Expedia Group, Inc. (EXPE) financials

NASDAQ · Consumer Cyclical · Travel Services · 16,000 employees · CEO Ariane Gorin

Price: $285.93 +1.13%
Market cap: $32.7B
Enterprise value: $31.7B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-04 EPS est. $8.85

Revenue (TTM)$15.7B+12.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)18.8%+8.3 pp vs a year agoOperating income $2.95B

Net income (TTM)$2.04B+82.9% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$5.04B+96.9% vs a year agoCapex $172M

Diluted EPS (TTM)$16.04+96.6% vs a year agoSum of the last 4 quarters

Net cash$1.44B+663.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $32.7B
Revenue: $15.7B
Revenue growth: +10%
Profit margin: 13.0%
P/E: 17.1×
P/S: 2.1×
EV / EBITDA: 8.1×
Free cash flow: $5.04B
Net income: $2.04B
Revenue estimate: $16.2B
Earnings: 2026-11-04
Dividend: $1.84

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue beat by 3.4%, EPS beat by 10.3%Revenue $4.32B vs $4.17B expected (+3.4%); EPS $5.76 vs $5.22 (+10.3%).
Revenue growth accelerating: 14.0% year on yearQ2 '26 revenue $4.32B, against an average of 10.3% over the four quarters before.
Operating margin 18.8% (TTM), +8.3 pp on a year agoOperating income grew 101.4% while revenue grew 12.0%.
10.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.67B vs operating income $2.95B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 1.1% of revenue (a year ago 1.5%)$172M invested in the last 4 quarters (-20.4% on a year earlier). Free cash flow $5.04B = 247.7% of net income.
Returned $1.93B to shareholders = 38.3% of free cash flowBuybacks $1.92B (a year earlier $1.74B), dividends $14M, stock-based pay $307M (TTM).
Diluted share count down 6.8% in a year124M diluted shares in Q2 '26, 133M a year earlier.
Net cash $1.44BCash + short-term investments $7.13B, debt incl. leases $5.69B; a year ago net cash $189M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$4.32B	$3.79B	+14.0%
Gross margin	90.7%	90.0%	+0.6 pp
Operating income	$1.03B	$531M	+94.2%
Operating margin	23.9%	14.0%	+9.9 pp
Net income	$878M	$330M	+166.1%
Diluted EPS	$7.16	$2.48	+188.7%
Operating cash flow	$1.48B	$1.12B	+31.8%
Capex	$199M	$200M	-0.5%
Free cash flow	$1.28B	$921M	+38.9%
R&D	$325M	$325M	0.0%
Stock-based compensation	$217M	$105M	+106.7%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$4.32B	$4.17B	+3.4%
EPS (as estimated)	$5.76	$5.22	+10.3%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Lodging	–	–	–	–	–
B2C	$2.68B	–	62.0%	–	–
B2B	$1.49B	–	34.6%	–	–
trivago	$145M	–	3.4%	–	–
Air	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
B2 C	$2.68B	+8.0%	–	–	–	22.9%	–
Business To Business	–	–	–	–	–	21.2%	–
Trivago	$145M	+48.0%	–	–	–	-7.1%	–
Corporate And Eliminations	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $5.22B
Capex: -$172M
Buybacks: -$1.92B
Dividends: -$14M
Acquisitions: -$400M
Net debt issued: -$842M
Stock-based compensation: $307M
Free cash flow: $5.04B
Returned to shareholders / FCF: 38.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	17.1×	28.5× 4 of 5 years	19.8× – 38.9×
EV / EBITDA	8.1×	15.1×	10.1× – 28.2×
EV / Sales	2.0×	2.3×	1.4× – 3.7×
Price / FCF	6.5×	9.5×	4.9× – 11.9×
Price / Book	28.6×	15.4×	6.0× – 27.7×
FCF yield	15.4%	11.7%	8.4% – 20.2%
Return on invested capital	25.9%	7.9%	-0.6% – 16.1%
Return on equity	184.8%	49.6%	0.6% – 100.8%

Analysts

Consensus target $336.24 (+17.6%)
range $235.00 – $430.00 · rating Hold

Strong buy0

Buy36

Hold38

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$16.2B	+10.1%	$21.05	+114.6%	13.6×	20
FY2027	$17.4B	+7.0%	$24.73	+17.4%	11.6×	22
FY2028	$18.6B	+7.1%	$28.43	+15.0%	10.1×	19
FY2029	$19.9B	+7.2%	$31.13	+9.5%	9.2×	8
FY2030	$20.8B	+4.5%	$33.99	+9.2%	8.4×	14

