Expedia Group, Inc. · NASDAQ:EXPE
Expedia — Q1 2026 Earnings Presentation
23 slides from Expedia's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings
May 2026 Q1 2026 = 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: Q1'26 snapshot
Q1 2026 EARNINGS Q1'26 114M $542M snapshot Room Nights Booked +6% y/y Adj. EBITDA1 +83% y/y Key Takeaways 1. 2. Exceeds top and bottom-line guidance Significant adjusted EBITDA margin expansion $35.5B 15.8% 3. Accelerated pace of share repurchases in Q1 Gross Bookings +13% y/y Adj. EBITDA Margin1 +5
Slide 4: Summary of Q1'26 results
RESULTS Summary of Q1'26 results Room Nights Booked Gross Bookings Revenue Adj. EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) +6% +13% +15% +83% 114M $35.5B $3.4B $542M 108M $31.5B $3.0B $296M Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Strongest Q1 Vrbo growth in 4 years
Slide 5: Room Nights and ADR Booked
RESULTS Room Nights and ADR Booked Room Nights Booked Average Daily Rate1 (in millions) 114M $228 108M 105M 108M $214 $209 $210 $207 94M Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Room Nights 6% 7% 11% 9% 6% ADR1 Y/Y (1%) (0%) 2% 4% 7% Booked Y/Y 1 Represents the average paid rate p
Slide 6: Expedia Group Performance
RESULTS Expedia Group Performance Gross Bookings Revenue ($ in billions) ($ in billions) $35.5B $4.4B $31.5B $30.4B $30.7B $3.8B $3.5B $3.4B $27.0B $3.0B Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Gross Bookings 4% 5% 12% Revenue 3% 6% 9% 11% 15% 11% 13% Y/Y Y/Y Lodging 5% 6% 13% 13
Slide 7: B2C Segment Performance
RESULTS B2C Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $24.8B $2.9B $22.6B $21.6B $21.3B $2.5B $18.3B $2.2B $2.1B $2.0B Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 B2C Gross Revenue 1% 1% 7% 5% 10% (2%) 2% 4% 4% 8% Bookings Y/Y Y/Y Adj. EBITDA 11.1% 29
Slide 8: B2B Segment Performance
RESULTS B2B Segment Performance Gross Bookings Revenue ($ in billions) ($ in billions) $1.4B $10.7B $1.3B $1.2B $1.2B $9.4B $8.8B $8.8B $8.7B $0.9B Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 B2B Gross Revenue 14% 17% 26% 24% 22% 14% 15% 18% 24% 25% Bookings Y/Y Y/Y Adj. EBITDA 22.8%
Slide 9: Improving Operational Efficiency
RESULTS Improving Operational Efficiency Adj. Cost of Revenue1 Direct Marketing Adj. Overhead1,2 ($ in millions) ($ in millions) ($ in millions) 5% 4% 6% $373M $1,856M $627M $354M $1,757M $604M $95M Other 2 $65M $577M $726M B2B $1,115M $1,035M B2C Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 % of % of Gross
Slide 10: Expedia Group Margins
RESULTS Expedia Group Margins Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in millions) $7.57 $1,449M $908M $4.24 $848M $3.78 $542M $1.96 $296M $0.40 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Adj. EBITDA1 Adj. EPS¹ 16% 16% 16% 32% 83% 90% 21% 23% 58% 386% Y/Y Y/Y Adj. EBI
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) $5.8B ($ in billions) $4.1B ($ in billions) $2.2B Cash & Short-Term Investments $0.2 Dividends $1.9B $3.1B $1.7B $3.0B $1.6B BBB / Baa2 / BBB $2.4B $1.4B Investment Grade
Slide 12: Guidance
Q1 2026 EARNINGS Guidance Q2 2026 Full Year 2026 $32.5 - $33.1B $127 - $129B GROSS BOOKINGS +7 - 9% +6 - 8% $4.11 - $4.19B $15.6 - $16.0B REVENUE +9 - 11% +6 - 9% ADJ. EBITDA MARGIN +0.5 - 1 pt +1 - 1.25 pts EXPANSION1 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP mea
Slide 13: Expedia Group
e) expedia , Group’
Slide 14: Appendix
Q1 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) 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: 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 PROPRIETARY & CONFIDENTIAL 20
Slide 21: Adjusted EBITDA Reconciliation
APPENDIX Adjusted EBITDA Reconciliation PROPRIETARY & CONFIDENTIAL 21
Slide 22: Free Cash Flow Reconciliation
APPENDIX Free Cash Flow Reconciliation PROPRIETARY & CONFIDENTIAL 22
Slide 23: Non-GAAP Expenses Reconciliation
APPENDIX Non-GAAP Expenses Reconciliation PROPRIETARY & CONFIDENTIAL 23