Expedia Group, Inc. (EXPE) 10-Year Financial Performance & Capital Metrics

EXPE • • Industrial / General

Consumer CyclicalTravel ServicesOnline Travel Agencies (OTAs)Global Full-Service OTAs

AboutExpedia 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.Show more

Revenue $13.69B +6.6%
EBITDA $2.16B +17.2%
Net Income $1.23B +54.8%
EPS (Diluted) 8.95 +68.5%
Gross Margin 89.46% +2.0%
EBITDA Margin 15.75% +9.9%
Operating Margin 9.63% +19.7%
Net Margin 9.01% +45.2%
ROE 44.19% +80.6%
ROIC 19.26% +40.6%
Debt/Equity 2.33 -1.0%
Interest Coverage 5.36 +27.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 26.1%
✓Strong 5Y profit CAGR of 16.9%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 17.0% free cash flow margin
✓Momentum leader: RS Rating 84 (top 16%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 2.3x
✗Expensive at 14.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.04%

5Y2.56%

3Y16.77%

TTM7.29%

Profit (Net Income) CAGR

10Y11.98%

5Y16.91%

3Y368.5%

TTM30.08%

EPS CAGR

10Y11.59%

5Y18.88%

3Y-

TTM34.84%

ROCE

10Y Avg5.47%

5Y Avg4.48%

3Y Avg11.22%

Latest14.16%

Peer Comparison

Global Full-Service OTAs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXPEExpedia Group, Inc.	34.43B	294.28	32.88	6.64%	9.66%	53.53%	6.76%	2.33
BKNGBooking Holdings Inc.	167.39B	5193.06	30.07	11.11%	19.37%		4.72%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.67B	8.77B	10.06B	11.22B	12.07B	5.2B	8.6B	11.67B	12.84B	13.69B
Revenue Growth %	0.16%	0.31%	0.15%	0.12%	0.08%	-0.57%	0.65%	0.36%	0.1%	0.07%
Cost of Goods Sold+	1.31B	1.6B	1.76B	1.97B	2.07B	1.68B	1.52B	1.66B	1.57B	1.44B
COGS % of Revenue	0.2%	0.18%	0.17%	0.18%	0.17%	0.32%	0.18%	0.14%	0.12%	0.11%
Gross Profit+	5.36B	7.18B	8.3B	9.26B	10B	3.52B	7.08B	10.01B	11.27B	12.25B
Gross Margin %	0.8%	0.82%	0.83%	0.82%	0.83%	0.68%	0.82%	0.86%	0.88%	0.89%
Gross Profit Growth %	0.17%	0.34%	0.16%	0.11%	0.08%	-0.65%	1.01%	0.41%	0.13%	0.09%
Operating Expenses+	4.95B	6.6B	7.64B	8.47B	9.1B	5.05B	6.89B	8.93B	10.23B	10.93B
OpEx % of Revenue	0.74%	0.75%	0.76%	0.76%	0.75%	0.97%	0.8%	0.76%	0.8%	0.8%
Selling, General & Admin	3.95B	5.05B	5.97B	6.58B	6.87B	3.12B	4.93B	6.85B	7.63B	8.43B
SG&A % of Revenue	0.59%	0.58%	0.59%	0.59%	0.57%	0.6%	0.57%	0.59%	0.59%	0.62%
Research & Development	830.24M	1.24B	1.39B	1.62B	1.26B	1.01B	1.07B	1.18B	1.36B	1.31B
R&D % of Revenue	0.12%	0.14%	0.14%	0.14%	0.1%	0.19%	0.12%	0.1%	0.11%	0.1%
Other Operating Expenses	113.09M	-31.68M	-60.8M	-110M	968M	920M	890M	896M	1.24B	1.18B
Operating Income+	413.57M	461.7M	625.14M	714M	903M	-1.53B	186M	1.08B	1.03B	1.32B
