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Expedia Group (EXPE) investor relations material
Expedia Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Third quarter results exceeded expectations and guidance, with gross bookings up 12% and revenue up 9% year-over-year, driven by strong B2B and B2C performance, especially in the U.S. and Asia.
Net income attributable to shareholders increased 40% year-over-year, with diluted GAAP EPS up 45% and adjusted EPS up 23%.
Strategic priorities include delivering value to travelers, investing in growth, and driving operating efficiencies, supported by AI integration and technology investments.
US nights growth reached its highest level in over three years, with 108 million room nights booked, up 11% year-over-year.
Shareholder returns included $451 million in share repurchases and a $0.40 per share dividend declared for the quarter.
Financial highlights
Gross bookings reached $30.7 billion, up 12% year-over-year, with a 1-point benefit from foreign exchange.
Revenue was $4.41 billion, up 9% year-over-year, driven by strong B2B and advertising growth.
Adjusted EBITDA was $1.45 billion, up 16% year-over-year, with margin expanding by 208 basis points to 32.9%.
Adjusted EPS grew 23% to $7.57, outpacing EBITDA growth due to share repurchases.
Free cash flow (TTM) was $3 billion; unrestricted cash and short-term investments totaled $6.2 billion at quarter end.
Outlook and guidance
Q4 guidance: gross bookings and revenue growth of 6%-8%, with 2 points of margin expansion; foreign exchange expected to benefit both metrics.
Full-year 2025: gross bookings up 7%, revenue up 6%-8%, EBITDA margins up 2 points year-over-year.
Management noted improved travel demand but cautioned that macroeconomic and geopolitical uncertainties persist.
Explain B2C margin expansion vs B2B growth
How does debt impact share repurchase strategy?
What's behind non-US revenue growth and air decline?
Sustaining B2B growth: key building blocks?
AI's impact on travel demand and fulfillment?
Sustaining B2C marketing leverage vs. competitors?
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Next Expedia Group earnings date
Q4 20256 Feb, 2026
Next Expedia Group earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
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Expedia Group is a well-known online travel company that specializes in providing travel and accommodation services to customers worldwide. The company operates an extensive platform that allows users to search, compare, and book flights, hotels, vacation rentals, car rentals, cruises, and other travel-related services. Expedia's platform offers a wide range of options, catering to different budgets, preferences, and destinations, making it a popular choice for travelers seeking convenience and affordability.
Expedia Group operates through two main business segments: Core OTA (Online Travel Agency) and Trivago. The Core OTA segment includes Expedia.com, Hotels.com, Orbitz, Travelocity, and other online travel brands that provide a comprehensive suite of travel services. Trivago, on the other hand, is a metasearch platform that allows users to compare hotel prices and availability across various booking sites, helping them find the best deals.
Started off within Microsoft
Expedia Group is headquartered in Seattle, Washington, and was founded in 1996 as a division of Microsoft. It later became an independent company in 1999. Expedia has grown over the years through strategic acquisitions and partnerships, expanding its global footprint and enhancing its service offerings.
The company operates in over 200 countries and territories, serving millions of customers annually. Expedia's platform is available in multiple languages, ensuring accessibility for a diverse customer base. With its user-friendly interface, advanced search algorithms, and comprehensive travel options, Expedia has become a go-to platform for travelers seeking a seamless booking experience.
Expedia also offers additional services to enhance the travel experience, such as activities, attractions, and travel insurance. The company's goal is to provide customers with a one-stop-shop for all their travel needs, making it easier and more convenient to plan and book their trips.
Competitive landscape
Expedia Group faces competition from other prominent players in the online travel industry. Three notable competitors are Booking Holdings Inc., which owns Booking.com and other travel brands, Airbnb, a popular platform for vacation rentals, and Tripadvisor, a well-known travel review and booking website. These competitors also offer a range of travel services and strive to attract and retain customers in a highly competitive market.
In summary, Expedia Group is a leading online travel company that offers a comprehensive range of travel and accommodation services. With its extensive platform, global presence, and commitment to customer satisfaction, Expedia has established itself as a trusted and convenient choice for travelers worldwide.
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