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Expedia Group

EXPE Nasdaq Hotels, Resorts & Cruise Lines Financials FY2016–FY2025

Expedia Group's revenue rose 7.6% to $14.7 billion in fiscal 2025. Its operating margin was 12.7%, up from 9.6% a year earlier. Free cash flow was $3.1 billion, up 33.5%. It paid out $2.1 billion in dividends and buybacks, 68% of free cash flow. The diluted share count fell 4.3%.

Last close · Oct 23, 2026

$289.01

3.2%
Value it Compare
Revenue Total sales reported in the income statement.
$14.7B
7.6% vs prior year
Operating margin Operating income as a share of revenue.
12.7%
3.1 pts
Net income Profit after all expenses, interest and tax.
$1.3B
4.9%
Free cash flow Cash from operations minus capital spending.
$3.1B
33.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
40.5%
18.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$35.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
18.0x
On $16.07 EPS (TTM)

What Expedia Group does

Expedia Group runs online travel booking sites and apps. Travelers use them to book hotels, vacation rentals, flights, rental cars, cruises and activities. At the end of 2025 it offered approximately 3.6 million lodging properties, including a large number of vacation rentals on Vrbo. Its main consumer brands are Expedia, Hotels.com and Vrbo.

It reports three segments. B2C sells to travelers through its consumer brands. B2B sells its travel supply and technology to other companies, such as airlines, travel agents and banks, which offer travel to their own customers. trivago, which it majority owns, is a hotel search site that earns advertising revenue by sending visitors to booking sites.

In 2025 total revenue was $14.7 billion. Merchant sales, where Expedia collects payment and is the seller of record, were 70% of revenue. Agency sales, where it earns a commission or fee from the supplier or traveler, were 22%, and advertising, media and other was 8%. Expedia says its competitors include other online travel agencies, vacation rental sites, airlines and hotels selling directly, and large online companies in search, social media and generative AI.

Legal name
EXPEDIA GROUP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 13, 2026
Accession · CIK
0001324424-26-000008
0001324424

Revenue and margins

Expedia Group had $14.7B of revenue in fiscal 2025, up 7.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 20.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.1B in fiscal 2025, 21.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Expedia Group returned $2.1B to shareholders in fiscal 2025, 68% of free cash flow. The diluted share count fell 4.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Expedia Group yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$428M and divides by 131.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 18.0x · peers 28.1x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Expedia Group can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.3B$4.1B$4.3B$4.5B$5.7B
Debt incl. finance leases $8.5B$6.2B$6.3B$6.3B$6.2B
Net debt / EBITDA 4.1x1.1x1.1x0.8x0.2x
Debt / equity 4.1x2.7x4.1x4.0x4.8x
Interest coverage 0.5x3.9x4.2x5.4x6.3x
Current ratio 0.9x0.8x0.8x0.7x0.7x
Quick ratio 0.9x0.8x0.8x0.7x0.7x
Total assets $21.5B$21.6B$21.6B$22.4B$24.5B
Total liabilities $18.0B$17.8B$18.9B$19.6B$21.9B
Shareholders' equity $2.1B$2.3B$1.5B$1.6B$1.3B
Net debt (− = net cash) $4.1B$2.1B$2.0B$1.8B$428M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.5M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 24, 2026 Robert J DzielakChief Legal Officer & Sec'y Sold 1,004 $335.00 $0.3M Form 4
Aug 18, 2026 Lance A SolidaySVP & Chief Accounting Officer Sold 2,810 $323.65 $0.9M Form 4
Aug 17, 2026 Robert J DzielakChief Legal Officer & Sec'y Sold 2,000 $330.50 $0.7M Form 4
Aug 13, 2026 Craig A JacobsonDirector Sold 3,133 $328.52 $1.0M Form 4
Aug 11, 2026 Robert J DzielakChief Legal Officer & Sec'y Sold 3,003 $315.00 $0.9M Form 4
Jun 5, 2026 Robert J DzielakChief Legal Officer & Sec'y Sold 4,702 $233.00 $1.1M Form 4
May 26, 2026 Lance A SolidaySVP & Chief Accounting Officer Sold 940 $221.86 $0.2M Form 4
Mar 4, 2026 Robert J DzielakChief Legal Officer & Sec'y Sold 8,225 $220.82 $1.8M Form 4
Dec 1, 2025 Madhumita Moina BanerjeeDirector Sold 1,000 $258.00 $0.3M Form 4
Nov 25, 2025 Lance A SolidaySVP & Chief Accounting Officer Sold 856 $256.93 $0.2M Form 4
Nov 21, 2025 Lance A SolidaySVP & Chief Accounting Officer Sold 849 $248.08 $0.2M Form 4
Nov 13, 2025 Craig A JacobsonDirector Sold 3,000 $271.55 $0.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 87 / 88 / 8
Accruals ratio −8.8%−8.4%−11.0%
Altman Z'' −0.39−0.48−0.33

