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US online travel company operating Expedia, Hotels.com, Vrbo and Trivago booking platforms for flights, hotels and vacation rentals.
US online travel company operating Expedia, Hotels.com, Vrbo and Trivago booking platforms for flights, hotels and vacation rentals.
Takes a commission from hotels and airlines on each trip booked, either collecting the traveler's payment itself and paying the supplier later or being paid by the supplier afterward. Its B2B arm lets airlines, banks and other brands sell travel under their own name and has grown faster than the consumer brands in recent years. Trivago earns by selling clicks to hotels.
Moat: narrow (network effects, brand, scale). Multi-brand OTA scale and B2B distribution network are strong but trail Booking.com's lead.
Headquarters: Seattle, Washington, US · Founded: 1996 · Employees: 16,000
Size Expedia (EXPE) is a United States Consumer Discretionary company (Other Consumer Services) with a market value of $29.6B, the 369th largest of 3,117 United States companies the cockpit tracks. Shares closed at $259.24 on 6 Nov 2026.
Performance Over six months the shares gained 13.0%, against +2.2% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +11.2%); the operating margin is 16.6% (peer median 17.3%).
Valuation It trades at 10.6× forward earnings against a peer median of 13.6× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 78.5 points above its cost of capital (10.8% WACC).
Credit Expedia has 6 bonds outstanding ($5.50B), rated BBB by the agencies and trading like BBB at a weighted spread of 103 bp.
Short interest Short interest is 7.0% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $15.7B | $14.7B | $13.7B | $12.8B | $11.7B |
| Revenue growth | — | +8% | +7% | +10% | — |
| Gross profit | $13.3B | $12.4B | $11.4B | $10.5B | $9.22B |
| EBITDA | $3.51B | $2.87B | $2.38B | $2.27B | $1.96B |
| Net income | $2.04B | $1.29B | $1.23B | $797M | $352M |
| Free cash flow | $4.46B | $3.11B | $2.33B | $1.84B | $2.78B |
| Capital expenditure | $757M | $770M | $756M | $846M | $662M |
| Total debt | $5.68B | $6.48B | $6.59B | $6.63B | $6.63B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Expedia EXPE | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% |
| Booking BKNG | $119B | -3% | +8% | 34% | 13.6× | 7.0% |
| Airbnb ABNB | $114B | +34% | +14% | 21% | 30.7× | 26.0% |
| Trip.com Group Ltd. Sponsored ADR TCOM | $27.0B | -16% | +18% | 16% | 11.5× | -2.9% |
| TripAdvisor TRIP | $820M | -38% | -4% | 5% | 10.1× | -6.6% |
| MakeMyTrip MMYT | $4.81B | +7% | +5% | 15% | 41.2× | 18.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EXPE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | +6.4% | 5th lowest of 21 |
| 6-month return | +13.0% | +2.2% | 10th highest of 21 |
| Distance from 52-week high | -24.2% | -17.9% | 8th lowest of 21 |
| Revenue growth (TTM) | +12.0% | +11.2% | 11th highest of 21 |
| Operating margin | 16.6% | 17.3% | 10th lowest of 21 |
| Forward P/E | 10.6× | 13.6× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -0.3% | 4.6% | 7th least demanding of 18 |
| Growth delivered (Del g) | +23.2% | +16.6% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | -23.4 pp | -20.3 pp | 6th least demanding of 18 |
| ROIC minus cost of capital | +78.5 pp | +6.4 pp | 2nd highest of 19 |
| EV / EBITDA | 8.4× | 12.0× | 6th cheapest of 19 |
| Net debt / EBITDA | -1.1× | 0.8× | 6th least indebted of 19 |
| Bond spread | 103 bp | 121 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Expedia EXPE | United States | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% | +23.2% |
| Trip.com-s 9961.HK | Hong Kong | $29.0B | -17% | +18% | 16% | 12.6× | 4.6% | +26.9% |
| Life Time LTH | United States | $10.6B | +48% | +13% | 17% | 26.7× | n/a | n/a |
| Service Corporation International SCI | United States | $10.0B | -5% | +3% | 22% | 17.5× | 3.4% | +4.2% |
| New Oriental Education & Technology 9901.HK | Hong Kong | $7.58B | -3% | +21% | 12% | 12.8× | -16.4% | +5.9% |
| Andersen ANDG | United States | $7.34B | +78% | +18% | 14% | 32.4× | 29.0% | +18.0% |
| Booking BKNG | United States | $119B | -3% | +8% | 34% | 13.6× | 7.0% | +31.7% |
| H&R Block HRB | United States | $6.45B | +43% | +5% | 24% | 8.4× | -15.4% | +2.9% |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| Kakaku.com 2371.T | Japan | $4.63B | +42% | +17% | 27% | 31.3× | 4.6% | +13.0% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Tui TUI1.DE | Germany | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% | +24.9% |
| Indian Railway Catering & Tourism IRCTC.NS | India | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% | +46.4% |
| Marriott Vacations Worldwide VAC | United States | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% | +11.8% |
| Covista CVSA | United States | $3.67B | -18% | +9% | 20% | 12.0× | -3.7% | +16.6% |
| Jet2 JET2.L | United Kingdom | $3.61B | +34% | +4% | 6% | 11.1× | n/a | n/a |
| Tongcheng Travel 0780.HK | Hong Kong | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% | +25.8% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
Expedia has 6 bonds outstanding with $5.50B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.65%, a spread of 103 bp over government bonds.