Expedia Group, Inc. operates as a global travel marketplace, connecting travelers, partners, and advertisers through its trusted brands, leading technology, and rich first-party data. The company makes available travel services from approximately 3.6 million ¹ lodging properties, including approximately 2.4 million ² online bookable alternative accommodations through Vrbo and approximately 1.2 million ³ hotels and alternative accommodations through its other brands, over 500 ⁴ airlines, packages, rental cars, cruises, insurance, and activities and experiences. Phocuswright estimates global travel spending, inclusive of alternative accommodations and tours and activities, at over $2 trillion ⁵ in 2026. Expedia Group's gross bookings represent a single-digit percentage of total worldwide travel spending, highlighting the size of its market opportunity.

Expedia Group faces intense competition from a wide variety of providers including online travel agencies such as Booking.com, alternative accommodation providers such as Airbnb, travel metasearch services, large online companies including in search, social media, marketplace, generative AI, and ride sharing, travel service suppliers (including hotels, airlines and car rental companies), traditional travel agencies, corporate travel management service providers, wholesalers, tour operators, companies offering AI agents, and B2B businesses offering competing software solutions and technology services. The company differentiates itself through the multiple channels it uses to generate demand, quality and breadth of travel product supply, product features and usability of its websites and mobile apps, price or promotional offers, customer service, and breadth and flexibility of its loyalty programs. In the B2B space, Expedia Group differentiates itself with its breadth and depth of global supply, dedicated partner and traveler support, and market leading travel technology through its Rapid API, white label or co-branded template offerings, and Expedia TAAP.

Expedia Group generates revenue primarily through three business models: the merchant model, the agency model, and the advertising model. Under the merchant model, the company facilitates bookings and is the merchant of record, with travelers paying the company prior to their trip. Under the agency model, the company facilitates bookings and acts as the agent, receiving commissions or ticketing fees from the travel supplier and/or traveler. Under the advertising model, the company offers travel and non-travel advertisers access to traffic and transactions through its media and advertising offerings. For the year ended December 31, 2025, total revenue was $14.733 billion ⁶, with merchant, agency, and advertising, media and other accounting for 70% ⁷, 22% ⁸, and 8% ⁹ of total revenue, respectively. The company's Expedia Traveler Preference (ETP) program offers customers the choice of paying in advance under the merchant model (Expedia Collect) or paying at the hotel at the time of the stay under the agency model (Hotel Collect).

Expedia Group's B2C segment provides a full range of travel and advertising services to worldwide customers through recognized consumer brands including Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, ebookers, and Wotif Group. The company puts the majority of its marketing efforts towards its three core consumer brands: Expedia, Hotels.com, and Vrbo. For the year ended December 31, 2025, the B2C segment generated revenue of $9.474 billion ¹⁰ and Adjusted EBITDA of $2.798 billion ¹¹. The B2C segment's gross bookings were $83.867 billion ¹² for the year, with a revenue margin of 11.3% ¹³. Lodging accounted for 80% ¹⁴ of total worldwide revenue in 2025. Room nights booked grew 8% ¹⁵ in 2025, and ADRs for rooms booked increased 1% ¹⁶ in 2025.

Expedia Group's 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, who leverage the company's travel technology and supply. For the year ended December 31, 2025, the B2B segment generated revenue of $4.842 billion ¹⁷ and Adjusted EBITDA of $1.257 billion ¹⁸. The B2B segment's gross bookings were $35.723 billion ¹⁹ for the year, with a revenue margin of 13.6% ²⁰. The trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its hotel metasearch websites. For the year ended December 31, 2025, trivago generated third-party revenue of $417 million ²¹ and Adjusted EBITDA of $20 million ²². EG Advertising generated $758 million ²³ of advertising and media revenue in 2025, a 19% ²⁴ increase from 2024. Air revenue was $407 million ²⁵ in 2025, a 5% ²⁶ decrease from 2024.

In February 2025, Expedia Group issued $1 billion ²⁷ of registered senior unsecured notes that bear interest at 5.40% ²⁸ and are due in February 2035. The company also early redeemed all of its approximately $1 billion ²⁹ senior unsecured notes that bore interest at 6.25% ³⁰ and were due in May 2025. In 2025, the company repurchased 9.0 million ³¹ shares of common stock at an average price of $184.76 ³² per share, for a total cost of $1.662 billion ³³. The company paid aggregate common stock dividends of $1.60 ³⁴ per share in 2025. In 2025, the company continued to expand its One Key loyalty program, with the majority of Expedia Rewards members migrating to One Key. The company also recognized $107 million ³⁵ in restructuring and related reorganization charges during 2025, predominately related to employee severance, stock-based compensation and benefits costs. Legal reserves, occupancy tax and other charges for 2025 primarily included $178 million ³⁶ related to an Italian withholding tax settlement.

