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Expedia Group
Expedia Group (EXPE) investor relations material
Expedia Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 and full year 2025 exceeded guidance, with 11% year-over-year growth in bookings and revenue, driven by strong international and U.S. demand and robust B2B and B2C segment performance.
Adjusted EBITDA margin expanded by nearly four points to 23.9%, and room nights booked grew 9% year-over-year in Q4.
Record free cash flow for 2025 reached $3.11 billion, with a strong cash position of $5.7 billion at year-end.
Share repurchases totaled 9 million shares for $1.7 billion in 2025, and the quarterly dividend was raised by 20% to $0.48 per share.
Strategic priorities included delivering more value to travelers, investing in growth, and driving operating efficiencies.
Financial highlights
Q4 2025 gross bookings reached $27.0 billion, up 11% year-over-year; revenue was $3.55 billion, also up 11% year-over-year.
Adjusted EBITDA for Q4 was $848 million (up 32% year-over-year), with a margin of 23.9%.
Adjusted EPS for Q4 was $3.78, up 58% year-over-year, outpacing EBITDA growth due to share repurchases and a lower tax rate.
Free cash flow for the year was $3.11 billion, up 34% year-over-year.
Q4 operating income rose 94% year-over-year to $420 million.
Outlook and guidance
Q1 2026 guidance: gross bookings of $34.6–$35.2 billion (up 10–12%), revenue of $3.32–$3.37 billion (up 11–13%), and EBITDA margin up three to four points.
Full-year 2026 guidance: gross bookings of $127–$129 billion (up 6–8%), revenue of $15.6–$16.0 billion (up 6–9%), and EBITDA margin expansion of 1–1.25 percentage points.
Guidance reflects strong momentum but remains cautious due to macroeconomic uncertainty.
Quarterly dividend raised to $0.48 per share, payable March 26, 2026.
What drove B2B's outperformance vs B2C in Q4?
What caused GAAP net income to decline 31%?
What underpins the 20% dividend increase?
AI's role in deepening direct traveler engagement?
What specific B2B growth drivers are most impactful?
How does supply growth mitigate direct booking trends?
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Next Expedia Group earnings date
Q1 20267 May, 2026
Expedia Group
Next Expedia Group earnings date
Q1 20267 May, 2026
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Frequently asked questions
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Expedia Group is a well-known online travel company that specializes in providing travel and accommodation services to customers worldwide. The company operates an extensive platform that allows users to search, compare, and book flights, hotels, vacation rentals, car rentals, cruises, and other travel-related services. Expedia's platform offers a wide range of options, catering to different budgets, preferences, and destinations, making it a popular choice for travelers seeking convenience and affordability.
Expedia Group operates through two main business segments: Core OTA (Online Travel Agency) and Trivago. The Core OTA segment includes Expedia.com, Hotels.com, Orbitz, Travelocity, and other online travel brands that provide a comprehensive suite of travel services. Trivago, on the other hand, is a metasearch platform that allows users to compare hotel prices and availability across various booking sites, helping them find the best deals.
Started off within Microsoft
Expedia Group is headquartered in Seattle, Washington, and was founded in 1996 as a division of Microsoft. It later became an independent company in 1999. Expedia has grown over the years through strategic acquisitions and partnerships, expanding its global footprint and enhancing its service offerings.
The company operates in over 200 countries and territories, serving millions of customers annually. Expedia's platform is available in multiple languages, ensuring accessibility for a diverse customer base. With its user-friendly interface, advanced search algorithms, and comprehensive travel options, Expedia has become a go-to platform for travelers seeking a seamless booking experience.
Expedia also offers additional services to enhance the travel experience, such as activities, attractions, and travel insurance. The company's goal is to provide customers with a one-stop-shop for all their travel needs, making it easier and more convenient to plan and book their trips.
Competitive landscape
Expedia Group faces competition from other prominent players in the online travel industry. Three notable competitors are Booking Holdings Inc., which owns Booking.com and other travel brands, Airbnb, a popular platform for vacation rentals, and Tripadvisor, a well-known travel review and booking website. These competitors also offer a range of travel services and strive to attract and retain customers in a highly competitive market.
In summary, Expedia Group is a leading online travel company that offers a comprehensive range of travel and accommodation services. With its extensive platform, global presence, and commitment to customer satisfaction, Expedia has established itself as a trusted and convenient choice for travelers worldwide.
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