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Expedia Group (EXPE) stock

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NASDAQ: EXPE Nasdaq Hotels, Resorts & Cruise Lines Next results ~November 4, 2026

C+ Fundamentals grade

Expedia Group is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$410

Cash-flow model

Base case. Range ~$320–$540 across our lower- and higher-growth cases (5.3%–15.3% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 38% above it.

Price used: $298.99, November 2, 2026

Expedia Group valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds583 adding, 475 cuttingOf 83 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Expedia Group files

Where Expedia stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15.7bn, up 12.0% on a year earlier, faster than 10.0% a quarter earlier. Free-cash-flow margin rose to 28.4% from 14.2% a year earlier. Operating margin widened to 16.0% from 9.9%. The diluted share count is down 5.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $580 a share, against a share price of $299.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Expedia Group's trailing-twelve-month revenue grew 12.0% year on year, with a free-cash-flow margin of 28.4%. Where it stands out: free-cash-flow margin of 28.4% ranks 4 of 24 hotels, resorts & cruise lines companies we cover. Where it lags: days sales outstanding of 134 days ranks 16 of 17 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$410 per share in the base case (~$320–$540 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 123.3% while net income grew 82.9%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $298.99 is 38% below our value per share of $410.
  • Margins widening. Operating margin is up 6.0 points on a year ago.
  • Strong cash generation. 28.4% of revenue turned into free cash flow, against a median of 12.7% for hotels, resorts & cruise lines companies we cover.
  • Shrinking share count. Diluted shares fell 5.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 0.9 against the S&P 500.
  • Below peers: days sales outstanding. Days sales outstanding of 134 days ranks 16 of 17 hotels, resorts & cruise lines companies we cover (median 52 days).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.6% ranks 20 of 24 hotels, resorts & cruise lines companies we cover (median 1.4%).
  • Short interest rising. Shares sold short rose 28% in a month to 8.6% of tradable shares.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$5.76 against an average estimate of $5.25: beat by 9.6%
Revenue
$4.32bn, up 14.0% on a year earlier
Share reaction
-1.8% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
gross Bookings $129.5bn to $130.8bn (Full Year 2026); revenue $16.05bn to $16.22bn (Full Year 2026)
Next report
November 4, 2026; average EPS estimate $8.89

Expedia Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.6%
  • 1 week+5.3%
  • 1 month+12.8%
  • This year+6.1%
  • 1 year+36.9%
  • 5 years+86.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.7B
Operating margin
16.0%
Net margin
13.0%
EPS (TTM, diluted)
$15.95

Growth

Revenue growth
+12.0%
Change in growth rate
+2.0 pts
Share count change
−5.4%

Cash

Free cash flow (TTM)
$4.5B
FCF margin
28.4%
Stock pay % of revenue
2.6%

Earnings

Last results
August 5, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Product
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Product
  10. Insider trade
  11. Results
  12. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Expedia Group valuation models and calculator

What the price is pricing in

The share price implies about 3.1% a year of cash-flow growth for five years.That is slower than the 12.8% a year revenue growth Expedia Group has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in3.1%
  • Last 12 months12.0%
  • 3 years a year8.6%
  • 5 years a year12.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($291.33, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$410
Price used
$291.33close November 3, 2026
Implied change
▲ +42%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Expedia Group's free cash flow after stock-based pay with after-tax interest added back ($1.8B, FY2026 Q2 TTM), growing 7.7% and 9.1% in the next two years (forecasts, guidance and its record), then back to 10.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$320–~$540 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Expedia Group's free cash flow after stock-based pay ( $1.8B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Expedia Group as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$410 ~$320–$540 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$370 ~$300–$540 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$110–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$330 ~$120–$410 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Expedia Group with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +86%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $241$322$430$571$755$994
8.5% $188$247$324$425$557$726
10% $156$201$261$338$438$567