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Expedia Group EXPE $35.4B 7.6% 12.7% 21.1% 40.5% 18.0x 8
Airbnb ABNB $102.7B 10.3% 20.8% — — 39.1x 6 Compare →
Royal Caribbean Group RCL $74.1B 8.8% 27.4% 6.9% 16.6% 17.1x 9 Compare →
Hilton Worldwide HLT $80.1B 7.7% 22.4% 16.9% 31.1% 51.3x 5 Compare →
Norwegian Cruise Line NCLH $7.0B 3.7% 15.9% −11.9% 9.8% 9.3x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $8.8B $10.1B $11.2B $12.1B $5.2B $8.6B $11.7B $12.8B $13.7B $14.7B
Gross profit $7.2B $8.3B $9.3B $9.9B — — — — — —
Operating income $462M $625M $714M $903M −$2.7B $186M $1.1B $1.0B $1.3B $1.9B
Interest expense $173M $182M $190M $173M $360M $351M $277M $245M $246M $299M
Pretax income $277M $417M $485M $775M −$3.2B −$38.0M $538M $1.0B $1.5B $1.6B
Income tax $16.0M $45.0M $87.0M $203M −$423M −$53.0M $195M $330M $318M $290M
Net income $282M $378M $406M $565M −$2.6B $12.0M $352M $797M $1.2B $1.3B
Diluted EPS $1.82 $2.42 $2.65 $3.77 −$19.00 −$1.80 $2.17 $5.31 $8.95 $9.81
Diluted shares 0.15B 0.16B 0.15B 0.15B 0.14B 0.15B 0.16B 0.15B 0.14B 0.13B
Cash flow
Cash from operations $1.5B $1.8B $2.0B $2.8B −$3.8B $3.7B $3.4B $2.7B $3.1B $3.9B
Capital expenditure $749M $710M $878M $1.2B $797M $673M $662M $846M $756M $770M
Free cash flow $800M $1.1B $1.1B $1.6B −$4.6B $3.1B $2.8B $1.8B $2.3B $3.1B
Depreciation and amortization $794M $889M $959M $910M $893M $814M $792M $807M $838M $887M
Stock-based compensation $242M $149M $203M $241M $205M $418M $374M $413M $458M $398M
Acquisitions $1.0M $169M $53.0M $80.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $456M $312M $923M $743M $425M $165M $607M $2.1B $1.8B $1.9B
Dividends paid $150M $176M $186M $195M $48.0M $0.0M $0.0M $0.0M $0.0M $200M
Dividends and buybacks $606M $488M $1.1B $938M $473M $165M $607M $2.1B $1.8B $2.1B
Balance sheet
Cash and short-term investments $1.9B $3.3B $2.5B $3.8B $3.4B $4.3B $4.1B $4.3B $4.5B $5.7B
Total debt $3.2B $4.2B $3.7B $4.9B $8.2B $8.5B $6.2B $6.3B $6.3B $6.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $3.5B $5.5B $5.2B $7.7B $5.6B $8.2B $8.8B $9.2B $9.8B $12.2B
Current liabilities $6.1B $7.9B $8.1B $10.7B $5.4B $9.5B $10.8B $11.8B $13.6B $16.7B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.4B $1.6B $1.9B $2.2B $2.3B $2.2B $2.2B $2.4B $2.4B $2.4B
