Free cash flow generation remains highly erratic, swinging from a negative 27.6% margin in 2024Q3 to a positive 109.4% in 2026Q1 due to seasonal working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | 4.86B | 3.88B | 3.08B | 2.69B | 3.44B | 3.75B | -3.83B | 2.77B | 1.98B | 1.8B | 1.56B | 1.37B | 1.37B | 763.2M | 1.24B | 902.63M | 777.48M | 676M | 520.69M | 712.07M | 617.44M | 849.89M | 802.85M | 644.02M |
| Operating CF Margin % | - | 26.34% | 22.53% | 20.95% | 29.48% | 43.59% | -73.75% | 22.93% | 17.6% | 17.88% | 17.83% | 20.5% | 23.72% | 16% | 30.7% | 26.17% | 23.22% | 22.87% | 17.73% | 26.72% | 27.59% | 40.1% | 43.56% | 27.52% |
| Operating CF Growth % | 128.09% | 25.77% | 14.68% | -21.8% | -8.22% | 197.76% | -238.56% | 40.1% | 9.77% | 15.01% | 14.35% | 0.08% | 79.11% | -38.31% | 37.06% | 16.1% | 15.01% | 29.83% | -26.88% | 15.33% | -27.35% | 5.86% | 24.66% | - |
| Net Income | 1.56B | 1.29B | 1.22B | 797M | 343M | 15M | -2.73B | 572M | 398M | 371.36M | 261.29M | 722.75M | 372.95M | 216.36M | 302.98M | 326.34M | 425.56M | 303.62M | -2.52B | 295.86M | 244.93M | 228.73M | 163.47M | 111.41M |
| Depreciation & Amortization | 896M | 887M | 838M | 807M | 792M | 814M | 1.07B | 910M | 1B | 889.54M | 794.2M | 500.35M | 345.43M | 283.48M | 195.95M | 154.93M | 155.53M | 202.12M | 207.53M | 199.94M | 249.47M | 280.83M | 344.78M | 241.41M |
| Stock-Based Compensation | 195M | 398M | 458M | 413M | 374M | 418M | 205M | 241M | 203M | 149.35M | 242.42M | 178.07M | 85.01M | 130.17M | 64.6M | 63.85M | 59.69M | 99.34M | 130.73M | 0 | 200.69M | 0 | 0 | 0 |
| Deferred Taxes | 125M | 78M | 74M | 62M | 70M | -145M | -488M | -91M | -308M | -103.31M | -14.09M | -21.64M | -79.03M | -772K | -55.12M | 9.94M | 23.58M | -12.62M | -209.04M | -1.58M | -10.65M | 68.2M | -5.29M | 774K |
| Other Non-Cash Items | 456M | 43M | 72M | 340M | 600M | 26M | 1.01B | -56M | 299M | -100.49M | 111.79M | -536.04M | 93.86M | 26.55M | 10.57M | 115.42M | 12.12M | -123.73M | 2.99B | 5.75M | -199.94M | 28.13M | -315K | 49.27M |
| Working Capital Changes | 1.7B | 1.17B | 419M | 271M | 1.26B | 2.62B | -2.9B | 1.19B | 382M | 592.7M | 168.73M | 524.56M | 548.74M | 107.42M | 718.2M | 232.14M | 101M | 207.27M | -85.61M | 220.2M | 132.94M | 244.01M | 300.21M | 241.16M |
| Change in Receivables | -748M | -983M | -467M | -741M | -838M | -721M | 1.78B | -368M | -282M | -455.67M | -276.15M | -198.26M | -157.96M | -127.33M | -84.02M | -70.01M | -35.38M | -36.36M | 32.21M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -188M | -193M | -29M | -116.77M | -30.2M | 97.7M | -65.2M | -18.72M | -3.39M | -20.04M | 0 | 136.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 175M | 318M | -21M | 433M | 571M | 913M | -1.72B | 478M | 62M | 572.72M | 263.6M | 291.71M | 382.06M | -6.48M | 492.41M | 145.54M | 67.93M | 106.02M | -21.04M | 0 | 123.1M | 241.57M | 0 | 0 |
| Cash from Investing | -587M | -531M | -1.26B | -800M | -580M | -931M | -263M | -1.55B | -559M | -1.58B | -718.32M | -2.37B | -924.26M | -525.51M | -367.82M | -463.46M | -817.7M | -47.82M | -859.56M | -179.51M | -113.5M | -801.34M | 340.31M | -703.18M |
| Capital Expenditures | -173M | -770M | -756M | -846M | -662M | -673M | -797M | -1.16B | -878M | -710.33M | -749.35M | -787.04M | -328.39M | -308.58M | -235.7M | -207.84M | -155.19M | -92.02M | -159.83M | -86.66M | -92.63M | -52.31M | -53.41M | -46.18M |