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$117.41$107.96$115.15$109.44$106.27$130.59$178.25$86.40$149.71$183.78$281.69$298.99
Market value$15.7bn$16.7bn$18.0bn$16.7bn$15.9bn$18.5bn$26.7bn$14.0bn$22.5bn$25.3bn$37.2bn$38.2bn
+ Net debt (− = net cash)$1.5bn$1.4bn$1.4bn$1.3bn$1.6bn$4.9bn$4.3bn$2.1bn$2.0bn$2.1bn$748m−$1.2bn
Enterprise value$17.2bn$18.0bn$19.4bn$18.0bn$17.6bn$23.3bn$31.0bn$16.1bn$24.5bn$27.4bn$37.9bn$37.0bn
Multiples
Price / sales 2.4x1.9x1.8x1.5x1.3x3.6x3.1x1.2x1.8x1.9x2.5x2.4x
Price / earnings 20.6x59.2x47.6x41.2x28.2x—n/m39.7x28.2x20.5x28.7x18.7x
Price / free cash flow 27.1x20.9x15.9x15.3x9.9x—8.7x5.0x12.2x10.9x12.0x8.6x
EV / EBITDA 23.0x19.2x15.7x10.8x9.7x—31.0x8.6x13.3x12.7x13.7x10.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

57 /100

Moderate moat

How hard Expedia Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.3% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 80.0%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 7.9%; its worst year was -18.6%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 9 of 10 years, at a median 15.4% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 11.6% over five years; stock-based pay has been a median 2.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $4.7bn and EPS of $8.89 (range $7.72 to $11.24) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $21.06 +33% $16.2bn +10%
Next $24.58 +17% $17.4bn +7%

Next year's EPS estimate has moved +7.0% in 90 days, across 31 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.7% on 90 days ago. In the last 30 days, 3 analysts raised Expedia Group's forecast and 1 cut it.

Consensus EPS forecast Expedia Group, last 90 days
$18.00 $20.00 $22.00 $24.00 $26.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.73 Current fiscal year, 60 days ago: $20.87 Current fiscal year, 30 days ago: $20.99 Current fiscal year, 7 days ago: $21.02 Current fiscal year, Now: $21.06 $21.06 Next fiscal year, 90 days ago: $22.97 Next fiscal year, 60 days ago: $24.19 Next fiscal year, 30 days ago: $24.47 Next fiscal year, 7 days ago: $24.54 Next fiscal year, Now: $24.58 $24.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.73$22.97
60 days ago $20.87$24.19
30 days ago $20.99$24.47
7 days ago $21.02$24.54
Now $21.06$24.58

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $5.25 $5.76 +9.6%
Mar 2026 $1.38 $1.96 +42.3%
Dec 2025 $3.37 $3.78 +12.2%
Sept 2025 $6.95 $7.57 +9.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Revenue Full Year 2026 $16.05bn to $16.22bn Raised
    “$16.05 - $16.22B” source
  • Gross Bookings Full Year 2026 $130bn to $131bn Raised
    “$129.5 - $130.8B” source

How earlier guidance turned out

  • Revenue, Q2 2026 guided $4.11bn to $4.19bn Above range: $4.315bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Expedia Group's revenue by +7.7% next year and +9.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.0%, weight 57%) , management guidance (+6.5%, weight 18%) and the company's own record (+10.3%, weight 24%) . How the weights are set.

Analyst recommendations

38 analysts, Oct 2026
Buy1745%
Hold2053%
Sell13%

Monthly trend

  1. Oct 2026172038
  2. Sep 2026172139
  3. Aug 2026172139
  4. Jul 2026172038

Counts of recommendations published by analysts covering Expedia Group, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.6%
of tradable shares
Days to cover
3.7
at average volume
Short interest, 1 month
+28%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.6%
of shares
Employees
16,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +36.9%

$218.38 on October 31, 2025 to $298.99

ThenNowEffect
Revenue (last 12 months) $14.0bn $15.7bn +12.0%
Net margin 7.9% 13.0% +63.3%
P/E multiple 26.5x 18.7x −29.2%
Share count 135m 128m +5.7%

Biggest factor: net margin.

Last 3 years +169.0%

$111.17 on November 3, 2023 to $298.99

ThenNowEffect
Revenue (last 12 months) $12.3bn $15.7bn +28.1%
Net margin 7.3% 13.0% +76.9%
P/E multiple 19.7x 18.7x −4.9%
Share count 159m 128m +24.9%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EXPE+37%−52%+73%+23%+53%+6%
Industry peers (median)+26%−23%+45%+26%+6%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EXPE58%33%50%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EXPE−26%−61%−27%−31%−34%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 71% from July 28, 2017 to March 18, 2020. Getting back needed a 239% gain, reached on February 18, 2021, 337 days after the low.

