Expedia Group (EXPE)
Runs consumer travel marketplaces and supplies booking technology and inventory to business partners.
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Expedia sells other people's hotel rooms. It runs the travel sites travelers know — Expedia, Hotels.com, Vrbo — and keeps a cut of every booking, with almost all of the money coming from places to sleep rather than from flights. The part growing hardest is the quiet one: supplying those same rooms to airlines, banks and apps that show their own brand on the screen.
Item facts: FY2025 · year ended December 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 15 more below
Brand Expedia
The full-service site — flights, hotels, cars, packages — and the technology Hotels.com and Vrbo now run on. Management calls it the group's fastest-growing brand. Watch whether it keeps pulling shoppers in directly instead of renting them from Google.
Competes with Booking.com (Booking Holdings) · Airbnb (Airbnb) · Google Hotels and Flights (Alphabet)
In plain English
Think of a giant travel counter that happens to be a website: you type in a city and some dates, and back come hotels, flights, rental cars and bundles of all three, none of it owned by Expedia.
Usually the traveler pays Expedia at the moment of booking and Expedia pays the hotel later, keeping the difference. Across the whole group that comes to roughly $120 billion of travel booked in a year, of which the company keeps about twelve cents on the dollar. The same website software now runs Hotels.com and Vrbo, so anything built here shows up across the family.
Hotels.com
The hotel-only site inside the group, sold on its rewards deal rather than on breadth. It runs on Brand Expedia's technology, so growth costs advertising, not engineers. Watch hotel chains pushing travelers to book with them direct instead.
Competes with Booking.com (Booking Holdings) · Agoda (Booking Holdings) · Bonvoy direct booking (Marriott)
In plain English
No flights, no rental cars, no cruises. Hotels.com does one thing: find somewhere to sleep, choosing from roughly a million hotels and other places to stay that the group's non-Vrbo brands carry.
So why use it instead of the bigger Expedia site? Loyalty. Points earned here can be spent across Expedia and Vrbo too, under the shared rewards scheme that is the brand's stated selling point. The money arrives the usual way — the traveler pays up front, the hotel is paid later, the gap is the revenue — but since the site borrows Expedia's technology, growing it costs advertising rather than engineers.
Vrbo
The whole-home side of the group — about 2.4 million bookable homes, concentrated in North American holiday markets. Owners increasingly fund the discounts: more than 40% of Q2 2026 bookings carried a partner-paid offer. Airbnb keeps adding monthly users while Expedia's count sat flat.
Competes with Airbnb home listings (Airbnb) · Booking.com homes (Booking Holdings) · Guesty channel manager (Guesty)
In plain English
Vrbo rents the whole place — a cabin, a beach house, an apartment — rather than a room in a hotel with strangers down the corridor. The people listing them are homeowners and the firms that manage holiday properties on their behalf.
The money works differently here than on the hotel side: the traveler pays a service fee on top of the rental, and travel insurance is often sold alongside. Lately the discounts are increasingly paid for by the property owners, so they cost Expedia nothing. The catch is rules — towns keep adding licences, minimum-stay requirements and caps on how many homes may be rented out.
Rapid API
Expedia's hotel supply, piped into other companies' apps and sites — Uber's in-app hotel booking runs on it. Management named it the biggest driver of growth in the partner business. Watch how hard those partners actually market it.
Competes with Hotelbeds APItude (HBX Group) · WebBeds hotel API (Webjet Group) · Priceline Partner Network (Booking Holdings)
In plain English
When you book a hotel inside an app that is not a travel site — a ride-hailing app, a bank's rewards page, an airline's website — someone behind the scenes has to supply the rooms, the prices and the payment. That someone is often Expedia.
Rapid is the socket a partner plugs into: the partner builds the screen the customer sees, Expedia provides the rooms and takes a cut. Uber's in-app hotel booking, scaling toward 700,000 properties, works this way, as does the rewards travel storefront of BMO, a Canadian bank. The pitch is simple — the partner keeps its customers and its brand, and does not have to sign up hotels itself.
