A Business at a Glance
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Expedia Group, Inc.
EXPE
$34.3B
Mkt Cap
$259.94
+0.90%
Expedia Group, Inc. (EXPE) has a current P/E ratio of 26.5, compared to its historical median P/E of 33.8. The stock is currently considered Fair based on its historical valuation range.
Expedia Group, Inc. (EXPE) has a 5-year average return on invested capital (ROIC) of 24.9%. This indicates strong capital allocation and a potential competitive advantage.
Expedia Group, Inc. (EXPE) has a market capitalization of $29.8B. It is classified as a large-cap stock.
Yes, Expedia Group, Inc. (EXPE) pays a dividend with a trailing twelve-month yield of 0.70%. The company also returns capital through share buybacks, with a buyback yield of 7.84%.
Based on historical P/E analysis, Expedia Group, Inc. (EXPE) appears fair. The current P/E of 26.5 is 22% below its historical median of 33.8. The estimated fair value CAGR (P/E method) is 19.6%.
Expedia Group, Inc. (EXPE) operates in the Transportation Services industry, within the Industrials sector.
Expedia Group, Inc. (EXPE) reported annual revenue of $14.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Expedia Group is a global online travel marketplace connecting travelers, suppliers, and advertisers through a portfolio of consumer brands (Expedia, Hotels.com, Vrbo, Orbitz, Travelocity, ebookers, Wotif Group) and B2B solutions. The company operates on a merchant model for lodging, alternative accommodations, airlines, car rentals, and activities, where it is the merchant of record and bears no inventory risk, collecting payment from travelers before travel and settling with suppliers afterward. The B2B segment provides travel technology and supply access through APIs (Rapid), white-label solutions, and booking tools (TAAP) to airlines, travel agents, retailers, and financial institutions. The trivago segment generates advertising revenue by referring users to online travel companies through hotel metasearch. Expedia's competitive moat derives from its unified technology platform serving multiple brands, extensive supply network (approximately 3.6 million lodging properties, over 500 airlines, and packages), first-party traveler data, and loyalty program (One Key) enabling cross-brand earning and redemption. The company operates a platform model with centralized technology, marketing, and customer service infrastructure, leveraging artificial intelligence for targeting, measurement, and product personalization to drive marketing efficiency and traveler conversion across geographies.
【Marketing efficiency and margin expansion】 Management expects continued margin expansion in 2026 supported by cost discipline and more efficient marketing deployment, though the pace will moderate as the company laps lower marketing spend and larger cost actions taken in 2025. The company is investing in artificial intelligence capabilities integrated into products and partner tools to improve targeting, measurement, and channel optimization, which is expected to drive better returns on marketing spend and enhance customer experience. Management anticipates ongoing volatility in the macro environment but remains focused on operational execution, selective reinvestment in growth initiatives, and maintaining disciplined capital allocation through opportunistic share repurchases. The company expects to continue expanding its B2B business as a one-stop shop with new lines of business, while leveraging its unified platform to deliver faster product innovation and better traveler experiences across all segments.
