Airbnb vs Expedia Group
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The short version
- Expedia Group is the larger business, with $14.7B of revenue in fiscal 2025 against $12.2B for Airbnb.
- Airbnb grew revenue faster (10.3%, against 7.6%).
- Airbnb kept more of each dollar of sales as operating profit (20.8% operating margin, against 12.7%).
- Investors pay more for each dollar of Airbnb’s earnings: a P/E of 39.1x against 18.0x for Expedia Group.
| Latest fiscal year | ABNB · FY25 | EXPE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $102.7B | $35.4B |
| Revenue | $12.2B | $14.7B |
| Free cash flow | — | $3.1B |
| Net income | $2.5B | $1.3B |
| Growth | ||
| Revenue growth | 10.3% | 7.6% |
| 5-year growth | 29.4% | 23.2% |
| Share count change | −3.4% | −4.3% |
| Profitability | ||
| Gross margin | 83.0% | — |
| Operating margin | 20.8% | 12.7% |
| Net margin | 20.5% | 8.8% |
| FCF margin | — | 21.1% |
| Return on capital | — | 40.5% |
| Return on equity | 30.2% | 91.1% |
| Balance sheet | ||
| Net debt | −$9.0B | $428M |
| Net debt / EBITDA | −3.5x | 0.2x |
| Dividends and buybacks | $3.8B | $2.1B |
| Valuation & quality | ||
| P/E | 39.1x | 18.0x |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
ABNB —
EXPE $8.8B
FY17
ABNB —
EXPE $10.1B
FY18
ABNB —
EXPE $11.2B
FY19
ABNB $4.8B
EXPE $12.1B
FY20
ABNB $3.4B
EXPE $5.2B
FY21
ABNB $6.0B
EXPE $8.6B
FY22
ABNB $8.4B
EXPE $11.7B
FY23
ABNB $9.9B
EXPE $12.8B
FY24
ABNB $11.1B
EXPE $13.7B
FY25
ABNB $12.2B
EXPE $14.7B
ABNB
EXPE
Operating margin
FY16
ABNB —
EXPE 5.3%
FY17
ABNB —
EXPE 6.2%
FY18
ABNB —
EXPE 6.4%
FY19
ABNB −10.4%
EXPE 7.5%
FY20
ABNB −106.3%
EXPE −52.3%
FY21
ABNB 7.2%
EXPE 2.2%
FY22
ABNB 21.5%
EXPE 9.3%
FY23
ABNB 15.3%
EXPE 8.1%
FY24
ABNB 23.0%
EXPE 9.6%
FY25
ABNB 20.8%
EXPE 12.7%
ABNB
EXPE
Free cash flow
FY16
ABNB —
EXPE $800M
FY17
ABNB —
EXPE $1.1B
FY18
ABNB —
EXPE $1.1B
FY19
ABNB $97.3M
EXPE $1.6B
FY20
ABNB −$777M
EXPE −$4.6B
FY21
ABNB $2.3B
EXPE $3.1B
FY22
ABNB $3.4B
EXPE $2.8B
FY23
ABNB —
EXPE $1.8B
FY24
ABNB —
EXPE $2.3B
FY25
ABNB —
EXPE $3.1B
ABNB
EXPE
Return on capital
FY16
ABNB —
EXPE 6.5%
FY17
ABNB —
EXPE 7.9%
FY18
ABNB —
EXPE 8.4%
FY19
ABNB —
EXPE 9.9%
FY20
ABNB —
EXPE −29.7%
FY21
ABNB —
EXPE 1.9%
FY22
ABNB —
EXPE 10.2%
FY23
ABNB —
EXPE 13.2%
FY24
ABNB —
EXPE 22.4%
FY25
ABNB —
EXPE 40.5%
ABNB
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.