01—Abstract
Summary
Summary of the 10-K filed February 13, 2026. Cited figures are marked; the original filing is the authoritative source.
Expedia Group, Inc. (EXPE) reported robust performance for the fiscal year ended December 31, 2025, with total revenue increasing by 8% to $14.7 billiona, driven by a strong 20% growth in its B2B segment and a 7% rise in lodging revenue.
The company has successfully navigated a dynamic business environment, marked by a strategic shift towards a platform operating model, the integration of its unified loyalty program (One Key), and significant investments in AI and machine learning to enhance traveler experiences and operational efficiencies. Despite ongoing macroeconomic and geopolitical uncertainties, Expedia Group demonstrated resilience. The company's focus on leveraging its brand and supply strength, coupled with rapid product innovation powered by AI, positions it well for future growth.
The B2C segment saw a modest 2%b revenue increase, while the trivago segment experienced a significant 33% surge in advertising revenue. Management remains optimistic about the market opportunity, emphasizing continued efforts to build direct customer relationships and expand its global reach. The company also reinstated quarterly dividends in 2025, signaling confidence in its financial health and commitment to returning value to shareholders.
02—Key points
Key Highlights
- Total revenue for the year ended December 31, 2025, reached $14.7 billion, an 8% increase year-over-year.
- The B2B segment showed exceptional growth, with revenue up 18% to $4.8 billion, driven by strong lodging revenue and increased partner commissions.
- Lodging revenue grew 7% to $11.8 billion, supported by an 8% increase in booked room nights, with approximately 3.6 million lodging properties available globally.
- The company's advertising and media revenue increased by 19% to $1.3 billion, with trivago advertising revenue seeing a substantial 33% rise.
- Expedia Group reinstated quarterly dividends in 2025, demonstrating financial strength and a commitment to shareholder returns.
- Significant investments in AI and machine learning are being integrated across products and operations to drive efficiency and improve customer experiences.
- The company maintained a strong liquidity position with $5.7 billion in cash and cash equivalents and short-term investments as of December 31, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 13, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $14.73B$13.69B | +7.6% |
| Operating Income | $1.87B$1.32B | +41.8% |
| Net Income | $1.30B$1.22B | +6.3% |
| EPS (Basic) | $10.32$9.39 | +9.9% |
| EPS (Diluted) | $9.81$8.95 | +9.6% |
| Shares Outstanding (Basic) | 125.36M131.43M | −4.6% |
| Shares Outstanding (Diluted) | 131.94M137.92M | −4.3% |
05—Questions
Frequently Asked Questions
What were the main drivers of Expedia Group's revenue growth in 2025?
Expedia Group's revenue growth in 2025 was primarily driven by its B2B segment, which saw an 18% increase due to strong lodging demand and higher partner commissions. Lodging revenue also increased by 7%, supported by an 8% rise in booked room nights. The advertising and media segment also contributed significantly, with a 19% increase in revenue, including a notable 33% jump in trivago's advertising revenue.
How is Expedia Group leveraging Artificial Intelligence (AI) and technology?
Expedia Group is heavily investing in AI and machine learning to enhance traveler experiences and drive operational efficiencies. This includes integrating AI into its products and technology to deliver personalized experiences, improving developer productivity, and optimizing customer service resolution times. The company also continues to refine its unified technology platform to enable faster product innovation and scalable services.
What is the company's outlook regarding competition and market dynamics?
Expedia Group operates in a highly competitive and evolving travel market. Key competitive pressures include other online travel agencies (OTAs), alternative accommodation providers, search engines (like Google) with integrated travel services, and increasingly, generative AI-powered platforms and AI agents. The company's strategy focuses on leveraging its brand and supply strength, continuous product innovation, and building direct customer relationships to navigate these challenges and capitalize on the significant global travel market opportunity.
Has Expedia Group returned capital to shareholders recently, and what is its dividend policy?
Yes, Expedia Group reinstated quarterly common stock dividends in February 2025, paying $0.40 per share in each quarter of 2025. The Board of Directors approved the reinstatement, signaling confidence in the company's financial performance. Future dividend declarations remain at the discretion of the Board and depend on various factors, including financial results and capital requirements.
06—Continue