EXPE · 10-Q · 2026Q3 · Full report

Operating Income and Margins

Expedia Group, Inc. · 2026-11-05 · Importance 69 · Surprise 64

Operating income increased to $1.326 billion for the third quarter of 2026 from $1.036 billion a year earlier, and to $2.377 billion for the first nine months from $1.451 billion. Operating margin rose from 23.5% to 26.8% in the quarter and from 13.0% to 18.7% year to date. The filing attributes the increases to revenue growth exceeding growth in operating costs. Adjusted EBITDA was $1.689 billion for the quarter and $3.350 billion year to date, compared with $1.449 billion and $2.653 billion, respectively, in 2025.

Key facts

• In certain cases, increased loyalty-program promotions, discounting and couponing have contributed to declines in revenue per room night and profitability. source
• B2B Adjusted EBITDA increased in the three and nine months ended September 30, 2026, primarily due to double-digit revenue growth, partly offset by investment prioritization to support future growth. source
• Operating income increased in the three and nine months ended September 30, 2026, primarily because revenue growth exceeded operating-cost growth. source
• B2C Adjusted EBITDA increased in the three and nine months ended September 30, 2026, driven by revenue growth and disciplined cost management, particularly in direct selling and marketing. source
• trivago segment Adjusted EBITDA increased in the three and nine months ended September 30, 2026, due to revenue growth, partly offset by higher operating costs including direct selling and marketing expenses. source