| CapEx % of Revenue | 1.14% | 5.23% | 5.52% | 6.59% | 5.67% | 7.83% | 15.33% | 9.61% | 7.82% | 7.06% | 8.54% | 11.8% | 5.7% | 6.47% | 5.85% | 6.03% | 4.64% | 3.11% | 5.44% | 3.25% | 4.14% | 2.47% | 2.9% | 1.97% |
| Acquisitions | 0 | 0 | 0 | 25M | 4M | -60M | 797M | 80M | -53M | -170.64M | 66.31M | -1.54B | -560.67M | -541.25M | -199.36M | -35.22M | -50.47M | -45.01M | -617.17M | -59.62M | -19.36M | 10.55M | -261.39M | -704.88M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -767M | 120M | -35M | 0 | -67M | -20M | -739M | 21M | 38M | 7.2M | 2.22M | 11.73M | 1.93M | -2.52M | -2.25M | -4.29M | 12.35M | 40.66M | 9.21M | -179.51M | 11.65M | -760.14M | -85K | -32.09M |
| Cash from Financing | -4.32B | -2.14B | -1.75B | -2.1B | -2.62B | -973M | 4.08B | 175M | -1.49B | 687.51M | -690.62M | 1.4B | 48.15M | -492.52M | -272.79M | -353.49M | 131.88M | -660.33M | 464.8M | -789.98M | 9.77M | 106.51M | -1.16B | 37.98M |
| Debt Issued (Net) | -1.83B | -59M | 0 | 0 | -2.14B | 258M | 3.19B | 831M | -500M | 989.6M | -403M | 1.44B | 492.89M | 0 | 0 | 0 | 742.47M | -650M | 457.35M | 585M | 265.35M | 230.74M | -2.86M | 0 |
| Equity Issued (Net) | -2.28B | -1.88B | -1.84B | -2.14B | -607M | -1.4B | 707M | -743M | -923M | -83.01M | -314.7M | -37.97M | -517.46M | -497.63M | -176.38M | -294.03M | -501.99M | -7.96M | -12.87M | -1.4B | -260.43M | -57.5M | 0 | -41.13M |
| Dividends Paid | -207M | -200M | 0 | 0 | 0 | -67M | -123M | -195M | -186M | -175.78M | -150.16M | -108.53M | -84.7M | -75.76M | -130.42M | -76.55M | -79.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.33B | -1.93B | -1.84B | -2.14B | -607M | -165M | -425M | -743M | -923M | -312M | -456M | -60.55M | -537.86M | -522.9M | -417.57M | -294.03M | -501.99M | -7.96M | -12.87M | -1.4B | -295.69M | -86.56M | 0 | -98.49M |
| Other Financing | 2M | 3M | 94M | 41M | 124M | 237M | 298M | 282M | 120M | -43.3M | 177.08M | 108.84M | 157.41M | 80.87M | 34.01M | 17.08M | -33.54M | -2.37M | 20.32M | 22.19M | 4.86M | -66.73M | -1.16B | 79.11M |
| Net Change in Cash | 55M | 1.4B | -87M | -190M | 46M | 1.67B | 41M | 1.39B | -212M | 1.05B | 120.51M | 273.6M | 381.67M | -272.13M | 604.03M | 67.94M | 71.79M | -22.87M | 48.03M | -235.89M | 555.86M | 155.75M | -33.68M | -24.41M |
| Free Cash Flow | 4.69B | 3.11B | 2.33B | 1.84B | 2.78B | 3.08B | -4.63B | 1.61B | 1.1B | 1.09B | 814.99M | 581M | 1.04B | 454.62M | 1B | 694.79M | 622.29M | 583.99M | 360.86M | 625.41M | 524.81M | 797.58M | 749.45M | 597.84M |
| FCF Margin % | 30.89% | 21.11% | 17.01% | 14.36% | 23.81% | 35.76% | -89.07% | 13.32% | 9.77% | 10.82% | 9.29% | 8.71% | 18.02% | 9.53% | 24.85% | 20.14% | 18.59% | 19.76% | 12.29% | 23.46% | 23.45% | 37.63% | 40.66% | 25.55% |
| FCF Growth % | 58.96% | 33.53% | 26.3% | -33.62% | -9.66% | 166.4% | -388.18% | 46.49% | 0.75% | 33.6% | 40.27% | -44.06% | 128.45% | -54.61% | 44.14% | 11.65% | 6.56% | 61.83% | -42.3% | 19.17% | -34.2% | 6.42% | 25.36% | - |
| FCF per Share | 38.46 | 23.57 | 16.89 | 12.27 | 17.17 | 20.54 | -32.75 | 10.72 | 7.18 | 6.96 | 5.27 | 4.34 | 7.80 | 3.26 | 7.16 | 5.01 | 4.32 | 4.00 | 2.52 | 3.98 | 2.98 | 4.56 | 4.40 | 3.51 |
| FCF Conversion (FCF/Net Income) | 3.01x | 3.00x | 2.50x | 3.38x | 9.77x | 312.33x | 1.47x | 4.90x | 4.86x | 4.76x | 5.55x | 1.79x | 3.43x | 3.28x | 4.42x | 1.91x | 1.84x | 2.26x | -0.21x | 2.41x | 2.52x | 3.72x | 4.91x | 5.78x |
| Interest Paid | 112M | 0 | 231M | 231M | 291M | 342M | 313M | 157M | 196M | 163M | 154M | 109.51M | 87.56M | 84.14M | 86.02M | 87.09M | 44.38M | 78.63M | 53.46M | 49.27M | 0 | 0 | 0 | 0 |
| Taxes Paid | 88M | 0 | 184M | 281M | 102M | 74M | 108M | 304M | 282M | 174M | 124M | 96.83M | 70.34M | 73.44M | 9.63M | 53.77M | 97.37M | 198.37M | 179.27M | 78.34M | 0 | 0 | 0 | 0 |
Working Capital Seasonality Volatility
According to the provided cash flow statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -21.33 in 2024Q1 to 63.40 in 2026Q1, reflecting the significant impact of seasonal working capital movements on reported cash generation.
The extreme volatility in the OCF/NI ratio suggests that net income is a poor proxy for short-term liquidity at Expedia. Investors should monitor how the company manages the timing of merchant-model cash collections, as these inflows often precede revenue recognition and create temporary distortions in cash flow quality.
As reported in financial statements, free cash flow margins have demonstrated extreme instability, ranging from a negative 27.6% in 2024Q3 to a positive 109.4% in 2026Q1, indicating that the company's ability to convert earnings into cash remains heavily dependent on the timing of travel bookings.
The wide variance in FCF margins suggests that the business model is prone to significant cash flow swings tied to the travel cycle. This inconsistency warrants further investigation into whether the company can achieve a more stable FCF profile as the B2B segment grows and potentially smooths out seasonal booking patterns.
Based on reported figures, working capital changes are the primary driver of cash flow volatility, with quarterly fluctuations reaching as high as $3.3 billion in 2026Q1, which highlights the company's reliance on customer prepayments to fund its operational liquidity requirements throughout the fiscal year.
The massive swings in working capital suggest that Expedia acts as a significant intermediary for travel providers, holding substantial customer cash before remitting payments. This dynamic creates a structural dependency on booking volume, where any material slowdown in travel demand could lead to a rapid contraction in available operating cash.
As indicated by recent financial data, Expedia has consistently prioritized share repurchases, allocating $788 million in 2026Q1 alone, which suggests that management remains committed to returning capital to shareholders despite the inherent volatility in the company's underlying free cash flow generation and seasonal liquidity needs.
The persistent use of cash for buybacks, even during quarters where operating cash flow is negative, implies a high degree of confidence in the company's long-term liquidity position. However, investors should monitor whether this capital allocation strategy remains sustainable if the B2B segment's growth fails to offset the cyclicality of the retail travel business.
Quick answers to the most common questions about buying EXPE stock.
Expedia Group, Inc. (EXPE) generated $3.88B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Expedia Group, Inc. (EXPE) generated $3.11B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Expedia Group, Inc. (EXPE) spent $770.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Expedia Group, Inc. (EXPE) returned $200.0M to shareholders via cash dividends and spent $1.93B on share repurchases. This shows the company's commitment to returning capital to its equity investors.