EXPE
Expedia Group
Platform / Network
★ Quality 29/100Price today
$298.04
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What this business is made of
The business
Expedia charges a toll on every hotel night booked on its platform.
Expedia runs the plumbing of online travel booking: Brand Expedia, Hotels.com and Vrbo. It charges a commission on every hotel night, flight or vacation rental booked through its platforms. In 2025 it moved $14.7B in revenue with 90% gross margin.
The moat is a two-sided network: the more hotels listed, the more travelers; the more travelers, the more hotels. But it shares that board with Booking, which plays better in Europe, and with Google, which sits between Expedia and the customer. It's a real advantage, not a fortress wall.
Revenue history
From $8.6B to $14.7B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $14.7B · FY2025
Of every $100 in sales, $91 goes to costs and operations; $9 is left as net profit (9% margin).
Catalysts and risks
Vrbo and the consolidation of platforms onto a single technology should lift operating margin toward 2026.
Aggressive buybacks: with $5.4B in cash and FCF of $3.1B, cutting shares moves the FCFps of $23.57.
B2B program (Expedia for agencies and airlines) growing double digit, less dependent on direct marketing.
Google Travel can disintermediate: if it captures the search, Expedia pays a toll on its own traffic.
Booking has more scale and better economics; in a marketing war, Expedia loses first.
Ad spend to acquire customers is huge and recurring — the customer isn't really loyal.
Charlie's note
“A good business caught between a European giant and Google. It generates real cash and trades at a discount, but paying a toll to your own customer supplier isn't where I want to grow old.”
Analysis · June 2026
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