Price behaviour

52-week range
$187.43 – $338.64
From 52-week high
−11.7%
vs 50-day average
+4.7%
vs 200-day average
+15.7%
Volatility (1 year)
51%
Beta vs S&P 500
0.87

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±11.5%
After a week
7 up, 5 down
typical move ±13.0%
After a month
7 up, 5 down
typical move ±13.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −1.8% −0.4% +4.3% −2.7%
May 7, 2026 −6.8% +0.5% −12.0% −8.2%
February 12, 2026 −9.0% −1.5% −12.9% −0.7%
November 6, 2025 +20.8% −1.0% +25.0% +23.9%
August 7, 2025 +5.5% +0.7% +11.9% +17.5%
May 8, 2025 −5.9% +0.6% −0.2% +6.3%
February 6, 2025 +19.2% −0.6% +19.7% +4.3%
November 7, 2024 +5.2% +1.2% +6.1% +10.3%
August 8, 2024 +14.8% +2.8% +16.8% +17.3%
May 2, 2024 −13.4% +2.2% −15.5% −14.3%
February 8, 2024 −15.1% +0.6% −10.3% −11.3%
November 2, 2023 +20.8% +2.8% +21.9% +49.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Expedia Group’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.24× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Expedia Group in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Expedia Group
$12B $13B $14B $15B $16B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $12.6B Revenue (TTM), FY23 Q4: $12.8B Revenue (TTM), FY24 Q1: $13.1B Revenue (TTM), FY24 Q2: $13.3B Revenue (TTM), FY24 Q3: $13.4B Revenue (TTM), FY24 Q4: $13.7B Revenue (TTM), FY25 Q1: $13.8B Revenue (TTM), FY25 Q2: $14B Revenue (TTM), FY25 Q3: $14.4B Revenue (TTM), FY25 Q4: $14.7B Revenue (TTM), FY26 Q1: $15.2B Revenue (TTM), FY26 Q2: $15.7B $15.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $12.6B
FY23 Q4 $12.8B
FY24 Q1 $13.1B
FY24 Q2 $13.3B
FY24 Q3 $13.4B
FY24 Q4 $13.7B
FY25 Q1 $13.8B
FY25 Q2 $14B
FY25 Q3 $14.4B
FY25 Q4 $14.7B
FY26 Q1 $15.2B
FY26 Q2 $15.7B
Revenue growth, TTM YoY Expedia Group
4% 6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 11.0% Revenue growth, TTM YoY, FY23 Q4: 10.0% Revenue growth, TTM YoY, FY24 Q1: 8.1% Revenue growth, TTM YoY, FY24 Q2: 8.2% Revenue growth, TTM YoY, FY24 Q3: 6.6% Revenue growth, TTM YoY, FY24 Q4: 6.6% Revenue growth, TTM YoY, FY25 Q1: 5.6% Revenue growth, TTM YoY, FY25 Q2: 5.7% Revenue growth, TTM YoY, FY25 Q3: 7.3% Revenue growth, TTM YoY, FY25 Q4: 7.6% Revenue growth, TTM YoY, FY26 Q1: 10.0% Revenue growth, TTM YoY, FY26 Q2: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 11.0%
FY23 Q4 10.0%
FY24 Q1 8.1%
FY24 Q2 8.2%
FY24 Q3 6.6%
FY24 Q4 6.6%
FY25 Q1 5.6%
FY25 Q2 5.7%
FY25 Q3 7.3%
FY25 Q4 7.6%
FY26 Q1 10.0%
FY26 Q2 12.0%
Operating margin (TTM) Expedia Group
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 8.4% Operating margin (TTM), FY23 Q4: 8.0% Operating margin (TTM), FY24 Q1: 8.0% Operating margin (TTM), FY24 Q2: 7.9% Operating margin (TTM), FY24 Q3: 9.0% Operating margin (TTM), FY24 Q4: 9.6% Operating margin (TTM), FY25 Q1: 9.9% Operating margin (TTM), FY25 Q2: 9.9% Operating margin (TTM), FY25 Q3: 11.6% Operating margin (TTM), FY25 Q4: 12.7% Operating margin (TTM), FY26 Q1: 14.4% Operating margin (TTM), FY26 Q2: 16.0% 16.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 8.4%
FY23 Q4 8.0%
FY24 Q1 8.0%
FY24 Q2 7.9%
FY24 Q3 9.0%
FY24 Q4 9.6%
FY25 Q1 9.9%
FY25 Q2 9.9%
FY25 Q3 11.6%
FY25 Q4 12.7%
FY26 Q1 14.4%
FY26 Q2 16.0%
FCF margin (TTM) Expedia Group
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 15.1% FCF margin (TTM), FY23 Q4: 14.4% FCF margin (TTM), FY24 Q1: 12.4% FCF margin (TTM), FY24 Q2: 15.1% FCF margin (TTM), FY24 Q3: 14.2% FCF margin (TTM), FY24 Q4: 17.0% FCF margin (TTM), FY25 Q1: 17.3% FCF margin (TTM), FY25 Q2: 14.2% FCF margin (TTM), FY25 Q3: 20.9% FCF margin (TTM), FY25 Q4: 21.1% FCF margin (TTM), FY26 Q1: 27.0% FCF margin (TTM), FY26 Q2: 28.4% 28.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 15.1%
FY23 Q4 14.4%
FY24 Q1 12.4%
FY24 Q2 15.1%
FY24 Q3 14.2%
FY24 Q4 17.0%
FY25 Q1 17.3%
FY25 Q2 14.2%
FY25 Q3 20.9%
FY25 Q4 21.1%
FY26 Q1 27.0%
FY26 Q2 28.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Expedia Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $14.7B
  2. Selling, general and admin $8.1B · 55.1%
  3. Other operating costs $4.7B · 32.2%
  4. Operating income $1.9B · 12.7%
  5. Income tax $290M · 2.0%
  6. Interest and other $287M · 1.9%
  7. Net income $1.3B · 8.8%

