Expedia Group, Inc.EXPE
NasdaqGS•Consumer Cyclical•Travel Services
Expedia Group, Inc. operates as an online travel company in the United States and internationally. The company operates through B2C, B2B, and trivago segments. The B2C segment includes Brand Expedia, a full-service online travel brand offers various travel products and services; Hotels.com for lodging accommodations; Vrbo, an online marketplace for the alternative accommodations; and Orbitz, Travelocity, ebookers, and Wotif Group. The B2B segment provides various travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management, and financial institutions who leverage its travel technology and tap into its diverse supply to augment their offerings and market Expedia Group rates and availabilities to its travelers. The trivago segment sends referrals to online travel companies and travel service providers from hotel metasearch websites. In addition, it provides brand advertising through online and offline channels, loyalty programs, mobile apps, and search engine marketing, as well as metasearch, social media, direct and personalized traveler communications on its websites, and through direct e-mail communication with its travelers. The company was formerly known as Expedia, Inc. and changed its name to Expedia Group, Inc. in March 2018. Expedia Group, Inc. was founded in 1996 and is headquartered in Seattle, Washington.
Expedia Group, Inc. (EXPE) reported trailing twelve months revenue of $15.17B as of March 2026, a 10.0% increase year-over-year. Quarterly revenue reached $3.43B, reflecting continued top-line momentum.
Expedia Group, Inc. generated $1.49B in TTM net income, with quarterly EBITDA of $479.00M. The operating margin expanded from -2.3% to 7.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (7.3%) and net margin (-0.4%) indicates moderate non-operating costs. Net margin has improved from -6.6% a year ago, signaling stronger bottom-line efficiency.
EXPE trades at a P/E of 18.6x (in line with broad market averages) and a P/S of 1.8x. The price-to-book ratio of 47.9x indicates a significant premium over book value.
The company generated $3.75B in free cash flow over the trailing twelve months, a 36.0% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $26.46B in total assets with $4.47B in long-term debt against $576.00M in stockholders equity for a debt-to-equity ratio of 7.8, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 11.4%. The business may lack pricing power or face rising costs.'
Consistently high ROE averaging 117.5% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~14.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg -40.3x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 7.8 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 7.7% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation