Expedia Group Earnings Call Transcripts
Fiscal Year 2026
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The conference highlighted rapid execution of a three-year strategic plan, strong B2B and B2C growth, and significant AI-driven operational improvements. Supply expansion, disciplined marketing, and cost efficiencies are driving margin gains, with continued capital returns and reinvestment planned through 2026.
Fiscal Year 2025
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Q4 2025 saw 11% growth in bookings and revenue, with margin expansion and strong B2B and advertising performance. Guidance for 2026 anticipates continued growth and margin improvement, supported by disciplined cost management, AI investments, and robust capital returns.
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Bookings rose 12% and revenue 9% year-over-year, with strong margin expansion and robust growth in both B2C and B2B segments. Guidance for Q4 and full-year 2025 was raised, reflecting continued demand strength and operational efficiencies.
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Q2 2025 results exceeded expectations with 5% Gross Bookings growth, 6% revenue growth, and nearly two points of Adjusted EBITDA margin expansion. International and B2B segments outperformed, while U.S. demand remained soft. Full-year guidance was raised on strong trends.
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The meeting confirmed a quorum, presented three proposals, and saw all director nominees elected, executive compensation approved, and the auditor ratified. A question on CEO pay metrics was addressed, clarifying the committee's multi-factor approach.
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Travel and tourism is set for major growth, with AI and partnerships driving innovation across the ecosystem. The marketplace is expanding supply and demand, launching new B2B APIs, and enhancing traveler experiences with advanced technology and loyalty programs.
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Bookings and revenue grew 4% and 3% year-over-year, with strong B2B and advertising performance offsetting softer U.S. demand. EBITDA and EPS saw significant growth, and guidance was raised for margin expansion despite macro headwinds and FX pressure.
Fiscal Year 2024
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Q4 2024 delivered double-digit growth in bookings and revenue, with margin expansion and strong B2B and advertising performance. 2025 guidance anticipates continued growth, margin improvement, and a reinstated dividend, while maintaining disciplined capital allocation.
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Q3 2024 saw strong gross bookings and earnings, with revenue up 3% and EBITDA up 3% year-over-year. B2B and advertising segments delivered double-digit growth, Vrbo returned to growth, and full-year guidance was raised on improved outlook.
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B2B bookings and revenue have grown robustly, driven by a diversified partner base and advanced technology, with significant global market opportunity remaining. B2C performance has been mixed due to replatforming, but core brands now benefit from innovation and loyalty integration. Leadership is prioritizing execution, international expansion, and leveraging B2B/B2C synergies.
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Q2 saw 10% room night growth and 6% revenue increase, led by Vrbo recovery, Brand Expedia, and B2B. Cost controls improved margins, but July brought demand softness and macro headwinds. Full-year bookings are now expected at the low end of guidance, with continued investment in Vrbo and international markets.
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The meeting confirmed a quorum, presented three proposals, and announced the election of all 13 directors, approval of executive compensation, and ratification of the auditor. Final voting results will be filed with the SEC.