Prepared remarks
Good day, everyone. Welcome to the Expedia Group Q2 2026 financial results teleconference. My name is Holly. I will be the operator for today's call. If you wish to ask a question at the end of the presentation, please press star followed by the number one on your telephone keypad. If you change your mind, please press star followed by one again to cancel your request. For opening remarks, I will now turn the call over to VP Investor Relations, Rob Bevegni. Rob Bevegni, please go ahead.
Good afternoon. Welcome to Expedia Group's second quarter 2026 earnings call. I'm pleased to be joined on today's call by our CEO, Ariane Gorin, and our CFO, Derek Andersen. As a reminder, our commentary today will include references to certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in our earnings release. Unless otherwise stated, all growth rates are on a year-over-year basis. Any reference to expenses exclude stock-based compensation. We'll also be making forward-looking statements during the call, which are predictions, projections, and other statements about future events. These statements are based on current expectations and assumptions, which are subject to risks and uncertainties that are difficult to predict. Actual results could materially differ due to factors discussed during this call and in our most recent Forms 10-Q, Forms 10-K, and other filings with the SEC. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. This call is being webcast on the investor relations section of our website at ir.expediagroup.com. A replay will be archived on our site. A slide presentation containing financial highlights has also been posted to our website. Starting this quarter, we expanded the presentation to provide additional context on our performance. For today's call, Ariane Gorin will begin with a review of our second quarter results. Derek Andersen will then provide additional detail on our financial performance, as well as our third quarter and full-year guidance. After our prepared remarks, we will turn the call over to the operator to begin the Q&A portion of our call. With that, let me turn the call over to Ariane Gorin.
Thanks, Rob Bevegni. Good afternoon, everyone. We had a solid second quarter, delivering strong financial results while making tangible progress on our strategic priorities. We exceeded the high end of both our top and bottom-line expectations for the fifth quarter in a row, growing bookings 12%, revenue 14%, and adjusted EBITDA 23%. We delivered new product experiences, expanded supply across our marketplace, and took an important step in building our one-stop B2B travel shop. Based on our first half results and the ongoing trends we're seeing, we're raising our full-year guidance. Derek Andersen will cover that shortly. Turning back to the second quarter, consumer spending was healthy, in particular in the U.S. Consumers continued to prioritize travel with longer lengths of stay and longer booking windows, even as air ticket and hotel prices rose. The World Cup generated modest incremental demand late in the quarter. A lot of bookings happened after the tournament began, a pattern we anticipated and were well-positioned to capture. Total booked room nights were up 6%, with mid-single digits in the U.S., low single digits in EMEA, and low double digits in the rest of the world. Europe remained pressured, particularly outbound travel, as macro headwinds and reduced air capacity weighed on demand. APAC rebounded from the disruption related to the Middle East. Our market-leading B2B team delivered its 20th consecutive quarter of double-digit growth, underscoring the durability and the momentum of this business. Consumer bookings were up 8%, driven by our fastest U.S. growth in 15 quarters. Active loyalty members increased low single digits with faster growth in our higher tiers. Over the last two years, we've executed on our three strategic priorities. One, delivering more value to travelers. Two, investing in our biggest growth opportunities. Three, driving operating efficiency and margin expansion. As a result, we've accelerated our consumer business, expanded margins by four points, and more than doubled our trailing 12-month free cash flow over that same period. We continued to progress these priorities in the second quarter. First, delivering more value to travelers. It starts with product experiences that make it easy for travelers to plan and book their perfect trip. AI is unlocking new ways to make these experiences simpler and more personalized. Last quarter, we launched new and updated conversational experiences, introducing natural language search on the Vrbo homepage and updating Property Expert and AI Compare in the hotel shopping flow. Our AI-powered personalization and recommendations keep getting smarter across all three of our consumer brands. On Expedia, our fastest-growing brand, this translated into another quarter of record attach rates. Travelers are getting even more value from booking their trips with us. Traveler value also comes from having the best assortment and price. We recently achieved a few big milestones. In July, we became the first OTA to distribute Allegiant flights and achieve full coverage of U.S. commercial airlines. This partnership further reinforces our position as the most complete travel marketplace in the U.S. On lodging, we expanded our supplier-funded promotions. More than 40% of Vrbo bookings last quarter included partner-funded offers, and our May sale was the first campaign to exceed $1 billion in bookings for participating properties. These are clear proof points of the strength of our two-sided marketplace, where travelers get better value and our supply partners capture incremental demand across rooms, seats, and cars. Turning to our second pillar, investing where we see the greatest