Company file · EXPE

Expedia Group

Trivago was Expedia Group's fastest-growing segment in FY2025, up 32.4%

Revenue rose 7.6% to $14.7B in FY2025, from $13.7B in FY2024. Net income rose 4.9% to $1.3B. B2C was the largest segment, at 64% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 13, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026) · Data pulled Nov 11, 2026

Key facts

Expedia Group (Nasdaq: EXPE) reported revenue of $14.7B for fiscal 2025, the year ended Dec 31, 2025, up 7.6% from fiscal 2024. Net income was $1.3B, up 4.9%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.9B, up 11.9% from the same quarter a year earlier, and net income was $1.0B. The largest piece by segment was B2C, at 64% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).

Revenue$14.7BFY2025 · +7.6% vs FY2024

Net income$1.3BFY2025 · +4.9% vs FY2024

Operating cash flow$3.9BFY2025 · +25.8% vs FY2024

Cash & equivalents$5.0Bat Sep 30, 2026 · −6.9% vs FY2025 end

Total debt$5.5Bat Sep 30, 2026 · −11.4% vs FY2025 end

Diluted shares132MFY2025 avg · −4.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 13, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 6, 2026 · 10-Q filed Nov 5, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
B2C$9.5B64%+2.2%
Business To Business$4.8B33%+18.0%
Trivago$417M3%+32.4%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: B2C (64%), Business To Business (33%) and Trivago (3%), as shares of total revenue. Total revenue was $14.7B.

By segment: three-year mixShare of the total each fiscal year

FY2023

71%26%

FY2024

68%30%

FY2025

64%33%

B2CBusiness To BusinessTrivago

Source: 10-K FY2025

By product or service, FY2025

Lodging$11.8B80%+7.3%

Other Services$1.4B9%+2.9%

EG Advertising$758M5%+18.6%

Trivago Advertising$417M3%+32.4%

Air$407M3%−4.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.9B Q3 2026

$4.4B Q3 2025

11.9% increase

Net income

$1.0B Q3 2026

$959M Q3 2025

7.4% increase

Source: Expedia Group 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

By segment

B2C

$3.1B Q3 2026

$2.9B Q3 2025

6.3% increase

Trivago

$165M Q3 2026

$137M Q3 2025

20.4% increase

Source: Expedia Group 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026

Cash & equivalents $5.0B at Sep 30, 2026, vs $5.4B at FY2025 end.
Total debt $5.5B at Sep 30, 2026, vs $6.2B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $4.3B vs $3.6B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 7.6% in FY2025 to $14.7B, from $13.7B a year earlier. 10-K, FY2025
Net income rose 4.9% in FY2025 to $1.3B, from $1.2B. 10-K, FY2025
Operating cash flow rose 25.8% in FY2025 to $3.9B. 10-K, FY2025
Diluted shares fell 4.3% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Air revenue fell 4.9% in FY2025 to $407M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include consumer spending; competition; costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Expedia Group is in the hotels, resorts & cruise lines industry, part of the consumer discretionary sector. The SEC files it under Transportation Services.

Expedia Group reports 3 segments: B2C, Business To Business and Trivago.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the hotels, resorts & cruise lines industry. They are not a summary of Expedia Group’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$12.8B	$13.7B	$14.7B
Net income	$797M	$1.2B	$1.3B
Operating cash flow	$2.7B	$3.1B	$3.9B
Cash & equivalents (year end)	$4.2B	$4.2B	$5.4B
Total debt (year end)	$6.3B	$6.3B	$6.2B
Diluted shares	150M	138M	132M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 5, 2026	Sep 30, 2026
10-Q	Aug 6, 2026	Jun 30, 2026
10-Q	May 8, 2026	Mar 31, 2026
DEF 14A	Apr 29, 2026	Jun 17, 2026
10-K	Feb 13, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Expedia Group

How does Expedia Group make money?

Expedia Group's revenue was $14.7B in fiscal 2025. By segment in FY2025: B2C (64%), Business To Business (33%) and Trivago (3%), as shares of total revenue. Total revenue was $14.7B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What was Expedia Group's revenue in fiscal 2025?

$14.7B of revenue for the fiscal year ended Dec 31, 2025, up 7.6% from $13.7B in fiscal 2024. Fiscal 2023 was $12.8B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

Is Expedia Group profitable?

Expedia Group reported net income of $1.3B for fiscal 2025, up 4.9% from $1.2B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $1.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.

What did Expedia Group report in its latest quarterly filing?

Revenue was $4.9B in the quarter ended Sep 30, 2026, up 11.9% from $4.4B a year earlier. Net income was $1.0B, up 7.4% from $959M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.

How much cash and debt does Expedia Group have?

Expedia Group had $5.0B in cash and cash equivalents and $5.5B of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.

What are the main risks Expedia Group faces?

Expedia Group's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the hotels, resorts & cruise lines industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these Expedia Group numbers come from?

From Expedia Group's own SEC filings: the 10-K for fiscal 2025 (filed Feb 13, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Expedia Group

Citadel Advisors: 384,992 shares, reported value $98.5M at Jun 30, 2026 (+603.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 150,497 shares, reported value $38.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 51,756 shares, reported value $13.2M at Jun 30, 2026 (+50.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 31,596 shares, reported value $8.1M at Jun 30, 2026 (+2,801.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 3,900 shares, reported value $1.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in EXPE: The editor holds no position in Expedia Group (EXPE). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell EXPE from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold EXPE, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Expedia GroupEXPE	FY2025	$14.7B	+7.6%	$1.3B
Booking HoldingsBKNG	FY2025	$26.9B	+13.4%	$5.4B
Marriott InternationalMAR	FY2025	$26.2B	+4.3%	$2.6B
AirbnbABNB	FY2025	$12.2B	+10.3%	$2.5B
Royal Caribbean GroupRCL	FY2025	$17.9B	+8.8%	$4.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.