EXPE
Updated: 24/09/2026, 23:49:53
Expedia Group, Inc. operates as a leading online travel company, serving customers both within the United States and across international markets. The enterprise structures its extensive operations into three primary divisions: Retail, Business-to-Business (B2B), and Trivago. Its comprehensive brand portfolio caters to diverse travel needs. Key retail brands include Brand Expedia, a full-service online travel platform offering localized websites; Hotels.com, specializing in the marketing and distribution of lodging accommodations; and Vrbo, an online marketplace dedicated to alternative accommodation options. Other prominent travel booking websites under its umbrella are Orbitz, Travelocity, and CheapTickets. For the EMEA region, ebookers functions as an online travel agent, presenting travelers with a broad spectrum of choices, while Hotwire provides various travel booking services. Complementing these are CarRentals.com, an online car rental booking service; Classic Vacations, a specialist in luxury travel experiences; and Expedia Cruise, which guides travelers in booking cruises. In the B2B sphere, Expedia Partner Solutions offers travel and non-travel vertical services to a wide array of clients, including corporate travel management firms, airlines, travel agents, online retailers, and financial institutions. Egencia, another key brand, focuses specifically on delivering corporate travel management services. Further extending its reach, the portfolio also features Trivago, a hotel metasearch website that refers users to online travel companies and service providers, alongside Expedia Group Media Solutions. The company also provides online travel services through several regional brands like Wotif.com, lastminute.com.au, travel.com.au, Wotif.co.nz, and lastminute.co.nz. Beyond brand-specific offerings, Expedia Group, Inc. delivers loyalty programs, a wide array of hotel and alternative accommodation choices, and advertising and media services. Serving both individual leisure travelers and corporate clients, the company was initially founded as Expedia, Inc. in 1996. It subsequently rebranded to Expedia Group, Inc. in March 2018, and its headquarters are located in Seattle, Washington.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$14.7B
FY 2025 · Reported
Net income
$1.3B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$3.1B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.9B
FY 2025 · Reported
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Global travel marketplace with brand portfolio, technology platform and first-party data
“Expedia Group, Inc. is the global travel marketplace with one purpose: to help travelers explore the world, one journey at a time.”
Consolidated revenue 2025 vs prior years
Revenue $14,733M (2025), $13,691M (2024), $12,839M (2023)
“Revenue$14,733 $13,691 $12,839”
Intangible assets amortization policy
Definite-lived intangibles and other long-lived assets amortized straight-line over estimated useful lives of one to ten years
“amortized on a straight-line basis over their estimated useful lives of one to ten years.”
Foreign currency hedging program
Foreign currency forward contracts economically hedge merchant revenue exposures, loyalty program foreign-currency liabilities, and operating liabilities; typically short-term, no hedge accounting
“We use foreign currency forward contracts to economically hedge certain merchant revenue exposures, foreign denominated liabilities related to certain of our loyalty programs and our other foreign currency-denominated operating liabilities.”
Advertising expense policy
Advertising expense includes offline (TV, print) and online costs; production expensed on first airing, airtime expensed as incurred
“We incur advertising expense consisting of offline costs, including television and print advertising, and online advertising expense to promote our brands.”
B2C segment
B2C segment with core brands Expedia, Hotels.com, Vrbo plus Orbitz, Travelocity, ebookers, Wotif
“Our B2C segment provides a full range of travel and advertising services to our worldwide customers through recognized consumer brands”
trivago segment
trivago: majority-owned metasearch, Nasdaq-listed (TRVG), Dusseldorf-based
“trivago N.V. is our majority-owned hotel metasearch company, based in Dusseldorf, Germany.”
