Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 6/6 · 22/10/2026
Moat31
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Platform consolidation and API adoption demonstrate useful capabilities, but broad rival inventory, overlapping technology and disclosed low entry barriers leave structural protection fragile. Growth does not establish reinforcing network effects.
durability · 1/4 · Loyalty benefits and completed technology consolidation have persisted, but cancelable listings and competing direct-booking incentives weaken protection. No exclusive supply or durable relative cost lead is established.
customer dependency · 1/4 · Historical repeat-use benefits show preference, while multichannel property distribution and cancelable listings demonstrate limited supplier captivity. API growth alone does not establish partner dependency.
erosion resilience · 2/4 · Payment efficiencies, booking growth and improved operating results demonstrate resilience. Search dependence, Google's competing products and disclosed adverse AI-search effects remain meaningful erosion channels; these have not prevented current growth.
Pouvoir de fixation des prix56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · First-quarter B2C revenue margin fell from 8.6% to 8.5%, while B2B improved from 10.7% to 11.0%. Second-quarter B2C was flat at 11.5% and B2B improved from 13.7% to 13.9%. Monetization is mixed to modestly positive; percentage-based supplier agreements and mix prevent attributing this to unilateral price increases.
retention · 2/4 · Historical loyalty and app cohort observations, One Key migration and growing room nights and API bookings support repeat-demand relevance. Current retention is assessed indirectly because growth does not separate acquisition from repeat usage. Direct-booking incentives and cancelable listings constrain pricing-related customer loyalty.
margin resilience · 3/4 · Operating income increased from $1.033 billion in 2023 to $1.871 billion in 2025, and first-half 2026 revenue materially outgrew major operating costs. Payment efficiencies support demonstrated resilience. Lower impairments and a first-half legal-reserve benefit contributed; this is not evidence that pricing alone protected margins.
contractual freedom · 2/4 · Negotiated percentage-based agreements and a separate Vrbo traveler fee establish some monetization freedom. Property owners retain pricing latitude and listings are typically cancelable. Broad unilateral repricing rights are not disclosed.
Prévisibilité88
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 12.01
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 7.43
Solidité financière56
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 85.99
- netDebtEbitGrade
- 92.00
- interestCoverageGrade
- 47.80
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 1.98
- Net debt / operating income (x)
- 0.40
- Interest coverage (x)
- 6.26
- Current ratio (x)
- 0.73
Allocation du capital98
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 30.77
- 3-year average dilution (%)
- -7.14
- 3-year average SBC / revenue (%)
- 3.09
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · In 2025, $3.880 billion of operating cash flow covered $770 million of capital expenditures, $1.930 billion of treasury purchases and $200 million of dividends. Repurchases exceeded issuance despite substantial stock compensation. First-half 2026 debt repayments exceeded new-note proceeds. Merchant working-capital benefits and unestablished repurchase valuation limit the conclusion.
incentive alignment · 2/4 · Realized outcomes are mixed: 2022 PSUs vested zero shares, but 2021 awards were modified after missing their threshold to permit partial payout. Adopted 2025 awards link financial performance to a three-year service condition. Future vesting and actual executive ownership compliance are not established.
execution · 3/4 · Completed platform migration, realized payment efficiencies, global API booking growth and improved operating results demonstrate strong execution. Management attribution is indirect, the earlier transformation spans leadership teams, and impairment and legal-reserve changes explain part of earnings improvement.
governance · 2/4 · Seven of eleven directors are independent, standing oversight committees are independent, related-party arrangements received actual Audit Committee approval, and shareholders approved compensation on an advisory basis in June 2026. These safeguards coexist with unequal voting rights, strong chairman-removal protections and retrospective incentive modification.
Preuves
With that goal in mind, we focused towards increasing customer loyalty and app adoption as loyalty members and app users typically experience higher repeat rates, gross profits and bookings relative to non-loyalty members and non-app users.
Business: historical loyalty-member and app-user repeat-demand observation · Dépôt 09/02/2024
More recently, we unified our existing loyalty programs into one global rewards platform called One Key spanning our core consumer brands, which launched in the United States in 2023, United Kingdom in 2024 and to a number of new markets across the globe on Brand Expedia in 2025 with the majority of Expedia Rewards members now migrated to the new program.
