Expedia Group

Expedia Q2 2026: 14% revenue growth and 23% Adjusted EBITDA expansion driven by B2B acceleration and lodging strength despite Middle East-driven air headwinds.

Expedia Group delivered $4.3 billion in Q2 2026 revenue, up 14% year-over-year, with total Adjusted EBITDA of $1.1 billion, up 23%. B2B is the structural growth engine, with gross bookings up 21% and Adjusted EBITDA up 12% in Q2, driven by Rapid API. Middle East geopolitical disruption reduced air ticket volume 5% in Q2 and is now explicitly cited as a demand suppressor extending into Europe in Q2, marking a qualitative escalation from prior-period language. Operating leverage is compressing as a share of revenue across cost of revenue, selling and marketing, and technology, validating the platform consolidation thesis.

Expedia Group is a global online travel company that operates a portfolio of travel brands enabling consumers to research, plan, and book travel products and services worldwide. The company connects travelers with hotels, airlines, vacation rentals, car rentals, cruises, and activities through its technology platforms. Its brands serve both leisure and business travelers across multiple geographies.

Primary products

• Online hotel and lodging reservations
• Alternative accommodations (Vrbo)
• Air ticket booking
• B2B travel technology (Rapid API)
• Travel advertising and media (EG Advertising, trivago)
• Car rental, cruise, activities, insurance