Expedia Group Q3 revenue rises 12% to $4.94B
Full-year 2026 revenue guidance increased to $16.37–$16.43 billion, with Gross Bookings guidance of $131.4–$131.9 billion.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Expedia Group, Inc. (EXPE) reported third-quarter 2026 revenue of $4.938 billion, up 12% year over year, and Gross Bookings of $34.008 billion, up 11%. Booked Room Nights increased 7% to 115.7 million. B2B revenue rose 23%, while B2C revenue rose 6%.
GAAP net income attributable to Expedia Group was $1.030 billion, up 7%; Adjusted EBITDA was $1.689 billion, up 17%, with Adjusted EBITDA margin expanding 135 basis points to 34.2%. Diluted GAAP EPS was $8.42, up 15%, and Adjusted EPS was $9.39, up 24%. Cash used in operating activities was $1.157 billion, versus $497 million a year earlier; free cash flow was negative $1.399 billion versus negative $686 million.
Expedia raised full-year 2026 guidance to Gross Bookings of $131.4–$131.9 billion, revenue of $16.37–$16.43 billion, and Adjusted EBITDA margin expansion of 1.8–2.0 points. It repurchased approximately 2 million shares for $576 million during the quarter and declared a $0.48-per-share dividend payable December 10, 2026, to stockholders of record November 18, 2026.
3 points · 1 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year revenue guidance increased to $16.37–$16.43 billion.
- Moderate pointRevenue reached $4.938 billion, up 12% year over year.
- Moderate pointAdjusted EBITDA grew 17% year over year to $1.689 billion.
Negative
- Moderate pointOperating cash outflow was $1.157 billion, versus $497 million a year earlier.
- Moderate pointFree cash outflow was $1.399 billion, versus $686 million a year earlier.
Filing Explained
Expedia’s September thirtieth balance sheet reported cash and equivalents alongside long-term debt.
The filing reports Expedia Group had 113,122 thousand common shares outstanding on
8-K Event Classification
4 items: 2.02, 7.01, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $4.938 billion
Gross Bookings: $34.008 billion
Net income attributable to Expedia Group: $1.030 billion
+5 more
8 metrics
Revenue
$4.938 billion
Q3 2026; up 12% year over year
Gross Bookings
$34.008 billion
Q3 2026; up 11% year over year
Net income attributable to Expedia Group
$1.030 billion
Q3 2026; up 7% year over year
Adjusted EBITDA
$1.689 billion
Q3 2026; up 17% year over year
Adjusted EPS
$9.39 per share
Q3 2026; up 24% year over year
Net cash used in operating activities
$1.157 billion
Q3 2026; compared with $497 million used in Q3 2025
Free cash flow
Negative $1.399 billion
Q3 2026; compared with negative $686 million in Q3 2025
Quarterly cash dividend
$0.48 per share
Declared November 4, 2026; payable December 10, 2026
Key Terms
Gross Bookings, Adjusted EBITDA, Free Cash Flow, Booked Room Nights, +1 more
5 terms
Gross Bookings financial
"Generally represent the total retail value of transactions booked"
Gross bookings is the total dollar value of transactions a company records from sales, reservations, or orders before subtracting cancellations, refunds, taxes, or fees. Think of it as the full amount put into a shopping cart at checkout rather than the final receipt; it shows raw customer demand and sales momentum but does not equal actual revenue or profit, so investors use it to gauge growth and market interest while also watching conversion to net revenue.
Adjusted EBITDA financial
"defined as net income (loss) attributable to Expedia Group adjusted for"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"defined as net cash flow provided by operating activities less capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Booked Room Nights financial
"Represents booked hotel room nights and property nights"
The total number of hotel rooms that have been reserved and are expected to be occupied for one night, counted as one room multiplied by one night; for example, 10 rooms booked for 3 nights equals 30 booked room nights. It measures actual demand for lodging over time and helps estimate revenue, occupancy trends, and the health of a hospitality business—like counting rented bicycles by the hour to gauge how busy a rental shop is.
Revenue margin financial
"defined as revenue as a percentage of Gross Bookings"
Earnings Snapshot
Revenue: $4.938 billion · Guidance included
Q3 2026
Revenue
$4.938 billion
+12% year over year
Gross Bookings
$34.008 billion
+11% year over year
Net income attributable to Expedia Group
$1.030 billion
+7% year over year
Adjusted EBITDA
$1.689 billion
+17% year over year
Adjusted EPS
$9.39 per share
+24% year over year
Guidance
Q4 2026: Gross Bookings of $27.9–$28.4 billion (+3.3–5.2%), revenue of $3.69–$3.75 billion (+4.0–5.7%), and Adjusted EBITDA of $830–$880 million. Full-year 2026: Gross Bookings of $131.4–$131.9 billion (+10%), revenue of $16.37–$16.43 billion (+11–12%), and Adjusted EBITDA margin expansion of 1.8–2.0 points.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was Expedia EXPE's revenue in Q3 2026?
EXPE reported Q3 2026 revenue of $4.938 billion, up 12% year over year from $4.412 billion. B2B revenue was $1.708 billion, up 23%, and B2C revenue was $3.065 billion, up 6%.
What is Expedia EXPE's full-year 2026 guidance?
Expedia's current 2026 guidance is $131.4–$131.9 billion in Gross Bookings, $16.37–$16.43 billion in revenue, and 1.8–2.0 points of Adjusted EBITDA margin expansion. The prior ranges were $129.5–$130.8 billion in Gross Bookings, $16.05–$16.22 billion in revenue, and 1.5–1.75 points of margin expansion.
When will Expedia EXPE pay its declared dividend?
Expedia declared a quarterly cash dividend of $0.48 per share, payable December 10, 2026, to stockholders of record as of the close of business November 18, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): November 4, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip code)
(206 ) 481-4252
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
| (Nasdaq Global Select Market) | ||||||||||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
| Emerging growth company | |||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2026, Expedia Group, Inc. (“Expedia Group”) issued a press release announcing its financial results for the quarter ended September 30, 2026 (the “Press Release”). A copy of the Press Release is furnished as Exhibit 99.1 hereto.
Item 7.01. Regulation FD Disclosure.
On November 4, 2026, Expedia Group posted an earnings presentation (the “Earnings Presentation”) to the “Investors” section of its website at ir.expediagroup.com, providing additional information regarding its business and outlook. A copy of the Earnings Presentation is furnished as Exhibit 99.2 hereto. Expedia Group expects to refer to the Earnings Presentation during its earnings conference call to be held on the same date.
Pursuant to General Instruction B.2. to Form 8-K, the information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
Expedia Group's Executive Committee, acting on behalf of its Board of Directors, declared a quarterly cash dividend of $0.48 per share of outstanding common stock payable on December 10, 2026 to stockholders of record as of the close of business on November 18, 2026.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | |||||||
99.1 | Press Release dated November 4, 2026 | |||||||
99.2 | Earnings Presentation dated November 4, 2026 | |||||||
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXPEDIA GROUP, INC. | ||||||||
| By: | /s/ Derek Andersen | |||||||
| Derek Andersen | ||||||||
| Chief Financial Officer | ||||||||
Dated: November 4, 2026
Expedia Group Reports Third Quarter 2026 Results
Exceeded guidance with 11% Gross Bookings and 12% revenue growth y/y
Grew GAAP Net Income 7% and Adjusted EBITDA 17% y/y
Expanded Adj. EBITDA margins y/y
Increases full year guidance
SEATTLE, WA – November 4, 2026 – Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the third quarter ended September 30, 2026.
Third Quarter Highlights (All comparisons year-over-year)
•Booked Room Nights grew 7%.
•Total Gross Bookings grew 11%, while B2B Gross Bookings grew 19% and B2C Gross Bookings grew 7%.
•Lodging Gross Bookings grew 10%.
•Revenue grew 12%, driven by B2B, which grew 23%.
•GAAP net income increased 7% while Adjusted Net Income grew 19%. Adjusted EBITDA increased 17% with 135 basis points of margin expansion.
•Diluted GAAP earnings per share increased 15% while Adjusted EPS increased 24%.
•Repurchased approximately 2 million shares for $576 million in the third quarter.
•Paid quarterly dividend of $0.48 per share on September 17, 2026 and declared quarterly dividend of $0.48 per share on November 4, 2026.
“We exceeded the high end of our guidance in the quarter, reflecting resilient travel demand and strong execution,” said Ariane Gorin, CEO of Expedia Group. “We continue to deliver traveler value through more personalized and rewarding product experiences, improve supply across our marketplace, and advance our strategy to build the one-stop travel platform for B2B partners. AI is opening further opportunities across our business, enhancing internal productivity and creating new sources of growth. Our progress and the results we delivered demonstrate the differentiation of our platform and reinforce our confidence in our ability to deliver value for all our stakeholders.”
