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…

Reported After market closeNASDAQConsumer Cyclical $34.84B market cap
100quality score

Company context

Snapshot as of publication

Expedia 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 consensus
Reported EPS $1.96 Consensus $1
EPS surprise +39.0% Reported versus consensus
Reported revenue $3.43B Consensus $3.35B
Revenue surprise +2.2% Reported versus consensus

Earnings History

Estimate Beat Miss Match
EXPE EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $1.67 Q4 '23 actual $1.72, beat Q1 '24 estimate $-0.14 Q1 '24 actual $0.21, beat Q2 '24 estimate $3.06 Q2 '24 actual $3.51, beat Q3 '24 estimate $6.04 Q3 '24 actual $6.13, beat Q2 '25 estimate $3.97 Q2 '25 actual $4.24, beat Q3 '25 estimate $6.97 Q3 '25 actual $7.57, beat Q4 '25 estimate $3.35 Q4 '25 actual $3.78, beat Q1 '26 estimate $1.41 Q1 '26 actual $1.96, beat Q2 '26 estimate $5.21 Q3 '26 estimate $8.46 Q4 '26 estimate $4.40 Q1 '27 estimate $2.31

Analyst Consensus ?

ConsensusHold75 ratings
Bullish3445.3%
Neutral3952.0%
Bearish22.7%

Analyst 52W Price Targets

$304.27Previous close
$116Low
$218.9Average
$330High

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.

FirmRatingPrior ratingActionDate
Baird Outperform OutperformMaintainJul 22, 2026
Jefferies Buy BuyMaintainJul 14, 2026
Argus Research Buy BuyMaintainJul 7, 2026
Wells Fargo Equal Weight Equal WeightMaintainJun 30, 2026
BTIG Buy BuyMaintainJun 9, 2026
DA Davidson Neutral NeutralMaintainMay 18, 2026
Susquehanna Neutral NeutralMaintainMay 11, 2026
Barclays Equal Weight Equal WeightMaintainMay 11, 2026
UBS Neutral NeutralMaintainMay 8, 2026
Piper Sandler Neutral NeutralMaintainMay 8, 2026
B. Riley Securities Buy BuyMaintainApr 27, 2026
Truist Securities Hold HoldMaintainApr 6, 2026
Morgan Stanley Equal Weight Equal WeightMaintainMar 27, 2026
Mizuho Neutral NeutralMaintainMar 3, 2026
Wedbush Neutral NeutralMaintainFeb 17, 2026
Citizens Market Perform Market PerformMaintainFeb 17, 2026
BMO Capital Market Perform Market PerformMaintainFeb 17, 2026
TD Cowen Hold HoldMaintainFeb 13, 2026
Benchmark Buy BuyMaintainFeb 13, 2026
Goldman Sachs Buy BuyMaintainJan 28, 2026
Bernstein Market Perform Market PerformMaintainJan 6, 2026
B of A Securities Buy BuyMaintainDec 19, 2025
Citigroup Neutral NeutralMaintainNov 11, 2025
RBC Capital Sector Perform Sector PerformMaintainNov 7, 2025
JP Morgan Neutral NeutralMaintainNov 7, 2025
Evercore ISI Group Outperform OutperformMaintainNov 7, 2025
