Expedia Group Q3 2026 Earnings Presentation

Q3 2026 Earnings (Cover)

Content

Cover slide reading 'Q3 2026 Earnings' dated November 4, 2026, with the Expedia Group logo in the top-right corner.

Layout Structure

Full-bleed indigo-to-lavender gradient background; oversized white title anchored bottom-left with the date beneath; logo top-right.

Key Visual Elements

• •Indigo-to-lilac gradient
• •Large white sans-serif title
• •Expedia Group wordmark
• •Date line

Safe Harbor Statement, Non-GAAP Measures, Notes and Trademarks

Content

Forward-looking statements disclaimer under the Private Securities Litigation Reform Act of 1995, listing risks such as competition from online travel agencies, search engines and emerging AI-powered platforms, travel disruptions, indebtedness, payment fraud, regulation of alternative accommodations and cybersecurity; information is as of November 4, 2026. A side column notes that non-GAAP reconciliations and definitions are in the appendix and that trademarks belong to their owners (© 2026 Expedia, Inc.).

Layout Structure

Dark navy background; wide left text column for the safe harbor paragraph, narrow right column with three short headed notes and the 'e' logo mark.

Key Visual Elements

• •Dense white body text on navy
• •Bold section headings
• •Two-column split
• •Logo mark

Q3-26 Snapshot

Content

Three key takeaways: exceeded top- and bottom-line guidance, expanded Adjusted EBITDA margins, and raised full-year guidance. Six KPI tiles: Booked Room Nights 115.7M (+7% y/y), Adjusted EBITDA $1,689M (+17%), Gross Bookings $34.0B (+11%), Adjusted EBITDA margin 34.2% (+135 bps), Revenue $4.9B (+12%) and Adjusted EPS $9.39 (+24%).

Layout Structure

Split layout: left white panel with a large 'Q3-26 snapshot' headline, numbered takeaways and a coastal boardwalk photo; right lavender panel with a 2x3 grid of big blue numbers and labels.

Key Visual Elements

• •2x3 KPI number grid
• •Numbered takeaway list
• •Coastal landscape photograph
• •Blue accent numerals

Summary of Q3-26 Results

Content

Four paired bar charts comparing Q3-25 with Q3-26: Booked Room Nights 108.2M to 115.7M (+7%, growth led by B2B); Gross Bookings $30.7B to $34.0B (+11%; B2C +7%, B2B +19%); Revenue $4.4B to $4.9B (+12%; B2C +6%, B2B +23%); Adjusted EBITDA $1,449M to $1,689M (+17%, margin up 135 bps).

Layout Structure

Four equal columns separated by thin dividers, each with a heading, unit label, grey prior-year and navy current-year bar, a growth-percentage pill with bracket arrow, and a caption below.

Key Visual Elements

• •Grey vs navy bar pairs
• •Blue oval growth badges
• •Bracket arrows
• •Segment captions

Booked Room Nights and ADR Booked

Content

Five-quarter room nights: 108.2M (Q3-25), 94.0M, 113.9M, 111.5M, 115.7M (Q3-26), with y/y growth of 11%, 9%, 6%, 6%, 7% and TTM growth of 9%, 8%, 8%, 8%, 7%. Average daily rate: $210, $207, $228, $221, $215, with y/y of 2%, 4%, 7%, 5%, 2%. Regional room-night growth: US up mid single digits, EMEA up low single digits, Rest of World up mid-teens.

Layout Structure

Two five-bar charts side by side with growth tables beneath, plus a rounded lavender call-out card on the right for regional commentary.

Key Visual Elements

• •Five-quarter bar charts
• •Highlighted current-quarter bar
• •Y/Y and TTM rows
• •Regional growth call-out card

Expedia Group Performance

Content

Gross bookings $30.7B, $27.0B, $35.5B, $33.9B and $34.0B over Q3-25 to Q3-26 (y/y 12%, 11%, 13%, 12%, 11%; lodging 13%, 13%, 13%, 11%, 10%; TTM lodging 9%, 9%, 11%, 13%, 12%). Revenue $4.4B, $3.5B, $3.4B, $4.3B, $4.9B (y/y 9%, 11%, 15%, 14%, 12%; lodging 9%, 11%, 14%, 13%, 11%; EG Advertising 16%, 19%, 13%, 13%, 7%). Commentary: bookings driven by room-night growth, higher ADR and air ticket prices; revenue outgrew bookings on volume flow-through and FX.

Layout Structure

Two five-quarter bar charts with three-row growth tables, and a right-hand lavender commentary card with bolded lead phrases.

Key Visual Elements

• •Periwinkle and navy bars
• •Multi-row growth tables
• •Commentary card
• •Footnotes on TTM and advertising

B2C Segment Performance

Content

B2C gross bookings $21.3B, $18.3B, $24.8B, $23.2B, $22.9B (y/y 7%, 5%, 10%, 8%, 7%; TTM 4%, 3%, 6%, 7%, 7%). B2C revenue $2.9B, $2.2B, $2.1B, $2.7B, $3.1B (y/y 4%, 4%, 8%, 8%, 6%) with Adjusted EBITDA margins of 40.7%, 31.5%, 20.1%, 33.2% and 43.5%. Strength came from the US; bookings outgrew revenue on higher air ticket prices; margin rose nearly 3 points on marketing leverage, overhead discipline and favorable revenue mix.

