EXPE Expedia Group (EXPE) Q1 FY26 earnings call
Expedia delivered a strong start to the year, with double-digit bookings and revenue growth and sharp margin expansion showing its efficiency-and-execution flywheel is durable even as a March macro shock (Middle East, Mexico) drove elevated cancellations before demand reaccelerated in April. Management leaned hard into AI as an amplifier of supply, servicing and marketing productivity, expanded its B2B partner roster (Uber, BMO AIR MILES), and deliberately held—rather than raised—the full-year guide, signaling disciplined caution amid ongoing geopolitical uncertainty.
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EXPE operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Gross bookings | $24.4BTotal gross bookings of $24.4 billion grew 13% with a 5-point sequential acceleration in both B2C and B2B with a better-than-expected demand environment and strong operational execution.Source: earnings call transcript | $31.5BTotal gross bookings of $31.5 billion were up 4%.Source: earnings call transcript | $30.4BGross bookings were $30.4 billion, up 5%, which includes a 1 point benefit from foreign exchange.Source: earnings call transcript | $30.7BGross bookings were $30.7 billion, up 12%, including a 1 point benefit from foreign exchange.Source: earnings call transcript | $27BGross bookings and revenue grew 11% to $27 billion and $3.5 billion, respectively.Source: earnings call transcript | $35.5BGross bookings were 35.5 billion, up 13%, driven by 6% room night growth and 4% ADR growth on an FX-neutral basis.Source: earnings call transcript | +31.5% |
| Average daily rate (ADR) | — | $214Average daily rates were $214, down 1%, although up 1% on an FX-neutral basis.Source: earnings call transcript | $209ADRs of $209 were essentially flat with prior year.Source: earnings call transcript | — | — | — | -2.3% |
| Gross bookings B2C | — | $22.6BB2C gross bookings of $22.6 billion grew 1%.Source: earnings call transcript | $21.6BB2C gross bookings of $21.6 billion increased 1% year-over-year.Source: earnings call transcript | $21.3BB2C gross bookings of $21.3 billion accelerated 6 points to 7% year-over-year, driven by performance both domestically and internationally.Source: earnings call transcript | $18.3BB2C gross bookings of $18.3 billion grew 5%, driven by sustained momentum both domestically and internationally.Source: earnings call transcript | $24.8BConsumer gross bookings of 24.8 billion grew 10%, driven by sustained momentum in the US and continued momentum in Vrbo.Source: earnings call transcript | +35.5% |
| Gross bookings B2B | — | $8.8BB2B gross bookings of $8.8 billion grew 14%, materially above the market, although decelerating sequentially.Source: earnings call transcript | $8.8BB2B gross bookings were $8.8 billion, up 17%.Source: earnings call transcript | $9.4BB2B gross bookings were $9.4 billion or 26% with broad-based growth across all regions.Source: earnings call transcript | $8.7BB2B gross bookings grew 24% to $8.7 billion, with continued double-digit growth across all regions.Source: earnings call transcript | $10.7BB2B gross bookings grew 22% to $10.7 billion, led by an acceleration in North America and double-digit growth across all core regions.Source: earnings call transcript | +23% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.