We show that the functional calculus, which maps operators A to functionals f(A), is holomorphic for a certain class of operators A and holomorphic functions f. Using this result we are able to prove that fractional Laplacians depend real analytically on the underlying Riemannian metric in suitable Sobolev topologies. As an application we obtain local well-posedness of the geodesic equation for fractional Sobolev metrics on the space of all Riemannian metrics. (Joint work with Martins Bruveris, Martin Bauer, and Peter W. Michor)