Layout Structure

Same two-chart plus commentary-card template as the group performance slide, with growth and margin rows beneath the bars.

Key Visual Elements

• •Gross bookings and revenue bar charts
• •Margin row
• •Three bolded commentary points

B2B Segment Performance

Content

B2B gross bookings $9.4B, $8.7B, $10.7B, $10.7B, $11.1B (y/y 26%, 24%, 22%, 21%, 19%; TTM 20%, 20%, 22%, 23%, 21%). B2B revenue $1.4B, $1.3B, $1.2B, $1.5B, $1.7B (y/y 18%, 24%, 25%, 23%, 23%) with Adjusted EBITDA margins of 28.9%, 23.9%, 22.7%, 24.8% and 27.5%. Double-digit growth across all regions helped by elevated partner marketing; revenue outgrew bookings on lodging flow-through and FX; margin pressured by partner mix and acquisition consolidation.

Layout Structure

Mirror of the B2C slide: two five-quarter bar charts with growth and margin rows plus a lavender commentary card.

Key Visual Elements

• •Bar charts with navy current quarter
• •Growth and margin tables
• •Commentary card with bold phrases

Improving Operational Efficiency

Content

Adjusted cost of revenue rose 11% from $373M to $415M, flat at 8.4% of revenue (4 bps lower), helped by servicing and cloud efficiencies. Direct marketing rose 10% from $1,976M to $2,184M (B2C $1,032M to $1,028M, B2B $855M to $1,048M, Other $89M to $108M); B2C marketing fell from 4.8% to 4.5% of B2C gross bookings (34 bps). Adjusted overhead rose 1% from $620M to $627M, falling from 14.1% to 12.7% of revenue (136 bps) on efficiency savings.

Layout Structure

Three columns, each a two-bar comparison with growth pill and a percentage-of-base row using a blue bps oval, topped by a heading and closed by a lavender explanation box.

Key Visual Elements

• •Stacked bar for marketing by segment
• •Growth pills
• •Basis-point change ovals
• •Explanation boxes

Expedia Group Margins

Content

Adjusted EBITDA $1,449M, $848M, $542M, $1,119M, $1,689M over Q3-25 to Q3-26 (y/y 16%, 32%, 83%, 23%, 17%) with margins of 32.9%, 23.9%, 15.8%, 25.9%, 34.2% and y/y expansion of 208, 368, 591, 196 and 135 bps. Adjusted EPS $7.57, $3.78, $1.96, $5.76, $9.39 (y/y 23%, 58%, 386%, 36%, 24%). Margin expansion came from revenue growth, B2C marketing leverage and overhead discipline; EPS outpaced EBITDA on accretive share repurchases.

Layout Structure

Two five-quarter bar charts with growth and margin rows, plus a commentary card on the right.

Key Visual Elements

• •EBITDA and EPS bar charts
• •Margin and bps rows
• •Commentary card

Free Cash Flow and Capital Return

Content

Balance sheet at September 30, 2026: $5.6B of unrestricted cash and short-term investments and investment-grade ratings of BBB / Baa2 / BBB. Trailing-12-month free cash flow $3.0B, $3.1B, $4.1B, $4.5B, $3.7B (TTM y/y 57%, 34%, 72%, 123%, 25%). TTM capital return $1.7B, $1.9B, $2.2B, $1.8B and $2.0B, the latest split into $1.7B repurchases and $0.2B dividends; adjusted weighted average shares outstanding down 4-5% y/y each quarter.

Layout Structure

Three panels: left headline numbers for liquidity and credit ratings, centre five-bar FCF chart, right five-bar capital return chart with a stacked final bar and share-count row.

Key Visual Elements

• •Large blue $5.6B figure
• •Credit rating line
• •Stacked repurchase/dividend bar
• •Share-count change row

Guidance

Content

Q4 2026 guidance: gross bookings $27.9-28.4B (+3.3-5.2%), revenue $3.69-3.75B (+4.0-5.7%), Adjusted EBITDA $830-880M. Full year 2026: gross bookings $131.4-131.9B (+10%), revenue $16.37-16.43B (+11-12%), Adjusted EBITDA margin expansion of 1.8-2.0 points. Figures are year-over-year and include FX; no reconciliation is provided for the forward Adjusted EBITDA measures.

Layout Structure

Left two-thirds holds two rounded lavender cards (Q4 2026 and Full Year 2026) with metric, range and growth columns; right third is a full-height resort photograph.

Key Visual Elements

• •Rounded guidance cards
• •Letter-spaced metric labels
• •Desert resort archway photo

Expedia Group Logo Divider

Content

Closing brand slide showing only the Expedia Group logo, marking the end of the main presentation before the appendix.

Layout Structure

Solid dark navy background with a centred white logo lockup.

