Expedia Group, Inc. (EXPE)

Expedia Group, Inc. is a global online travel company operating a diversified marketplace connecting travelers, suppliers, and business partners through a portfolio of trusted brands, proprietary technology, and extensive first-party data. As of the end of 2025, the company offered approximately 3.6 million lodging properties (including roughly 2.4 million alternative accommodations via Vrbo), over 500 airlines, rental cars, cruises, insurance, and activities/experiences. Originally launched nearly 30 years ago as one of the first online travel agencies, Expedia Group has grown through strategic acquisitions and, since 2020, has operated under a unified "platform operating model" designed to improve efficiency, streamline marketing, and reduce organizational complexity; this included divesting Egencia in 2021 and unifying front-end technology stacks for Hotels.com, Vrbo, and Brand Expedia by 2023.

The company operates through three reportable segments: B2C, which includes core consumer brands Expedia, Hotels.com, and Vrbo, along with other brands like Orbitz, Travelocity, ebookers, and Wotif; B2B, which provides travel technology and supply access to airlines, travel agents, and corporate travel partners through tools like the Rapid API and Expedia TAAP; and trivago, a majority-owned hotel metasearch platform based in Germany. Expedia Group generates revenue primarily through merchant (70%), agency (22%), and advertising/media (8%) business models, and reported total revenue of $14.7 billion for fiscal year 2025. The company has invested heavily in AI to enhance product development, customer service, and marketing efficiency, and launched a unified loyalty program, One Key, across its core brands in the U.S. (2023), U.K. (2024), and additional global markets (2025).

Expedia Group estimates its share of the global travel market—valued at over $2 trillion in 2026 according to Phocuswright—remains in the single digits, representing substantial growth opportunity. The company faces intense competition from other OTAs, travel suppliers' direct booking channels, search and metasearch platforms, and emerging AI-driven travel tools. It maintains a significant intellectual property portfolio and is subject to a wide range of travel-specific and general business regulations globally, including consumer protection, data privacy, and short-term rental laws.

As of December 31, 2025, the company employed approximately 16,000 people across nearly 50 countries, with about half in technology roles, and maintains a dual-class stock structure under which Chairman Barry Diller and related parties hold Class B shares granting significant voting influence, subject to governance agreements and a 2021 litigation settlement imposing certain limitations on his family's board representation and voting power.