Cantor Fitzgerald Neutral NeutralMaintainJul 23, 2025
Oppenheimer Outperform OutperformMaintainMay 9, 2025
JMP Securities Market Perform Market PerformMaintainFeb 7, 2025
HSBC Hold HoldMaintainMay 7, 2024
Ascendiant Capital Buy BuyMaintainDec 29, 2023
Credit Suisse Outperform OutperformMaintainAug 4, 2023
Gordon Haskett Buy HoldUpgradeMay 16, 2023
Wolfe Research Underperform Peer PerformDowngradeDec 7, 2022
Redburn Partners Neutral BuyDowngradeAug 29, 2022
Deutsche Bank Buy BuyMaintainAug 1, 2022
Cowen & Co. Outperform OutperformMaintainFeb 7, 2022
Stifel Hold HoldMaintainNov 8, 2021
Atlantic Equities Neutral OverweightDowngradeNov 2, 2021
CFRA Hold HoldMaintainMay 21, 2020
Raymond James Outperform OutperformMaintainApr 29, 2020
SunTrust Robinson Humphrey Buy BuyMaintainApr 13, 2020
Consumer Edge Research Equal Weight Equal WeightMaintainNov 18, 2019
Stifel Nicolaus Hold HoldMaintainNov 7, 2019
Piper Jaffray Neutral OverweightDowngradeNov 7, 2019
Bank of America Neutral BuyDowngradeNov 7, 2019
Argus Buy HoldUpgradeJul 31, 2019
Telsey Advisory Group Perform Market PerformMaintainNov 29, 2018
PiperJaffray Overweight OverweightMaintainJul 27, 2018
KeyBanc Overweight OverweightMaintainJul 27, 2018
Macquarie Neutral OutperformDowngradeMar 15, 2018
MKM Partners Neutral NeutralMaintainFeb 21, 2018
Needham Buy BuyMaintainJan 4, 2017
CLSA Outperform OutperformMaintainDec 8, 2016
Pacific Crest Overweight Sector WeightUpgradeOct 19, 2016
MoffettNathanson Buy BuyMaintainMar 17, 2016
Moffett Nathanson Buy BuyMaintainMar 17, 2016
Brean Capital Buy BuyMaintainMar 10, 2016
Nomura Neutral NeutralMaintainFeb 11, 2016
William Blair Market Perform OutperformDowngradeNov 5, 2015
Canaccord Genuity Buy BuyMaintainSep 17, 2015
Guggenheim Buy BuyMaintainMay 19, 2015
Buckingham Research Neutral NeutralMaintainJun 27, 2014
Exane BNP Paribas Outperform OutperformMaintainJun 11, 2014
Standpoint Research Hold BuyDowngradeOct 31, 2013
FBR Capital Outperform OutperformMaintainOct 23, 2013
Janney Capital Neutral NeutralMaintainSep 12, 2013
Lazard Buy NeutralUpgradeSep 9, 2013
Oddo Securities Buy BuyMaintainJul 2, 2013
Ameriprise Financial Sell BuyDowngradeMay 30, 2013
Monness, Crespi, Hardt Neutral BuyDowngradeFeb 4, 2013
Monness Crespi Hardt Neutral BuyDowngradeFeb 4, 2013
Ascendiant Buy BuyMaintainJan 23, 2013
JG Capital Overweight OverweightMaintainDec 5, 2012
Bank oferica Neutral NeutralMaintainApr 27, 2012
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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.

