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Expedia Group’s Big Break: B2B Growth, Vrbo Recovery And Margin Expansion!

Expedia Group reported first quarter 2026 results marked by growth in bookings, revenue, and profitability, surpassing internal guidance amid a mixed macroeconomic environment. Gross bookings increased 13%, driven by a 6% rise in room nights and a 4% increase in average daily rates on a foreign exchange-neutral basis. Revenue rose 15%, with foreign exchange contributing approximately 5 percentage points to growth. The segment of consumer-facing brands delivered 10% bookings growth to $24.8 billion with revenue increasing 8%, driven by sustained momentum in the U.S. and Vrbo. The business-to-business (B2B) segment saw stronger growth, with bookings up 22% and revenue increasing 25% to $1.2 billion, supported by key partners and elevated marketing activity, though promotional intensity moderated sequentially. Adjusted EBITDA reached $542 million, with a margin of 15.8%, the highest first quarter margin in 15 years, reflecting marketing leverage, cost efficiencies, and revenue flow-through.