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Expedia (EXPE)

Market Price (12/3/2025): $263.77 | Market Cap: $32.6 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Expedia (EXPE)

Market Price (12/3/2025): $263.77
Market Cap: $32.6 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, FCF Yield is 11%	Trading close to highs Dist 52W High is -3.6%, Dist 3Y High is -3.6%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 3.8 Bil, FCF LTM is 3.0 Bil
2	Low stock price volatility Vol 12M is 47%
3	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, and Travel & Leisure Tech.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, FCF Yield is 11%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 3.8 Bil, FCF LTM is 3.0 Bil
2	Low stock price volatility Vol 12M is 47%
3	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, and Travel & Leisure Tech.
4	Trading close to highs Dist 52W High is -3.6%, Dist 3Y High is -3.6%

Valuation, Metrics & Events

	12/3/25	2024	2023	2022	2021
Share Price CYE	$263.77	$184.84	$150.57	$86.90	$179.27
Market Cap CYE ($ Bil)	32.6	23.8	20.8	13.5	27.5
Total Debt ($ Bil)	6.5	6.5	6.6	6.6	8.8
Total Cash ($ Bil)	6.2	4.5	4.3	4.1	4.3
Enterprise Value ($ Bil)	32.9	30.3	27.4	20.1	36.3
Valuation Ratios
P/S TTM	1.8	1.8	1.7	1.2	3.1
P/EBIT TTM	13.8	13.7	17.4	16.8	86.5
P/E TTM	19.1	19.9	27.6	39.0	2255.0
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.6	8.0	7.8	6.3	8.3
P/E TTM (Sector)	10.4	11.1	10.7	8.4	10.8

	12/3/25	2024	2023
Share Price CYE	$263.77	$184.84	$150.57
Market Cap CYE ($ Bil)	32.6	23.8	20.8
Total Debt ($ Bil)	6.5	6.5	6.6
Total Cash ($ Bil)	6.2	4.5	4.3
Enterprise Value ($ Bil)	32.9	30.3	27.4
Valuation Ratios
P/S TTM	1.8	1.8	1.7
P/EBIT TTM	13.8	13.7	17.4
P/E TTM	19.1	19.9	27.6
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.6	8.0	7.8
P/E TTM (Sector)	10.4	11.1	10.7

	EXPE	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	14.4
Rev Chg Q	8.7%	7.1%
Rev Chg LTM	7.3%	6.1%
Rev Chg 3Y Avg	8.3%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	2.0
CFO LTM ($ Bil)	3.8
Net Inc LTM ($ Bil)	1.4
Op Mgn LTM	13.8%	18.8%
CFO/Rev LTM	26.3%	20.5%
Net Inc Mgn	9.7%	13.1%
VALUATION	LOW
P/S	1.8	3.2
P/CFO	7.0	15.8
P/FCF	8.8	20.5
P/E	19.1	23.5
STABILITY	VERY GOOD
Debt/Equity	0.24	0.20
Cash/Assets	0.25	0.07

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Metric	Value	Date	Source
Gross Bookings	110,000,000,000	12312024	Link
Booked Room Nights	86,400,000	12312024	Link
Active Users	46,000,000	12312024	Link
App Downloads	22,500,000	12312024	Link
One Key Loyalty Program Members	168,000,000	7172023	Link

Recent
11/06/2025	Earnings Release	Rev: $4.0 Bil (A) vs. $4.0 Bil (E) EPS: 7.57 (A) vs. $6.97 (E)
11/19/2025	Dividend	Amount: $0.40 Payment On: 12/11/2025
Upcoming
2/05/2026	Earnings Release	Rev: $3.0 Bil (E) EPS: $3.32 (E)

EXPE Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Strong Q3 2025 Financial Results: Expedia reported a significant 23% increase in adjusted earnings per share and a 9% rise in revenue year-over-year for the third quarter of 2025, surpassing analyst estimates.

2. Robust Bookings Growth and Raised Guidance: The company experienced a 12% increase in total gross bookings in Q3 2025, largely propelled by a 26% growth in its Business-to-Business (B2B) segment. This strong performance led Expedia to raise its full-year 2025 guidance for both gross bookings and revenue growth.

Stock Movement Drivers

Fundamental Drivers

The 24.5% change in EXPE stock from 9/2/2025 to 12/2/2025 was primarily driven by a 21.7% change in the company's Net Income Margin (%).

	9022025	12022025	Change
Stock Price ($)	211.77	263.70	24.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	14018.00	14370.00	2.51%
Net Income Margin (%)	7.94%	9.66%	21.65%
P/E Multiple	24.06	23.50	-2.32%
Shares Outstanding (Mil)	126.45	123.70	2.18%
Cumulative Contribution			24.46%

LTM = Last Twelve Months as of date shown

Market Drivers

9/2/2025 to 12/2/2025

	Return	Correlation
EXPE	24.5%
Market (SPY)	6.4%	33.7%
Sector (XLY)	2.8%	36.9%

Fundamental Drivers

The 56.9% change in EXPE stock from 6/3/2025 to 12/2/2025 was primarily driven by a 27.1% change in the company's P/E Multiple.