Business: One Key launches and member migration · Dépôt 13/02/2026
In the meantime, certain hotel chains have been focusing on driving direct bookings on their own websites and mobile applications by advertising lower rates than those available on third-party websites as well as incentives such as loyalty programs, increased or exclusive product availability and complimentary benefits.
MD&A: hotel direct-booking prices and incentives · Dépôt 08/05/2026
•expanding Booking.com's Genius loyalty program across verticals and continuing to improve loyalty programs across our brands to provide a more personalized experience for consumers and incremental value to partners;
Competitor business disclosure: Booking.com loyalty program expansion · Dépôt 18/02/2026
We rely heavily on internet search engines, such as Google, through the purchase of travel-related keywords and through organic search, to generate a significant portion of the traffic to our websites and the websites of our affiliates.
Operational risks: reliance on Google for significant website traffic · Dépôt 07/02/2025
Businesses such as Airbnb, Vrbo and Booking.com have emerged as the leaders, bringing incremental alternative accommodation inventory to the market.
MD&A: named alternative-accommodation platforms · Dépôt 06/08/2026
As part of our platform operating model strategy, we migrated both the Hotels.com and Vrbo front-end stacks onto the Brand Expedia stack and created one unified front-end stack in 2023, which increases our test-and-learn capacity and feature release velocity while also providing a scalable and efficient base to operate upon.
Business: completed unified front-end migration in 2023 · Dépôt 09/02/2024
Cost of revenue increased $26 million and $46 million during the three and six months ended June 30, 2026 compared to the same periods in 2025, but decreased as a percentage of revenue during the period driven by continued efficiencies in payments.
MD&A: realized payment efficiencies · Dépôt 06/08/2026
CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share data) (Unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue $ 4,315 $ 3,786 $ 7,741 $ 6,774 Costs and expenses: Cost of revenue (exclusive of depreciation and amortization shown separately below) (1) 403 377 780 734 Selling and marketing - direct 2,119 1,920 3,975 3,677 Selling and marketing - indirect (1) 217 213 419 412 Technology and content (1) 325 325 649 645 General and administrative (1) 204 197 400 377 Depreciation and amortization 228 223 456 442 Legal reserves, occupancy tax and other 6 2 (58) 2 Restructuring and related reorganization charges(1) 13 44 69 70 Operating income 800 485 1,051 415 Other income (expense): Interest income 73 74 133 128 Interest expense (61) (58) (172) (116) Other, net 215 (78) 40 (221) Total other income (expense), net 227 (62) 1 (209) Income before income taxes 1,027 423 1,052 206 Provision for income taxes (152) (101) (189) (81) Net income 875 322 863 125 Net loss attributable to non-controlling interests 3 8 9 5 Net income attributable to Expedia Group, Inc.
Unaudited statements of operations: second-quarter and first-half results · Dépôt 06/08/2026
Selling and marketing - direct increased $199 million and $298 million during the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily driven by an increase in B2B partner commissions to support revenue growth.
MD&A: increased B2B partner commissions · Dépôt 06/08/2026
At December 31, 2025, Booking.com offered accommodation reservation services for approximately 4.4 million properties in over 220 countries and territories and in over 40 languages, consisting of approximately 500,000 hotels, motels, and resorts and approximately 3.9 million homes, apartments, and other unique places to stay.
Competitor business disclosure: Booking.com accommodation inventory and geographic coverage · Dépôt 18/02/2026
We offer consumer-facing Gen AI capabilities across our brands, including trip planners, AI assistants to answer consumer queries, and a price comparison tool.
Competitor business disclosure: consumer-facing generative AI capabilities · Dépôt 18/02/2026
Barriers to entry are low, and we compete with online travel companies ("OTCs"), travel service providers offering direct booking (such as airlines, hotels, and rental car companies), traditional travel agencies and operators, companies offering travel-related software, payments, or technology solutions, financial services and credit card companies, and global technology companies with significantly greater scale, data, and financial resources.
Competitor competition disclosure: low entry barriers and competing distribution models · Dépôt 18/02/2026
B2B gross bookings grew globally with Rapid API the largest contributor to growth.
MD&A: global B2B bookings growth and Rapid API contribution · Dépôt 06/08/2026
In April 2026, Expedia Group entered into a marketing partner arrangement whereby Expedia Group provides Uber with access to its global lodging inventory via an application programming interface ("API") to enable Uber to remarket the inventory on Uber’s apps and websites.