TAAP and the White Label Travel Platform
Two ways a partner resells Expedia: a booking tool for travel agents who earn commission, and a ready-made travel website a brand can paint as its own. Both grew in the mid-teens in early 2026 — healthy, but slower than the partner business around them.
Competes with Affiliate Partner Programme (Booking Holdings) · Agency desktop (Sabre) · WebBeds trade brands (Webjet Group)
In plain English
Some companies want to sell travel without building a travel company. Two products answer that.
The first is a booking screen for travel agents — the human kind, who plan trips for other people. They book Expedia's hotels and earn a commission on each one. The second hands a brand an entire travel website, running on Expedia's technology but wearing the partner's colours; a bank launched exactly that for its rewards members in January 2026. Expedia earns on the room either way, and pays the partner its share when the guest actually stays.
CarTrawler
An Irish company that plugs car rental and airport transport into other travel brands, including more than 70 airlines. The deal completed on 1 September 2026, so it added nothing last year — and the car line it joins has been going backwards.
Competes with Rentalcars.com (Booking Holdings) · Car content distribution (Amadeus) · Car content distribution (Sabre)
In plain English
Book a flight on an airline's own site and you are usually offered a rental car on the next screen. CarTrawler is who sits behind that offer for a lot of airlines: it gathers hundreds of car-hire and ground-transport suppliers, hands the airline a ready-made car counter, and adds the insurance that goes with it.
Expedia agreed the purchase in May 2026 and finished it on 1 September. Expedia's own car revenue had been falling, and CarTrawler arrives with airline customers such as Ryanair, easyJet and American Airlines already signed. No price was announced.
EG Advertising
Hotels and airlines pay to appear higher up Expedia's own search results. $758M in FY2025, up 19% — growing faster than the booking business and unusually profitable, because the audience was already paid for.
Competes with Sponsored placements (Booking Holdings) · Google Hotel Ads (Alphabet) · Sponsored placements (Tripadvisor)
In plain English
Supermarket shelves have an expensive spot at eye level, and brands pay for it. Expedia sells the same thing on its own screens: a hotel bids to sit nearer the top of the results list and pays each time a traveler clicks.
Airlines can do it on flight results, and destinations and outside advertisers buy banner space. Because the visitors are already there — Expedia paid once to attract them for the booking business — the money advertisers hand over is unusually profitable. The risk is inherited from the sites themselves: fewer visitors means fewer clicks to sell.
trivago
The Düsseldorf price-comparison site Expedia owns most of. It sends shoppers on to booking sites for a fee: $417M in FY2025, up 33% and accelerating since — though that is recovery from a slump of its own making, and management has not mentioned it on a call in two years.
Competes with Kayak (Booking Holdings) · Google Hotels (Alphabet) · Price comparison (Tripadvisor)
In plain English
trivago does not sell you a hotel room. It shows you what the same room costs on several booking sites at once, and when you click through to one of them, that site pays trivago for sending you — a fee for the visit, not a cut of your stay.
Expedia owns most of it but not all: trivago has its own stock-market listing and its own board. The awkward part is that trivago's customers are the booking sites Expedia competes with, and Expedia's own brands are among the bidders. When those sites trim their advertising budgets, trivago feels it first.
Brand ExpediaThe full-service site — flights, hotels, cars, packages — and the technology Hotels.com and Vrbo now run on. Management calls it the group's fastest-growing brand. Watch whether it keeps pulling shoppers in directly instead of renting them from Google.The full-service site — flights, hotels, cars, packages — and the technology Hotels.com and Vrbo now run on. Management calls it the group's fastest-growing brand. Watch whether it keeps pulling shoppers in directly instead of renting them from Google.
In plain English
Think of a giant travel counter that happens to be a website: you type in a city and some dates, and back come hotels, flights, rental cars and bundles of all three, none of it owned by Expedia.
Usually the traveler pays Expedia at the moment of booking and Expedia pays the hotel later, keeping the difference. Across the whole group that comes to roughly $120 billion of travel booked in a year, of which the company keeps about twelve cents on the dollar. The same website software now runs Hotels.com and Vrbo, so anything built here shows up across the family.
