Expedia Group (EXPE) Q4 2024 earnings summary

Executive summary

• Q4 2024 delivered double-digit growth in room nights, gross bookings, and revenue, with both B2C and B2B bookings growth accelerating sequentially, driven by strong travel demand and disciplined cost management.

• Net income for Q4 grew 124% year-over-year, and adjusted EBITDA increased 21% with margin expansion.

• All core brands—Expedia, Hotels.com, and Vrbo—saw bookings growth, with B2B and advertising segments delivering standout performances.

• Global active loyalty program membership grew 7% in Q4, with higher-tier members accounting for nearly 50% of room nights.

• Quarterly dividend reinstated at $0.40 per share, effective March 2025.

Financial highlights

• Q4 gross bookings reached $24.4 billion, up 13% year-over-year, with revenue of $3.2 billion, up 10%.

• Q4 net income was $299 million (124% YoY growth); diluted EPS $2.20 (139% YoY); adjusted EPS $2.39 (39% YoY).

• Full-year 2024 gross bookings were $111 billion, up 7%, and revenue nearly $14 billion, also up 7%.

• Full-year net income was $1.23 billion (55% YoY); diluted EPS $8.95 (69% YoY); adjusted EPS $12.11 (25% YoY).

• Free cash flow for 2024 was $2.33 billion, up 26% year-over-year.

Outlook and guidance

• Q1 2025 gross bookings growth expected at 4%-6%, with revenue growth of 3%-5%, reflecting FX headwinds and calendar effects.

• Full-year 2025 guidance projects gross bookings and revenue growth of 4%-6%, with 50 basis points of EBITDA margin expansion.

• Management expressed confidence in long-term growth, citing strong execution and travel demand.

• Quarterly dividend reinstatement signals commitment to shareholder returns.