“We expect the Transformation Program to deliver in-year savings of $500 million to $550 million in 2026 or more than $250 million higher than in 2025.”

In context

“in trading on a post-split basis starting April 6. Moving to our thoughts for the full year 2026. We intend to build upon what we accomplished in 2025, a year in which we reinvested in our strategic priorities and expanded adjusted EBITDA margins. We exited 2025, having enabled approximately $550 million in annual run rate savings through our transformation program, meeting the high end of our previous guidance. We expect to deliver these run rate savings by the end of 2026. We estimate the aggregate transformation costs will be less than 1x the ultimate annual run rate savings. In 2026, we will maintain this disciplined model, driving further operational efficiencies, including through the Transformation Program to free up capacity for continued reinvestments in our strategic priorities. We expect the Transformation Program to deliver in-year savings of $500 million to $550 million in 2026 or more than $250 million higher than in 2025. Beyond the Transformation Program, we aim to drive additional efficiencies in our ongoing operations through both marketing and fixed operating expense leverage. With the capacity created by these savings and efficiencies, we are reinvesting about $700 million above our baseline investments in 2026 into areas such as progressing our GenAI capabilities, advancing our Connected Trip vision, growing in Asia and the U.S., growing our advertising business, OpenTable's international expansion and expanding our fintech and loyalty offerings. We expect these initiatives to contribute approximately $400 million in incremental revenue in 2026, resulting in a net impact of about $300 million to adjusted EBITDA for the year. We expect the reinvestments in 2025 and 2026 will help us to deliver constan”