Expedia Group (EXPE)
Consumer Discretionary · $33.4B market cap · SEC CIK 0001324424
fundamentals score out of 100
Next reports on Nov 4, 2026, with analysts expecting $9.02 in earnings per share.
The case for EXPE
- Generated $3.1B of free cash flow in FY2025, 21% of revenue.
- Holds more cash ($5.4B) than long-term debt ($4.5B).
- Free cash flow of 9.3% of its market value a year: a lot of cash for the price.
- Revenue growing 12.0% year over year.
- Earnings per share up 96.8%.
- Reasonably priced at 16.4× earnings.
The case against
- Growth is slowing: revenue up 12.0% this year against 23.2% a year over five.
- Current liabilities exceed current assets (ratio 0.80).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 81 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 88 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 73 |
| Momentumhow the price has behaved lately | 72 |
| Stabilityhow violently it moves, what it owes and what it pays you | 49 |
- Equity is a sliver of assets, so return on assets stands in for return on equity, and price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 16.4× |
|---|---|
| Price / book | n/m (equity a sliver of assets) |
| Price / sales | 2.1× |
| Revenue growth (YoY) | +12.0% |
| EPS growth (YoY) | +96.8% |
| Gross margin | 90% |
| Operating margin | 16% |
| Net margin | 13% |
| Return on assets | 7.8% (ROE not meaningful: equity a sliver of assets) |
| Debt / equity | n/m (equity a sliver of assets) |
| Current ratio | 0.80 |
| Dividend yield | 0.64% |
| Beta | 1.41 |
| 52-week range | $185.34 – $342.00 |
| Position in that range | 61% of the way up |
| 3-month return | +16.7% |
| 1-year return | +26.3% |
Five years of financials, as filed
Pulled from Expedia Group's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $14.7B | $13.7B | $12.8B | $11.7B | $8.6B |
| Operating income | $1.9B | $1.3B | $1.0B | $1.1B | $186M |
| Net income | $1.3B | $1.2B | $688M | $343M | $15.0M |
| Operating cash flow | $3.9B | $3.1B | $2.7B | $3.4B | $3.7B |
| Capital expenditure | $770M | $756M | $846M | $662M | $673M |
| Total assets | $24.5B | $22.4B | $21.6B | $21.6B | $21.5B |
| Shareholder equity | $1.3B | $1.6B | $1.5B | $2.3B | $2.1B |
| Cash | $5.4B | $4.2B | $4.2B | $4.1B | $4.1B |
| Long-term debt | $4.5B | $5.2B | $6.3B | $6.2B | $7.7B |
| Free cash flow | $3.1B | $2.3B | $1.8B | $2.8B | $3.1B |
| Operating margin | 12.7% | 9.6% | 8.0% | 9.3% | 2.2% |
| Net margin | 8.8% | 8.9% | 5.4% | 2.9% | 0.2% |
| Diluted shares | 132M | 138M | 150M | 162M | 150M |
Share count is down 11.9% over 4 years. Buybacks have been shrinking the pie.
What Expedia Group says it does
, under the caption "Market Opportunity and Business Strategy." We may not realize the benefits we expect to achieve from these and our other strategic initiatives or our efforts may negatively impact our business and operations due to a variety of factors, including, but not limited to, unexpected delays, operational or technological challenges, or higher than expected costs or expenses. As a result, our business operations, financial condition and results of operations could be materially and adversely impacted. We are exposed to various counterparty risks. We are exposed to the risk that various counterparties, including financial entities, will fail to perform. This creates risk in a number of areas, including with respect to our significant bank deposits and investments, foreign exchange risk management, insurance coverages, letters of credit, and for certain of our transactions, the receipt and holding of traveler payments and…
Risk factors EXPE lists in its 10-K
- Critical Accounting Policies and Estimates
- Accounting for Certain Merchant Revenue
- Recoverability of Goodwill and Indefinite and Definite-Lived Intangible Assets
- Various Legal and Tax Contingencies
- Selling and Marketing - Direct and Indirect
- Legal Reserves, Occupancy Tax and Other
- Restructuring and Related Reorganization Charges
- Definition and Reconciliation of Adjusted EBITDA
- Financial Position, Liquidity and Capital Resources
- Contractual Obligations and Commercial Commitments
- Certain Relationships and Related Party Transactions
- Summarized Financial Information for Guarantors and the Issuer of Guaranteed Securities
- Combined Balance Sheets Information
- Combined Statements of Operations Information