EXPE earnings analysis
What we found in EXPE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue exceeds estimates
- Q1 2026 revenue was $3.43 billion, beating estimates of $3.35 billion by 2.5%.
- 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%.
- Strong segment growth
- B2B revenue increased by 25% year-over-year to $1.18 billion, while B2C revenue grew 8% to $2.12 billion.
- Advertising revenue shows resilience
- Advertising revenue from EG Advertising rose by 13% to $197 million, while trivago saw a 47% increase to $125 million.
- Improved operating income
- Operating income for Q1 was $251 million, a turnaround from a loss of $70 million in the prior year.
- Strong cash flow performance
- Operating cash flow increased to $3.93 billion, up from $2.95 billion in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Legal challenges loom
- Ongoing corporate litigation, including potential exposure related to digital service taxes, remains a concern.
- Macroeconomic pressures
- Broader economic pressures, including geopolitical tensions, could impact travel demand, particularly from regions like the Middle East.
- Increased competition
- The rise of alternative accommodation platforms and advancements in AI by competitors could pressure market share.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.96
- Segment
- B2C: $2.12B
- Segment
- B2B: $1.18B
- Segment
- Trivago: $0.125B
What they said about what is next.
Revenue guidance unchanged at $15.6-$16 billion for fiscal year 2026.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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