Expedia Group Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.47%.
Did EXPE Beat Earnings? Q3 2025 Results
Expedia Group turned in a standout third quarter, posting adjusted EPS of $7.57 against a consensus estimate of $6.95, an 8.99% beat, while revenue of $4.41 billion topped expectations by 3.52% and grew 8.7% year over year. The clearest engine behind the results was the company's B2B segment, where gross bookings surged 26% and revenue climbed 18% to $1.39 billion, marking the 17th consecutive quarter of double-digit B2B growth. The consumer-facing business also contributed, with U.S. room night growth hitting its fastest pace in over three years, pushing total booked room nights up 11% to 108.2 million. Profitability improvement was equally striking, with Adjusted EBITDA rising 16% to $1.45 billion on 208 basis points of margin expansion. <a href="https://247wallst.com/investing/2025/11/06/airbnb-shares-jump-on-strong-q3-revenue-but-earnings-miss/">Unlike some travel peers</a>, Expedia paired its top-line strength with notable bottom-line leverage. Management rewarded the momentum by raising full-year 2025 guidance, now targeting 7% gross bookings growth and 6-7% revenue growth, up from a prior range of 3-5% each.
- B2B gross bookings grew 26%, marking the 17th consecutive quarter of double-digit B2B growth
- Fastest U.S. room night growth in three years
- Booked room nights grew 11% to 108.2 million
- Lodging gross bookings grew 13% with hotel bookings up 15%
- Merchant gross bookings grew 17%
- B2C gross bookings grew 7%
- Improved demand environment and disciplined execution
- 208 basis points of Adjusted EBITDA margin expansion
“Our strong third quarter results exceeded both our top and bottom-line expectations, reflecting an improved demand environment, disciplined execution and tangible progress on our strategic priorities. Notably, we grew room nights in the U.S. at the fastest pace in over three years, delivered our 17th consecutive quarter of double-digit growth in B2B—up 26%—and grew consumer bookings by 7%. We're confident that our strategy and the reinforcing power of our two-sided marketplace will continue to drive greater value for both travelers and partners, and growth for our business.”
Expedia CEO, on the earnings call
Forward Guidance & Outlook
Expedia Group raised its full-year 2025 guidance: gross bookings growth now expected at 7% (previously 3-5%), revenue growth at 6-7% (previously 3-5%), and Adjusted EBITDA margin expansion of 2% (previously 1%). For Q4 2025, the company guided gross bookings growth of 6-8%, revenue growth of 6-8%, and Adjusted EBITDA margin expansion of 2%.
EXPE YoY Financials
EXPE Revenue by Segment
EXPE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.