FirmAnalyst52W targetPrice when postedUpsideDate
Robert W. BairdAnalyst unavailable$294$264.94 -3.4%Jul 22, 2026
Goldman SachsAnalyst unavailable$330$267.95 +8.5%Jul 20, 2026
Cantor FitzgeraldDeepak Mathivanan$255$265.01 -16.2%Jul 20, 2026
Argus ResearchAnalyst unavailable$315$271.27 +3.5%Jul 7, 2026
Wells FargoAnalyst unavailable$303$265.28 -0.4%Jun 30, 2026
SusquehannaAnalyst unavailable$250$229.98 -17.8%May 11, 2026
BarclaysAnalyst unavailable$264$229.98 -13.2%May 11, 2026
UBSStephen Ju$262$236.19 -13.9%May 8, 2026
Robert W. BairdMichael Bellisario$290$252.79 -4.7%May 8, 2026
Wells FargoAnalyst unavailable$307$252.79 +0.9%May 8, 2026
Piper SandlerAnalyst unavailable$245$252.79 -19.5%May 8, 2026
Cantor FitzgeraldDeepak Mathivanan$240$251.44 -21.1%Apr 27, 2026
Morgan StanleyBrian Nowak$290$225.81 -4.7%Mar 27, 2026
D.A. DavidsonAnalyst unavailable$260$200.74 -14.5%Feb 17, 2026
SusquehannaShyam Patil$240$204.98 -21.1%Feb 17, 2026
BMO CapitalBrian Pitz$255$212.67 -16.2%Feb 17, 2026
Robert W. BairdAnalyst unavailable$282$213.94 -7.3%Feb 13, 2026
Deutsche BankAnalyst unavailable$244$216.34 -19.8%Feb 13, 2026
Cantor FitzgeraldAnalyst unavailable$245$214.92 -19.5%Feb 13, 2026
UBSAnalyst unavailable$266$227.24 -12.6%Feb 13, 2026
Wells FargoKen Gawrelski$315$227.24 +3.5%Feb 13, 2026
BarclaysAnalyst unavailable$260$227.24 -14.5%Feb 13, 2026
Truist FinancialGregory Miller$252$246.61 -17.2%Feb 10, 2026
WedbushAnalyst unavailable$260$233.01 -14.5%Feb 6, 2026
Goldman SachsAnalyst unavailable$325$269.49 +6.8%Jan 27, 2026
BarclaysTrevor Young$245$272.15 -19.5%Jan 21, 2026
UBSAnalyst unavailable$270$295.88 -11.3%Jan 13, 2026
Wells FargoAnalyst unavailable$329$301.31 +8.1%Jan 9, 2026
BernsteinRichard Clarke$256$293.3 -15.9%Jan 6, 2026
BTIGAnalyst unavailable$330$287.47 +8.5%Jan 6, 2026
WedbushAnalyst unavailable$290$287.89 -4.7%Dec 19, 2025
JefferiesAnalyst unavailable$285$278.78 -6.3%Dec 11, 2025
D.A. DavidsonTom White$294$265.12 -3.4%Nov 17, 2025
Mizuho SecuritiesLloyd Walmsley$270$263.11 -11.3%Nov 14, 2025
Truist FinancialAnalyst unavailable$210$218.85 -31.0%Oct 27, 2025
WedbushAnalyst unavailable$230$226.14 -24.4%Oct 22, 2025
JefferiesAnalyst unavailable$220$215.58 -27.7%Oct 17, 2025
Wells FargoAnalyst unavailable$212$219.23 -30.3%Oct 6, 2025
SusquehannaShyam Patil$200$192.63 -34.3%Aug 11, 2025
BernsteinRichard Clarke$210$192.63 -31.0%Aug 11, 2025
D.A. DavidsonTom White$218$195.5 -28.4%Aug 11, 2025
BernsteinRichard Clarke$215$195.26 -29.3%Aug 10, 2025
BTIGJake Fuller$250$195.26 -17.8%Aug 8, 2025
Piper SandlerThomas Champion$190$195.26 -37.6%Aug 8, 2025
Wells FargoKen Gawrelski$211$195.26 -30.7%Aug 8, 2025
Cantor FitzgeraldDeepak Mathivanan$200$190.73 -34.3%Jul 23, 2025
Wells FargoKen Gawrelski$143$137.11 -53.0%Apr 7, 2025
BarclaysTrevor Young$166$182.33 -45.4%Jan 13, 2025
D.A. DavidsonTom White$190$130.01 -37.6%Nov 18, 2024
Deutsche BankLeo Horowitz$192$186.15 -36.9%Nov 8, 2024
Evercore ISIMark Mahaney$210$186.46 -31.0%Nov 8, 2024
Piper SandlerRoss Sandler$153$187 -49.7%Nov 8, 2024
Truist FinancialGreg Miller$148$150.84 -51.4%Oct 17, 2024
BTIGJake Fuller$175$148.48 -42.5%Sep 27, 2024
B.Riley FinancialNaved Khan$186$137.68 -38.9%Sep 3, 2024
Argus ResearchJohn Staszak$155$126.89 -49.1%Aug 13, 2024
Piper SandlerTom Champion$140$127.26 -54.0%Aug 9, 2024
Bank of America SecuritiesJustin Post$144$117.97 -52.7%Aug 9, 2024
JefferiesJohn Colantuoni$125$116.02 -58.9%May 7, 2024
D.A. DavidsonTom White$135$116.36 -55.6%May 6, 2024
BarclaysRoss Sandler$138$115.33 -54.6%May 6, 2024
Evercore ISIMark Mahaney$175$136.09 -42.5%May 3, 2024
OppenheimerJed Kelly$155$136.09 -49.1%May 3, 2024
