At a glance
Expedia Group Inc. is worth $35.88B, about 31 times its fiscal 2025 earnings. Revenue grew 7.6% to $14.73B in fiscal 2025, with 8.8% kept as profit; over 5 years it has grown 23.2% a year. It pays a 0.62% dividend yield, and returned $6.88B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +36.9% over the past year with dividends reinvested and +13.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.4% in the 2020 crash (S&P 500: 33.7%) and 58.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 37 months after the lows.
The business in plain English
Expedia Group is one of the world's largest online travel companies. Travelers use its websites and apps to book hotels, vacation rentals, flights, rental cars, cruises, insurance and activities. At the end of 2025 it listed about 3.6 million lodging properties and flights on over 500 airlines. About 2.4 million of those properties were vacation rentals and other "alternative accommodations" on Vrbo. Most of its marketing goes to three brands: Expedia, Hotels.com and Vrbo.
It makes money in two main ways. Under the merchant model, Expedia is the "merchant of record," which means the traveler pays Expedia directly, usually at booking. Expedia gets rates and availability from hotels under contract but does not control the rooms, so it does not carry the risk of unsold inventory. Under the agency model, it passes the booking to the supplier and earns a commission or fee. It also sells advertising, mainly to travel companies.
Revenue for the fiscal year ended December 31, 2025, was $14.7 billion, and lodging made up 79.8% of it. The B2C (business-to-consumer) brands brought in 64.3%. The B2B (business-to-business) segment brought in 32.9%. It supplies travel inventory and booking technology to airlines, offline travel agents, online retailers, financial institutions and corporate travel managers. Trivago, a majority-owned hotel price-comparison site in Germany, added 2.8%. The United States provided 59.1% of revenue.
Price history
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EXPE +36.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Lodging | $11.75B | 79.8% |
| Other | $1.40B | 9.5% |
| Expedia Group ("EG") Advertising | $758.0M | 5.1% |
| trivago Advertising | $417.0M | 2.8% |
| Air | $407.0M | 2.8% |
By business segment
| B2C | $9.47B | 64.3% |
| B2B | $4.84B | 32.9% |
| Trivago | $417.0M | 2.8% |
By geography
| United States | $8.71B | 59.1% |
| All other countries | $6.02B | 40.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.32B, up 14% from a year earlier, and net income was $878.0M (+166.1%).
- For fiscal 2025, revenue was $14.73B (+7.6% year over year; +23.2% a year from FY2020 to FY2025) with a 8.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.2% good |
|---|---|
| Operating margin | 12.7% watch |
| Free cash flow margin | 21.1% good |
| Return on equity (FY2025) | 100.8% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 5.3% watch |
| Net cash (cash minus debt) | $2.25B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.20B | $-2.61B | $-4.63B |
| FY2021 | $8.60B | $12.0M | $3.08B |
| FY2022 | $11.67B | $352.0M | $2.78B |
| FY2023 | $12.84B | $797.0M | $1.84B |
| FY2024 | $13.69B | $1.23B | $2.33B |
| FY2025 | $14.73B | $1.29B | $3.11B |
Valuation snapshot
| Market value | $35.88B |
|---|---|
| P/E ratio | 30.5 |
| Dividend yield | 0.62% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EXPE price data to Nov 2, 2026 | +6.1% | +36.9% | +47.3% | +13.7% | +9.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.1% |
| 2025 | +53.3% |
| 2024 | +22.8% |
| 2023 | +73.3% |
| 2022 | -51.5% |
| 2021 | +36.5% |
| 2020 | +22.9% |
| 2019 | -2.9% |
| 2018 | -5.0% |
| 2017 | +6.7% |
| 2016 | -8.1% |
| 2015 | +46.8% |
| 2014 | +23.5% |
| 2013 | +14.5% |
| 2012 | +115.7% |
| 2011 | +24.1% |
| 2010 | -1.3% |
| 2009 | +212.3% |
| 2008 | -73.9% |
| 2007 | +50.7% |
| 2006 | -12.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 81.5% over that stretch · deepest drop along the way 82.5%, back to its old high 38.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.1% over that stretch · deepest drop along the way 62.4%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.6% over that stretch · deepest drop along the way 58.2%, back to its old high 37.3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 6 sales ($5.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 5, 2026 | Robert J Dzielak Chief Legal Officer & Sec'y | sell | $1.1M |
| Aug 13, 2026 | Craig A Jacobson Director | sell | $1.0M |
| Aug 11, 2026 | Robert J Dzielak Chief Legal Officer & Sec'y | sell | $946K |
| Aug 18, 2026 | Lance A Soliday SVP & Chief Accounting Officer | sell | $909K |
| Aug 17, 2026 | Robert J Dzielak Chief Legal Officer & Sec'y | sell | $661K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.73% | Sep 30, 2026 |
ETFs with the most weight in EXPE
| AWAY Amplify Travel Tech ETF | 3.54% |
| EBIZ Global X E-commerce ETF | 3.44% |
| STNC Hennessy Stance ESG ETF | 2.98% |
| BUL Pacer US Cash Cows Growth ETF | 2.6% |
| IBUY Amplify Online Retail ETF | 2.46% |
| CNAV Mohr Company Nav ETF | 2.34% |
| VFLO VictoryShares Free Cash Flow ETF | 2.19% |
| JETS U.S. Global Jets ETF | 2.07% |
What could go wrong
- Heavy dependence on hotel and rental bookings. Hotels and vacation rentals made up 79.8% of revenue in fiscal 2025. Weaker room demand, or pressure on what Expedia earns per booking, would affect most of the business.
