Expedia Group Inc.
EXPEFinancial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
17.1%
FY2025 · NOPAT / Invested Capital · WACC ~9% · Moat spread +8.1pp
Financial Snapshot
ticker: EXPE step: 04 generated: 2026-05-12 source: quick-research
Expedia Group Inc. (EXPE) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $11.67B | $12.84B | $13.69B | +6.6% |
| Gross Margin | ~85% | ~85% | ~85% | stable |
| Operating Margin | ~5% | ~8% | ~10% | +~200bp |
| Net Income | ~$0.35B | ~$0.73B | ~$1.06B | +45% |
| EPS (diluted, GAAP) | ~$2.17 | $5.31 | $8.95 | +69% |
Note: FY2025 revenue was $14.73B (+7.6%). GAAP EPS improvement reflects margin expansion + aggressive share buybacks (share count down ~17% over 2022–2025).
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.3B |
| Free Cash Flow | ~$3.1B |
| FCF Margin | ~21% |
| Cash & Equivalents | ~$4.0B |
| Total Debt | ~$6.5B |
Key Ratios (approximate)
- P/E (GAAP): ~11–13x | EV/EBITDA: ~10x | FCF Yield: ~8–10%
- Revenue Growth (FY2024): +6.6% | Adj EBITDA Margin: ~21%
- Net Debt / Adj EBITDA: ~1–1.5x (comfortable)
Growth Profile
Expedia recovered strongly from 2020–2021 COVID disruption and has grown revenue from $8.6B in 2021 to $14.7B in 2025, compounding at ~14% annually. The mix shift toward B2B (now 38% of revenue, growing 24% in Q4 2025) is the key structural driver — B2B revenue has higher margins, higher retention, and lower customer acquisition cost than consumer OTA bookings. Adj EBITDA margin expanded from ~17% in 2022 to ~21.5% in 2025 on technology cost savings from platform consolidation.
Forward Estimates
- FY2026 revenue guidance: ~$15.5B (6–8% gross bookings growth)
- FY2026 adj EBITDA margin: expected to expand modestly; management signaling investment year
- Adj EPS FY2026: estimated ~$15–17 (consensus mean price target ~$282 at ~17x adj earnings)
- Stock down ~30% YTD 2026, trading at ~11.8x forward earnings vs. Booking at mid-teens
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $EXPE.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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