Financial Summary & Operating Metrics (In millions except per share amounts)
| Expedia Group, Inc. | |||||||||||
| Metric | Q3 2026 | Q3 2025 | Δ Y/Y | ||||||||
| Booked Room Nights | 115.7 | 108.2 | 7% | ||||||||
| Gross Bookings | $34,008 | $30,727 | 11% | ||||||||
| Revenue | $4,938 | $4,412 | 12% | ||||||||
| Operating income | $1,326 | $1,036 | 28% | ||||||||
| Net income attributable to Expedia Group, Inc. | $1,030 | $959 | 7% | ||||||||
| Diluted Earnings Per Share | $8.42 | $7.33 | 15% | ||||||||
| Adjusted EBITDA* | $1,689 | $1,449 | 17% | ||||||||
| Adjusted EPS* | $9.39 | $7.57 | 24% | ||||||||
| Net cash provided by (used in) operating activities | $(1,157) | $(497) | 133% | ||||||||
| Free Cash Flow* | $(1,399) | $(686) | 104% | ||||||||
* A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this release.
Page 1 of 14
Business Outlook
| Metric | Q4 2026 | |||||||
| Gross Bookings | $27.9 - $28.4B +3.3-5.2% | |||||||
| Revenue | $3.69 - $3.75B +4.0-5.7% | |||||||
| Adjusted EBITDA** | $830 - $880M | |||||||
| Metric | Full Year 2026 | |||||||
| Previous Guidance | Current Guidance | |||||||
| Gross Bookings | $129.5 - $130.8B +8-9% | $131.4 - $131.9B +10% | ||||||
| Revenue | $16.05 - $16.22B +9-10% | $16.37 - $16.43B +11-12% | ||||||
| Adjusted EBITDA margin expansion** | +1.5 - 1.75pts | +1.8 - 2.0pts | ||||||
** A reconciliation for the Adjusted EBITDA and Adjusted EBITDA margin expansion forecast is not provided because we cannot, without unreasonable effort, predict certain items, including but not limited to, foreign exchange rate gains or losses and minority investment gains or losses, and are unable to address the probable significance of the unavailable information.
Quarterly Dividend
Expedia Group’s Executive Committee, acting on behalf of its Board of Directors, has declared a quarterly cash dividend of $0.48 per share of outstanding common stock, payable on December 10, 2026 to stockholders of record as of the close of business on November 18, 2026.
Conference Call
Expedia Group will webcast a conference call to discuss third quarter 2026 financial results and certain forward-looking information on Wednesday, November 4, 2026 at 1:30 p.m. Pacific Time (PT). The webcast will be open to the public and available via ir.expediagroup.com. Expedia Group expects to maintain access to the webcast on the IR website for approximately twelve months subsequent to the initial broadcast. An earnings presentation containing financial and other statistical information supporting the prepared remarks on the call, together with reconciliations of the non-GAAP financial measures used, will be available on the "Investors" section of Expedia Group's website at ir.expediagroup.com beginning at approximately 1:00 p.m. PT on the same date and will remain available following the call.
About Expedia Group
Expedia Group, Inc. is the global travel marketplace with one purpose: to help travelers explore the world, one journey at a time. Expedia Group™ connects travelers, partners, and advertisers through its trusted brands, leading technology, and rich first-party data, delivering predictive, personalized experiences that shape the future of travel.
Expedia Group’s ecosystem includes three flagship consumer brands – Expedia®, Hotels.com®, and Vrbo® – the largest B2B travel business, and a premier advertising network. Guided by an experienced and passionate global team, Expedia Group helps millions of travelers in more than 70 countries explore the world with confidence and ease.
© 2026 Expedia, Inc., an Expedia Group company. All rights reserved. Expedia Group and the Expedia Group logo are trademarks of Expedia, Inc. CST: 2029030-50.
Contacts
Investor Relations Communications
ir@expediagroup.com press@expediagroup.com
Page 2 of 14
Expedia Group, Inc.
Trended Metrics
(All figures in millions, except ADR booked)
The metrics below are intended to supplement the financial statements in this release and in our filings with the SEC, and do not include adjustments for one-time items, acquisitions, foreign exchange or other adjustments. The definition or methodology of any of our supplemental metrics are subject to change, and such changes could be material. We may also discontinue certain supplemental metrics as our business evolves over time. In the event of any discrepancy between any supplemental metric and our historical financial statements, you should rely on the information included in the financial statements filed with or furnished to the SEC.
| 2025 | 2026 | Y/Y | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Growth | |||||||||||||||||||||||||||||||||||||||||||||||||
| Operating metrics | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Booked Room Nights | 107.7 | 105.5 | 108.2 | 94.0 | 113.9 | 111.5 | 115.7 | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Average Daily Rate ("ADR") Booked | $213.9 | $209.3 | $209.8 | $207.0 | $228.1 | $220.6 | $215.0 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Booked Air Tickets | 14.8 | 15.0 | 14.4 | 12.8 | 15.7 | 14.2 | 13.6 | (6) | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Gross Bookings by business model | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Agency | $13,239 | $12,376 | $11,875 | $10,517 | $14,357 | $13,317 | $12,355 | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Merchant | 18,212 | 18,033 | 18,852 | 16,486 | 21,173 | 20,611 | 21,653 | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $31,451 | $30,409 | $30,727 | $27,003 | $35,530 | $33,928 | $34,008 | 11% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Bookings by product | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lodging | $23,032 | $22,073 | $22,705 | $19,455 | $25,977 | $24,603 | $24,875 | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Non-lodging | 8,419 | 8,336 | 8,022 | 7,548 | 9,553 | 9,325 | 9,133 | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $31,451 | $30,409 | $30,727 | $27,003 | $35,530 | $33,928 | $34,008 | 11% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue by product | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lodging | $2,289 | $3,040 | $3,604 | $2,819 | $2,610 | $3,429 | $3,991 | 11% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Air | 107 | 105 | 101 | 94 | 107 | 91 | 93 | (7)% | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising & Media - EG(1) | 174 | 182 | 194 | 208 | 197 | 206 | 206 | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||
Advertising & Media - trivago(1) | 85 | 98 | 137 | 97 | 125 | 145 | 165 | 20% | ||||||||||||||||||||||||||||||||||||||||||||||||
Other(2) | 333 | 361 | 376 | 329 | 387 | 444 | 483 | 28% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $2,988 | $3,786 | $4,412 | $3,547 | $3,426 | $4,315 | $4,938 | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue by geography | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. points of sale | $1,831 | $2,303 | $2,537 | $2,039 | $1,990 | $2,570 | $2,845 | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Non-U.S. points of sale | 1,157 | 1,483 | 1,875 | 1,508 | 1,436 | 1,745 | 2,093 | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $2,988 | $3,786 | $4,412 | $3,547 | $3,426 | $4,315 | $4,938 | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) Our Advertising & Media business consists of Expedia Group ("EG") Advertising, which is responsible for generating advertising revenue on our global online travel brands, and third-party revenue for trivago, a leading hotel metasearch site.
(2) Other revenue primarily includes insurance, car rental, destination services and cruise revenue.
(2) Other revenue primarily includes insurance, car rental, destination services and cruise revenue.
Notes:
•All trivago revenue is classified as Non-U.S. point of sale. Some numbers may not add due to rounding.
•All percentages throughout this release are calculated on precise, unrounded numbers.
