Expedia Group, Inc. · EXPE · FY2026 Q1 · Calendar Q2 2026
EXPE Beats on Q1 Bookings and Margin, Holds Full-Year Guidance
Expedia's Q1 2026 results exceeded estimates across the board — bookings up 13%, revenue up 15%, and the highest Q1 EBITDA margin in 15 years — yet shares fell roughly 10% in the session following the report. EPS of $1.96 beat consensus of $1.41 by 39%, and revenue of $3.43B beat the $3.35B estimate by 2.2%. The negative market reaction reflects a 'beat but not raise' dynamic: despite surpassing estimates on every line, management maintained rather than raised full-year guidance, and Q2 bookings growth is projected to decelerate to 7-9% from Q1's 13%. AI-driven efficiency, B2B API strength (up 22%), and the exclusive Uber hotel partnership are genuine bright spots highlighted by management, but the market weighed the growth slowdown and macro headwinds (Middle East conflict, Mexico travel advisories) more heavily than the margin achievement. The stock has since drifted an additional…
Company context
Snapshot as of publicationExpedia Group, Inc. operates as a leading online travel company, serving customers both within the United States and across international markets. The enterprise structures its extensive operations into three primary divisions: Retail, Business-to-Business (B2B), and Trivago. Its comprehensive brand portfolio caters to diverse travel needs. Key retail brands include Brand Expedia, a full-service online travel platform offering localized websites; Hotels.com, specializing in the marketing and distribution of lodging accommodations; and Vrbo, an online marketplace dedicated to alternative accommodation options. Other prominent travel booking websites under its umbrella are Orbitz, Travelocity, and CheapTickets. For the EMEA region, ebookers functions as an online travel agent, presenting travelers with a broad spectrum of choices, while Hotwire provides various travel booking services.…
Earnings scorecard
Reported versus consensusEarnings History
Analyst 52W Price Targets
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Baird | Outperform | Outperform | Maintain | Jul 22, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 14, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 7, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jun 30, 2026 |
| BTIG | Buy | Buy | Maintain | Jun 9, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | May 18, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | May 11, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | May 11, 2026 |
| UBS | Neutral | Neutral | Maintain | May 8, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | May 8, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | Apr 27, 2026 |
| Truist Securities | Hold | Hold | Maintain | Apr 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Mar 27, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Mar 3, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Feb 17, 2026 |
| Citizens | Market Perform | Market Perform | Maintain | Feb 17, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Feb 17, 2026 |
| TD Cowen | Hold | Hold | Maintain | Feb 13, 2026 |
| Benchmark | Buy | Buy | Maintain | Feb 13, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 28, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Jan 6, 2026 |
| B of A Securities | Buy | Buy | Maintain | Dec 19, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Nov 11, 2025 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 7, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Nov 7, 2025 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Nov 7, 2025 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 23, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | May 9, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Feb 7, 2025 |
