-GAAP Definitions (continued) Free Cash Flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors because it represents the operating cash flow that our operating businesses generate, less capita
Slide 21: 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 22: 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 23: Adjusted Net Income (Loss) & Adjusted EPS Reconciliation
APPENDIX Adjusted Net Income (Loss) & Adjusted EPS Reconciliation Three months ended Three months ended Three months ended Three months ended Three Months Ended March 31, (in millions, except share and per share data) September 30, June 30, December 31, September 30, 2025 2025 2025 2024 2024 Net inc
Slide 24: Adjusted EBITDA Reconciliation
APPENDIX Adjusted EBITDA Reconciliation Three months ended Three months ended Three months ended Three months ended Three Months Ended March 31, ($ in millions) September 30, June 30, December 31, September 30, 2025 2025 2025 2024 2024 Net income (loss) attributable to Expedia Group, Inc. $ 959 $ 33
Slide 25: Free Cash Flow Reconciliation
APPENDIX Free Cash Flow Reconciliation ($ in millions) 1 1 1 1 1 TTM September 30, TTM June 30, TTM March 31, TTM December 31, TTM September 30, 2025 2025 2025 2024 2024 Net cash provided by operating activities $ 3,774 $ 2,778 $ 3,158 $ 3,085 $ 2,649 Less: Total capital expenditures (776) (781) (77
Slide 26: Non-GAAP Expenses Reconciliation
APPENDIX Non-GAAP Expenses Reconciliation Three months ended Three months ended Three months ended Three months ended Three Months Ended March 31, ($ in millions) September 30, June 30, December 31, September 30, 2025 2025 2025 2024 2024 Cost of revenue $ 376 $ 377 $ 357 $ 335 $ 388 Less: stock-base
Slide 27: Adjusted EBITDA Reconciliation by Segment
APPENDIX Adjusted EBITDA Reconciliation by Segment (1) Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily cost of revenue and facilities, the total costs of our global travel supply organizations, the majority of product and technology costs, and the rea
Slide 28: Adjusted EBITDA Reconciliation by Segment
APPENDIX Adjusted EBITDA Reconciliation by Segment (1) Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily cost of revenue and facilities, the total costs of our global travel supply organizations, the majority of product and technology costs, and the rea
Slide 29: Adjusted EBITDA Reconciliation by Segment
APPENDIX Adjusted EBITDA Reconciliation by Segment (1) Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily cost of revenue and facilities, the total costs of our global travel supply organizations, the majority of product and technology costs, and the rea