	6032025	12022025	Change
Stock Price ($)	168.02	263.70	56.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13790.00	14370.00	4.21%
Net Income Margin (%)	8.48%	9.66%	13.94%
P/E Multiple	18.49	23.50	27.10%
Shares Outstanding (Mil)	128.64	123.70	3.84%
Cumulative Contribution			56.71%

LTM = Last Twelve Months as of date shown

Market Drivers

6/3/2025 to 12/2/2025

	Return	Correlation
EXPE	56.9%
Market (SPY)	14.7%	40.0%
Sector (XLY)	10.0%	41.1%

Fundamental Drivers

The 43.7% change in EXPE stock from 12/2/2024 to 12/2/2025 was primarily driven by a 21.2% change in the company's Net Income Margin (%).

	12022024	12022025	Change
Stock Price ($)	183.53	263.70	43.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	13394.00	14370.00	7.29%
Net Income Margin (%)	7.97%	9.66%	21.25%
P/E Multiple	22.32	23.50	5.30%
Shares Outstanding (Mil)	129.76	123.70	4.67%
Cumulative Contribution			43.37%

LTM = Last Twelve Months as of date shown

Market Drivers

12/2/2024 to 12/2/2025

	Return	Correlation
EXPE	43.7%
Market (SPY)	14.0%	60.2%
Sector (XLY)	6.2%	56.6%

Fundamental Drivers

The 156.4% change in EXPE stock from 12/3/2022 to 12/2/2025 was primarily driven by a 95.0% change in the company's Net Income Margin (%).

	12032022	12022025	Change
Stock Price ($)	102.86	263.70	156.37%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11328.00	14370.00	26.85%
Net Income Margin (%)	4.95%	9.66%	95.04%
P/E Multiple	28.90	23.50	-18.68%
Shares Outstanding (Mil)	157.63	123.70	21.52%
Cumulative Contribution			144.49%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2023 to 12/2/2025

	Return	Correlation
EXPE	90.8%
Market (SPY)	51.9%	51.2%
Sector (XLY)	40.3%	49.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
EXPE Return	23%	36%	-52%	73%	23%	43%	147%
Peers Return	13%	20%	-36%	55%	40%	9%	106%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	111%
Monthly Win Rates [3]
EXPE Win Rate	67%	58%	33%	50%	67%	60%
Peers Win Rate	50%	55%	37%	60%	55%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
EXPE Max Drawdown	-58%	-7%	-54%	0%	-28%	-27%
Peers Max Drawdown	-43%	-8%	-42%	-6%	-16%	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GOOGL, BKNG, EBAY, TRIP, TZOO. See EXPE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/2/2025 (YTD)

How Low Can It Go

Unique Key	Event	EXPE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-60.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	155.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	968 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-62.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	169.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	236 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-40.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	69.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	460 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-82.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	479.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1874 days	1480 days

Compare to GOOGL, BKNG, EBAY, TRIP, TZOO

In The Past

Expedia's stock fell -60.9% during the 2022 Inflation Shock from a high on 2/16/2022. A -60.9% loss requires a 155.5% gain to breakeven.

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About Expedia (EXPE)

Expedia Group, Inc. operates as an online travel company in the United States and internationally. The company operates through Retail, B2B, and trivago segments. Its brand portfolio include Brand Expedia, a full-service online travel brand with localized websites; Hotels.com for marketing and distributing lodging accommodations; Vrbo, an online marketplace for the alternative accommodations; Orbitz, Travelocity, and CheapTickets travel websites; ebookers, an online EMEA travel agent for travelers an array of travel options; Hotwire, which offers travel booking services; CarRentals.com, an online car rental booking service; Classic Vacations, a luxury travel specialist; and Expedia Cruise, a provider of advice for travelers booking cruises. The company's brand portfolio also comprise Expedia Partner Solutions, a business-to-business brand that provides travel and non-travel vertical, which includes corporate travel management, airlines, travel agents, online retailers and financial institutions; and Egencia that provides corporate travel management services. In addition, its brand portfolio consists of Trivago, a hotel metasearch website, which send referrals to online travel companies and travel service providers from hotel metasearch websites; and Expedia Group Media solutions. Further, the company provides online travel services through its Wotif.com, lastminute.com.au, travel.com.au, Wotif.co.nz, and lastminute.co.nz brands; loyalty programs; hotel accommodations and alternative accommodations; and advertising and media services. It serves leisure and corporate travelers. The company was formerly known as Expedia, Inc. and changed its name to Expedia Group, Inc. in March 2018. Expedia Group, Inc. was founded in 1996 and is headquartered in Seattle, Washington.

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Amazon for travel services.

Carvana for travel bookings.