Operating Margin %	0.06%	0.05%	0.06%	0.06%	0.07%	-0.29%	0.02%	0.09%	0.08%	0.1%
Operating Income Growth %	-0.2%	0.12%	0.35%	0.14%	0.26%	-2.69%	1.12%	4.83%	-0.05%	0.28%
EBITDA+	913.91M	1.26B	1.51B	1.67B	1.81B	-634M	1B	1.88B	1.84B	2.16B
EBITDA Margin %	0.14%	0.14%	0.15%	0.15%	0.15%	-0.12%	0.12%	0.16%	0.14%	0.16%
EBITDA Growth %	0.06%	0.37%	0.21%	0.1%	0.08%	-1.35%	2.58%	0.88%	-0.02%	0.17%
D&A (Non-Cash Add-back)	500.35M	794.2M	889.54M	959M	910M	893M	814M	792M	807M	838M
EBIT	1.05B	449.75M	598.48M	675M	948M	-2.79B	313M	815M	1.26B	1.79B
Net Interest Income+	-109.5M	-153M	-148M	-119M	-114M	-342M	-342M	-217M	-38M	-11M
Interest Income	16.7M	19.73M	34.14M	71M	59M	18M	9M	60M	207M	235M
Interest Expense	126.19M	173.15M	181.71M	190M	173M	360M	351M	277M	245M	246M
Other Income/Expense	512.4M	-303.4M	-209.24M	-229M	-128M	-1.62B	-224M	-547M	-15M	223M
Pretax Income+	925.96M	276.6M	416.76M	485M	775M	-3.15B	-38M	538M	1.02B	1.54B
Pretax Margin %	0.14%	0.03%	0.04%	0.04%	0.06%	-0.61%	-0%	0.05%	0.08%	0.11%
Income Tax+	203.21M	15.31M	45.41M	87M	203M	-423M	-53M	195M	330M	318M
Effective Tax Rate %	0.83%	1.02%	0.91%	0.84%	0.73%	0.83%	-0.32%	0.65%	0.78%	0.8%
Net Income+	764.47M	281.85M	377.96M	406M	565M	-2.61B	12M	352M	797M	1.23B
Net Margin %	0.11%	0.03%	0.04%	0.04%	0.05%	-0.5%	0%	0.03%	0.06%	0.09%
Net Income Growth %	0.92%	-0.63%	0.34%	0.07%	0.39%	-5.62%	1%	28.33%	1.26%	0.55%
Net Income (Continuing)	722.75M	261M	372M	398M	572M	-2.73B	15M	343M	688M	1.22B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	723.85M	1.56B	1.63B	1.58B	1.57B	1.49B	1.5B	1.45B	1.25B	1.24B
EPS (Diluted)+	5.70	1.82	2.42	2.66	3.77	-19.00	-1.80	2.18	5.31	8.95
EPS Growth %	0.91%	-0.68%	0.33%	0.1%	0.42%	-6.04%	0.91%	2.21%	1.44%	0.69%
EPS (Basic)	5.87	1.87	2.49	2.71	3.84	-19.00	-1.80	2.25	5.50	9.39
Diluted Shares Outstanding	134.02M	154.52M	156.38M	152.89M	149.88M	141.41M	149.73M	161.75M	150.23M	137.92M
Basic Shares Outstanding	130.16M	150.37M	151.62M	149.96M	147.19M	141.41M	149.73M	156.67M	144.97M	131.43M
Dividend Payout Ratio	0.14%	0.53%	0.47%	0.46%	0.35%	-	5.58%	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.98B	3.45B	5.54B	5.2B	7.74B	5.63B	8.18B	8.79B	9.23B	9.81B
Cash & Short-Term Investments	1.71B	1.87B	3.31B	2.47B	3.84B	3.39B	4.31B	4.14B	4.25B	4.48B
Cash Only	1.68B	1.8B	2.85B	2.44B	3.31B	3.36B	4.11B	4.1B	4.22B	4.18B
Short-Term Investments	33.74M	72.31M	468.51M	28M	526M	24M	200M	48M	28M	300M
Accounts Receivable	1.1B	1.36B	1.89B	2.17B	2.59B	821M	1.35B	2.12B	2.83B	3.25B
Days Sales Outstanding	59.97	56.69	68.45	70.74	78.46	57.64	57.27	66.26	80.54	86.7
