Expedia Group, Inc. · NASDAQ:EXPE
Expedia — Q3 2026 Earnings Presentation
23 slides from Expedia's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Earnings
November 4, 2026 Q3 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: Key Takeaways and Q3-26 snapshot
1. Exceeded top and bottom-line guidance 2. Expanded Adjusted EBITDA margins 3. Increasing full-year guidance Booked Room Nights +7% y/y 115.7M $4.9B $34.0B Q 3 2 0 2 6 E A R N I N G S 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix
Slide 4: Summary of Q3-26 results
$4.4B $4.9B Q3-25 Q3-26 108.2M 115.7M Q3-25 Q3-26 R E S U L T S Summary of Q3-26 results 4 B2C Gross Bookings +7% B2B Gross Bookings +19% Gross Bookings B2C Revenue +6% B2B Revenue +23% RevenueBooked Room Nights Adjusted EBITDA1 margin expanded +135 bps Adjusted EBITDA1 (in millions) ($ in billions)
Slide 5: Booked Room Nights and ADR
R E S U L T S Booked Room Nights and ADR Booked 5 Booked Room Nights Average Daily Rate2 (in millions) 108.2M 94.0M 113.9M 111.5M 115.7M Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 11% 9% 9% 8% 6% 8% 6% 8% 7% 7% Booked Room Nights Y/Y $210 $207 $228 $221 $215 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 2% 4% 7% 5% 2%ADR2 Y/Y T
Slide 6: Expedia Group Performance
R E S U L T S Expedia Group Performance 6 Gross Bookings Revenue ($ in billions) ($ in billions) 1 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 2 Reflects our advertising and media business from Expedia Group ("EG") Advertising which
Slide 7: B2C Segment Performance
Gross Bookings and Revenue were driven by continued strength in the US Gross Bookings growth exceeded Revenue growth primarily due to higher air ticket prices Adjusted EBITDA margin expansion of nearly 3 points was driven by marketing leverage, disciplined overhead management, and favorable revenue
Slide 8: B2B Segment Performance
Gross Bookings Y/Y R E S U L T S B2B Segment Performance 8 1 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 2 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this pres
Slide 9: Improving Operational Efficiency
$373M $415M Q3-25 Q3-26 $620M $627M Q3-25 Q3-26 R E S U L T S Improving Operational Efficiency 9 Direct Marketing Adjusted Overhead1,3Adjusted Cost of Revenue1 ($ in millions) ($ in millions) ($ in millions) 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is pr
Slide 10: Expedia Group Margins
Adjusted EBITDA margin expansion was driven by strong revenue growth, B2C marketing leverage, and overhead cost discipline Adjusted EPS outpaced Adjusted EBITDA growth due to accretive share repurchases R E S U L T S Expedia Group Margins 10 Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in
Slide 11: Free Cash Flow and Capital Return
TTM2 Y/Y $1.7B $1.9B $2.2B $1.8B $2.0B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 R E S U L T S Free Cash Flow and Capital Return 11 Balance Sheet1 1 Balance Sheet Snapshot as of September 30, 2026 2 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 3
Slide 12: Guidance
A D J U S T E D E B I T D A 1 Guidance G R O S S B O O K I N G S 12 Q4 2026 1 A reconciliation for the Adjusted EBITDA and Adjusted EBITDA Margin Expansion forecast is not provided because we cannot, without unreasonable effort, predict certain items, including but not limited to, foreign exchange r
Slide 13: e) expedia
e) expedia , Group’
Slide 14: Appendix
Appendix Q 3 2 0 2 6 E A R N I N G S
Slide 15: Notes & Definitions
A P P E N D I X Notes & Definitions 15 Booked Room Nights: Represents booked hotel room nights and property nights. Booked hotel room nights include both merchant and agency hotel room nights. Property nights are related to our alternative accommodation business. Average Daily Rate (ADR) Booked: Rep
Slide 16: Non-GAAP Definitions
A P P E N D I X Non-GAAP Definitions 16 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, in
Slide 17: Non-GAAP Definitions (continued)
A P P E N D I X Non-GAAP Definitions (continued) 17 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 i
Slide 18: Non-GAAP Definitions (continued)
A P P E N D I X Non-GAAP Definitions (continued) 18 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 p
Slide 19: Non-GAAP Definitions (continued)
A P P E N D I X Non-GAAP Definitions (continued) 19 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 treasu
Slide 20: Adjusted Net Income (Loss) & Adjusted EPS Reconciliation
A P P E N D I X 20N o v e m b e r 4 , 2 0 2 6 Adjusted Net Income (Loss) & Adjusted EPS Reconciliation
Slide 21: Adjusted EBITDA Reconciliation
A P P E N D I X 21N o v e m b e r 4 , 2 0 2 6 Adjusted EBITDA Reconciliation
Slide 22: Free Cash Flow Reconciliation
A P P E N D I X Free Cash Flow Reconciliation 22N o v e m b e r 4 , 2 0 2 6
Slide 23: Non-GAAP Expenses Reconciliation
A P P E N D I X 23N o v e m b e r 4 , 2 0 2 6 Non-GAAP Expenses Reconciliation