B2B segment
B2B segment: Rapid API, white label templates, TAAP, optimized distribution
“This includes connecting to Expedia Group's travel content through our API, Rapid; adopting one of our customized white label or co-branded ecommerce template solutions; or using our powerful agent booking tool, Expedia Travel Affiliate Agent Program ("TAAP")”
trivago subsidiary with standalone cyber program
Publicly-traded trivago subsidiary has its own standalone cybersecurity risk management program
“other than its publicly-traded trivago subsidiary, which has its own standalone cybersecurity risk management program”
Distribution channels
Apps, desktop/mobile, B2B partnerships, call centers, search/metasearch/social marketing
“Travel suppliers distribute and market products via our apps, desktop and mobile offerings, as well as through alternative distribution channels, our business partnerships and our call centers”
Currency translation and FX effects
Currency translation adjustments +$51M (2025); $120M FX gain on cash and $128M realized gain on foreign currency forwards in 2025
“Currency translation adjustments, net of taxes51 (28)27”
Public cloud reliance on AWS
Significant utilization of public cloud, primarily AWS
“significantly increase our utilization of public cloud computing services, primarily AWS”
Egencia sale and GBT lodging supply agreement
Egencia sold November 2021 to GBT with 10-year lodging supply agreement
“we shut down or sold a number of businesses since the beginning of 2020, including Egencia, a travel management company focused on corporate travel, in November 2021 and shifted to a 10-year lodging supply agreement with its purchaser, American Express Global Business Travel ("GBT")”
Share of global travel spending
Single-digit % of >$2 trillion 2026 global travel spending (Phocuswright estimate)
“Phocuswright estimates global travel spending, inclusive of alternative accommodations and tours and activities, at over $2 trillion in 2026.”
AI integration across products and operations
AI integrated into products, developer productivity and customer service
“During 2025, we have used artificial intelligence ("AI") to amplify our strategic priorities.”
Platform operating model and unified tech stack
Unified front-end tech stack (2023) and One Key loyalty program across Expedia, Hotels.com, Vrbo
“we migrated both the Hotels.com and Vrbo front-end stacks onto the Brand Expedia stack and created one unified front-end stack in 2023”
Net investment hedge: cross-currency interest rate swap
Fixed-to-fixed cross-currency interest rate swap with €220 million notional; receives USD fixed 5.4%, pays EUR fixed 4.061%; designated as net investment hedge of Euro subsidiaries
“We also have entered into a fixed-to-fixed cross-currency interest rate swap with an aggregate notional amount of €220 million.”
Debt balances and 2025 activity
Current maturities of long-term debt $1,692M; long-term debt $4,469M at Dec 31, 2025; $985M issuance and $1,044M repayment in 2025
“Current maturities of long-term debt1,692 1,043”
Capital returns: buybacks and dividends
$1,930M treasury stock purchases and $200M dividends declared at $1.60 per share in 2025
“Payment of dividends to common stockholders (declared at $1.60 per share)”
2024 hurricanes negatively impacted results
During 2024, Hurricanes Helene and Milton negatively impacted Q3 and Q4 financial results.
“during 2024, Hurricanes Helene and Milton negatively impacted our financial results for the third and fourth fiscal quarters, respectively.”
Goodwill balance
Goodwill of $6,872M at Dec 31, 2025; goodwill impairment of $297M recorded in 2023
“Impairment of goodwill— — 297”
Legal reserves, occupancy tax and other
Legal reserves, occupancy tax and other charges of $185M (2025), $118M (2024), $8M (2023)
“Legal reserves, occupancy tax and other185 118 8”
Alternative accommodations regulatory risk
Short-term rental regulations incl. EU Short-Term Rental Law effective May 2026
“we are subject to the EU Short-Term Rental Law, which comes into effect in May 2026, and will require platforms such as ours to obtain registration numbers for all alternative accommodations in the European Union”
Privacy and data protection regulation
20 US state privacy laws plus GDPR; rising enforcement and compliance costs
“Twenty U.S. states have passed comprehensive privacy legislation... the General Data Protection Regulation, or GDPR, that went into effect in the European Union in May 2018”
Generative/agentic AI intensifies competition
Rapid emergence of generative and agentic AI likely intensifies competition; failure to navigate the 'agentic' revolution could materially harm the business.