| Metric | Target | Period |
|---|---|---|
| Gross bookings growth | 6% to 8% | FY2026 |
| Revenue growth | 6% to 9% | FY2026 |
| EBITDA margin expansion | 100-125 basis points | FY2026 |
Gross bookings growth (FY2026): “For the full-year, we expect gross bookings growth to be between 6%-8%”
Revenue growth (FY2026): “For the full-year, we expect gross bookings growth to be between 6%-8% and revenue of 6%-9%”
EBITDA margin expansion (FY2026): “we do expect full-year margins to expand by 100-125 basis points”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 15.2B | 14.7B | 13.7B | 12.8B | 11.7B | 8.6B |
| Net Income | 1.5B | 1.3B | 1.2B | 797M | 352M | -269M |
| EPS | $12.63 | $9.81 | $8.95 | $5.31 | $2.17 | $-1.80 |
| Free Cash Flow | 4.1B | 3.1B | 2.3B | 1.8B | 2.8B | 3.1B |
| ROIC | 6.7% | 60.6% | 30.5% | 17.6% | 13.1% | 3.0% |
| Gross Margin | - | 24.0% | 25.1% | 22.1% | 20.2% | 21.3% |
| Debt/Equity | 7.76 | 4.80 | 4.02 | 4.08 | 2.73 | 4.11 |
| Dividends/Share | $1.81 | $1.60 | $0.00 | $0.00 | $0.00 | $0.45 |
| Operating Income | 2.2B | 1.9B | 1.3B | 1.0B | 1.1B | 186M |
| Operating Margin | 14.4% | 12.7% | 9.6% | 8.0% | 9.3% | 2.2% |
| ROE | 258.3% | 91.1% | 79.8% | 41.8% | 16.2% | -15.1% |
| Shares Outstanding | 114M | 132M | 138M | 150M | 162M | 149M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.8B | 6.7B | 8.8B | 10.1B | 11.2B | 12.1B | 5.2B | 8.6B | 11.7B | 12.8B | 13.7B | 14.7B | 15.2B |
| Gross Margin | 79.5% | 29.4% | 18.3% | 18.8% | 21.5% | 22.1% | 68.3% | 21.3% | 20.2% | 22.1% | 25.1% | 24.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 425M | 574M | 678M | 676M | 774M | 807M | 589M | 705M | 748M | 771M | 805M | 765M | 781M |
| EBIT | 518M | 414M | 462M | 625M | 714M | 903M | -2.7B | 186M | 1.1B | 1.0B | 1.3B | 1.9B | 2.2B |
| Op. Margin | 9.0% | 6.2% | 5.3% | 6.2% | 6.4% | 7.5% | -52.3% | 2.2% | 9.3% | 8.0% | 9.6% | 12.7% | 14.4% |
| Net Income | 398M | 764M | 282M | 378M | 406M | 565M | -2.7B | -269M | 352M | 797M | 1.2B | 1.3B | 1.5B |
| Net Margin | 6.9% | 11.5% | 3.2% | 3.8% | 3.6% | 4.7% | -51.7% | -3.1% | 3.0% | 6.2% | 9.0% | 8.8% | 9.8% |
| Non-Recurring | 28M | 621M | 56M | 17M | 86M | 24M | 1.0B | 525M | 6.0M | 322M | 80M | 107M | 137M |
| Returns on Capital | |||||||||||||
| ROIC | 20.4% | 7.7% | 7.4% | 10.2% | 10.4% | 12.8% | -30.1% | 3.0% | 13.1% | 17.6% | 30.5% | 60.6% | 6.7% |
| ROE | 20.3% | 23.0% | 6.3% | 8.7% | 9.4% | 14.0% | -98.1% | -15.1% | 16.2% | 41.8% | 79.8% | 91.1% | 258.3% |
| ROA | 4.8% | 6.2% | 1.8% | 2.2% | 2.2% | 2.9% | -13.4% | -1.3% | 1.6% | 3.7% | 5.6% | 5.5% | 5.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.4B | 1.4B | 1.5B | 1.8B | 2.0B | 2.8B | -3.8B | 3.7B | 3.4B | 2.7B | 3.1B | 3.9B | 4.9B |
| Free Cash Flow | 1.0B | 581M | 800M | 1.1B | 1.1B | 1.6B | -4.6B | 3.1B | 2.8B | 1.8B | 2.3B | 3.1B | 4.1B |
| Owner Earnings | 939M | 697M | 513M | 807M | 813M | 1.6B | -4.9B | 2.5B | 2.3B | 1.5B | 1.8B | 2.6B | 3.6B |
| CapEx | 328M | 787M | 749M | 710M | 878M | 1.2B | 797M | 673M | 662M | 846M | 756M | 770M | 758M |
| Maint. CapEx | 343M | 493M | 794M | 889M | 959M | 910M | 893M | 814M | 792M | 807M | 838M | 887M | 896M |