Page 3 of 14
Expedia Group, Inc. Segment P&L
(All figures in millions)
| y/y growth | ||||||||||||||||||||||||||||||||
| By Segment | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 | Q2-26 | Q3-26 | Q3-26 | ||||||||||||||||||||||||
| Gross Bookings | $31,451 | $30,409 | $30,727 | $27,003 | $35,530 | $33,928 | $34,008 | 11% | ||||||||||||||||||||||||
| B2C | $22,615 | $21,565 | $21,343 | $18,344 | $24,784 | $23,186 | $22,862 | 7% | ||||||||||||||||||||||||
| B2B | $8,836 | $8,844 | $9,384 | $8,659 | $10,746 | $10,742 | $11,146 | 19% | ||||||||||||||||||||||||
| Revenue | $2,988 | $3,786 | $4,412 | $3,547 | $3,426 | $4,315 | $4,938 | 12% | ||||||||||||||||||||||||
| B2C | $1,956 | $2,479 | $2,883 | $2,156 | $2,118 | $2,677 | $3,065 | 6% | ||||||||||||||||||||||||
| B2B | $947 | $1,209 | $1,392 | $1,294 | $1,183 | $1,493 | $1,708 | 23% | ||||||||||||||||||||||||
Other (1) | $85 | $98 | $137 | $97 | $125 | $145 | $165 | 20% | ||||||||||||||||||||||||
Revenue margin (2) | 9.5% | 12.4% | 14.4% | 13.1% | 9.6% | 12.7% | 14.5% | 16 bps | ||||||||||||||||||||||||
Adjusted cost of revenue (3) | $354 | $373 | $373 | $342 | $373 | $399 | $415 | 11% | ||||||||||||||||||||||||
| % Revenue | 11.9% | 9.8% | 8.4% | 9.6% | 10.9% | 9.2% | 8.4% | (4) bps | ||||||||||||||||||||||||
| B2C | $312 | $340 | $347 | $307 | $324 | $346 | $377 | 9% | ||||||||||||||||||||||||
| % B2C revenue | 16.0% | 13.7% | 12.0% | 14.2% | 15.3% | 12.9% | 12.3% | 25 bps | ||||||||||||||||||||||||
| B2B | $38 | $28 | $18 | $27 | $39 | $39 | $25 | 36% | ||||||||||||||||||||||||
| % B2B revenue | 4.0% | 2.3% | 1.3% | 2.0% | 3.3% | 2.6% | 1.5% | 15 bps | ||||||||||||||||||||||||
Other (1) | $4 | $5 | $8 | $8 | $10 | $14 | $13 | 87% | ||||||||||||||||||||||||
| Selling and marketing - direct | $1,757 | $1,920 | $1,976 | $1,696 | $1,856 | $2,119 | $2,184 | 10% | ||||||||||||||||||||||||
| % Gross Bookings | 5.6% | 6.3% | 6.4% | 6.3% | 5.2% | 6.2% | 6.4% | (1) bps | ||||||||||||||||||||||||
| B2C | $1,115 | $1,092 | $1,032 | $847 | $1,035 | $1,101 | $1,028 | —% | ||||||||||||||||||||||||
| % B2C Gross Bookings | 4.9% | 5.1% | 4.8% | 4.6% | 4.2% | 4.7% | 4.5% | (34) bps | ||||||||||||||||||||||||
| B2B | $577 | $752 | $855 | $798 | $726 | $915 | $1,048 | 23% | ||||||||||||||||||||||||
Other (1) | $65 | $76 | $89 | $51 | $95 | $103 | $108 | 21% | ||||||||||||||||||||||||
Other segment items (4) | $581 | $585 | $614 | $661 | $655 | $678 | $650 | 6% | ||||||||||||||||||||||||
| % Revenue | 19.4% | 15.5% | 13.9% | 18.6% | 19.1% | 15.7% | 13.2% | (74) bps | ||||||||||||||||||||||||
| B2C | $312 | $319 | $330 | $323 | $333 | $341 | $329 | —% | ||||||||||||||||||||||||
| % B2C revenue | 16.0% | 12.8% | 11.4% | 15.0% | 15.7% | 12.8% | 10.7% | (69) bps | ||||||||||||||||||||||||
| B2B | $116 | $98 | $117 | $161 | $149 | $170 | $165 | 41% | ||||||||||||||||||||||||
| % B2B revenue | 12.3% | 8.2% | 8.4% | 12.4% | 12.6% | 11.4% | 9.6% | 126 bps | ||||||||||||||||||||||||
Other (1) | $153 | $168 | $167 | $177 | $173 | $167 | $156 | (7)% | ||||||||||||||||||||||||
Adjusted EBITDA (3) | $296 | $908 | $1,449 | $848 | $542 | $1,119 | $1,689 | 17% | ||||||||||||||||||||||||
| % Margin | 9.9% | 24.0% | 32.9% | 23.9% | 15.8% | 25.9% | 34.2% | 135 bps | ||||||||||||||||||||||||
| B2C | $217 | $728 | $1,174 | $679 | $426 | $889 | $1,331 | 13% | ||||||||||||||||||||||||
| % Margin | 11.1% | 29.4% | 40.7% | 31.5% | 20.1% | 33.2% | 43.5% | 273 bps | ||||||||||||||||||||||||
| B2B | $216 | $331 | $402 | $308 | $269 | $369 | $470 | 17% | ||||||||||||||||||||||||
| % Margin | 22.8% | 27.3% | 28.9% | 23.9% | 22.7% | 24.8% | 27.5% | (134) bps | ||||||||||||||||||||||||
Other (1) | $(137) | $(151) | $(127) | $(139) | $(153) | $(139) | $(112) | (11)% | ||||||||||||||||||||||||
(1) Other is comprised of trivago, corporate and intercompany eliminations.
(2) Revenue margin is defined as revenue as a percentage of Gross Bookings.
(2) Revenue margin is defined as revenue as a percentage of Gross Bookings.
(3) See the sections below titled “Non-GAAP Measures” and "Tabular Reconciliations for Non-GAAP Measures” for additional information, including reconciliations to the most directly comparable GAAP measures.
(4) Other segment items include total adjusted overhead expenses (see section below titled “Tabular Reconciliations for Non-GAAP Measures – Adjusted Expenses”), as well as the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue for our B2C and B2B segments.
(4) Other segment items include total adjusted overhead expenses (see section below titled “Tabular Reconciliations for Non-GAAP Measures – Adjusted Expenses”), as well as the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue for our B2C and B2B segments.
Notes: Some numbers may not add due to rounding. All percentages throughout this release are calculated on precise, unrounded numbers.
Page 4 of 14
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
(Unaudited)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 4,938 | $ | 4,412 | $ | 12,679 | $ | 11,186 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
Cost of revenue (exclusive of depreciation and amortization shown separately below) (1) | 419 | 376 | 1,199 | 1,110 | |||||||||||||||||||
| Selling and marketing - direct | 2,184 | 1,976 | 6,159 | 5,653 | |||||||||||||||||||
Selling and marketing - indirect (1) | 209 | 211 | 628 | 623 | |||||||||||||||||||
Technology and content (1) | 334 | 310 | 983 | 955 | |||||||||||||||||||
General and administrative (1) | 194 | 186 | 594 | 563 | |||||||||||||||||||
| Depreciation and amortization | 224 | 225 | 680 | 667 | |||||||||||||||||||
| Legal reserves, occupancy tax and other | 13 | 86 | (45) | 88 | |||||||||||||||||||
Restructuring and related reorganization charges (1) | 35 | 6 | 104 | 76 | |||||||||||||||||||
| Operating income | 1,326 | 1,036 | 2,377 | 1,451 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest income | 73 | 69 | 206 | 197 | |||||||||||||||||||
| Interest expense | (63) | (62) | (235) | (178) | |||||||||||||||||||
| Other, net | (33) | 88 | 7 | (133) | |||||||||||||||||||
| Total other income (expense), net | (23) | 95 | (22) | (114) | |||||||||||||||||||
| Income before income taxes | 1,303 | 1,131 | 2,355 | 1,337 | |||||||||||||||||||
| Provision for income taxes | (264) | (167) | (453) | (248) | |||||||||||||||||||
| Net income | 1,039 | 964 | 1,902 | 1,089 | |||||||||||||||||||
| Net income attributable to non-controlling interests | (9) | (5) | — | — | |||||||||||||||||||
| Net income attributable to Expedia Group, Inc. | $ | 1,030 | $ | 959 | $ | 1,902 | $ | 1,089 | |||||||||||||||
| Earnings per share attributable to Expedia Group, Inc. available to common stockholders: | |||||||||||||||||||||||
| Basic | $ | 8.59 | $ | 7.76 | $ | 15.77 | $ | 8.63 | |||||||||||||||
| Diluted | 8.42 | 7.33 | 15.43 | 8.18 | |||||||||||||||||||
| Shares used in computing earnings per share (000's): | |||||||||||||||||||||||
| Basic | 119,867 | 123,699 | 120,632 | 126,246 | |||||||||||||||||||
| Diluted | 122,280 | 131,014 | 123,260 | 133,188 | |||||||||||||||||||
| (1) Includes stock-based compensation as follows: | |||||||||||||||||||||||
| Cost of revenue | $ | 4 | $ | 3 | $ | 12 | $ | 10 | |||||||||||||||
| Selling and marketing | 23 | 20 | 65 | 63 | |||||||||||||||||||
| Technology and content | 41 | 34 | 119 | 111 | |||||||||||||||||||
| General and administrative | 46 | 33 | 129 | 106 | |||||||||||||||||||
| Restructuring and related reorganization charges | 6 | — | 12 | 3 | |||||||||||||||||||
Page 5 of 14
EXPEDIA GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
| September 30, 2026 | December 31, 2025 | |||||||||||||
| (Unaudited) | ||||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 5,040 | $ | 5,413 | ||||||||||
| Restricted cash and cash equivalents | 1,543 | 1,563 | ||||||||||||
| Short-term investments | 527 | 320 | ||||||||||||
| Accounts receivable, net of allowance of $105 and $74 | 5,513 | 4,166 | ||||||||||||
| Income taxes receivable | 52 | 38 | ||||||||||||
| Prepaid expenses and other current assets | 1,516 | 699 | ||||||||||||
| Total current assets | 14,191 | 12,199 | ||||||||||||
| Property and equipment, net | 2,459 | 2,447 | ||||||||||||
| Operating lease right-of-use assets | 278 | 296 | ||||||||||||
| Long-term investments and other assets | 1,192 | 1,387 | ||||||||||||
| Deferred income taxes | 277 | 432 | ||||||||||||
| Intangible assets, net | 1,112 | 819 | ||||||||||||
| Goodwill | 7,342 | 6,872 | ||||||||||||
| TOTAL ASSETS | $ | 26,851 | $ | 24,452 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable, merchant | $ | 2,466 | $ | 2,188 | ||||||||||
| Accounts payable, other | 1,245 | 1,103 | ||||||||||||
| Deferred merchant bookings | 12,579 | 10,428 | ||||||||||||
| Deferred revenue | 166 | 163 | ||||||||||||
| Income taxes payable | 120 | 56 | ||||||||||||
| Accrued expenses and other current liabilities | 1,042 | 1,027 | ||||||||||||
| Current maturities of long-term debt | 749 | 1,692 | ||||||||||||
| Total current liabilities | 18,367 | 16,657 | ||||||||||||
| Long-term debt, excluding current maturities | 4,711 | 4,469 | ||||||||||||
| Deferred income taxes | 48 | 20 | ||||||||||||
| Operating lease liabilities | 226 | 254 | ||||||||||||
| Other long-term liabilities | 583 | 505 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Stockholders’ equity: | ||||||||||||||
| Common stock: $.0001 par value; Authorized shares: 1,600,000 | — | — | ||||||||||||
| Shares issued: 294,719 and 291,448; Shares outstanding: 113,122 and 116,975 | ||||||||||||||
| Class B common stock: $.0001 par value; Authorized shares: 400,000 | — | — | ||||||||||||
| Shares issued: 12,800 and 12,800; Shares outstanding: 5,523 and 5,523 | ||||||||||||||
| Additional paid-in capital | 16,956 | 16,565 | ||||||||||||