Shares of revenue. Source: Expedia Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2.7 3.0 3.4 4.0 4.8 5.8 6.7 8.8 10.1 11.2 12.1 5.2 8.6 11.7 12.8 13.7 14.7 15.7
Gross profit 2.1 2.3 2.7 3.1 3.7 4.6 5.4 7.2 8.3 9.3 9.9 — — — — — — —
EBITDA 0.5 0.6 0.6 0.6 0.6 0.8 0.8 0.9 1.2 1.7 1.8 −1.8 1.0 1.9 1.8 2.2 2.8 3.4
Operating income 0.4 0.5 0.5 0.4 0.4 0.5 0.4 0.5 0.6 0.7 0.9 −2.7 0.2 1.1 1.0 1.3 1.9 2.5
Net income 0.3 0.4 0.5 0.3 0.2 0.4 0.8 0.3 0.4 0.4 0.6 −2.6 0.0 0.4 0.8 1.2 1.3 2.0
Diluted EPS $2.05 $2.93 $3.41 $2.00 $1.67 $2.99 $5.70 $1.82 $2.42 $2.65 $3.77 −$19.00 −$1.80 $2.17 $5.31 $8.95 $9.81 $15.95
Growth (year on year)
Revenue −6.6% +10.6% +13.7% +16.9% +18.4% +20.8% +15.8% +31.5% +14.7% +11.6% +7.5% −56.9% +65.4% +35.7% +10.0% +6.6% +7.6% +12.0%
EBITDA — +23.4% +1.0% −2.7% −3.0% +35.6% −4.3% +25.2% +31.9% +35.0% +8.4% −200.7% — +87.7% −2.0% +17.2% +27.9% +50.9%
Operating income — +25.9% −4.2% −10.0% −15.2% +41.4% −20.1% +11.7% +35.3% +14.2% +26.5% −401.1% — +483.3% −4.8% +27.7% +41.8% +80.0%
Net income — +40.7% +12.1% −40.7% −16.9% +71.0% +92.0% −63.1% +34.0% +7.4% +39.2% −562.3% — — +126.4% +54.8% +4.9% +82.9%
Diluted EPS — +42.9% +16.4% −41.3% −16.5% +79.0% +90.6% −68.1% +33.0% +9.5% +42.3% −604.0% — — +144.7% +68.5% +9.6% +93.3%
Margins
Gross margin 78.0% 77.4% 77.9% 77.7% 78.2% 79.5% 80.4% 81.8% 82.5% 82.5% 82.1% — — — — — — —
EBITDA margin 17.9% 20.0% 17.8% 14.8% 12.1% 13.6% 11.2% 10.7% 12.3% 14.9% 15.0% −35.1% 11.6% 16.1% 14.3% 15.8% 18.7% 21.7%
Operating margin 14.5% 16.5% 13.9% 10.7% 7.7% 9.0% 6.2% 5.3% 6.2% 6.4% 7.5% −52.3% 2.2% 9.3% 8.0% 9.6% 12.7% 16.0%
Net margin 10.9% 13.9% 13.7% 7.0% 4.9% 6.9% 11.5% 3.2% 3.8% 3.6% 4.7% −50.2% 0.1% 3.0% 6.2% 9.0% 8.8% 13.0%
Free-cash-flow margin 21.8% 21.1% 17.9% 24.8% 9.5% 18.0% 8.7% 9.1% 11.3% 9.8% 13.3% −89.1% 35.8% 23.8% 14.4% 17.0% 21.1% 28.4%