opportunity to drive growth. In our consumer business, our sharper measurement and targeting capabilities are allowing us to invest in the highest return opportunities and leverage our marketing spend. We're investing in newer surfaces like AI and social platforms, where more consumers are starting their trip planning. AEO and social are two of our fastest-growing channels. While agentic traffic remains small, it's a promising channel with high purchase consideration. We're deepening our partnerships with leading AI platforms. During the quarter, we were an early adopter of ChatGPT's latest ad product and expanded our work across Google's newer AI services. Last week, we announced the acquisition of Layla, an AI conversational planning app, allowing us to capture new types of travelers while bringing learnings into our core business. In B2B, alongside investing in our existing partnerships, we continue building toward our vision of a one-stop travel shop for partners. In May, we announced our intent to acquire CarTrawler, the leading B2B car rental and insurance platform. Moving to our third pillar, driving operating efficiencies and margin expansion. We expanded margins by nearly two points in the quarter, driven by tight expense management and the consumer marketing leverage I just mentioned. Importantly, we're continuing to deploy AI to innovate faster and operate more effectively. On Vrbo, we launched an agentic voice solution to support partner inquiries previously handled by human agents. Early results are promising, with faster resolution and lower contact propensity. More broadly, our agentic technology stack is allowing us to design and ship products faster, ultimately unlocking new capabilities for both travelers and partners. As we scale these capabilities, we're managing token costs thoughtfully while giving broad access to our teams. In closing, we delivered strong second quarter results and are raising our full year outlook. I want to thank our teams for their hard work and our partners and travelers for their continued trust in us. With that, I'll turn it over to Derek Andersen.
Thank you, Ariane Gorin, good afternoon, everyone. I've had an exciting first quarter as part of the Expedia Group team and look forward to engaging with you all in the quarters ahead. Before I walk through our financials, you'll see that we've expanded the earnings presentation this quarter to provide additional details in an easier-to-access format. I'll focus my remarks here on the headline financials and guidance so we can get to your questions a little faster. Our second quarter performance exceeded the high end of our guidance, reflecting a healthy macro environment, continued momentum in our B2B segment, improved consumer marketing returns, and ongoing cost discipline. Gross bookings increased 12% year-over-year; this was driven primarily by 6% room night growth, as well as 5% ADR growth on an FX neutral basis. Revenue increased 14%, which exceeded our expectations entering the quarter. Foreign exchange was a tailwind for the business, contributing nearly half a point to bookings growth and four points to revenue growth. Adjusted EBITDA was $1.1 billion in Q2, representing a margin of 25.9%, which is an improvement of nearly two points compared to the prior year. The margin expansion was driven by a combination of cost efficiencies, consumer marketing leverage, and the flow-through of higher volume. Adjusted EPS grew 36% year-over-year, which reflects strong earnings growth as well as the accretive impact of share repurchases over the past year. We continue to generate strong free cash flow, which reached $4.5 billion on a trailing 12-month basis; this has fueled the return of capital to shareholders. During the quarter, we repurchased roughly 880,000 shares for $200 million at an average price of $226 a share. This brought our year-to-date share repurchases to $900 million, which is roughly in line with the first half of last year. Our capital allocation priorities remain unchanged, including investing organically in the business, pursuing disciplined M&A in support of our strategic priorities, and returning cash to shareholders in the form of dividends and opportunistic share repurchases. For our third quarter outlook, we expect gross bookings of $32.2 billion to $32.8 billion, representing growth of approximately 5% to 7% year-over-year. This assumes that growth in bookings and room nights moderates relative to Q2, reflecting tougher comparisons as we lap faster growth in the second half of last year and an estimated one point FX headwind at current rates. We expect revenue of $4.65 billion to $4.75 billion, representing growth of approximately 5% to 8% year-over-year, including an estimated one point FX benefit at current rates. We expect adjusted EBITDA of $1.51 billion to $1.56 billion, implying a margin of 32.5% to 32.8%. Margin expansion is expected to moderate in Q3 due to the lapping of prior year cost actions, ongoing investment in B2B growth, and unfavorable net FX impacts. We expect the pace of margin expansion to improve in Q4 as some of these pressures ease and as we continue to drive operating efficiency across the business. Based on the strength of the first half and our assumptions for the third quarter, we are raising our full year guidance. We now expect gross bookings of $129.5 billion to $130.8 billion, representing growth of 8% to 9%, and revenue of $16.05 billion to $16.22 billion, representing growth of 9% to 10%. Our guidance continues to assume foreign exchange tailwinds of approximately a point for gross bookings and two points for revenue. We are also raising our margin guidance for the full year and now expect adjusted EBITDA margin expansion of 150 to 175 basis points versus last year. With that, let's open the line to take your questions.