| Treasury stock - Common stock and Class B, at cost; Shares 188,874 and 181,749 | (18,511) | (16,786) | ||||||||||||
| Retained earnings | 3,425 | 1,696 | ||||||||||||
| Accumulated other comprehensive income (loss) | (218) | (191) | ||||||||||||
| Total Expedia Group, Inc. stockholders’ equity | 1,652 | 1,284 | ||||||||||||
| Non-redeemable non-controlling interests | 1,264 | 1,263 | ||||||||||||
| Total stockholders’ equity | 2,916 | 2,547 | ||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 26,851 | $ | 24,452 | ||||||||||
Page 6 of 14
EXPEDIA GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Nine months ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities: | |||||||||||
| Net income | $ | 1,902 | $ | 1,089 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation of property and equipment, including internal-use software and website development | 654 | 635 | |||||||||
| Amortization of intangible assets | 26 | 32 | |||||||||
| Amortization of stock-based compensation | 337 | 293 | |||||||||
| Deferred income taxes | 160 | 102 | |||||||||
| Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net | 36 | (118) | |||||||||
| Realized (gain) loss on foreign currency forwards, net | 178 | (163) | |||||||||
| (Gain) loss on minority equity investments, net | (134) | 125 | |||||||||
| Other, net | 44 | 36 | |||||||||
| Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||||||
| Accounts receivable | (1,269) | (1,289) | |||||||||
| Prepaid expenses and other assets | (171) | (28) | |||||||||
| Accounts payable, merchant | 113 | 50 | |||||||||
| Accounts payable, other, accrued expenses and other liabilities | 207 | 234 | |||||||||
| Tax payable/receivable, net | 93 | 9 | |||||||||
| Deferred merchant bookings | 2,076 | 2,569 | |||||||||
| Net cash provided by operating activities | 4,252 | 3,576 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures, including internal-use software and website development | (625) | (585) | |||||||||
| Purchases of investments | (930) | (518) | |||||||||
| Sales and maturities of investments | 438 | 616 | |||||||||
| Proceeds from exchange of cross-currency interest rate swaps | 692 | — | |||||||||
| Payments for exchange of cross-currency interest rate swaps | (692) | — | |||||||||
| Acquisitions and other, net | (727) | 155 | |||||||||
| Net cash used in investing activities | (1,844) | (332) | |||||||||
| Financing activities: | |||||||||||
| Proceeds from issuance of long-term debt, net of issuance costs | 986 | 985 | |||||||||
| Payments related to long-term debt | (1,828) | (1,044) | |||||||||
| Purchases of treasury stock | (1,727) | (1,603) | |||||||||
| Payment of dividends to stockholders | (173) | (151) | |||||||||
| Proceeds from exercise of equity awards and employee stock purchase plan | 47 | 50 | |||||||||
| Other, net | (67) | 16 | |||||||||
| Net cash used in financing activities | (2,762) | (1,747) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | (39) | 191 | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | (393) | 1,688 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 6,976 | 5,574 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents at end of period | $ | 6,583 | $ | 7,262 | |||||||
Page 7 of 14
Notes & Definitions:
Booked Room Nights: Represents booked hotel room nights and property nights. Booked hotel room nights include both merchant and agency hotel room nights. Property nights are related to our alternative accommodation business.
Average Daily Rate (ADR) Booked: Represents the average paid rate per booked room night, calculated as total lodging gross bookings divided by booked room nights.
Booked Air Tickets: Includes both merchant and agency air bookings.
Gross Bookings: Generally represent the total retail value of transactions booked, recorded at the time of booking reflecting the total price due for travel by travelers, including taxes, fees and other charges, adjusted for cancellations and refunds.
Lodging Metrics: Reported on a booked basis except for revenue, which is on a stayed basis. Lodging consists of both merchant and agency model hotel and alternative accommodations.
B2C: The B2C segment provides a full range of travel and advertising services to our worldwide customers through a variety of consumer brands including: Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, Wotif Group, ebookers, Hotwire.com, and CarRentals.com.
B2B: The B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions, who leverage our leading travel technology and tap into our diverse supply to augment their offerings and market Expedia Group rates and availabilities to their travelers.
trivago: The trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its localized hotel metasearch websites.
Non-GAAP Measures
Expedia Group reports Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted EPS, Free Cash Flow and Adjusted Expenses (non-GAAP cost of revenue, non-GAAP selling and marketing, non-GAAP technology and content and non-GAAP general and administrative), all of which are supplemental measures to GAAP and are defined by the SEC as non-GAAP financial measures. These measures are among the primary metrics by which management evaluates the performance of the business and on which internal budgets are based. Management believes that investors should have access to the same set of tools that management uses to analyze our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS have certain limitations in that they do not take into account the impact of certain expenses to our consolidated statements of operations. We endeavor to compensate for the limitation of the non-GAAP measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP measures. Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS also exclude certain items related to transactional tax matters, which may ultimately be settled in cash. We urge investors to review the detailed disclosure regarding these matters in the Management Discussion and Analysis and Legal Proceedings sections, as well as the notes to the financial statements, included in the Company's annual and quarterly reports filed with the Securities and Exchange Commission. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization) is defined as net income (loss) attributable to Expedia Group adjusted for:
(1) net income (loss) attributable to non-controlling interests;
(2) provision for income taxes;
Page 8 of 14
(3) total other expenses, net;
(4) stock-based compensation expense, including compensation expense related to certain subsidiary equity plans;
(5) acquisition-related impacts, including
(i) amortization of intangible assets and goodwill and intangible asset impairment,
(ii) gains (losses) recognized on changes in the value of contingent consideration arrangements;
(iii) upfront consideration paid to settle employee compensation plans of the acquiree; and
(iv) related transaction fees;
(6) certain other items, including restructuring;
(7) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g. hotel and excise taxes), related to court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings;
(8) that portion of gains (losses) on revenue hedging activities that are included in other, net that relate to revenue recognized in the period; and
(9) depreciation.
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA is a useful measure for analysts and investors to evaluate our future on-going performance as this measure allows a more meaningful comparison of our performance and projected cash earnings with our historical results from prior periods and to the results of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. In addition, we believe that by excluding certain items, such as stock-based compensation and acquisition-related impacts, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital investments are made and debt is serviced.
Trailing Twelve Month Financial Information. Expedia Group includes certain unaudited financial information for the trailing twelve months ("TTM") ended September 30, 2026, which is calculated as the twelve months ended September 30, 2026. This presentation is not in accordance with GAAP. However, we believe that this presentation provides useful information to investors regarding our recent financial performance, and we view this presentation of the four most recently completed fiscal quarters as a key measurement period for investors to assess our historical results.
Adjusted Net Income (Loss) generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to Expedia Group plus the following items, net of tax(a):
(1) stock-based compensation expense, including compensation expense related to equity plans of certain subsidiaries and equity-method investments;
(2) acquisition-related impacts, including;
(i) amortization of intangible assets, including as part of equity-method investments, and goodwill and intangible asset impairment;
(ii) gains (losses) recognized on changes in the value of contingent consideration arrangements;
(iii) upfront consideration paid to settle employee compensation plans of the acquiree; and
(iv) gains (losses) recognized on non-controlling investment basis adjustments when we acquire or lose controlling interests;
(3) currency gains or losses on U.S. dollar denominated cash;
(4) the changes in fair value of equity investments;
(5) certain other items, including restructuring charges;
(6) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g., hotel occupancy and excise taxes), related court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings, including as part of equity method investments;
(7) discontinued operations;
Page 9 of 14
(8) the non-controlling interest impact of the aforementioned adjustment items; and
(9) unrealized gains (losses) on revenue hedging activities that are included in other, net.
During the fourth quarter of 2025 and first quarter of 2026, an adjustment for the loss related to the conversion option on our Convertible Notes, including amortization of the debt discount and change in fair value of the embedded derivative, was excluded from net income to calculate Adjusted Net Income.
We believe Adjusted Net Income (Loss) is useful to investors because it represents Expedia Group's combined results, taking into account depreciation, which management believes is an ongoing cost of doing business, but excluding the impact of certain expenses and items not directly tied to the core operations of our businesses.
(a) We use a long-term projected tax rate in the calculation of Adjusted Net Income as we believe this tax rate provides better consistency across reporting periods and produces results that are reflective of Expedia Group’s long-term effective tax rate. This long-term projected tax rate is a total tax rate, and eliminates the effects of non-recurring and period-specific income tax items which can vary in size and frequency. We apply this tax rate to pretax income, as adjusted commensurate with our Adjusted Net Income definition. In 2024 and through the second quarter of 2025, we applied a 21.5% long-term projected tax rate to compute Adjusted Net Income. We adjusted our long-term projected tax rate to 20.0% to consider the net effect of U.S. tax law enacted in the third quarter of 2025.
Adjusted EPS is defined as Adjusted Net Income (Loss) divided by adjusted weighted average shares outstanding, which, when applicable, include dilution from our convertible debt instruments per the treasury stock method for Adjusted EPS. The treasury stock method assumes we would elect to settle the principal amount of the debt for cash and the conversion premium for shares. If the conversion prices for such instruments exceed our average stock price for the period, the instruments generally would have no impact to adjusted weighted average shares outstanding. This differs from the GAAP method for dilution from our convertible debt instruments, which include them on an if-converted method. We believe Adjusted EPS is useful to investors because it represents, on a per share basis, Expedia Group's consolidated results, taking into account depreciation, which we believe is an ongoing cost of doing business, as well as other items which are not allocated to the operating businesses such as interest expense, taxes, foreign exchange gains or losses, and minority interest, but excluding the effects of certain expenses not directly tied to the core operations of our businesses. Adjusted Net Income (Loss) and Adjusted EPS have similar limitations as Adjusted EBITDA. In addition, Adjusted Net Income (Loss) does not include all items that affect our net income (loss) and net income (loss) per share for the period. Therefore, we think it is important to evaluate these measures along with our consolidated statements of operations.
Free Cash Flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors because it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the consolidated statements of cash flows.
Adjusted Expenses exclude stock-based compensation related to expenses for stock options, restricted stock units and other equity compensation under applicable stock-based compensation accounting standards. Expedia Group excludes stock-based compensation from these measures primarily because they are non-cash expenses that we do not believe are necessarily reflective of our ongoing cash operating expenses and cash operating income. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting applicable stock-based compensation accounting standards, management believes that providing non-GAAP financial measures that exclude stock-based compensation allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies, as well as providing management with an important tool for financial operational decision making and for evaluating our own recurring core business operating results over different periods of time. There are certain limitations in using financial measures that do not take into account stock-based compensation, including the fact that stock-based compensation is a recurring expense and a valued part of employees' compensation. Therefore, it is important to
Page 10 of 14
evaluate both our GAAP and non-GAAP measures. See the Notes to the Consolidated Statements of Operations for stock-based compensation by line item.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These forward-looking statements are based on assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as “believe,” “estimate,” “expect” and “will,” or the negative of these terms or other similar expressions, among others, generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to our outlook, expectations, projections or other characterizations of future events or circumstances are forward-looking statements and may include statements relating to future gross bookings; revenues; expenses; margins and margin expansion, including adjusted EBITDA margin expansion; profitability; net income (loss); earnings per share and other measures of results of operations and the prospects for future growth of Expedia Group’s business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others:
•intense competition from online travel agencies, suppliers, search engines, B2B businesses offering competing travel technology solutions and services, and emerging AI-powered platforms;
•declines or disruptions in the travel industry due to economic conditions, geopolitical events, or public health issues;
•dependence on relationships with travel suppliers and other B2B partners;
•dependence on search engines and changes to search algorithms or traffic acquisition costs;
•costs of maintaining brand awareness and marketing effectiveness;
•payment processing risks, fraud, and third-party payment provider dependencies;
•reliance on third-party business partners and service providers;
•challenges in international operations and regulatory compliance;
•risks from acquisitions, investments, divestitures, and commercial arrangements;
•ability to retain and attract qualified personnel and key executives;
•execution risks from strategic initiatives and operational transformations;
•counterparty risks and foreign exchange exposure;
•regulatory risks in alternative accommodations and evolving legal requirements;
•tax law changes and interpretation uncertainties;
•litigation and unfavorable legal outcomes;
•intellectual property protection and infringement risks;
•technology system failures, cybersecurity breaches, and data protection compliance;
•privacy regulation compliance across multiple jurisdictions;
•liquidity constraints and limited access to capital markets;
•substantial indebtedness and covenant restrictions;
•concentrated voting control and potential conflicts of interest;
•ESG-related costs, risks, and stakeholder expectations;
•climate change impacts on travel and operations; and
•stock price volatility.
For more information about risks and uncertainties associated with Expedia Group’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our most recently filed periodic reports on Form 10-K and Form 10-Q, which are available on our investor relations website at ir.expediagroup.com and on the SEC website at www.sec.gov. All information provided in this release is as of November 4, 2026. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in Expedia Group’s expectations unless required by law.
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Tabular Reconciliations for Non-GAAP Measures
Adjusted EBITDA
| Three months ended September 30, | Nine months ended September 30, | Year Ended December 31, | TTM September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | 2026 | |||||||||||||||||||||||||||||||||
| ($ in millions) | ||||||||||||||||||||||||||||||||||||||
| Net income attributable to Expedia Group, Inc. | $ | 1,030 | $ | 959 | $ | 1,902 | $ | 1,089 | $ | 1,294 | $ | 2,107 | ||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | 9 | 5 | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||
| Provision for income taxes | 264 | 167 | 453 | 248 | 290 | 495 | ||||||||||||||||||||||||||||||||
| Total other (income) expense, net | 23 | (95) | 22 | 114 | 280 | 188 | ||||||||||||||||||||||||||||||||
| Operating income | 1,326 | 1,036 | 2,377 | 1,451 | 1,871 | 2,797 | ||||||||||||||||||||||||||||||||
| Gain (loss) on revenue hedges related to revenue recognized | (23) | 6 | (91) | 81 | 60 | (112) | ||||||||||||||||||||||||||||||||
| Restructuring and related reorganization charges, excluding stock-based compensation | 29 | 6 | 92 | 73 | 100 | 119 | ||||||||||||||||||||||||||||||||
| Legal reserves, occupancy tax and other | 13 | 86 | (45) | 88 | 185 | 52 | ||||||||||||||||||||||||||||||||
| Stock-based compensation | 120 | 90 | 337 | 293 | 398 | 442 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 224 | 225 | 680 | 667 | 887 | 900 | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,689 | $ | 1,449 | $ | 3,350 | $ | 2,653 | $ | 3,501 | $ | 4,198 | ||||||||||||||||||||||||||
Net income margin(1) | 20.9 | % | 21.8 | % | 15.0 | % | 9.7 | % | 8.8 | % | 13.0 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 34.2 | % | 32.9 | % | 26.4 | % | 23.7 | % | 23.8 | % | 25.9 | % | ||||||||||||||||||||||||||
| Adjusted EBITDA by segment: | ||||||||||||||||||||||||||||||||||||||
| B2C | $ | 1,331 | $ | 1,174 | $ | 2,646 | $ | 2,119 | $ | 2,798 | $ | 3,325 | ||||||||||||||||||||||||||
| B2B | 470 | 402 | 1,108 | 949 | 1,257 | 1,416 | ||||||||||||||||||||||||||||||||
| trivago | 19 | 17 | 13 | 6 | 20 | 27 | ||||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | 1,820 | 1,593 | 3,767 | 3,074 | 4,075 | 4,768 | ||||||||||||||||||||||||||||||||
Unallocated corporate and other expenses (2) | (131) | (144) | (417) | (421) | (574) | (570) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 1,689 | $ | 1,449 | $ | 3,350 | $ | 2,653 | $ | 3,501 | $ | 4,198 | ||||||||||||||||||||||||||
(1) Net income and Adjusted EBITDA margins represent net income (loss) attributable to Expedia Group, Inc. or Adjusted EBITDA divided by revenue.
