Expedia Group

Management has shifted from transformation spending to returns and targeted reinvestment.

In 2025 it repurchased 9.0 million shares for 1.66 billion at an average price of 184.76 and reinstated a quarterly dividend, later increasing it to 0.48 per share for March 2026. Capital intensity remains focused on software and product, with 770 million of capex in 2025, supporting platform capabilities and ad monetization.

SBC trended down in 2025. Repurchases near intrinsic value and balanced with deleveraging and dividends indicate improving discipline.