Questions and answers
As a reminder, if you would like to ask a question, please press star followed by the number one on your keypad. If you would like to retract your question, please press star followed by one again. Your first question comes from the line of Eric Sheridan with Goldman Sachs. Eric, your line is now open. Please go ahead.
Thanks so much for taking the question. Maybe just one, building on the prepared remarks. I'd love to go as deep as you're willing to go on how you're thinking about the interplay between AI-native channels outside the platform, some of the efforts you're making to build AI solutions that are consumer-facing on the platform and traditional advertising channels, in terms of thinking about driving return on ad spend and conversion over the medium to long term. Thanks so much.
Sure. I'll take that. I'll start with what we're doing in our product, and I really think about it in two categories. There's what we are doing with AI in our product right now that is delivering results in our core business, and there's what we are doing in our product that's not necessarily delivering conversion right now but we know is helping us better understand travelers and is going to have compounding benefits over time. In that first bucket, it's using AI for better recommendations, for better ranking, and for personalizing the UX and the content. There, we are seeing immediate impacts, and it's not only improving conversion, but, as you're getting traffic whether it's direct traffic or paid traffic, that is improving performance. In addition, just as an aside, the work we're doing in using AI with our technology teams to increase our cycle time is allowing us to innovate a lot faster. That's what we're doing in the product to increase conversion now. Also in the product, we're introducing these natural language experiences like Vrbo natural language search on the homepage, and these agents like Property Expert or AI Compare. Those are not driving conversion right now, but what we're finding is that you get over 60% more information about traveler intent, and that allows us to deepen the relationships with the traveler. Over time, I believe that's going to drive deeper conversion. I also believe there's a big growth opportunity in getting access to travelers who are starting outside of our brands in these AI experiences. As a reminder, two-thirds of our bookings in our consumer brands come direct. Of the third that is coming through paid channels, AI experiences, whether they are with ChatGPT, Claude, or Google's new experiences, are new opportunities for our brands to show up. It is early days. That area is fast-moving: the algorithms, the search UIs, all are moving quickly, and so we're staying close to it and vigilant. We are testing and participating everywhere things are evolving, and I see that over time as opportunities to bring more travelers into our business. There's a lot of complexity in understanding what the prompts are so that you can land them well in our product; again, I see that as a big opportunity.
Thanks so much.
Your next question comes from the line of Justin Post with Bank of America. Justin, your line is now open. Please go ahead.
Great. Thank you. Just on the B2B side, there could be some more competition coming down. Could you talk about the advantages you offer your partners and also the stickiness of the contracts that you have? Also, lapping some of the really good marketing efficiencies that started in the third quarter, how do you think about the potential for further marketing efficiencies from here? Thank you.
I'll take the first one, then I'll hand it over to Derek Andersen for the second one. The thing about the B2B space is it's always been competitive. I've been in it for over a decade; it's always been a competitive space. The good news is there's a very large addressable market for B2B partners. When I think about what we bring to the table, obviously we have great supply and content, strong technology, and really great servicing and partner accompaniment as we think about integrations. I'm not going to discuss individual partners, but some relationships are exclusive and some are not. My view is we have to prove day in and day out to our partners that they can trust us to build their business on top of us. It's important that it's a standalone business with a standalone P&L that has resources it can invest on its own. I'm excited about the investments we're making to build out the one-stop shop value proposition so that we can offer all components a partner might need to build their travel program. That was the announcement of CarTrawler this quarter and the acquisition we did of Tiqets. It's so we can have that complete one-stop travel shop from supply to technology to servicing and beyond.
