Expedia Group reported a strong finish to 2025, exceeding expectations with double-digit growth in gross bookings and revenue, driven by disciplined execution and sustained market momentum. The company demonstrated improved profitability with expanded Adjusted EBITDA margins and robust cash flow generation, positioning it for continued positive momentum in 2026.
Booked room nights grew 9% in the fourth quarter, indicating strong demand.
positiveTotal gross bookings and revenue both grew 11% in the fourth quarter, exceeding expectations.
positiveAdjusted EBITDA increased 32% to $848 million, with EBITDA margin expanding 368 basis points to 23.9%.
positiveFull year revenue grew 8% to $14.733 billion, and gross bookings grew 8% to $119.590 billion.
positiveNet cash provided by operating activities increased 53% to $304 million in Q4 and 26% to $3.880 billion for the full year.
positiveFree cash flow increased significantly to $119 million in Q4 and $3.110 billion for the full year.
positiveThe company declared a quarterly dividend of $0.48 per share, a 20% increase.
positiveB2B gross bookings grew 24% in the fourth quarter, significantly outpacing B2C growth.
positiveGAAP net income attributable to Expedia Group, Inc. decreased 31% to $205 million in Q4 2025 compared to $299 million in Q4 2024.
negativeDiluted earnings per share decreased 27% to $1.60 in Q4 2025 from $2.20 in Q4 2024.
negativeFull year 2026 revenue guidance growth is projected at 6-8%, a deceleration from the 8% growth achieved in 2025.
attentionFull year 2026 gross bookings guidance growth is projected at 6-8%, a deceleration from the 8% growth achieved in 2025.
attentionB2C revenue grew only 4% year-over-year in Q4 2025, significantly lagging B2B growth.
attentionSelling and marketing - direct expenses increased 10% year-over-year to $7.349 billion for the full year, outpacing revenue growth.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
B2C | N/A | — | — | — |
B2B | N/A | — | — | — |
trivago | N/A | — | — | — |
Corporate & Eliminations | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Delivered a strong finish to a great year and expect our positive momentum to continue in 2026.
Fourth quarter results exceeded both top and bottom-line expectations, reflecting disciplined execution of our strategic priorities in a healthy demand environment with double-digit growth in bookings and revenue.
We are confident in our ability to maximize the power of our brands to deliver increased value to travelers, partners and shareholders.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.