Expedia Group, Inc.EXPE
Expedia Group, Inc. Segments Disclosure
Segment Information
We have the following reportable segments: B2C, B2B, and trivago. Our B2C segment provides a full range of travel and advertising services to our worldwide customers primarily through our three flagship brands, Expedia, Hotels.com and Vrbo. Our B2B segment fuels a wide range of travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management and financial institutions, who leverage our leading travel technology and tap into our diverse supply to augment their offerings and market Expedia Group rates and availabilities to their travelers. Our trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its hotel metasearch websites.
Our chief operating decision makers ("CODMs") are our Chief Executive Officer and our Chairman. We determined our operating segments based on how our chief operating decision makers manage our business, make operating decisions and evaluate operating performance. Our primary operating metric is Adjusted EBITDA. Adjusted EBITDA for our B2C and B2B segments includes allocations of certain expenses, primarily related to our global travel supply organization and the majority of costs from our product and technology platform, as well as facility costs and the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue. We base the allocations primarily on transaction volumes and other usage metrics. We do not allocate certain shared expenses such as accounting, human resources, certain information technology and legal to our reportable segments. We include these expenses in Corporate and Eliminations. Our allocation methodology is periodically evaluated and may change.
Our CODMs use Adjusted EBITDA to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODMs consider budget-to-actual variances on a monthly basis using Adjusted EBITDA when making decisions about allocating capital and personnel to the segments. The CODMs also use Adjusted EBITDA to assess the performance for each segment and in the compensation of certain employees.
Our segment disclosure includes intersegment revenues, which primarily consist of advertising and media services provided by our trivago segment to our B2C segment. These intersegment transactions are recorded by each segment at amounts that approximate fair value as if the transactions were between third parties, and therefore, impact segment performance. However, the revenue and corresponding expense are eliminated in consolidation. The elimination of such intersegment transactions is included within Corporate and Eliminations in the table below.
Corporate and Eliminations also includes unallocated corporate functions and expenses. In addition, we record amortization of intangible assets and any related impairment, as well as stock-based compensation expense, restructuring and related reorganization charges, legal reserves, occupancy tax and other, and other items excluded from segment operating performance in Corporate and Eliminations. Such amounts are detailed in our segment reconciliation below.
The following tables present our segment information for 2025, 2024 and 2023. As a significant portion of our property and equipment is not allocated to our operating segments and depreciation is not included in our segment measure, we do not report the assets by segment as it would not be meaningful. We do not regularly provide such information to our chief operating decision makers.
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||
| B2C | B2B | trivago | Corporate & Eliminations | Total | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Third-party revenue | $ | 9,474 | $ | 4,842 | $ | 417 | $ | — | $ | 14,733 | |||||||||||||||||||
| Intersegment revenue | — | — | 205 | (205) | — | ||||||||||||||||||||||||
| Revenue | $ | 9,474 | $ | 4,842 | $ | 622 | $ | (205) | $ | 14,733 | |||||||||||||||||||
Less: (1) | |||||||||||||||||||||||||||||
| Cost of revenue | 1,306 | 111 | 22 | ||||||||||||||||||||||||||
| Selling and marketing - direct | 4,086 | 2,982 | 486 | (205) | |||||||||||||||||||||||||
