Expedia Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Expedia Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,774	10,060	11,223	12,067	5,199	8,598	11,667	12,839	13,691	14,733
Cost of revenue	1,597	1,757	1,965	2,163	1,649	1,522	1,657	1,573	1,443	1,456
Gross profit	7,177	8,303	9,258	9,904	3,550	7,076	10,010	11,266	12,248	13,277
Selling and marketing	4,367	5,298	5,721	6,060	2,527	3,499	5,428	6,107	6,846	7,349
General and administrative	678	676	774	807	589	705	748	771	805	765
Operating income	462	625	714	903	-2,719	186	1,085	1,033	1,319	1,871
Interest expense	173	182	190	173	360	351	277	245	246	299
Interest income	20	34	71	59	18	9	60	207	235	255
Other non-operating income	-185	-208	-229	-128	-432	-224	-547	-15	223	-280
Pre-tax income	277	417	485	775	-3,151	-38	538	1,018	1,542	1,591
Income tax	16	45	87	203	-423	-53	195	330	318	290
Net income to minority interests	-21	-6	-8	7	-116	3	-9	-109	-10	7
Net income	282	378	406	565	-2,612	12	352	797	1,234	1,294
EBITDA	939	1,239	1,673	1,813	-1,826	1,000	1,877	1,840	2,157	2,758
EPS, basic	1.87	2.49	2.71	3.84	-19.00	-1.80	2.24	5.50	9.39	10.32
EPS, diluted	1.82	2.42	2.65	3.77	-19.00	-1.80	2.17	5.31	8.95	9.81
Shares, basic (weighted)	150	152	150	147	141	150	157	145	131	125
Shares, diluted (weighted)	155	156	153	150	141	150	162	150	138	132
Dividend per share	1.00	1.16	1.24	1.32	0.34					1.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,797	2,847	2,443	3,315	3,363	4,111	4,096	4,225	4,183	5,413
Short-term investments	72.3	468	28	526	24	200	48	28	300	320
Receivables	1,343	1,866	2,151	2,524	701	1,264	2,078	2,786	3,213	4,166
Other current assets	200	269	292	521	654	827	774	708	689	699
Total current assets	3,450	5,540	5,197	7,735	5,634	8,181	8,791	9,230	9,815	12,199
Property, plant and equipment	1,395	1,575	1,877	2,198	2,257	2,180	2,210	2,359	2,413	2,447
Lease right-of-use assets			0	611	574	407	363	357	305	296
Goodwill	7,942	8,229	8,120	8,127	7,380	7,171	7,143	6,849	6,844	6,872
Intangible assets	2,447	2,309	1,992	1,804	1,515	1,393	1,209	1,023	817	819
Long-term investments									202	280
Total assets	15,778	18,516	18,033	21,416	18,690	21,548	21,561	21,642	22,388	24,452
Accrued liabilities	1,091	1,265	808	1,050	979	824	787	752	766	1,027
Deferred revenue	283	326	364	321	172	166	163	164	164	163
Short-term debt	0	500	0	749	0	735	0	0	1,043	1,692
Total current liabilities	6,127	7,879	8,060	10,714	5,406	9,450	10,778	11,783	13,611	16,657
Long-term debt	3,159	3,749	3,717	4,189	8,216	7,715	6,240	6,253	5,223	4,469
Lease liabilities			0	532	513	360	312	314	265	254
Other non-current liabilities	313	408	506	389	462	413	451	473	471	505
Total liabilities	10,085	12,387	12,382	15,880	15,686	17,996	17,833	18,856	19,589	21,905
Total debt	3,159	4,249	3,717	4,938	8,216	8,450	6,240	6,253	6,266	6,161
Paid-in capital	8,794	9,163	9,549	12,978	13,566	14,229	14,795	15,398	16,043	16,565
Retained earnings	129	331	517	879	-1,781	-1,761	-1,409	-632	602	1,696
Treasury stock	-4,511	-4,822	-5,742	-9,673	-10,097	-10,262	-10,869	-13,023	-14,856	-16,786
Other comprehensive income	-280	-149	-220	-217	-178	-149	-234	-209	-232	-191
Shareholders' equity	4,132	4,523	4,104	3,967	1,510	2,057	2,283	1,534	1,557	1,284
Total equity	5,693	6,129	5,651	5,536	3,004	3,552	3,728	2,786	2,799	2,547
Total liabilities and equity	15,778	18,516	18,033	21,416	18,690	21,548	21,561	21,642	22,388	24,452
Shares outstanding					138	150	148	132	123	117

