EXPE · Expedia Group, Inc.

Expedia Group delivered a robust Q1 2026, exceeding guidance with 13% gross bookings growth to $35.5B and 15% revenue growth to $3.4B, driven by 22% B2B gross bookings expansion and 10% B2C growth. Lodging bookings rose 13%, with booked room nights up 6% to 113.9M at 7% higher ADR. Margin expansion was exceptional, with Adjusted EBITDA surging 83% to $542M and margins expanding 591 bps to 15.8%, reflecting disciplined cost management—adjusted cost of revenue as % of revenue fell 98 bps. B2C Adjusted EBITDA margins improved 902 bps to 20.1%, while B2B held steady at 22.7%. GAAP operating income flipped to $251M profit from a $70M loss, with net loss shrinking 97% to $6M. CEO Ariane Gorin highlighted 'disciplined execution of strategic priorities' achieving record Q1 profitability amid macroeconomic headwinds. Capital returns remain aggressive: repurchased $700M (3.3M shares), announced $5B new authorization, and declared $0.48/share dividend. Guidance reaffirmed for FY2026 gross bookings $127-129B (+6-8%) and revenue $15.6-16.0B (+6-9%), signaling confidence. Balance sheet strengthened with cash at $5.5B, operating cash flow $3.9B (+33% YoY), supporting ongoing returns.