Related-party transactions: April 2026 Uber API marketing arrangement · Dépôt 29/04/2026
To date, payments made to and received from Uber in connection with this arrangement have been less than $120,000.
Related-party transactions: payments under Uber arrangement at proxy disclosure date · Dépôt 29/04/2026
Our B2B business has grown significantly but faces competition from other online travel agencies (“OTAs”) with B2B offerings, as well as other competitors such as independent B2B providers.
MD&A: B2B competition · Dépôt 06/08/2026
Other competitors have arisen, including alternative accommodation property managers, who operate their own booking sites in addition to listing on Airbnb, Vrbo, and Booking.com.
MD&A: property managers' own sites and multiple listing channels · Dépôt 06/08/2026
Under pay-per-booking arrangements, each booking is a separate contract as listings are typically cancelable at any time and the related revenue, net of amounts paid to property owners, is recognized at check in, which is the point in time when our service to the traveler is complete.
Revenue recognition: separate booking contracts and cancelable Vrbo listings · Dépôt 13/02/2026
22
Table of Contents
Gross Bookings and Revenue Margin
Three months ended March 31,
2026
2025
% Change
($ in millions)
Gross Bookings
B2C
$
24,784
$
22,615
10
%
B2B
10,746
8,836
22
%
trivago (1)
—
—
N/A
Total gross bookings
$
35,530
$
31,451
13
%
Revenue Margin
B2C
8.5
%
8.6
%
B2B
11.0
%
10.7
%
trivago (1)
N/A
N/A
Total revenue margin (1)
9.6
%
9.5
%
____________________________
(1)trivago, which is comprised of a hotel metasearch business that differs from our transaction-based websites, does not have associated gross bookings or revenue margin.
MD&A: first-quarter gross bookings and revenue margins · Dépôt 08/05/2026
Gross Bookings and Revenue Margin
Gross Bookings
23,186
21,565
47,970
44,180
10,742
8,844
21,488
17,680
trivago (1)
N/A
N/A
Total gross bookings
33,928
30,409
69,458
61,860
Revenue Margin
11.5
11.5
10.0
10.0
13.9
13.7
12.5
12.2
trivago (1)
N/A
N/A
N/A
N/A
Total revenue margin (1)
12.7
12.4
11.1
10.9
(1)trivago, which is comprised of a hotel metasearch business that differs from our transaction-based websites, does not have associated gross bookings or revenue margin.
MD&A: second-quarter and first-half gross bookings and revenue margins · Dépôt 06/08/2026
Since our hotel and alternative accommodation supplier agreements are generally negotiated on a percentage basis, any increase or decrease in ADRs has an impact on the revenue we earn per room night.
MD&A: percentage-based supplier agreements and ADR transmission into revenue · Dépôt 08/05/2026
Pay-per-booking arrangements are commission-based where rental property owners and managers bear the inventory risk, have latitude in setting the price and compensate Vrbo for facilitating bookings with travelers.
Revenue recognition: property-owner pricing latitude and commission arrangements · Dépôt 13/02/2026
Vrbo also charges a traveler service fee at the time of booking.
Revenue recognition: Vrbo traveler service fee · Dépôt 13/02/2026
Operating Income Year ended December 31, % Change 2025 2024 2023 2025 vs 2024 2024 vs 2023 ($ in millions) Operating income $ 1,871 $ 1,319 $ 1,033 42 % 28 % % of revenue 12.7 % 9.6 % 8.0 % In 2025, the increase in operating income was primarily due to growth in revenue in excess of operating costs and lower impairment charges in the current period, partially offset by the higher legal reserves, occupancy tax and other charges discussed above.