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 237 figures Expedia Group, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Other, Current	$1.33B	$1.2B	+10.9%	$1.1B	$1.04B	+6.2%
Accounts Receivable, after Allowance for Credit Loss, Current	$5.78B	$4.95B	+16.8%	$4.17B	$3.21B	+29.7%
Accounts Receivable, Allowance for Credit Loss, Current	$95M	$75M	+26.7%	$74M	$55M	+34.5%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$6M	$4M	+50.0%	–	–	–
Accounts Receivable, Credit Loss Expense (Reversal)	$17M	$21M	-19.0%	$82M2020-12-31	–	–
Accrued Income Taxes, Current	$55M	$16M	+243.8%	$56M	$51M	+9.8%
Accrued Liabilities, Current	$905M	$923M	-2.0%	$1.03B	$766M	+34.1%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$3.07B2025-12-31	$2.81B	+9.1%	$3.07B	$2.81B	+9.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$187M	-$187M	0.0%	-$191M	-$232M	+17.7%
Additional Paid in Capital, Common Stock	$16.8B	$16.3B	+2.9%	$16.6B	$16B	+3.3%
Advertising Expense	–	–	–	$3.9B	$4B	-2.5%
Amortization of Intangible Assets	$11M	$11M	0.0%	$40M	$57M	-29.8%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$142M	$132M	+7.6%	$488M	$531M	-8.1%
Assets	$29.1B	$27B	+7.7%	$24.5B	$22.4B	+9.2%
Assets, Current	$16.3B	$14.7B	+10.6%	$12.2B	$9.82B	+24.3%
Assets, Fair Value Disclosure	$2.15B	–	–	$1.56B	$1.7B	-8.0%
Capitalized Computer Software, Amortization	–	–	–	$749M	$671M	+11.6%
Capitalized Computer Software, Net	$1.3B2025-12-31	$1.1B	+18.2%	$1.3B	$1.1B	+18.2%
Cash and Cash Equivalents, at Carrying Value	$6.68B	$6.3B	+6.0%	$5.41B	$4.18B	+29.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$9.08B	$8.46B	+7.4%	$6.98B	$5.57B	+25.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.3B	$721M	+79.6%	$1.4B	-$87M	+1,711.5%
Common Stock, Dividends, Per Share, Declared	$0.48	$0.40	+20.0%	$1.60	–	–
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	1.6B	1.6B	0.0%	1.6B	1.6B	0.0%
Common Stock, Shares, Issued	294M	289M	+1.5%	291M	288M	+1.4%
Common Stock, Shares, Outstanding	114M	119M	-3.8%	117M	123M	-5.1%
Common Stock, Value, Issued	$0	$0	–	$0	$0	–
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$4M	-$1M	-300.0%	$17M	-$15M	+213.3%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$875M	$362M	+141.7%	$1.35B	$1.2B	+13.0%
Construction in Progress Expenditures Incurred but Not yet Paid	–	–	–	$8M	$2M	+300.0%
Construction in Progress, Gross	$83M2025-12-31	$196M	-57.7%	$83M	$196M	-57.7%
Contract with Customer, Liability, Current	$175M	$167M	+4.8%	$163M	$164M	-0.6%
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	$403M	$377M	+6.9%	$1.46B	$1.44B	+0.9%
Current Federal Tax Expense (Benefit)	–	–	–	$7M	$68M	-89.7%
Current Foreign Tax Expense (Benefit)	–	–	–	$177M	$146M	+21.2%
Current Income Tax Expense (Benefit)	–	–	–	$212M	$244M	-13.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$28M	$30M	-6.7%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$78M	$77M	+1.3%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$10M	-$21M	+52.4%
Deferred Income Tax Assets, Net	$346M	$496M	-30.2%	$432M	$496M	-12.9%
Deferred Income Tax Expense (Benefit)	$82M	$47M	+74.5%	$78M	$74M	+5.4%
Deferred Income Tax Liabilities, Net	$19M	$21M	-9.5%	$20M	$19M	+5.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$10M	$18M	-44.4%
Deferred Tax Assets, Gross	$1.08B2025-12-31	$1.1B	-1.8%	$1.08B	$1.1B	-1.8%
Deferred Tax Assets, in Process Research and Development	$207M2025-12-31	$391M	-47.1%	$207M	$391M	-47.1%
Deferred Tax Assets, Investments	$119M2025-12-31	$108M	+10.2%	$119M	$108M	+10.2%
Deferred Tax Assets, Net	$412M2025-12-31	$477M	-13.6%	$412M	$477M	-13.6%
Deferred Tax Assets, Net of Valuation Allowance	$869M2025-12-31	$919M	-5.4%	$869M	$919M	-5.4%
Deferred Tax Assets, Other	$133M2025-12-31	$84M	+58.3%	$133M	$84M	+58.3%
Deferred Tax Assets, Tax Credit Carryforwards	$135M2025-12-31	$103M	+31.1%	$135M	$103M	+31.1%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$54M2025-12-31	$47M	+14.9%	$54M	$47M	+14.9%
Deferred Tax Assets, Valuation Allowance	$206M2025-12-31	$176M	+17.0%	$206M	$176M	+17.0%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$315M2025-12-31	$308M	+2.3%	$315M	$308M	+2.3%
Deferred Tax Liabilities, Gross	$457M2025-12-31	$442M	+3.4%	$457M	$442M	+3.4%
Deferred Tax Liabilities, Other	$1M2025-12-31	$2M	-50.0%	$1M	$2M	-50.0%
Defined Contribution Plan, Employer Discretionary Contribution Amount	–	–	–	$71M	$69M	+2.9%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	–	–	–	6.0%	6.0%	0.0%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	–	–	–	50.0%	50.0%	0.0%
Depreciation	$217M	$212M	+2.4%	$847M	$781M	+8.5%
Depreciation, Depletion and Amortization	$228M	$223M	+2.2%	$887M	$838M	+5.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02