EXPENasdaqTransportation ServicesUS GAAP · USD

Expedia Group, Inc.

Expedia Group operates a global travel marketplace that connects travelers with lodging, flights, car rentals, cruises, activities and travel-related services through its consumer brands and B2B distribution tools. The company monetizes bookings, advertising and partner services across a broad supply network, using first-party data and technology to personalize travel shopping and distribution.

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Revenue14.7bn USD
+7.6 %y/y
Operating profit (EBIT)1,871m USD
+41.8 %y/y
EBIT margin12.7%
+3.1 ppy/y
Net income1,294m USD
+4.9 %y/y
Free cash flow3,110m USD
+33.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-5051015bn USD2020: 5.2 bn USD2020: EBIT -2.7 bn USD20202021: 8.6 bn USD2021: EBIT 0.19 bn USD20212022: 11.7 bn USD2022: EBIT 1.1 bn USD20222023: 12.8 bn USD2023: EBIT 1.0 bn USD20232024: 13.7 bn USD2024: EBIT 1.3 bn USD20242025: 14.7 bn USD2025: EBIT 1.9 bn USD202514.71.9
RevenueOperating profit (EBIT)
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Business

Share of revenue
B2C travel marketplaces65 %

Consumer-facing booking brands that sell lodging, packages, air, cars, cruises and activities.

B2B travel distribution and technology20 %

API, white-label and agent tools that let partners sell Expedia supply and rates.

Advertising and media10 %

Sponsored placements and referral traffic monetization for travel and adjacent advertisers.

Metasearch and referrals5 %

trivago-style referral revenue from sending users to travel suppliers and OTAs.

Products

Reported · share of revenue
79.8%9.5%FY2025100 %
  • Lodging79.8 %
  • Other Services9.5 %
  • EG Advertising5.1 %
  • Trivago Advertising2.8 %
  • Air2.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Expedia Group sells to leisure travelers, families and value-seeking consumers through its B2C brands, with Vrbo serving alternative-accommodation demand and Expedia/Hotels.com covering broader trip planning. It also sells to travel and non-travel businesses that need inventory, booking technology or distribution reach, including airlines, offline agents, online retailers, corporate travel managers and financial institutions. Advertisers and suppliers use the platform to access a large global audience and convert travel intent into bookings.

Consumer travelers

Individuals and families booking trips through Expedia, Hotels.com and Vrbo for convenience, price comparison and loyalty rewards.

Travel suppliers

Hotels, alternative accommodation hosts, airlines, car rental firms and cruise operators that distribute inventory and rates through Expedia's marketplace.

B2B partners

Airlines, offline travel agents, online retailers, corporate travel managers and financial institutions that embed Expedia supply and booking tools.

Advertisers and media buyers

Travel and non-travel advertisers that pay for audience access, referrals and promotional placements on Expedia's properties.

Strategy

Expedia Group is focused on strengthening its core brands, improving product/service offerings and using its supply scale and first-party data to increase booking conversion and customer loyalty. It is also expanding B2B distribution and global market reach, while unifying loyalty under One Key to improve repeat usage and cross-brand engagement. These priorities are meant to deepen wallet share with travelers and partners while defending against direct supplier channels and other online travel competitors.

Unify and scale One Key loyaltyShort term

A single rewards platform increases repeat bookings and cross-brand retention across Expedia, Hotels.com and Vrbo.

Grow B2B travel distributionMedium term

B2B products monetize Expedia supply through partners and diversify demand beyond direct consumer traffic.

Expand global market presenceMedium term

International growth broadens the traveler base and reduces dependence on any one market.

Geography

2025

Expedia Group is globally distributed, with consumer brands and partner tools marketed across many countries and regions rather than a single home market. The company highlighted continued investment in global market expansion beyond its core markets, and its brands use localized sites and geographic segmentation to match traveler demand. Geography matters because travel demand, supplier mix, regulation and competitive intensity vary materially by market, especially across the U.S., Europe and other international points of sale.

United States59 %
Other countries (US filing)41 %

Share of the revenue the company reports by geography.

Risks

Expedia faces intense competition from OTAs, metasearch, direct supplier channels, large internet platforms and emerging AI travel agents, which can pressure traffic, pricing and marketing efficiency. Its strategy execution also carries operational and technology risk, while the business depends on counterparties, payment flows and supplier relationships that can fail or shift. Travel demand is cyclical and exposed to macro shocks, and the company must continually invest to keep brands relevant and conversion high.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense global competition1Supplier disintermediation2Execution risk on strategic initiatives3Counterparty and settlement risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Intense global competitionImpact: HighLikelihood: High

    OTAs, metasearch, direct suppliers, large online platforms and AI agents all compete for the same traveler intent and bookings.

    ExposureTraffic acquisitionConversionPricingMarket share
  2. Supplier disintermediationImpact: HighLikelihood: Medium

    Hotels, airlines and car rental companies can push direct bookings with favorable rates or loyalty benefits.

    Exposure: Consumer booking mix and margin

  3. Execution risk on strategic initiativesImpact: MediumLikelihood: Medium

    Multi-year product, loyalty and efficiency programs can face delays, technology issues or higher costs.

    Exposure: Operating efficiency and customer retention

  4. Counterparty and settlement riskImpact: MediumLikelihood: Low

    The company holds traveler payments and relies on banks, insurers and suppliers to perform and remit funds.

    ExposureCash handlingForeign exchangeSupplier remittances
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Accounting

Judgemental items
Merchant revenue recognition

The company uses both merchant and agency hotel models, so gross bookings and revenue timing differ by transaction type.

Impact: Affects revenue margin, deferred merchant bookings and quarterly comparability

Loyalty rewards accounting

One Key and other programs require estimating standalone selling price and breakage for deferred rewards.

Impact: Affects deferred revenue and the timing of recognized revenue

Goodwill and intangible impairment

Brand and acquisition-related intangibles must be tested for impairment using fair value estimates.

Impact: Can create large non-cash charges if market assumptions weaken

Adjusted EBITDA adjustments

Management excludes SBC, acquisition-related impacts, restructuring and hedging items from non-GAAP results.

Impact: Affects how investors assess operating performance and cash earnings

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Last updated: 24/09/2026

Expedia Group, Inc. (EXPE) Revenue, Earnings & Financials 2025 – Clarifo