| HSBC | Hold | Hold | Maintain | May 7, 2024 |
| Ascendiant Capital | Buy | Buy | Maintain | Dec 29, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 4, 2023 |
| Gordon Haskett | Buy | Hold | Upgrade | May 16, 2023 |
| Wolfe Research | Underperform | Peer Perform | Downgrade | Dec 7, 2022 |
| Redburn Partners | Neutral | Buy | Downgrade | Aug 29, 2022 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 1, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 7, 2022 |
| Stifel | Hold | Hold | Maintain | Nov 8, 2021 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Nov 2, 2021 |
| CFRA | Hold | Hold | Maintain | May 21, 2020 |
| Raymond James | Outperform | Outperform | Maintain | Apr 29, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 13, 2020 |
| Consumer Edge Research | Equal Weight | Equal Weight | Maintain | Nov 18, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Nov 7, 2019 |
| Piper Jaffray | Neutral | Overweight | Downgrade | Nov 7, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Nov 7, 2019 |
| Argus | Buy | Hold | Upgrade | Jul 31, 2019 |
| Telsey Advisory Group | Perform | Market Perform | Maintain | Nov 29, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | Jul 27, 2018 |
| KeyBanc | Overweight | Overweight | Maintain | Jul 27, 2018 |
| Macquarie | Neutral | Outperform | Downgrade | Mar 15, 2018 |
| MKM Partners | Neutral | Neutral | Maintain | Feb 21, 2018 |
| Needham | Buy | Buy | Maintain | Jan 4, 2017 |
| CLSA | Outperform | Outperform | Maintain | Dec 8, 2016 |
| Pacific Crest | Overweight | Sector Weight | Upgrade | Oct 19, 2016 |
| MoffettNathanson | Buy | Buy | Maintain | Mar 17, 2016 |
| Moffett Nathanson | Buy | Buy | Maintain | Mar 17, 2016 |
| Brean Capital | Buy | Buy | Maintain | Mar 10, 2016 |
| Nomura | Neutral | Neutral | Maintain | Feb 11, 2016 |
| William Blair | Market Perform | Outperform | Downgrade | Nov 5, 2015 |
| Canaccord Genuity | Buy | Buy | Maintain | Sep 17, 2015 |
| Guggenheim | Buy | Buy | Maintain | May 19, 2015 |
| Buckingham Research | Neutral | Neutral | Maintain | Jun 27, 2014 |
| Exane BNP Paribas | Outperform | Outperform | Maintain | Jun 11, 2014 |
| Standpoint Research | Hold | Buy | Downgrade | Oct 31, 2013 |
| FBR Capital | Outperform | Outperform | Maintain | Oct 23, 2013 |
| Janney Capital | Neutral | Neutral | Maintain | Sep 12, 2013 |
| Lazard | Buy | Neutral | Upgrade | Sep 9, 2013 |
| Oddo Securities | Buy | Buy | Maintain | Jul 2, 2013 |
| Ameriprise Financial | Sell | Buy | Downgrade | May 30, 2013 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Feb 4, 2013 |
| Monness Crespi Hardt | Neutral | Buy | Downgrade | Feb 4, 2013 |
| Ascendiant | Buy | Buy | Maintain | Jan 23, 2013 |
| JG Capital | Overweight | Overweight | Maintain | Dec 5, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Apr 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $304.27. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Robert W. Baird | Analyst unavailable | $294 | $264.94 | -3.4% | Jul 22, 2026 |
| Goldman Sachs | Analyst unavailable | $330 | $267.95 | +8.5% | Jul 20, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $255 | $265.01 | -16.2% | Jul 20, 2026 |
| Argus Research | Analyst unavailable | $315 | $271.27 | +3.5% | Jul 7, 2026 |
| Wells Fargo | Analyst unavailable | $303 | $265.28 | -0.4% | Jun 30, 2026 |
| Susquehanna | Analyst unavailable | $250 | $229.98 | -17.8% | May 11, 2026 |