Cash flow
Cash from operations 0.7 0.8 0.8 1.2 0.8 1.4 1.4 1.5 1.8 2.0 2.8 −3.8 3.7 3.4 2.7 3.1 3.9 5.2
Capital spending 0.1 0.1 0.2 0.2 0.3 0.3 0.8 0.7 0.7 0.9 1.2 0.8 0.7 0.7 0.8 0.8 0.8 0.8
Free cash flow 0.6 0.6 0.6 1.0 0.5 1.0 0.6 0.8 1.1 1.1 1.6 −4.6 3.1 2.8 1.8 2.3 3.1 4.5
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.4 0.4 0.4 0.5 0.4 0.4
Free cash flow after stock pay 0.5 0.6 0.6 0.9 0.3 1.0 0.4 0.6 1.0 0.9 1.4 −4.8 2.7 2.4 1.4 1.9 2.7 4.0
Balance sheet
Cash 0.6 0.6 0.7 1.3 1.0 1.4 1.7 1.8 2.8 2.4 3.3 3.4 4.1 4.1 4.2 4.2 5.4 6.7
Total debt 0.9 1.2 — 1.2 1.2 1.7 3.2 3.2 4.2 3.7 4.9 8.2 8.5 6.2 6.3 6.3 6.2 5.5
Net debt (negative = net cash) 0.3 0.6 −0.7 −0.0 0.2 0.3 1.5 1.4 1.4 1.3 1.6 4.9 4.3 2.1 2.0 2.1 0.7 −1.2
Diluted shares 146m 144m 139m 140m 140m 133m 134m 155m 156m 153m 150m 141m 150m 162m 150m 138m 132m 128m
Returned to shareholders
Dividends — 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.0 — — 0.0 0.0 0.2 0.2
Buybacks 0.0 0.5 0.3 0.4 0.5 0.5 0.1 0.5 0.3 0.9 0.7 0.4 0.2 0.6 2.1 1.8 1.9 1.9
Total returned 0.0 0.6 0.4 0.5 0.6 0.6 0.2 0.6 0.5 1.1 0.9 0.5 0.2 0.6 2.1 1.8 2.1 2.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $29.1bn
Short-term assets $16.3bnLonger-term assets $12.8bn
What it owes, and who funded it · $21.6bn
Short-term liabilities $20.4bnShareholders' equity $1.2bn
  • Short-term assets cover short-term liabilities $16.3bn of assets due within a year against $20.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $6.7bn of cash against $5.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 452% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 375% to 452% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.2bn of operating cash flow against $5.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.5bn against $355m of interest.