“The rapid emergence and adoption of generative and agentic AI is likely to further intensify competition for our services”
Google search position promotes its own travel services
Google has used its search market position to promote its own travel services, potentially disintermediating Expedia's platform.
“Google has used its search market position to promote its own travel services, potentially disintermediating our platform”
Dependence on travel industry health and macro/geopolitical demand drivers
Demand vulnerable to macro conditions, wars (Ukraine, Israel-Hamas), pandemics, hotel ADRs, airline capacity/pricing, weather events, labor issues, and travel restrictions.
“adverse macroeconomic and geopolitical conditions, such as slow growth or recession, high unemployment, inflation, tighter credit, higher interest rates”
Cybersecurity and system interruption risk
Cybersecurity attacks and system interruptions could harm operations; reliance on cloud and co-location providers
“The risk of a cybersecurity-related attack by criminal organizations, hacktivists, foreign governments, and terrorists, is persistent.”
Traffic dependence on search engines (Google)
Significant portion of website traffic comes from search engines such as Google via purchased keywords and organic search.
“We generate a significant portion of the traffic to our websites and the websites of our affiliates from internet search engines, such as Google”
Concentrated voting control by Mr. Diller
Mr. Diller can influence and potentially control significant corporate actions due to ownership and voting power.
“As a result of his ownership interests and voting power, Mr. Diller is in a position to influence, and potentially control, significant corporate actions”
AI technology risk
AI deployment presents legal, regulatory and reputational risks
“Our use of AI technologies in our products, services and operations present significant risks that could materially harm our business, reputation and financial performance.”
Refund obligations during travel disruptions constrain liquidity
Historically refunds prices/fees on airline tickets and hotel reservations during disruptions, which can constrain liquidity.
“provide relief to affected travelers by refunding the price or fees associated with airline tickets, hotel reservations and other travel products and services”
Cybersecurity risk management program
Cybersecurity program based on NIST Cybersecurity Framework and PCI DSS; Board oversight via Audit Committee; annual incident response testing and cyber insurance coverage
“The Company’s cybersecurity risk management program is based on industry standard information security principles and best practices, specifically the NIST Cybersecurity Framework and the Payment Card Industry Data Security Standard ("PCI DSS").”
Third-party service provider cyber risk management
Third-party service providers must comply with Company security standards with ongoing diligence and monitoring of provider access to information systems
“The Company’s external service provider management program requires all third-party service providers to comply with the Company’s security standards”
Substantial revenue comes from negotiated compensation with lodging suppliers, airlines and GDS partners; contracts renegotiated annually and compensation/inventory access could be reduced.
“A substantial portion of our revenue is derived from compensation negotiated with travel suppliers, in particular lodging suppliers, airlines and GDS partners for bookings made through our channels.”
Google's search dominance promotes its own travel services and can leverage user data against OTAs, threatening disintermediation and raising marketing costs.
“Google has used its search market position to promote its own travel services, potentially disintermediating our platform”
Gen AI and agentic AI entrants may deploy travel search/booking capabilities faster; consumer shift toward AI-driven platforms could cause market share loss and higher marketing expenses.
“If we are unable to successfully innovate and integrate advanced AI capabilities into our own products, or if consumer behavior shifts toward AI-driven platforms where we lack a significant presence, we may experience a loss of market share”
Significant traffic sourced from search engines via paid keywords and organic search; algorithm changes could reduce traffic and raise acquisition costs.
“We generate a significant portion of the traffic to our websites and the websites of our affiliates from internet search engines, such as Google, through the purchase of travel-related keywords and organic search.”
Recession, inflation, higher rates, wars, pandemics, weather and travel restrictions can dramatically and suddenly affect consumer travel behavior and thus revenue.
“they can dramatically and suddenly affect travel behavior by consumers”
AI used to amplify strategic priorities and drive product improvements, retention and direct business, but also presents significant legal/regulatory and reputational risks.
