Expedia Group key statistics and ratios

In fiscal 2025, Expedia Group had return on equity of 91.1%, an operating margin of 12.7%, debt equal to 479.8% of equity and a current ratio of 0.73. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Expedia Group: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	78.0%	77.4%	77.9%	77.7%	78.2%	79.5%	80.4%	81.8%	82.5%	82.5%	82.1%	—	—	—	—	—	—	—
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%
Return on equity	11.2%	15.7%	19.0%	12.2%	10.5%	20.3%	23.0%	6.3%	8.7%	9.4%	14.0%	−95.4%	0.7%	16.2%	41.8%	79.8%	91.1%	163.3%
Return on assets	5.0%	6.7%	7.2%	4.1%	3.1%	4.8%	6.2%	1.8%	2.2%	2.2%	2.9%	−13.0%	0.1%	1.6%	3.7%	5.6%	5.5%	7.6%
Asset turnover	0.46	0.48	0.52	0.59	0.64	0.69	0.54	0.56	0.59	0.61	0.61	0.26	0.43	0.54	0.59	0.62	0.63	0.59
Current ratio	0.67	0.90	0.89	0.88	0.67	0.70	0.50	0.56	0.70	0.64	0.72	1.04	0.87	0.82	0.78	0.72	0.73	0.80
Debt to equity	33.4%	46.7%	54.2%	54.8%	58.2%	97.9%	65.4%	76.5%	93.9%	90.6%	124.5%	544.1%	410.8%	273.3%	407.6%	402.4%	479.8%	451.5%
Interest cover (operating income ÷ interest)	8.0x	7.5x	5.3x	4.9x	4.2x	5.3x	3.3x	2.7x	3.4x	3.8x	5.2x	n/m	0.5x	3.9x	4.2x	5.4x	6.3x	7.1x
Effective tax rate	31.7%	28.3%	18.8%	13.4%	28.0%	19.7%	21.9%	5.8%	10.8%	17.9%	26.2%	—	—	36.2%	32.4%	20.6%	18.2%	16.3%
Capital spending as % of revenue	2.9%	4.5%	6.0%	5.8%	6.5%	5.7%	11.8%	8.5%	7.1%	7.8%	9.6%	15.3%	7.8%	5.7%	6.6%	5.5%	5.2%	4.8%
Free cash flow ÷ net income	199.4%	152.1%	130.8%	357.5%	195.2%	260.9%	76.0%	283.7%	300.3%	270.2%	284.4%	—	>999%	789.2%	231.4%	188.7%	240.3%	219.0%
Dividends ÷ net income	—	18.8%	16.2%	46.6%	32.5%	21.3%	14.2%	53.2%	46.6%	45.8%	34.5%	—	—	—	0.0%	0.0%	15.5%	10.5%
Dividends and buybacks ÷ free cash flow	1.3%	90.6%	60.0%	54.7%	131.7%	59.9%	29.1%	75.8%	43.0%	101.1%	58.4%	—	5.4%	21.9%	115.9%	79.0%	68.5%	47.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Expedia Group: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	18.8%	6.8%	−2.3%	12.8%	23.5%	11.8%	7.3%	18.5%
Net margin	16.8%	9.4%	−6.7%	8.7%	21.7%	5.8%	−0.2%	20.3%
Free-cash-flow margin	−41.6%	0.2%	92.2%	24.3%	−15.5%	3.4%	109.4%	29.6%
Current ratio	0.73	0.72	0.73	0.75	0.74	0.73	0.73	0.80
Debt to equity	473.8%	402.4%	579.4%	743.2%	464.9%	479.8%	776.0%	451.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Expedia Group's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Expedia Group.