For the fiscal year ended December 31, 2025, Expedia Group reported total revenue of $14.733 billion ³⁷, an 8% ³⁸ increase from $13.691 billion ³⁹ in 2024. Net income attributable to Expedia Group, Inc. was $1.294 billion ⁴⁰ in 2025, compared to $1.234 billion ⁴¹ in 2024. Diluted earnings per share was $9.81 ⁴² in 2025, compared to $8.95 ⁴³ in 2024. Operating income was $1.871 billion ⁴⁴ in 2025, a 42% ⁴⁵ increase from $1.319 billion ⁴⁶ in 2024. Adjusted EBITDA was $3.501 billion ⁴⁷ in 2025, a 19% ⁴⁸ increase from $2.934 billion ⁴⁹ in 2024. Net cash provided by operating activities was $3.880 billion ⁵⁰ in 2025, compared to $3.085 billion ⁵¹ in 2024.

Expedia Group's growth strategy focuses on leveraging its brand, supply, and platform technology strength to provide greater services and value to travelers, suppliers, and business partners, and to build longer-lasting direct relationships with customers. The company is investing in global market expansion beyond its core markets. The B2B segment is a key growth vector, with the company expecting to continue to cement its leadership in this area as the B2B business benefits from product and technology work done for B2C brands. The company also sees the alternative accommodations market, particularly through Vrbo, as an attractive growth opportunity. Vrbo has transitioned from a listings-based classified advertising model to an online transactional model, with a goal of increasing monetization and driving growth through investments in marketing, product, and technology.

Expedia Group is leveraging artificial intelligence (AI) to amplify its strategic priorities by integrating it into products and technology and to drive efficiencies from enhancing developer productivity and improving resolution speed in customer service teams. The company has coordinated its technology, product, data engineering, and data science teams to build services and capabilities that can be leveraged across business units. The company expects to continue to mature its shared platform infrastructure, focusing on developing configurable technical capabilities that support various travel products while using simpler, standard architecture and common applications and frameworks. This strategy is intended to enable the company to ship new capabilities and features faster, create a foundation for more innovative solutions, and achieve greater economies of scope and scale.

Expedia Group's cost of revenue decreased as a percentage of revenue during 2025, as ongoing initiatives continued to drive transactional efficiencies, particularly in payments and customer service. Technology and content expense decreased $37 million ⁵² for 2025 compared to 2024, primarily due to lower personnel costs in connection with previously announced cost saving initiatives as well as initiatives to optimize cloud spending. General and administrative expense decreased $40 million ⁵³ in 2025 compared to 2024 due to lower stock-based compensation. Based on current plans which are subject to change, the company expects approximately $60 million ⁵⁴ in additional reorganization charges with the majority occurring in the first quarter of 2026. The company continues to evaluate additional cost reduction efforts.

Expedia Group's websites and apps are powered primarily through cloud platforms and, to a lesser extent, legacy company-owned data centers. The company has continued to invest in its customer service platform technology, which leverages technology and artificial intelligence to provide customers with online customer service options and self-service capabilities. As of December 31, 2025, the company had a team of approximately 16,000 ⁵⁵ employees across nearly 50 countries, with approximately one half of its people working in technology roles. The company invested significantly in its contact center technologies, with the goal of improving customer experience and increasing the efficiency of its contact center agents.

In 2025, Expedia Group's capital expenditures, including internal-use software and website development, were $770 million ⁵⁶. The company repurchased 9.0 million ⁵⁷ shares of common stock for a total cost of $1.662 billion ⁵⁸ under its share repurchase program. As of December 31, 2025, $1.6 billion ⁵⁹ remained authorized for repurchase under the 2023 Share Repurchase Program. The company paid aggregate common stock dividends of $1.60 ⁶⁰ per share in 2025. In February 2026, the Executive Committee declared a quarterly cash dividend of $0.48 ⁶¹ per share of outstanding common stock. The company's revolving credit facility with aggregate commitments of $2.5 billion ⁶² was essentially untapped at December 31, 2025.

