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AI核心结论
Expedia Group delivered strong Q1 2026 results with revenue surging 14.7% YoY to $3.43B and operating income swinging to a $251M profit from a $70M loss, though net income remained slightly negative at -$6M due to below-the-line charges.
营业收入
$3.43B
同比 ++14.66%
每股收益（基本）
$-0.05
同比 ++96.79%
营业利润
$251M
同比 ++458.57%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Expedia Group (EXPE) Q1 FY2026 营收 $3.43B，同比增长 14.7%。 净亏损 $6M，稀释每股收益 -$0.05。
Revenue grew 14.7% year-over-year to $3.43B in Q1 2026, up from $2.99B in Q1 2025, reflecting robust demand recovery and continued momentum across Expedia's travel booking platforms.
来源: Source: 10-Q Income Statement
Operating income swung from a -$70M loss in Q1 2025 to a $251M profit in Q1 2026, representing a 458.6% improvement and an operating margin expansion of approximately 970 basis points to 7.3%.
来源: Source: 10-Q Income Statement
Operating cash flow surged 33.2% YoY to $3.93B, significantly outpacing revenue growth and demonstrating strong cash conversion, while free cash flow (operating cash flow minus investing cash flow of -$440M) came in at approximately $3.49B.
来源: Source: 10-Q Cash Flow Statement
Financing cash outflows reached -$2.65B in Q1 2026 versus -$469M in Q1 2025, driven by a 105.2% increase in share buybacks to $788M, signaling management's confidence in the business and commitment to returning capital to shareholders.
来源: Source: 10-Q Cash Flow Statement
Long-term debt declined 28.0% YoY to $4.47B from $6.21B, improving the company's balance sheet leverage profile despite stockholders' equity declining 46.3% to $576M, partly reflecting the impact of buybacks reducing book equity.
来源: Source: 10-Q Balance Sheet
Stockholders' equity fell 46.3% YoY to just $576M, driven in part by aggressive share repurchases reducing book value. If this trend continues, Expedia could approach negative equity territory, which may concern lenders and counterparties.
来源: Source: 10-Q Balance Sheet
Expedia's current ratio stands at 0.73, meaning current liabilities of $19.36B significantly exceed current assets of $14.15B. While this is partly structural due to merchant model deferred revenue and traveler deposits, it represents a meaningful short-term liquidity risk if market conditions deteriorate.
来源: Source: 10-Q Balance Sheet
Despite a strong operating income of $251M, net income remained negative at -$6M, indicating material below-the-line costs such as interest expense, taxes, or non-operating charges that are consuming operating profits. This disconnect between operating and net performance warrants monitoring.
来源: Source: 10-Q Income Statement
Financing cash outflows of -$2.65B in a single quarter, including $788M in buybacks, represent a significant acceleration from prior year levels. Sustaining this pace could strain liquidity, particularly given the already sub-1.0 current ratio.
来源: Source: 10-Q Cash Flow Statement
Cash and equivalents declined 3.1% YoY to $5.54B despite strong operating cash flow, as capital was deployed toward buybacks and debt repayment. A continued decline in cash reserves could limit financial flexibility in a downturn.
来源: Source: 10-Q Balance Sheet
Q1 FY2026 实际 EPS $1.95，分析师一致预期 $1.41，超预期 +38.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.43B | $2.99B | +14.66% |
营业利润 | $251M | $-70M | +458.57% |
净利润 | $-6M | $-200M | +97.00% |
每股收益（基本） | $-0.05 | $-1.56 | +96.79% |
每股收益（稀释） | $-0.05 | $-1.56 | +96.79% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $26.46B | $26.11B | +1.32% |
流动资产 | $14.15B | $13.59B | +4.17% |
流动负债 | $19.36B | $18.57B | +4.25% |
股东权益 | $576M | $1.07B | -46.27% |
现金及等价物 | $5.54B | $5.71B | -3.06% |
长期债务 | $4.47B | $6.21B | -28.03% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.93B | $2.95B | +33.16% |
投资活动现金流 | $-440M | $-384M | -14.58% |
筹资活动现金流 | $-2.65B | $-469M | -465.03% |
股票回购 | $788M | $384M | +105.21% |
折旧及摊销 | $228M | $219M | +4.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 7.3% | -2.3% | +9.67% |
净利率 | -0.2% | — | — |
净资产收益率 | -1.0% | — | — |
总资产收益率 | -0.0% | — | — |
流动比率 | $0.731 | — | — |
预计发布日期、分析师预期与关注要点
Hotels, Resorts & Cruise Lines 行业其他公司
Expedia's Q1 2026 results showed strong operational improvement, with revenue of $3.43B (+14.7% YoY) and operating income of $251M versus a -$70M loss a year ago. However, net income remained slightly negative at -$6M and EPS came in at -$0.05, so whether it beat consensus estimates depends on what analysts had modeled for the quarter.
The headline takeaways are a 14.7% revenue surge to $3.43B, a dramatic operating income turnaround to $251M from -$70M, and operating cash flow jumping 33% to $3.93B. The company also aggressively returned capital via $788M in buybacks and reduced long-term debt by 28% to $4.47B.
Expedia's revenue grew 14.7% year-over-year to $3.43B in Q1 2026, compared to $2.99B in Q1 2025, driven by continued strong travel demand across its booking platforms. This revenue growth also translated into meaningful operating leverage, with operating margin expanding nearly 970 basis points to 7.3%.
Expedia's financial health shows a mixed picture: operating performance is improving strongly, but the balance sheet carries risks including a current ratio of 0.73 (below 1.0), stockholders' equity of only $576M (down 46% YoY), and a debt-to-equity ratio of approximately 7.8x. On the positive side, the company holds $5.54B in cash and generated $3.93B in operating cash flow.
Despite $251M in operating income, Expedia's net income was -$6M in Q1 2026, suggesting approximately $257M in below-the-line costs such as interest expense on its $4.47B long-term debt, taxes, and other non-operating items. This is a significant improvement from -$200M in Q1 2025, and the company appears close to achieving sustained net profitability.