🔹 Revenue: $6.80B (Est. $6.55B) 🟢; +16% YoY
🔹 Adj EPS: $55.40 (Est. $50.38) 🟢; +32% YoY
🔹 Adj EBITDA: $2.42B (Est. $2.21B) 🟢; +28% YoY
🔹 Gross Bookings: $46.7B (Est. $46.25B) 🟢; +13% YoY
🔹 Room Nights: 309M (Est. 304.55M) 🟢; UP +8% YoY
🔹 Free Cash Flow: $3.14B; UP +32% YoY
🔹 Operating Cash Flow: $3.20B; UP +27% YoY
Q3 Guidance
🔹 Room Nights Growth: 3.5%–5.5%
🔹 Gross Bookings Growth: 8%–10%
🔹 Revenue Growth: 7%–9%
🔹 Adjusted EBITDA: $3.9B–$4.0B
FY25 Guidance
🔹 Gross Bookings Growth: Low double digits 😕
🔹 Revenue Growth: Low double digits
🔹 Adj. EBITDA Growth: Mid-teens %
Q2 Segment:
🔹 Alternative Accommodation Room Nights: UP low double-digit % YoY
🔹 Airline Tickets: UP +44% YoY
🔹 Constant Currency ADRs: DOWN -1% YoY
Margins & Cost Metrics
🔹 Net Income Margin: 13.2% (vs 26.0% in Q2'24)
🔹 Adjusted EBITDA Margin: 35.6% (vs 32.4% in Q2'24)
🔹 Marketing Expense as % of Gross Bookings: 4.6% (vs 4.7% in Q2'24)
🔹 Adjusted Fixed Operating Expenses: UP +11% YoY
Shareholder Returns
🔹 Dividend: $9.60/share payable Sept 30, 2025
🔹 Share Repurchase: $1.3B in Q2; $24.6B remaining authorization
CEO Commentary (Glenn Fogel)
🔸 “We’re pleased with strong room night growth and double-digit gains in bookings and revenue.”
🔸 “Connected Trip transactions now represent a low double-digit share of Booking total, up +30% YoY.”
🔸 “Flight ticket volume jumped +44% YoY — a key vertical fueling this momentum.”
🔸 “We remain focused on long-term growth drivers that create meaningful value for travelers and partners.”
