# Expedia Group Inc. (EXPE) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EXPE/thesis · /stocks/EXPE/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EXPE/fundamental

## Navigation

- Overview: /stocks/EXPE
- Financials (this page): /stocks/EXPE/financials
- Thesis: /stocks/EXPE/thesis
- Investment Memo: /stocks/EXPE/memo
- Coverage universe: /stocks