(2) Unallocated corporate and other expenses include certain shared expenses such as accounting, human resources and certain information and technology and legal costs.
Page 12 of 14
Adjusted Net Income (Loss) & Adjusted EPS
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (In millions, except share and per share data) | ||||||||||||||||||||||||||
| Net income attributable to Expedia Group, Inc. | $ | 1,030 | $ | 959 | $ | 1,902 | $ | 1,089 | ||||||||||||||||||
| Less: Net (income) loss attributable to non-controlling interests | (9) | (5) | — | — | ||||||||||||||||||||||
| Less: Provision for income taxes | (264) | (167) | (453) | (248) | ||||||||||||||||||||||
| Income before income taxes | 1,303 | 1,131 | 2,355 | 1,337 | ||||||||||||||||||||||
| Amortization of intangible assets | 8 | 10 | 26 | 32 | ||||||||||||||||||||||
| Stock-based compensation | 120 | 90 | 337 | 293 | ||||||||||||||||||||||
| Legal reserves, occupancy tax and other | 13 | 86 | (45) | 88 | ||||||||||||||||||||||
| Restructuring and related reorganization charges, excluding stock-based compensation | 29 | 6 | 92 | 73 | ||||||||||||||||||||||
| Unrealized (gain) loss on revenue hedges | (18) | 22 | (14) | 26 | ||||||||||||||||||||||
| (Gain) loss on minority equity investments, net | (9) | (133) | (134) | 125 | ||||||||||||||||||||||
| Loss related to the conversion option on convertible notes | 2 | — | 12 | — | ||||||||||||||||||||||
| Other adjustments | — | (4) | — | (6) | ||||||||||||||||||||||
| Adjusted income before income taxes | 1,448 | 1,208 | 2,629 | 1,968 | ||||||||||||||||||||||
| GAAP Provision for income taxes | (264) | (167) | (453) | (248) | ||||||||||||||||||||||
| Provision for income taxes for adjustments | (26) | (74) | (73) | (157) | ||||||||||||||||||||||
| Total Adjusted provision for income taxes | (290) | (241) | (526) | (405) | ||||||||||||||||||||||
| Total Adjusted income tax rate | 20.0 | % | 20.0 | % | 20.0 | % | 20.6 | % | ||||||||||||||||||
| Non-controlling interests | (10) | (5) | (4) | (2) | ||||||||||||||||||||||
| Adjusted net income | $ | 1,148 | $ | 962 | $ | 2,099 | $ | 1,561 | ||||||||||||||||||
| GAAP diluted earnings per share | $ | 8.42 | $ | 7.33 | $ | 15.43 | $ | 8.18 | ||||||||||||||||||
| Amortization of intangible assets | 0.07 | 0.08 | 0.21 | 0.24 | ||||||||||||||||||||||
| Stock-based compensation | 0.99 | 0.71 | 2.74 | 2.27 | ||||||||||||||||||||||
| Legal reserves, occupancy tax and other | 0.11 | 0.67 | (0.37) | 0.68 | ||||||||||||||||||||||
| Restructuring and related reorganization charges, excluding stock-based compensation | 0.23 | 0.05 | 0.74 | 0.57 | ||||||||||||||||||||||
| Unrealized (gain) loss on revenue hedges | (0.15) | 0.17 | (0.12) | 0.20 | ||||||||||||||||||||||
| (Gain) loss on minority equity investments, net | (0.07) | (1.05) | (1.08) | 0.96 | ||||||||||||||||||||||
| Loss related to the conversion option on convertible notes | 0.01 | — | 0.10 | — | ||||||||||||||||||||||
| Other adjustments | — | (0.03) | — | (0.04) | ||||||||||||||||||||||
| Income tax effects and adjustments | (0.21) | (0.59) | (0.59) | (1.22) | ||||||||||||||||||||||
| Non-controlling interests | (0.02) | — | (0.05) | (0.01) | ||||||||||||||||||||||
Adjustment to GAAP dilutive securities (1) | — | 0.23 | — | 0.25 | ||||||||||||||||||||||
Adjusted earnings per share(2) | $ | 9.39 | $ | 7.57 | $ | 17.03 | $ | 12.08 | ||||||||||||||||||
| GAAP diluted weighted average shares outstanding (000's) | 122,280 | 131,014 | 123,260 | 133,188 | ||||||||||||||||||||||
Adjustment to dilutive securities (000's)(1) | — | (3,942) | — | (3,933) | ||||||||||||||||||||||
Adjusted weighted average shares outstanding (000's) (2) | 122,280 | 127,072 | 123,260 | 129,255 | ||||||||||||||||||||||
(1) In periods for which we have Adjusted net income, the GAAP diluted average shares and diluted earnings (loss) per share is presented. In addition, we adjusted for our convertible debt instruments, during the period outstanding prior to November 2025, per the treasury stock method.
(2) Share and per share numbers may not add due to rounding.
Page 13 of 14
Free Cash Flow
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | (1,157) | $ | (497) | $ | 4,252 | $ | 3,576 | ||||||||||||||||||
| Less: Total capital expenditures | (242) | (189) | (625) | (585) | ||||||||||||||||||||||
| Free cash flow | $ | (1,399) | $ | (686) | $ | 3,627 | $ | 2,991 | ||||||||||||||||||
Adjusted Expenses (Cost of revenue, direct and indirect selling and marketing, technology and content and general and administrative expenses)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||
| Cost of revenue | $ | 419 | $ | 376 | $ | 1,199 | $ | 1,110 | ||||||||||||||||||
| Less: stock-based compensation | 4 | 3 | 12 | 10 | ||||||||||||||||||||||
| Adjusted cost of revenue | $ | 415 | $ | 373 | $ | 1,187 | $ | 1,100 | ||||||||||||||||||
| Selling and marketing - direct | $ | 2,184 | $ | 1,976 | $ | 6,159 | $ | 5,653 | ||||||||||||||||||
| Selling and marketing - indirect | $ | 209 | $ | 211 | 628 | 623 | ||||||||||||||||||||
| Less: stock-based compensation | 23 | 20 | 65 | 63 | ||||||||||||||||||||||
| Adjusted selling and marketing - indirect | $ | 186 | $ | 191 | $ | 563 | $ | 560 | ||||||||||||||||||
| Technology and content | $ | 334 | $ | 310 | $ | 983 | $ | 955 | ||||||||||||||||||
| Less: stock-based compensation | 41 | 34 | 119 | 111 | ||||||||||||||||||||||
| Adjusted technology and content | $ | 293 | $ | 276 | $ | 864 | $ | 844 | ||||||||||||||||||
| General and administrative | $ | 194 | $ | 186 | $ | 594 | $ | 563 | ||||||||||||||||||
| Less: stock-based compensation | 46 | 33 | 129 | 106 | ||||||||||||||||||||||
| Adjusted general and administrative | $ | 148 | $ | 153 | $ | 465 | $ | 457 | ||||||||||||||||||
Total adjusted overhead expenses(1) | $ | 627 | $ | 620 | $ | 1,892 | $ | 1,861 | ||||||||||||||||||
Note: Some numbers may not add due to rounding.
(1) Total adjusted overhead expenses is the sum of adjusted expenses for Selling and marketing - indirect, Technology and content, and General and administrative.
