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Expedia Group, Inc.

EXPE Consumer Cyclical Travel Services

Expedia Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.7 billion, up 7.61% from fiscal 2024.

Revenue
+11.9%
EPS
+10.7%
Free cash flow
−103.9%
Total debt
−12.2%

Quarter to September 2026, against a year earlier

273.56 42.32 −13.40%
Market cap
$32.7B
P/E
15.6×
Fwd P/E
15.2×
Dividend yield
0.67%
F-score
8/9
Altman Z
1.71
Beneish M
−2.77
Dividend safety
70/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • B2C
  • B2B
  • trivago

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 7.00
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 — 1 1 — 5 — — —
Insider Ownership 5.10%

Capital & Financial Ratios $m

Size
Market Cap 32,700.00
Revenue ttm 16,226.00
Net income ttm 2,114.00
Free cash flow ttm 3,746.00
Net debt Q (1,650.00)
Valuation
P/E 15.62
Forward P/E 15.20
Price / sales 2.02
Forward P/S Powerpack
Price / FCF 8.75
Price / book 11.25 (above 6: high)
Financial health
Current ratio Q 0.77 (below 1: weak)
Debt / equity Q 1.87
Interest coverage Q 21.05
Growth
Revenue growth Q +11.92% (above 0%: growing)
Operating income growth Q +27.99% (above 0%: growing)
EPS, this year +33.79% (at or above 15%: strong)
EPS, next year A +18.78% (at or above 15%: strong)
Revenue, next year A +10.05% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +22.57% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 1.8×; over the ten years it ranged from 0.8× in 2020 to 6.6× in 2021.
P/E against its own 10 years 1.22%
10-year low 10-year high
P/S against its own 10 years 63.84%
10-year low 10-year high
P/B against its own 10 years 90.36%
10-year low 10-year high
EV/Sales against its own 10 years 60.18%
10-year low 10-year high
EV/FCF against its own 10 years 29.06%
10-year low 10-year high

Dividends

Yield
0.67%
Annual rate
1.84
Payout ratio
10.7%
Growth, 2017–25
+4.10%/yr
  1. 1.16 ’17
  2. 1.24 ’18 +7
  3. 1.32 ’19 +6
  4. 0.34 ’20 −74
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 1.60 ’25
  10. 1.91 ’26e +19
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,689 5,874 7,296 7,110
Receivables 2,833 3,252 4,204 5,565
Inventory — — — —
Other — — — —
9,230 9,815 12,199 14,191
2023 2024 2025 Q'26
Payables 2,041 2,031 2,188 —
ST’ Debt — 1,043 1,692 749
Other — — — —
11,783 13,611 16,657 18,367

Compound Annual Growth %

10y 5y 3y
Sales 8.24% 23.16% 8.09%
Cash Flow 10.99% 0.00% 4.09%
Earnings 5.40% 0.00% 54.33%
Book Value (6.39%) (8.75%) (11.93%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 8.77 Actual 9.39

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.46 3.78 Beat by 0.32
Q1 FY26 1.41 1.96 Beat by 0.55
Q2 FY26 5.45 5.76 Beat by 0.31
Q3 FY26 8.77 9.39 Beat by 0.62
Q4 FY26 4.51 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.05) 7.16 8.42 — —
’25 (1.56) 2.48 7.33 1.60 9.81
’24 (0.99) 2.80 5.04 2.20 8.95
’23 (0.95) 2.54 2.87 0.92 5.31
’22 (0.78) (1.17) 2.98 1.11 2.17
’21 (4.17) (2.02) 2.26 1.70 (1.80)
’20 (9.24) (5.34) (1.56) (2.89) (19.00)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,426 4,315 4,938 — —
’25 2,988 3,786 4,412 3,547 14,733
’24 2,889 3,558 4,060 3,184 13,691
’23 2,665 3,358 3,929 2,887 12,839
’22 2,249 3,181 3,619 2,618 11,667
’21 1,246 2,111 2,962 2,279 8,598
’20 2,209 566 1,504 920 5,199
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,931 1,478 (1,157) — —
’25 2,952 1,121 (497) 304 3,880
’24 2,879 1,501 (1,493) 198 3,085
’23 3,157 1,146 (1,375) (238) 2,690
’22 2,991 1,628 (997) (182) 3,440
’21 2,170 2,514 (1,221) 285 3,748
’20 (784) (1,846) (819) (385) (3,834)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3,747 1,279 (1,399) — —
’25 2,756 921 (686) 119 3,110
’24 2,702 1,307 (1,687) 7 2,329
’23 2,924 923 (1,588) (415) 1,844
’22 2,835 1,469 (1,167) (359) 2,778
’21 2,002 2,331 (1,400) 142 3,075
’20 (1,071) (2,052) (995) (513) (4,631)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −5.6% a year for ten years. It grew 16.4% a year over the last ten.

