Revenue growth accelerated to 14.7% in 2026Q1, though operating margins remain sensitive to seasonal shifts, contracting to 9.0% from a 23.5% peak in 2025Q3.
| 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 |
|---|
| Sales/Revenue | 15.17B | 14.73B | 13.69B | 12.84B | 11.67B | 8.6B | 5.2B | 12.07B | 11.22B | 10.06B | 8.77B | 6.67B | 5.76B | 4.77B | 4.03B | 3.45B | 3.35B | 2.96B | 2.94B | 2.67B | 2.24B | 2.12B | 1.84B | 2.34B |
| Revenue Growth % | 10.01% | 7.61% | 6.64% | 10.05% | 35.69% | 65.38% | -56.92% | 7.52% | 11.56% | 14.66% | 31.49% | 15.77% | 20.8% | 18.38% | 16.86% | 3.01% | 13.29% | 0.63% | 10.19% | 19.12% | 5.57% | 15% | -21.23% | - |
| Cost of Goods Sold | 1.92B | 2.34B | 1.44B | 1.57B | 1.66B | 1.52B | 1.68B | 2.07B | 1.97B | 1.76B | 1.6B | 1.31B | 1.18B | 1.04B | 898.6M | 761.27M | 692.83M | 607.25M | 634.74M | 562.4M | 502.64M | 470.72M | 412.7M | 1.2B |
| COGS % of Revenue | - | 15.9% | 10.54% | 12.25% | 14.2% | 17.7% | 32.31% | 17.12% | 17.51% | 17.46% | 18.2% | 19.63% | 20.46% | 21.76% | 22.3% | 22.07% | 20.69% | 20.55% | 21.61% | 21.1% | 22.46% | 22.21% | 22.39% | 51.26% |
| Gross Profit | 13.25B | 12.39B | 12.25B | 11.27B | 10.01B | 7.08B | 3.52B | 10B | 9.26B | 8.3B | 7.18B | 5.36B | 4.58B | 3.73B | 3.13B | 2.69B | 2.66B | 2.35B | 2.3B | 2.1B | 1.73B | 1.65B | 1.43B | 1.14B |
| Gross Margin % | 87.32% | 84.1% | 89.46% | 87.75% | 85.8% | 82.3% | 67.69% | 82.88% | 82.49% | 82.54% | 81.8% | 80.37% | 79.54% | 78.24% | 77.7% | 77.93% | 79.31% | 79.45% | 78.39% | 78.9% | 77.54% | 77.79% | 77.61% | 48.74% |
| Gross Profit Growth % | - | 1.16% | 8.72% | 12.55% | 41.46% | 101.08% | -64.81% | 8.03% | 11.5% | 15.7% | 33.83% | 16.98% | 22.8% | 19.21% | 16.52% | 1.22% | 13.08% | 1.99% | 9.48% | 21.21% | 5.23% | 15.27% | 25.42% | - |
| Operating Expenses | 10.97B | 10.41B | 10.93B | 10.23B | 8.93B | 6.89B | 5.05B | 9.1B | 8.47B | 7.64B | 6.6B | 4.95B | 4B | 3.22B | 2.58B | 2.21B | 1.92B | 1.74B | 1.74B | 1.57B | 1.38B | 1.25B | 1.19B | 885.22M |
| OpEx % of Revenue | - | 70.67% | 79.83% | 79.7% | 76.5% | 80.13% | 97.06% | 75.4% | 75.51% | 75.91% | 75.2% | 74.17% | 69.39% | 67.55% | 64.09% | 64.02% | 57.28% | 58.96% | 59.08% | 59.05% | 61.84% | 59.06% | 64.56% | 37.83% |
| Selling, General & Admin | 8.44B | 8.11B | 8.43B | 7.63B | 6.85B | 4.93B | 3.12B | 6.87B | 6.58B | 5.97B | 5.05B | 3.95B | 3.23B | 2.57B | 2.07B | 1.81B | 1.52B | 1.32B | 1.46B | 1.31B | 1.08B | 909.02M | 845.06M | 643.81M |
| SG&A % of Revenue | - | 55.07% | 61.59% | 59.46% | 58.7% | 57.29% | 59.93% | 56.91% | 58.59% | 59.38% | 57.51% | 59.27% | 56.11% | 53.93% | 51.27% | 52.34% | 45.35% | 44.58% | 49.6% | 49.29% | 48.08% | 42.89% | 45.85% | 27.52% |
| Research & Development | 1.28B | 1.28B | 1.31B | 1.36B | 1.18B | 1.07B | 1.01B | 1.26B | 1.62B | 1.39B | 1.24B | 830.24M | 686.15M | 577.82M | 484.9M | 381M | 362.45M | 319.71M | 208.95M | 182.48M | 140.37M | 112.28M | 0 | 0 |
| R&D % of Revenue | - | 8.67% | 9.6% | 10.58% | 10.12% | 12.49% | 19.43% | 10.47% | 14.41% | 13.79% | 14.08% | 12.44% | 11.91% | 12.11% | 12.03% | 11.05% | 10.83% | 10.82% | 7.11% | 6.85% | 6.27% | 5.3% | - | - |
| Other Operating Expenses | 4M | 1.02B | 1.18B | 1.24B | 896M | 890M | 920M | 968M | -110M | -60.8M | -31.68M | 113.09M | 17.68M | -2.79M | -20.27M | 21.93M | 37.12M | 105.34M | 69.44M | 77.57M | 167.4M | 342.67M | 1.19B | 885.22M |
