Expedia Group (EXPE) Q1 2026 earnings summary

Executive summary

• Q1 2026 exceeded guidance with 13% gross bookings and 15% revenue growth, and Adjusted EBITDA up 83% with a 591 basis point margin expansion.

• Adjusted EPS rose 386% to $1.96, and net loss attributable to the group decreased 97% year-over-year to $(6) million.

• Strategic priorities, AI adoption, and operational efficiency drove performance, with accelerated share repurchases and a new $5 billion buyback authorization.

• Announced exclusive partnerships with Bank of Montreal AIR MILES and Uber, and paid/declared quarterly dividends of $0.48 per share.

• Operating income improved to $251 million from a $70 million loss in Q1 2025.

Financial highlights

• Gross bookings reached $35.53 billion, up 13% year-over-year; revenue rose 15% to $3.43 billion.

• Adjusted EBITDA was $542 million (15.8% margin), the highest Q1 margin in 15 years.

• Adjusted EPS grew to $1.96, and free cash flow for the trailing twelve months was $4.1 billion.

• Cash and short-term investments stood at $5.8 billion as of March 31, 2026.

• $700 million used to repurchase 3.3 million shares in Q1; new $5 billion share repurchase authorization announced.

Outlook and guidance

• Q2 2026 guidance: gross bookings $32.5–$33.1 billion (+7–9%), revenue $4.11–$4.19 billion (+9–11%), and EBITDA margin expansion of 0.5–1 point.

• Full-year 2026 outlook: gross bookings $127–$129 billion (+6–8%), revenue $15.6–$16.0 billion (+6–9%), and EBITDA margin expansion of 1–1.25 points.

• Guidance reflects ongoing macro and geopolitical uncertainty, with potential upside if volatility subsides.

• Quarterly dividend of $0.48 per share payable June 18, 2026.