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	11.32M	18.73M	69M	259M	779M	772M	1.69B	2.53B	2.14B	2.08B
Total Non-Current Assets+	12.53B	12.33B	12.98B	12.84B	13.68B	13.06B	13.37B	12.77B	12.41B	12.57B
Property, Plant & Equipment	1.06B	1.39B	1.58B	1.88B	2.81B	2.83B	2.59B	2.57B	2.72B	2.72B
Fixed Asset Turnover	6.27x	6.29x	6.39x	5.98x	4.30x	1.84x	3.32x	4.53x	4.73x	5.04x
Goodwill	7.99B	7.94B	8.23B	8.12B	8.13B	7.38B	7.17B	7.14B	6.85B	6.84B
Intangible Assets	2.79B	2.45B	2.31B	1.99B	1.8B	1.51B	1.39B	1.21B	1.02B	817M
Long-Term Investments	642.8M	520.06M	845M	778M	796M	671M	1.45B	1.18B	0	0
Other Non-Current Assets	0	0	0	0	0	0	0	0	1.24B	1.7B
Total Assets+	15.5B	15.78B	18.52B	18.03B	21.42B	18.69B	21.55B	21.56B	21.64B	22.39B
Asset Turnover	0.43x	0.56x	0.54x	0.62x	0.56x	0.28x	0.40x	0.54x	0.59x	0.61x
Asset Growth %	0.72%	0.02%	0.17%	-0.03%	0.19%	-0.13%	0.15%	0%	0%	0.03%
Total Current Liabilities+	5.93B	6.13B	7.88B	8.06B	10.71B	5.41B	9.45B	10.78B	11.78B	13.61B
Accounts Payable	1.82B	2.09B	2.54B	2.49B	2.83B	1.1B	2.02B	2.66B	3.12B	3.07B
Days Payables Outstanding	506	476.93	526.97	461.96	499.45	238.55	484.67	585.06	723.5	776.54
Short-Term Debt	0	0	500M	0	749M	0	735M	0	0	1.04B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	0.50x	0.56x	0.70x	0.64x	0.72x	1.04x	0.87x	0.82x	0.78x	0.72x
Quick Ratio	0.50x	0.56x	0.70x	0.64x	0.72x	1.04x	0.87x	0.82x	0.78x	0.72x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	3.99B	3.96B	4.49B	4.29B	5.17B	9.26B	8.55B	7.05B	7.07B	5.98B
Long-Term Debt	3.18B	3.16B	3.75B	3.72B	4.19B	8.22B	7.71B	6.24B	6.25B	5.22B
Capital Lease Obligations	0	0	0	0	532M	513M	360M	312M	314M	265M
Deferred Tax Liabilities	473.84M	484.97M	328.6M	69M	56M	67M	58M	52M	33M	19M
Other Non-Current Liabilities	314.43M	312.94M	408M	506M	389M	462M	413M	451M	473M	471M
Total Liabilities	9.92B	10.08B	12.36B	12.35B	15.88B	14.66B	18B	17.83B	18.86B	19.59B
Total Debt+	3.18B	3.16B	4.25B	3.72B	5.47B	8.73B	8.81B	6.55B	6.57B	6.53B
Net Debt	1.51B	1.36B	1.4B	1.27B	2.15B	5.37B	4.7B	2.46B	2.34B	2.35B
Debt / Equity	0.57x	0.55x	0.69x	0.65x	0.99x	2.17x	2.48x	1.76x	2.36x	2.33x
Debt / EBITDA	3.48x	2.52x	2.81x	2.22x	3.02x	-	8.81x	3.49x	3.57x	3.03x
Net Debt / EBITDA	1.65x	1.08x	0.93x	0.76x	1.19x	-	4.70x	1.31x	1.27x	1.09x
Interest Coverage	3.28x	2.67x	3.44x	3.76x	5.22x	-4.24x	0.53x	3.92x	4.22x	5.36x
Total Equity+	5.59B	5.69B	6.15B	5.68B	5.54B	4.03B	3.55B	3.73B	2.79B	2.8B
Equity Growth %	1.28%	0.02%	0.08%	-0.08%	-0.03%	-0.27%	-0.12%	0.05%	-0.25%	0%
Book Value per Share	41.70	36.84	39.33	37.16	36.94	28.47	23.72	23.05	18.55	20.29
Total Shareholders' Equity	4.86B	4.13B	4.52B	4.1B	3.97B	2.53B	2.06B	2.28B	1.53B	1.56B