Interesting. As it pertains to the contribution of marketing to the operating leverage and margins overall, you're right, we did make substantial progress over the last year in terms of driving margins. We are going to begin lapping that in the second half of the year. We had substantial reductions in marketing spend and drove out inefficient spend while redirecting spend to more productive channels. That's been a big contribution over the last year, and you can see that in the margins. We also made progress on overhead as well, so it's a broader picture than just marketing. As we go into the third quarter and the remainder of the year, we will begin lapping those things. However, the structural improvements we've made in the marketing program are going to endure and give us a base to drive further efficiencies going forward. We've continued to make incremental progress on the rest of the cost structure; overheads were flat year-over-year in the most recent quarter even as revenue rose 14%. We're committed to continuing to drive our strategic pillar of operating efficiency and scaling margins. I think you'll see that reflected in the update to the full year guide, where we took the EBITDA margin expansion range up to 150 to 175 basis points for the full year.
Your next question comes from the line of Douglas Anmuth with JPMorgan. Douglas Anmuth, your line is open. Please go ahead.
Great. Thanks much for taking the questions. I have two. Can you just talk about how some of your views around geographies have changed over the past few months? In particular, you mentioned Europe remains pressured, especially outbound. Also, what you're seeing with APAC, given some of the rebound there from the Middle East disruption. Then, Derek Andersen, if you could also walk through some of those back half dynamics on margin expansion where you talked about moderation in Q3 and then stronger Q4. Thanks.
Sure. I'll take the first part, then Derek Andersen can take the second one. Just in terms of the geo trends, the good news is we have a geographically balanced business. Our consumer business is two-thirds in the U.S. and one-third outside the U.S., and our B2B business is largely the inverse. We have supply that is able to respond to wherever traveler demand is. We'll lean in more where we see the most demand and the greatest returns. Over time, demand rebounds across the world. We'll take advantage when there's strength in one geography versus another. We have a long-term North Star of continuing to grow our business in the areas where we're strongest and identifying geographies where our consumer brands have relevance but haven't yet reached their fair share.
As it pertains to the go-forward margin side of things, number one, I would reiterate we remain committed to our strategic pillar of driving operating efficiency and expanding margins over time. In Q3 specifically, a few factors will weigh on margins in the very near term. First, we're going to lap some very substantial reductions in the cost structure from a year ago; that'll weigh a little on the margins in the near term. Second, we made progress not just on marketing but on overheads, and we will lap some of those improvements as well. We also face some net FX headwinds that will impact us in Q3. That said, in the update to the full year margin expansion guidance of 150 to 175 basis points, that implies that in Q4, at the midpoint, we'd be expanding by about 50 basis points. We'll see some of the pressures that are specific to Q3 ease in Q4, and we'll also see ongoing benefits of our efficiency initiatives continue to build over time. Margin expansion won't always be perfectly linear, but it is an important part of the strategy and something we are committed to driving.
Thank you both.
Your next question comes from the line of Jed Kelly with Oppenheimer. Jed Kelly, your line is open. Please go ahead.
Hey, great. Thanks for taking my question. Just circling back on B2B, getting a lot more investor comp questions on competition. Can you just talk about where we are in the competitive landscape? Also, on a follow-up on B2B, it seems like overhead expense increased a decent amount in the B2B segment. Was there anything there to call out? Thank you.
Sure. I'll talk about competition. As I said, it's a big addressable market. If you think about the travel business, it's over $3 trillion. If you exclude hotel and airline direct and the three big OTAs, there's still a lot of space. For us, we look at offline retail, other online travel agents, loyalty programs, corporate travel agencies—where people look when they plan travel beyond our core consumer brands—and how we can show up well. Competition forces you to be better, whether that's having more service offerings or better service levels. Our focus is ensuring we have a great value proposition. Derek can talk about the expense question, but I assume some of the expense you're seeing is related to the build-out of additional lines of business. That business today is very lodging-focused. We do sell other lines of business, but over time we want to become the one-stop travel shop.
Jed Kelly, in terms of the margin point, Ariane's exactly right. There are investments going into the B2B segment to drive the one-stop shop and build out our lines of business. One aspect is the digestion of Tiqets and that acquisition in Q2; that weighed a bit on the costs you're seeing. Another factor is the geography of FX hedging and where that shows up in the P&L; you're seeing some of that show up on that line item and impacting the margin as you pointed out. Hopefully that context helps.
Thank you.
Your next question comes from the line of Ken Gawrelski with Wells Fargo. Ken Gawrelski, your line is open. Please go ahead.
