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Dec 31, 2025
Expedia Q4 2025 Earnings Report
Expedia reported double-digit growth in gross bookings and revenue in the fourth quarter of 2025, with expanding Adjusted EBITDA margins despite lower GAAP net income.
Key Takeaways
In Q4 2025, Expedia generated $3547000000 in revenue, up 11% year-over-year, with gross bookings of $27003000000. Adjusted EBITDA increased to $848000000, expanding margins to 23.9%, while GAAP net income declined to $205000000.
Gross bookings rose to $27003000000, up 11% year-over-year.
Revenue increased 11% to $3547000000.
Adjusted EBITDA grew 32% to $848000000 with margin expansion to 23.9%.
Booked room nights increased to 94000000, up 9% year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For full year 2026, Expedia expects gross bookings between $127000000000 and $129000000000 and revenue between $15600000000 and $16000000000, with Adjusted EBITDA margin expansion of 1 to 1.25 points.
Positive Outlook
- Expected 6% to 8% gross bookings growth for full year 2026.
- Revenue projected to grow 6% to 9% in 2026.
- Adjusted EBITDA margin expected to expand 1 to 1.25 points.
- Continued momentum in international and U.S. markets.
- Strong cash position entering 2026.
Challenges Ahead
- Ongoing foreign exchange volatility risks.
- Competitive pressures in online travel market.
- Exposure to macroeconomic and geopolitical uncertainty.
- Dependence on travel demand stability.
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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