Key Partners
- Lodging suppliers — about 3.6M properties at end of 2025, including about 2.4M Vrbo online-bookable alternative accommodations (FACT).
- Airlines and GDS providers — over 500 airlines; Amadeus and Sabre supply air content (FACT).
- B2B distribution partners — airlines, agents, retailers, banks using Rapid API, white label and TAAP (FACT).
- Affiliate partners — Expedia pays a commission on traffic that converts (FACT).
- American Express Global Business Travel — 10-year lodging supply agreement after the 2021 Egencia sale (FACT).
- Cloud providers — migration to public cloud, primarily AWS (FACT).
Key Activities
- Signing and managing supply — hotels, Vrbo homes, airlines, cars, cruises, activities (FACT).
- Running one booking platform for all core consumer brands since 2023 (FACT).
- Merchant of record payments — collects from travelers at booking and pays suppliers later (FACT).
- Packaging — travelers build trips with a lower total price than separate components (FACT).
- Marketing and loyalty — One Key across Expedia, Hotels.com and Vrbo (FACT).
- 24/7 support — virtual agent, phone, chat, email; in-house and outsourced centers (FACT).
Key Resources
- Supply — about 3.6M lodging properties, over 500 airlines (FACT).
- Brands — Expedia, Hotels.com, Vrbo plus Orbitz, Travelocity, ebookers, Wotif and trivago (FACT).
- Platform, data and people — about 16,000 employees, about half in technology (FACT).
- Deferred merchant bookings — $15.4B at Jun 30, 2026 (FACT).
- Liquidity — $7.1B cash and short-term investments, Jun 30, 2026 (FACT).
Value Propositions
- Travelers — breadth of supply, package savings and One Key rewards (FACT).
- Hotels and Vrbo owners — demand, tools and choice of how they are paid (FACT).
- B2B partners — Rapid API, white-label sites and TAAP agent tool (FACT).
- Advertisers — sponsored listings and media across its sites and trivago (FACT).
- Single-digit share of an over $2 trillion travel market leaves room to grow (FACT per 10-K citing Phocuswright).
Customer Relationships
- One Key — one rewards program across three core brands (FACT).
- Personalization — predictive, first-party data experiences (FACT).
- Self-service and AI — virtual agent plus human agents 24/7 (FACT).
- Supplier account managers — strategic accounts and local hotel market managers (FACT).
- Partner support — dedicated B2B support alongside the API and white-label tools (FACT).
Channels
- Apps and websites — Expedia, Hotels.com, Vrbo and other brands (FACT).
- Search and metasearch — paid and organic, including Google and Kayak competitors (FACT).
- Brand, social and loyalty email — online and offline brand advertising (FACT).
- Affiliate partners — commission for converted traffic (FACT).
- B2B — Rapid API, white label and TAAP; $35.7B of 2025 gross bookings (FACT).
Customer Segments
- B2C travelers — $9.5B of 2025 revenue, 11.3% revenue margin (FACT).
- B2B partners — $4.8B of 2025 revenue, +18%, 13.6% margin (FACT).
- trivago advertisers and travelers — $417M third-party revenue, +33% (FACT).
- Hotels and Vrbo owners — pay commissions as suppliers (FACT).
- Advertisers — mostly travel providers (FACT).
- Alternative-accommodation travelers — Vrbo, whole-home leisure, mainly North America (FACT).
Cost Structure
- Selling and marketing - direct — $7,349M in 2025, 49.9% of revenue (FACT).
- Selling and marketing - indirect — $836M (FACT).
- Cost of revenue — $1,456M, 9.9% of revenue (FACT).
- Technology and content — $1,277M, 8.7% of revenue (FACT).
- General and administrative — $765M, 5.2% of revenue (FACT).
- Depreciation and amortization — $887M (FACT).
Revenue Streams
- Merchant — $10,256M in 2025, 70% of revenue (FACT).
- Agency — $3,183M, 22% of revenue, mostly air gross bookings (FACT).
- Advertising, media and other — $1,294M; EG Advertising $758M, +19% (FACT).
- Revenue margin — 12.3% of gross bookings; B2C 11.3%, B2B 13.6% (FACT).
- Lodging — $11,752M, 80% of revenue (FACT).
- H1 2026 revenue $7,741M, +14%; gross bookings $69.5B, +12% (FACT).