Expedia Group Inc

Latest Results (18.12.2025):

Expedia Group Inc — Third Quarter 2025: The company reported strong Q3 2025 results, with gross bookings up 12% year‑over‑year and revenue up 9%. Booked room nights grew 11% (led by the U.S.), profitability improved with Adjusted EBITDA up 16% and margin expansion, GAAP net income rose 40%, and management raised full‑year/Q4 guidance while returning capital via buybacks and a $0.40 quarterly dividend.

Bookings & Room Nights

Expedia Group Inc Q3 2025 booked room nights +11% y/y to 108.2M and total gross bookings +12% to $30.7B. Lodging gross bookings were +13%, hotel bookings +15%. U.S. room‑night growth was the fastest in over three years.

Revenue & Segment Mix

Revenue for Q3 2025 was $4.41B, up 9% y/y. B2B drove much of the gain—B2B gross bookings +26% and B2B revenue +18%—while B2C gross bookings rose 7%.

Profitability & Margins

Adjusted EBITDA grew 16% y/y to $1.45B, with a 208 basis‑point expansion in Adjusted EBITDA margin to 32.9%. Adjusted EBIT increased 27% with ~373 bps of margin expansion.

Net Income & EPS

GAAP net income attributable to Expedia Group Inc for Q3 2025 was $959M (+40% y/y). Diluted GAAP EPS was $7.33 (+45%), and Adjusted EPS was $7.57 (+23%).

Cash Flow & Balance Sheet

Operating cash flow for Q3 was a use of $(497)M (improved vs $(1.49)B prior year quarter); free cash flow for the quarter was $(686)M. Cash & equivalents were $5.83B (restricted cash $1.44B) and long‑term debt including current maturities totaled ~$6.22B; reported leverage (adjusted debt / TTM Adjusted EBITDA) was 1.9x.

Capital Return

Expedia Group Inc repurchased ~2.3M shares for $451M in Q3 2025 (7.9M shares, $1.4B YTD) and declared a quarterly cash dividend of $0.40 per share (paid Sept 18 and declared Nov 6, payable Dec 11, 2025).

Guidance

Management said it increased full‑year guidance and provided updated Q4 2025 targets: gross bookings and revenue growth expectations were raised (Q4 revenue/gross bookings expected roughly in the mid‑single to high‑single digit range) and Adjusted EBITDA margin expansion expected ~2%.

Operational Notes

Other Q3 2025 operational highlights: ADR booked was roughly flat (+2% y/y), booked air tickets +5% y/y, and the company noted its 17th consecutive quarter of double‑digit B2B growth—management attributed results to improved demand, execution and its two‑sided marketplace strategy.