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```html Expedia Major Products

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.

```

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For the public company Expedia (symbol: EXPE), it primarily sells its travel services and products to **individual consumers** rather than other businesses. Its various brands (Expedia.com, Hotels.com, Vrbo, Travelocity, etc.) are designed to help individuals plan and book their personal travel arrangements. Expedia serves the following categories of individual customers:

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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Amazon Web Services (parent company: Amazon.com Inc., symbol: AMZN)
Visa Inc. (symbol: V)
Mastercard Inc. (symbol: MA)
Sabre Corporation (symbol: SABR)
Amadeus IT Group S.A. (symbol: AMS.MC)
Google (parent company: Alphabet Inc., symbol: GOOGL)
Meta Platforms Inc. (symbol: META)

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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.

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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.

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The addressable market sizes for Expedia's main products and services are identified globally as follows:

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.

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Expedia Group (EXPE) is expected to drive future revenue growth over the next two to three years through several key strategies:

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.
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.
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.
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.
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.

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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.

Interactive Breakdown

Expedia Interactive Breakdown Analysis

Better Bets than Expedia (EXPE)

	EXPE	Better Performance than EXPE
Metric	Value	INDUSTRY: Hotels, Resorts & Cruise Lines
Rev Chg LTM	7.3%	VIK (17.7%), BKNG (13.0%), ABNB (10.2%), RCL (8.6%), VAC (7.7%)
Rev Chg 3Y Avg	8.3%	RCL (37.7%), BKNG (17.8%), ABNB (14.2%), HLT (13.1%), MAR (10.6%)
Op Mgn LTM	13.8%	BKNG (34.5%), RCL (26.4%), ABNB (22.6%), HLT (22.0%), MAR (16.0%)
CFO/Rev LTM	26.3%	NUTR (297.0%), VIK (38.9%), ABNB (38.4%), RCL (36.2%), BKNG (33.2%)
FCF/Rev LTM	20.9%	NUTR (295.8%), ABNB (38.4%), BKNG (31.9%)
Total Yield	5.8%	TNL (14.4%), WH (7.6%), CCL (7.2%), MTN (6.3%), NCLH (6.0%)
P/S	1.8	HGV (0.7), TNL (1.0), NCLH (1.1), GBTG (1.2), CCL (1.4)
P/Op Inc	13.4	TNL (4.9), NCLH (7.0), CCL (8.6), WH (10.3), MTN (10.7)

	EXPE	Better Performance than EXPE
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	7.3%	MELI (36.9%), DASH (24.5%), BKNG (13.0%), AMZN (10.9%), HD (8.5%)
Rev Chg 3Y Avg	8.3%	MELI (39.5%), DASH (27.8%), BKNG (17.8%), AMZN (11.3%), TSLA (9.3%)
Op Mgn LTM	13.8%	MCD (46.1%), BKNG (34.5%), ABNB (22.6%), ORLY (19.3%), MAR (16.0%)
CFO/Rev LTM	26.3%	MCD (39.9%), ABNB (38.4%), MELI (37.5%), RCL (36.2%), BKNG (33.2%)
FCF/Rev LTM	20.9%	ABNB (38.4%), MELI (32.9%), MBLY (32.4%), BKNG (31.9%), MCD (28.1%)
Total Yield	5.8%	LOW (7.6%), HD (6.5%), GM (6.4%), ROST (6.2%), MCD (6.2%)
P/S	1.8	F (0.3), GM (0.3), DHI (1.1), LOW (1.5), CPNG (1.7)
P/Op Inc	13.4	GM (7.1), DHI (8.0), LOW (12.0), LVS (13.0), F (13.2)

	EXPE	Better Performance than EXPE
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	7.3%	NVDA (71.6%), AVGO (28.0%), META (21.3%), MSFT (15.6%), GOOGL (13.4%)
Rev Chg 3Y Avg	8.3%	NVDA (92.0%), AVGO (24.0%), META (17.3%), MSFT (13.2%), GOOGL (11.0%)
Op Mgn LTM	13.8%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	26.3%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	20.9%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), META (23.7%), AAPL (23.5%)
Total Yield	5.8%	XOM (10.3%), JNJ (8.4%), BAC (7.7%), JPM (6.7%), BRK-B (6.2%)