Other segment items (2) | 1,284 | 492 | 94 | 574 | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,798 | $ | 1,257 | $ | 20 | $ | (574) | $ | 3,501 | |||||||||||||||||||
| Depreciation | (536) | (191) | (5) | (115) | (847) | ||||||||||||||||||||||||
| Amortization of intangible assets | — | — | — | (40) | (40) | ||||||||||||||||||||||||
| Stock-based compensation | — | — | — | (398) | (398) | ||||||||||||||||||||||||
| Legal reserves, occupancy tax and other | — | — | — | (185) | (185) | ||||||||||||||||||||||||
| Restructuring and related reorganization charges, excluding stock-based compensation | — | — | — | (100) | (100) | ||||||||||||||||||||||||
| Realized (gain) loss on revenue hedges | (22) | (38) | — | — | (60) | ||||||||||||||||||||||||
| Operating income (loss) | $ | 2,240 | $ | 1,028 | $ | 15 | $ | (1,412) | 1,871 | ||||||||||||||||||||
| Other expense, net | (280) | ||||||||||||||||||||||||||||
| Income before income taxes | 1,591 | ||||||||||||||||||||||||||||
| Provision for income taxes | (290) | ||||||||||||||||||||||||||||
| Net income | 1,301 | ||||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | (7) | ||||||||||||||||||||||||||||
| Net income attributable to Expedia Group, Inc. | $ | 1,294 | |||||||||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||||||||
| B2C | B2B | trivago | Corporate & Eliminations | Total | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Third-party revenue | $ | 9,274 | $ | 4,102 | $ | 315 | $ | — | $ | 13,691 | |||||||||||||||||||
| Intersegment revenue | — | — | 184 | (184) | — | ||||||||||||||||||||||||
| Revenue | $ | 9,274 | $ | 4,102 | $ | 499 | $ | (184) | $ | 13,691 | |||||||||||||||||||
Less: (1) | |||||||||||||||||||||||||||||
| Cost of revenue | 1,296 | 117 | 16 | ||||||||||||||||||||||||||
| Selling and marketing - direct | 4,157 | 2,489 | 384 | (184) | |||||||||||||||||||||||||
Other segment items (2) | 1,387 | 468 | 88 | 539 | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,434 | $ | 1,028 | $ | 11 | $ | (539) | $ | 2,934 | |||||||||||||||||||
| Depreciation | (526) | (145) | (5) | (105) | (781) | ||||||||||||||||||||||||
| Amortization of intangible assets | — | — | — | (57) | (57) | ||||||||||||||||||||||||
| Impairment of intangible assets | — | — | — | (147) | (147) | ||||||||||||||||||||||||
| Stock-based compensation | — | — | — | (458) | (458) | ||||||||||||||||||||||||
| Legal reserves, occupancy tax and other | — | — | — | (118) | (118) | ||||||||||||||||||||||||
| Restructuring and related reorganization charges, excluding stock-based compensation | — | — | — | (72) | (72) | ||||||||||||||||||||||||
| Realized (gain) loss on revenue hedges | 22 | (4) | — | — | 18 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 1,930 | $ | 879 | $ | 6 | $ | (1,496) | 1,319 | ||||||||||||||||||||
| Other income, net | 223 | ||||||||||||||||||||||||||||
| Income before income taxes | 1,542 | ||||||||||||||||||||||||||||
| Provision for income taxes | (318) | ||||||||||||||||||||||||||||
| Net income | 1,224 | ||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interests | 10 | ||||||||||||||||||||||||||||
| Net income attributable to Expedia Group, Inc. | $ | 1,234 | |||||||||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||||||||
| B2C | B2B | trivago | Corporate & Eliminations | Total | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Third-party revenue | $ | 9,113 | $ | 3,388 | $ | 338 | $ | — | $ | 12,839 | |||||||||||||||||||
| Intersegment revenue | — | — | 187 | (187) | — | ||||||||||||||||||||||||
| Revenue | $ | 9,113 | $ | 3,388 | $ | 525 | $ | (187) | $ | 12,839 | |||||||||||||||||||
Less: (1) | |||||||||||||||||||||||||||||
| Cost of revenue | 1,375 | 163 | 17 | ||||||||||||||||||||||||||
| Selling and marketing - direct | 3,944 | 1,990 | 360 | (187) | |||||||||||||||||||||||||
Other segment items (2) | 1,469 | 437 | 92 | 499 | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,325 | $ | 798 | $ | 56 | $ | (499) | $ | 2,680 | |||||||||||||||||||
| Depreciation | (526) | (113) | (5) | (104) | (748) | ||||||||||||||||||||||||