| Barclays | Analyst unavailable | $264 | $229.98 | -13.2% | May 11, 2026 |
| UBS | Stephen Ju | $262 | $236.19 | -13.9% | May 8, 2026 |
| Robert W. Baird | Michael Bellisario | $290 | $252.79 | -4.7% | May 8, 2026 |
| Wells Fargo | Analyst unavailable | $307 | $252.79 | +0.9% | May 8, 2026 |
| Piper Sandler | Analyst unavailable | $245 | $252.79 | -19.5% | May 8, 2026 |
| Cantor Fitzgerald | Deepak Mathivanan | $240 | $251.44 | -21.1% | Apr 27, 2026 |
| Morgan Stanley | Brian Nowak | $290 | $225.81 | -4.7% | Mar 27, 2026 |
| D.A. Davidson | Analyst unavailable | $260 | $200.74 | -14.5% | Feb 17, 2026 |
| Susquehanna | Shyam Patil | $240 | $204.98 | -21.1% | Feb 17, 2026 |
| BMO Capital | Brian Pitz | $255 | $212.67 | -16.2% | Feb 17, 2026 |
| Robert W. Baird | Analyst unavailable | $282 | $213.94 | -7.3% | Feb 13, 2026 |
| Deutsche Bank | Analyst unavailable | $244 | $216.34 | -19.8% | Feb 13, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $245 | $214.92 | -19.5% | Feb 13, 2026 |
| UBS | Analyst unavailable | $266 | $227.24 | -12.6% | Feb 13, 2026 |
| Wells Fargo | Ken Gawrelski | $315 | $227.24 | +3.5% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $260 | $227.24 | -14.5% | Feb 13, 2026 |
| Truist Financial | Gregory Miller | $252 | $246.61 | -17.2% | Feb 10, 2026 |
| Wedbush | Analyst unavailable | $260 | $233.01 | -14.5% | Feb 6, 2026 |
| Goldman Sachs | Analyst unavailable | $325 | $269.49 | +6.8% | Jan 27, 2026 |
| Barclays | Trevor Young | $245 | $272.15 | -19.5% | Jan 21, 2026 |
| UBS | Analyst unavailable | $270 | $295.88 | -11.3% | Jan 13, 2026 |
| Wells Fargo | Analyst unavailable | $329 | $301.31 | +8.1% | Jan 9, 2026 |
| Bernstein | Richard Clarke | $256 | $293.3 | -15.9% | Jan 6, 2026 |
| BTIG | Analyst unavailable | $330 | $287.47 | +8.5% | Jan 6, 2026 |
| Wedbush | Analyst unavailable | $290 | $287.89 | -4.7% | Dec 19, 2025 |
| Jefferies | Analyst unavailable | $285 | $278.78 | -6.3% | Dec 11, 2025 |
| D.A. Davidson | Tom White | $294 | $265.12 | -3.4% | Nov 17, 2025 |
| Mizuho Securities | Lloyd Walmsley | $270 | $263.11 | -11.3% | Nov 14, 2025 |
| Truist Financial | Analyst unavailable | $210 | $218.85 | -31.0% | Oct 27, 2025 |
| Wedbush | Analyst unavailable | $230 | $226.14 | -24.4% | Oct 22, 2025 |
| Jefferies | Analyst unavailable | $220 | $215.58 | -27.7% | Oct 17, 2025 |
| Wells Fargo | Analyst unavailable | $212 | $219.23 | -30.3% | Oct 6, 2025 |
| Susquehanna | Shyam Patil | $200 | $192.63 | -34.3% | Aug 11, 2025 |
| Bernstein | Richard Clarke | $210 | $192.63 | -31.0% | Aug 11, 2025 |
| D.A. Davidson | Tom White | $218 | $195.5 | -28.4% | Aug 11, 2025 |
| Bernstein | Richard Clarke | $215 | $195.26 | -29.3% | Aug 10, 2025 |
| BTIG | Jake Fuller | $250 | $195.26 | -17.8% | Aug 8, 2025 |
| Piper Sandler | Thomas Champion | $190 | $195.26 | -37.6% | Aug 8, 2025 |
| Wells Fargo | Ken Gawrelski | $211 | $195.26 | -30.7% | Aug 8, 2025 |
| Cantor Fitzgerald | Deepak Mathivanan | $200 | $190.73 | -34.3% | Jul 23, 2025 |
| Wells Fargo | Ken Gawrelski | $143 | $137.11 | -53.0% | Apr 7, 2025 |
| Barclays | Trevor Young | $166 | $182.33 | -45.4% | Jan 13, 2025 |
| D.A. Davidson | Tom White | $190 | $130.01 | -37.6% | Nov 18, 2024 |
| Deutsche Bank | Leo Horowitz | $192 | $186.15 | -36.9% | Nov 8, 2024 |
| Evercore ISI | Mark Mahaney | $210 | $186.46 | -31.0% | Nov 8, 2024 |
| Piper Sandler | Ross Sandler | $153 | $187 | -49.7% | Nov 8, 2024 |
| Truist Financial | Greg Miller | $148 | $150.84 | -51.4% | Oct 17, 2024 |
| BTIG | Jake Fuller | $175 | $148.48 | -42.5% | Sep 27, 2024 |
| B.Riley Financial | Naved Khan | $186 | $137.68 | -38.9% | Sep 3, 2024 |
