Expedia Group (NASDAQ: EXPE) is a travel marketplace that connects travelers with hotels, Vrbo homes, airlines and other suppliers without owning any of them: it mostly sells hotel stays as merchant of record, collecting from the traveler at booking and keeping the margin, earns commissions on agency bookings, and sells advertising. FY2025 (year ended Dec 31, 2025) revenue was $14.7B (+8%) on $119.6B of gross bookings (+8%), a 12.3% revenue margin. Merchant was 70% of revenue, agency 22% and advertising, media and other 8%. Operating income was $1.9B (+42%), net income attributable to Expedia Group was $1.3B and free cash flow was about $3.1B (INFERENCE), while about half of revenue went to direct marketing. In H1 2026 revenue grew 14% to $7.7B, and B2B grew about 24%.
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