P/S	1.8	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6)
P/Op Inc	13.4	VZ (5.9), T (8.3), MRK (9.4), UNH (11.9), XOM (12.4)

		Best Bets In Consumer Discretionary Sector
	EXPE	ABNB	BKNG	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH	YUM
What You Pay
P/E	19.0	28.2	34.7	25.7	36.2	28.8	10.2	30.2	19.7	18.1	29.2
P/EBIT	13.8	27.4	20.8	17.7	15.9	19.2	7.5	26.7	17.2	10.6	16.9
What You Get
Rev Chg Q	8.7%	9.7%	12.7%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%	8.4%
Rev Chg LTM	7.3%	10.2%	13.0%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%	11.6%
Rev Chg 3Y Avg	8.3%	14.2%	17.8%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%	6.4%
FCF/Rev 3Y Avg	16.7%	40.2%	35.6%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Marriott Vacations Worldwide or Expedia: Which Stock Has More Upside?	Counter-Intuitive Comparisons
2	Expedia Earnings Notes
3	Can Expedia Stock Hold Up When Markets Turn?	Return
4	Better Bet Than Expedia Stock: CCL, INTG Deliver More	Actionable
5	EXPE Is Producing Cash, What Is Holding You Back?	Actionable
6	Expedia vs Churchill Downs: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Expedia vs Hilton Grand Vacations: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	Better Bet Than EXPE Stock: Pay Less Than Expedia To Get More From CCL, NCLH
9	Better Bet Than EXPE Stock: Pay Less Than Expedia To Get More From CCL, NCLH
10	What If You Were Missing The Value In EXPE Stock?	Actionable
11	ARTICLES
12	Expedia vs Marriott Vacations Worldwide: Which Stock Could Rally?		December 3rd, 2025
13	S&P 500 Movers \| Winners: GOOGL, GOOG, WDC \| Losers: DELL, EXPE, GNRC		November 18th, 2025
14	Expedia Stock vs Competition: Who Wins?		November 12th, 2025
15	S&P 500 Movers \| Winners: EXPE, AKAM, SOLV \| Losers: TTWO, XYZ, TTD		November 8th, 2025
16	Which Stock Will Rally: Booking or Expedia?		November 8th, 2025

	Title
0	DASHBOARDS
1	Marriott Vacations Worldwide or Expedia: Which Stock Has More Upside?
2	Expedia Earnings Notes
3	Can Expedia Stock Hold Up When Markets Turn?
4	Better Bet Than Expedia Stock: CCL, INTG Deliver More
5	EXPE Is Producing Cash, What Is Holding You Back?
6	Expedia vs Churchill Downs: Which Is A Better Investment?
7	Expedia vs Hilton Grand Vacations: Which Is A Better Investment?
8	Better Bet Than EXPE Stock: Pay Less Than Expedia To Get More From CCL, NCLH
9	Better Bet Than EXPE Stock: Pay Less Than Expedia To Get More From CCL, NCLH
10	What If You Were Missing The Value In EXPE Stock?
11	ARTICLES
12	Expedia vs Marriott Vacations Worldwide: Which Stock Could Rally?
13	S&P 500 Movers \| Winners: GOOGL, GOOG, WDC \| Losers: DELL, EXPE, GNRC
14	Expedia Stock vs Competition: Who Wins?
15	S&P 500 Movers \| Winners: EXPE, AKAM, SOLV \| Losers: TTWO, XYZ, TTD
16	Which Stock Will Rally: Booking or Expedia?

Trade Ideas

Select past ideas related to EXPE. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	9.0%	9.0%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.2%	1.2%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.8%	-1.8%	-1.8%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.0%	4.0%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.2%	1.2%	-1.6%
EXPE_6302022_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	06302022	EXPE	Expedia	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-8.1%	15.4%	-11.7%
EXPE_3312020_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312020	EXPE	Expedia	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	63.1%	205.9%	-14.9%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	9.0%	9.0%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.2%	1.2%	0.0%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-1.8%	-1.8%	-1.8%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.0%	4.0%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.2%	1.2%	-1.6%
EXPE_6302022_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	06302022	EXPE	Expedia	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-8.1%	15.4%	-11.7%