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	261	372	398	572	-2,728	15	343	688	1,224	1,301
Depreciation and amortization	477	614	959	910	893	814	792	807	838	887
Stock-based compensation	242	149	203	241	205	418	374	413	458	398
Deferred income tax	-14	-103	-308	-91	-488	-145	70	62	74	78
Change in receivables	-276	-456	-282	-368	1,781	-721	-838	-741	-467	-983
Cash from operations	1,549	1,845	1,975	2,767	-3,834	3,748	3,440	2,690	3,085	3,880
Capital expenditures	-749	-710	-878	-1,160	-797	-673	-662	-846	-756	-770
Acquisitions	-1	-169	-53	80	0
Purchases of investments	-45	-1,811	-1,803	-1,346	-685	-201	-60	-28	-549	-628
Sales and maturities of investments		1,096	2,137	852	1,161	23	205	49	78	747
Cash from investing	-718	-1,581	-559	-1,553	-263	-931	-580	-800	-1,262	-531
Debt issued		990	0	1,231	3,945	1,964	0	0	0	985
Debt repaid	0	0	-500	0	-750	-1,706	-2,141	0	0	-1,044
Stock issued	128	213	149	284	301	476	98	60	67	12
Share buybacks	-456	-312	-923	-743	-425	-165	-607	-2,137	-1,839	-1,930
Dividends paid	-150	-176	-186	-195	-48			0	0	-200
Cash from financing	-691	688	-1,489	175	4,077	-973	-2,624	-2,096	-1,745	-2,136
Exchange rate effect	-35	147	-139	3	61	-177	-190	16	-165	189
Net change in cash	105	1,099	-212	1,392	41	1,667	46	-190	-87	1,402
Free cash flow	800	1,135	1,097	1,607	-4,631	3,075	2,778	1,844	2,329	3,110
Interest paid	154	163	196	157	313	342	291	231	231	213
Income taxes paid	124	174	282	304	108	74	102	281	184	218

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $264.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	90.4%	Gross profit / revenue.
Operating margin	16.0%	Operating income / revenue.
EBITDA margin	21.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.5%	Pre-tax income / revenue.
Net margin	13.0%	Net income / revenue.
FCF margin	28.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.2%	Cash from operations / revenue.
Effective tax rate	16.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	168.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.0%	Net income / average total assets.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	30.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	41.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	27.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	4.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	54.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	9.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	65.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	25.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	33.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	36.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-17.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Debt / equity	4.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.8%	Total debt / total assets.
Liabilities / assets	91.5%	Total liabilities / total assets.
Net debt	-$1.67B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.49x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.06x	Operating income / interest expense.
Working capital	-$4.05B	Current assets - current liabilities.
Goodwill and intangibles / assets	27.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$6.69B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	6.44x	Revenue / average property, plant and equipment.
Receivables turnover	2.72x	Revenue / average receivables.
Days sales outstanding	134 days	365 x average receivables / revenue.
FCF conversion	219.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$128.11	Revenue / diluted weighted shares.
FCF per share	$36.38	Free cash flow / diluted weighted shares.
Operating cash flow per share	$42.56	Cash from operations / diluted weighted shares.
Book value per share	$10.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$58.47	Tangible book value / shares outstanding.
Cash per share	$62.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	10.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	4.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	43.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$30.25B	Share price x shares outstanding.
Enterprise value	$28.58B	Market cap + total debt - cash - short-term investments.
P/E	14.9x	Market cap / net income. Only when net income is positive.
P/S	1.93x	Market cap / revenue.
P/B	25.0x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	6.78x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.80x	Market cap / cash from operations, when positive.
EV/Sales	1.82x	Enterprise value / revenue.
EV/EBIT	11.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.39x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.41x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.7%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	7.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.23x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Expedia Group, Inc.'s revenue in fiscal 2025?

Expedia Group, Inc. reported revenue of $14.73B for fiscal 2025, 7.6% higher than the year before.

Was Expedia Group, Inc. profitable in fiscal 2025?

Yes. Net income was $1.29B, a net margin of 8.8%.

How much free cash flow did Expedia Group, Inc. generate in fiscal 2025?

Cash from operations of $3.88B minus capital expenditures of $770.0M left free cash flow of $3.11B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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