10-KPeriod: FY2025

Expedia Group, Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 13, 2026For Securities:EXPE

Summary

Expedia Group, Inc. (EXPE) reported robust performance for the fiscal year ended December 31, 2025, with total revenue increasing by 8% to $14.7 billion, 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% 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.

Financial Highlights

52 data points
Beta

Revenue

$14.73B

Net Income

$1.30B

8.8% Net Margin

EPS (Diluted)

$9.81

Total Assets

$24.45B

Cash & Equivalents

$6.98B

Free Cash Flow

$3.11B

Financial Statements
Beta
Revenue$14.73B
Operating Income$1.87B
Net Income$1.30B
EPS (Basic)$10.32
EPS (Diluted)$9.81
Shares Outstanding (Basic)125.36M
Shares Outstanding (Diluted)131.94M

Key Highlights

  • 1Total revenue for the year ended December 31, 2025, reached $14.7 billion, an 8% increase year-over-year.
  • 2The B2B segment showed exceptional growth, with revenue up 18% to $4.8 billion, driven by strong lodging revenue and increased partner commissions.
  • 3Lodging 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.
  • 4The company's advertising and media revenue increased by 19% to $1.3 billion, with trivago advertising revenue seeing a substantial 33% rise.
  • 5Expedia Group reinstated quarterly dividends in 2025, demonstrating financial strength and a commitment to shareholder returns.
  • 6Significant investments in AI and machine learning are being integrated across products and operations to drive efficiency and improve customer experiences.
  • 7The company maintained a strong liquidity position with $5.7 billion in cash and cash equivalents and short-term investments as of December 31, 2025.

Frequently Asked Questions

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.

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.

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.

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.