“We currently expect third quarter adjusted EBITDA margins to be similar to last year.”

In context

“h to be between 3.5% and 5.5%. We expect growth to moderate from the second quarter as the third quarter has a tougher prior year growth comparison. We currently expect third quarter gross bookings to increase between 8% and 10%, including 2 percentage points of positive impact from higher flight ticket growth. We expect constant currency accommodation ADRs will be down slightly year-over-year. We currently expect third quarter revenue growth to be between 7% and 9% lower than the increase in gross bookings due to a higher mix of flight bookings as well as increased merchandise and contra revenue some of which is related to bookings made in prior quarters. We currently expect third quarter adjusted EBITDA to be between $3.9 billion and $4 billion growing 9% year-over-year at the high end. We currently expect third quarter adjusted EBITDA margins to be similar to last year. This is primarily due to marketing leverage being offset by the timing of merchandising spend and increased sales and other expenses, some of which relate to the timing of payment costs. Turning to the full year 2025. While we recognize there is still elevated uncertainty in the macroeconomic and geopolitical environment, we are pleased to see that global travel demand trends continue to be steady so far in the third quarter. Given these trends and with improved visibility for the third quarter, which historically has been our largest revenue and profit quarter, we are increasing our full year guidance ranges at the midpoint. Assuming recent FX rates for the remainder of the year, we estimate changes in FX will positively impact our full year reported growth rates by about 3 percentage po”