Thank you very much. Two, if I may, please. First, could you talk about your approach to the marketing landscape? There's been some changes on the search side; SEO has been called out across the consumer landscape. Could you talk about what you're seeing there? Then second, as you think about your second half outlook, could you discuss your outlook for ADRs and the environment as we think about the difference between bookings and nights growth? Thank you.
Sure. I'll take the first one, and Derek can take the second one. When I think about organic traffic—and I'm grouping together SEO and AEO—organic search traffic is stable to slightly up. AEO is one of our fastest-growing channels, and SEO has remained a bit soft but stabilized over the last few quarters, which I attribute to the team's work. A number of quarters ago, we organized a small team to look at organic across AEO and SEO, increased testing velocity on both technical and content fronts, and used AI to improve performance in that channel. That said, it's a fast-changing space: algorithms and search page changes are happening faster than in the past, which is why we remain vigilant, monitor changes, and react. Today, we believe we're getting at least our fair share, and organic traffic is important to us, so we are staying on top of it.
In terms of the second half guidance on bookings and related metrics, we're assuming that the healthy demand trends we saw through Q2 and into early Q3 persist, led by a particularly strong U.S. and domestic market. We do see the conflict in the Middle East having some impacts. The direct impacts in that region are limited because our business there is relatively small, but there are secondary impacts—jet fuel prices and airline ticket prices—that can have some effect. Overall, the resiliency in the travel market and consumers continuing to prioritize travel led to a relatively resilient environment, which informed our Q3 guide and the full-year update. Regarding bookings and room nights specifically, we face much tougher comparisons in the second half of the year, and we've incorporated that into the Q3 guide and our full-year update. We expect growth rates to decelerate as we see those comps, more so on bookings and somewhat less so on room nights, but both numbers face tougher comps.
Thank you.
Your next question comes from the line of Lloyd Walmsley with Mizuho. Lloyd, your line is now open. Please go ahead.
Thanks. Derek Andersen, great to be interacting with you again in a new forum. I wanted to just get your sense of anything that surprised you the most, or where do you see the most opportunity as you dive into the business? Then, on AEO, it sounds like it's more meaningful for you and growing faster than what some peers are seeing. Is there anything you can elaborate on? Do you think it's a bigger consumer activity in the U.S., or that you are approaching it in a unique way? Do you think it's likely to be meaningful anytime soon? Anything more you could help us understand would be great. Thanks.
I'll start with AEO, then Derek can address your question about surprises and opportunities. AEO is still a small channel but one of our fastest-growing channels. We organized ourselves early around it to understand visibility in prompts and AI answers and how to ensure we get the right visibility. It's a combination of work in our brands, our brand value propositions, and technical work. What excites me is it's changing quickly. We're figuring out how to make sure our brands show up organically, and there are opportunities with connectors or micro apps in Claude and ChatGPT. In some cases, we can control more of the interface where our brand appears, and in others we cannot. It's too early to declare that anyone is getting more than others, but we have a team focused on it. It's not just technology: it's also work on brand value propositions, making sure we have complete content, and ensuring travelers understand that when they come to Expedia, Hotels.com, or Vrbo, they'll get a complete shop, loyalty programs, and multi-currency payments. It's the full value proposition that we need to ensure comes through.
Lloyd Walmsley, it's great to engage with you again. Before joining Expedia, I was excited by the travel market's size and the scale of the opportunity. This business has leading consumer brands in key markets and a leading B2B platform. After spending time with the team, many of the things I hoped would be true at the outset have proven true. I'm particularly pleased with the quality of the team and their consistent operational execution. What's more exciting is how much of the opportunity ahead is something we can capture through our own execution and efficient scaling. I'm excited to dig in with the team and capitalize on that.
All right. Thank you.
Your next question comes from the line of Deepak Mathivanan with Cantor Fitzgerald. Deepak, your line is open. Please go ahead.
Thank you. This is Cameron on for Deepak Mathivanan. Just one quickly on B2C. It seems like there is some nice margin expansion there this quarter. Can you give more color on the drivers of margin expansion here? What does the runway look like into 2027?
