Expedia Group, Inc. (NASDAQ:EXPE) stock fell Friday despite delivering a strong fourth-quarter beat, as investors weighed cautious macro commentary and tempered margin expectations for the year ahead.

The online travel giant topped Wall Street estimates on both revenue and earnings, posted double-digit booking growth, boosted its dividend, and repurchased $1.7 billion in stock, yet the stock fell nearly 7% in premarket trading as guidance signaled a more measured outlook for 2026.

Earnings Snapshot

Revenue rose 11% year over year (Y/Y) to $3.55 billion, exceeding the street view of $3.419 billion.

Adjusted EBITDA rose 32% Y/Y to $848, with EBITDA margin expanded 368 bps Y/Y to 23.9% in the fourth quarter.

Adjusted EPS surged 58% Y/Y to $3.78, surpassing the street view of $3.33.

Operating cash flow stood at ...