Analogy 1: 'Amazon for travel'

Analogy 2: 'Procter & Gamble (P&G) for travel brands'

• Online Travel Bookings (Retail): Expedia Group provides comprehensive online booking services for flights, hotels, car rentals, vacation packages, and cruises through its various consumer-facing brands like Expedia, Hotels.com, Orbitz, and Travelocity.
• Alternative Accommodations Marketplace (Vrbo): Operates an online marketplace dedicated to booking vacation rentals and other non-hotel lodging options worldwide.
• Business-to-Business Travel Solutions: Offers travel technology, APIs, and corporate travel management services (through Expedia Partner Solutions and Egencia) to airlines, financial institutions, and other businesses.
• Hotel Metasearch (Trivago): Runs a metasearch website that compares hotel prices from numerous online travel agencies and direct hotel providers, referring users to booking sites.
• Advertising and Media Services: Provides advertising opportunities and media solutions for travel partners and other businesses across its extensive network of travel websites.

Expedia Group, Inc. (EXPE) primarily serves individual travelers through its extensive portfolio of consumer-facing brands within its Retail segment. While the company also has significant B2B operations, the breadth and volume of its direct-to-consumer offerings indicate that individuals are its primary customers.

Expedia serves the following categories of individual customers:

1. Leisure Travelers: Individuals planning and booking personal trips, including flights, hotels, car rentals, cruises, and vacation packages. This category encompasses a wide range of travelers, from budget-conscious (e.g., CheapTickets, Hotwire) to luxury seekers (Classic Vacations), using brands like Brand Expedia, Hotels.com, Orbitz, Travelocity, and ebookers.
2. Corporate Travelers: Individuals traveling for business purposes. While often facilitated by corporate travel management services (such as Egencia, which serves the employer company), the individual corporate traveler is the direct user of the booking platforms and the recipient of the travel services.
3. Alternative Accommodation Seekers: Individuals specifically seeking vacation rentals, private homes, and unique stays instead of traditional hotels, primarily served through its Vrbo brand. This distinct category reflects the growing demand for non-hotel lodging options.

Ariane Gorin, Chief Executive Officer

Ariane Gorin was appointed CEO of Expedia Group effective May 13, 2024. She has served in executive leadership roles at Expedia Group for over 11 years, most recently as President of Expedia for Business since 2021. In this role, she led Expedia Group's global B2B business, encompassing travel suppliers, the advertising business, and the B2B partner network. Ms. Gorin delivered significant financial results, including 33% B2B revenue growth in 2023 versus 2022. She has also been a member of Expedia Group's Board of Directors since February 2024.

Julie Whalen, Executive Vice President and Chief Financial Officer

Julie Whalen became the Chief Financial Officer of Expedia Group on September 26, 2022. She brings over two decades of finance experience, having previously served as the Executive Vice President and CFO of Williams-Sonoma, Inc. for ten years. Before her CFO role at Williams-Sonoma, Inc., she held various positions of increasing responsibility within their finance organization for over two decades. Ms. Whalen began her career in the audit practice at KPMG. She also served on Expedia Group's Board of Directors and Audit Committee from June 2019, and was the Chair of the Audit Committee for two years. She earned her Doctor of Law (JD) from Pepperdine Caruso Law and a Bachelor of Science (BS) in Accounting and Finance from Pepperdine University.

Jochen Koedijk, Chief Marketing Officer

As Expedia Group's Chief Marketing Officer, Jochen Koedijk is responsible for leading the marketing teams, which include advertising, creative, performance marketing, and machine learning science and engineering. His teams focus on inspiring, engaging, and maximizing value for travelers.

Alfonso Paredes, President of Expedia Group B2B

Alfonso Paredes serves as the President of Expedia Group B2B. In this role, he is responsible for powering the industry with Expedia Group's technology and supply.

Shilpa Ranganathan, Chief Product Officer

Shilpa Ranganathan holds the position of Chief Product Officer at Expedia Group. In this capacity, she oversees the company's product strategy and development.