Common Stock	23K	23K	0	0	0	0	0	0	0	0
Retained Earnings	507.67M	129.03M	331.08M	517M	879M	-1.78B	-1.76B	-1.41B	-632M	602M
Treasury Stock	-4.05B	-4.51B	-4.82B	-5.74B	-9.67B	-10.1B	-10.26B	-10.87B	-13.02B	-14.86B
Accumulated OCI	-284.89M	-280.4M	-148.93M	-220M	-217M	-178M	-149M	-234M	-209M	-232M
Minority Interest	723.85M	1.56B	1.63B	1.58B	1.57B	1.49B	1.5B	1.45B	1.25B	1.24B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.37B	1.56B	1.8B	1.98B	2.77B	-3.83B	3.75B	3.44B	2.69B	3.08B
Operating CF Margin %	0.21%	0.18%	0.18%	0.18%	0.23%	-0.74%	0.44%	0.29%	0.21%	0.23%
Operating CF Growth %	0%	0.14%	0.15%	0.1%	0.4%	-2.39%	1.98%	-0.08%	-0.22%	0.15%
Net Income	722.75M	261.29M	371.36M	398M	572M	-2.73B	15M	343M	797M	1.22B
Depreciation & Amortization	500.35M	794.2M	889.54M	1B	910M	1.07B	814M	792M	807M	838M
Stock-Based Compensation	178.07M	242.42M	149.35M	203M	241M	205M	418M	374M	413M	458M
Deferred Taxes	-21.64M	-14.09M	-103.31M	-308M	-91M	-488M	-145M	70M	62M	74M
Other Non-Cash Items	-536.04M	111.79M	-100.49M	299M	-56M	1.01B	26M	600M	340M	72M
Working Capital Changes	524.56M	168.73M	592.7M	382M	1.19B	-2.9B	2.62B	1.26B	271M	419M
Change in Receivables	-198.26M	-276.15M	-455.67M	-282M	-368M	1.78B	-721M	-838M	-741M	-467M
Change in Inventory	97.7M	-30.2M	-116.77M	-29M	-193M	-188M	0	0	0	0
Change in Payables	291.71M	263.6M	572.72M	62M	478M	-1.72B	913M	571M	433M	-21M
Cash from Investing+	-2.37B	-718.32M	-1.58B	-559M	-1.55B	-263M	-931M	-580M	-800M	-1.26B
Capital Expenditures	-787.04M	-749.35M	-710.33M	-878M	-1.16B	-797M	-673M	-662M	-846M	-756M
CapEx % of Revenue	0.12%	0.09%	0.07%	0.08%	0.1%	0.15%	0.08%	0.06%	0.07%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.73M	2.22M	7.2M	38M	21M	-739M	-20M	-67M	0	-35M
Cash from Financing+	1.4B	-690.62M	687.51M	-1.49B	175M	4.08B	-973M	-2.62B	-2.1B	-1.75B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-108.53M	-150.16M	-175.78M	-186M	-195M	-123M	-67M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	108.84M	177.08M	-43.3M	120M	282M	298M	237M	124M	41M	94M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	581M	814.99M	1.09B	1.1B	1.61B	-4.63B	3.08B	2.78B	1.84B	2.33B
FCF Margin %	0.09%	0.09%	0.11%	0.1%	0.13%	-0.89%	0.36%	0.24%	0.14%	0.17%
FCF Growth %	-0.44%	0.4%	0.34%	0.01%	0.46%	-3.88%	1.66%	-0.1%	-0.34%	0.26%
FCF per Share	4.34	5.27	6.96	7.18	10.72	-32.75	20.54	17.17	12.27	16.89
FCF Conversion (FCF/Net Income)	1.79x	5.55x	4.76x	4.86x	4.90x	1.47x	312.33x	9.77x	3.38x	2.50x
Interest Paid	109.51M	154M	163M	196M	157M	313M	342M	291M	231M	231M
