Expedia Group (NasdaqGS:EXPE) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAriane Gorin - CEOEric Sheridan - Managing DirectorLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing DirectorNaved Khan - Managing DirectorRob Bevegni - VP of Investor RelationsScott Schenkel - CFOConference Call ParticipantsConor Cunningham - Director and Travel and Transports AnalystDeepak Mathivanan - Senior Equity Research AnalystJed Kelly - Managing Director and Equity Re ...

Financial Data and Key Metrics Changes - In Q4 2025, Expedia Group reported an 11% increase in bookings and revenue, with EBITDA margin expansion of nearly 4 points [14][20] - Gross bookings reached $27 billion, while revenue was $3.5 billion, with foreign exchange contributing slightly over 1 point to bookings growth and about 2 points to revenue [16][20] - Adjusted EBITDA for Q4 was $848 million, with a margin of 24%, reflecting revenue growth and expense leverage [19] Business Line Data and Key Metrics Changes - B2C gross bookings grew 5% to $18.3 billion, while B2C revenue increased 4% [16] - B2B gross bookings surged 24% to $8.7 billion, with revenue also growing 24% to $1.3 billion [17] - B2C EBITDA margins improved to 31.5%, up approximately 6 points from the previous year, driven by marketing leverage [16] Market Data and Key Metrics Changes - Booked room nights increased by 9%, with high single-digit growth in the U.S. and low double-digit growth in EMEA and the rest of the world [4][15] - Consumer spending remained robust, with longer booking windows and lengths of stay compared to 2024 [4] - The B2B segment experienced double-digit growth across all regions, indicating strong market demand [8] Company Strategy and Development Direction - The company aims to enhance traveler value through improved product offerings, faster site performance, and personalized experiences using AI [5][10] - Investments are being made in new lines of business, including the acquisition of Tiqets to broaden offerings for partners and travelers [9] - The strategy includes driving operational efficiencies and margin expansion, with a focus on optimizing marketing spend and leveraging AI for better targeting [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and ability to execute, anticipating continued growth and margin expansion in 2026 [13][24] - The company is cautious about macroeconomic uncertainties but expects strong bookings momentum entering Q1 2026 [20][21] - Management highlighted the importance of maintaining a competitive edge through enhanced customer service and loyalty programs [84] Other Important Information - The company ended Q4 with $5.7 billion in unrestricted cash and short-term investments, maintaining a commitment to return capital to shareholders [20] - A quarterly dividend increase of 20% to $0.48 per share was announced [20] Q&A Session Summary Question: Enhancements in Travel Planning Process - Management emphasized the importance of personalized marketing and product features to capture travelers earlier in the planning process [26][27] Question: B2C Marketing Leverage - Management discussed achieving about 50 basis points of leverage in B2C marketing through improved efficiency and targeting [30][31] Question: Competitive Positioning of Consumer Brands - Management expressed confidence in the positioning of their brands, highlighting improvements in supply and marketing effectiveness [36][38] Question: Margin Trajectory Outlook - Management indicated confidence in future margin expansion driven by effective execution and growth in B2C and B2B segments [42][44] Question: Supply Growth Dynamics - Management confirmed that supply growth benefits both B2C and B2B segments, with ongoing efforts to onboard properties more efficiently [49][51] Question: Traffic Changes from Google AI Features - Management noted no material changes in traffic from Google but sees opportunities in AI search to better target travelers [55][56] Question: B2B Growth Drivers - Management highlighted strong double-digit growth in B2B, driven by deeper partner relationships and innovative product offerings [62][65] Question: Alternative Lodging Uptake - Management reported growth in alternative lodging on Brand Expedia, indicating ongoing efforts to enhance the user experience [78] Question: CapEx for 2026 - Management expects CapEx to remain roughly in line with previous years, indicating no significant changes [79]

约谈会上，北京市市场监管局向各平台明确提出四项合规经营要求。一是严格落实主体责任与社会责 任，树立正确经营理念，为旅客出行"多助力、少添堵"；二是全面排查业务模式与服务流程，禁止明示 或者暗示消费者可通过付费服务获得优先购票特权，及时整改车票售罄后的"加速包""双通道""余票监 控"等误导性宣传；三是全面排查整改平台页面，下架涉嫌误导性宣传的产品，调整页面宣传内容，禁 止采用12306图片、文字、商标等宣传；四是认真做好明码标价，显著提醒增值服务内容和价格，及时 整改因增值服务提示不醒目导致火车票展示价格和实际支付费用不一致问题。 （文章来源：人民日报） 本报北京2月12日电北京市市场监督管理局近日组织携程、去哪儿、飞猪、同程、美团、京东、航旅纵 横、高铁管家、滴滴、高德地图、百度地图、腾讯地图等12家涉及火车票网络销售业务的主流平台，重 点围绕群众反映强烈的网络销售火车票突出问题召开行政约谈会。 ...

