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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesExpedia Group reported $3.547 billion in revenue for the quarter ended December 31, 2025, up 11% from a year earlier. Shares fell more than 3% in after-hours trading following the February 12, 2026, announcement, even though the company topped analyst estimates cited by GeekWire. That market move was an immediate, time-specific reaction; the available reporting does not establish a definitive reason for it.
What Expedia reported for Q4 2025
Expedia’s fourth-quarter and full-year 2025 results were released on February 12, 2026. The company reported $3.547 billion in quarterly revenue, commonly rounded to $3.55 billion, and $27.003 billion in gross bookings. Both measures increased 11% year over year. Booked room nights rose 9%.
Revenue is the amount Expedia recognized from its business; gross bookings represent the value of travel booked through its platforms and are not the same as revenue. The parallel 11% growth rates therefore describe distinct measures.
How earnings growth differed by measure
Expedia’s adjusted and GAAP results moved in opposite directions. Adjusted measures exclude items under the company’s non-GAAP methodology, while GAAP figures reflect accounting results under generally accepted accounting principles.
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| Q4 2025 measure | Reported result | Year-over-year change |
|---|---|---|
| Adjusted diluted EPS | $3.78 | Up 58% |
| GAAP diluted EPS | $1.60 | Down 27% |
| Adjusted EBITDA | $848 million | Up 32% |
| Net income attributable to Expedia Group | $205 million | Down 31% |
The gap matters: citing adjusted EPS alone would miss the decline in GAAP diluted EPS and net income. Readers comparing results should keep the measure attached to each growth rate.
Why did Expedia shares fall after revenue rose?
GeekWire reported that Expedia shares declined more than 3% in after-hours trading after the earnings announcement. Its account also said analysts expected $3.41 billion in revenue and $3.37 in adjusted EPS; Expedia reported $3.547 billion and $3.78, respectively. The estimates are those reported by GeekWire, not figures provided by Expedia as company guidance.
Beating those reported estimates and seeing shares fall can happen at the same time. A brief after-hours move does not, by itself, reveal what investors weighed or establish a single cause. The sources cited here do not verify that guidance, margins, layoffs, or any other specific factor caused the decline. Nor does the after-hours report describe the regular-session closing price or the share price today.
Full-year and business-mix context
For full-year 2025, Expedia reported revenue of $14.733 billion, up 8%, and gross bookings of $119.590 billion, also up 8%. Within Q4, B2B gross bookings grew 24%, while B2C gross bookings grew 5%. Those are bookings growth rates, not revenue growth rates.
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Q4 2025 is no longer Expedia’s latest reported quarter
As of October 8, 2026, the February earnings announcement is historical rather than the company’s newest result. Expedia’s later Q2 2026 release reported revenue of $4.315 billion, up 14% year over year, and raised full-year revenue guidance to $16.05 billion–$16.22 billion. The Q4 figures above should be read as results for the quarter ended December 31, 2025, not as current performance.
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