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EXPE

Expedia Group, Inc.

EXPE

Expedia Group, Inc. • NASDAQ
$255.69 ▼ -0.75% (-1.93)
Market Cap $29.92 B
52w High $279.61
52w Low $130.01
Dividend Yield 1.60%
P/E 24.63
Volume 599.79K
Outstanding Shares 117.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.412B ▲ $3B ▲ $959M ▲ 21.736% ▲ $7.76 ▲ $1.418B ▲
Q2-2025 $3.786B ▲ $2.924B ▲ $330M ▲ 8.716% ▲ $2.61 ▲ $704M ▲
Q1-2025 $2.988B ▼ $2.701B ▲ $-200M ▼ -6.693% ▼ $-1.56 ▼ $60M ▼
Q4-2024 $3.184B ▼ $2.633B ▼ $299M ▼ 9.391% ▼ $2.33 ▼ $609M ▼
Q3-2024 $4.06B $2.91B $684M 16.847% $5.27 $1.146B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.606B ▲ $25.108B ▼ $22.515B ▼ $1.337B ▲
Q2-2025 $6.671B ▲ $26.976B ▲ $24.89B ▲ $836M ▼
Q1-2025 $6.126B ▲ $26.114B ▲ $23.793B ▲ $1.072B ▼
Q4-2024 $4.483B ▼ $22.388B ▼ $19.589B ▼ $1.557B ▲
Q3-2024 $4.918B $23.405B $20.839B $1.322B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $964M ▲ $-497M ▼ $-112M ▼ $-567M ▲ $-1.193B ▼ $-101M ▼
Q2-2025 $322M ▲ $1.121B ▼ $164M ▲ $-711M ▼ $721M ▼ $921M ▼
Q1-2025 $-197M ▼ $2.952B ▲ $-384M ▼ $-469M ▼ $2.16B ▲ $2.756B ▲
Q4-2024 $299M ▼ $198M ▲ $-361M ▲ $-155M ▲ $-472M ▲ $7M ▲
Q3-2024 $684M $-1.493B $-452M $-441M $-2.316B $-1.122B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Air
Air
 $100.00M ▲$110.00M ▲$100.00M ▼$100.00M ▲
Lodging
Lodging
 $2.54Bn ▲$2.29Bn ▼$3.04Bn ▲$3.60Bn ▲
Advertising and Media Customers
Advertising and Media Customers
 $240.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Expedia’s income statement shows a company that has moved from deep pandemic losses to solid, more stable profitability. Revenue has climbed steadily for several years as travel demand recovered, and profits have improved along with it. Operating and net income are now clearly positive, with margins gradually getting healthier, not just bouncing back for one year. That said, this is still a cyclical travel business, so earnings remain exposed to swings in demand, competitive pressure, and marketing costs, even if the overall trend has been favorable.

Balance Sheet

Balance Sheet The balance sheet looks reasonably stable but somewhat debt‑heavy. Total assets have grown only modestly, suggesting a mature business rather than one rapidly expanding its asset base. Cash levels are solid and have been fairly steady, which supports day‑to‑day operations and provides a cushion. However, debt remains sizeable relative to the company’s equity, meaning the capital structure leans more on borrowing than on shareholder capital. This leverage can amplify returns in good times but also increases risk if travel conditions weaken.

Cash Flow

Cash Flow Cash flow is a relative strength. Since the pandemic low point, Expedia has consistently generated healthy operating cash flow, and after necessary investments, free cash flow has been solidly positive. Capital spending is moderate compared with the cash the business brings in, which is typical for an asset‑light, platform‑based model. This pattern suggests Expedia can fund its technology and product investments internally while still having room for debt service and potential shareholder returns. The main caveat is that cash flows can move quickly with changes in booking volumes and customer prepayments, so they are not immune to travel cycles.

Competitive Edge

Competitive Edge Expedia holds a strong but contested position in online travel. Its family of brands, including Expedia, Hotels.com, and Vrbo, gives it broad consumer reach across flights, hotels, vacation rentals, and packages. The platform benefits from a two‑sided network: many travelers attract many suppliers, and vice versa, which is hard for smaller competitors to replicate. A growing B2B business—providing technology, inventory, and tools to airlines, hotels, and other partners—adds another layer of defensibility and stickiness. Still, competition is intense from Booking, Airbnb, Google’s travel offerings, and direct bookings with hotels and airlines, which limits pricing power and keeps marketing and innovation pressure high.

Innovation and R&D

Innovation and R&D Expedia is leaning heavily on technology and product innovation to strengthen its moat. Key initiatives include AI‑driven tools like the Romie travel assistant and generative AI integrations designed to make planning and rebooking trips more personalized and seamless. The Open World platform and partner tools aim to turn Expedia into the underlying infrastructure for many travel sellers, not just a consumer‑facing site. The unified One Key loyalty program is intended to keep customers within the Expedia ecosystem across multiple brands and trip types. Execution risk is real—these projects are complex and can weigh on costs—but if they gain traction, they could deepen customer loyalty, increase partner dependence, and support higher‑margin offerings such as packages and experiences.

Summary

Overall, Expedia looks like a recovered and now solidly profitable travel platform, with earnings and cash flow trending in the right direction after the pandemic shock. Its business model is asset‑light and cash‑generative, but the balance sheet still carries a meaningful amount of debt, which adds financial sensitivity to downturns. Competitively, Expedia benefits from strong brands, a large two‑sided network, and a growing B2B ecosystem, yet it operates in a very crowded and fast‑moving market. The company’s push into AI, a unified technology platform, and a cross‑brand loyalty program could meaningfully strengthen its position if executed well. Future performance will largely depend on how well it manages travel cyclicality, competition, and the payoff from its ongoing technology and product investments.

NEWS

November 6, 2025 · 4:01 PM UTC

Expedia Group Reports Third Quarter 2025 Results

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October 28, 2025 · 10:00 AM UTC

EXPEDIA GROUP STUDY REVEALS NEW INSIGHTS IN TRAVEL CONTENT AMID AI BOOM

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October 21, 2025 · 9:00 AM UTC

Expedia Group Appoints Rob Bevegni as Vice President of Investor Relations

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October 15, 2025 · 9:03 AM UTC

UNPACK '26: EXPEDIA, HOTELS.COM, AND VRBO REVEAL HOW TRAVELERS WILL EXPLORE THE WORLD IN 2026

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October 15, 2025 · 3:00 AM UTC

UNPACK '26: EXPEDIA REVEALS HOW UAE TRAVELERS WILL EXPLORE THE WORLD IN 2026

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