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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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