Page 14 of 14
November 4, 2026 Q3 2026 Earnings
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains "forward-looking statements" about Expedia Group’s financial performance, operating results, and guidance, which may include, but are not limited to, statements relating to future gross bookings; revenues; expenses; margins and margin expansion, including adjusted EBITDA margin expansion; profitability; net income (loss); earnings per share; and other measures of results of operations and the prospects for future growth of Expedia Group's business. These forward-looking statements are based on assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others: intense competition from online travel agencies, suppliers, search engines, B2B businesses offering competing travel technology solutions and services, and emerging AI- powered platforms; declines or disruptions in the travel industry from economic conditions, geopolitical events, or public health issues; dependence on relationships with travel suppliers and other B2B partners; liquidity constraints and limited access to capital markets; substantial indebtedness and covenant restrictions; dependence on search engines and changes to search algorithms or traffic acquisition costs; costs of maintaining brand awareness and marketing effectiveness; payment processing risks, fraud, and third-party payment provider dependencies; reliance on third-party business partners and service providers; challenges in international operations and regulatory compliance; risks from acquisitions, investments, divestitures, and commercial arrangements; ability to retain and attract qualified personnel and key executives; execution risks from strategic initiatives and operational transformations; counterparty risks and foreign exchange exposure; regulatory risks in alternative accommodations and evolving legal requirements; tax law changes and interpretation uncertainties; litigation and unfavorable legal outcomes; intellectual property protection and infringement risks; technology system failures, cybersecurity breaches, and data protection compliance; privacy regulation compliance across multiple jurisdictions; concentrated voting control and potential conflicts of interest; ESG-related costs, risks, and stakeholder expectations; climate change impacts on travel and operations; and stock price volatility. For more information about risks and uncertainties associated with Expedia Group's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our most recently filed periodic reports on Form 10-K and Form 10-Q, which are available on our investor relations website at ir.expediagroup.com and on the SEC website at www.sec.gov. All information provided in this presentation is as of November 4, 2026. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in Expedia Group's expectations unless required by law. Non-GAAP Measures This presentation includes certain non- GAAP measures. Reconciliations of the measures to the nearest comparable GAAP measures are included in the appendix at the end of this presentation. Trademarks & logos Trademarks and logos are the property of their respective owners. © 2026 Expedia, Inc. All rights reserved. Notes and Definitions Please also refer to the appendix for an explanation of certain terms used in this presentation. 2N o v e m b e r 4 , 2 0 2 6
1. Exceeded top and bottom-line guidance 2. Expanded Adjusted EBITDA margins 3. Increasing full-year guidance Booked Room Nights +7% y/y 115.7M $4.9B $34.0B Q 3 2 0 2 6 E A R N I N G S 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation Gross Bookings +11% y/y Revenue +12% y/y Adjusted EBITDA1 +17% y/y $1,689M $9.39 34.2% Adjusted EBITDA Margin1 +135 bps y/y Adjusted EPS1 +24% y/y Q3-26 snapshot Key Takeaways 3N o v e m b e r 4 , 2 0 2 6
$4.4B $4.9B Q3-25 Q3-26 108.2M 115.7M Q3-25 Q3-26 R E S U L T S Summary of Q3-26 results 4 B2C Gross Bookings +7% B2B Gross Bookings +19% Gross Bookings B2C Revenue +6% B2B Revenue +23% RevenueBooked Room Nights Adjusted EBITDA1 margin expanded +135 bps Adjusted EBITDA1 (in millions) ($ in billions) ($ in billions) ($ in millions) 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation Room Night growth led by B2B +7% $30.7B $34.0B Q3-25 Q3-26 +11% +12% $1,449M $1,689M Q3-25 Q3-26 +17% N o v e m b e r 4 , 2 0 2 6
R E S U L T S Booked Room Nights and ADR Booked 5 Booked Room Nights Average Daily Rate2 (in millions) 108.2M 94.0M 113.9M 111.5M 115.7M Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 11% 9% 9% 8% 6% 8% 6% 8% 7% 7% Booked Room Nights Y/Y $210 $207 $228 $221 $215 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 2% 4% 7% 5% 2%ADR2 Y/Y TTM1 Y/Y Booked Room Night growth by region US: up mid single-digits EMEA: up low single-digits Rest of World: up mid-teens 1 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 2 Represents the average paid rate per booked room night, calculated as total lodging Gross Bookings divided by Booked Room Nights N o v e m b e r 4 , 2 0 2 6
R E S U L T S Expedia Group Performance 6 Gross Bookings Revenue ($ in billions) ($ in billions) 1 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 2 Reflects our advertising and media business from Expedia Group ("EG") Advertising which is responsible for generating advertising revenue on our global online travel brands $30.7B $27.0B $35.5B $33.9B $34.0B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $4.4B $3.5B $3.4B $4.3B $4.9B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Gross Bookings Y/Y Lodging Y/Y TTM Lodging1 Y/Y 12% 13% 9% 11% 13% 9% 13% 13% 11% 12% 11% 13% 11% 10% 12% Revenue Y/Y Lodging Y/Y EG Advertising2 Y/Y 9% 9% 16% 11% 11% 19% 15% 14% 13% 12% 11% 7% 14% 13% 13% N o v e m b e r 4 , 2 0 2 6 Gross Bookings were driven by Booked Room Night growth and higher Average Daily Rates and air ticket prices Revenue growth exceeded Gross Bookings growth primarily due to strong flow-through from higher volume and FX
Gross Bookings and Revenue were driven by continued strength in the US Gross Bookings growth exceeded Revenue growth primarily due to higher air ticket prices Adjusted EBITDA margin expansion of nearly 3 points was driven by marketing leverage, disciplined overhead management, and favorable revenue mix R E S U L T S B2C Segment Performance 7 Gross Bookings Revenue ($ in billions) ($ in billions) 1 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 2 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation Gross Bookings Y/Y $21.3B $18.3B $24.8B $23.2B $22.9B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $2.9B $2.2B $2.1B $2.7B $3.1B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 7% 4% 5% 3% 10% 6% Revenue Y/Y Adjusted EBITDA Margin2 4% 40.7% 4% 31.5% 8% 20.1% 8% 33.2% 6% 43.5% 8% 7% 7% 7%TTM1 Y/Y N o v e m b e r 4 , 2 0 2 6
Gross Bookings Y/Y R E S U L T S B2B Segment Performance 8 1 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 2 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation $9.4B $8.7B $10.7B $10.7B $11.1B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $1.4B $1.3B $1.2B $1.5B $1.7B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 26% 20% 24% 20% 22% 22% 21% 23% 19% 21% 18% 28.9% 24% 23.9% 25% 22.7% 23% 24.8% 23% 27.5% Revenue Y/Y Adjusted EBITDA Margin2 TTM1 Y/Y Gross Bookings and Revenue were driven by continued double- digit growth across all regions as we benefitted from elevated marketing activity from some of our largest partners Revenue growth exceeded Gross Bookings growth due to flow- through of higher lodging bookings and benefits from FX Adjusted EBITDA margin pressured by partner mix and acquisition consolidation Gross Bookings Revenue ($ in billions) ($ in billions) N o v e m b e r 4 , 2 0 2 6
$373M $415M Q3-25 Q3-26 $620M $627M Q3-25 Q3-26 R E S U L T S Improving Operational Efficiency 9 Direct Marketing Adjusted Overhead1,3Adjusted Cost of Revenue1 ($ in millions) ($ in millions) ($ in millions) 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation 2. Other is comprised of trivago, corporate and intercompany eliminations 2 Total adjusted overhead expenses is the sum of adjusted expenses for Selling and marketing - indirect, Technology and content, and General and administrative +11% +1% 8.4% 8.4% % of Revenue (4bps) 14.1% 12.7% % of Revenue (136bps) Q3-25 Q3-26 +10% 4.8% 4.5% % of Gross Bookings (B2C) (34bps) B2C B2B Other2 $1,048M $1,028M $108M $1,032M $855M $89M $2,184M $1,976M B2C leverage driven by marketing efficiency and improved returns across channels B2B expense driven by growth in partner commissions recognized at the time of stay N o v e m b e r 4 , 2 0 2 6 Leverage driven by continued efficiencies in servicing and cloud costs Leverage benefited from savings generated by ongoing efficiency initiatives
Adjusted EBITDA margin expansion was driven by strong revenue growth, B2C marketing leverage, and overhead cost discipline Adjusted EPS outpaced Adjusted EBITDA growth due to accretive share repurchases R E S U L T S Expedia Group Margins 10 Adjusted EBITDA1 Adjusted Earnings Per Share1 (EPS) ($ in millions) 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation Adjusted EPS¹ Y/Y $1,449M $848M $542M $1,119M $1,689M Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Adjusted EBITDA1 Y/Y Adjusted EBITDA Margin1 Adjusted EBITDA Margin1 Y/Y 16% 32.9% 208bps 32% 23.9% 368bps 83% 15.8% 591bps 23% 25.9% 196bps 17% 34.2% 135bps 23% 58% 386% 36% 24% $7.57 $3.78 $1.96 $5.76 $9.39 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 N o v e m b e r 4 , 2 0 2 6
TTM2 Y/Y $1.7B $1.9B $2.2B $1.8B $2.0B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 R E S U L T S Free Cash Flow and Capital Return 11 Balance Sheet1 1 Balance Sheet Snapshot as of September 30, 2026 2 Represents trailing twelve month growth, calculated as the twelve months ended as of the applicable quarter end 3 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided in the Appendix of this presentation Capital Return (Trailing 12 Months) ($ in billions) Dividends Repurchases $3.0B $3.1B $4.1B $4.5B $3.7B Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Free Cash Flow3 (Trailing 12 Months) ($ in billions)$5.6B Unrestricted Cash & Short-Term Investments BBB / Baa2 / BBB Investment Grade Credit Ratings $0.2B $1.7B Adjusted Weighted Average Shares Outstanding Y/Y3 (4%) (4%) (5%) (5%) (4%)57% 34% 72% 123% 25% N o v e m b e r 4 , 2 0 2 6
A D J U S T E D E B I T D A 1 Guidance G R O S S B O O K I N G S 12 Q4 2026 1 A reconciliation for the Adjusted EBITDA and Adjusted EBITDA Margin Expansion forecast is not provided because we cannot, without unreasonable effort, predict certain items, including but not limited to, foreign exchange rate gains or losses and minority investment gains or losses, and are unable to address the probable significance of the unavailable information. Note: All figures expressed on a year-over-year basis and include FX impact R E V E N U E $27.9 - $28.4B $830 - $880M Q 3 2 0 2 6 E A R N I N G S $3.69 - $3.75B N o v e m b e r 4 , 2 0 2 6 G R O S S B O O K I N G S Full Year 2026 R E V E N U E $131.4 - $131.9B $16.37 - $16.43B A D J U S T E D E B I T D A M A R G I N E X P A N S I O N 1 +1.8 - 2.0pts +3.3-5.2% +4.0-5.7% +10% +11-12%