From Expedia Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.9B
Dividends (TTM)
$214M
Returned to shareholders
48%
of free cash flow
Buybacks, last 3 fiscal years
$5.9B
Diluted share count
−5.4%
year over year
Total shareholder yield
6.2%
dividends 0.6% + buybacks 5.6% of market value
Dividend payout ratio
11%
of net income paid out
Days sales outstanding
134 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated EXPE ABNB RCL HLT NCLH MAR Median
Revenue, last 12 months $15.7bn $13.2bn $19.1bn $12.7bn $10.2bn $27.4bn $5.2bn
Revenue growth, last 12 months 12.0% 13.6% 9.7% 8.1% 4.9% 5.8% 9.7%
Revenue growth, 3-year average 8.6% 13.1% 13.3% 8.0% 7.9% 5.2% 8.0%
Revenue growth, latest quarter 14.0% 16.5% 8.8% 6.6% 0.3% 8.0% 8.1%
Gross margin 82.1% 82.9% 49.1% — 41.4% — 47.7%
Operating margin 16.0% 20.8% 27.6% 24.0% 13.8% 15.8% 16.0%
Operating margin, 3-year average 11.3% 19.5% 26.4% 22.2% 15.0% 15.6% 15.3%
Net margin 13.0% 20.4% 23.8% 13.4% 8.2% 9.7% 11.4%
Cash from operations / revenue 33.2% 36.9% 36.0% 15.9% 21.3% 14.8% 20.4%
Free-cash-flow margin 28.4% 36.9% 7.9% 15.2% −5.6% 12.7% 12.1%
Free-cash-flow margin, 3-year average 19.3% 38.6% 5.8% 17.3% −4.4% 10.3% 10.3%
Stock pay / revenue 2.6% 13.0% 0.7% 1.6% 0.9% 0.8% 1.3%
Change in share count −5.4% −3.8% −3.3% −4.5% −3.5% −3.9% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 12.0% 9.7% 11 of 25
Change in growth rate Growth +2.0pp -0.5pp 6 of 25
Operating margin Profitability 16.0% 16.0% 12 of 22
Net margin Profitability 13.0% 11.4% 11 of 25
Free-cash-flow margin Cash generation 28.4% 12.7% 4 of 24
Stock pay as % of revenue Cash generation 2.6% 1.4% 20 of 24
Long-term debt as % of assets Balance sheet 18.8% 41.9% 10 of 24
Change in share count Balance sheet -5.4% -3.5% 4 of 23
Days sales outstanding Balance sheet 134 days 52 days 16 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
B2 C $9.5B 64.3% ▲ 2.2%
Business To Business $4.8B 32.9% ▲ 18.0%
Trivago $417M 2.8% ▲ 32.4%
Products and services
Line of business Revenue Share YoY
Lodging $11.8B 79.8% ▲ 7.3%
Other Services $1.4B 9.5% ▲ 2.9%
EG Advertising $758M 5.1% ▲ 18.6%
Trivago Advertising $417M 2.8% ▲ 32.4%
Air $407M 2.8% ▼ 4.9%
Geography
Region Revenue Share YoY
United States $8.7B 59.1% ▲ 4.0%
Outside the US $6B 40.9% ▲ 13.2%