EXPE_3312020_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312020	EXPE	Expedia	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	63.1%	205.9%	-14.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	8.2	885.4%	-42.0%
HPP	Hudson Pacific Properties	6.4	617.7%	-33.0%
MDB	MongoDB	32.6	22.2%	72.7%
FBYD	Falcons Beyond Global	0.8	20.4%	160.2%
TMC	TMC The Metals	2.7	17.7%	560.7%
VERA	Vera Therapeutics	2.4	12.9%	-11.9%
EVEX	Eve	1.5	12.0%	-14.2%
SKYT	SkyWater Technology	0.8	10.5%	22.3%
LUMN	Lumen Technologies	9.1	10.3%	72.1%
CTRI	Centuri	2.2	10.2%	26.7%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-53.3%	-70.4%
SYM	Symbotic	7.3	-21.5%	182.4%
VTYX	Ventyx Biosciences	0.6	-15.4%	262.6%
URGN	UroGen Pharma	1.2	-14.3%	128.9%
UPB	Upstream Bio	1.3	-13.7%	52.1%
HUT	Hut 8	4.0	-13.5%	83.9%
ALAB	Astera Labs	23.9	-13.5%	7.9%
CTMX	CytomX Therapeutics	0.6	-11.2%	269.9%
CIFR	Cipher Mining	6.6	-10.4%	280.2%
NKTR	Nektar Therapeutics	0.8	-10.2%	293.2%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
KSS	Kohl's	2.8	57.1%	82.4%
FBYD	Falcons Beyond Global	0.8	56.4%	160.2%
ANF	Abercrombie & Fitch	4.8	52.6%	-33.0%
TE	T1 Energy	0.7	51.0%
TMC	TMC The Metals	2.7	38.6%	560.7%
AG	First Majestic Silver	7.8	31.9%	190.6%
ARWR	Arrowhead Pharmaceuticals	8.1	30.9%	208.2%
VERA	Vera Therapeutics	2.4	27.4%	-11.9%
PLAY	Dave & Buster's Entertainment	0.6	26.5%	-39.9%
FLNC	Fluence Energy	2.6	26.3%	25.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-49.7%	-70.4%
UP	Wheels Up Experience	0.4	-24.4%	-62.3%
FULC	Fulcrum Therapeutics	0.6	-23.8%	90.4%
CGEM	Cullinan Therapeutics	0.6	-21.1%	-16.3%
PD	PagerDuty	1.1	-21.1%	-35.8%
AMBA	Ambarella	3.0	-20.6%	-2.3%
VTYX	Ventyx Biosciences	0.6	-20.2%	262.6%
NTNX	Nutanix	12.5	-20.1%	-23.9%
TLRY	Tilray Brands	8.2	-20.1%	-42.0%
MNPR	Monopar Therapeutics	0.5	-18.1%	245.2%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	2.4	212.2%	365.5%
OLMA	Olema Pharmaceuticals	2.3	202.7%	365.7%
RHLD	Resolute Management	1.5	144.4%
COGT	Cogent Biosciences	5.4	139.1%	399.7%
FRGE	Forge Global	0.6	101.5%	216.7%
CDTX	Cidara Therapeutics	5.9	101.3%	718.0%
FBYD	Falcons Beyond Global	0.8	91.2%	160.2%
INSP	Inspire Medical Systems	3.9	85.8%	-27.8%
IRWD	Ironwood Pharmaceuticals	0.6	82.3%	-21.0%
TCMD	Tactile Systems Technology	0.6	73.5%	52.7%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
QURE	uniQure	1.4	-62.6%	43.4%
SMR	NuScale Power	2.8	-57.9%	5.5%
UP	Wheels Up Experience	0.4	-54.6%	-62.3%
CCOI	Cogent Communications	1.0	-51.5%	-72.3%
BHVN	Biohaven	0.9	-48.7%	-76.4%
AMSC	American Superconductor	1.3	-48.0%	25.0%
METC	Ramaco Resources	1.0	-47.7%	57.2%
RGTI	Rigetti Computing	7.1	-46.1%	56.5%
JANX	Janux Therapeutics	1.0	-44.8%	-70.4%
BTDR	Bitdeer Technologies	2.4	-43.7%	-42.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	8.2	885.4%	-42.0%
HPP	Hudson Pacific Properties	6.4	617.7%	-33.0%
MDB	MongoDB	32.6	22.2%	72.7%
FBYD	Falcons Beyond Global	0.8	20.4%	160.2%
TMC	TMC The Metals	2.7	17.7%	560.7%
VERA	Vera Therapeutics	2.4	12.9%	-11.9%
EVEX	Eve	1.5	12.0%	-14.2%
SKYT	SkyWater Technology	0.8	10.5%	22.3%
LUMN	Lumen Technologies	9.1	10.3%	72.1%
CTRI	Centuri	2.2	10.2%	26.7%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-53.3%	-70.4%
SYM	Symbotic	7.3	-21.5%	182.4%
VTYX	Ventyx Biosciences	0.6	-15.4%	262.6%
URGN	UroGen Pharma	1.2	-14.3%	128.9%
UPB	Upstream Bio	1.3	-13.7%	52.1%
HUT	Hut 8	4.0	-13.5%	83.9%
ALAB	Astera Labs	23.9	-13.5%	7.9%
CTMX	CytomX Therapeutics	0.6	-11.2%	269.9%
CIFR	Cipher Mining	6.6	-10.4%	280.2%
NKTR	Nektar Therapeutics	0.8	-10.2%	293.2%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
KSS	Kohl's	2.8	57.1%	82.4%
FBYD	Falcons Beyond Global	0.8	56.4%	160.2%
ANF	Abercrombie & Fitch	4.8	52.6%	-33.0%
TE	T1 Energy	0.7	51.0%
TMC	TMC The Metals	2.7	38.6%	560.7%
AG	First Majestic Silver	7.8	31.9%	190.6%
ARWR	Arrowhead Pharmaceuticals	8.1	30.9%	208.2%
VERA	Vera Therapeutics	2.4	27.4%	-11.9%
PLAY	Dave & Buster's Entertainment	0.6	26.5%	-39.9%
FLNC	Fluence Energy	2.6	26.3%	25.7%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-49.7%	-70.4%
