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Expedia vs Global Business Travel: revenue, profit, margins and growth compared

Expedia brought in $14.7B of revenue in fiscal 2025, Global Business Travel $2.7B in fiscal 2025. Revenue changed by +7.6% at Expedia and +12.2% at Global Business Travel on the year before, so Global Business Travel grew faster. Expedia kept 8.8% of its revenue as net profit, Global Business Travel 4.0%. Free cash flow was $3.1B at Expedia and $104M at Global Business Travel.

Side by side, latest fiscal year

EXPEGBTG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$14.7B$2.7B
Revenue growth+7.6%+12.2%
Net income$1.3B$109M
Net margin8.8%4.0%
Free cash flow$3.1B$104M
Free cash flow margin21.1%3.8%
Earnings per share (diluted)$9.81$0.22
Cash$5.4B$434M
Debt$6.2B$1.4B
Price to earnings26.943.2
Market value$30.2B$5B
Dividend yield0.61%n/a
Rank by revenue in sector#90 of 778 · Consumer discretionary#309 of 778 · Consumer discretionary

Over the years

Revenue
EXPE FY2018: $11.2BEXPE FY2019: $12.1BEXPE FY2020: $5.2BEXPE FY2021: $8.6BEXPE FY2022: $11.7BEXPE FY2023: $12.8BEXPE FY2024: $13.7BEXPE FY2025: $14.7BGBTG FY2020: $0GBTG FY2020: $793MGBTG FY2021: $763MGBTG FY2022: $1.9BGBTG FY2023: $2.3BGBTG FY2024: $2.4BGBTG FY2025: $2.7BFY18FY19FY20FY21FY22FY23FY24FY25
EXPE $14.7BGBTG $2.7B
Net income
EXPE FY2018: $406MEXPE FY2019: $565MEXPE FY2020: -$2.6BEXPE FY2021: $12MEXPE FY2022: $352MEXPE FY2023: $797MEXPE FY2024: $1.2BEXPE FY2025: $1.3BGBTG FY2020: -$1.9KGBTG FY2020: -$19.6MGBTG FY2021: $6.2MGBTG FY2022: -$25MGBTG FY2023: -$63MGBTG FY2024: -$138MGBTG FY2025: $109MFY18FY19FY20FY21FY22FY23FY24FY25
EXPE $1.3BGBTG $109M
Net margin
EXPE FY2018: 3.6%EXPE FY2019: 4.7%EXPE FY2020: -50.2%EXPE FY2021: 0.1%EXPE FY2022: 3.0%EXPE FY2023: 6.2%EXPE FY2024: 9.0%EXPE FY2025: 8.8%GBTG FY2020: -2.5%GBTG FY2021: 0.8%GBTG FY2022: -1.4%GBTG FY2023: -2.8%GBTG FY2024: -5.7%GBTG FY2025: 4.0%FY18FY19FY20FY21FY22FY23FY24FY25
EXPE 8.8%GBTG 4.0%
Revenue growth
EXPE FY2019: +7.5%EXPE FY2020: -56.9%EXPE FY2021: +65.4%EXPE FY2022: +35.7%EXPE FY2023: +10.0%EXPE FY2024: +6.6%EXPE FY2025: +7.6%GBTG FY2021: -3.8%GBTG FY2022: +142.6%GBTG FY2023: +23.7%GBTG FY2024: +5.8%GBTG FY2025: +12.2%FY19FY20FY21FY22FY23FY24FY25
EXPE +7.6%GBTG +12.2%
Free cash flow
EXPE FY2018: $1.1BEXPE FY2019: $1.6BEXPE FY2020: -$4.6BEXPE FY2021: $3.1BEXPE FY2022: $2.8BEXPE FY2023: $1.8BEXPE FY2024: $2.3BEXPE FY2025: $3.1BGBTG FY2020: -$297MGBTG FY2021: -$556MGBTG FY2022: -$488MGBTG FY2023: $49MGBTG FY2024: $165MGBTG FY2025: $104MFY18FY19FY20FY21FY22FY23FY24FY25
EXPE $3.1BGBTG $104M

Fiscal years as each company reports them; the two may end in different months.

Questions about Expedia and Global Business Travel

Which is bigger by revenue, Expedia or Global Business Travel?

Expedia is bigger by revenue: $14.7B in fiscal 2025, against $2.7B for Global Business Travel in fiscal 2025.

Which keeps more of its revenue as profit, Expedia or Global Business Travel?

Expedia had a net margin of 8.8% in fiscal 2025; Global Business Travel had 4.0% in fiscal 2025.

Which grew revenue faster, Expedia or Global Business Travel?

In their latest fiscal years revenue changed by +7.6% at Expedia and +12.2% at Global Business Travel.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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