Q2 2025 Financial Performance - Room nights increased by 7% year-over-year to 105 million[10] - Gross bookings increased by 5% year-over-year to $30.4 billion[10] - Revenue increased by 6% year-over-year to $3.8 billion[12] - Adjusted EBITDA increased by 16% year-over-year to $908 million[12] - Adjusted EBITDA margin increased by 190 bps year-over-year[10, 22, 26] - Adjusted EPS increased by 21% year-over-year to $4.24[12] Segment Performance - B2B gross bookings increased by 17% year-over-year to $8.8 billion[17] - Advertising revenue increased by 19% year-over-year to $182 million[17] Guidance - Q3 2025 gross bookings are expected to increase by 5-7% year-over-year[61] - Q3 2025 revenue is expected to increase by 4-6% year-over-year[61] - Q3 2025 Adjusted EBITDA margin is expected to increase by 50-100 bps year-over-year[61]