As you noted, we had nice margin expansion. We grew bookings 8% while leveraging marketing spend, which was only up 1%. That came from our fastest U.S. growth in 15 quarters and a healthy environment. It was driven by pulling on all the levers of the marketplace: product improvements such as recommendations and ranking, funnel optimizations like checkout improvements in Vrbo, and growth in our supply footprint. Our May sale was record-breaking and helped travelers find what they were looking for, driving attach in supply. The performance of our top-tier loyalty members—silver and above—was strong in both bookings and retention. In marketing, measurement improvements allowed us to better understand incrementality and returns. The team is also using technology to be more effective: developing agentic systems to create personalized ads at scale, using both our technology and third-party tech. There's more to do, but I'm pleased with the work the team has done and the margin expansion.
Your next question comes from the line of Mark Mahaney with Evercore ISI. Mark, your line is open. Please go ahead.
Two questions, please. One on advertising revenue: an update on the traction you're seeing there. I think over time you've been trying to thoughtfully roll out advertising revenue to more surfaces like Vrbo. Just an update on that. Secondly, I think you touched on it briefly, but the impact of the World Cup in Q2 and Q3—was it material at all to Expedia? Thank you very much.
Hi, Mark. On the advertising business, growth was stable relative to Q1 and Q2. Looking ahead, we see substantial opportunity to sustain healthy growth: expanding geographic reach, extending our ad solutions into B2B and Vrbo, and monetizing more areas of our sites. On Vrbo specifically, it is very early, but we're excited about the opportunity and have new leadership there. It's a business I'm familiar with, and I'm eager to help build it over time. Regarding the World Cup, as Ariane mentioned in prepared remarks, we saw related bookings come in late; the impact on the quarter was relatively modest overall. We saw it show up more in ADRs than in room nights, and the overall impact on bookings was modest.
Okay. Thank you, Derek Andersen.
Your next question comes from the line of Kevin Kopelman with TD Cowen. Kevin, your line is open.
Thanks a lot. Could you give some more color on how you've seen U.S. and Mexico trips progress as we've gotten further away from the security incident you called out last quarter? Thanks.
I would say we've seen a normalization. We've seen normalization.
Okay, great. Could you also touch on B2B sales and marketing? It looks like that ticked down year-over-year for the first time since you started disclosing that. What are the key drivers there, and how are you thinking about the second half? Thanks.
Sure. On B2B margins, we're pleased with the growth of the business. Near-term drivers include partner mix and the pace of our investments in long-term growth. On partner mix, we've continued to see strong partner promotional activity, which was a big driver in Q1 and persisted in Q2. We're prioritizing the growth of the business, investing in building out and acquiring new lines of business like Tiqets, enhancing product capabilities, and investing in partnership and sales to grow our partner base. We have over 70,000 partners today and are looking to deepen those relationships through additional lines of business. That shapes the near-term mix and margin drivers. As a reminder, we're committed to our efficiency and margin expansion pillar and are driving those initiatives across the business.
Thank you.
Your next question comes from the line of Naved Khan with B. Riley Securities. Naved Khan, your line is open. Please go ahead.
Great. Thanks a lot. Two questions. One, Ariane, you mentioned good attach rates in Expedia. Could you talk about which products are seeing the most attach rates and where you're seeing the most success? Second, any color on the Uber partnership—any early read on how that's rolling out, and what you contemplate in your guidance in terms of contribution from that partnership? Thank you.
I won't comment on individual partners; it's not material to our guidance. On attach, it depends on the trip's starting point. If a trip starts with a flight, we're more likely to attach lodging or a car. If it starts with a hotel, we might attach a car or insurance. Record attach rates reflect personalization: understanding the next best thing to recommend for a traveler. If someone has already booked a flight to a destination, we might know the best hotel choices to propose based on the trip and traveler data. The team has optimized those recommendations and the UX—where to place attach messaging in the app and post-sale communications. It's a combination of personalization, UX design, and post-booking engagement.
Maybe to drill into that, what kind of runway do you see ahead for continuing to drive attach rates higher? Where are we in the innings?
I would say there's still quite a bit of runway. We have good data on travelers who book one trip element and their likelihood of booking additional trip elements. Without sharing exact numbers, I see additional upside to increase multi-item trips, even though I believe we're currently best in class.
We have reached the end of the Q&A session. I will now turn the call back to Ariane Gorin for closing remarks.
Well, thank you all for joining our call and for your questions. As you saw, we delivered strong results ahead of our expectations as consumers continue to prioritize travel. As we look ahead, we remain confident in our strategy and our ability to execute and drive long-term value for travelers, partners, and shareholders. Finally, a big thank you again to our team.
This concludes today's call. You may now disconnect your lines. Have a nice day.