Booking vs Expedia Group
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The short version
- Booking is the larger business, with $26.9B of revenue in fiscal 2025 against $14.7B for Expedia Group, about 1.8 times as much.
- Booking grew revenue faster (13.4%, against 7.6%).
- Booking kept more of each dollar of sales as operating profit (32.8% operating margin, against 12.7%).
- Booking turned more of its sales into free cash flow (33.8% FCF margin, against 21.1%).
| Latest fiscal year | BKNG · FY25 | EXPE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $120.0B | $35.4B |
| Revenue | $26.9B | $14.7B |
| Free cash flow | $9.1B | $3.1B |
| Net income | $5.4B | $1.3B |
| Growth | ||
| Revenue growth | 13.4% | 7.6% |
| 5-year growth | 31.7% | 23.2% |
| Share count change | −4.2% | −4.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 32.8% | 12.7% |
| Net margin | 20.1% | 8.8% |
| FCF margin | 33.8% | 21.1% |
| Return on capital | — | 40.5% |
| Return on equity | — | 91.1% |
| Balance sheet | ||
| Net debt | $1.5B | $428M |
| Net debt / EBITDA | 0.2x | 0.2x |
| Dividends and buybacks | $7.7B | $2.1B |
| Valuation & quality | ||
| P/E | — | 18.0x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
BKNG $10.7B
EXPE $8.8B
FY17
BKNG $12.7B
EXPE $10.1B
FY18
BKNG $14.5B
EXPE $11.2B
FY19
BKNG $15.1B
EXPE $12.1B
FY20
BKNG $6.8B
EXPE $5.2B
FY21
BKNG $11.0B
EXPE $8.6B
FY22
BKNG $17.1B
EXPE $11.7B
FY23
BKNG $21.4B
EXPE $12.8B
FY24
BKNG $23.7B
EXPE $13.7B
FY25
BKNG $26.9B
EXPE $14.7B
BKNG
EXPE
Operating margin
FY16
BKNG 27.1%
EXPE 5.3%
FY17
BKNG 35.8%
EXPE 6.2%
FY18
BKNG 36.8%
EXPE 6.4%
FY19
BKNG 35.5%
EXPE 7.5%
FY20
BKNG −9.3%
EXPE −52.3%
FY21
BKNG 22.8%
EXPE 2.2%
FY22
BKNG 29.9%
EXPE 9.3%
FY23
BKNG 27.3%
EXPE 8.1%
FY24
BKNG 31.8%
EXPE 9.6%
FY25
BKNG 32.8%
EXPE 12.7%
BKNG
EXPE
Free cash flow
FY16
BKNG $3.8B
EXPE $800M
FY17
BKNG $4.4B
EXPE $1.1B
FY18
BKNG $4.9B
EXPE $1.1B
FY19
BKNG $4.5B
EXPE $1.6B
FY20
BKNG −$201M
EXPE −$4.6B
FY21
BKNG $2.5B
EXPE $3.1B
FY22
BKNG $6.2B
EXPE $2.8B
FY23
BKNG $7.0B
EXPE $1.8B
FY24
BKNG $7.9B
EXPE $2.3B
FY25
BKNG $9.1B
EXPE $3.1B
BKNG
EXPE
Return on capital
FY16
BKNG 19.1%
EXPE 6.5%
FY17
BKNG 19.8%
EXPE 7.9%
FY18
BKNG 37.1%
EXPE 8.4%
FY19
BKNG 50.1%
EXPE 9.9%
FY20
BKNG −5.2%
EXPE −29.7%
FY21
BKNG 33.6%
EXPE 1.9%
FY22
BKNG 89.5%
EXPE 10.2%
FY23
BKNG —
EXPE 13.2%
FY24
BKNG —
EXPE 22.4%
FY25
BKNG —
EXPE 40.5%
BKNG
EXPE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.