| Operating Income | 2.28B | 1.98B | 1.32B | 1.03B | 1.08B | 186M | -1.53B | 903M | 714M | 625.14M | 461.7M | 413.57M | 517.76M | 366.06M | 431.72M | 479.61M | 731.91M | 571.41M | -2.43B | 529.07M | 351.33M | 397.05M | 240.47M | 243.52M |
| Operating Margin % | 15.02% | 13.43% | 9.63% | 8.05% | 9.3% | 2.16% | -29.37% | 7.48% | 6.36% | 6.21% | 5.26% | 6.2% | 8.98% | 7.67% | 10.71% | 13.91% | 21.86% | 19.33% | -82.7% | 19.85% | 15.7% | 18.73% | 13.05% | 10.41% |
| Operating Income Growth % | - | 49.96% | 27.69% | -4.79% | 483.33% | 112.18% | -269.1% | 26.47% | 14.21% | 35.4% | 11.64% | -20.12% | 41.44% | -15.21% | -9.98% | -34.47% | 28.09% | 123.53% | -559.1% | 50.59% | -11.52% | 65.11% | -1.25% | - |
| EBITDA | 3.17B | 2.87B | 2.16B | 1.84B | 1.88B | 1B | -634M | 1.81B | 1.67B | 1.51B | 1.26B | 913.91M | 863.2M | 649.53M | 627.68M | 634.54M | 887.44M | 773.54M | -2.22B | 729.01M | 600.8M | 677.89M | 585.25M | 484.93M |
| EBITDA Margin % | 20.93% | 19.45% | 15.75% | 14.33% | 16.09% | 11.63% | -12.19% | 15.02% | 14.91% | 15.06% | 14.31% | 13.7% | 14.98% | 13.61% | 15.57% | 18.4% | 26.51% | 26.17% | -75.64% | 27.35% | 26.85% | 31.98% | 31.76% | 20.73% |
| EBITDA Growth % | 43.93% | 32.82% | 17.23% | -1.97% | 87.7% | 257.73% | -134.97% | 8.37% | 10.45% | 20.6% | 37.42% | 5.88% | 32.89% | 3.48% | -1.08% | -28.5% | 14.72% | 134.82% | -404.72% | 21.34% | -11.37% | 15.83% | 20.69% | - |
| D&A (Non-Cash Add-back) | 896M | 887M | 838M | 807M | 792M | 814M | 893M | 910M | 959M | 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 |
| EBIT | 2.43B | 1.98B | 1.79B | 1.26B | 815M | 313M | -2.79B | 948M | 675M | 598.48M | 449.75M | 1.05B | 562.73M | 388.05M | 437.85M | 492.79M | 492.27M | 542.26M | -2.44B | 549.88M | 351.33M | 397.05M | 240.47M | 255.18M |
| Net Interest Income | -91M | -44M | -11M | -38M | -217M | -342M | -342M | -114M | -119M | -148M | -153M | -109.5M | -70.8M | -62.58M | -61.39M | -70.5M | -59.38M | -78.03M | -41.57M | -13.48M | 0 | 0 | 0 | 0 |
| Interest Income | 261M | 255M | 235M | 207M | 60M | 9M | 18M | 59M | 71M | 34.14M | 19.73M | 16.7M | 27.29M | 24.78M | 26.4M | 20.22M | 7.16M | 6.21M | 30.41M | 39.42M | 0 | 0 | 0 | 0 |
| Interest Expense | 352M | 299M | 246M | 245M | 277M | 351M | 360M | 173M | 190M | 181.71M | 173.15M | 126.19M | 98.09M | 87.36M | 87.79M | 90.72M | 101.29M | 84.23M | 71.98M | 52.9M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -446M | -387M | 223M | -15M | -547M | -224M | -1.62B | -128M | -229M | -209.24M | -303.4M | 512.4M | -53.12M | -65.37M | -81.67M | -77.54M | -111.35M | -113.39M | -85.75M | -32.09M | 33.57M | 16.82M | 29.07M | 11.98M |
| Pretax Income | 1.83B | 1.59B | 1.54B | 1.02B | 538M | -38M | -3.15B | 775M | 485M | 416.76M | 276.6M | 925.96M | 464.64M | 300.69M | 350.06M | 402.07M | 620.57M | 458.02M | -2.51B | 496.98M | 384.9M | 413.87M | 269.54M | 255.5M |
| Pretax Margin % | 12.08% | 10.8% | 11.26% | 7.93% | 4.61% | -0.44% | -60.61% | 6.42% | 4.32% | 4.14% | 3.15% | 13.88% | 8.06% | 6.3% | 8.69% | 11.66% | 18.53% | 15.5% | -85.62% | 18.65% | 17.2% | 19.53% | 14.63% | 10.92% |
| Income Tax | 273M | 290M | 318M | 330M | 195M | -53M | -423M | 203M | 87M | 45.41M | 15.31M | 203.21M | 91.69M | 84.33M | 47.08M | 75.73M | 195.01M | 154.4M | 5.97M | 203.11M | 139.45M | 185.98M | 106.37M | 97.2M |
