Expedia
EXPE · NasdaqTransportation Services · Fiscal year ends Dec 31
Expedia reported revenue of $14.7B in the fiscal year ended Dec 2025, up 7.6% from the year before. Operating income was $1.9B, an operating margin of 12.7%, and net income was $1.3B. Operating cash flow of $3.9B less capital expenditure of $770M left free cash flow of $3.1B. Net debt was $748M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.6B | $11.7B | $12.8B | $13.7B | $14.7B |
| Operating income | $186M | $1.1B | $1B | $1.3B | $1.9B |
| Interest expense | $351M | $277M | $245M | $246M | $299M |
| Pre-tax income | −$38M | $538M | $1B | $1.5B | $1.6B |
| Income tax | −$53M | $195M | $330M | $318M | $290M |
| Net income | $12M | $352M | $797M | $1.2B | $1.3B |
| Diluted EPS | −1.80 | 2.17 | 5.31 | 8.95 | 9.81 |
| Diluted shares | 150M | 162M | 150M | 138M | 132M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.1B | $4.1B | $4.2B | $4.2B | $5.4B |
| Receivables | $1.3B | $2.1B | $2.8B | $3.2B | $4.2B |
| Current assets | $8.2B | $8.8B | $9.2B | $9.8B | $12.2B |
| Net PP&E | $2.2B | $2.2B | $2.4B | $2.4B | $2.4B |
| Goodwill | $7.2B | $7.1B | $6.8B | $6.8B | $6.9B |
| Total assets | $21.5B | $21.6B | $21.6B | $22.4B | $24.5B |
| Deferred revenue | $166M | $163M | $164M | $164M | $163M |
| Current liabilities | $9.5B | $10.8B | $11.8B | $13.6B | $16.7B |
| Short-term debt | $735M | $0 | $0 | $1B | $1.7B |
| Long-term debt | $7.7B | $6.2B | $6.3B | $5.2B | $4.5B |
| Shareholders' equity | $2.1B | $2.3B | $1.5B | $1.6B | $1.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.7B | $3.4B | $2.7B | $3.1B | $3.9B |
| Capital expenditure | $673M | $662M | $846M | $756M | $770M |
| Free cash flow | $3.1B | $2.8B | $1.8B | $2.3B | $3.1B |
| Depreciation & amortisation | $814M | $792M | $807M | $838M | $887M |
| Stock-based compensation | $418M | $374M | $413M | $458M | $398M |
| Share buybacks | $165M | $607M | $2.1B | $1.8B | $1.9B |
| Dividends paid | – | – | $0 | $0 | $200M |
| Dividend per share | – | – | – | – | 1.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.7% | 10.0% | 6.6% | 7.6% |
| Operating income growth (YoY) | – | 483.3% | −4.8% | 27.7% | 41.8% |
| EPS growth (YoY) | – | – | 144.7% | 68.5% | 9.6% |
| Operating margin | 2.2% | 9.3% | 8.0% | 9.6% | 12.7% |
| Net margin | 0.1% | 3.0% | 6.2% | 9.0% | 8.8% |
| Return on equityBlank when equity is negative | 0.6% | 15.4% | 52.0% | 79.3% | 100.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.5% | 10.1% | 10.5% | 15.0% | 24.0% |
| Free cash flow margin | 35.8% | 23.8% | 14.4% | 17.0% | 21.1% |
| Cash conversion (CFO ÷ net income) | 312x | 9.77x | 3.38x | 2.50x | 3.00x |
| Receivable days | 54 | 65 | 79 | 86 | 103 |
| Interest cover | 0.53x | 3.92x | 4.22x | 5.36x | 6.26x |
| Debt ÷ equity | 4.11x | 2.73x | 4.08x | 4.02x | 4.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.3B | $2.1B | $2B | $2.1B | $748M |
| Current ratio | 0.87x | 0.82x | 0.78x | 0.72x | 0.73x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.