Competes with Booking.com (Booking Holdings) · Airbnb (Airbnb) · Google Hotels and Flights (Alphabet)
Hotels.comThe hotel-only site inside the group, sold on its rewards deal rather than on breadth. It runs on Brand Expedia's technology, so growth costs advertising, not engineers. Watch hotel chains pushing travelers to book with them direct instead.The hotel-only site inside the group, sold on its rewards deal rather than on breadth. It runs on Brand Expedia's technology, so growth costs advertising, not engineers. Watch hotel chains pushing travelers to book with them direct instead.
In plain English
No flights, no rental cars, no cruises. Hotels.com does one thing: find somewhere to sleep, choosing from roughly a million hotels and other places to stay that the group's non-Vrbo brands carry.
So why use it instead of the bigger Expedia site? Loyalty. Points earned here can be spent across Expedia and Vrbo too, under the shared rewards scheme that is the brand's stated selling point. The money arrives the usual way — the traveler pays up front, the hotel is paid later, the gap is the revenue — but since the site borrows Expedia's technology, growing it costs advertising rather than engineers.
Competes with Booking.com (Booking Holdings) · Agoda (Booking Holdings) · Bonvoy direct booking (Marriott)
VrboThe whole-home side of the group — about 2.4 million bookable homes, concentrated in North American holiday markets. Owners increasingly fund the discounts: more than 40% of Q2 2026 bookings carried a partner-paid offer. Airbnb keeps adding monthly users while Expedia's count sat flat.The whole-home side of the group — about 2.4 million bookable homes, concentrated in North American holiday markets. Owners increasingly fund the discounts: more than 40% of Q2 2026 bookings carried a partner-paid offer. Airbnb keeps adding monthly users while Expedia's count sat flat.
In plain English
Vrbo rents the whole place — a cabin, a beach house, an apartment — rather than a room in a hotel with strangers down the corridor. The people listing them are homeowners and the firms that manage holiday properties on their behalf.
The money works differently here than on the hotel side: the traveler pays a service fee on top of the rental, and travel insurance is often sold alongside. Lately the discounts are increasingly paid for by the property owners, so they cost Expedia nothing. The catch is rules — towns keep adding licences, minimum-stay requirements and caps on how many homes may be rented out.
Competes with Airbnb home listings (Airbnb) · Booking.com homes (Booking Holdings) · Guesty channel manager (Guesty)
Rapid APIExpedia's hotel supply, piped into other companies' apps and sites — Uber's in-app hotel booking runs on it. Management named it the biggest driver of growth in the partner business. Watch how hard those partners actually market it.Expedia's hotel supply, piped into other companies' apps and sites — Uber's in-app hotel booking runs on it. Management named it the biggest driver of growth in the partner business. Watch how hard those partners actually market it.
In plain English
When you book a hotel inside an app that is not a travel site — a ride-hailing app, a bank's rewards page, an airline's website — someone behind the scenes has to supply the rooms, the prices and the payment. That someone is often Expedia.
Rapid is the socket a partner plugs into: the partner builds the screen the customer sees, Expedia provides the rooms and takes a cut. Uber's in-app hotel booking, scaling toward 700,000 properties, works this way, as does the rewards travel storefront of BMO, a Canadian bank. The pitch is simple — the partner keeps its customers and its brand, and does not have to sign up hotels itself.
Competes with Hotelbeds APItude (HBX Group) · WebBeds hotel API (Webjet Group) · Priceline Partner Network (Booking Holdings)
TAAP and the White Label Travel PlatformTwo ways a partner resells Expedia: a booking tool for travel agents who earn commission, and a ready-made travel website a brand can paint as its own. Both grew in the mid-teens in early 2026 — healthy, but slower than the partner business around them.Two ways a partner resells Expedia: a booking tool for travel agents who earn commission, and a ready-made travel website a brand can paint as its own. Both grew in the mid-teens in early 2026 — healthy, but slower than the partner business around them.