UP	Wheels Up Experience	0.4	-24.4%	-62.3%
FULC	Fulcrum Therapeutics	0.6	-23.8%	90.4%
CGEM	Cullinan Therapeutics	0.6	-21.1%	-16.3%
PD	PagerDuty	1.1	-21.1%	-35.8%
AMBA	Ambarella	3.0	-20.6%	-2.3%
VTYX	Ventyx Biosciences	0.6	-20.2%	262.6%
NTNX	Nutanix	12.5	-20.1%	-23.9%
TLRY	Tilray Brands	8.2	-20.1%	-42.0%
MNPR	Monopar Therapeutics	0.5	-18.1%	245.2%

Peer Comparisons for Expedia

Peers to compare with:

Financials

	EXPE	GOOGL	BKNG	EBAY	TRIP	TZOO	Median
Name	Expedia	Alphabet	Booking	eBay	Tripadvi.	Travelzoo
Mkt Price	263.70	315.81	5,135.07	82.91	15.08	6.83	173.31
Mkt Cap	32.6	3,816.9	166.3	38.2	1.7	0.1	35.4
Rev LTM	14,370	385,477	26,039	10,470	1,891	88	12,420
Op Inc LTM	1,977	124,077	8,981	2,238	145	15	2,108
FCF LTM	2,998	73,552	8,315	1,409	259	18	2,204
FCF 3Y Avg	2,268	68,998	8,220	1,762	157	10	2,015
CFO LTM	3,774	151,424	8,640	1,912	345	18	2,843
CFO 3Y Avg	3,056	120,990	8,586	2,244	229	10	2,650

Growth & Margins

	EXPE	GOOGL	BKNG	EBAY	TRIP	TZOO	Median
Name	Expedia	Alphabet	Booking	eBay	Tripadvi.	Travelzoo
Rev Chg LTM	7.3%	13.4%	13.0%	2.7%	4.2%	3.5%	5.8%
Rev Chg 3Y Avg	8.3%	11.0%	17.8%	1.5%	11.6%	10.4%	10.7%
Rev Chg Q	8.7%	15.9%	12.7%	6.1%	3.9%	13.1%	10.7%
QoQ Delta Rev Chg LTM	2.5%	3.8%	4.1%	1.5%	1.1%	3.3%	2.9%
Op Mgn LTM	13.8%	32.2%	34.5%	21.4%	7.7%	16.8%	19.1%
Op Mgn 3Y Avg	12.2%	29.9%	31.4%	21.2%	6.8%	17.5%	19.3%
QoQ Delta Op Mgn LTM	1.6%	-0.5%	1.6%	-1.0%	-0.0%	-2.8%	-0.2%
CFO/Rev LTM	26.3%	39.3%	33.2%	18.3%	18.2%	20.2%	23.2%
CFO/Rev 3Y Avg	22.6%	35.3%	37.2%	22.1%	12.5%	11.6%	22.4%
FCF/Rev LTM	20.9%	19.1%	31.9%	13.5%	13.7%	20.1%	19.6%
FCF/Rev 3Y Avg	16.7%	20.5%	35.6%	17.4%	8.6%	11.3%	17.1%

Valuation

	EXPE	GOOGL	BKNG	EBAY	TRIP	TZOO	Median
Name	Expedia	Alphabet	Booking	eBay	Tripadvi.	Travelzoo
Mkt Cap	32.6	3,816.9	166.3	38.2	1.7	0.1	35.4
P/S	1.8	7.6	6.7	4.0	1.0	1.6	2.9
P/EBIT	13.8	19.3	20.8	15.1	12.9	9.6	14.5
P/E	19.0	23.6	34.7	19.2	23.9	12.9	21.4
P/CFO	7.0	19.4	20.2	21.9	5.5	8.0	13.7
Total Yield	5.8%	4.6%	3.6%	6.5%	4.2%	7.7%	5.2%
Dividend Yield	0.6%	0.3%	0.7%	1.3%	0.0%	0.0%	0.5%
FCF Yield 3Y Avg	11.4%	3.3%	6.0%	6.0%	7.8%	8.2%	6.9%
D/E	0.2	0.0	0.1	0.2	0.7	0.1	0.1
Net D/E	0.0	-0.0	0.0	0.1	0.0	-0.0	0.0

Returns

	EXPE	GOOGL	BKNG	EBAY	TRIP	TZOO	Median
Name	Expedia	Alphabet	Booking	eBay	Tripadvi.	Travelzoo
1M Rtn	20.1%	12.3%	1.1%	2.3%	-6.1%	-18.9%	1.7%
3M Rtn	24.5%	49.6%	-6.7%	-7.4%	-9.8%	-29.7%	-7.1%
6M Rtn	56.9%	90.4%	-5.9%	9.9%	7.4%	-49.3%	8.6%
12M Rtn	43.7%	85.0%	-1.0%	33.3%	4.4%	-65.1%	18.8%
3Y Rtn	156.4%	216.6%	149.8%	94.3%	-25.8%	27.2%	122.0%
1M Excs Rtn	20.2%	12.5%	1.3%	2.5%	-5.9%	-18.7%	1.9%
3M Excs Rtn	18.4%	31.1%	-13.9%	-13.6%	-18.1%	-32.5%	-13.8%
6M Excs Rtn	42.6%	76.1%	-20.3%	-4.5%	-7.0%	-63.7%	-5.7%
12M Excs Rtn	29.9%	73.6%	-14.8%	17.6%	-6.9%	-80.5%	5.4%
3Y Excs Rtn	92.3%	156.6%	92.8%	26.4%	-93.6%	-62.1%	59.3%

Comparison Analyses

	Title
0	EXPE or TRIP - With 35% Return Forecast, TRIP Probably Deserves Your Money
1	Expedia vs. Booking Holdings: With Return Forecast Of 7.1%, Expedia Is A Better Bet
2	Expedia vs. eBay: Both Seem Similar Bets
3	Why TZOO With 27% Upside May Beat EXPE?
4	GOOG Looks Stronger Than EXPE With 22% Return Potential
5	Expedia vs. Synopsys: With Return Forecast Of 39%, Expedia Is A Better Bet
6	Expedia vs. Newmont Mining: With Return Forecast Of 39%, Expedia Is A Better Bet
7	Expedia vs. Edwards Lifesciences: With Return Forecast Of 39%, Expedia Is A Better Bet
8	Expedia vs. Williams: With Return Forecast Of 48%, Expedia Is A Better Bet
9	Expedia vs. Zoetis: With Return Forecast Of 30%, Zoetis Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	2/7/2025	2/9/2024	2/10/2023	2/11/2022	2/12/2021	2/14/2020
Key Financials
Total Revenue	14,370	13,691	12,839	11,667	8,598	5,199	12,067
EBITDA	2,791	2,626	2,070	1,607	1,127	-1,898	1,858
Operating Income	1,977	1,670	1,534	1,189	262	-1,527	961
Net Income	1,388	1,234	797	352	12	-2,612	565
EPS	11.13	9.39	5.50	2.24	-1.80	-19.00	3.84
Growth Rates
Total Revenue Growth	7.3%	6.6%	10.0%	35.7%	65.4%	-56.9%	7.5%