| Effective Tax Rate % | 14.89% | 18.23% | 20.62% | 32.42% | 36.25% | 139.47% | 13.42% | 26.19% | 17.94% | 10.89% | 5.54% | 21.95% | 19.73% | 28.05% | 13.45% | 18.84% | 31.42% | 33.71% | -0.24% | 40.87% | 36.23% | 44.94% | 39.46% | 38.04% |
| Net Income | 1.56B | 1.29B | 1.23B | 797M | 352M | 12M | -2.61B | 565M | 406M | 377.96M | 281.85M | 764.47M | 398.1M | 232.85M | 280.17M | 472.29M | 421.5M | 299.53M | -2.52B | 295.86M | 244.93M | 228.73M | 163.47M | 111.41M |
| Net Margin % | 10.26% | 8.78% | 9.01% | 6.21% | 3.02% | 0.14% | -50.24% | 4.68% | 3.62% | 3.76% | 3.21% | 11.46% | 6.91% | 4.88% | 6.95% | 13.69% | 12.59% | 10.13% | -85.73% | 11.1% | 10.95% | 10.79% | 8.87% | 4.76% |
| Net Income Growth % | 33.11% | 4.86% | 54.83% | 126.42% | 2833.33% | 100.46% | -562.3% | 39.16% | 7.42% | 34.1% | -63.13% | 92.03% | 70.97% | -16.89% | -40.68% | 12.05% | 40.72% | 111.9% | -950.99% | 20.79% | 7.08% | 39.92% | 46.73% | - |
| Net Income (Continuing) | 1.56B | 1.3B | 1.22B | 688M | 343M | 15M | -2.73B | 572M | 398M | 372M | 261M | 722.75M | 372.95M | 216.36M | 302.98M | 326.34M | 305.5M | 303.62M | -2.52B | 293.87M | 244.93M | 228.73M | 163.17M | 158.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 148.15M | 119.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.26B | 1.26B | 1.24B | 1.25B | 1.45B | 1.5B | 1.49B | 1.57B | 1.58B | 1.63B | 1.56B | 723.85M | 669.53M | 478.39M | 109.13M | 105.3M | 64.16M | 67.05M | 52.94M | 61.94M | 61.76M | 71.77M | 18.43M | 0 |
| EPS (Diluted) | 12.77 | 9.81 | 8.95 | 5.31 | 2.18 | -1.80 | -19.00 | 3.77 | 2.66 | 2.42 | 1.82 | 5.70 | 2.99 | 1.67 | 2.00 | 3.41 | 2.93 | 2.06 | -17.60 | 1.88 | 1.40 | 1.30 | 0.96 | 0.66 |
| EPS Growth % | 33.97% | 9.61% | 68.55% | 143.58% | 221.11% | 90.53% | -603.98% | 41.73% | 9.92% | 32.97% | -68.07% | 90.64% | 79.04% | -16.5% | -41.35% | 16.38% | 42.23% | 111.7% | -1036.17% | 34.29% | 7.69% | 35.42% | 45.45% | - |
| EPS (Basic) | - | 10.32 | 9.39 | 5.50 | 2.25 | -1.80 | -19.00 | 3.84 | 2.71 | 2.49 | 1.87 | 5.87 | 3.09 | 1.73 | 2.09 | 3.48 | 2.98 | 2.08 | -17.60 | 2.00 | 1.44 | 1.36 | 0.97 | 0.66 |
| Diluted Shares Outstanding | 121.83M | 131.94M | 137.92M | 150.23M | 161.75M | 149.73M | 141.41M | 149.88M | 152.89M | 156.38M | 154.52M | 134.02M | 133.17M | 139.59M | 139.93M | 138.7M | 144.01M | 146.07M | 143.08M | 157.12M | 176.09M | 174.76M | 170.27M | 170.27M |
| Basic Shares Outstanding | 121.83M | 125.36M | 131.43M | 144.97M | 156.67M | 149.73M | 141.41M | 147.19M | 149.96M | 151.62M | 150.37M | 130.16M | 128.91M | 134.91M | 134.2M | 135.89M | 141.23M | 144.11M | 143.08M | 148.32M | 169.02M | 168.41M | 167.77M | 167.77M |
| Dividend Payout Ratio | - | 15.46% | - | - | - | 558.33% | - | 34.51% | 45.81% | 46.51% | 53.28% | 14.2% | 21.28% | 32.54% | 46.55% | 16.21% | 18.76% | - | - | - | - | - | - | - |
Marketing Spend Efficiency Volatility
According to recent financial disclosures, Expedia Group's revenue growth accelerated to 14.7% in 2026Q1, marking a notable departure from the mid-single-digit growth observed in previous quarters, suggesting that the company's strategic pivot toward B2B infrastructure is beginning to yield tangible top-line momentum despite broader travel market seasonality.
The recent acceleration in revenue growth appears to be driven by the scaling of the B2B platform, which provides a more stable, recurring revenue stream compared to the volatile retail segment. Investors should monitor whether this growth trajectory can be sustained without a corresponding, unsustainable increase in customer acquisition costs.
