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Sep 30
Expedia Q3 2025 Earnings Report
Expedia Group reported strong third quarter 2025 results, exceeding top and bottom-line expectations with significant growth in bookings, revenue, and adjusted EBITDA margins.
Key Takeaways
Expedia Group delivered a robust performance in Q3 2025, surpassing expectations with a 12% increase in gross bookings and a 9% rise in revenue year-over-year. The company achieved its 17th consecutive quarter of double-digit growth in B2B, up 26%, and saw consumer bookings grow by 7%. Adjusted EBITDA expanded by 16%, reflecting improved demand and disciplined execution.
Gross bookings increased by 12% year-over-year to $30.727 billion, exceeding guidance.
Revenue grew by 9% year-over-year to $4.412 billion, also surpassing expectations.
Adjusted EBITDA expanded by 16% to $1.449 billion, with margins improving by 208 basis points.
The company increased its full-year 2025 guidance for gross bookings, revenue, and Adjusted EBITDA margin expansion.
Expedia
Expedia
Expedia Revenue by Segment
Expedia Revenue by Geographic Location
Revenue by Segment
B2C Revenue
CapyFin.comB2B Revenue
CapyFin.comtrivago Revenue
CapyFin.comRevenue by Geographic Location
U.S. points of sale Revenue
CapyFin.comNon-U.S. points of sale Revenue
CapyFin.com Forward Guidance
Expedia Group has increased its full-year 2025 guidance for gross bookings, revenue, and Adjusted EBITDA margin expansion, reflecting confidence in continued strong performance.
Positive Outlook
- Increased full-year gross bookings guidance to 7% growth, up from 3-5%.
- Increased full-year revenue guidance to 6-7% growth, up from 3-5%.
- Increased full-year Adjusted EBITDA margin expansion guidance to 2%, up from 1%.
- Strong performance in Q3 exceeded both top and bottom-line expectations.
- Confidence in strategy and the reinforcing power of the two-sided marketplace to drive greater value and growth.
Challenges Ahead
- Cannot predict certain items for Adjusted EBITDA margin expansion forecast, such as foreign exchange rate gains or losses and minority investment gains or losses.
- The definition or methodology of supplemental metrics are subject to change, and such changes could be material.
- May discontinue certain supplemental metrics as the business evolves over time.
- Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially.
- Potential risks include those detailed in the 'Management’s Discussion and Analysis of Financial Condition and Results of Operations' and 'Risk Factors' sections of SEC filings.