Expedia Group (EXPE) Q1 FY2026 earnings: revenue $3.4 billion, up 14.7% on the year

Expedia Group, Inc. (EXPE) reported revenue of $3.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 14.7% on the same quarter a year earlier. Net income was -$6 million, and diluted earnings per share $-0.05. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2026.

Revenue

$3.4 billion

+14.7% on the year · -3.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

7.3%

-2.3% a year earlier

Q2 FY2024Q1 FY2026

Net income

-$6 million

Q2 FY2024Q1 FY2026

Diluted EPS

-$0.05

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new, 3 kept.

Revenue grew 15% on B2B: Revenue was $3,426 million against $2,988 million a year earlier. The company said B2B drove the increase, with B2B revenue of $1,183 million against $947 million.
Adjusted EBITDA rose 83%: Adjusted EBITDA was $542 million against $296 million a year earlier.
B2B gross bookings rose 22%: B2B gross bookings were $10,746 million against $8,836 million. B2B revenue was $1,183 million against $947 million a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,426	3,547	2,988	-3.4%	+14.7%
Cost of revenue	377	346	357	+9.0%	+5.6%
Gross profit	3,049	3,201	2,631	-4.7%	+15.9%
Gross margin	89.0%	90.2%	88.1%
Operating income	251	420	-70.0	-40.2%
Operating margin	7.3%	11.8%	-2.3%
Interest expense	111	121	58.0	-8.3%	+91.4%
Pre-tax income	25.0	254	-217	-90.2%
Income tax	37.0	42.0	-20.0	-11.9%
Effective tax rate	148.0%	16.5%	n/a
Net income	-6.0	205	-200
Net margin	-0.2%	5.8%	-6.7%
Diluted EPS	-$0.05	$1.60	-$1.56

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	3,931	304	2,952	+1,193.1%	+33.2%
Capital expenditure	184	185	196	-0.5%	-6.1%
Free cash flow	3,747	119	2,756	+3,048.7%	+36.0%
Free cash flow margin	109.4%	3.4%	92.2%
Cash from investing	-440	-199	-384
Cash from financing	-2,650	-389	-469
Depreciation and amortisation	228	220	219	+3.6%	+4.1%
Share-based compensation	103	105	98.0	-1.9%	+5.1%
Buybacks	788	327	384	+141.0%	+105.2%
Dividends paid	58.0	49.0	51.0	+18.4%	+13.7%
Dividend per share	$0.48	$0.40	$0.40	+20.0%	+20.0%
Diluted shares, weighted	122m	128m	129m	-5.0%	-5.3%
Shares outstanding at period end	114m	117m	122m	-2.1%	-6.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	576	1,284	1,072	-55.1%	-46.3%
Non-controlling interest	1,260	1,263	1,249	-0.2%	+0.9%
Debt	4,470	6,161	6,211	-27.4%	-28.0%
Operating lease liabilities	236	254	256	-7.1%	-7.8%
Other liabilities	19,917	15,490	17,326	+28.6%	+15.0%
Total liabilities and equity	26,459	24,452	26,114	+8.2%	+1.3%
Fixed assets	2,430	2,447	2,422	-0.7%	+0.3%
Goodwill	7,016	6,872	6,847	+2.1%	+2.5%
Intangible assets	887	819	808	+8.3%	+9.8%
Investments	576	600	715	-4.0%	-19.4%
Cash and equivalents	5,540	5,413	5,715	+2.3%	-3.1%
Receivables	5,149	4,166	4,449	+23.6%	+15.7%
Other assets	4,861	4,135	5,158	+17.6%	-5.8%
Total assets	26,459	24,452	26,114	+8.2%	+1.3%

Questions

What was Expedia Group's revenue in Q1 FY2026?

Expedia Group (EXPE) reported revenue of $3.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 14.7% on the same quarter a year earlier.

How much did Expedia Group earn in Q1 FY2026?

Net loss for Q1 FY2026 was $6 million, and the diluted loss per share $0.05.

When did Expedia Group report Q1 FY2026 results?

Expedia Group filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 8 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,279	2,249	3,181	3,619	2,618	2,665	3,358	3,929	2,887	2,889	3,558	4,060	3,184	2,988	3,786	4,412	3,547	3,426	4,315	4,938
Cost of revenue	395	371	419	455	412	414	407	412	340	358	362	388	335	357	377	376	346	377	403	419
Gross profit	1,884	1,878	2,762	3,164	2,206	2,251	2,951	3,517	2,547	2,531	3,196	3,672	2,849	2,631	3,409	4,036	3,201	3,049	3,912	4,519
Gross margin	83%	84%	87%	87%	84%	84%	88%	90%	88%	88%	90%	90%	89%	88%	90%	91%	90%	89%	91%	92%
Operating income	163	-135	345	747	128	-121	443	607	104	-110	451	762	216	-70.0	485	1,036	420	251	800	1,326
Operating margin	7%	-6%	11%	21%	5%	-5%	13%	15%	4%	-4%	13%	19%	7%	-2%	13%	23%	12%	7%	19%	27%
Interest expense	84.0	81.0	73.0	63.0	60.0	61.0	61.0	62.0	61.0	62.0	61.0	61.0	62.0	58.0	58.0	62.0	121	111	61.0	63.0
Pre-tax income	471	-208	-127	690	183	-61.0	464	444	171	-155	488	874	335	-217	423	1,131	254	25.0	1,027	1,303
Tax rate	16%	n/a	n/a	31%	4%	n/a	17%	31%	20%	n/a	23%	22%	10%	n/a	24%	15%	17%	148%	15%	20%
Net income	386	-122	-185	482	177	-145	385	425	132	-135	386	684	299	-200	330	959	205	-6.0	878	1,030
Net margin	17%	-5%	-6%	13%	7%	-5%	11%	11%	5%	-5%	11%	17%	9%	-7%	9%	22%	6%	-0%	20%	21%
Diluted EPS	$2.13	-$0.78	-$1.17	$2.98	$1.11	-$0.95	$2.54	$2.87	$0.92	-$0.99	$2.80	$5.04	$2.20	-$1.56	$2.48	$7.33	$1.60	-$0.05	$7.16	$8.42
Operating cash flow	285	2,991	1,628	-997	-182	3,157	1,146	-1,375	-238	2,879	1,501	-1,493	198	2,952	1,121	-497	304	3,931	1,478	-1,157
Capital expenditure	143	156	159	170	177	233	223	213	177	177	194	194	191	196	200	189	185	184	199	242
Free cash flow	142	2,835	1,469	-1,167	-359	2,924	923	-1,588	-415	2,702	1,307	-1,687	7.0	2,756	921	-686	119	3,747	1,279	-1,399
Buybacks	57.0	47.0	22.0	172	366	469	593	607	468	643	529	469	198	384	688	531	327	788	270	669
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	51.0	51.0	49.0	49.0	58.0	58.0	57.0
Shares outstanding	150m	152m	152m	151m	148m	144m	139m	134m	132m	128m	125m	123m	123m	122m	119m	118m	117m	114m	114m	113m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 8 May 2026: the filing.