Implied
−5.6%
10 years, reported
16.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,774 10,060 11,223 12,067 5,199 8,598 11,667 12,839 13,691 14,733 16,226 +5.9% 16,214 17,356 18,575 +8.0%
Gross margin, % 81.80 82.53 83.39 82.88 68.28 82.30 85.80 87.75 89.46 90.12 90.48 +8.3 pt
EBT 277 417 485 775 (3,151) (38) 538 1,018 1,542 1,591 2,609 +21.4%
EBT margin, % 3.16 4.15 4.32 6.42 (60.61) (0.44) 4.61 7.93 11.26 10.80 16.08 +7.6 pt
Net income 261 372 398 572 (2,728) 15 343 688 1,224 1,301 2,114 +19.5%
Per share, $
Per share, $ Revenue 58.35 66.35 74.84 81.98 36.76 57.42 74.47 88.57 104.17 117.52 135.37 +8.1%
Earnings 1.87 2.49 2.71 3.84 (19.00) (1.80) 2.24 5.50 9.39 10.32 17.51 +20.9%
Cash flow 10.30 12.17 13.17 18.80 (27.11) 25.03 21.96 18.56 23.47 30.95 38.01 +13.0%
Capex (4.98) (4.68) (5.85) (7.88) (5.64) (4.49) (4.23) (5.84) (5.75) (6.14) (6.76) +2.4%
Free cash flow 5.32 7.49 7.32 10.92 (32.75) 20.54 17.73 12.72 17.72 24.81 31.25 +18.7%
Book value 37.86 40.42 37.68 37.61 28.47 23.72 23.79 19.22 21.30 20.32 24.33 (6.7%)
Shares, m 150 152 150 147 141 150 157 145 131 125 122 (2.0%)
Valuation, ×
Valuation, × P/E 62.82 48.96 41.42 28.24 0.00 0.00 39.14 26.47 19.55 27.03 15.62 29.4
P/S 1.93 1.83 1.51 1.32 3.60 3.15 1.18 1.68 1.79 2.41 2.02 2.0
P/B 2.97 3.00 2.99 2.88 6.23 7.62 3.68 7.74 8.75 13.94 11.25 6.0
EV/Sales 2.07 1.92 1.64 1.35 4.41 3.43 1.27 1.78 1.82 2.33 1.92 2.2
EV/FCF 22.72 16.98 16.75 10.10 (4.95) 9.60 5.33 12.40 10.68 11.06 8.31 11.1
Cash, $m
Cash, $m Operating cash flow 1,549 1,845 1,975 2,767 (3,834) 3,748 3,440 2,690 3,085 3,880 4,556 +10.7%
Capex (749) (710) (878) (1,160) (797) (673) (662) (846) (756) (770) (810) +0.3%
Free cash flow 800 1,135 1,097 1,607 (4,631) 3,075 2,778 1,844 2,329 3,110 3,746 +16.3%
Balance, $m
Balance, $m Working capital (2,677) (2,339) (2,863) (2,979) 228 (1,269) (1,987) (2,553) (3,796) (4,458) (4,176) +5.8%
Net debt 1,271 865 987 318 4,183 2,445 341 564 392 (1,135) (1,650) n/m
Shareholders’ equity 5,693 6,129 5,651 5,536 4,026 3,552 3,728 2,786 2,799 2,547 2,916 (8.5%)
Returns, %
Returns, % ROA 1.80 2.20 2.22 2.86 (13.40) (1.34) 1.63 3.69 5.61 5.53 8.11 +3.7 pt
ROIC 4.15 5.59 6.72 9.64 (20.70) 1.94 16.67 19.27 25.83 82.82 138.08 +78.7 pt
ROE 5.31 6.39 6.89 10.10 (62.93) (8.21) 9.67 24.47 44.19 48.41 76.49 +43.1 pt
People
People Employees 20,075 22,615 24,500 25,400 19,100 14,800 16,500 17,100 16,500 16,000 — (2.5%)
Revenue/emp, $m 0.44 0.44 0.46 0.48 0.27 0.58 0.71 0.75 0.83 0.92 — +8.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Expedia Group is a travel marketplace that helps people research, plan and book trips. Its websites and apps bring together lodging, flights, rental cars, cruises, activities, insurance and other services from travel suppliers. Travelers can book individual components or combine them into packages. The company also provides technology and travel inventory to other businesses and sells advertising to companies seeking to reach travelers.

