EXPEExpedia Group
- Employees
- 16,000
- Headquarters
- Seattle, WA
- CEO
- Ariane Gorin
- Next results
- around Feb 11, 2027
24 paragraphs in Risk Factors of the 10-K filed Feb 13, 2026 with nothing like them in the 10-K filed Feb 7, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
The market for the services we offer is intensely competitive and constantly evolving. We currently, or may in the future, compete globally with a wide variety of providers of travel-related services including:
OTAs such as Booking.com, alternative accommodation providers such as Airbnb, and travel metasearch services;
large online companies, including in search, social media, marketplace, Gen AI, and ride sharing;
travel service suppliers (including hotels, airlines and car rental companies), who may offer favorable rates or other benefits to encourage bookings on their direct channels;
traditional travel agencies, corporate travel management service providers, wholesalers, and tour operators; companies offering AI agents powered by Gen AI that can perform or facilitate travel-related services, such as digital assistants; and B2B businesses offering competing software solutions and technology services, including those of other online travel agencies and global distribution systems.
Some of our competitors have significant advantages such as greater financial resources or name recognition, more advanced technology systems, more consumers and consumer data, more favorable offerings, including pricing and supply breadth, or may be able to leverage other aspects of their business for competitive advantage. For example, Google has used its search market position to promote its own travel services, potentially disintermediating our platform, and may be able to leverage the data it collects on users to the detriment of us and other OTAs.
The rapid emergence and adoption of generative and agentic AI is likely to further intensify competition for our services from established technology companies and new market entrants who may deploy AI-driven travel search, planning, and booking capabilities more effectively or rapidly than we can. If we are unable to successfully innovate and integrate advanced AI capabilities into our own products, or if consumer behavior shifts toward AI-driven platforms where we lack a significant presence, we may experience a loss of market share, reduced direct-booking rates, and increased marketing expenses as we compete for visibility. Any failure to effectively navigate this "agentic" revolution could have a material adverse effect on our business, financial condition, and results of operations.
Our OTA and alternative accommodation provider competitors are also increasingly expanding the range of travel services they offer, thereby further intensifying the competitive environment. In recent years, Airbnb has expanded into tours, activities, and hotel bookings, and discussed expansion into flight bookings, and Booking.com has expanded its flight booking services. Some competing metasearch websites have also looked to add various forms of direct or assisted booking functionality to their sites in direct competition with certain of our brands and other participants or existing competitors may begin to offer or expand other services to the travel industry that compete with the services we offer to our travelers, our travel industry affiliates and partners, or our corporate clients. In other cases, our competitors and potential competitors offer a variety of online services, many of which are used by consumers more frequently than online travel services or have created "super-apps" where consumers can use such various services without leaving the company's app. A competitor that has established other, more frequent online or app-based interactions with consumers may be able to more easily or cost-effectively acquire customers for its online travel services than we can.
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Our results of operations and financial positions have been negatively affected by our acceptance of fraudulent bookings made using payment options including credit and debit cards or fraudulently obtained loyalty points. We are sometimes held
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Integration & Execution Failures: Difficulty in integrating diverse technologies, cultures, and workforces, causing operational disruption, diversion of management attention or resources, loss of key talent, reduced productivity, and harm to relationships with customers, suppliers and other counterparties;
Regulatory & Compliance Hurdles: Navigating complex antitrust, data privacy (GDPR, CCPA), and international regulatory approvals, potentially delaying or blocking transactions and incurring significant costs;
Market & Competitive Disruption: Entering new markets or partnering with entities that face different competitive pressures, geopolitical instability, or shifts in consumer behavior, increasing complexity in our business;
Cybersecurity & IP Vulnerabilities: Increased attack surface and potential leakage of sensitive customer data or proprietary technology during integration or partnership, damaging trust and incurring costs;
Divestiture Challenges: Difficulty in separating complex assets, retaining essential functions, or finding suitable buyers, potentially leading to stranded costs or operational inefficiencies post-separation; and
Counterparty & Partner Risk: Partners or acquired entities failing to meet obligations, leading to litigation, payment disputes, or undermining the strategic rationale of the transaction.