From Expedia Group's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$30.9B
Institutions reporting
1,115
Shares held vs prior quarter
▲ 6.8%
Positions opened / closed
128 / 107

Top buyers and sellers, Q2 2026: 583 institutions bought and 475 sold ; the biggest buyer was First Trust Advisors LP (+638K shares) and the biggest seller Alkeon Capital Management LLC (−650K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 10.3M 8.5% ▼ 2.1%
Vanguard Capital Management LLC $1.9B 7.5M 6.2% ▼ 1.6%
Vanguard Portfolio Management LLC $1.5B 5.8M 4.8% ▼ 1.8%
State Street Corp $1.5B 5.7M 4.7% ▲ 1.4%
Geode Capital Management, LLC $1B 4.0M 3.3% ▼ 0.8%
Windacre Partnership LLC $1B 3.9M 3.2% ▲ 13.9%
AQR Capital Management LLC $794M 3.1M 2.6% ▲ 21.8%
Norges Bank $734M 2.9M 2.4% —
Jpmorgan Chase & Co $641M 2.4M 2.1% ▼ 20.9%
Invesco Ltd. $620M 2.4M 2.0% ▼ 1.5%
Ameriprise Financial Inc $555M 2.2M 1.8% ▲ 9.3%
PAR Capital Management Inc $485M 1.9M 1.6% ▼ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Expedia Group's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $8.5M 12 trades by 4 insiders · 0% under pre-set plans
Net ▼ $8.5M net selling
Insider Date Trade Shares Price Value
Dzielak Robert J Chief Legal Officer & Sec'y August 24, 2026 Sell 1,004 $335.00 $336,340
Soliday Lance A SVP & Chief Accounting Officer August 18, 2026 Sell 2,810 $323.65 $909,456
Dzielak Robert J Chief Legal Officer & Sec'y August 17, 2026 Sell 2,000 $330.50 $661,000
Jacobson Craig A Director August 13, 2026 Sell 3,133 $328.52 $1M
Dzielak Robert J Chief Legal Officer & Sec'y August 11, 2026 Sell 3,003 $315.00 $945,945
Dzielak Robert J Chief Legal Officer & Sec'y June 5, 2026 Sell 4,702 $233.00 $1.1M
Soliday Lance A SVP & Chief Accounting Officer May 26, 2026 Sell 940 $221.86 $208,547
Dzielak Robert J Chief Legal Officer & Sec'y March 4, 2026 Sell 8,225 $220.82 $1.8M
Banerjee Madhumita Moina Director December 1, 2025 Sell 1,000 $258.00 $258,000
Soliday Lance A SVP & Chief Accounting Officer November 25, 2025 Sell 856 $256.93 $219,932
Soliday Lance A SVP & Chief Accounting Officer November 21, 2025 Sell 849 $248.08 $210,620
Jacobson Craig A Director November 13, 2025 Sell 3,000 $271.55 $814,650

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

No trades in Expedia Group disclosed in the last 12 months; 22 earlier trades on record.

  • Lois Frankel(D-FL 21):Sale (full), $1,001 - $15,000, traded October 7, 2022, filed October 24, 2022
  • Zoe Lofgren(D-CA 18):Sale (full), $1,001 - $15,000, traded August 25, 2022, filed May 15, 2023
  • Chris Jacobs(R-NY 27):Sale (full), $1,001 - $15,000, traded June 16, 2022, filed July 28, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 7, 2026
  • February 12, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Expedia Group was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Expedia Group in brief

What does Expedia Group do?
Expedia Group is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Expedia Group's stock ticker?
Expedia Group trades under the ticker EXPE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Expedia Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Expedia Group reported revenue of $15.7B, 12.0% higher than a year earlier, according to its SEC filings.
What is Expedia Group's free cash flow?
Expedia Group's free-cash-flow margin is 28.4% of revenue over the trailing twelve months, ranking 4 of the 24 hotels, resorts & cruise lines companies we cover.
What is Expedia Group's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Expedia Group's free cash flow after stock-based pay gives ~$410 per share in the base case, and ~$320–$540 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Expedia Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Expedia Group buying back stock, and does it pay a dividend?
Expedia Group spent $1.9B on share repurchases over the trailing twelve months, and its diluted share count fell 5.4% over the year.
What is Expedia Group's market cap?
On November 2, 2026, Expedia Group's market capitalisation was about $38.2B, with a price-to-earnings ratio of 18.7 and net debt of -$1.2B. Market figures come from third-party market data and may be delayed.
Does Expedia Group pay a dividend?
Yes: Expedia Group paid $214M in dividends over the trailing twelve months, a dividend yield of 0.63% and a payout ratio of 10.5%.
How much debt does Expedia Group have?
Expedia Group's debt-to-equity ratio is 451.5%, from its latest balance sheet (375.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Expedia Group's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Expedia Group are Airbnb, Royal Caribbean Group, Hilton Worldwide, Norwegian Cruise Line Holdings and Marriott International. The side-by-side comparison below sets their revenue, margins and growth against Expedia Group's.
Are insiders buying or selling Expedia Group stock?
Over the last 12 months, Expedia Group's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Expedia Group's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Expedia Group announces its own schedule.