Expedia Group (EXPE) Q4 FY2025 earnings: revenue $3.5 billion, up 11.4% on the year

Expedia Group, Inc. (EXPE) reported revenue of $3.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.4% on the same quarter a year earlier. Net income was $205 million, down 31.4% on the year, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$3.5 billion

+11.4% on the year · -19.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

11.8%

6.8% a year earlier

Q1 FY2024Q4 FY2025

Net income

$205 million

-31.4% on the year · -78.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.60

-27.3% on the year · -78.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 6 new.

Bookings and revenue both grew 11%: Fourth quarter gross bookings were $27,003 million and revenue $3,547 million, each up 11%. Full-year gross bookings were $119,590 million and revenue $14,733 million, each up 8%.
GAAP profit fell, adjusted rose: GAAP net income attributable to Expedia Group was $205 million, down 31%. Adjusted net income grew 52%, and adjusted EPS was $3.78 versus $2.39.
B2B bookings up 24%, B2C up 5%: B2B gross bookings were $8,659 million in the quarter and B2C gross bookings were $18,344 million, according to the segment table.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,547	4,412	3,184	-19.6%	+11.4%
Cost of revenue	346	376	335	-8.0%	+3.3%
Gross profit	3,201	4,036	2,849	-20.7%	+12.4%
Gross margin	90.2%	91.5%	89.5%
Operating income	420	1,036	216	-59.5%	+94.4%
Operating margin	11.8%	23.5%	6.8%
Interest expense	121	62.0	62.0	+95.2%	+95.2%
Pre-tax income	254	1,131	335	-77.5%	-24.2%
Income tax	42.0	167	34.0	-74.9%	+23.5%
Effective tax rate	16.5%	14.8%	10.1%
Net income	205	959	299	-78.6%	-31.4%
Net margin	5.8%	21.7%	9.4%
Diluted EPS	$1.60	$7.33	$2.20	-78.2%	-27.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	304	-497	198		+53.5%
Capital expenditure	185	189	191	-2.1%	-3.1%
Free cash flow	119	-686	7.0		+1,600.0%
Free cash flow margin	3.4%	-15.5%	0.2%
Cash from investing	-199	-112	-361
Cash from financing	-389	-567	-155
Depreciation and amortisation	220	225	212	-2.2%	+3.8%
Share-based compensation	105	90.0	93.0	+16.7%	+12.9%
Buybacks	327	531	198	-38.4%	+65.2%
Dividends paid	49.0	49.0	0.0	0.0%
Dividend per share	$0.40	$0.40	n/a	0.0%
Diluted shares, weighted	128m	131m	136m	-2.1%	-5.5%
Shares outstanding at period end	117m	118m	123m	-0.5%	-5.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	1,284	1,337	1,557	-4.0%	-17.5%
Non-controlling interest	1,263	1,256	1,242	+0.6%	+1.7%
Debt	6,161	6,216	6,266	-0.9%	-1.7%
Operating lease liabilities	254	262	265	-3.1%	-4.2%
Other liabilities	15,490	16,037	13,058	-3.4%	+18.6%
Total liabilities and equity	24,452	25,108	22,388	-2.6%	+9.2%
Fixed assets	2,447	2,472	2,413	-1.0%	+1.4%
Goodwill	6,872	6,874	6,844	-0.0%	+0.4%
Intangible assets	819	797	817	+2.8%	+0.2%
Investments	600	620	502	-3.2%	+19.5%
Cash and equivalents	5,413	5,826	4,183	-7.1%	+29.4%
Receivables	4,166	4,482	3,213	-7.1%	+29.7%
Other assets	4,135	4,037	4,416	+2.4%	-6.4%
Total assets	24,452	25,108	22,388	-2.6%	+9.2%

Questions

What was Expedia Group's revenue in Q4 FY2025?

Expedia Group (EXPE) reported revenue of $3.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.4% on the same quarter a year earlier.

How much did Expedia Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $205 million, down 31.4% on the year, and diluted earnings per share $1.60.

When did Expedia Group report Q4 FY2025 results?

Expedia Group filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,279	2,249	3,181	3,619	2,618	2,665	3,358	3,929	2,887	2,889	3,558	4,060	3,184	2,988	3,786	4,412	3,547	3,426	4,315	4,938
Cost of revenue	395	371	419	455	412	414	407	412	340	358	362	388	335	357	377	376	346	377	403	419
Gross profit	1,884	1,878	2,762	3,164	2,206	2,251	2,951	3,517	2,547	2,531	3,196	3,672	2,849	2,631	3,409	4,036	3,201	3,049	3,912	4,519
Gross margin	83%	84%	87%	87%	84%	84%	88%	90%	88%	88%	90%	90%	89%	88%	90%	91%	90%	89%	91%	92%
Operating income	163	-135	345	747	128	-121	443	607	104	-110	451	762	216	-70.0	485	1,036	420	251	800	1,326
Operating margin	7%	-6%	11%	21%	5%	-5%	13%	15%	4%	-4%	13%	19%	7%	-2%	13%	23%	12%	7%	19%	27%
Interest expense	84.0	81.0	73.0	63.0	60.0	61.0	61.0	62.0	61.0	62.0	61.0	61.0	62.0	58.0	58.0	62.0	121	111	61.0	63.0
Pre-tax income	471	-208	-127	690	183	-61.0	464	444	171	-155	488	874	335	-217	423	1,131	254	25.0	1,027	1,303
Tax rate	16%	n/a	n/a	31%	4%	n/a	17%	31%	20%	n/a	23%	22%	10%	n/a	24%	15%	17%	148%	15%	20%
Net income	386	-122	-185	482	177	-145	385	425	132	-135	386	684	299	-200	330	959	205	-6.0	878	1,030
Net margin	17%	-5%	-6%	13%	7%	-5%	11%	11%	5%	-5%	11%	17%	9%	-7%	9%	22%	6%	-0%	20%	21%
Diluted EPS	$2.13	-$0.78	-$1.17	$2.98	$1.11	-$0.95	$2.54	$2.87	$0.92	-$0.99	$2.80	$5.04	$2.20	-$1.56	$2.48	$7.33	$1.60	-$0.05	$7.16	$8.42
Operating cash flow	285	2,991	1,628	-997	-182	3,157	1,146	-1,375	-238	2,879	1,501	-1,493	198	2,952	1,121	-497	304	3,931	1,478	-1,157
Capital expenditure	143	156	159	170	177	233	223	213	177	177	194	194	191	196	200	189	185	184	199	242
Free cash flow	142	2,835	1,469	-1,167	-359	2,924	923	-1,588	-415	2,702	1,307	-1,687	7.0	2,756	921	-686	119	3,747	1,279	-1,399
Buybacks	57.0	47.0	22.0	172	366	469	593	607	468	643	529	469	198	384	688	531	327	788	270	669
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	51.0	51.0	49.0	49.0	58.0	58.0	57.0
Shares outstanding	150m	152m	152m	151m	148m	144m	139m	134m	132m	128m	125m	123m	123m	122m	119m	118m	117m	114m	114m	113m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.