| Argus Research | John Staszak | $155 | $126.89 | -49.1% | Aug 13, 2024 |
| Piper Sandler | Tom Champion | $140 | $127.26 | -54.0% | Aug 9, 2024 |
| Bank of America Securities | Justin Post | $144 | $117.97 | -52.7% | Aug 9, 2024 |
| Jefferies | John Colantuoni | $125 | $116.02 | -58.9% | May 7, 2024 |
| D.A. Davidson | Tom White | $135 | $116.36 | -55.6% | May 6, 2024 |
| Barclays | Ross Sandler | $138 | $115.33 | -54.6% | May 6, 2024 |
| Evercore ISI | Mark Mahaney | $175 | $136.09 | -42.5% | May 3, 2024 |
| Oppenheimer | Jed Kelly | $155 | $136.09 | -49.1% | May 3, 2024 |
| Mizuho Securities | James Lee | $135 | $136.09 | -55.6% | May 3, 2024 |
| Piper Sandler | Thomas Champion | $145 | $136.09 | -52.3% | May 3, 2024 |
| Wells Fargo | Ken Gawrelski | $155 | $137.75 | -49.1% | Apr 1, 2024 |
| Ascendiant | Edward Woo | $160 | $135.74 | -47.4% | Mar 14, 2024 |
| Goldman Sachs | Eric Sheridan | $195 | $129.7 | -35.9% | Feb 9, 2024 |
| Mizuho Securities | James Lee | $110 | $103.19 | -63.8% | Aug 4, 2023 |
| Wedbush | James Hardiman | $116 | $98.67 | -61.9% | Aug 3, 2023 |
| Barclays | Mario Lu | $124 | $92.63 | -59.2% | Nov 6, 2022 |
| Barclays | Mario Lu | $161 | $106.7 | -47.1% | Aug 24, 2022 |
| Morgan Stanley | Analyst unavailable | $128 | $106.84 | -57.9% | Aug 23, 2022 |
| Deutsche Bank | Lee Horowitz | $130 | $105.65 | -57.3% | Aug 3, 2022 |
| Truist Financial | Naved Khan | $185 | $100.75 | -39.2% | Jul 26, 2022 |
| BTIG | Jake Fuller | $150 | $101.2 | -50.7% | Jun 28, 2022 |
| Truist Financial | Naved Khan | $240 | $106.26 | -21.1% | Jun 14, 2022 |
| Goldman Sachs | Eric Sheridan | $173 | $121.99 | -43.1% | Jun 9, 2022 |
| RBC Capital | Brad Erickson | $185 | $127.79 | -39.2% | May 10, 2022 |
| Credit Suisse | Stephen Ju | $225 | $150.31 | -26.1% | May 3, 2022 |
| D.A. Davidson | Analyst unavailable | $195 | $148.81 | -35.9% | May 3, 2022 |
| Morgan Stanley | Analyst unavailable | $210 | $147.66 | -31.0% | May 3, 2022 |
| Deutsche Bank | Analyst unavailable | $235 | $155.16 | -22.8% | May 3, 2022 |
| Mizuho Securities | Analyst unavailable | $172 | $174.81 | -43.5% | May 3, 2022 |
| Barclays | Analyst unavailable | $229 | $174.81 | -24.7% | May 3, 2022 |
| Piper Sandler | Analyst unavailable | $225 | $174.81 | -26.1% | May 3, 2022 |
| Piper Sandler | Thomas Champion | $225 | $174.81 | -26.1% | May 3, 2022 |
| Barclays | Mario Lu | $229 | $150.31 | -24.7% | May 3, 2022 |
| Jefferies | John Colantuoni | $200 | $150.31 | -34.3% | May 3, 2022 |
| Piper Sandler | Thomas Champion | $225 | $150.31 | -26.1% | May 3, 2022 |
| D.A. Davidson | Tom White | $195 | $150.31 | -35.9% | May 3, 2022 |
| Evercore ISI | Mark Mahaney | $238 | $174.81 | -21.8% | May 2, 2022 |
| Mizuho Securities | James Lee | $172 | $174.81 | -43.5% | May 2, 2022 |
| BTIG | Jake Fuller | $235 | $174.81 | -22.8% | May 2, 2022 |
| BTIG | Jake Fuller | $235 | $174.81 | -22.8% | May 2, 2022 |
| Citigroup | Analyst unavailable | $200 | $190.15 | -34.3% | Apr 20, 2022 |
| Argus Research | John Staszak | $220 | $177.3 | -27.7% | Apr 11, 2022 |
| Deutsche Bank | Leo Horowitz | $218 | $179.31 | -28.4% | Mar 13, 2022 |
| Susquehanna | Shyam Patil | $210 | $197.17 | -31.0% | Feb 14, 2022 |
| Wolfe Research | Deepak Mathivanan | $210 | $192.12 | -31.0% | Feb 11, 2022 |
| Credit Suisse | Stephen Ju | $231 | $192.12 | -24.1% | Feb 11, 2022 |
| Truist Financial | Naved Khan | $260 | $192.12 | -14.5% | Feb 11, 2022 |
| Goldman Sachs | Eric Sheridan | $220 | $192.12 | -27.7% | Feb 11, 2022 |
| Benchmark Co. | Daniel Kurnos | $265 | $192.12 | -12.9% | Feb 11, 2022 |