MD&A: 2023–2025 operating income and contributing factors · Dépôt 13/02/2026
CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended December 31, 2025 2024 2023 (In millions) Operating activities: Net income $ 1,301 $ 1,224 $ 688 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property and equipment, including internal-use software and website development 847 781 748 Amortization of stock-based compensation 398 458 413 Amortization of intangible assets 40 57 59 Impairment of goodwill and intangible assets — 147 426 Deferred income taxes 78 74 62 Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net (120) 95 (16) Realized (gain) loss on foreign currency forwards, net (128) 40 — (Gain) loss on minority equity investments, net 167 (289) (16) Other 124 79 55 Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: Accounts receivable (983) (467) (741) Prepaid expenses and other assets (3) 67 98 Accounts payable, merchant 155 (10) 332 Accounts payable, other, accrued expenses and other liabilities 163 (11) 101 Tax payable/receivable, net (17) 46 (91) Deferred merchant bookings 1,858 794 572 Net cash provided by operating activities 3,880 3,085 2,690 Investing activities: Capital expenditures, including internal-use software and website development (770) (756) (846) Purchases of investments (628) (549) (28) Sales and maturities of investments 747 78 49 Other, net 120 (35) 25 Net cash used in investing activities (531) (1,262) (800) Financing activities: Proceeds from issuance of long-term debt, net of issuance costs 985 — — Payment of long-term debt (1,044) — — Purchases of treasury stock (1,930) (1,839) (2,137) Payment of dividends to stockholders (200) — — Proceeds from exercise of equity awards and employee stock purchase plan 50 116 101 Other, net 3 (22) (60) Net cash used in financing activities (2,136) (1,745) (2,096) Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents 189 (165) 16 Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents 1,402 (87) (190) Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 5,574 5,661 5,851 Cash, cash equivalents and restricted cash and cash equivalents at end of year $ 6,976 $ 5,574 $ 5,661 Supplemental cash flow information Cash paid for interest $ 213 $ 231 $ 231 Income tax payments, net 218 184 281 See notes to consolidated financial statements.
Consolidated statements of cash flows: operating cash generation, investment and financing · Dépôt 13/02/2026
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (In millions, except share and per share data) Common stock Class B common stock Additional paid-in capital Treasury stock - Common and Class B Retained earnings (deficit) Accumulated other comprehensive income (loss) Non-redeemable non-controlling interest Total Shares Amount Shares Amount Shares Amount Balance as of December 31, 2022 278,264,235 $ — 12,799,999 $ — $ 14,795 137,783,429 $ (10,869) $ (1,409) $ (234) $ 1,445 $ 3,728 Net income (loss) 797 (109) 688 Other comprehensive income, net of taxes 25 2 27 Proceeds from exercise of equity instruments and employee stock purchase plans 3,884,341 — 101 101 Withholding taxes for stock options (7) (7) Treasury stock activity related to vesting of equity instruments 973,946 (106) (106) Common stock repurchases 19,145,610 (2,031) (2,031) Other changes in ownership of non-controlling interests 16 (86) (70) Stock-based compensation expense 474 474 Other 19 — (17) (20) (18) Balance as of December 31, 2023 282,148,576 — 12,799,999 — 15,398 157,902,985 (13,023) (632) (209) 1,252 2,786 Net income (loss) 1,234 (10) 1,224 Other comprehensive loss, net of taxes (23) (5) (28) Proceeds from exercise of equity instruments and employee stock purchase plans 5,360,219 — 116 116 Withholding taxes for stock options (2) (2) Treasury stock activity related to vesting of equity instruments 1,539,783 (206) (206) Common stock repurchases 12,071,915 (1,616) (1,616) Other changes in ownership of non-controlling interests — — 5 5 Stock-based compensation expense 531 531 Other — — (11) — (11) Balance as of December 31, 2024 287,508,795 — 12,799,999 — 16,043 171,514,683 (14,856) 602 (232) 1,242 2,799 Net income 1,294 7 1,301 Other comprehensive income, net of taxes 41 10 51 Payment of dividends to common stockholders (declared at $1.60 per share) — (200) (200) Proceeds from exercise of equity instruments and employee stock purchase plans 3,938,782 — 50 50 Withholding taxes for stock options (19) (19) Treasury stock activity related to vesting of equity instruments 1,236,537 (257) (257) Common stock repurchases 8,998,160 (1,662) (1,662) Other changes in ownership of non-controlling interests 3 — 4 7 Stock-based compensation expense 488 488 Other — — (11) — (11) Balance as of December 31, 2025 291,447,577 $ — 12,799,999 $ — $ 16,565 181,749,380 $ (16,786) $ 1,696 $ (191) $ 1,263 $ 2,547 See notes to consolidated financial statements.
Statements of stockholders' equity: issuance, repurchases and stock compensation · Dépôt 13/02/2026
For the six months ended June 30, 2026, net cash used in financing activities primarily included $1.8 billion of payments related to the redemption of our 5.0% Notes and our 0% Convertible Notes in February 2026 as discussed above as well as $1.1 billion of cash paid to acquire shares, including the repurchased shares under the authorization discussed below and for treasury stock activity related to the vesting of equity instruments as well as cash dividend payments of $116 million, partially offset by proceeds from the issuance of 5.5% senior notes with net proceeds of $986 million.
