EXPE Q3 2025 Earnings

Call Details

• Call Title: Expedia Group, Inc. Q3 2025 Earnings Call
• Date: November 6, 2025 at 9:30 PM UTC
• Management Team:
  • Rob Bevegni (VP Investor Relations)
  • Ariane Gorin (Chief Executive Officer)
  • Scott Schenkel (Chief Financial Officer)

Call Summary

Financial Performance

• Gross bookings were $30.7B, up 12% year-over-year including a one-point benefit from foreign exchange.
• Revenue was $4.4B, up 9% year-over-year and benefited roughly 2.5 points from foreign exchange at current rates.
• Adjusted EBITDA was $1.4B, representing a 33% margin and expanding over two percentage points year-over-year.
• Booked room nights were up 11% year-over-year with U.S. nights up high single digits and APAC above 20%.
• Adjusted EPS was reported as $7.57 with commentary that share repurchases materially contributed to EPS growth.
• Unrestricted cash and short-term investments totaled $6.2B at quarter end and trailing 12-month free cash flow was $3.0B.

Guidance

• Q4 guidance expects gross bookings and revenue growth of 6% to 8% year-over-year at current foreign exchange rates.
• Q4 guidance includes an estimated one-point benefit to gross bookings and a 1.5-point benefit to revenue from foreign exchange.
• Adjusted EBITDA margins are expected to expand by approximately two points in Q4 versus prior year.
• Full-year 2025 guidance was raised to gross bookings up approximately 7% and revenue up approximately 6% to 7%.
• Full-year 2025 adjusted EBITDA margins are expected to be up approximately two points versus prior year.
• The company cautioned that Q4 moderation is driven by lapping a prior-year Q4 that had a six-point bookings and seven-point revenue acceleration.