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EXPEExpedia Group

Consumer discretionary · Travel Services · Nasdaq

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FY2025 at a glance

Sales up 7.6%, free cash flow up to $3.1B

XBRL, from each 10-K

RevenueStatements ↓

$14.7B

from $13.7B in FY2024

FY2016FY2025

Net incomeStatements ↓

$1.3B

from $1.2B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$3.1B

from $2.3B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$9.81

from $8.95 in FY2024

FY2016FY2025

Operating marginStatements ↓

12.7%

from 9.6% in FY2024

FY2016FY2025

Total debtStatements ↓

$6.2B

from $6.3B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	17.06	Sales (ttm)	16.2B	Net income (ttm)	2.1B	Sales growth	+7.6%	EPS growth	+9.6%	Sales Q/Q	+11.9%
Free cash flow	3.7B	Gross margin	-	Oper. margin	17.2%	Net margin	13.0%	FCF margin	23.1%	ROE	127.5%
ROA	7.8%	R&D / sales	-	Dividend	1.60	Debt/Eq	3.31	Curr. ratio	0.77	Cash	5.0B
Op. cash flow (ttm)	4.6B	EBITDA	2.8B	EBITDA margin	18.7%	Net debt	420.0M	Quick ratio	0.77	Interest cover	6.26
ROIC	21.5%	Payout ratio	16.3%	Tax rate	18.2%	Stock pay / sales	2.7%	Shares out.	122.3M	Shares Y/Y	-4.3%
Book / share	13.51	Cash / share	41.22	Sales / share	132.70	Asset turnover	0.60	Days sales out.	103	Sales 3Y CAGR	+8.1%
Sales 5Y CAGR	+23.2%	EPS 3Y CAGR	+65.3%	Employees	16,000	Sales / employee	1.0M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 34%$2.3B → $3.1B · Cash from operations − capital expenditure · 10-K ↗
Operating margin widened to 12.7%9.6% → 12.7% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

EXPE against Consumer discretionary peers

Ten years, side by side → · All 47 →

EXPEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth

+7.6%19th of 47 · median +5.4%

Net margin

13.0%15th of 47 · median 10.8%

Return on equity

127.5%1st of 34 · median 32.5%

Free cash flow margin

23.1%3rd of 45 · median 9.4%

Debt / equity (less is better)

3.3125th of 28 · median 0.73

EXPE and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
EXPE Expedia Group	$16.2B	+7.6%	-	13.0%	127.5%	23.1%	3.31
MGM MGM Resorts	$17.7B	+1.7%	-	3.9%	27.7%	7.9%	2.26
DASH DoorDash	$17.1B	+27.9%	-	6.2%	9.9%	15.8%	-
PHM PulteGroup	$16.0B	-3.5%	-	11.2%	13.7%	8.1%	0.00
TSCO Tractor Supply	$15.9B	+4.3%	36.2%	6.1%	36.7%	1.8%	0.84
ABNB Airbnb	$13.9B	+10.3%	83.1%	23.0%	34.4%	-	0.25

Profitability

2 of 3

✓
Net margin above the peer median13.0% vs 10.8%
✓
Return on equity above 15%127.5%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 3.2% → 8.8%

Balance sheet

2 of 4

✓
Interest covered more than 5 timesOperating income is 6.3× interest expense
!
Debt larger than equityDebt / equity 3.31 on the latest balance sheet (peer median 0.73)
!
Current ratio below 1Current ratio 0.77
✓
Net debt under 3 years of free cash flow$100.0M net debt, 0.0 years

Debt / equity at each year end, FY2016 to FY2025: 0.76 → 4.80

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 9 of 10 years$3.1B last year
✓
Share count down over 5 years−6.7%
✓
Dividend per share up over 5 years$0.34 → $1.60
✓
Cash from operations above net income$3.9B vs $1.3B

Free cash flow, FY2016 to FY2025: 800.0M → 3.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 14.7B Net income 1.3B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $14.7B of revenue came from

by product, year to Dec 31, 2025

Lodging $11.8B · 80%
Other $1.4B · 9%
Expedia Group ("EG") Advertising $758.0M · 5%
trivago Advertising $417.0M · 3%
Air $407.0M · 3%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

EXPE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue14.7B

Net income1.3B

Free cash flow3.1B

EPS (diluted)9.81

Dividend per share1.60

Diluted shares131.9M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
B2C	9.5B	64.3%	+2.2%
B2B	4.8B	32.9%	+18.0%
trivago	417.0M	2.8%	+32.4%

10-K 0001324424-26-000008, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Lodging	11.8B	79.8%	+7.3%
Other	1.4B	9.5%	+2.9%
Expedia Group ("EG") Advertising	758.0M	5.1%	+18.6%
trivago Advertising	417.0M	2.8%	+32.4%
Air	407.0M	2.8%	-4.9%

10-K 0001324424-26-000008, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	8.7B	59.1%	+4.0%
All other countries	6.0B	40.9%	+13.2%