Core Viewpoint - The stock of TripAdvisor (TRIP.US) experienced a significant decline on February 12, 2026, following the release of its fiscal year 2025 earnings report, which fell short of market expectations, leading to decreased investor confidence [1] Group 1: Financial Performance - The fiscal year 2025 earnings report revealed a year-over-year revenue increase to $1.891 billion and a substantial net profit growth to $40 million; however, the revenue growth rate has slowed down [2] - Market focus is on the anticipated negative earnings per share for the fourth quarter of 2025, indicating a shift from profit to loss, which directly impacts investor confidence in the company's earnings sustainability [2] Group 2: Institutional Perspectives - Before the earnings report, Wedbush lowered TripAdvisor's target price from $20 to $15 while maintaining a "hold" rating, reflecting a cautious outlook on the company's short-term performance and putting pressure on the stock price [3] Group 3: Industry Policy and Environment - The online travel industry is facing structural challenges, with growth increasingly reliant on improving the "quality-price ratio" [4] - The State Administration for Market Regulation initiated an investigation into Ctrip Group for alleged monopoly practices in January 2026, which may affect the entire online travel sector and increase policy uncertainty [4] Group 4: Financial and Technical Aspects - In the week leading up to the earnings report, TripAdvisor's stock price had already declined significantly, with a notable increase in turnover rate, indicating heightened risk-averse sentiment among investors [5] - On February 12, the stock exhibited considerable volatility, ultimately closing lower with a trading volume of approximately $99.62 million and evident selling pressure [5]

Market Overview - On February 12, US stock indices opened higher, with the Nasdaq up 0.38%, the Dow Jones up 0.36%, and the S&P 500 up 0.34% [1][2]. Chinese Stocks Performance - Chinese concept stocks collectively declined, with the Nasdaq China Golden Dragon Index down 0.4%. Notable declines included Ctrip Group down over 4%, Tencent Music and Beike down over 2%, and Pinduoduo, Li Auto, Dingdong Maicai, and JD Group down over 1%. Alibaba fell nearly 1% [2][3]. Storage Sector Performance - Storage concept stocks continued their upward trend, with Seagate Technology and Western Digital both rising over 9%, and SanDisk increasing over 8% [4][5]. Technology Stocks Performance - Technology stocks showed mixed results, with AMD, Tesla, and NVIDIA rising over 1%. However, Cisco experienced a significant drop of over 6%, and Netflix fell over 2% [5][6].

消息面上，花旗表示，展望2026年，该机构认为反垄断调查除可能带来罚款外，亦为国内酒店业务增添 不确定性，但基于其在高价值流量及客户服务方面的优势，相信携程长期的国内市场地位仍将保持稳 固。该行将2026及2027年经调整盈利预测分别下调9%及5%，以反映对国内酒店业务的潜在影响，将携 程(TCOM)美股目标价由86美元下调至82美元。 消息面上，花旗表示，展望2026年，该机构认为反垄断调查除可能带来罚款外，亦为国内酒店业务增添 不确定性，但基于其在高价值流量及客户服务方面的优势，相信携程长期的国内市场地位仍将保持稳 固。该行将2026及2027年经调整盈利预测分别下调9%及5%，以反映对国内酒店业务的潜在影响，将携 程(TCOM)美股目标价由86美元下调至82美元。 金吾财讯 | 携程网(TCOM)盘前跌超4%，截至发稿，报55.26美元。 金吾财讯 | 携程网(TCOM)盘前跌超4%，截至发稿，报55.26美元。 ...