EBITDA Growth	13.6%	26.9%	28.8%	42.6%	159.4%	-202.2%	10.9%
Operating Income Growth	29.4%	8.9%	29.0%	353.8%	117.2%	-258.9%	22.7%
Net Income Growth	30.1%	54.8%	126.4%	2833.3%	100.5%	-562.3%	39.2%
Margins
EBITDA Margin	19.4%	19.2%	16.1%	13.8%	13.1%	-36.5%	15.4%
Operating Income Margin	13.8%	12.2%	11.9%	10.2%	3.0%	-29.4%	8.0%
Net Income Margin	9.7%	9.0%	6.2%	3.0%	0.1%	-50.2%	4.7%
Cash & Debt
Total Cash	6,170	4,483	4,253	4,144	4,311	3,387	3,841
Total Debt	6,478	6,531	6,567	6,552	8,810	8,729	5,470
Net Debt / (Cash)	308	2,048	2,314	2,408	4,499	5,342	1,629
Cash Flows
Net Cash from Operations	3,774	3,085	2,690	3,440	3,748	-3,834	2,767
Free Cash from Operations	2,998	2,329	1,844	2,778	3,075	-4,631	1,607
Returns to Shareholders
Dividends	151	-0	-0	-0	67	123	195
Share Repurchases	1,801	1,839	2,137	607	1,401	425	743

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/8/2025	5/9/2025	2/7/2025	11/8/2024	8/9/2024	5/3/2024	2/9/2024	11/3/2023	8/3/2023	5/5/2023	2/10/2023
Key Financials Quarterly
Total Revenue	4,412	3,786	2,988	3,184	4,060	3,558	2,889	2,887	3,929	3,358	2,665	2,618
Ebitda	1,418	704	60	609	1,146	754	117	440	714	724	192	442
Operating Income	1,128	531	-44	362	860	490	-42	220	919	442	-47	128
Net Income	959	330	-200	299	684	386	-135	132	425	385	-145	177
EPS	7.76	2.61	-1.56	2.32	5.28	2.92	-0.99	0.96	2.98	2.62	-0.95	1.14
Key Financials TTM
Total Revenue TTM	14,370	14,018	13,790	13,691	13,394	13,263	13,063	12,839	12,570	12,260	12,083	11,667
Ebitda TTM	2,791	2,519	2,569	2,626	2,457	2,025	1,995	2,070	2,072	2,310	1,729	1,607
Operating Income TTM	1,977	1,709	1,668	1,670	1,528	1,587	1,539	1,534	1,442	1,322	1,256	1,189
Net Income TTM	1,388	1,113	1,169	1,234	1,067	808	807	797	842	899	329	352
Growth Rates Quarterly
Total Revenue Growth	8.7%	6.4%	3.4%	10.3%	3.3%	6.0%	8.4%	10.3%	8.6%	5.6%	18.5%	14.9%
EBITDA Growth	23.7%	-6.6%	-48.7%	38.4%	60.5%	4.1%	-39.1%	-0.5%	-25.0%	406.3%	174.3%	-41.4%
Operating Income Growth	31.2%	8.4%	-4.8%	64.5%	-6.4%	10.9%	10.6%	71.9%	15.0%	17.6%	58.8%	-30.4%
Net Income Growth	40.2%	-14.5%	-48.1%	126.5%	60.9%	0.3%	6.9%	-25.4%	-11.8%	308.1%	-18.9%	-54.1%
Margins Quarterly
EBITDA Margin	32.1%	18.6%	2.0%	19.1%	28.2%	21.2%	4.0%	15.2%	18.2%	21.6%	7.2%	16.9%
Operating Income Margin	25.6%	14.0%	-1.5%	11.4%	21.2%	13.8%	-1.5%	7.6%	23.4%	13.2%	-1.8%	4.9%
Net Income Margin	21.7%	8.7%	-6.7%	9.4%	16.8%	10.8%	-4.7%	4.6%	10.8%	11.5%	-5.4%	6.8%
Cash & Debt
Total Cash	6,170	6,671	6,126	4,483	4,918	6,273	5,712	4,253	5,056	6,301	5,948	4,144
Total Debt	6,478	6,482	6,467	6,531	6,554	6,551	6,557	6,567	6,538	6,549	6,548	6,552
Net Debt / (Cash)	308	-189	341	2,048	1,636	278	845	2,314	1,482	248	600	2,408
Cash Flows Quarterly
FCF from Operations	-497	1,121	2,952	198	-1,493	1,501	2,879	-238	-1,375	1,146	3,157	-182
Cash Flows TTM
FCF from Operations TTM	3,774	2,778	3,158	3,085	2,649	2,767	2,412	2,690	2,746	3,124	3,606	3,440
Returns to Shareholders Quarterly
Dividends	49	51	51	0	0	0	0	0	0	0	0	0
Share Repurchases	531	688	384	198	469	529	643	468	607	593	469	366
Return on Invested Capital (ROIC) Quarterly
ROIC	1248.6%	-	-46.9%	63.5%	164.6%	541.8%	-17.4%	30.2%	170.4%	594.6%	-31.3%	20.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	533.6%	-	384.4%	64.7%	71.8%	409.5%	136.4%	44.8%	68.7%	375.2%	99.6%	31.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Business-to-customer (B2C)	9,113	8,741	6,821	3,993	8,808
Business-to-business (B2B)	3,388	2,546	1,460	942	2,579
trivago	525	561	423	280	938
Corporate & Eliminations	-187	-181	-106	-16	-258
Total	12,839	11,667	8,598	5,199	12,067

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Business-to-customer (B2C)	1,810	1,617	1,277	-285	1,601
Business-to-business (B2B)	681	518	8	-321	323
trivago	51	105	29	-26	74
Corporate & Eliminations	-1,509	-1,155	-1,128	-2,087	-1,095
Total	1,033	1,085	186	-2,719	903

Price Behavior

Price Behavior

Market Price	$263.70
Market Cap ($ Bil)	32.6
First Trading Date	07/21/2005
Distance from 52W High	-3.6%
	50 Days	200 Days
DMA Price	$230.79	$192.34
DMA Trend	up	up
Distance from DMA	14.3%	37.1%
