EXPE Morgan Stanley TMT 2026

Call Details

• Call Title: Morgan Stanley TMT 2026 Conference - Expedia
• Date: 2026-03-03T21:45:00Z
• Management Team:
  • Scott Schenkel (Chief Financial Officer)

Call Summary

Strategic Commentary

• Expedia implemented a 3-year financial plan and operating scorecards after leadership changes in December 2024.
• The company set a target to expand listed properties by 10% as announced in Q4 results.
• Expedia reports roughly 2/3 of its traffic originates via direct channels.
• The board increased the annual dividend by 20% and set the dividend at $0.48 per share.
• Share count has been reduced by 22% net of dilution over the last three years through buybacks.
• Realized cost savings are being partially redeployed into AI, personalization, and product development while maintaining opportunistic buybacks.

Market / Industry View

• Horizontal AI agents are characterized as a nascent channel currently representing under 1% of Expedia's traffic.
• Early integrations with horizontal agents show variable day-to-day conversion and generally lower cancellations to date, with expectations that these rates will normalize over time.
• Expedia identifies supply depth and room-level content quality as core competitive advantages versus generalized AI agents.
• B2B distribution growth is driven by a mix of partner types and is higher international in mix versus B2C.
• Airline distribution is positioned as a strategic partner area where content, pricing, and loyalty integration matter more than pure risk to OTA economics.
• Gen AI is framed as both a traffic diversification opportunity and a product/servicing improvement lever.