Expedia Group (EXPE) Q1 2025 earnings summary

Executive summary

• Bookings and revenue grew 4% and 3% year-over-year, meeting guidance despite softer U.S. travel demand, with B2B and advertising driving growth.

• Adjusted EBITDA increased 16% to $296 million, with margin expanding to 9.9% (up 105 bps); adjusted EPS rose 90% to $0.40.

• Net loss widened to $200 million, while adjusted net income grew 81% to $53 million.

• Strategic priorities include product innovation, operational efficiency, and international expansion.

• Returned $330 million via share repurchases and reinstated a $0.40 per share dividend.

Financial highlights

• Gross bookings reached $31.5 billion, up 4% year-over-year; booked room nights increased 6% to 108 million.

• Revenue was $3.0 billion, up 3%; advertising revenue grew 20% year-over-year.

• Adjusted EBITDA was $296 million (16% growth), with a 9.9% margin (up 105 bps); adjusted EPS was $0.40, up 90%.

• Free cash flow totaled $2.76 billion, up 2% year-over-year.

• Net loss attributable to the company was $200 million; net income margin was -6.7%.

Outlook and guidance

• Q2 guidance: gross bookings growth of 2%-4%, revenue growth of 3%-5%, and 75-100 bps of EBITDA margin expansion.

• Full-year guidance: gross bookings and revenue growth of 2%-4%, with EBITDA margin up 75-100 bps.

• Management remains focused on margin expansion and top-line growth despite ongoing U.S. demand softness.