Expedia Q3 2025 Earnings Lift 2025 Forecast

Expedia Group’s third-quarter 2025 earnings (EXPE) showed stronger revenue and margins. On Nov. 6, the company raised its full-year 2025 revenue and gross-bookings guidance after reporting robust business-to-business (B2B) travel demand that boosted bookings.

Quarterly Results and Profitability

Expedia reported third-quarter revenue of $4.41 billion, up 9.0% year-over-year, with adjusted earnings per share rising 23.0% to $7.57. Gross bookings increased 12.0% to $30.7 billion. Adjusted EBITDA, a proxy for operating profit, grew 16.0% to $1.45 billion, while margins expanded by 208 basis points to 32.9%.

GAAP net income rose 40.0% to $959 million, and operating income increased 36.0% to $1.04 billion. Room nights booked totaled 108 million, an 11.0% increase, with U.S. nights growth reaching its highest level in over three years. Management attributed these volumes to resilient travel demand across customer segments.

B2B Growth Drives Outlook

B2B gross bookings surged 26.0% year-over-year, while B2B revenue rose 18.0%, which management identified as the primary growth driver. Consumer gross bookings grew 7.0%, a slower pace than in earlier quarters. The strong B2B travel demand underpinned the quarter’s results and shifted the booking mix.

Expedia raised its full-year 2025 guidance to gross-bookings growth of 6.0%–8.0% and revenue growth of 6.0%–8.0%, describing the outlook as realistic and based on continued B2B momentum and normalization of consumer demand. The company did not provide updated margin or EPS guidance. No material regulatory disclosures accompanied the release.

The company held its earnings call at 4:30 p.m. ET on Nov. 6. Major outlets reported after-hours stock movement, and Reuters noted a premarket surge on Nov. 7.