Booking vs Expedia Group
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KIRA’s take AI analyst
I put Booking and Expedia Group side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Booking
BKNG
5/8
Revenue growth5-year growthOperating marginNet marginFCF margin
Expedia Group
EXPE
2/8
Piotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | BKNG FY25 | EXPE FY25 |
|---|---|---|
| Size | ||
| Market cap | $117.9B | $34.8B |
| 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 | — | 17.7x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.