Expedia (EXPE) Earnings Beat Its Own Forecast and Raise the 2026 Outlook
Expedia Group's third quarter 2026 gross bookings grew 11% to $34.0 billion, $1.5 billion above the middle of its own August forecast. It raised the middle of its 2026 outlook by about the same $1.5 billion, which leaves the middle of its fourth quarter forecast almost where August's numbers put it.
The short answer. Travelers spent far more through Expedia from July to September than the company had planned for. Expedia added that surprise to its 2026 forecast. It left the last three months almost where its August forecast had them, at about $28.2 billion of bookings. For anyone watching travel, demand ran well ahead of Expedia's plan from July to September. The company does not count on that pace for the last three months of the year. In after-hours trading at 4:25 p.m. ET, the shares were 6.7% below the close, StockTitan's real-time Nasdaq data show.
| August 5 forecast | November 4 | |
|---|---|---|
| Third quarter | $32.2 to $32.8 billion expected | $34.0 billion booked |
| Full year 2026 | $129.5 to $130.8 billion | $131.4 to $131.9 billion |
| Fourth quarter | About $28.2 billion left, at the middle | $27.9 to $28.4 billion expected, middle $28.15 billion |
Expedia third quarter 2026 results at a glance
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
On this page
Expedia earnings show bookings up 11% and a higher 2026 forecast
Travelers spent more on Expedia's sites and through its partners. The total value of trips booked rose 11%, while Expedia had forecast 5% to 7%.
Expedia reported after the market closed on Wednesday, November 4, 2026. Gross bookings reached $34.0 billion in the quarter that ended September 30. That is the total value of travel booked through the company. Booked room nights grew 7% to 115.7 million.
In August, Expedia had forecast $32.2 billion to $32.8 billion. Bookings came in $1.2 billion above the top of that range. Companies call such a forecast of their own results guidance. "We exceeded the high end of our guidance in the quarter, reflecting resilient travel demand and strong execution," said Ariane Gorin, the chief executive.
Revenue rose 12% to $4.94 billion, the money Expedia itself earns from those bookings and from advertising. The August forecast was $4.65 billion to $4.75 billion.
Profit grew faster than sales. Operating income rose 28% to $1.33 billion. Adjusted EBITDA rose 17% to $1.69 billion, a profit measure that leaves out items such as interest, taxes and stock pay. Expedia had forecast $1.51 billion to $1.56 billion.
In after-hours trading at 4:25 p.m. ET, Expedia stock traded at $294.57, 6.7% below its $315.88 close, StockTitan's real-time Nasdaq data show.
| Q3 2026 | August forecast | Result | Change from Q3 2025 |
|---|---|---|---|
| Gross bookings | $32.2 to $32.8 billion | $34,008 million | +11% |
| Revenue | $4.65 to $4.75 billion | $4,938 million | +12% |
| Adjusted EBITDA (non-GAAP) | $1.51 to $1.56 billion | $1,689 million | +17% |
| Booked room nights | Not given | 115.7 million | +7% |
| Operating income | Not given | $1,326 million | +28% |
| Net income attributable to Expedia Group | Not given | $1,030 million | +7% |
| Diluted earnings per share (GAAP) | Not given | $8.42 | +15% |
| Adjusted EPS (non-GAAP) | Not given | $9.39 | +24% |
Sources: Expedia Group third quarter 2026 results release, November 4, 2026; forecasts from the second quarter 2026 results release, Business Outlook, August 5, 2026.
Expedia raises its 2026 guidance by the size of the beat
Expedia now expects bookings for all of 2026 to grow 10%. The middle of its range rose by $1.5 billion, about as much as the third quarter beat the middle of its August forecast.
The earlier forecast called for full year gross bookings of $129.5 billion to $130.8 billion, growth of 8% to 9%. The new range is $131.4 billion to $131.9 billion.
Third quarter bookings of $34.0 billion beat the middle of the August range, $32.5 billion, by $1.5 billion. So the higher year forecast is mostly the quarter already booked.
The fourth quarter barely moved. At its middle, August's year forecast left about $28.2 billion for October to December. The middle of the new range is $28.15 billion.
Revenue goes up too. Expedia now expects $16.37 billion to $16.43 billion for the year, up from $16.05 billion to $16.22 billion before.
It also expects a wider profit margin, the share of revenue left as profit. Expedia now sees its adjusted EBITDA margin widening by 1.8 to 2.0 percentage points this year, against 1.5 to 1.75 points before.
| Full year 2026 | Previous forecast | New forecast |
|---|---|---|
| Gross bookings | $129.5 to $130.8 billion (+8% to 9%) | $131.4 to $131.9 billion (+10%) |
| Revenue | $16.05 to $16.22 billion (+9% to 10%) | $16.37 to $16.43 billion (+11% to 12%) |
| Adjusted EBITDA margin expansion | +1.5 to 1.75 points | +1.8 to 2.0 points |
Source: Expedia Group third quarter 2026 results release, Business Outlook, November 4, 2026.
