10-K · February 13, 2026
Expedia Group’s 2025 10-K emphasizes a platform-led strategy (unified front-end stack, One Key loyalty) and accelerated AI integration to drive product velocity, retention and efficiency. The company generated $14.7…
Earnings analysis · 10-Q
EXPE earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Expedia Group's Q1 2026 results exhibited significant improvement with revenue of $3.43 billion, surpassing estimates of $3.35 billion, and achieving a diluted EPS of 1.96 against expectations of 1.25. The company…
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Expedia Group's Q1 2026 results exhibited significant improvement with revenue of $3.43 billion, surpassing estimates of $3.35 billion, and achieving a diluted EPS of 1.96 against expectations of 1.25. The company reported a notable year-over-year revenue increase of 15% driven by strong performance in both B2B and B2C segments, with a particularly robust 25% growth in B2B revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.96
What stood out
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Revenue exceeds estimates
Q1 2026 revenue was $3.43 billion, beating estimates of $3.35 billion by 2.5%.
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EPS dramatically higher than expected
EPS for Q1 2026 came in at $1.96 against an expectation of $1.25, a surprise of 56.8%.
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Strong segment growth
B2B revenue increased by 25% year-over-year to $1.18 billion, while B2C revenue grew 8% to $2.12 billion.
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Advertising revenue shows resilience
Advertising revenue from EG Advertising rose by 13% to $197 million, while trivago saw a 47% increase to $125 million.
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Improved operating income
Operating income for Q1 was $251 million, a turnaround from a loss of $70 million in the prior year.
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Strong cash flow performance
Operating cash flow increased to $3.93 billion, up from $2.95 billion in the prior year.
What to watch
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Legal challenges loom
Ongoing corporate litigation, including potential exposure related to digital service taxes, remains a concern.
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Macroeconomic pressures
Broader economic pressures, including geopolitical tensions, could impact travel demand, particularly from regions like the Middle East.
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Increased competition
The rise of alternative accommodation platforms and advancements in AI by competitors could pressure market share.
Management's outlook
Revenue guidance unchanged at $15.6-$16 billion for fiscal year 2026.
Earlier filings 4
10-Q · August 8, 2025
Expedia Group reported Q2 revenue of $3,786 million, up 6% year-over-year, and reported EPS of $4.24 (beat consensus). Strength came from B2B (15% growth) and advertising (EG Advertising $182M, +19%; trivago $98M,…
10-K · February 7, 2025
Expedia Group reports full-year 2024 revenue of $13.7 billion, with a merchant-led mix (merchant 69%, agency 23%, advertising 8%) and continued investment in its core B2C brands and global loyalty program (One Key…
10-K · February 9, 2024
Expedia Group reported total revenue of $12.8 billion for the year ended December 31, 2023, driven primarily by lodging (80% of revenue) and a merchant-led business mix (merchant 69%, agency 24%, advertising 7%).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.