Short answer
Expedia Group (EXPE) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $14.7B (+7.6% year over year) and net income of $1.3B.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $14.7B
- +7.6% YoY
- Net income
- $1.3B
- +4.9% YoY
- Operating margin
- 12.7%
- +3.1 pp YoY
- EPS (diluted)
- $9.81
- +9.6% YoY
- ROE
- 100.8%
- +21.5 pp YoY
- Operating cash flow
- $3.9B
- +25.8% YoY
Source: XBRL data from the Expedia Group (EXPE) FY2025 10-K on SEC EDGAR. USD.
Expedia Group FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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 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
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