As reported in quarterly income statements, gross margins fluctuated significantly from a peak of 91.5% in 2025Q3 to 82.3% in 2026Q1, indicating that the company's profitability remains highly sensitive to seasonal shifts and the underlying mix of merchant versus agency model bookings.
The compression in gross margin during the most recent quarter suggests that the company may be facing increased competitive pressure or a shift in product mix toward lower-margin offerings. This volatility warrants further investigation into whether the 'One Key' loyalty program is successfully driving the intended direct-traffic efficiencies.
Based on the provided income statement data, operating margins have struggled to scale consistently, swinging from a 23.5% peak in 2025Q3 to 9.0% in 2026Q1, which highlights the company's ongoing reliance on heavy SG&A expenditure to maintain its competitive position in the travel marketplace.
The lack of consistent operating leverage suggests that the company's marketing spend remains a primary lever for growth, potentially masking underlying inefficiencies in its core operations. Investors should look for evidence that the unified technology stack is reducing the need for redundant marketing spend over the long term.
Analysis of the company's recent filings reveals that stock-based compensation, which reached $147 million in 2024Q3, frequently creates a disconnect between reported net income and actual cash generation, complicating the assessment of true underlying profitability for shareholders during periods of significant restructuring.
The presence of substantial stock-based compensation, combined with periodic restructuring charges, suggests that reported EPS may not fully reflect the company's operational performance. Analysts should adjust for these non-cash items to better understand the sustainability of the company's earnings power.
While the B2B segment shows promise, the company's continued reliance on high SG&A levels, which reached $2.1 billion in 2026Q1, suggests that the business remains vulnerable to rising keyword costs and competitive bidding wars that could rapidly erode profitability if growth targets are missed.
Short-sellers may focus on the company's inability to decouple revenue growth from marketing spend, viewing the current B2B expansion as insufficient to offset potential retail margin compression. This risk profile suggests that the market may be overestimating the long-term margin benefits of the current loyalty program integration.
Quick answers to the most common questions about buying EXPE stock.
For fiscal year 2025, Expedia Group, Inc. (EXPE) reported total revenue of $14.73B. This represents a 529.7% increase compared to $2.34B in 2003.
Expedia Group, Inc. (EXPE) is profitable, generating $1.29B in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
Expedia Group, Inc. (EXPE) reported an operating income of $1.98B, resulting in an operating profit margin of 13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Expedia Group, Inc. (EXPE) generated $12.39B in gross profit for the year, representing a gross profit margin of 84.1%. This demonstrates the company's core pricing power and production efficiency.