Total assets $15.8B $18.5B $18.0B $21.4B $18.7B $21.5B $21.6B $21.6B $22.4B $24.5B
Total liabilities $10.1B $12.4B $12.4B $15.9B $15.7B $18.0B $17.8B $18.9B $19.6B $21.9B
Shareholders' equity $4.1B $4.5B $4.1B $4.0B $1.5B $2.1B $2.3B $1.5B $1.6B $1.3B
Margins
Gross margin 81.8% 82.5% 82.5% 82.1% — — — — — —
Operating margin 5.3% 6.2% 6.4% 7.5% −52.3% 2.2% 9.3% 8.1% 9.6% 12.7%
EBITDA margin 14.3% 15.1% 14.9% 15.0% −35.1% 11.6% 16.1% 14.3% 15.8% 18.7%
Net margin 3.2% 3.8% 3.6% 4.7% −50.2% 0.1% 3.0% 6.2% 9.0% 8.8%
FCF margin 9.1% 11.3% 9.8% 13.3% −89.1% 35.8% 23.8% 14.4% 17.0% 21.1%
Returns
Return on capital 6.5% 7.9% 8.4% 9.9% −29.7% 1.9% 10.2% 13.2% 22.4% 40.5%
Return on capital employed 4.8% 6.2% 6.9% 8.7% −22.7% 1.5% 9.5% 10.0% 14.2% 22.6%
Return on equity 6.3% 8.7% 9.4% 14.0% −95.4% 0.7% 16.2% 41.8% 79.8% 91.1%
Return on assets 1.8% 2.2% 2.2% 2.9% −13.0% 0.1% 1.6% 3.7% 5.6% 5.5%
Growth
Revenue growth 31.5% 14.7% 11.6% 7.5% −56.9% 65.4% 35.7% 10.1% 6.6% 7.6%
Net income growth −63.1% 34.0% 7.4% 39.2% −562.3% — 2,833.3% 126.4% 54.8% 4.9%
EPS growth −68.1% 33.0% 9.5% 42.3% −604.0% — — 144.7% 68.6% 9.6%
FCF growth 37.7% 41.9% −3.4% 46.5% −388.2% — −9.7% −33.6% 26.3% 33.5%
Share count change 15.3% 1.2% −2.2% −2.0% −5.7% 5.9% 8.0% −7.1% −8.2% −4.3%
Financial health
Net debt / EBITDA 1.0x 0.6x 0.7x 0.6x — 4.1x 1.1x 1.1x 0.8x 0.2x
Debt / equity 0.8x 0.9x 0.9x 1.2x 5.4x 4.1x 2.7x 4.1x 4.0x 4.8x
Interest coverage 2.7x 3.4x 3.8x 5.2x −7.6x 0.5x 3.9x 4.2x 5.4x 6.3x
Current ratio 0.6x 0.7x 0.6x 0.7x 1.0x 0.9x 0.8x 0.8x 0.7x 0.7x
Quick ratio 0.6x 0.7x 0.6x 0.7x 1.0x 0.9x 0.8x 0.8x 0.7x 0.7x
Capital allocation
Capex / revenue 8.5% 7.1% 7.8% 9.6% 15.3% 7.8% 5.7% 6.6% 5.5% 5.2%
Stock comp / revenue 2.8% 1.5% 1.8% 2.0% 3.9% 4.9% 3.2% 3.2% 3.4% 2.7%
Payouts / FCF 75.8% 43.0% 101.1% 58.4% — 5.4% 21.9% 115.9% 79.0% 68.5%
Quality scores
Piotroski F-score 6.0 7.0 5.0 7.0 2.0 5.0 6.0 7.0 7.0 8.0
Altman Z'' −0.3 −0.0 −0.2 −0.1 −1.0 −0.4 −0.3 −0.4 −0.5 −0.3
Accruals ratio −8.1% −8.6% −8.6% −11.2% 6.1% −18.6% −14.3% −8.8% −8.4% −11.0%

Source: SEC EDGAR XBRL filings (CIK 0001324424). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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