Expedia Group Q3 2026 earnings review

Adjusted EPS of $9.39 beat consensus by 6.3%, a clear beat.

Expedia Group · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Expedia Group Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Expedia Group (EXPE) Q3 2026 earnings review

Adjusted EPS of $9.39 beat consensus by 6.3%, a clear beat

  1. 1.Revenue rose 11.9% to $4.94B, 4.4% above consensus
  2. 2.B2B revenue rose 22.7%, against 6.3% for B2C
  3. 3.Adjusted EBITDA margin rose 136 bps to 34.2%
  4. 4.FY revenue outlook raised by $265M to a $16.40B midpoint
  5. 5.Q4 revenue outlook midpoint implies 4.9% growth, a slowdown
  6. 6.Shares closed at $315.88 on Nov 4 and traded at $295.00 after hours

Note: B2C is business-to-consumer; B2B is business-to-business. The after-hours price (4:27 PM ET) is not a close.Source: Expedia Group Form 8-K, Nov 4, 2026; StreetInsider; Yahoo Finance prices, Nov 3–4, 2026

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2 · Executive summary

Q3 revenue beat consensus by 4.4% and adjusted EPS by 6.3%

Q3 2026 results vs. consensus (StreetInsider; Seeking Alpha, Nov 4, 2026)

MetricActualConsensusVarianceResult
Revenue (StreetInsider)$4,938M$4,730M+$208M / +4.4%Beat
Adjusted EPS (StreetInsider)$9.39$8.83+$0.56 / +6.3%Beat
Adjusted EPS (Seeking Alpha)$9.39$8.89+$0.50 / +5.6%Beat
FY revenue outlook (StreetInsider)$16,400M$16,220M+$180M / +1.1%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance)

Expedia (Nasdaq)Nov 3 closeNov 4 closeNov 4 after-hoursAfter-hours move
EXPE$285.77$315.88$295.00-6.6%

After-hours price at 4:27 PM ET, not a close. Nov 4 regular session: +10.5%, before the release.

Note: FY outlook is scored at its midpoint. No LSEG figure was found.Source: Expedia Group Form 8-K, Nov 4, 2026; StreetInsider, Nov 4, 2026; Seeking Alpha, Nov 4, 2026; Yahoo Finance prices

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3 · Q3 results vs. consensus

FY revenue outlook rose $265M, but Q4 implies growth slows to 5%

Outlook (earnings release, Nov 4, 2026)

MetricLowHighMidpointComparison
Q4 gross bookings$27.9B$28.4B$28.2B+4.2% YoY
Q4 revenue$3.69B$3.75B$3.72B+4.9% YoY
Q4 Adjusted EBITDA$830M$880M$855M+0.8% YoY
FY revenue$16.37B$16.43B$16.40B+$265M raise
FY gross bookings$131.4B$131.9B$131.7B+$1,500M raise

Implied Q4 margin (analysis)

MetricValue
Implied Q4 Adjusted EBITDA margin23.0%
Change vs. Q4 2025 margin-92 bps
FY margin expansion, midpoint1.9 pts

Note: Midpoints are analysis. No Q4 consensus was found, so Q4 guidance is not scored.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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4 · Q4 and FY 2026 outlook

Revenue rose 11.9% and Adjusted EBITDA rose 16.6%, strong leverage

  1. Above the top of guidanceGross bookings of $34.0B rose 10.7%; room nights rose 6.9%.
  2. Operating income up sharplyOperating income was $1,326M, against $1,036M a year ago.
  3. Buybacks continuedAbout 2M shares were repurchased for $576M in the quarter.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$4,412M$4,938M11.9%
Operating income$1,036M$1,326M28.0%
Adjusted EBITDA$1,449M$1,689M16.6%
Net income$959M$1,030M7.4%
Adjusted EPS$7.57$9.3924.0%

Note: Adjusted figures follow Expedia Group’s own definitions. Net income is attributable to Expedia Group.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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5 · Q3 key financials