- Travel demand can vanish in a crisis. Travel spending can stop abruptly. In the 2020 COVID crash, Expedia lost $2.6 billion for the year, its free cash flow was negative $4.6 billion, and the shares fell 62.4% in about a month.
- Competition from other online travel sites. Expedia's filing says the move to online booking brought more competition among online travel agencies. Keeping its place depends on steady spending on marketing, technology and its One Key loyalty program.
- Paying for traffic from search and social. Expedia attracts travelers through internet search, metasearch (price-comparison) sites, and social and digital media. If those channels raise prices or send fewer visitors, each booking could cost more to win.
- Reliance on large business partners. The B2B segment, 32.9% of fiscal 2025 revenue, relies on partners such as airlines, travel agents and financial institutions. Losing large contracts, like its lodging supply deal with American Express Global Business Travel, could cut revenue.
- Technology outages and security failures. Its sites and apps run mainly on cloud platforms, plus older company-owned data centers, and its filing flags these systems as a risk. An outage or security breach could halt bookings and hurt trust.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Quarterly results released; Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
For income and retirement investors
Expedia pays a modest dividend. It paid $0.34 per share in 2020, paid no regular dividend from 2021 through 2024, and restarted at $1.60 per share in 2025. That gives it a one-year record of increases. Dividends paid in fiscal 2025 used 15.5% of earnings and 6.4% of free cash flow, which is the cash left after running and investing in the business. The yield was 0.67% as of October 28, 2026. Buybacks are much larger. Expedia spent $6.7 billion buying back its own shares from fiscal 2021 through 2025, compared with $200 million in dividends. Income investors would depend mostly on share-price changes, not cash payouts.
The shares have fallen hard in downturns. They dropped 82.5% in the 2008 financial crisis and did not regain their peak until January 2012. They fell 62.4% in the 2020 COVID crash and recovered by November 2020. They lost 58.2% in the 2022 bear market and did not recover until August 2025. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Expedia make money?
Mostly from travel bookings, especially hotels and vacation rentals. Lodging made up 79.8% of Expedia's $14.7 billion in revenue for the fiscal year ended December 31, 2025. Under its merchant model, travelers pay Expedia directly, usually at booking. Under its agency model, it passes the booking to the supplier and earns a commission or fee. Advertising sold mainly to travel companies added 5.1% of revenue, and trivago's advertising added another 2.8%. Consumer brands brought in 64.3% of revenue and business partners 32.9%.
Does Expedia pay a dividend?
Yes, but it is small. Expedia paid $1.60 per share in fiscal 2025 after paying no regular dividend from 2021 through 2024. Because payments only resumed in 2025, after a four-year gap, it has no long record of yearly increases. The yield was 0.67% as of October 28, 2026, and dividends used 15.5% of fiscal 2025 earnings. Buybacks returned far more cash: $1.93 billion in fiscal 2025 alone, compared with $200 million in dividends.
Does Expedia own Vrbo, Hotels.com and trivago?
Yes. Expedia Group owns Vrbo and Hotels.com, which are two of its three core consumer brands along with Expedia itself. Vrbo listed about 2.4 million bookable vacation rentals and other alternative accommodations at the end of 2025. Expedia holds a majority stake in trivago, a hotel price-comparison site in Germany that trades separately on Nasdaq as TRVG. Its other brands include Orbitz, Travelocity, ebookers and Wotif. The One Key loyalty program lets travelers earn and spend rewards across Expedia, Hotels.com and Vrbo.
How much debt does Expedia have?
As of June 30, 2026, Expedia had $5.46 billion of total debt and $7.70 billion in cash and investments. That left it with about $2.25 billion more cash than debt. Shareholders' equity was small, at $1.21 billion against $29.06 billion of assets. That helps explain why return on equity, a measure of profit compared with shareholders' stake, reached 100.8% in fiscal 2025. When the equity base is this small, that ratio can make profitability look stronger than it is.
How has Expedia stock performed over the long run?
It has gained over time, but with large swings. As of October 28, 2026, the share price was up 23.2% over one year. It had gained about 11.2% a year over five years and 8.2% a year over ten. Calendar years ranged from a 51.5% loss in 2022 to a 73.3% gain in 2023. In the 12 months to October 28, 2026, the shares fell as much as 37.4% from a high. Over roughly 21 years of share-price history, the worst fall from peak to low was 82.7%.