MD&A: first-half 2026 debt repayment, issuance and capital returns · Dépôt 06/08/2026
Based on our meetings with stockholders, as well as the foregoing analyses, the Compensation Committee determined that the primary reason for the decline in support was related to its modification of the PSU awards granted to our executive officers in 2021 following the completion of the three-year performance period to provide for a partial payout of the target number of units subject to such awards, despite not having achieved the threshold performance level contemplated by the awards.
Compensation discussion: retrospective modification of 2021 PSU awards · Dépôt 29/04/2026
As disclosed in our 2025 Proxy Statement, the Compensation Committee did not exercise its discretion to modify the 2022 PSU awards, which had a performance measurement period ending December 31, 2024, and resulted in zero shares vesting.
Compensation discussion: zero vesting of 2022 PSU awards · Dépôt 29/04/2026
Further, in designing the 2025 PSU awards for our NEOs, the Compensation Committee adopted a new structure featuring three consecutive one-year measurement periods, each tied to pre-established financial performance metrics (annual revenue growth and Adjusted EBITDA margin growth for the first annual measurement period).
Compensation discussion: adopted 2025 PSU performance structure · Dépôt 29/04/2026
This design provides more frequent performance checkpoints and creates an annual linkage between Company financial results and executive pay outcomes, while preserving the long-term retention incentive of a “cliff” vesting date at the conclusion of the three-year continuing service period.
Compensation discussion: three-year continuing-service cliff vesting · Dépôt 29/04/2026
Director Independence. The Board of Directors has determined that seven of the Board’s current 11 directors are “independent directors” as defined under the Marketplace Rules of The Nasdaq Stock Market (the "Marketplace Rules") and that the members of the Audit and Compensation Committees have also satisfied the separate independence requirements applicable to audit committee and compensation committee members under SEC rules and Marketplace Rules.
Governance: seven independent directors among eleven · Dépôt 29/04/2026
The Board has standing Audit, Compensation, and Nominating Committees, each solely composed of independent directors, as well as an Executive Committee.
Governance: independent standing oversight committees · Dépôt 29/04/2026
The foregoing arrangements and agreements were reviewed and approved by the Audit Committee of our Board of Directors, which determined that the terms were commercially reasonable and consistent with the best interests of the Company and its stockholders.
Related-party transactions: actual Audit Committee review and approval · Dépôt 29/04/2026
Common stock is entitled to 1 vote per share and Class B common stock is entitled to 10 votes per share.
Stockholders' equity: unequal voting rights · Dépôt 13/02/2026
Expedia Group’s amended and restated certificate of incorporation provides that the Chairman of the Board may only be removed without cause by the affirmative vote of at least 80% of the entire Board of Directors, which provision may not be amended, altered changed or repealed, or any provision inconsistent therewith adopted, without the approval of at least (1) 80% of the entire Board of Directors and (2) 80% of the voting power of Expedia Group’s outstanding voting securities, voting together as a single class.
Ownership risks: chairman removal and amendment protections · Dépôt 13/02/2026
Stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers as disclosed in the 2026 Proxy Statement by voting as follows:
For
Against
Abstain
Broker Non-Votes
129,923,391
15,369,867
3,710,321
9,467,308
Proposal 3 – Ratification of the Appointment of Independent Registered Public Accounting Firm.
Annual meeting results: actual advisory compensation approval · Dépôt 23/06/2026
Room nights booked grew 6% in the second quarter of 2026, as compared to growth of 8% in 2025 and 9% in 2024.
MD&A: second-quarter room-night growth · Dépôt 06/08/2026
In addition to the growth of online travel agencies, we have seen continued interest in the online travel industry from search engine companies such as Google, evidenced by continued product enhancements, and prioritizing its own AdWords and metasearch products such as Google Travel, Google Flights and Hotel Ads, in search results.
MD&A: Google travel products and search prioritization · Dépôt 06/08/2026
In addition, the emergence of AI search platforms and changing consumer behavior adversely affect search traffic and margins.
Operational risks: disclosed adverse search-traffic and margin effects from AI search · Dépôt 13/02/2026