| Amortization of intangible assets | — | — | — | (59) | (59) | ||||||||||||||||||||||||
| Impairment of goodwill | — | — | — | (297) | (297) | ||||||||||||||||||||||||
| Impairment of intangible assets | — | — | — | (129) | (129) | ||||||||||||||||||||||||
| Stock-based compensation | — | — | — | (413) | (413) | ||||||||||||||||||||||||
| Legal reserves, occupancy tax and other | — | — | — | (8) | (8) | ||||||||||||||||||||||||
| Realized (gain) loss on revenue hedges | 11 | (4) | — | — | 7 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 1,810 | $ | 681 | $ | 51 | $ | (1,509) | 1,033 | ||||||||||||||||||||
| Other expense, net | (15) | ||||||||||||||||||||||||||||
| Income before income taxes | 1,018 | ||||||||||||||||||||||||||||
| Provision for income taxes | (330) | ||||||||||||||||||||||||||||
| Net income | 688 | ||||||||||||||||||||||||||||
| Net loss attributable to non-controlling interests | 109 | ||||||||||||||||||||||||||||
| Net income attributable to Expedia Group, Inc. | $ | 797 | |||||||||||||||||||||||||||
___________________________________
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODMs, exclusive of stock-based compensation. Intersegment expenses are included within the amounts shown.
(2) Other segment items for each reportable segment primarily includes selling and marketing - indirect, technology and content and general and administrative expenses as well as the realized foreign currency gains or losses related to the forward contracts hedging a component of our net merchant lodging revenue for our B2C and B2B segments.
Revenue by Business Model and Service Type
The following table presents revenue by business model and service type for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Business Model | |||||||||||||||||
| Merchant | $ | 10,256 | $ | 9,439 | $ | 8,818 | |||||||||||
| Agency | 3,183 | 3,169 | 3,075 | ||||||||||||||
| Advertising, media and other | 1,294 | 1,083 | 946 | ||||||||||||||
Total revenue | $ | 14,733 | $ | 13,691 | $ | 12,839 | |||||||||||
| Service Type | |||||||||||||||||
| Lodging | $ | 11,752 | $ | 10,950 | $ | 10,264 | |||||||||||
| Air | 407 | 428 | 410 | ||||||||||||||
| Expedia Group ("EG") Advertising | 758 | 639 | 483 | ||||||||||||||
| trivago Advertising | 417 | 315 | 338 | ||||||||||||||
Other(1) | 1,399 | 1,359 | 1,344 | ||||||||||||||
Total revenue | $ | 14,733 | $ | 13,691 | $ | 12,839 | |||||||||||
___________________________________
(1)Other includes car rental, insurance, activities, and cruise, among other revenue streams, none of which are individually material.
Our B2C and B2B segments generate revenue from the merchant, agency and advertising, media and other business models as well as all service types. trivago segment revenue is generated through advertising and media.
Geographic Information
The following table presents revenue by geographic area, the United States and all other countries, based on the geographic location of our websites or points of sale with the exception of trivago, which has all been allocated to Germany, the location of its corporate headquarters, for the years ended December 31, 2025, 2024 and 2023. No sales to an individual country other than the United States accounted for more than 10% of revenue for the presented years.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Revenue | |||||||||||||||||
| United States | $ | 8,710 | $ | 8,372 | $ | 8,147 | |||||||||||
| All other countries | 6,023 | 5,319 | 4,692 | ||||||||||||||
| $ | 14,733 | $ | 13,691 | $ | 12,839 | ||||||||||||
The following table presents property and equipment, net for the United States and all other countries, as of December 31, 2025 and 2024:
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (In millions) | |||||||||||
| Property and equipment, net | |||||||||||
| United States | $ | 2,390 | $ | 2,355 | |||||||
| All other countries | 57 | 58 | |||||||||
| $ | 2,447 | $ | 2,413 | ||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 10, 2017 | |
| 2015 | Feb 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.