The key risks to Expedia Group (EXPE) are primarily driven by the highly competitive nature of the online travel industry, its reliance on digital customer acquisition channels, and the inherent sensitivity of travel demand to macroeconomic conditions.

1. Intense Competition: Expedia operates in a fiercely contested global online travel agency (OTA) market. The company faces significant competition from other established OTAs like Booking Holdings, which often holds a stronger international presence and market share. Additionally, direct competition comes from alternative accommodation platforms such as Airbnb (challenging Vrbo) and from large technology companies like Google Travel, which can divert user traffic by integrating travel search functionality directly into its search results. Airlines and hotel chains also pose a threat by promoting direct bookings through their own websites and loyalty programs, aiming to reduce their reliance on OTAs. This intense competitive landscape puts continuous pressure on Expedia's market share, pricing strategies, and profitability.

2. Reliance on Search Engine Algorithms and Rising Customer Acquisition Costs: A significant portion of Expedia's customer traffic and bookings is generated through search engine optimization and paid search advertising. Consequently, the company is highly vulnerable to changes in search engine algorithms (particularly Google's) or increased competition for online advertising space. Any adverse changes in these algorithms could negatively impact Expedia's visibility and traffic, while increased bidding for keywords could drive up customer acquisition costs, thereby reducing profit margins and hindering growth.

3. Macroeconomic Factors and Disruptions to the Travel Industry: Expedia's financial performance is intrinsically linked to the overall health of the worldwide travel industry and global economic conditions. Factors such as economic downturns, inflation impacting consumer discretionary spending, geopolitical conflicts, and political instability can dramatically and suddenly affect consumer travel behavior and decrease demand. For instance, a persistent softness in the U.S. consumer travel market has been identified as a challenge for Expedia due to its significant exposure to this region. Furthermore, unforeseen events, such as pandemics, can severely restrict economic activity and have an unprecedented negative impact on the global travel industry, as seen with COVID-19.

The following are clear emerging threats for Expedia (EXPE):

• The emergence of AI-powered travel planning and booking agents: Rapid advancements in generative artificial intelligence (AI) could lead to sophisticated conversational agents capable of understanding complex user preferences, creating personalized itineraries, and booking travel services directly across various providers. This could disintermediate traditional online travel agencies (OTAs) by offering a more seamless, integrated, and intuitive planning-to-booking experience that bypasses existing interfaces.
• Google's increasing role as a direct travel planning and booking platform: Google continues to expand and deeply integrate its suite of travel products (e.g., Google Flights, Google Hotels, Google Vacation Rentals, Google Things to Do). By providing comprehensive search, comparison, and booking functionalities directly within its ecosystem, Google increasingly acts as a primary intermediary. This strategy can funnel users away from OTAs like Expedia, reducing their traffic, visibility, and value proposition as the default starting point for travel planning.

Expedia Group (EXPE) operates in several large and dynamic addressable markets through its diverse portfolio of brands.

Online Travel Agencies (OTA)

• The global online travel agencies market size was valued at USD 663.70 billion in 2025 and is expected to reach USD 1,316.67 billion by 2033.
• North America's online travel agencies industry captured 29.67% of the overall global industry in 2025.
• The U.S. online travel agency market continues to expand, with 75% of travelers using OTA platforms for at least one booking in 2024.
• The online travel agencies market in Europe accounted for a revenue share of 31.72% in 2025.

Hotel Booking and Accommodation

• The global hotels market size was valued at USD 2,080.57 billion in 2025 and is projected to reach USD 3,931.42 billion by 2034.
• Europe held the dominant hotels market share in 2025, valued at USD 749.84 billion.
• The North American hotels market, including the U.S. and Canada, was valued at USD 609.98 billion in 2025.
• The global hotel industry is worth an estimated $570 billion, with 60% of bookings made online.

Vacation Rentals (Alternative Accommodations)

• The global vacation rental market size was estimated at USD 101.69 billion in 2025 and is projected to reach USD 121.94 billion by 2033.
• Another estimate values the global vacation rental market at USD 97.85 billion in 2025, expecting it to reach approximately USD 138.74 billion by 2035.
• Europe led the global vacation rental market with a 33.89% share in 2025.
• The North American vacation rental industry held a global revenue share of 23.36% in 2025.
• Vrbo, an Expedia brand, commands roughly 22% of the U.S. vacation rental market.