How a company's own forecast differs from the analysts' average is explained in Guidance vs Consensus Estimates: Understanding Wall Street Expectations.
Why Expedia expects slower growth in the fourth quarter
Expedia's November 4 release and slides give no reason for growth of 3.3% to 5.2% from October to December. On August 5, its finance chief said the second half of 2026 faced much tougher comparisons with 2025.
The fourth quarter range is $27.9 billion to $28.4 billion of gross bookings. A year earlier, in the fourth quarter of 2025, Expedia booked $27.0 billion, and that quarter had grown 11%.
On the August 5, 2026 call, Derek Andersen, the chief financial officer, said: "We do have much tougher comps in the second half of the year." Comps are comparisons with the same quarter a year before. He said Expedia expected growth rates to slow because of them.
For comparison, Booking Holdings, which reported on November 3, said pricier flights and the Middle East conflict held back travel demand in October. Expedia's release does not say whether the same applied to it.
The new range is the lowest of the six quarterly ranges Expedia has given since August 2025. In each of the five quarters before it, bookings growth ended above the top of the range Expedia gave in its previous results release.
Show the data
| Item | Low | High | Value |
|---|---|---|---|
| Q3 2025 | 5.0% | 7.0% | 12.0% |
| Q4 2025 | 6.0% | 8.0% | 11.0% |
| Q1 2026 | 10.0% | 12.0% | 13.0% |
| Q2 2026 | 7.0% | 9.0% | 12.0% |
| Q3 2026 | 5.0% | 7.0% | 11.0% |
| Q4 2026 forecast | 3.3% | 5.2% |
Expedia expects fourth quarter revenue of $3.69 billion to $3.75 billion. It expects adjusted EBITDA of $830 million to $880 million, against $848 million a year earlier.
| Fourth quarter 2026 forecast | Range | Growth from Q4 2025 |
|---|---|---|
| Gross bookings | $27.9 to $28.4 billion | +3.3% to 5.2% |
| Revenue | $3.69 to $3.75 billion | +4.0% to 5.7% |
| Adjusted EBITDA | $830 to $880 million | Not stated |
Source: Expedia Group third quarter 2026 results release, Business Outlook, November 4, 2026. Q4 2025 gross bookings of $27,003 million and adjusted EBITDA of $848 million from the release's trended metrics.
Where Expedia's growth came from
The fastest growth came from B2B, where Expedia sells travel through other companies such as airlines and banks. Its bookings grew 19%, against 7% for Expedia's own consumer brands.
B2B gross bookings reached $11.1 billion. B2B revenue grew 23% to $1.71 billion. Expedia's slides say B2B gained from more marketing by some of its largest partners.
The consumer side, B2C, covers brands such as Expedia, Hotels.com and Vrbo. Its gross bookings rose 7% to $22.9 billion, and its revenue rose 6%. The slides credit continued strength in the U.S.
Hotels and other stays drove the quarter. Lodging gross bookings grew 10%. In the U.S., booked room nights rose by a mid single digit percentage, the slides show. They rose by a low single digit percentage in Europe, the Middle East and Africa, and by the mid teens elsewhere.
The average daily rate booked rose 2% to $215.0, the average price paid per room night. Booked air tickets fell 6%, while higher ticket prices still added to bookings, the slides say.
| Q3 2026 | Value | Change from Q3 2025 |
|---|---|---|
| B2C gross bookings | $22,862 million | +7% |
| B2B gross bookings | $11,146 million | +19% |
| B2C revenue | $3,065 million | +6% |
| B2B revenue | $1,708 million | +23% |
| trivago advertising and media revenue | $165 million | +20% |
| Lodging gross bookings | $24,875 million | +10% |
| Average daily rate booked | $215.0 | +2% |
| Booked air tickets | 13.6 million | −6% |
| Revenue, U.S. points of sale | $2,845 million | +12% |
| Revenue, non U.S. points of sale | $2,093 million | +12% |
Sources: Expedia Group third quarter 2026 results release, trended metrics and segment results, and the third quarter 2026 earnings presentation, November 4, 2026.
Profit, cash, buybacks and the dividend
Net income rose 7% to $1.03 billion. Expedia also bought back some of its own shares and kept its dividend steady.
Diluted earnings per share rose 15% to $8.42. Adjusted EPS, which leaves out items such as stock pay, rose 24% to $9.39.
Cash moved the other way in the quarter. Operating cash flow was negative $1.16 billion, against negative $497 million a year earlier. Free cash flow was negative $1.40 billion.
Expedia spent $576 million to buy back about 2 million shares in the quarter. It paid a dividend of $0.48 a share on September 17. It declared the same $0.48 for December 10, to holders of record on November 18. What a dividend pays against the share price is shown by StockTitan's dividend yield calculator.
