Expedia Group (EXPE) investor relations material

Executive summary

• Q2 2026 delivered strong growth, with gross bookings up 12% to $33.9 billion, revenue up 14% to $4.3 billion, and adjusted EBITDA up 23% to $1.1 billion, surpassing guidance.

• Booked room nights increased 6% year-over-year to 111.5 million.

• GAAP net income rose 166% year-over-year to $878 million; adjusted EPS grew 36% to $5.76, reflecting operational leverage and share repurchases.

• Raised full-year guidance based on robust first-half performance and ongoing healthy consumer travel demand, especially in the U.S.

• Continued progress on strategic priorities: delivering more value to travelers, investing in growth opportunities, and driving operating efficiency and margin expansion.

Financial highlights

• Gross bookings reached $33.9 billion (+12% y/y), revenue $4.3 billion (+14% y/y), and adjusted EBITDA $1.1 billion (+23% y/y).

• Adjusted EBITDA margin expanded to 25.9%, up nearly two points year-over-year.

• Free cash flow for the trailing twelve months was $4.5 billion, up from $3.1 billion a year ago.

• Operating income rose 65% to $800 million; diluted EPS was $7.16, up from $2.48 in Q2 2025.

• Cash and short-term investments totaled $7.1 billion at quarter-end.

Outlook and guidance

• Q3 2026 guidance: gross bookings $32.2–$32.8 billion (+5–7% y/y), revenue $4.65–$4.75 billion (+5–8% y/y), adjusted EBITDA $1.51–$1.56 billion.

• Full-year 2026 guidance raised: gross bookings $129.5–$130.8 billion (+8–9% y/y), revenue $16.05–$16.22 billion (+9–10% y/y), adjusted EBITDA margin expansion of 1.5–1.75 points.

• Margin expansion expected to moderate in Q3 due to lapping prior cost actions and FX headwinds, with improvement anticipated in Q4.

• Management expects continued volatility due to macroeconomic and geopolitical pressures, especially in Europe.

• Ongoing investments in AI and platform technology are expected to drive future growth and operational efficiency.