The Top 5 Analyst Questions From Expedia's Q3 Earnings Call

Expedia’s third quarter was marked by strong operational execution and improved travel demand, leading the company to surpass market expectations. Management credited the performance to accelerated momentum in both B2B and consumer brands, with CEO Ariane Gorin highlighting, “We saw longer lengths of stay and longer booking windows, both signs of a stronger consumer.” The company also cited growth in room nights and the successful integration of AI features across its platforms as contributors to margin expansion and business growth.

Is now the time to buy EXPE? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Expedia’s Q3 Earnings Call

• Eric Sheridan (Goldman Sachs) asked about medium-term B2B growth drivers. CEO Ariane Gorin explained that growth would come from both new and existing partners, and the business remains geographically and partner-type diversified.
• Mark Mahaney (Evercore ISI) inquired about sustained margin expansion and the impact of AI-driven commerce. CFO Scott Schenkel cited multiple cost levers, including marketing, overhead, and product mix, while Gorin noted early gains from AI personalization.
• Justin Post (Bank of America) questioned post-replatforming benefits for Vrbo and Hotels.com. Gorin said the unified platform enables faster feature rollouts and loyalty integration, supporting recent outperformance in both brands.
• Lee Horowitz (Deutsche Bank) asked about maintaining marketing leverage amid rising competition. Schenkel emphasized agility in spend allocation and ongoing improvements in site conversion and customer traffic.
• Naved Khan (B. Riley Securities) sought clarity on Vrbo’s U.S. growth relative to the market. Gorin responded that Vrbo maintained or grew share and that product enhancements should support further gains.

Catalysts in Upcoming Quarters

Moving forward, key catalysts to watch include (1) the pace of AI feature adoption and its measurable impact on customer engagement and margins, (2) the strength and sustainability of B2B growth across geographies and partner types, and (3) competitive shifts in the U.S. hotel and alternative accommodation segments. Execution in driving repeat bookings and loyalty will also be key signposts for operational success.

Expedia currently trades at $273.20, up from $220 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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