01—Abstract
Summary
Summary of the 10-Q filed November 7, 2025. Cited figures are marked; the original filing is the authoritative source.
Expedia Group, Inc. reported strong financial performance for the nine months ended September 30, 2025, with total revenue increasing by 6% to $11.186 billiona, driven primarily by growth in its B2B and trivago segments.
Net income attributable to Expedia Group, Inc. rose to $1.089 billionb for the same period, a significant increase from $935 million in the prior year. The company demonstrated robust operational efficiency, with Adjusted EBITDA growing by 16% to $2.653 billion year-to-date. This growth was supported by increased gross bookings across its B2C and B2B segments, with B2B showing particularly strong expansion.
Financially, Expedia has strengthened its balance sheet through proactive debt management, including the redemption of $1 billionc in senior notes and the issuance of $1 billion in new senior notes with a lower interest rate. The company also reinstated its quarterly dividend and continued its share repurchase program, reflecting confidence in its financial health and commitment to returning value to shareholders. Despite some headwinds, such as global macroeconomic pressures, Expedia Group's strategic initiatives, including its unified technology platform and the One Key loyalty program, position it for continued growth and operational improvement.
02—Key points
Key Highlights
- Revenue increased 6% year-over-year to $11.186 billion for the nine months ended September 30, 2025.
- Net income attributable to Expedia Group, Inc. grew to $1.089 billion for the nine months ended September 30, 2025, up from $935 million in the prior year.
- Adjusted EBITDA increased by 16% to $2.653 billion for the nine months ended September 30, 2025, indicating strong operational performance.
- Gross bookings saw a 12% increase for the three months ended September 30, 2025, and a 7% increase for the nine months ended September 30, 2025.
- B2B segment revenue grew 16% and trivago segment revenue increased by 29% for the nine months ended September 30, 2025.
- The company redeemed $1 billion of 6.25% senior notes and issued $1 billion of 5.4% senior notes in February 2025, optimizing its debt structure.
- Expedia reinstated its quarterly dividend and continued its share repurchase program, demonstrating a commitment to shareholder returns.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 7, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $4.41B$4.06B | +8.7% |
| Operating Income | $1.04B$762.00M | +36.0% |
| Net Income | $959.00M$684.00M | +40.2% |
| EPS (Basic) | $7.76$5.28 | +47.0% |
| EPS (Diluted) | $7.33$5.04 | +45.4% |
| Shares Outstanding (Basic) | 123.70M129.76M | −4.7% |
| Shares Outstanding (Diluted) | 131.01M135.73M | −3.5% |
05—Questions
Frequently Asked Questions
What was the primary driver of revenue growth in the nine months ended September 30, 2025?
The primary driver of revenue growth in the nine months ended September 30, 2025, was a combination of strong performance in the B2B segment, which saw an 18% increase in revenue for the third quarter and 16% for the year-to-date period, and significant growth in the trivago segment, with revenue up 34% for the third quarter and 29% year-to-date. Lodging revenue also saw a healthy increase of 9% and 6% for the respective periods.
How has Expedia Group managed its debt and capital structure?
Expedia Group has proactively managed its debt by redeeming $1 billion of its 6.25% senior notes in February 2025 and subsequently issuing $1 billion of new senior notes at a lower interest rate of 5.4% due in February 2035. This strategic move has helped to optimize its debt profile and reduce interest expense for the nine-month period.
What is the company's stance on returning capital to shareholders?
Expedia Group has demonstrated a commitment to returning capital to shareholders. They reinstated quarterly common stock dividends in the first quarter of 2025 and paid out $151 million in dividends during the first nine months. Additionally, the company continued its share repurchase program, buying back approximately $1.4 billion worth of shares in the first nine months of 2025 under its $5 billion authorization, with $1.8 billion remaining authorized for repurchase.
Are there any significant legal or tax matters that could impact the company's financial performance?
Expedia Group is involved in ongoing discussions and audits with tax authorities in various jurisdictions. Notably, they have established reserves for potential settlements related to Italian VAT and withholding taxes, totaling $90 million for the Italian withholding tax matter as of September 30, 2025. While the company believes it is in compliance with applicable tax laws, these matters and potential 'pay-to-play' requirements could impact liquidity and financial performance.
06—Continue