| Growth CapEx | 0 | 294M | 0 | 0 | 0 | 250M | 0 | 0 | 0 | 39M | 0 | 0 | 0 |
| D&A | 343M | 493M | 794M | 889M | 959M | 910M | 893M | 814M | 792M | 807M | 838M | 887M | 896M |
| CapEx/OCF | 24.0% | 57.5% | 48.4% | 38.5% | 44.5% | 41.9% | N/A | 18.0% | 19.2% | 31.4% | 24.5% | 19.8% | 15.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 85M | 109M | 150M | 176M | 186M | 195M | 48M | 67M | 0 | 0 | 0 | 200M | 207M |
| Dividend Yield | 0.9% | 0.8% | 0.9% | 0.9% | 1.0% | 1.1% | 0.4% | 0.3% | N/A | N/A | N/A | 0.8% | 0.7% |
| Share Buybacks | 538M | 61M | 456M | 312M | 923M | 743M | 425M | 165M | 607M | 2.1B | 1.8B | 1.9B | 2.3B |
| Buyback Yield | 4.8% | 0.4% | 2.7% | 1.7% | 5.4% | 4.6% | 2.4% | 0.6% | 4.5% | 9.4% | 7.2% | 5.1% | 7.8% |
| Stock-Based Comp | 85M | 178M | 242M | 149M | 203M | 241M | 205M | 418M | 374M | 413M | 458M | 398M | 403M |
| Debt Repayment | 0 | 0 | 0 | 0 | 500M | 0 | 750M | 1.7B | 2.1B | 0 | 0 | 1.0B | 1.0B |
| Balance Sheet | |||||||||||||
| Net Debt | -12M | 1.5B | 1.3B | 934M | 1.2B | 1.1B | 4.8B | 4.1B | 2.1B | 2.0B | 1.8B | 428M | -1.3B |
| Cash & Equiv. | 1.4B | 1.7B | 1.8B | 2.8B | 2.4B | 3.3B | 3.4B | 4.1B | 4.1B | 4.2B | 4.2B | 5.4B | 5.8B |
| Long-Term Debt | 1.7B | 3.2B | 3.2B | 3.7B | 3.7B | 4.2B | 8.2B | 7.7B | 6.2B | 6.3B | 5.2B | 4.5B | 4.5B |
| Debt/Equity | 0.98 | 0.65 | 0.76 | 0.94 | 0.91 | 1.24 | 5.44 | 4.11 | 2.73 | 4.08 | 4.02 | 4.80 | 7.76 |
| Interest Coverage | 5.3 | 3.3 | 2.7 | 3.4 | 3.8 | 5.2 | -7.6 | 0.5 | 3.9 | 4.2 | 5.4 | 6.3 | 6.2 |
| Equity | 1.8B | 4.9B | 4.1B | 4.5B | 4.1B | 4.0B | 1.5B | 2.1B | 2.3B | 1.5B | 1.6B | 1.3B | 576M |
| Total Assets | 9.0B | 15.5B | 15.8B | 18.5B | 18.0B | 21.4B | 18.7B | 21.5B | 21.6B | 21.6B | 22.4B | 24.5B | 26.5B |
| Total Liabilities | 6.7B | 10.0B | 11.6B | 14.0B | 13.9B | 17.4B | 17.2B | 19.5B | 17.8B | 18.9B | 19.6B | 21.9B | 1.0M |
| Intangibles | 1.3B | 2.8B | 2.4B | 2.3B | 2.0B | 1.8B | 1.5B | 1.4B | 1.2B | 1.0B | 817M | 819M | 887M |
| Retained Earnings | 28M | 508M | 129M | 331M | 517M | 879M | -1.8B | -1.8B | -1.4B | -632M | 602M | 1.7B | 1.6B |
| Working Capital | -1.3B | -2.9B | -2.7B | -2.3B | -2.9B | -3.0B | 228M | -1.3B | -2.0B | -2.6B | -3.8B | -4.5B | -5.2B |
| Current Assets | 2.9B | 3.0B | 3.5B | 5.5B | 5.2B | 7.7B | 5.6B | 8.2B | 8.8B | 9.2B | 9.8B | 12.2B | 14.2B |
| Current Liabilities | 4.2B | 5.9B | 6.1B | 7.9B | 8.1B | 10.7B | 5.4B | 9.4B | 10.8B | 11.8B | 13.6B | 16.7B | 19.4B |
| Per Share Data | |||||||||||||
| EPS | 2.99 | 5.70 | 1.82 | 2.42 | 2.65 | 3.77 | -19.00 | -1.80 | 2.17 | 5.31 | 8.95 | 9.81 | 12.63 |
| Owner EPS | 7.06 | 5.20 | 3.31 | 5.17 | 5.31 | 10.78 | -34.87 | 16.84 | 14.02 | 9.79 | 12.98 | 19.67 | 31.10 |
| Book Value | 13.40 | 36.27 | 26.67 | 28.96 | 26.79 | 26.47 | 10.68 | 13.76 | 14.07 | 10.22 | 11.29 | 9.73 | 5.03 |
| Cash Flow/Share | 10.27 | 10.20 | 10.00 | 11.81 | 12.89 | 18.46 | -27.11 | 25.08 | 21.21 | 17.92 | 22.38 | 29.41 | 20.83 |
| Dividends/Share | 0.66 | 0.84 | 1.00 | 1.16 | 1.24 | 1.32 | 0.34 | 0.45 | 0.00 | 0.00 | 0.00 | 1.60 | 1.81 |
| Shares Out. | 133.1M | 134.1M | 154.9M | 156.2M | 153.2M | 149.9M | 141.4M | 149.4M | 162.2M | 150.1M | 137.9M | 131.9M | 114.5M |
| Valuation | |||||||||||||
| P/E Ratio | 28.2 | 21.0 | 59.8 | 48.4 | 41.8 | 28.4 | N/A | N/A | 38.3 | 28.6 | 20.6 | 29.3 | 20.6 |