Expedia Group experienced weaker than expected travel demand in the United States in the first half of 2025, and while conditions improved in the second half of the year, the market remains dynamic. The company noted that if broader economic and regulatory uncertainties are intensified, travel behaviors may be impacted. The company faces exposure to movements in currency exchange rates, particularly those related to the Euro, British pound, Japanese yen, Australian dollar, Brazilian real and Canadian dollar currencies. The company also faces risks related to the rapid emergence and adoption of generative and agentic AI, which is likely to further intensify competition for its services from established technology companies and new market entrants.

Expedia Group faces structural headwinds from changes in search engine algorithms and dynamics, as search engines such as Google have increasingly added their own travel search functionality and content, which may continue to reduce traffic to the company's websites. The company also faces risks from the increasing cost of maintaining and enhancing brand awareness, as certain online travel companies and metasearch websites have expanded their offline and digital advertising campaigns globally. The company's alternative accommodations business is subject to significant and evolving regulatory and legal risks, including the EU Short-Term Rental Law which comes into effect in May 2026 and will require platforms to obtain registration numbers for all alternative accommodations in the European Union where a government has implemented a registration system.

Management's message in the 10-K filing emphasizes that Expedia Group is the global travel marketplace with one purpose: to help travelers explore the world, one journey at a time. The company's focus is to leverage its brand, supply, and platform technology strength to provide greater services and value to its travelers, suppliers and business partners, and build longer-lasting direct relationships with its customers. Management highlights that during 2025, the company has used artificial intelligence to amplify its strategic priorities by integrating it into products and technology and to drive efficiencies. The strategic priorities emphasized for the period ahead include continuing to cement leadership in the B2B segment, maturing the shared platform infrastructure to enable faster product innovation, and expanding the One Key loyalty program. The filing notes that based on current plans which are subject to change, the company expects approximately $60 million ⁶⁴ in additional reorganization charges with the majority occurring in the first quarter of 2026.

For the fiscal year ended December 31, 2025, Expedia Group reported total revenue of $14.733 billion ⁶⁵, compared to $13.691 billion ⁶⁶ in the prior year. Net income attributable to Expedia Group, Inc. was $1.294 billion ⁶⁷ in 2025, versus $1.234 billion ⁶⁸ in 2024. Diluted earnings per share was $9.81 ⁶⁹ in 2025, compared to $8.95 ⁷⁰ in 2024. Operating income was $1.871 billion ⁷¹ in 2025, up from $1.319 billion ⁷² in 2024. The effective tax rate was 18.2% ⁷³ in 2025, compared to 20.6% ⁷⁴ in 2024. Net cash provided by operating activities was $3.880 billion ⁷⁵ in 2025, versus $3.085 billion ⁷⁶ in 2024. As of December 31, 2025, the company had cash and cash equivalents of $5.413 billion ⁷⁷ and total debt of $6.161 billion ⁷⁸. The increase in operating income was primarily due to growth in revenue in excess of operating costs and lower impairment charges in the current period, partially offset by higher legal reserves, occupancy tax and other charges which included $178 million ⁷⁹ related to an Italian withholding tax settlement. The B2C segment reported revenue of $9.474 billion ⁸⁰ and Adjusted EBITDA of $2.798 billion ⁸¹. The B2B segment reported revenue of $4.842 billion ⁸² and Adjusted EBITDA of $1.257 billion ⁸³. The trivago segment reported third-party revenue of $417 million ⁸⁴ and Adjusted EBITDA of $20 million ⁸⁵.

Expedia Group operates in an intensely competitive global environment, facing competition from online travel agencies like Booking.com, alternative accommodation providers like Airbnb, large online companies including Google, and travel supplier direct websites. The rapid emergence and adoption of generative and agentic AI is likely to further intensify competition, and any failure to effectively navigate this shift could have a material adverse effect on the business. The company generates a significant portion of traffic from internet search engines, and changes in search engine algorithms or dynamics, such as Google promoting its own travel services, could adversely affect traffic and increase costs. The company's alternative accommodations business is subject to significant and evolving regulatory risks, including the EU Short-Term Rental Law effective May 2026, which may decrease listings and add compliance costs. The company is exposed to foreign exchange risk, and as an example, if foreign currencies in which it holds net asset balances were to all weaken 10% against the U.S. dollar and foreign currencies in which it holds net liability balances were to all strengthen 10% against the U.S. dollar, the company would recognize foreign exchange losses of approximately $35 million ⁶³ based on its foreign currency forward positions and net asset or liability balances as of December 31, 2025.