Expedia Group, Inc. · NASDAQ:EXPE
Expedia — Q4 2025 Earnings Presentation
26 slides from Expedia's earnings presentation, Feb 12, 2026
Slide 1: Q4 2025 Earnings
February 2026 Q4 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: Q4'25 snapshot
Q4 2025 EARNINGS Q4'25 94M $848M snapshot Room Nights Booked 9% y/y Adj. EBITDA1 +32% y/y Key Takeaways 1. 2. Exceeds top and bottom-line guidance Meaningful adjusted EBITDA margin expansion $27.0B 23.9% 3. Record free cash flow in 2025 Gross Bookings +11% y/y Adj. EBITDA Margin1 +368 bps y/y $3.5B
Slide 4: Summary of Q4'25 results
RESULTS Summary of Q4'25 results Room Nights Booked Gross Bookings Revenue Adj. EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) +9% +11% +11% +32% 94M $27.0B $3.5B $848M 86M $24.4B $3.2B $643M Q4-24 Q4-25 Q4-24 Q4-25 Q4-24 Q4-25 Q4-24 Q4-25 Continued strength in EMEA and US B2C
Slide 5: Room Nights and ADR Booked
RESULTS Room Nights and ADR Booked Room Nights Booked Average Daily Rate1 (in millions) 108M 105M 108M $214 $209 $210 $207 $199 94M 86M Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Room Nights 12% 6% 7% 11% 9% ADR1 Y/Y 1% (1%) 0% 2% 4% Booked Y/Y 1 Represents the average paid rate per
Slide 6: Expedia Group Performance
RESULTS Expedia Group Performance Gross Bookings Revenue ($ in billions) ($ in billions) $4.4B $31.5B $30.4B $30.7B $3.8B $3.5B $27.0B $24.4B $3.2B $3.0B Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Gross Bookings Revenue 13% 4% 5% 12% 11% 10% 3% 6% 9% 11% Y/Y Y/Y Lodging 12% 13% 13%
Slide 7: B2C Segment Performance
RESULTS B2C Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $22.6B $21.6B $21.3B $2.9B $18.3B $2.5B $17.4B $2.1B $2.2B $2.0B Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 B2C Gross Revenue 9% 1% 1% 7% 5% 6% (2%) 2% 4% 4% Bookings Y/Y Y/Y Adj. EBITDA 25.9% 11.
Slide 8: B2B Segment Performance
RESULTS B2B Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $9.4B $8.8B $8.8B $8.7B $1.4B $1.3B $7.0B $1.2B $1.0B $0.9B Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 B2B Gross Revenue 24% 14% 17% 26% 24% Y/Y 21% 14% 15% 18% 24% Bookings Y/Y Adj. EBITDA Margin
Slide 9: Improving Operational Efficiency
RESULTS Improving Operational Efficiency Adj. Cost of Revenue1 Direct Marketing Adj. Overhead1,3 ($ in millions) ($ in millions) ($ in millions) 3% 0% 10% $342M $332M $1,696M $643M $640M $1,548M $51M Other2 $30M $798M $630M B2B $888M $847M B2C Q4-24 Q4-25 Q4-24 Q4-25 Q4-24 Q4-25 % of % of Gross % of
Slide 10: Expedia Group Margins
RESULTS Expedia Group Margins Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in millions) $7.57 $1,449M $908M $4.24 $848M $3.78 $643M $2.39 $296M $0.40 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Adj. EBITDA1 Adj. EPS¹ 21% 16% 16% 16% 32% 39% 90% 21% 23% 58% Y/Y Y/Y Adj. EBIT
Slide 11: Free Cash Flow and Capital Return
RESULTS Free Cash Flow and Capital Return Balance Sheet1 Free Cash Flow2 Capital Return (Trailing 12 Months) (Trailing 12 Months) $5.7B ($ in billions) $3.0B $3.1B ($ in billions) Cash & Short-Term Investments $2.3B $2.4B $2.0B BBB / Baa2 / BBB $1.6B $1.6B $1.7B $1.9B $0.2B Dividends Investment Grad
Slide 12: Guidance
Q4 2025 EARNINGS Guidance Q1 2026 Full Year 2026 GROSS BOOKINGS $34.6 - $35.2B $127 - $129B +10 - 12% +6 - 8% REVENUE $3.32 - $3.37B $15.6 - $16.0B +11 - 13% +6 - 9% Adjusted EBITDA Margin +3 - 4pts +1 - 1.25pts Expansion1 1. A reconciliation for the EBITDA margin expansion forecast is not provided
Slide 13: Expedia Group
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Slide 14: Appendix
Q4 2025 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 for our B2C reportable segment and booked hotel room nights for services to our worldwide customers through a variety of consu
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) 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 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: Free Cash Flow Reconciliation
APPENDIX Free Cash Flow Reconciliation PROPRIETARY & CONFIDENTIAL 19
Slide 20: 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 21: Adjusted Net Income (Loss) & Adjusted EPS Reconciliation
APPENDIX Adjusted Net Income (Loss) & Adjusted EPS Reconciliation PROPRIETARY & CONFIDENTIAL 21
Slide 22: Adjusted EBITDA Reconciliation
APPENDIX Adjusted EBITDA Reconciliation PROPRIETARY & CONFIDENTIAL 22
Slide 23: Non-GAAP Expenses Reconciliation
APPENDIX Non-GAAP Expenses Reconciliation PROPRIETARY & CONFIDENTIAL 23
Slide 24: Adjusted EBITDA Reconciliation by Segment
APPENDIX Adjusted EBITDA Reconciliation by Segment PROPRIETARY & CONFIDENTIAL 24
Slide 25: Adjusted EBITDA Reconciliation by Segment
APPENDIX Adjusted EBITDA Reconciliation by Segment PROPRIETARY & CONFIDENTIAL 25
Slide 26: Adjusted EBITDA Reconciliation by Segment
APPENDIX Adjusted EBITDA Reconciliation by Segment PROPRIETARY & CONFIDENTIAL 26