In plain English
Some companies want to sell travel without building a travel company. Two products answer that.
The first is a booking screen for travel agents — the human kind, who plan trips for other people. They book Expedia's hotels and earn a commission on each one. The second hands a brand an entire travel website, running on Expedia's technology but wearing the partner's colours; a bank launched exactly that for its rewards members in January 2026. Expedia earns on the room either way, and pays the partner its share when the guest actually stays.
Competes with Affiliate Partner Programme (Booking Holdings) · Agency desktop (Sabre) · WebBeds trade brands (Webjet Group)
CarTrawlerAn Irish company that plugs car rental and airport transport into other travel brands, including more than 70 airlines. The deal completed on 1 September 2026, so it added nothing last year — and the car line it joins has been going backwards.An Irish company that plugs car rental and airport transport into other travel brands, including more than 70 airlines. The deal completed on 1 September 2026, so it added nothing last year — and the car line it joins has been going backwards.
In plain English
Book a flight on an airline's own site and you are usually offered a rental car on the next screen. CarTrawler is who sits behind that offer for a lot of airlines: it gathers hundreds of car-hire and ground-transport suppliers, hands the airline a ready-made car counter, and adds the insurance that goes with it.
Expedia agreed the purchase in May 2026 and finished it on 1 September. Expedia's own car revenue had been falling, and CarTrawler arrives with airline customers such as Ryanair, easyJet and American Airlines already signed. No price was announced.
Competes with Rentalcars.com (Booking Holdings) · Car content distribution (Amadeus) · Car content distribution (Sabre)
EG AdvertisingHotels and airlines pay to appear higher up Expedia's own search results. $758M in FY2025, up 19% — growing faster than the booking business and unusually profitable, because the audience was already paid for.Hotels and airlines pay to appear higher up Expedia's own search results. $758M in FY2025, up 19% — growing faster than the booking business and unusually profitable, because the audience was already paid for.
In plain English
Supermarket shelves have an expensive spot at eye level, and brands pay for it. Expedia sells the same thing on its own screens: a hotel bids to sit nearer the top of the results list and pays each time a traveler clicks.
Airlines can do it on flight results, and destinations and outside advertisers buy banner space. Because the visitors are already there — Expedia paid once to attract them for the booking business — the money advertisers hand over is unusually profitable. The risk is inherited from the sites themselves: fewer visitors means fewer clicks to sell.
Competes with Sponsored placements (Booking Holdings) · Google Hotel Ads (Alphabet) · Sponsored placements (Tripadvisor)
trivagoThe Düsseldorf price-comparison site Expedia owns most of. It sends shoppers on to booking sites for a fee: $417M in FY2025, up 33% and accelerating since — though that is recovery from a slump of its own making, and management has not mentioned it on a call in two years.The Düsseldorf price-comparison site Expedia owns most of. It sends shoppers on to booking sites for a fee: $417M in FY2025, up 33% and accelerating since — though that is recovery from a slump of its own making, and management has not mentioned it on a call in two years.
In plain English
trivago does not sell you a hotel room. It shows you what the same room costs on several booking sites at once, and when you click through to one of them, that site pays trivago for sending you — a fee for the visit, not a cut of your stay.
Expedia owns most of it but not all: trivago has its own stock-market listing and its own board. The awkward part is that trivago's customers are the booking sites Expedia competes with, and Expedia's own brands are among the bidders. When those sites trim their advertising budgets, trivago feels it first.
Competes with Kayak (Booking Holdings) · Google Hotels (Alphabet) · Price comparison (Tripadvisor)
Named in filings, launches and programs
- One KeyCustomer programThe shared rewards scheme across Expedia, Hotels.com and Vrbo. No revenue of its own; the payoff is repeat visitors — two-thirds of consumer bookings come direct.
- Orbitz, Travelocity, ebookers and WotifBrandOlder booking sites the group still runs on minority marketing spend; together an estimated 5–9% of revenue.