Car Rental

• The global car rental market size was estimated at USD 149.87 billion in 2024 and is projected to reach USD 278.03 billion by 2030.
• North America accounted for over 36.39% of the global car rental market revenue in 2024.
• The car rental industry in the U.S. is expected to grow at a CAGR of 8.7% from 2025 to 2030.

Cruise

• The global cruise market size was estimated at USD 17.98 billion in 2025 and is projected to reach USD 33.21 billion by 2032.
• Another source values the global cruise market at USD 10.2 billion in 2025, expecting it to reach USD 29.2 billion by 2034.
• The global cruise market size was also estimated at USD 9.84 billion in 2025 and is projected to reach USD 25.06 billion by 2033.
• The global cruise tourism market size is calculated at USD 5.47 billion in 2025 and is predicted to increase to approximately USD 8.99 billion by 2034.

Corporate Travel Management

• The global business travel market size was estimated at USD 1,851.61 billion in 2025 and is expected to reach USD 3,255.11 billion by 2033.
• Another report values the global business travel market at USD 1,380.00 billion in 2025, projected to grow to USD 2,765.34 billion by 2034.
• The North American business travel market accounted for the largest share of 27.40% of the global market in 2025.
• The Asia Pacific region dominated the business travel market with a market share of 38.61% in 2025.

Expedia Group (EXPE) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and ongoing market trends:

1. Expansion of the Business-to-Business (B2B) Segment: Expedia's B2B segment has consistently demonstrated strong growth, with significant increases in gross bookings and revenue, and is identified as a primary engine for future expansion. This segment partners with corporate travel managers, airlines, and financial institutions, leveraging Expedia's technology and travel supply.
2. Continued Growth in Lodging Bookings and Overall Travel Demand: A core driver for Expedia remains the sustained increase in booked room nights and lodging gross bookings, particularly within its hotel business. The company has reported double-digit growth in these areas, reflecting ongoing strong execution and robust travel demand.
3. Strategic Investments in Technology and AI, including the "One Key" Loyalty Program: Expedia is focusing on enhancing customer experiences and operational efficiencies through significant investments in technology and artificial intelligence. This includes the global rollout of its unified loyalty program, "One Key," which aims to improve customer retention, increase booking frequency, and enable better personalization. AI is also being used to refine advertising effectiveness and optimize trip discovery.
4. International Market Expansion and Increased Cross-Border Travel: The company is targeting growth in international lodging and cross-border travel, with a focus on increasing Vrbo's penetration outside North America and expanding supply in regions like EMEA and APAC. Increased international demand is expected to contribute to overall revenue growth.

Share Repurchases

• Expedia Group's Board of Directors approved a new $5 billion share repurchase authorization in November 2023, augmenting existing authorizations.
• The company repurchased approximately $2.137 billion in stock in 2023.
• Expedia Group bought back $1.839 billion in shares in 2024 and $1.93 billion in 2025. In 2021, the company made no share repurchases.

Share Issuance

• In February 2021, Expedia Group completed a private placement of $1 billion in 0% convertible senior notes due 2026, generating approximately $983 million in net proceeds. These notes are convertible into common stock at a rate of 3.9212 shares per $1,000 principal amount.
• The company regularly grants restricted stock units (RSUs) and performance stock units (PSUs) as part of its executive and employee compensation programs.

Outbound Investments

• Expedia Group acquired Tiqets, a ticket booking platform, in December 2025.
• Overall, Expedia Group has engaged in minimal acquisition activity over the last five years (2020-2025), averaging 0.2 acquisitions per year.

Capital Expenditures

• From 2021 to 2025, Expedia Group's capital expenditures averaged $741.4 million annually.
• Capital expenditures reached a peak of $846 million in 2023.
• The primary focus of these capital expenditures is to maintain and enhance the company's technology platform, which supports its growth drivers, including a "tech stack unification" that occurred from 2020–2023.