Kevin Kopelman

Glenn said it is very early with no data yet, expressing personal enthusiasm but stressing customer usage data will decide the outcome.

Ewout provided specific quantification: ~3pp headwind in Q2, covering Middle East inbound/outbound, Europe-Asia corridors, and slightly lower ADRs. Direct and thorough response.

Glenn pivoted to historical resilience narrative rather than directly addressing current consumer cautiousness signals. Ewout later provided more specific data about healthy markets outside the Middle East.

Glenn cited three consecutive quarters of US acceleration, winning B2B contracts, and improving B2C through better product. Ewout highlighted strong direct channel growth as a payoff of brand investments.

Ewout described bifurcated US demand with high-end resilient but lower-end pressured, contrasted with strong European booking behavior and accelerating Asia growth.

Glenn described Genius as a three-way win that helps suppliers gain incremental demand without channel conflict, supplemented by mobile rates, geography rates, and data-driven targeting.

Glenn maintained the company's longstanding policy of not commenting on M&A activity.

Ewout cited higher direct traffic, improved performance marketing ROIs, and strong social media channel economics particularly through Meta partnership.

Mertz attributed first-time booker acceleration to compounding product work plus Reserve Now Pay Later, with outsized growth in expansion markets and improvement in core markets.

Ellie explained migration from dual fee (3% host + variable guest) to single service fee for API-connected hosts in October. Many hosts didn't increase prices, so effective guest ADR came down, improving affordability and driving Q4 growth. Currently piloting further migration for individual hosts. Foundational move for dynamic pricing tools.

Brian described new testing paradigm: simultaneously testing half a dozen to a dozen businesses in pilot markets before deciding to scale. Services, experiences, and hotels each seen as multibillion-dollar opportunities. Luxury segment highlighted as fast-growing.

Brian confirmed AI coming to app next year but declined to preview specifics. Ellie deferred 2026 margin guidance, noting continued new business investment plus core efficiencies.

Ellie broke down ADR drivers: underlying price appreciation tailwind, dissipating FX headwind, and geo mix shift away from high-ADR North America. Euro exposure more limited than peers.

Brian confirmed advertising is a billion-dollar opportunity but not the most perishable one. Not happening this year but on the horizon.

Ariane Gorin said U.S. and Mexico travel has normalized. Derek Andersen attributed near-term B2B margin dynamics to partner promotional mix (larger partners active) and deliberate long-term investment in new lines of business, product capabilities, and partnerships across 70,000-plus partners.

Ariane framed each brand needing to stand on its own. B2B value prop creates a flywheel benefiting all brands. Consumer brand leaders focus on making direct customers more loyal through value-add and tier growth.

Ariane cited 30% Asia growth, geographic diversity, and share gains with existing partners. On rev share pressure from new entrants, team constantly iterating product to drive stickiness.

Scott emphasized buybacks remain a priority with $3B+ remaining. On dividend, said let's start with 40 cents and see how things progress. Also noted room for M&A.

Leeny called leisure the surprise outperformer. Demographics (wealth concentration in 55+ cohort) and experience-over-goods trends supporting demand. Booking window too short to predict more than 3 weeks ahead.

CEO declined granularity, reiterating turnaround actions hit later 2027 and 2028, not Q1.

Michael noted slight impact from airfare spikes but global infrastructure provides offset as European customers book more when NA demand softens. Jason emphasized NA consumer health remains at highest levels seen, with some friction in travel experience temporarily affecting close-in bookings.