Expedia: EXPE model update post 1Q26 Earnings

研报英文原文证据摘录

Expedia: EXPE model update post 1Q26 Earnings

Deutsche Bank

Research

Rating Company Date

Hold Expedia 18 May 2026

North America Reuters Bloomberg Rating Hold

United States EXPE.OQ EXPE US Price target (USD) 230.00 Price at 15 May 26 217.73

52-week range 301.31 – 158.98

TMT

Internet Valuation & Risks

EXPE model update post 1Q26 Earnings

Benjamin Black, CFA

The 1Q26 print delivered a clean beat across most KPIs — bookings of $35.5bn Research Analyst

+1-212-250-9218 (+13% y/y and ~1.3 points ahead of the Street), revenue of $3.43bn (+15% y/y and

2.2% ahead of the Street), and 1Q Adj EBITDA of $542mn / +591 bps margin Kunal Madhukar, CFA

expansion came in roughly 20%/235 bps ahead of consensus, anchored by a Research Analyst

striking +900bps swing in B2C segment margins to 20.1%. Underlying trends +1-212-250-9357

were arguably more impressive than the headline given EXPE absorbed an

Benjamin Hui, Esq. estimated ~2-point hit to both bookings and room nights from Mexico travel Research Associate

advisories and the Middle East conflict — March alone saw a ~5-6 point headwind +1-212-250-2064

to both bookings and room nights before recovering in April. Reported FXN

bookings growth was ~10% (13% headline less ~3 points of FX tailwind), and Jeff Seiner, CFA

adjusting back the ~2-point geopolitical drag implies underlying organic FXN Research Associate

+1-212-250-8153

growth closer to ~12% — a credible result against a noisy backdrop, and one that,

in our view, beat most estimates given the macro overlay. Yet shares fell after- Raymond Wong

hours (from $253 pre announcement to $218 at the close of last Friday vs S&P500 Research Associate

up less than 1 % over the same period), a reaction that we read more as a +1-212-250-2060