Just caught the Expedia earnings report from last month and it's a wild case of beating hard but still getting punished. They crushed Q4 with 11% revenue growth to $3.55B, EPS jumped 58% year-over-year, and they're throwing cash back at shareholders with a 20% dividend bump plus $1.7B in buybacks. The bro flow of capital returning to investors was strong. But here's the thing - the stock tanked nearly 7% anyway because management came out pretty cautious on 2026 guidance. CFO basically said the macro environment is too dynamic to get too optimistic, so they're dialing back margin expectations for the year. Revenue guidance sits at $15.6-16B, which is actually a bit light versus what Wall Street was looking for. First quarter might be okay with lower costs, but they're signaling the rest of 2026 could be choppy. It's that classic disconnect where fundamentals look solid but forward outlook kills momentum. Booking growth was still double-digit, so the business isn't breaking, but sentiment clearly shifted on macro concerns.