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Our performance is largely dependent on the talents and efforts of our employees. Our future success depends on our continuing ability to identify, hire, develop, motivate and retain highly skilled personnel for all areas of our organization.
Similar paragraph at 1 of 46 other Consumer discretionary companies: LULURead in the 10-K ↗
We are exposed to the risk that various counterparties, including financial entities, will fail to perform. This creates risk in a number of areas, including with respect to our significant bank deposits and investments, foreign exchange risk management, insurance coverages, letters of credit, and for certain of our transactions, the receipt and holding of traveler payments and subsequent remittance of a portion of those payments to travel suppliers. Additional information regarding our cash, cash equivalents and investments is included below in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial Position, Liquidity and Capital Resources, and additional information about our foreign exchange risk management is included below in Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
If one or more of these counterparties were to liquidate, declare bankruptcy or otherwise fail to perform their obligations due to liquidity events or other unforeseen events, we may be exposed to significant financial losses. Specifically, a default by a financial institution counterparty could result in the loss of deposited cash, the inability to settle outstanding hedging contracts, or the inability to replace such hedging instruments on favorable terms. In addition, we face significant credit risk and potential payment delays with respect to non-financial contract counterparties including our B2B and Vrbo partners, which may be exacerbated by economic downturns. The realization of any of these risks could have an adverse impact on our business and financial performance.
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time of stay as well as the impact of relative exchange rate movements on cross-border travel such as from Europe to the United States and the United States to Europe.
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Our use of AI technologies in our products, services and operations present significant risks that could materially harm our business, reputation and financial performance.
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laws and regulations may be costly and time consuming to implement, and significantly impact the profitability or competitiveness of our business.
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3 more
Many of the current tax laws, rules, and regulations imposing taxes and other obligations were enacted before the growth of the digital economy. Certain jurisdictions have enacted legislation directed at taxing the digital economy and multi-national
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announcements of dividends or changes in the amount or frequency of our dividends;
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announcements by us or competitors relating to the development or implementation of AI technologies;
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New in the latest 10-Q
5 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
During the nine months ended September 30, 2026, we acquired two travel-related companies within our B2B segment and one AI trip planning company within our B2C segment. The purchase of these acquisitions totaled $ 676 million, $ 4 million of which was accrued with the remainder paid in cash. As a result of these acquisitions, we recorded $ 484 million of goodwill, $ 327 million of definite-lived intangible assets and $ 32 million of net deferred tax liabilities. Other assets acquired and liabilities assumed, excluding these amounts, resulted in net liabilities of $ 103 million and included $ 124 million of cash acquired. The definite-lived intangible assets primarily consist of partner relationships and developed technology assets and have a weighted average useful life of 5.8 years, the fair value of which was determined as of the respective acquisition dates using a discounted cash flow analysis for partner relationships and multi-period excess earnings method or a replacement cost approach for the technology assets (Level 3 inputs). The results of operations of each of the acquired businesses have been included in our consolidated results starting from each transactions closing dates forward; their effect on consolidated revenue and operating income during the nine months ended September 30, 2026 was not material.
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required to separately report its own financial results, which may differ from the segment information included herein.
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Legal reserves, occupancy tax and other for the three months ended September 30, 2026, primarily included changes to our reserve related to occupancy and other taxes.
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Legal reserves, occupancy tax and other for the three and nine months ended September 30, 2025, primarily included $90 million related to an Italian withholding tax settlement reserve.
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Legal proceedings
Helms Burton Litigation. On August 31, 2026, the jury in the Mata matter returned a verdict in favor of defendants. On September 28, 2026, plaintiff filed a motion for a new trial.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 13, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on EXPE in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/EXPE/export.csv") into a cell.