Expedia Group, Inc. (EXPE)

Expedia Group reported second-quarter 2026 revenue of $4,315 million on 5 August 2026, up 14 percent from a year earlier 1. Net income attributable to the company was $878 million, against $330 million a year before 1.

Most of the growth came from the business-to-business arm, which sells Expedia's travel supply and technology to other companies, and its revenue grew 23 percent 1. The company said it exceeded the high end of its own guidance for the quarter 1.

Other income also helped profit 2. The quarterly report records a gain of about $125 million in the first six months of 2026 on its investment in Global Business Travel Group 2.

In May 2026 that company agreed to be acquired by Long Lake Management in a take-private deal, which the quarterly report expects to close in the second half of 2026 2. Derek Andersen became chief financial officer on 11 May 2026 4.

Expedia Group says it began nearly 30 years ago as one of the first online travel agencies, which let customers manage their own travel plans 3.

In 2020 it moved to a platform operating model, so its brands run on shared technology and its marketing is managed across all brands together 3. The company says this was meant to simplify the organization and cut costs 3.

It also shut down or sold businesses, including the corporate travel arm Egencia in November 2021, and signed a 10-year lodging supply agreement with its buyer, American Express Global Business Travel 3.

In 2023 it put the Hotels.com and Vrbo front ends onto the Brand Expedia stack, one shared site and app foundation 3. In 2024 it named general managers to lead each core consumer brand 3.

It rolled out the One Key loyalty program in the United Kingdom in 2024 and, in 2025, moved most Expedia Rewards members into it 3.

Revenue grew from $12,839 million in 2023 to $13,691 million in 2024 and $14,733 million in 2025 3. The company says 2025 revenue rose 8 percent on strong growth in business-to-business lodging revenue 3.

Business-to-business revenue went from $3,388 million in 2023 to $4,842 million in 2025, while the consumer segment moved from $9,113 million to $9,474 million 3. Air revenue fell 5 percent in 2025 on lower revenue per ticket 3.

Operating income rose 42 percent to $1,871 million in 2025, which the company ties to revenue growing faster than costs and lower impairment charges 3. Net income attributable to the company was $1,294 million, against $1,234 million in 2024 and $797 million in 2023 3.

In February 2026 it repaid $750 million of 5.0% notes at maturity and paid about $1.1 billion in cash to settle its convertible notes 2.

Consumer brands

The consumer segment sells travel through Expedia, Hotels.com and Vrbo, plus smaller brands such as Orbitz, Travelocity, ebookers and Wotif Group 3. Vrbo is an online marketplace for alternative accommodations, meaning homes and rooms rented outside the usual hotel system 3.

At the end of 2025 the company counted about 2.4 million online bookable alternative accommodations through Vrbo and about 1.2 million hotels and alternative accommodations through its other brands 3. Consumer revenue was $9,474 million in 2025, up 2 percent 3.

In the second quarter of 2026 consumer revenue was $2,677 million, up 8 percent 2.

Business to business

This segment serves airlines, offline travel agents, online retailers, corporate travel managers and financial institutions that use Expedia's technology and travel supply to sell trips under their own names 3. Partners connect through the Rapid API, white label sites or the agent booking tool TAAP 3.

Business-to-business revenue was $4,842 million in 2025, up 18 percent 3. In the second quarter of 2026 it was $1,493 million, up 23 percent 2.

trivago

trivago is a majority-owned hotel search site that compares prices from hundreds of booking websites and is listed on Nasdaq as TRVG 3. Its third-party revenue was $417 million in 2025, up 33 percent 3.

In the second quarter of 2026 that revenue was $145 million, up 48 percent, which the company ties to trivago rebuilding its brand 2.

Advertising, air and the rest

Advertising sold to travel providers brought in $758 million in 2025, up 19 percent 3. Air revenue was $407 million in 2025 3.

Other revenue, which includes insurance, car, cruise and activities, rose 23 percent in the second quarter of 2026, mostly on insurance and activities 2.

People, places and rivals

The company had about 16,000 employees in nearly 50 countries at the end of 2025, and about half worked in technology roles 3. Ariane Gorin is chief executive and Barry Diller is chairman and senior executive 3.

Derek Andersen, chief financial officer from 11 May 2026, led finance at Snap Inc. from May 2019 through April 2026 and succeeds Scott Schenkel 4. It owns its Seattle headquarters, about 650,000 square feet of office space 3.

The annual report names online travel agencies such as Booking.com, rental platforms such as Airbnb, search companies such as Google and AI travel agents among its competitors 3. It says it has two active lawsuits over hotel occupancy taxes 2.

The umbrella, in words

Its main brands are Expedia, Hotels.com and Vrbo, with Orbitz, Travelocity, ebookers and Wotif Group, and the Rapid, white label and TAAP tools for business partners 3. Exhibit 21 lists as US subsidiaries Expedia, Inc., Hotels.com L.P. and HomeAway.com, Inc. 6.

The company owns most of trivago, a Nasdaq-listed company, and invested in the shares of Global Business Travel Group, which agreed in May 2026 to be acquired by Long Lake Management 23.

Barry Diller, with trusts and a family foundation, owned all 5,523,452 Class B shares at the end of 2025, about 4.6 percent of the stock if converted and about 32 percent of the votes 3. Class B shares carry ten votes each 3.

For the third quarter of 2026 the company expects gross bookings, the total value of travel booked on its platforms, of $32.2 to $32.8 billion and revenue of $4.65 to $4.75 billion 1.

For all of 2026 it now expects revenue of $16.05 to $16.22 billion, raised from $15.6 to $16.0 billion, and gross bookings of $129.5 to $130.8 billion 1.

It also expects its adjusted EBITDA margin, a profit measure that leaves out some costs, to widen by 1.5 to 1.75 points in 2026, up from 1 to 1.25 points before 1.

Its board declared a quarterly dividend of $0.48 per share, payable on 17 September 2026 to holders of record on 27 August 2026 1.

The take-private of Global Business Travel Group is expected to close in the second half of 2026 2. In April 2026 Expedia issued $1 billion of 5.5% notes due 2036 and said it expects to use about $986 million of proceeds for general corporate purposes 2.

A $2.5 billion revolving credit line, signed on 27 March 2026, runs to 27 March 2031 and had no loans outstanding at signing 5. In the annual report the company says it expects to keep cementing its leadership in the business-to-business segment 3.