Slide 1: Q2 2025 Earnings
AUGUST 2025 Q2 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: Q2'25 snapshot
Q2 2025 EARNINGS Q2’25 105M $908M snapshot Room Nights +7% y/y Adj. EBITDA1 +16% y/y Key Takeaways $30.4B 24% 1. Exceeds top and bottom-line guidance 2. Increases full year guidance 3. Repurchased $627 million of shares Gross Bookings +5% y/y Adj. EBITDA Margin1 +190 bps y/y $3.8B $4.24 Revenue +6%
Slide 4: Delivering more value for Travelers
Q2 2025 EARNINGS Delivering more value for Travelers Value of Supply Loyalty Products Active loyalty members grew high-single digits Fastest growth from our Silver members and above AI Filters PROPRIETARY & CONFIDENTIAL 4
Slide 5: Investing where we see the greatest opportunity for growth
Q2 2025 EARNINGS Investing where we see the greatest opportunity for growth B2B Advertising B2C $8.8B $182M High single digit B2B Gross Bookings + 17% y/y Ad revenue + 19% y/y growth outside of the US 13% outside of the US First partner on Car API PROPRIETARY & CONFIDENTIAL 5
Slide 6: Driving operational efficiencies and expanding margins
Q2 2025 EARNINGS Driving operational efficiencies and expanding margins B2C leveraging against marketing spend AI accelerating Adj. EBITDA developer cycle times margins1 up 190 bps y/y AI in every function of the company 1 Refer to Appendix for reconciliation of Non-GAAP (“Adjusted”) measures PROPRI
Slide 7: Summary of Q2'25 results
RESULTS Summary of Q2’25 results Room Nights Booked Gross Bookings Revenue Adj. EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) +7% +5% +6% +16% 105M $30.4B $3.8B $908M $28.8B $3.6B $786M 99M Q2-24 Q2-25 Q2-24 Q2-25 Q2-24 Q2-25 Q2-24 Q2-25 Brand Expedia room nights +5% B2C Gros
Slide 8: Room Nights and ADR Booked
RESULTS Room Nights and ADR Booked Room Nights Booked Average Daily Rate1 (in millions) $214 108M 105M $210 $209 99M $206 97M $199 86M Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Room Nights Booked Y/Y 10% 9% 12% 6% 7% ADR1 Y/Y (2%) (1%) 1% (1%) 0% 1Represents the average paid rate p
Slide 9: Expedia Group Performance
RESULTS Expedia Group Performance Gross Bookings Revenue ($ in billions) ($ in billions) $31.5B $30.4B $4.1B $28.8B $3.8B $27.5B $3.6B $24.4B $3.2B $3.0B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Gross Bookings Revenue Y/Y 6% 3% 10% 3% 6% 6% 7% 13% 4% 5% Y/Y Lodging Lodging 8% 8% 1
Slide 10: B2C Segment Performance
RESULTS B2C Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $22.6B $2.8B $21.3B $21.6B $20.0B $2.4B $2.5B $17.4B $2.1B $2.0B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 B2C Gross Bookings Y/Y 1% 3% 9% 1% 1% Revenue Y/Y 1% (1%) 6% (2%) 2% Adj. EBITDA 26.8% 3
Slide 11: B2B Segment Performance
RESULTS B2B Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $8.8B $8.8B $1.2B $1.2B $7.5B $7.5B $1.0B $1.0B $7.0B $0.9B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 B2B Gross Bookings Y/Y 20% 19% 24% 14% 17% Revenue Y/Y 22% 18% 21% 14% 15% Adj. EBITDA 25.1%
Slide 12: Expedia Group Margins
RESULTS Expedia Group Margins Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in millions) $6.13 $1,250M $908M $4.24 $786M $3.51 $643M $2.39 $296M $0.40 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Adj. EBITDA1 Adj. EPS1 Y/Y 21% 13% 39% 90% 21% 5% 3% 21% 16% 16% Y/Y Adj. EBITDA
Slide 13: Improving Operational Efficiency
RESULTS Improving Operational Efficiency Adj. Cost of Revenue1 Direct Marketing Adj. Overhead1,2 ($ in millions) ($ in millions) ($ in millions) +4% +7% +5% $373M $1,920M $637M $358M $1,793M $606M Q2-24 Q2-25 Q2-24 Q2-25 Q2-24 Q2-25 % of % of Gross % of 10.1% (23 bps) 9.8% 6.2% 10 bps 6.3% 17.0% (20
Slide 14: Balance Sheet
RESULTS Balance Sheet Snapshot Leverage Ratio1 $6.7B Cash & Short-Term Investments 2.3x 2.2x 2.1x 2.1x $2.5B Revolver capacity 2.0x $9.2B Liquidity Investment Grade Credit Ratings BBB S&P Baa2 Moody’s Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 BBB Fitch 1Represents Leverage Ratio based on LTM Adjusted EBITDA PRO
Slide 15: Cash Flow and Capital Return
RESULTS Cash Flow and Capital Return Free Cash Flow1 (Trailing 12 Months) Capital Return (Trailing 12 Months) ($ in billions) ($ in billions) $2.4B Dividends $2.3B $2.1B Repurchases $1.9B $2.0B $2.0B $1.9B $1.6B $1.6B $0.1B $1.4B $1.5B Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 1Ref
Slide 16: Guidance
Q2 2025 EARNINGS Guidance Q3 2025 Full Year 2025 GROSS BOOKINGS +5-7% +3-5% REVENUE +4-6% +3-5% ADJ. EBITDA MARGIN1 +50-100 bps +100 bps 1Refer to Appendix for note regarding Forward-Looking Non-GAAP Adjusted Financial Metrics Note: All figures expressed on a year-over-year basis and include FX impa
Slide 17: Q expedia, Group’
Q expedia , Group’
Slide 18: Appendix
Q2 2025 EARNINGS Appendix
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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) June 30, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Net income/l
Slide 25: Adjusted EBITDA Reconciliation
APPENDIX Adjusted EBITDA Reconciliation PROPRIETARY & CONFIDENTIAL 25
Slide 26: Free Cash Flow Reconciliation
APPENDIX Free Cash Flow Reconciliation PROPRIETARY & CONFIDENTIAL 26
Slide 27: Non-GAAP Expenses Reconciliation
APPENDIX Non-GAAP Expenses Reconciliation PROPRIETARY & CONFIDENTIAL 27
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
Slide 30: 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