B2B revenue rose 23% and now makes up 35% of revenue

Segment results

$M, Q3 2026

SegmentGross bookingsYoYRevenueYoY
B2C$22,862M+7.1%$3,065M+6.3%
B2B$11,146M+18.8%$1,708M+22.7%
Total$34,008M+10.7%$4,938M+11.9%
B2B Adjusted EBITDA rose 17%“AI is opening further opportunities across our business.” Ariane Gorin, CEO

Note: B2C is business-to-consumer; B2B is business-to-business. Total revenue includes trivago, which is outside B2C and B2B.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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6 · Segments

Adjusted EBITDA reached $1,689M, mostly from operating income, a clean bridge

Operating income to Adjusted EBITDA

$M, Q3 2026

$M · Operating: $1,326M$M · Stock pay: $120M$M · D&A: $224M$M · Reorg: $29M$M · Other: -$10M$M · EBITDA: $1,689MOperatingStock payD&AReorgOtherEBITDA$0M$500M$1,000M$1,500M$2,000M$1,326M$120M$224M$29M-$10M$1,689M
Adjusted EBITDA margin was 34.2%, from 32.8%

Note: Other is legal reserves, occupancy tax and other, plus revenue hedge results. Reorg is restructuring and reorganization charges, excluding stock pay. D&A is depreciation and amortization.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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7 · Adjusted EBITDA bridge

8 · Revenue by product

Net income rose $71M to $1,030M, held back by other income and tax

Net income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $959M$M · Operating income: $290M$M · Other income: -$118M$M · Income tax: -$97M$M · Minority share: -$4M$M · Q3 2026: $1,030MQ3 2025OperatingincomeOtherincomeIncome taxMinorityshareQ3 2026$0M$250M$500M$750M$1,000M$1,250M$1,400M$959M$290M-$118M-$97M-$4M$1,030M
Operating income added $290M

Note: Q3 2025 other income included a $133M gain on minority equity investments.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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9 · Net income bridge

Adjusted EBITDA margin rose 136 bps to 34.2%, led by B2C

Adjusted EBITDA margin

%, Q3 2025 vs. Q3 2026

B2C · Q3 2025: 40.7%B2C · Q3 2026: 43.4%B2B · Q3 2025: 28.9%B2B · Q3 2026: 27.5%Total · Q3 2025: 32.8%Total · Q3 2026: 34.2%Q3 2025Q3 20260%10%20%30%40%50%40.7%43.4%28.9%27.5%32.8%34.2%
B2B margin fell to 27.5% from 28.9%

Note: B2C is business-to-consumer; B2B is business-to-business. Segment margins are segment Adjusted EBITDA to segment revenue.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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10 · Margin analysis

11 · Free cash flow

Adjusted overhead fell to 12.7% of revenue from 14.1%, good leverage

Cost lines to revenue

%, Q3 2025 vs. Q3 2026

Direct marketing · Q3 2025: 44.8%Direct marketing · Q3 2026: 44.2%Adjusted overhead · Q3 2025: 14.1%Adjusted overhead · Q3 2026: 12.7%Cost of revenue · Q3 2025: 8.5%Cost of revenue · Q3 2026: 8.4%Q3 2025Q3 20260%10%20%30%40%50%44.8%44.2%14.1%12.7%8.5%8.4%
Direct marketing was 44.2% of revenue

Note: Adjusted overhead is indirect marketing, technology and content, and G&A, excluding stock pay. D&A is depreciation and amortization.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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12 · Operating cost ratios

13 · Balance sheet

Q4 guidance implies 5% revenue growth, a step down from 12%

Indicator
What to watch
Implication
Latest reading
Revenue growth
Slowing pace
Q4 guide midpoint
$3.72B
B2C demand
Consumer travel
B2C gross bookings growth
7% in Q3
B2B margin
Partner growth costs
B2B EBITDA margin
27.5% in Q3
Q4 margin
Profit pace
Implied Q4 EBITDA margin
23.0%

Note: B2C is business-to-consumer; B2B is business-to-business. These are analytical watch points, not company targets.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: operating metrics