10-K 0001324424-26-000008, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8.8B	10.1B	11.2B	12.1B	5.2B	8.6B	11.7B	12.8B	13.7B	14.7B
Cost of revenue	1.6B	1.8B	2.0B	2.2B	-	-	-	-	-	-
SG&A	678.0M	676.0M	774.0M	807.0M	589.0M	705.0M	748.0M	771.0M	805.0M	765.0M
Operating income	462.0M	625.0M	714.0M	903.0M	-2.7B	186.0M	1.1B	1.0B	1.3B	1.9B
Interest expense	173.0M	182.0M	190.0M	173.0M	360.0M	351.0M	277.0M	245.0M	246.0M	299.0M
Pretax income	277.0M	417.0M	485.0M	775.0M	-3.2B	-38.0M	538.0M	1.0B	1.5B	1.6B
Income tax	16.0M	45.0M	87.0M	203.0M	-423.0M	-53.0M	195.0M	330.0M	318.0M	290.0M
Net income	282.0M	378.0M	406.0M	565.0M	-2.6B	12.0M	352.0M	797.0M	1.2B	1.3B
EPS (diluted)	1.82	2.42	2.65	3.77	-19.00	-1.80	2.17	5.31	8.95	9.81
Diluted shares	154.5M	156.4M	152.9M	149.9M	141.4M	149.7M	161.8M	150.2M	137.9M	131.9M
Depreciation & amortization	477.0M	614.0M	959.0M	910.0M	893.0M	814.0M	792.0M	807.0M	838.0M	887.0M
EBITDA	939.0M	1.2B	1.7B	1.8B	-1.8B	1.0B	1.9B	1.8B	2.2B	2.8B
Operating margin	5.3%	6.2%	6.4%	7.5%	-52.3%	2.2%	9.3%	8.0%	9.6%	12.7%
Net margin	3.2%	3.8%	3.6%	4.7%	-50.2%	0.1%	3.0%	6.2%	9.0%	8.8%
Revenue growth	-	+14.7%	+11.6%	+7.5%	-56.9%	+65.4%	+35.7%	+10.0%	+6.6%	+7.6%
EPS growth	-	+33.0%	+9.5%	+42.3%	-604%	-	-	+145%	+68.5%	+9.6%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.8B	2.8B	2.4B	3.3B	3.4B	4.1B	4.1B	4.2B	4.2B	5.4B
Short-term investments	72.3M	468.0M	28.0M	526.0M	24.0M	200.0M	48.0M	28.0M	300.0M	320.0M
Receivables	1.3B	1.9B	2.2B	2.5B	701.0M	1.3B	2.1B	2.8B	3.2B	4.2B
Current assets	3.5B	5.5B	5.2B	7.7B	5.6B	8.2B	8.8B	9.2B	9.8B	12.2B
Property & equipment	1.4B	1.6B	1.9B	2.2B	2.3B	2.2B	2.2B	2.4B	2.4B	2.4B
Goodwill	7.9B	8.2B	8.1B	8.1B	7.4B	7.2B	7.1B	6.8B	6.8B	6.9B
Total assets	15.8B	18.5B	18.0B	21.4B	18.7B	21.5B	21.6B	21.6B	22.4B	24.5B
Current liabilities	6.1B	7.9B	8.1B	10.7B	5.4B	9.4B	10.8B	11.8B	13.6B	16.7B
Total debt	3.2B	4.2B	3.7B	4.9B	8.2B	8.4B	6.2B	6.3B	6.3B	6.2B
Shareholders' equity	4.1B	4.5B	4.1B	4.0B	1.5B	2.1B	2.3B	1.5B	1.6B	1.3B
Retained earnings	129.0M	331.0M	517.0M	879.0M	-1.8B	-1.8B	-1.4B	-632.0M	602.0M	1.7B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.5B	1.8B	2.0B	2.8B	-3.8B	3.7B	3.4B	2.7B	3.1B	3.9B
Capital spending	749.0M	710.0M	878.0M	1.2B	797.0M	673.0M	662.0M	846.0M	756.0M	770.0M
Free cash flow	800.0M	1.1B	1.1B	1.6B	-4.6B	3.1B	2.8B	1.8B	2.3B	3.1B
Stock-based pay (added back)	242.0M	149.0M	203.0M	241.0M	205.0M	418.0M	374.0M	413.0M	458.0M	398.0M
Dividends paid	-	-	186.0M	195.0M	48.0M	-	-	0	0	200.0M
Buybacks	456.0M	312.0M	923.0M	743.0M	425.0M	165.0M	607.0M	2.1B	1.8B	1.9B
Acquisitions	1.0M	169.0M	53.0M	-80.0M	0	-	-	-	-	-
Debt raised	-2.0M	990.0M	0	1.2B	3.9B	2.0B	0	0	0	985.0M
Debt repaid	0	0	500.0M	0	750.0M	1.7B	2.1B	0	0	1.0B
Investing cash flow	-718.0M	-1.6B	-559.0M	-1.6B	-263.0M	-931.0M	-580.0M	-800.0M	-1.3B	-531.0M
Financing cash flow	-691.0M	688.0M	-1.5B	175.0M	4.1B	-973.0M	-2.6B	-2.1B	-1.7B	-2.1B
Dividend per share	1.00	1.16	1.24	1.32	0.34	-	-	-	-	1.60

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	242.0M	149.0M	203.0M	241.0M	205.0M	418.0M	374.0M	413.0M	458.0M	398.0M
Stock-based pay / revenue	2.8%	1.5%	1.8%	2.0%	3.9%	4.9%	3.2%	3.2%	3.3%	2.7%
Operating lease cost	-	-	-	-	159.0M	119.0M	99.0M	97.0M	85.0M	84.0M
Operating lease cash paid	-	-	-	152.0M	139.0M	151.0M	96.0M	92.0M	80.0M	81.0M
Right-of-use assets	-	-	0	611.0M	574.0M	407.0M	363.0M	357.0M	305.0M	296.0M
Operating lease liabilities	-	-	-	651.0M	639.0M	437.0M	389.0M	380.0M	328.0M	315.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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