Amazon for travel services.

Carvana for travel bookings.

Expedia (EXPE) Major Products and Services

• Online Hotel Bookings: Facilitating reservations for various types of accommodations worldwide, ranging from hotels to resorts.
• Online Flight Bookings: Enabling the search and purchase of airline tickets from numerous carriers for domestic and international travel.
• Online Car Rentals: Arranging vehicle rentals from a wide range of suppliers for travelers globally.
• Vacation Packages: Offering bundled deals that combine flights, hotels, and sometimes car rentals or activities for comprehensive travel planning.
• Vacation Rental Bookings: Providing a platform for booking private homes, apartments, and other unique accommodations from property owners.
• Activity & Tour Bookings: Facilitating reservations for local experiences, attractions, guided tours, and events at various destinations.
• Travel Technology Solutions (B2B): Supplying travel booking technology and inventory to other businesses, enabling them to offer travel services through their own platforms.

• Leisure Travelers: This is the largest customer segment, encompassing individuals, couples, and families booking travel for vacations, holidays, weekend getaways, and other non-business related purposes. These travelers seek a wide range of options for flights, hotels, car rentals, and activities to suit their personal preferences and interests.
• Business Travelers: While larger corporations often use dedicated corporate travel management systems, individual business travelers, especially from small and medium-sized enterprises (SMEs) or self-employed professionals, frequently utilize Expedia's platforms for booking flights, accommodations, and car rentals for work-related trips. They value convenience and access to a broad inventory.
• Budget-Conscious Travelers: A significant portion of Expedia's user base comprises individuals who prioritize finding the most affordable options for their travel. Brands within the Expedia Group, such as Hotwire, specifically cater to this segment by offering competitive prices, deals, and package discounts on flights, hotels, and car rentals.

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Ariane Gorin, Chief Executive Officer

Ariane Gorin became the Chief Executive Officer of Expedia Group in May 2024, having held various executive leadership roles within the company for over 11 years prior to her appointment, including President of Expedia for Business since 2021. She has also served as a member of Expedia Group's Board of Directors since February 2024.

Julie Whalen, Executive Vice President and Chief Financial Officer

Julie Whalen was appointed Executive Vice President and Chief Financial Officer of Expedia Group in September 2022. She has served on Expedia Group's Board of Directors since June 2019 and was the Chair of its Audit Committee from June 2020 to September 2022. Before joining Expedia, Ms. Whalen spent over two decades at Williams-Sonoma, Inc., where she served as Executive Vice President and Chief Financial Officer for ten years. She began her career in public accounting at KPMG.

Peter Kern, Vice Chairman

Peter Kern served as the Chief Executive Officer of Expedia Group from April 2020 to May 2024 and currently holds the position of Vice Chairman. He has been a director of Expedia Group since the completion of the IAC/Expedia Group Spin-Off and served as Vice Chairman since June 2018. Mr. Kern has an extensive background in leadership roles in both public and private sectors. He was previously the CEO of Tribune Media from October 2016 to September 2019. Notably, Mr. Kern is a Co-Founder and Managing Partner of InterMedia Advisors LLC, a private equity firm, and has been a Managing Partner of InterMedia Partners VII, LP, indicating a pattern of managing companies backed by private equity firms. He also founded Gemini Associates in 1996, serving as its President until its merger with Alpine Capital in 2001. Prior to InterMedia, he was Senior Managing Director and Principal of Alpine Capital LLC. Mr. Kern has also served as Chairman of the Board of Directors of Hemisphere Media Group, Inc.

Robert Dzielak, Chief Legal Officer and Secretary

Robert Dzielak has served as Expedia Group's Chief Legal Officer and Secretary since March 2018, having previously been Executive Vice President, General Counsel, and Secretary since April 2012. He initially joined Expedia Group as Assistant General Counsel in April 2006. Mr. Dzielak has also served as a member of the Supervisory Board of trivago, N.V.

Rathi Murthy, Chief Technology Officer and President, Expedia Product & Technology

Rathi Murthy is the Chief Technology Officer and President of Expedia Product & Technology. In this role, she is responsible for overseeing the company's technological advancements and ensuring the seamless integration of innovative solutions across all platforms. Ms. Murthy brings a robust background in engineering and technology from her previous roles at companies such as Verizon Media, Gap Inc., and American Express.

Expedia (EXPE) faces several key risks to its business, primarily stemming from intense market competition, volatility in the travel industry influenced by economic factors, and significant cybersecurity and technological challenges.

1. Competition and Market Volatility: Expedia operates in a highly competitive online travel market, facing strong rivals such as Booking Holdings and Tripadvisor, alongside direct bookings through airline and hotel websites. The company's B2C growth has reportedly lagged some peers, particularly in its Hotels.com and Vrbo segments, while intensifying competition in the B2B segment could lead to pricing pressures and reduced margins. This competitive landscape is compounded by market volatility and economic uncertainty, which can significantly impact consumer travel behavior and demand. For instance, a notable softness in the U.S. travel market has been observed, with lower-income travelers delaying discretionary trips, directly affecting Expedia's performance due to its substantial exposure to this region.
2. Cybersecurity and Technology Risks: As an online travel agency, Expedia heavily relies on its information technology infrastructure. This dependence exposes the company to persistent risks of cybersecurity attacks by criminal organizations, hacktivists, and foreign governments. Successful attacks could lead to unauthorized access to confidential data, including proprietary information, partner data, and sensitive customer personal and payment details. Such incidents have the potential to damage Expedia's reputation, increase costs, and result in regulatory scrutiny or fines. Furthermore, the failure to adequately maintain, improve, or adapt its IT systems to technological developments and industry trends could adversely affect its business and operations.
3. Regulatory and Legal Compliance: Expedia is subject to a complex and evolving landscape of laws, rules, and regulations across various jurisdictions, including those related to consumer matters, data protection, and taxation. Non-compliance with these legal frameworks, such as GDPR and CCPA regarding data protection and privacy, could result in significant penalties, legal liability, adverse publicity, and damage to the company's reputation.