Taxes Paid	96.83M	124M	174M	282M	304M	108M	74M	102M	281M	184M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.01%	5%	6.38%	6.86%	10.07%	-54.63%	0.32%	9.67%	24.47%	44.19%
Return on Invested Capital (ROIC)	6.27%	4.89%	6.42%	7.38%	9.25%	-13.41%	1.58%	11.27%	13.7%	19.26%
Gross Margin	80.37%	81.8%	82.54%	82.49%	82.88%	67.69%	82.3%	85.8%	87.75%	89.46%
Net Margin	11.46%	3.21%	3.76%	3.62%	4.68%	-50.24%	0.14%	3.02%	6.21%	9.01%
Debt / Equity	0.57x	0.55x	0.69x	0.65x	0.99x	2.17x	2.48x	1.76x	2.36x	2.33x
Interest Coverage	3.28x	2.67x	3.44x	3.76x	5.22x	-4.24x	0.53x	3.92x	4.22x	5.36x
FCF Conversion	1.79x	5.55x	4.76x	4.86x	4.90x	1.47x	312.33x	9.77x	3.38x	2.50x
Revenue Growth	15.77%	31.49%	14.66%	11.56%	7.52%	-56.92%	65.38%	35.69%	10.05%	6.64%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Lodging	-	-	6.85B	7.71B	8.47B	4.05B	6.45B	8.9B	10.26B	10.95B
Lodging Growth	-	-	-	12.56%	9.85%	-52.18%	59.20%	38.08%	15.26%	6.68%
Advertising and Media Customers	-	-	1.07B	1.09B	1.1B	405M	603M	777M	821M	954M
Advertising and Media Customers Growth	-	-	-	1.80%	1.01%	-63.28%	48.89%	28.86%	5.66%	16.20%
Air	-	-	783.57M	881M	869M	105M	254M	362M	410M	428M
Air Growth	-	-	-	12.43%	-1.36%	-87.92%	141.90%	42.52%	13.26%	4.39%
Trivago	547.66M	835.8M	-	-	-	-	-	-	-	-
Trivago Growth	-	52.61%	-	-	-	-	-	-	-	-
Home Away Inc	20.22M	689.19M	-	-	-	-	-	-	-	-
Home Away Inc Growth	-	3308.10%	-	-	-	-	-	-	-	-
Egencia	400.12M	462.28M	-	-	-	-	-	-	-	-
Egencia Growth	-	15.54%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	3.7B	5.04B	5.53B	6.2B	6.87B	3.51B	6.57B	7.94B	8.15B	8.37B
UNITED STATES Growth	-	36.00%	9.89%	12.06%	10.75%	-48.89%	87.10%	20.86%	2.62%	2.76%
All Other Countries	2.97B	3.74B	4.53B	5.02B	5.2B	1.69B	2.03B	3.73B	4.69B	5.32B
All Other Countries Growth	-	25.87%	21.10%	10.95%	3.53%	-67.53%	20.20%	83.74%	25.86%	13.36%

Frequently Asked Questions

Valuation & Price

Expedia Group, Inc. (EXPE) has a price-to-earnings (P/E) ratio of 32.9x. This suggests investors expect higher future growth.

Growth & Financials

Expedia Group, Inc. (EXPE) reported $14.37B in revenue for fiscal year 2024. This represents a 317% increase from $3.45B in 2011.

Expedia Group, Inc. (EXPE) grew revenue by 6.6% over the past year. This is steady growth.

Yes, Expedia Group, Inc. (EXPE) is profitable, generating $1.39B in net income for fiscal year 2024 (9.0% net margin).

Dividend & Returns

Expedia Group, Inc. (EXPE) has a return on equity (ROE) of 44.2%. This is excellent, indicating efficient use of shareholder capital.

Expedia Group, Inc. (EXPE) generated $3.58B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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