- HotwireBrandUS site selling hotel rooms at hidden-name discount rates.
- FlightsProduct lineThe air counter attached to the lodging business: $407M of revenue in FY2025, down 5% — the only service line that shrank.
- Expedia packagesProduct lineFlight-plus-hotel bundles priced below the sum of their parts; Brand Expedia reported record rates of travelers adding one.
- TiqetsPlatformAmsterdam attractions-ticketing platform, agreed December 2025 and closed in early 2026, inside roughly $279M of purchases that quarter.
- LaylaProductBerlin AI trip-planning app with about 25 staff, bought July 2026; terms undisclosed.
- EscapiaProductSoftware holiday-rental managers use to run their properties; relaunched alongside Vrbo on 1 September 2026 with a new booking grid and a payments pilot.
- Optimized distributionServiceHelps hotels send their bulk-negotiated rates out only through channels they have approved, inside the partner business.
- Expedia Traveler PreferenceServiceLets each hotel choose whether Expedia collects the traveler's money at booking, or the hotel collects it itself.
- Uber hotel partnershipCustomer program · RampingExpedia is Uber's exclusive hotel partner from April 2026, scaling to more than 700,000 properties inside the Uber app.
- BMO AIR MILES and Blue RewardsCustomer programExclusive Canadian bank partnership; BMO's rewards travel storefront launched January 2026 running on Expedia supply.
- Amex GBT lodging supply agreementCustomer programA ten-year agreement signed in November 2021 to supply hotel rooms to corporate travel firm Amex Global Business Travel.
- Southwest, Ryanair and Allegiant air supplyCustomer programAirline supply deals added since February 2025; Allegiant in July 2026 made Expedia its first authorized online agency, completing US airline coverage.
- RomieProduct · AnnouncedAn in-house AI travel assistant raised by an analyst on a February 2025 call and not discussed by management since.
One KeyCustomer program
The shared rewards scheme across Expedia, Hotels.com and Vrbo. No revenue of its own; the payoff is repeat visitors — two-thirds of consumer bookings come direct.
Orbitz, Travelocity, ebookers and WotifBrand
Older booking sites the group still runs on minority marketing spend; together an estimated 5–9% of revenue.
HotwireBrand
US site selling hotel rooms at hidden-name discount rates.
FlightsProduct line
The air counter attached to the lodging business: $407M of revenue in FY2025, down 5% — the only service line that shrank.
Expedia packagesProduct line
Flight-plus-hotel bundles priced below the sum of their parts; Brand Expedia reported record rates of travelers adding one.
TiqetsPlatform
Amsterdam attractions-ticketing platform, agreed December 2025 and closed in early 2026, inside roughly $279M of purchases that quarter.
LaylaProduct
Berlin AI trip-planning app with about 25 staff, bought July 2026; terms undisclosed.
EscapiaProduct
Software holiday-rental managers use to run their properties; relaunched alongside Vrbo on 1 September 2026 with a new booking grid and a payments pilot.
Optimized distributionService
Helps hotels send their bulk-negotiated rates out only through channels they have approved, inside the partner business.
Expedia Traveler PreferenceService
Lets each hotel choose whether Expedia collects the traveler's money at booking, or the hotel collects it itself.
Uber hotel partnershipCustomer program · Ramping
Expedia is Uber's exclusive hotel partner from April 2026, scaling to more than 700,000 properties inside the Uber app.
BMO AIR MILES and Blue RewardsCustomer program
Exclusive Canadian bank partnership; BMO's rewards travel storefront launched January 2026 running on Expedia supply.
Amex GBT lodging supply agreementCustomer program
A ten-year agreement signed in November 2021 to supply hotel rooms to corporate travel firm Amex Global Business Travel.
Southwest, Ryanair and Allegiant air supplyCustomer program
Airline supply deals added since February 2025; Allegiant in July 2026 made Expedia its first authorized online agency, completing US airline coverage.
RomieProduct · Announced
An in-house AI travel assistant raised by an analyst on a February 2025 call and not discussed by management since.