Appendix Q 3 2 0 2 6 E A R N I N G S
A P P E N D I X Notes & Definitions 15 Booked Room Nights: Represents booked hotel room nights and property nights. Booked hotel room nights include both merchant and agency hotel room nights. Property nights are related to our alternative accommodation business. Average Daily Rate (ADR) Booked: Represents the average paid rate per booked room night, calculated as total lodging gross bookings divided by booked room nights. Gross Bookings: Generally represent the total retail value of transactions booked, recorded at the time of booking reflecting the total price due for travel by travelers, including taxes, fees and other charges, adjusted for cancellations and refunds. Lodging Metrics: Reported on a booked basis except for revenue, which is on a stayed basis. Lodging consists of both merchant and agency model hotel and alternative accommodations. B2C: The B2C segment provides a full range of travel and advertising services to our worldwide customers through a variety of consumer brands including: Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, Wotif Group, ebookers, Hotwire.com, and CarRentals.com. B2B: The B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions, who leverage our leading travel technology and tap into our diverse supply to augment their offerings and market Expedia Group rates and availabilities to their travelers. trivago: The trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its localized hotel metasearch websites. Advertising: Expedia Group Advertising is responsible for generating advertising revenue on our global online travel brands. N o v e m b e r 4 , 2 0 2 6
A P P E N D I X Non-GAAP Definitions 16 Adjusted EBITDA is defined as net income (loss) attributable to Expedia Group adjusted for: (1) net income (loss) attributable to non-controlling interests; (2) provision for income taxes; (3) total other expenses, net; (4) stock-based compensation expense, including compensation expense related to certain subsidiary equity plans; (5) acquisition-related impacts, including i. amortization of intangible assets and goodwill and intangible asset impairment, ii. gains (losses) recognized on changes in the value of contingent consideration arrangements; iii. upfront consideration paid to settle employee compensation plans of the acquiree; and iv. related transaction fees; (6) certain other items, including restructuring; (7) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g. hotel and excise taxes), related to court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings; (8) that portion of gains (losses) on revenue hedging activities that are included in other, net that relate to revenue recognized in the period; and (9) depreciation. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA is a useful measure for analysts and investors to evaluate our future on-going performance as this measure allows a more meaningful comparison of our performance and projected cash earnings with our historical results from prior periods and to the results of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. In addition, we believe that by excluding certain items, such as stock-based compensation and acquisition-related impacts, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital investments are made and debt is serviced. N o v e m b e r 4 , 2 0 2 6
A P P E N D I X Non-GAAP Definitions (continued) 17 Trailing Twelve Month Financial Information. Expedia Group includes certain unaudited financial information for the trailing twelve months ("TTM"), which is calculated as the twelve months ended as of the applicable quarter end. This presentation is not in accordance with GAAP. However, we believe that this presentation provides useful information to investors regarding our recent financial performance, and we view this presentation of the four most recently completed fiscal quarters as a key measurement period for investors to assess our historical results. Free Cash Flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors because it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the consolidated statements of cash flows. Adjusted Expenses exclude stock-based compensation related to expenses for stock options, restricted stock units and other equity compensation under applicable stock-based compensation accounting standards. Expedia Group excludes stock-based compensation from these measures primarily because they are non-cash expenses that we do not believe are necessarily reflective of our ongoing cash operating expenses and cash operating income. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting applicable stock-based compensation accounting standards, management believes that providing non-GAAP financial measures that exclude stock- based compensation allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies, as well as providing management with an important tool for financial operational decision making and for evaluating our own recurring core business operating results over different periods of time. There are certain limitations in using financial measures that do not take into account stock-based compensation, including the fact that stock-based compensation is a recurring expense and a valued part of employees' compensation. Therefore, it is important to evaluate both our GAAP and non-GAAP measures. See the Notes to the Consolidated Statements of Operations for stock-based compensation by line item. Forward-Looking Non-GAAP Financial Metrics. A reconciliation for the adjusted EBITDA and adjusted EBITDA margin expansion forecast is not provided because we cannot, without unreasonable effort, predict certain items, including but not limited to, foreign exchange rate gains or losses and minority investment gains or losses, and are unable to address the probable significance of the unavailable information. N o v e m b e r 4 , 2 0 2 6
A P P E N D I X Non-GAAP Definitions (continued) 18 Adjusted Net Income (Loss) generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to Expedia Group plus the following items, net of tax(a): (1) stock-based compensation expense, including compensation expense related to equity plans of certain subsidiaries and equity-method investments; (2) acquisition-related impacts, including; i. amortization of intangible assets, including as part of equity-method investments, and goodwill and intangible asset impairment; ii. gains (losses) recognized on changes in the value of contingent consideration arrangements; iii. upfront consideration paid to settle employee compensation plans of the acquiree; and iv. gains (losses) recognized on non-controlling investment basis adjustments when we acquire or lose controlling interests; (3) currency gains or losses on U.S. dollar denominated cash; (4) the changes in fair value of equity investments; (5) certain other items, including restructuring charges; (6) items included in legal reserves, occupancy tax and other, which includes reserves for potential settlement of issues related to transactional taxes (e.g., hotel occupancy and excise taxes), related court decisions and final settlements, and charges incurred, if any, for monies that may be required to be paid in advance of litigation in certain transactional tax proceedings, including as part of equity method investments; (7) discontinued operations; (8) the non-controlling interest impact of the aforementioned adjustment items; and (9) unrealized gains (losses) on revenue hedging activities that are included in other, net. During the fourth quarter of 2025 and the first quarter of 2026, an adjustment for the loss related to the conversion option on our Convertible Notes, including amortization of the debt discount and change in fair value of the embedded derivative, was excluded from net income to calculate Adjusted Net Income. We believe Adjusted Net Income (Loss) is useful to investors because it represents Expedia Group's combined results, taking into account depreciation, which management believes is an ongoing cost of doing business, but excluding the impact of certain expenses and items not directly tied to the core operations of our businesses. (a) We use a long-term projected tax rate in the calculation of Adjusted Net Income as we believe this tax rate provides better consistency across reporting periods and produces results that are reflective of Expedia Group’s long-term effective tax rate. This long-term projected tax rate is a total tax rate, and eliminates the effects of non-recurring and period-specific income tax items which can vary in size and frequency. We apply this tax rate to pretax income, as adjusted commensurate with our Adjusted Net Income definition. In 2024 and through the second quarter of 2025 we applied a 21.5% long-term projected tax rate to compute Adjusted Net Income. We adjusted our long-term projected tax rate to 20.0% to consider the net effect of U.S. tax law enacted in the third quarter of 2025. N o v e m b e r 4 , 2 0 2 6
A P P E N D I X Non-GAAP Definitions (continued) 19 Adjusted EPS is defined as Adjusted Net Income (Loss) divided by adjusted weighted average shares outstanding, which, when applicable, include dilution from our convertible debt instruments per the treasury stock method for Adjusted EPS. The treasury stock method assumes we would elect to settle the principal amount of the debt for cash and the conversion premium for shares. If the conversion prices for such instruments exceed our average stock price for the period, the instruments generally would have no impact to adjusted weighted average shares outstanding. This differs from the GAAP method for dilution from our convertible debt instruments, which include them on an if-converted method. We believe Adjusted EPS is useful to investors because it represents, on a per share basis, Expedia Group's consolidated results, taking into account depreciation, which we believe is an ongoing cost of doing business, as well as other items which are not allocated to the operating businesses such as interest expense, taxes, foreign exchange gains or losses, and minority interest, but excluding the effects of certain expenses not directly tied to the core operations of our businesses. Adjusted Net Income (Loss) and Adjusted EPS have similar limitations as Adjusted EBITDA. In addition, Adjusted Net Income (Loss) does not include all items that affect our net income (loss) and net income (loss) per share for the period. Therefore, we think it is important to evaluate these measures along with our consolidated statements of operations. N o v e m b e r 4 , 2 0 2 6
A P P E N D I X 20N o v e m b e r 4 , 2 0 2 6 Adjusted Net Income (Loss) & Adjusted EPS Reconciliation
A P P E N D I X 21N o v e m b e r 4 , 2 0 2 6 Adjusted EBITDA Reconciliation
A P P E N D I X Free Cash Flow Reconciliation 22N o v e m b e r 4 , 2 0 2 6
A P P E N D I X 23N o v e m b e r 4 , 2 0 2 6 Non-GAAP Expenses Reconciliation