Mizuho SecuritiesJames Lee$135$136.09 -55.6%May 3, 2024
Piper SandlerThomas Champion$145$136.09 -52.3%May 3, 2024
Wells FargoKen Gawrelski$155$137.75 -49.1%Apr 1, 2024
AscendiantEdward Woo$160$135.74 -47.4%Mar 14, 2024
Goldman SachsEric Sheridan$195$129.7 -35.9%Feb 9, 2024
Mizuho SecuritiesJames Lee$110$103.19 -63.8%Aug 4, 2023
WedbushJames Hardiman$116$98.67 -61.9%Aug 3, 2023
BarclaysMario Lu$124$92.63 -59.2%Nov 6, 2022
BarclaysMario Lu$161$106.7 -47.1%Aug 24, 2022
Morgan StanleyAnalyst unavailable$128$106.84 -57.9%Aug 23, 2022
Deutsche BankLee Horowitz$130$105.65 -57.3%Aug 3, 2022
Truist FinancialNaved Khan$185$100.75 -39.2%Jul 26, 2022
BTIGJake Fuller$150$101.2 -50.7%Jun 28, 2022
Truist FinancialNaved Khan$240$106.26 -21.1%Jun 14, 2022
Goldman SachsEric Sheridan$173$121.99 -43.1%Jun 9, 2022
RBC CapitalBrad Erickson$185$127.79 -39.2%May 10, 2022
Credit SuisseStephen Ju$225$150.31 -26.1%May 3, 2022
D.A. DavidsonAnalyst unavailable$195$148.81 -35.9%May 3, 2022
Morgan StanleyAnalyst unavailable$210$147.66 -31.0%May 3, 2022
Deutsche BankAnalyst unavailable$235$155.16 -22.8%May 3, 2022
Mizuho SecuritiesAnalyst unavailable$172$174.81 -43.5%May 3, 2022
BarclaysAnalyst unavailable$229$174.81 -24.7%May 3, 2022
Piper SandlerAnalyst unavailable$225$174.81 -26.1%May 3, 2022
Piper SandlerThomas Champion$225$174.81 -26.1%May 3, 2022
BarclaysMario Lu$229$150.31 -24.7%May 3, 2022
JefferiesJohn Colantuoni$200$150.31 -34.3%May 3, 2022
Piper SandlerThomas Champion$225$150.31 -26.1%May 3, 2022
D.A. DavidsonTom White$195$150.31 -35.9%May 3, 2022
Evercore ISIMark Mahaney$238$174.81 -21.8%May 2, 2022
Mizuho SecuritiesJames Lee$172$174.81 -43.5%May 2, 2022
BTIGJake Fuller$235$174.81 -22.8%May 2, 2022
BTIGJake Fuller$235$174.81 -22.8%May 2, 2022
CitigroupAnalyst unavailable$200$190.15 -34.3%Apr 20, 2022
Argus ResearchJohn Staszak$220$177.3 -27.7%Apr 11, 2022
Deutsche BankLeo Horowitz$218$179.31 -28.4%Mar 13, 2022
SusquehannaShyam Patil$210$197.17 -31.0%Feb 14, 2022
Wolfe ResearchDeepak Mathivanan$210$192.12 -31.0%Feb 11, 2022
Credit SuisseStephen Ju$231$192.12 -24.1%Feb 11, 2022
Truist FinancialNaved Khan$260$192.12 -14.5%Feb 11, 2022
Goldman SachsEric Sheridan$220$192.12 -27.7%Feb 11, 2022
Benchmark Co.Daniel Kurnos$265$192.12 -12.9%Feb 11, 2022
Piper SandlerThomas Champion$231$192.12 -24.1%Feb 11, 2022
RBC CapitalBrad Erickson$200$192.12 -34.3%Feb 11, 2022
Evercore ISIMark Mahaney$238$192.12 -21.8%Feb 11, 2022
Wells FargoBrian Fitzgerald$250$192.12 -17.8%Feb 11, 2022
Stifel NicolausScott Devitt$215$192.12 -29.3%Feb 11, 2022
JefferiesJohn Colantuoni$210$192.12 -31.0%Feb 11, 2022
UBSLloyd Walmsley$183$192.12 -39.9%Feb 11, 2022
J.P. MorganDoug Anmuth$216$192.12 -29.0%Feb 11, 2022
Mizuho SecuritiesJames Lee$155$197.52 -49.1%Feb 10, 2022
Cowen & Co.Kevin Kopelman$200$187.35 -34.3%Feb 7, 2022
Stifel NicolausScott Devitt$190$174.42 -37.6%Jan 22, 2022
Piper SandlerThomas Champion$216$184.4 -29.0%Jan 14, 2022
Atlantic EquitiesJames Cordwell$180$159.84 -40.8%Nov 2, 2021
Gordon Haskett Capital CorporationRobert Mollins$168$148.89 -44.8%Aug 6, 2021
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Market reaction

event-close to next-session close
Stock move -9.0% Event window
SPY move +0.8% Same window
Abnormal move -9.8% Stock minus SPY
Volume 2.7× Versus trailing sessions
Subsequent drift -1.8% Up to 20 sessions
EXPESPY benchmark

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Transcript intelligence

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

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-30T10:31:11.623814+00:00
  4. 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.