Expedia ended September with fewer common shares outstanding than at the end of 2025. Its debt due within a year fell by more than half, to $749 million, while its debt due after a year rose to $4.71 billion.
| Balance sheet | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Common shares outstanding | 113.1 million | 117.0 million |
| Class B shares outstanding | 5.5 million | 5.5 million |
| Long-term debt due within a year | $749 million | $1,692 million |
| Long-term debt due after a year | $4,711 million | $4,469 million |
Source: Expedia Group third quarter 2026 results release, condensed consolidated balance sheets, November 4, 2026.
| Q3 2026 | Value | Q3 2025 |
|---|---|---|
| Net cash provided by (used in) operating activities | $(1,157) million | $(497) million |
| Free cash flow (non-GAAP) | $(1,399) million | $(686) million |
| Shares repurchased | About 2 million for $576 million | |
| Quarterly dividend declared | $0.48 a share, payable December 10, 2026 |
Source: Expedia Group third quarter 2026 results release, November 4, 2026.
What to watch
- Fourth quarter bookings against the 3.3% to 5.2% range: Expedia's fourth quarter 2026 results release.
- Why operating cash flow was negative $1.16 billion in the quarter: Expedia's Form 10-Q for the quarter, filed with the SEC.
Our numbers
These figures are our calculations from the sources linked in this article. Expedia gave no fourth quarter range in August, and it rounds its year ranges to $0.1 billion.
- About $28.2 billion: the $130.15 billion middle of the August year range, less first half bookings of $69.5 billion and the $32.5 billion middle of the August third quarter range
- $28.15 billion: the middle of the new fourth quarter range
- $1.5 billion: the rise in the middle of the year range, from $130.15 billion to $131.65 billion
- $1.5 billion: third quarter bookings of $34.0 billion against the $32.5 billion middle of the August range
- $1.2 billion: third quarter bookings above the $32.8 billion top of the August range
- Five quarters above the range: each quarter's stated growth against the range in the release before it, as the chart shows
- Lowest of six ranges: the 3.3% to 5.2% range against the five quarterly bookings ranges in Expedia's releases since August 7, 2025
Frequently asked questions
Did Expedia beat earnings in Q3 2026?
Expedia beat all three measures it had forecast in August. Gross bookings were $34.0 billion against $32.2 billion to $32.8 billion, and revenue was $4.94 billion against $4.65 billion to $4.75 billion. Adjusted EBITDA was $1.69 billion against $1.51 billion to $1.56 billion. Expedia gave no forecast for earnings per share; adjusted EPS was $9.39.
What is Expedia's guidance for Q4 2026?
Expedia expects fourth quarter gross bookings of $27.9 billion to $28.4 billion, up 3.3% to 5.2%. It expects revenue of $3.69 billion to $3.75 billion and adjusted EBITDA of $830 million to $880 million.
Did Expedia raise its 2026 guidance?
Yes. It raised its full year gross bookings forecast to $131.4 billion to $131.9 billion, up 10%, from $129.5 billion to $130.8 billion. Its revenue forecast rose to $16.37 billion to $16.43 billion.
Why is Expedia's fourth quarter growth forecast so much slower?
Expedia's November 4 release and slides give no reason. On the August 5, 2026 call, its chief financial officer said the second half of 2026 faced much tougher comparisons with 2025. Fourth quarter bookings had grown 11% in 2025.
How did Expedia stock react to earnings?
In after-hours trading at 4:25 p.m. ET on November 4, 2026, the shares traded at $294.57, 6.7% below the $315.88 close, StockTitan's real-time Nasdaq data show.
When is Expedia's next dividend?
Expedia declared a dividend of $0.48 a share on November 4, 2026. It is payable on December 10, 2026, to holders of record at the close of business on November 18, 2026.
Sources
- Expedia Group Reports Third Quarter 2026 Results (StockTitan)
- Booking Holdings (BKNG) Earnings Show a $900 Million FTC Revenue Cut (StockTitan)
- Expedia Group third quarter 2026 results release, November 4, 2026 (SEC)
- Expedia Group third quarter 2026 earnings presentation, November 4, 2026 (SEC)
- Expedia Group second quarter 2026 results release, August 5, 2026 (SEC)
- Expedia Group second quarter 2026 earnings call transcript, August 5, 2026 (Expedia investor relations)
- Expedia Group first quarter 2026 results release, May 7, 2026 (SEC)
- Expedia Group fourth quarter 2025 results release, February 12, 2026 (SEC)
- Expedia Group third quarter 2025 results release, November 6, 2025 (SEC)
- Expedia Group second quarter 2025 results release, August 7, 2025 (SEC)
- Expedia Group Form 8-K, November 4, 2026 (SEC)
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