Key Visual Elements

• •Centred logo
• •Solid navy background

Appendix

Content

Section divider titled 'Appendix' with the 'Q3 2026 Earnings' eyebrow label.

Layout Structure

Same gradient background as the cover, large white title at bottom-left, logo mark top-right.

Key Visual Elements

• •Gradient background
• •Eyebrow label
• •Large title

Notes & Definitions

Content

Defines booked room nights (hotel room nights plus alternative-accommodation property nights), ADR booked (lodging gross bookings divided by room nights), gross bookings, and lodging metrics (booked basis except revenue on a stayed basis). Describes the B2C segment and its brands (Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, Wotif Group, ebookers, Hotwire.com, CarRentals.com), the B2B segment serving airlines, travel agents, retailers, corporate travel and financial institutions, the trivago metasearch segment, and Expedia Group Advertising.

Layout Structure

Two-column glossary with bold term names followed by plain definitions on a white background.

Key Visual Elements

• •Bold term labels
• •Two-column text grid

Non-GAAP Definitions: Adjusted EBITDA

Content

Defines Adjusted EBITDA as net income attributable to Expedia Group adjusted for nine items including non-controlling interests, income taxes, other expenses, stock-based compensation, acquisition-related impacts, restructuring, legal reserves and occupancy tax, certain revenue hedging gains or losses, and depreciation, and explains why management uses it.

Layout Structure

Single full-width numbered list with sub-items and a closing explanatory paragraph.

Key Visual Elements

• •Numbered list with roman-numeral sub-items
• •Dense body text

Non-GAAP Definitions (continued): TTM, Free Cash Flow, Adjusted Expenses

Content

Explains trailing-twelve-month information, defines free cash flow as operating cash flow less capital expenditures, explains why adjusted expenses exclude stock-based compensation, and notes that forward Adjusted EBITDA guidance is not reconciled because FX and minority investment gains or losses cannot be predicted.

Layout Structure

Four bold-led paragraphs stacked full width.

Key Visual Elements

• •Bold paragraph lead-ins
• •Full-width text

Non-GAAP Definitions (continued): Adjusted Net Income

Content

Defines Adjusted Net Income as net income plus nine after-tax adjustments (stock-based compensation, acquisition impacts, currency effects on USD cash, equity investment fair value changes, restructuring, legal and occupancy tax reserves, discontinued operations, related NCI impact, unrealized revenue hedge gains or losses). Notes that a convertible-note conversion option loss was excluded in Q4 2025 and Q1 2026, and that the long-term projected tax rate moved from 21.5% to 20.0% after the US tax law enacted in Q3 2025.

Layout Structure

Numbered list with sub-items, two explanatory paragraphs and a footnote on tax rate.

Key Visual Elements

• •Numbered adjustments list
• •Footnote paragraph

Non-GAAP Definitions (continued): Adjusted EPS

Content

Defines Adjusted EPS as Adjusted Net Income divided by adjusted weighted average shares, using the treasury stock method for convertible debt dilution instead of the GAAP if-converted method, and cautions that it should be read alongside the consolidated statements of operations.

Layout Structure

Single paragraph at the top of an otherwise white slide.

Key Visual Elements

• •Single text block
• •Generous white space

Adjusted Net Income (Loss) & Adjusted EPS Reconciliation

Content

Five-quarter reconciliation table. Q3 2026: net income attributable to Expedia Group $1,030M, income before taxes $1,303M, adjusted income before taxes $1,448M, adjusted net income $1,148M at a 20.0% adjusted tax rate; GAAP diluted EPS $8.42 to Adjusted EPS $9.39 on 122,280 thousand shares. Prior quarters: Q2-26 $878M to $706M ($7.16 to $5.76), Q1-26 $(6)M to $245M ($(0.05) to $1.96), Q4-25 $205M to $478M ($1.60 to $3.78), Q3-25 $959M to $962M ($7.33 to $7.57).

Layout Structure

Dense financial table with line-item labels on the left and five quarterly columns, split into a dollar section and a per-share section with share counts at the bottom; two footnotes.

Key Visual Elements

• •Five-column reconciliation table
• •Ruled subtotal lines
• •Footnotes

Adjusted EBITDA Reconciliation

Content

Bridges net income to Adjusted EBITDA for five quarters. Q3 2026: operating income $1,326M plus stock-based compensation $120M, depreciation and amortization $224M and other items gives Adjusted EBITDA $1,689M; net income margin 20.9% and Adjusted EBITDA margin 34.2%. Segment Adjusted EBITDA for Q3 2026: B2C $1,331M, B2B $470M, trivago $19M, less $131M unallocated corporate costs; segment margins B2C 43.5% and B2B 27.5% (versus 40.7% and 28.9% in Q3 2025).

Layout Structure

Two stacked tables with five quarterly columns: the top table bridges net income to Adjusted EBITDA, the bottom shows segment Adjusted EBITDA and margins; footnotes define margins and unallocated costs.

Key Visual Elements

• •Stacked reconciliation tables
• •Segment margin rows
• •Footnotes