Expedia Q3 Revenue Rises 12% to $4.94 Billion; Raises Full-Year Guidance
Expedia beat its own third-quarter outlook as travel demand held up and the B2B platform outgrew the consumer business, then lifted full-year bookings and revenue ranges.
Seattle-based Expedia Group reported revenue of $4.938 billion for the third quarter ended Sept. 30, 2026, up 12% from $4.412 billion a year earlier, according to its earnings release filed with an 8-K Wednesday. Total gross bookings were $34.008 billion, up 11%. GAAP net income attributable to Expedia Group was $1.030 billion, up 7% from $959 million. Diluted GAAP EPS was $8.42, up 15%. Adjusted EBITDA rose 17% to $1.689 billion, with 135 basis points of margin expansion.
Booked room nights grew 7%. B2B gross bookings rose 19%, while B2C gross bookings rose 7%. Lodging gross bookings grew 10%. B2B revenue grew 23% and drove the overall top line. Adjusted net income grew 19%, and adjusted EPS grew 24%.
Capital return and outlook
Expedia repurchased an estimated 2 million shares for $576 million, the company said in the quarter. It paid a $0.48 quarterly dividend on Sept. 17, 2026, and declared another $0.48 dividend on Nov. 4, 2026.
CEO Ariane Gorin said the company exceeded the high end of guidance on resilient travel demand and execution across personalization, supply and the B2B one-stop platform. Full-year 2026 guidance now calls for gross bookings of $129.5 billion to $130.8 billion, up 8% to 9%, and revenue of $16.05 billion to $16.22 billion, up 9% to 10%. Fourth-quarter gross bookings are guided to $27.9 billion to $28.4 billion and revenue to $3.69 billion to $3.75 billion.
B2B outgrowing B2C on both bookings and revenue is the strategic proof point Expedia has been selling to investors for several years. Margin expansion of 135 basis points on Adjusted EBITDA shows that mix and cost discipline can still widen profits even when consumer bookings grow at a more modest mid-to-high single-digit pace.
Why it matters
Expedia’s quarter is a B2B-led beat-and-raise: 12% revenue growth, expanding Adjusted EBITDA margins and a higher full-year guide. For retail investors, the mix shift toward B2B and the $576 million buyback are the secondary reads after the headline travel-demand print.
By the numbers
- Q3 revenue: $4.938 billion, up 12%
- Gross bookings: $34.008 billion, up 11%
- GAAP net income: $1.030 billion, up 7%
- Diluted EPS: $8.42, up 15%
- Adjusted EBITDA: $1.689 billion, up 17%
- FY2026 revenue guide: $16.05 billion to $16.22 billion
Sources
- Expedia Form 8-K with third-quarter 2026 financial results, filed Nov. 4, 2026 (accession 0001324424-26-000059)
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