Expedia Group (EXPE) FY2025 results: revenue $14.7 billion, up 7.6% on the year

Expedia Group runs a travel marketplace connecting travellers, supply partners and advertisers across a portfolio of consumer brands, and it also sells solutions to business partners. At the end of 2025 it had approximately 3.6 million lodging properties available, including approximately 2.4 million online bookable alternative accommodations through Vrbo and approximately 1.2 million hotels and alternative accommodations through the other brands, plus over 500 airlines, packages, rental cars, cruises, insurance and activities and experiences. Travel suppliers distribute through its apps, desktop and mobile sites, alternative distribution channels, business partnerships and call centres, and its advertising and media businesses sell access to that audience. The reportable segments are B2C, built on Expedia, Hotels.com and Vrbo; B2B, which supplies airlines, offline travel agents, online retailers, corporate travel managers and financial institutions with travel technology and rates and availability; and trivago, which earns advertising revenue by referring users from its hotel metasearch sites.

How it got here

The company began nearly 30 years ago as one of the first online travel agencies, building proprietary technology to connect suppliers and their inventory to travellers and then opening that marketplace to other businesses. Competition rose as booking moved from offline to online, and a run of acquisitions widened the business but added complexity. In 2020 it shifted to a platform operating model, managing marketing investment across the whole brand portfolio on one marketing technology platform, and it closed or sold several businesses, including the corporate travel company Egencia in November 2021, which was replaced by a ten-year lodging supply agreement with the buyer, American Express Global Business Travel. In 2023 the Hotels.com and Vrbo front ends were migrated onto the Brand Expedia stack to create a single unified front end, and One Key, the loyalty programme spanning the three core brands, launched in the United States that year, reached the United Kingdom in 2024 and expanded further in 2025, with most Expedia Rewards members migrating across. General managers were introduced for each core consumer brand in 2024.

How it makes money

Under the merchant model the company is the merchant of record: it books hotel rooms, alternative accommodations, airline seats, car rentals and destination services from suppliers, taking payment from the traveller generally at booking, without controlling the rooms or bearing inventory risk, and most merchant transactions are lodging. Under the agency model it passes the booking to the travel provider and takes commissions or ticketing fees, recognising air revenue at booking and hotel revenue when the stay occurs, and most agency gross bookings are air. Under the advertising model it sells travel and non-travel advertisers access to traffic across its transaction sites and on the majority-owned metasearch site trivago. In 2025 merchant was 70% of total revenue, agency 22%, and advertising, media and other 8%. The Expedia Traveler Preference programme lets travellers at participating hotels choose to pay Expedia in advance or pay the hotel at the time of stay, and travellers can also assemble multi-component packages, usually cheaper than booking each part separately, or buy pre-assembled packages, mostly under the merchant model.

Marketing and suppliers

Marketing is managed across the brand portfolio rather than brand by brand, with decisions taken market by market and segment by segment on relative growth prospects, expected returns and competition, and most of the effort goes to Expedia, Hotels.com and Vrbo. The channels are brand advertising online and offline, loyalty programmes, mobile apps, search engine marketing and optimisation, metasearch, social media, personalised communication on the sites and direct email, alongside coupons and supplier-backed offers. Affiliate partners are paid commission for bookings that come through links on their sites. Supply comes from hotel companies, property owners and managers, airlines large and small, car rental companies, cruise lines, destination service providers and other partners, with global distribution system partners alongside them, and strategic account managers and local hotel market managers work with suppliers on merchandising, promotions and exposure across the points of sale.

People

At 31 December 2025 the company had approximately 16,000 employees across nearly 50 countries, approximately half of them in technology roles, with headquarters in Seattle.

From Expedia Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.