“With greatly improved product driven by the latest in machine learning and artificial intelligence capabilities, we believe we will continue to drive greater retention, repeat and direct business.”
Migration to public cloud, primarily AWS, increases reliance on third-party providers; migration was more time consuming and expensive than anticipated.
“significantly increase our utilization of public cloud computing services, primarily AWS”
~2.4 million online bookable alternative accommodations via Vrbo are a large part of supply; the business is subject to significant evolving regulatory and legal risks that could materially affect financial results.
“Our alternative accommodations business is subject to significant and evolving regulatory and legal risks, which could have a material adverse effect on our operations and financial results.”
B2B segment fuels travel and non-travel companies that leverage Expedia technology and supply; management expects to cement B2B leadership.
“Our B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions”
Material shift from offline to online travel booking drove OTA growth; gross bookings are single-digit % of >$2 trillion global travel spending, framing the TAM-driven demand opportunity.
“the travel industry has experienced significant transformation, including the material shift from offline to online travel booking”
Effective May 2026, requires registration numbers for all EU alternative accommodations; may decrease listings and add compliance costs to the Vrbo-centric alternative accommodations business.
“These new and evolving regulatory schemes may decrease listings available on our sites and add significant compliance risks to our business”
Airbnb, an alternative accommodation provider, expanded into tours, activities and hotel bookings and discussed flight bookings, intensifying competition.
“Airbnb has expanded into tours, activities, and hotel bookings, and discussed expansion into flight bookings”
Loyalty rewards create a large deferred merchant bookings balance ($10,428M) whose revenue recognition depends on breakage estimates flagged as a critical audit matter.
“The deferred loyalty rewards balance, net of amounts paid to the travel supplier, is recognized as revenue when the travel service purchased with the loyalty reward is satisfied.”
Company hedges net investment in Euro functional currency subsidiaries with a €220 million cross-currency swap and has historically designated Euro-denominated debt as net investment hedges.
“We also have entered into a fixed-to-fixed cross-currency interest rate swap with an aggregate notional amount of €220 million.”
Compliance burdens and fines for non-compliance continue to increase; failure could result in significant penalties or data use restrictions.
“Enforcement of GDPR regulations, and fines for non-compliance, continue to increase”
War in Ukraine and Israel-Hamas war cited as conflicts impacting travel behaviors and demand.
“conflicts (such as the war in Ukraine and the Israel-Hamas war), and geopolitical tensions that may impact travel behaviors”
Merchant revenue exposures and loyalty program liabilities in foreign currencies are economically hedged with forward contracts, indicating meaningful foreign-currency revenue exposure.
“We use foreign currency forward contracts to economically hedge certain merchant revenue exposures, foreign denominated liabilities related to certain of our loyalty programs and our other foreign currency-denominated operating liabilities.”
Hurricanes, fires, floods and droughts (exacerbated by climate change) disrupt travel plans, cause refunds, and directly hurt quarterly results (Hurricanes Helene and Milton in 2024).
“Hurricanes Helene and Milton negatively impacted our financial results for the third and fourth fiscal quarters, respectively.”
Expedia's cybersecurity risk management is built on NIST frameworks and PCI DSS, making these standards foundational to protecting its online travel platform.
“specifically the NIST Cybersecurity Framework and the Payment Card Industry Data Security Standard ("PCI DSS")”
GILTI earned by foreign subsidiaries is included in gross U.S. taxable income in the period incurred, a recurring U.S. international tax exposure.
“We account for the global intangible low-tax income earned by our foreign subsidiaries included in gross U.S. taxable income in the period incurred.”
Global travel operations create FX translation effects ($51M CTA in 2025) and the company hedges with foreign currency forwards ($128M realized gain in 2025).
“Realized (gain) loss on foreign currency forwards, net(128)40”
Recurring legal reserves and occupancy tax charges ($185M in 2025) reflect ongoing legal and tax contingencies tied to the online travel agency model.
“Legal reserves, occupancy tax and other185 118 8”
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