Expedia Group Inc

Q2 performance beat guidance (top + bottom line) with strong profitability + cash - Gross bookings +12% YoY, revenue +14% YoY, adjusted EBITDA $1.1B at 25.9% margin (~+2 pts YoY), adjusted EPS +36% YoY. - Management cited drivers: cost discipline, strong consumer marketing leverage, and volume/mix flow-through. - Trailing-12-month free cash flow $4.5B (returned cash to shareholders).

Capital return: ongoing buybacks - Repurchased ~880k shares for ~$200M in the quarter (avg price ~$226). - YTD repurchases: ~$900M, described as roughly in line with first half of last year. - Dividends mentioned as part of capital allocation, plus opportunistic repurchases (no dividend amount given on-call).

Forecasts/Guidance raised for FY2026; Q3 expectations point to deceleration - Q3 outlook: gross bookings $32.2B–$32.8B (~+5%–7% YoY); revenue $4.65B–$4.75B (~+5%–8% YoY); adjusted EBITDA $1.51B–$1.56B implying 32.5%–32.8% margin. - Management explicitly expects margin expansion to moderate in Q3 (lapping prior-year cost actions, investing in B2B growth, and unfavorable net FX), with better margin momentum in Q4. - Full-year raised: gross bookings $129.5B–$130.8B (+8%–9% YoY); revenue $16.05B–$16.22B (+9%–10% YoY); adjusted EBITDA margin expansion guidance +150 to +175 bps (vs prior year).