Expedia Q3 FY26: revenue up 12.0% to $4.94B, EPS beats, full-year guide raised
Expedia beat its own guidance and the Street in FY2026 Q3: revenue rose 12.0% to $4.94 billion, adjusted EPS of $9.39 topped the $9.07 consensus, and management raised full-year revenue guidance. The offset is cash: free cash flow was negative $1.40 billion for the quarter. Read the scorecard for the growth story, then the balance sheet and cash notes for what funds it.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $8.42 rose 15.0% from $7.33, and adjusted EPS of $9.39 rose 24.0% and beat the $9.07 consensus by about $0.32. The $0.97 gap between adjusted and GAAP earnings per share is mostly stock-based compensation at $0.99 a share. Operating income grew 28.0% to $1.33 billion, faster than revenue, which is what drove the beat.
Revenue of $4.94 billion came in 12.0% above the $4.41 billion booked a year earlier, and revenue reached 14.5% of gross bookings versus 14.4%. Lodging did the heavy lifting at $3.99 billion, or 80.8% of the total, while B2B revenue grew 23.0% to $1.71 billion. Air was the only line that shrank, down 7.0% to $93 million.
Full-year revenue guidance was lifted to $16.37–$16.43 billion from $16.05–$16.22 billion, a $0.27 billion raise at the midpoint. Q4 revenue is guided to $3.69–$3.75 billion, or +4.0% to +5.7% y/y — a clear step down from the 12.0% just reported. Adjusted EBITDA margin expansion guidance also moved up, to +1.8 to +2.0 points from +1.5 to +1.75 points.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-05
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.