| Piper Sandler | Thomas Champion | $231 | $192.12 | -24.1% | Feb 11, 2022 |
| RBC Capital | Brad Erickson | $200 | $192.12 | -34.3% | Feb 11, 2022 |
| Evercore ISI | Mark Mahaney | $238 | $192.12 | -21.8% | Feb 11, 2022 |
| Wells Fargo | Brian Fitzgerald | $250 | $192.12 | -17.8% | Feb 11, 2022 |
| Stifel Nicolaus | Scott Devitt | $215 | $192.12 | -29.3% | Feb 11, 2022 |
| Jefferies | John Colantuoni | $210 | $192.12 | -31.0% | Feb 11, 2022 |
| UBS | Lloyd Walmsley | $183 | $192.12 | -39.9% | Feb 11, 2022 |
| J.P. Morgan | Doug Anmuth | $216 | $192.12 | -29.0% | Feb 11, 2022 |
| Mizuho Securities | James Lee | $155 | $197.52 | -49.1% | Feb 10, 2022 |
| Cowen & Co. | Kevin Kopelman | $200 | $187.35 | -34.3% | Feb 7, 2022 |
| Stifel Nicolaus | Scott Devitt | $190 | $174.42 | -37.6% | Jan 22, 2022 |
| Piper Sandler | Thomas Champion | $216 | $184.4 | -29.0% | Jan 14, 2022 |
| Atlantic Equities | James Cordwell | $180 | $159.84 | -40.8% | Nov 2, 2021 |
| Gordon Haskett Capital Corporation | Robert Mollins | $168 | $148.89 | -44.8% | Aug 6, 2021 |
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What changed
Compared to Q4 2025 (bookings and revenue +11% YoY, EBITDA margin +~4 points), Q1 2026 accelerated to 13% bookings growth and 15% revenue growth with a 6-point EBITDA margin expansion — the strongest Q1 margin in 15 years. B2B bookings grew 22% (vs. 24% in the prior quarter). Consumer brands posted their best bookings growth in nearly eight years, led by Vrbo and Expedia. New developments this quarter include the exclusive Uber hotel partnership (launching first in the U.S.), vacation rentals reaching a $1B annualized run rate on Expedia, and over 30% of service interactions now AI-driven. The prior quarter's Tickets acquisition was not highlighted in Q1 commentary. As in Q4 2025, management maintained full-year guidance rather than raising it.
Guidance delta
Guidance was maintained — unchanged from the prior quarter's full-year outlook. Despite the Q1 beat (EPS $1.96 vs. $1.41 estimated, revenue $3.43B vs. $3.35B estimated), management did not raise the full-year outlook. Q2 bookings growth is projected at 7-9%, a deceleration from Q1's 13%. The company announced a new $5 billion share repurchase authorization.
Key takeaways
- Q1 bookings grew 13% and revenue grew 15%, beating estimates; EBITDA margin expanded 6 points to the highest Q1 level in 15 years.
- EPS of $1.96 beat consensus of $1.41 by 39%; revenue of $3.43B beat the $3.35B estimate by 2.2%.
- B2B API bookings rose 22%, supported by new partnerships (Uber, AIR MILES) and a 10% increase in lodging property count.
- Consumer brands posted their strongest bookings growth in nearly eight years, led by Vrbo and Expedia.
- Full-year guidance maintained despite the beat; Q2 bookings growth projected at 7-9%, decelerating from Q1's 13%.
- Shares fell roughly 10% on the report with volume 2.7x baseline — a 'beat but not raise' reaction to the guidance hold.
Management priorities
- Scale AI tools across product personalization, supply onboarding, and post-booking service experiences.
- Deepen and expand strategic partnerships, including the exclusive Uber hotel partnership and AIR MILES.
- Continue investing in B2B API capabilities and the broader partner ecosystem.
- Drive cost discipline and further margin expansion through operational efficiencies.
- Execute on the new $5 billion share repurchase authorization.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T10:31:11.623814+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T10:31:11.620918+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.