Expedia Group (EXPE) FY2025 10-K Annual Report
Expedia Group (EXPE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Expedia Group FY2025 10-K Analysis
Business Overview
- • Core business model: Online travel agency offering lodging, transportation, and experiences via merchant and agency models
- • Emphasis on emerging markets like Latin America and Eastern Europe as key growth opportunities amid increasing competition
- • Strategic focus on leveraging generative AI tools for digital planning amid rising competition from metasearch and direct distribution
- • Majority ownership in metasearch company Trivago, expanding presence in differentiated travel search and booking features
- • Noteworthy mix of payment timing models, including hybrid ETP program allowing traveler choice to pay Expedia or hotel at booking/stay
Management Discussion & Analysis
- • Revenue and profitability not specified; no YoY dollar or % changes provided
- • No segment performance data included to identify best or worst performing units
- • No cash flow or capital allocation details such as buybacks, dividends, or capex mentioned
- • Management highlights risks from global macroeconomic pressures, travel demand softness in 2025, and tax authority inquiries impacting liquidity
Risk Factors
- • Tax risk from changes or interpretations of U.S. and international tax laws, with $298 million net unrecognized tax benefits as of Dec 31, 2025
- • Exposure to foreign currency fluctuations led to $189 million cash increase in 2025 from currency appreciation
- • Seasonal merchant hotel booking cycles impact working capital, with cash flow positive in H1 and typically negative in H2
- • Competitive pressure from online travel agencies with $1 billion senior notes issued at 5.4% interest due 2035 for strategic purposes
- • Debt concentration risk: $750 million principal payable within 12 months of $5.3 billion total senior notes as of Dec 31, 2025
Expedia Group FY2025 Key Financial MetricsXBRL
Revenue
$14.7B
▲ +7.6% YoY
Net Income
$1.3B
▲ +4.9% YoY
Operating Margin
12.7%
▲ +307bp YoY
Net Margin
8.8%
▼ -23bp YoY
ROE
100.8%
▲ +2152bp YoY
Total Assets
$24.5B
▲ +9.2% YoY
EPS (Diluted)
$9.81
▲ +9.6% YoY
Operating Cash Flow
$3.9B
▲ +25.8% YoY
Source: XBRL data from Expedia Group FY2025 10-K filing on SEC EDGAR. All figures in USD.
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