The clear emerging threat to Expedia is Google's increasing direct competition in travel booking and planning. Google, leveraging its dominant search engine position, has significantly expanded its own travel services, including Google Flights, Google Hotels, and Google Travel. These platforms allow users to search, compare, and often book flights, accommodations, and other travel components directly within Google's ecosystem or through direct links to suppliers, effectively bypassing online travel agencies like Expedia. This strategy diverts traffic and potential bookings that would otherwise go to Expedia, increases Expedia's customer acquisition costs, and poses a risk to its overall market share by disintermediating the OTA in the early stages of the travel planning process.

Global Addressable Markets for Expedia's Main Products and Services

Online Travel Agencies (Overall): The global online travel agencies market size was estimated at USD 612.95 billion in 2024 and is projected to reach USD 1,003.13 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.6% from 2025 to 2030. Other estimates for the global online travel market in 2024 range from USD 566.7 billion to USD 658.38 billion.

Online Accommodation Booking: The global online accommodation booking market was valued at USD 246.75 billion in 2024 and is expected to grow to USD 788.95 billion by 2030, with a CAGR of 12.45%. Another estimate values this market at USD 268.24 billion in 2024, projected to reach USD 1255.40 billion by 2035. The market size stood at USD 340.92 billion in 2025 and is forecast to reach USD 459.00 billion by 2030.

Online Flight Booking: The online airline booking market size was valued at USD 270.55 billion in 2024 and is projected to reach USD 521.40 billion by 2032, with a CAGR of 8.00% from 2026 to 2032. Another report estimated the online airline booking platform market size at USD 210.8 billion in 2023, with a CAGR of over 7.5% between 2024 and 2032. Flights emerged as the largest service in terms of market size within the global online travel booking market in 2024.

Online Car Rental: The global online car rental platform market size was valued at USD 101.76 billion in 2024 and is projected to reach USD 193.47 billion by 2033, registering a CAGR of 7.4% during the forecast period (2025-2033). The overall global car rental market was valued at USD 124.31 billion in 2024, with online booking leading the car rental market share with around 74.5% in 2024.

Online Vacation Packages: null. Within the global online travel booking market, vacation packages are anticipated to remain the most attractive service segment, recording the fastest growth during the forecast period.

1. Continued Expansion and Diversification of the B2B Segment: Expedia's Business-to-Business (B2B) segment has consistently shown robust growth, with a notable 26% increase in bookings in Q3 2025, marking its 17th consecutive quarter of double-digit growth. This growth is anticipated to continue through signing new partners, expanding existing partnerships, and broadening product offerings beyond core lodging to include car rentals and advertising. The B2B business is geographically diverse, with a significant portion of its operations outside the U.S., offering substantial potential in the broader travel industry.
2. Strategic Investments in AI and Technology for Enhanced Customer and Partner Experiences: Expedia is making significant investments in artificial intelligence (AI) and other technological innovations to improve personalization, drive operational efficiencies, and enhance both traveler and partner experiences. These initiatives are aimed at improving conversion rates, optimizing marketing spend, and creating a more seamless booking process, ultimately contributing to revenue growth.
3. Strengthening Core B2C Brands and Product Offerings: The company is focused on the sequential improvement and growth of its core Business-to-Consumer (B2C) brands, including Expedia, Hotels.com, and Vrbo. This involves continuous product improvements, enhancements to loyalty programs, and a strategic approach to integrating vacation rentals into the broader lodging flow to offer a better traveler experience and expand reach.
4. Leveraging Growth in International Markets: Expedia has observed strong performance in international markets, with significant increases in room nights booked in regions outside the U.S., particularly in Asia. The company's strategic international expansion efforts are crucial to capturing global travel demand and diversifying its revenue base, with non-U.S. revenue outpacing domestic growth.
5. Growth in High-Margin Advertising and Insurance Revenues: Expedia is seeing an increasing contribution from its high-margin advertising and insurance revenues, which supported B2C EBITDA margins and contributed to overall revenue growth in Q3 2025. The company views these areas as further opportunities for investment and expansion.

Share Repurchases

• Expedia's board authorized an additional $2.5 billion for share repurchases in August 2021.
• The company repurchased $1.2 billion of its shares during Q3 2021.
• Prior to the August 2021 authorization, there was an existing $2 billion share repurchase authorization in place.

Outbound Investments

• Expedia acquired VacationRenter in February 2022.
• Expedia Group announced an investment in Arcane Strategies in November 2024 to enhance alternative accommodation technology.

Capital Expenditures

• Capital expenditures were approximately $492 million in 2021 and $361 million in 2023.
• For the full year 2024, Expedia expected capital expenditures to be approximately $350 million to $400 million.
• The primary focus of capital expenditures is on technology and platform development, aimed at improving user experience and operational efficiency.