Financial Data and Key Metrics Changes - For Q3 2026, consolidated revenue from operations grew 10% year-on-year to INR 2,577 million (approximately $29 million), driven by steady demand across key segments, particularly in air ticketing [15] - Gross bookings increased 22% year-on-year to INR 16,931 million (approximately $188 million), with air adjusted margins rising 40% year-on-year to INR 1,195 million (approximately $13 million) [16] - Gross margins improved from 9.7% to 10.2% year-on-year, reflecting prudent discounting in B2C and better margin realization from suppliers for corporate hotels [11] Business Line Data and Key Metrics Changes - The B2C business continued to grow profitably, with gross bookings in air ticketing increasing 22% year-on-year, supported by a 14% growth in air passenger volume, which far exceeds the industry growth of about 1% [9] - In the hotels and packages segment, hotel room nights grew by 22% year-on-year to 508,000, with gross bookings increasing 20% year-on-year to INR 4,306 million (approximately $47 million) [16] - The corporate travel business onboarded 40 new corporate clients in the quarter, adding an annual billing potential of INR 2.2 billion [12] Market Data and Key Metrics Changes - Domestic travel faced short-term headwinds in December, while international travel remained strong, indicating a structural upcycle in outbound and long-haul travel [4][5] - The company noted a divergence between domestic and international travel trends, with international travel showing healthy year-on-year and sequential growth [4] Company Strategy and Development Direction - The company is focusing on scaling its corporate travel business and enhancing its expense management solutions, which have shown early traction with eight customers onboarded [12][14] - Yatra is sharpening its go-to-market strategy by establishing separate teams for large enterprises and small to medium enterprises, aiming to capture a larger share of the corporate travel market [25] Management's Comments on Operating Environment and Future Outlook - Management indicated that the revenue growth deceleration in the quarter was largely seasonal and not indicative of a structural shift, compounded by flight disruptions in early December [19] - The company expects continued strength in corporate travel demand and is optimistic about the growth potential in the MICE segment, which has become more formalized [22] Other Important Information - The recent Union Budget signals a long-term commitment to the travel and tourism sector, with initiatives aimed at enhancing domestic connectivity and hospitality capabilities [5][6] - Cash and cash equivalents stood at INR 2,042 million (approximately $23 million) as of December 31, 2025, with gross debt increasing slightly from INR 546 million to INR 583 million [16][17] Q&A Session Summary Question: Is the revenue growth deceleration in the quarter structural or due to macro challenges? - Management clarified that the deceleration is largely seasonal, affected by holidays and compounded by flight disruptions in early December [19] Question: Are macro challenges impacting the MICE business? - Management stated that they have not seen significant impacts from macro challenges, and expect business travel to scale up due to new trade deals [21] Question: How many corporate partners are still potential opportunities? - Management indicated that there is significant headroom for growth, with around 13,000 organizations identified as potential targets, while they have only onboarded about 1,300 [23][24]

Expedia Group, Inc. (NASDAQ:EXPE) will release earnings for its fourth quarter after the closing bell on Thursday, Feb. 12.Expedia investors may be eyeing potential gains from the company's dividends. Currently, the company has an annual dividend yield of 0.68%, which is a quarterly dividend amount of 40 cents per share ($1.60 a year).  So, how can investors exploit its dividend yield to pocket a regular $500 monthly?To earn $500 per month or $6,000 annually from dividends alone, you would need an investmen ...

Expedia Group, Inc. (NASDAQ:EXPE) will release earnings for its fourth quarter after the closing bell on Thursday, Feb. 12.Expedia investors may be eyeing potential gains from the company's dividends. Currently, the company has an annual dividend yield of 0.68%, which is a quarterly dividend amount of 40 cents per share ($1.60 a year).  So, how can investors exploit its dividend yield to pocket a regular $500 monthly?To earn $500 per month or $6,000 annually from dividends alone, you would need an investmen ...

重庆市酉阳县公安局2月12日发布警情通报称，网传"一男子夜晚盗剪电线致多根电线杆倾倒，砸中多辆 汽车"。经该局调查，2026年2月10日23时许，一供电服务有限公司员工石某（男，56岁）私自邀约王某 （男，54岁），携带工具窜至酉阳县桃花源街道小商品街，盗剪处于断电状态的电缆。过程中，电线杆 突然断裂倾倒，致王某从高处坠地受伤，后经送医抢救无效死亡。现场三根电线杆倾倒，造成停放在街 边的两辆机动车受损，无其他人员受伤。经查，石某与王某的行为系个人私自盗剪，非供电公司指派或 授权。目前，石某已被该局依法刑事拘留，案件正进一步侦办中。 【北京】禁止引导付费优先购票，官方约谈第三方火车票销售平台 据央视新闻客户端消息，近日，北京市市场监督管理局组织携程、去哪儿、飞猪、同程、美团、京东、 航旅纵横、高铁管家、滴滴、高德地图、百度地图、腾讯地图等12家涉及火车票网络销售业务的主流平 台，重点围绕群众反映强烈的网络销售火车票突出问题召开行政约谈会。北京市市场监督管理局明确提 出四项合规经营要求。一是严格落实主体责任与社会责任，树立正确经营理念，为旅客出行"多助力、 少添堵"；二是全面排查业务模式与服务流程，禁止明示或者暗 ...