Expedia Group

The company ended 2025 with 5.7 billion in unrestricted cash and short‑term investments and an undrawn 2.5 billion revolver. Total debt was about 6.16 billion with current maturities of 1.69 billion, including a 0 percent convertible due February 2026 that management elected to cash‑settle.

Net debt is modest relative to 2025 free cash flow of 3.11 billion, and operating income rose 42 percent year over year. Overall balance sheet flexibility is solid for a cyclical.