ClaimEvidenceCalculation
Booked room nights rose108.2M to 115.7MTrended metrics
Average daily rate rose$209.80 to $215.00Trended metrics
Gross bookings rose$30,727M to $34,008MTrended metrics
Revenue margin rose14.4% to 14.5%Revenue to gross bookings
B2C gross bookings rose$21,343M to $22,862MSegment results
B2B gross bookings rose$9,384M to $11,146MSegment results

B2C is business-to-consumer; B2B is business-to-business. Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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15 · Appendix: Operating metrics

Appendix: profit detail

ClaimEvidenceCalculation
Operating margin rose23.5% to 26.9%Operating income to revenue
Diluted EPS rose$7.33 to $8.42Statements of operations
Adjusted net income rose$962M to $1,148MNon-GAAP reconciliation
B2C Adjusted EBITDA rose$1,174M to $1,331MSegment results
B2B Adjusted EBITDA rose$402M to $470MSegment results
Other income turned negative$95M to ($23M)Statements of operations

B2C is business-to-consumer; B2B is business-to-business. Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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16 · Appendix: Profit detail

17 · Appendix: Expenses

Appendix: cash flow and share detail

ClaimEvidenceCalculation
Operating cash flow fell($497M) to ($1,157M)Non-GAAP reconciliation
Capital expenditures rose$189M to $242MNon-GAAP reconciliation
Free cash flow fell($686M) to ($1,399M)Non-GAAP reconciliation
Diluted shares fell131.0M to 122.3MWeighted average
Cash and short-term investments fell$5,733M to $5,567MDec 31, 2025 to Sep 30, 2026
Stock-based compensation rose$90M to $120MNon-GAAP reconciliation

Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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18 · Appendix: Cash and shares

Appendix: income statement detail

GAAP income statement, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Revenue$4,412M$4,938M11.9%
Operating income$1,036M$1,326M28.0%
Net income$959M$1,030M7.4%
Diluted EPS$7.33$8.4214.9%

Operating income to Adjusted EBITDA, $M

$MQ3 2025Q3 2026
Operating income$1,036M$1,326M
Stock-based compensation$90M$120M
Depreciation and amortization$225M$224M
Adjusted EBITDA$1,449M$1,689M

Note: Adjusted EBITDA also adds restructuring, legal reserves and occupancy tax, and revenue hedge results.Source: Expedia Group Form 8-K, Nov 4, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Expedia Group Form 8-K, Nov 4, 2026 (accepted 4:00 PM ET) — https://www.sec.gov/Archives/edgar/data/1324424/000132442426000059/0001324424-26-000059-index.htm
  • Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1324424/000132442426000059/earningsrelease-q32026.htm
  • Q3 and FY consensus: StreetInsider, Nov 4, 2026, 4:04 PM ET — streetinsider.com, Expedia (EXPE) Tops Q3 EPS by 56c
  • Q3 EPS consensus check: Seeking Alpha, Nov 4, 2026, 4:04 PM ET — https://seekingalpha.com/news/4665556-expedia-non-gaap-eps-of-9_39-beats-by-0_50-revenue-of-4_93b-beats-by-200m
  • Share price: Yahoo Finance EXPE, Nov 3 and Nov 4 closes and Nov 4 after-hours (4:27 PM ET) — https://finance.yahoo.com/quote/EXPE/
  • Q4 2025 and prior-year comparisons: trended metrics and segment tables in the same release.
  • No Q4 consensus was found, so Q4 guidance is not scored.
  • No LSEG consensus was found; StreetInsider and Seeking Alpha are used instead.
  • Times are US Eastern. The after-hours price is not a close.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Expedia Group's Form 8-K of November 4, 2026 (Exhibit 99.1). Consensus estimates (StreetInsider, Seeking Alpha) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the quarters ended September 30, 2026 and 2025, in US dollars.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, adjusted net income, adjusted EPS and free cash flow follow Expedia Group's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Expedia Group, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available shortly after the release on November 4, 2026, including the November 4 close.

Built with DeepCell / deepcell.net

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21 · Disclosures

Sources

Not investment advice; no rating or price target.

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