| P/FCF | 10.8 | 27.7 | 21.1 | 16.1 | 15.5 | 10.0 | N/A | 8.7 | 4.8 | 12.4 | 10.9 | 12.2 | 7.3 |
| EV/EBIT | 22.2 | 42.4 | 39.3 | 31.5 | 25.5 | 19.8 | N/A | 170.3 | 14.3 | 24.0 | 21.4 | 21.4 | 13.0 |
| Price/Book | 6.3 | 3.3 | 4.1 | 4.0 | 4.1 | 4.0 | 11.9 | 13.0 | 5.9 | 14.9 | 16.3 | 29.5 | 51.7 |
| Price/Sales | 1.7 | 2.1 | 1.9 | 2.0 | 1.6 | 1.5 | 2.5 | 2.8 | 1.8 | 1.3 | 1.4 | 1.8 | 2.0 |
| FCF Yield | 9.3% | 3.6% | 4.7% | 6.2% | 6.5% | 10.0% | -25.7% | 11.5% | 20.6% | 8.1% | 9.1% | 8.2% | 13.8% |
| Market Cap | 11.2B | 16.1B | 16.9B | 18.3B | 17.0B | 16.0B | 18.0B | 26.8B | 13.5B | 22.8B | 25.5B | 37.9B | 29.8B |
| Avg. Price | 73.61 | 102.49 | 107.60 | 129.89 | 116.99 | 121.36 | 91.74 | 160.55 | 131.04 | 107.67 | 141.19 | 196.73 | 259.94 |
| Year-End Price | 84.19 | 119.79 | 108.76 | 117.24 | 110.69 | 107.05 | 127.45 | 179.35 | 83.02 | 152.05 | 184.62 | 287.56 | 259.94 |
Expedia Group, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Expedia Group, Inc. trades at 26.5x trailing earnings, compared to its 15-year median P/E of 33.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.0x vs a median of 12.2x. The company's 5-year average ROIC is 24.9% with a gross margin of 22.5%. Total shareholder yield (dividends + buybacks) is 8.5%. At current prices, the estimated annualized return to fair value is +18.1%.
Expedia Group, Inc. (EXPE) has a net profit margin of 8.8%. This is a modest margin.
Expedia Group, Inc. (EXPE) generated $3.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Expedia Group, Inc. (EXPE) has a debt-to-equity ratio of 4.80. This indicates higher leverage, which may increase financial risk.
Expedia Group, Inc. (EXPE) reported earnings per share (EPS) of $9.81 in its most recent fiscal year.
Expedia Group, Inc. (EXPE) has a return on equity (ROE) of 91.1%. This indicates the company generates strong returns for shareholders.
Expedia Group, Inc. (EXPE) has a 5-year average gross margin of 22.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for Expedia Group, Inc. (EXPE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Expedia Group, Inc. (EXPE) has a book value per share of $9.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued margin expansion in 2026 supported by cost discipline and more efficient marketing deployment, though the pace will moderate as the company laps lower marketing spend and larger cost actions taken in 2025. The company is investing in artificial intelligence capabilities integrated into products and partner tools to improve targeting, measurement, and channel optimization, which is expected to drive better returns on marketing spend and enhance customer experience. Management anticipates ongoing volatility in the macro environment but remains focused on operational execution, selective reinvestment in growth initiatives, and maintaining disciplined capital allocation through opportunistic share repurchases. The company expects to continue expanding its B2B business as a one-stop shop with new lines of business, while leveraging its unified platform to deliver faster product innovation and better traveler experiences across all segments.
Based on recent SEC filings and earnings calls, Expedia Group, Inc. (EXPE) has provided the following forward guidance: Gross bookings growth: 6% to 8% (FY2026); Revenue growth: 6% to 9% (FY2026); EBITDA margin expansion: 100-125 basis points (FY2026).