Its consumer brands include Expedia, which offers a range of travel products; Hotels.com, which focuses on lodging; and Vrbo, an online marketplace for alternative accommodations. At the end of 2025, the marketplace had approximately 3.6 million lodging properties available and over 500 airlines. Vrbo accounted for approximately 2.4 million online bookable alternative accommodations within that lodging supply.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
B2C 9,474 64.30%
B2B 4,842 32.86%
trivago 417 2.83%
Gross margin 90.12%
Operating margin 12.70%
Pre-tax margin 10.80%

Revenue by segment since 2009

Expedia Group, Inc. vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BKNG Booking Holdings Inc. $125.5B 18.0× 14.1× −1.28% (below 0%: shrinking) +6.73% (above 0%: growing) −22.03% (below 0%: shrinking) 100.00% 38.43% Compare
ABNB Airbnb, Inc. $101.9B 31.5× 30.9× +18.90% (above 0%: growing) +42.67% (above 0%: growing) +11.21% (above 0%: growing) 86.63% 41.51% Compare
RCL Royal Caribbean Cruises Ltd. $86.3B 19.0× 17.4× +8.80% (above 0%: growing) +11.57% (above 0%: growing) +194.74% (above 0%: growing) 51.49% 33.45% Compare
CCL Carnival Corporation $39.8B 12.8× 13.1× +3.46% (above 0%: growing) 0.00% −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
VIK Viking Holdings Ltd. $38.5B 28.6× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
EXPE Expedia Group, Inc. $32.7B 15.6× 15.2× +11.92% (above 0%: growing) +10.70% (above 0%: growing) −103.94% (below 0%: shrinking) 91.51% 26.85%
TCOM Trip.com Group Limited Sponsored ADR $28.5B 8.2× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.2B 9.8× 11.1× +0.29% (above 0%: growing) +15.05% (above 0%: growing) +85.50% (above 0%: growing) 43.41% 21.19% Compare
MMYT MakeMyTrip Limited $4.8B 120× 123× +2.54% (above 0%: growing) n/m +3.81% (above 0%: growing) 82.57% 15.59% Compare
Median of peers $39.1B 18.5× 20.9× +6.13% +13.31% +7.51% 65.65% 27.85%

All 17 Travel Services stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
JPMorgan Nov 5, 2026 Target cut Hold 330.00 → 315.00
Truist Nov 2, 2026 Target cut Hold 288.00
Morgan Stanley Oct 19, 2026 Downgrade Underperform 235.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 99.53%
Held by the ten largest 42.74%
Holder Shares Stake Change
Vanguard 14.49m 12.08% −229.25k
BlackRock 10.27m 8.56% −223.13k
State Street 5.67m 4.73% +79.97k
Geode Capital Management 3.99m 3.32% −33.37k
WINDACRE PARTNERSHIP LLC 3.91m 3.26% +476.10k
AQR Capital Management 3.08m 2.56% +550.48k
Norges Bank 2.87m 2.39% +2.87m
Invesco 2.42m 2.02% −35.96k
JPMorgan Chase 2.42m 2.01% −638.98k
Ameriprise (Columbia Threadneedle) 2.17m 1.81% +183.98k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 29 April 2026

Ownership

Directors and executive officers, together 33.00%
Barry Diller 32.60%
The Vanguard Group 9.00%
BlackRock, Inc. 5.90%
Alex von Furstenberg 2.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Expedia Group, Inc. (EXPE) Latest News

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EXPE metrics, ten years each

stockrow.com/EXPE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com