	3M	1YR
Volatility	50.2%	47.3%
Downside Capture	110.20	107.50
Upside Capture	179.88	129.53
Correlation (SPY)	34.4%	60.3%

EXPE Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.91	1.39	1.45	1.53	1.45	1.40
Up Beta	-0.73	0.47	1.04	1.88	1.74	1.50
Down Beta	0.29	1.76	1.52	1.58	1.42	1.38
Up Capture	464%	228%	197%	200%	154%	285%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	22	33	68	127	392
Down Capture	189%	98%	122%	99%	106%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	19	29	57	120	356

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of EXPE With Other Asset Classes (Last 1Y)
	EXPE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	42.7%	7.6%	14.5%	59.4%	3.5%	-5.4%	-5.6%
Annualized Volatility	47.0%	24.8%	19.7%	19.4%	15.9%	17.8%	35.4%
Sharpe Ratio	0.89	0.25	0.57	2.28	0.03	-0.46	-0.02
Correlation With Other Assets		56.5%	60.2%	1.8%	15.8%	47.1%	24.4%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of EXPE With Other Asset Classes (Last 5Y)
	EXPE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.7%	9.6%	15.3%	17.6%	12.2%	5.0%	36.4%
Annualized Volatility	44.2%	23.8%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.50	0.37	0.73	0.91	0.53	0.18	0.63
Correlation With Other Assets		55.4%	53.6%	5.2%	13.5%	41.3%	25.5%

Based On 10-Year Data

		Comparison of EXPE With Other Asset Classes (Last 10Y)
	EXPE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.3%	12.4%	14.4%	14.2%	5.8%	5.3%	75.0%
Annualized Volatility	43.1%	22.0%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.34	0.52	0.69	0.80	0.26	0.23	0.94
Correlation With Other Assets		56.3%	53.5%	1.8%	20.0%	45.6%	16.4%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	6,632,816
Short Interest: % Change Since 10312025	-1.1%
Average Daily Volume	2,980,109
Days-to-Cover Short Interest	2.23
Basic Shares Quantity	123,699,000
Short % of Basic Shares	5.4%

Returns Analyses

	Title
0	Can Expedia Stock Hold Up When Markets Turn?
1	EXPE YTD Stock Return Of -8.8% Outperforms TZOO by 27% and Underperforms EBAY by -30%
2	Expedia During 2008 Recession vs. 2022 Inflation Shock: EXPE Stock Is Now 21% Higher Than Its Pre-Shock High
3	Expedia (EXPE) Stock Has 65% Chance Of Rise In The Next One Month
4	Expedia Stock Return Comparison
5	[10/14/2021] Expedia (EXPE) Stock Price Forecast: AI Forecasts EXPE Stock Price To Be Around $179.20 In A Month (Up 6.1%)

SEC Filings

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Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8082025	10-Q 6/30/2025
3312025	5092025	10-Q 3/31/2025
12312024	2072025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8092024	10-Q 6/30/2024
3312024	5032024	10-Q 3/31/2024
12312023	2092024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2102023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2112022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Expedia (EXPE)

Market Price (12/3/2025): $263.77 | Market Cap: $32.6 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Expedia (EXPE)

Market Price (12/3/2025): $263.77Market Cap: $32.6 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines

Valuation, Metrics & Events

EXPE Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Expedia (EXPE)

Expedia (EXPE) Major Products and Services

Global Addressable Markets for Expedia's Main Products and Services

Interactive Breakdown

Better Bets than Expedia (EXPE)

Latest Trefis Analyses

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Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

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Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

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Earnings Returns History

SEC Filings

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External Quote Links

Market Price (12/3/2025): $263.77 | Market Cap: $32.6 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Market Price (12/3/2025): $263.77
Market Cap: $32.6 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines