Ctrl K
Operating cash flow of $1.5B in Q2 2026 reflects strong conversion (OCF/NI of 1.68), yet working capital swings and aggressive capital deployment ($270M buybacks, $400M acquisitions) create lumpy FCF.
Expedia Group, Inc. (EXPE) cash flow statement — 23-year operating, investing & financing cash flows
| 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 | 5.22B | 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 % | 185.26% | 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 | 2.04B | 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 | 901M | 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 | 307M | 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 | 160M | 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 | 274M | 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 | 1.54B | 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 | -878M | -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 | -331M | 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 | -1.52B | -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 | -372M | -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 | 2.37% | 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 | -400M | 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 | -428M | 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 | -3.01B | -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) | -842M | -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) | -1.87B | -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 | -214M | -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 | -1.92B | -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 | -91M | 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 | 629M | 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 | 5.04B | 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 % | 32.13% | 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 % | 96.88% | 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 | 40.76 | 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) | 2.48x | 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 | 225M | 213M | 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 | 162M | 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 |
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.
Key Metrics
Top Statement Risk
EPS volatility from one-off costs
Metrics are mathematically derived from official filings.
Cash Conversion Diverges Sharply
In Q2 2026, EXPE's operating cash flow reached $1.5B against net income of $878M, an OCF/NI ratio of 1.68, according to the latest quarterly report, indicating strong cash conversion despite reported earnings volatility.
The OCF/NI ratio has been highly volatile, swinging from -655 in Q1 2026 to 1.68 in Q2 2026, driven by massive working capital swings typical of the travel industry's seasonal booking cycles. The positive Q2 ratio suggests that reported net income understates cash generation, likely due to non-cash charges like SBC and D&A. However, the extreme negative ratios in Q1 and Q3 2025 indicate that cash flow timing can diverge dramatically from accrual earnings, warranting caution when extrapolating quarterly trends.
FCF Rebound Masks Seasonal Swings
Free cash flow surged to $1.3B in Q2 2026, a 29.6% margin, recovering from a -$101M FCF in Q3 2025, as per the cash flow statement, suggesting strong seasonal demand but also highlighting the lumpy nature of EXPE's cash generation.
The FCF trajectory shows a clear seasonal pattern, with Q1 and Q2 typically generating strong positive FCF due to summer booking collections, while Q3 and Q4 often see negative or minimal FCF as marketing spend ramps and working capital reverses. The Q2 2026 FCF margin of 29.6% is the highest in the observed period, indicating improved operational efficiency, but the negative FCF in Q3 2025 and near-zero in Q4 2024 underscore the need to assess FCF on a trailing twelve-month basis. Compared to peers like BKNG (33.8% FCF margin) and ABNB (50.0%), EXPE's FCF margin remains lower, reflecting its higher capital intensity and marketing spend.
Capital Intensity Remains Contained
CapEx averaged 5.6% of revenue over the last four quarters, with Q2 2026 at 4.6%, according to the cash flow statement, indicating a stable, moderate investment level that supports tech consolidation without straining cash generation.
CapEx has been remarkably stable, ranging from $177M to $199M per quarter, with a slight uptick in Q3 2024 to $371M, possibly reflecting a one-time investment. The CapEx/Revenue ratio has hovered around 5-6%, which is moderate for a tech-enabled travel platform, suggesting that EXPE is not in a heavy capital expenditure phase. This stability implies that the company's tech stack consolidation is not requiring outsized capital outlays, allowing more FCF to be returned to shareholders. However, the low capital intensity also means that growth is primarily driven by working capital and marketing spend, which can be more volatile.
Working Capital Swings Dominate Cash Flow
Working capital changes swung from +$3.3B in Q1 2026 to +$368M in Q2 2026, as per the cash flow statement, reflecting the seasonal collection of travel bookings and highlighting the critical role of timing in EXPE's cash generation.
The working capital line is the primary driver of quarterly cash flow volatility, with massive positive contributions in Q1 (due to summer booking collections) and negative contributions in Q3 (as payables and deferred revenue normalize). In Q2 2026, the positive $368M working capital change contributed to the strong OCF, but this is a sharp deceleration from Q1's $3.3B, indicating that the seasonal tailwind is fading. The negative working capital changes in Q3 2025 (-$1.8B) and Q4 2025 (-$372M) suggest that EXPE's cash flow is heavily dependent on the timing of customer payments and supplier payables, which can obscure underlying profitability. Investors should monitor the trajectory of working capital as a leading indicator of cash flow sustainability.
Buybacks and Acquisitions Absorb Cash
In Q2 2026, EXPE spent $270M on buybacks and $400M on acquisitions, while paying $58M in dividends, according to the cash flow statement, indicating a balanced but aggressive capital deployment strategy that may pressure liquidity.
Capital deployment has been consistently focused on share repurchases, with quarterly buybacks ranging from $198M to $788M, and a notable $400M acquisition in Q2 2026, which is the only acquisition in the observed period. Dividends are modest but growing, from zero in 2024 to $58M in Q2 2026. The combination of buybacks and acquisitions, funded by strong operating cash flow, suggests management is confident in cash generation, but the $400M acquisition in Q2 2026, alongside the EPS miss, may indicate a shift toward M&A that could increase integration risk. The high buyback activity, while accretive to EPS, also reduces the cash buffer, which could be a concern if working capital swings turn negative.
What Cash Flow Obscures
Stock-based compensation totaled $217M in Q2 2026, while D&A was $228M, as per the cash flow statement, suggesting that reported net income may understate cash profitability, but also that these non-cash charges could mask underlying cost pressures.
The cash flow statement reveals that SBC and D&A are significant non-cash charges, totaling $445M in Q2 2026, which are added back to net income to arrive at OCF. This suggests that the reported EPS miss of $5.76 versus $8.44 consensus may be partly due to these charges, but the high SBC also indicates that employee compensation is a growing cost that could pressure future margins. Additionally, the cash flow statement does not fully capture the impact of deferred loyalty liabilities, which represent future cash outflows for rewards earned today. The $400M acquisition in Q2 2026 is a cash outflow that may not be fully reflected in the income statement, potentially overstating earnings quality. Investors should adjust for these items to assess true cash generation.