Expedia (EXPE) financial statements
Expedia reported revenue of $14.7B in fiscal 2025, up 5.9% a year over 9 years.
Net income was $1.3B and the operating margin 12.7%, against 5.3% in 2016.
Free cash flow was $3.1B, and the company returned $200M in dividends and $1.9B in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Expedia's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.8B | $10.1B | $11.2B | $12.1B | $5.2B | $8.6B | $11.7B | $12.8B | $13.7B | $14.7B |
| Cost of revenue | $1.6B | $1.8B | $2.0B | $2.2B | $1.6B | $1.5B | $1.7B | $1.6B | $1.4B | $1.5B |
| Gross profit | $7.2B | $8.3B | $9.3B | $9.9B | $3.5B | $7.1B | $10.0B | $11.3B | $12.2B | $13.3B |
| Selling, general and admin | $5.0B | $6.0B | $6.5B | $6.9B | $3.1B | $4.2B | $6.2B | $6.9B | $7.7B | $8.1B |
| Operating income | $462M | $625M | $714M | $903M | -$2.7B | $186M | $1.1B | $1.0B | $1.3B | $1.9B |
| Interest expense | $173M | $182M | $190M | $173M | $360M | $351M | $277M | $245M | $246M | $299M |
| Pre-tax income | $277M | $417M | $485M | $775M | -$3.2B | -$38M | $538M | $1.0B | $1.5B | $1.6B |
| Income tax | $16M | $45M | $87M | $203M | -$423M | -$53M | $195M | $330M | $318M | $290M |
| Net income | $282M | $378M | $406M | $565M | -$2.6B | $12M | $352M | $797M | $1.2B | $1.3B |
| EPS (diluted) | $1.82 | $2.42 | $2.65 | $3.77 | -$19.00 | -$1.80 | $2.17 | $5.31 | $8.95 | $9.81 |
| Diluted shares | 155M | 156M | 153M | 150M | 141M | 150M | 162M | 150M | 138M | 132M |
| Gross margin | 81.8% | 82.5% | 82.5% | 82.1% | 68.3% | 82.3% | 85.8% | 87.7% | 89.5% | 90.1% |
| Operating margin | 5.3% | 6.2% | 6.4% | 7.5% | -52.3% | 2.2% | 9.3% | 8.0% | 9.6% | 12.7% |
| Net margin | 3.2% | 3.8% | 3.6% | 4.7% | -50.2% | 0.1% | 3.0% | 6.2% | 9.0% | 8.8% |
Balance sheet
Fiscal years, from Expedia's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.9B | $3.3B | $2.5B | $3.8B | $3.4B | $4.3B | $4.1B | $4.3B | $4.5B | $5.7B |
| Receivables | $1.3B | $1.9B | $2.2B | $2.5B | $701M | $1.3B | $2.1B | $2.8B | $3.2B | $4.2B |
| Total current assets | $3.5B | $5.5B | $5.2B | $7.7B | $5.6B | $8.2B | $8.8B | $9.2B | $9.8B | $12.2B |
| Property, plant and equipment | $1.4B | $1.6B | $1.9B | $2.2B | $2.3B | $2.2B | $2.2B | $2.4B | $2.4B | $2.4B |
| Goodwill | $7.9B | $8.2B | $8.1B | $8.1B | $7.4B | $7.2B | $7.1B | $6.8B | $6.8B | $6.9B |
| Total assets | $15.8B | $18.5B | $18.0B | $21.4B | $18.7B | $21.5B | $21.6B | $21.6B | $22.4B | $24.5B |
| Total current liabilities | $6.1B | $7.9B | $8.1B | $10.7B | $5.4B | $9.4B | $10.8B | $11.8B | $13.6B | $16.7B |
| Long-term debt | $3.2B | $3.7B | $3.7B | $4.2B | $8.2B | $7.7B | $6.2B | $6.3B | $5.2B | $4.5B |
| Total liabilities | $10.1B | $12.4B | $12.4B | $15.9B | $15.7B | $18.0B | $17.8B | $18.9B | $19.6B | $21.9B |
| Shareholders' equity | $4.1B | $4.5B | $4.1B | $4.0B | $1.5B | $2.1B | $2.3B | $1.5B | $1.6B | $1.3B |
| Net debt | $1.4B | $1.4B | $1.3B | $1.6B | $4.9B | $4.3B | $2.1B | $2.0B | $2.1B | $748M |
Cash flow
Fiscal years, from Expedia's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $1.8B | $2.0B | $2.8B | -$3.8B | $3.7B | $3.4B | $2.7B | $3.1B | $3.9B |
| Capital spending | $749M | $710M | $878M | $1.2B | $797M | $673M | $662M | $846M | $756M | $770M |
| Free cash flow | $800M | $1.1B | $1.1B | $1.6B | -$4.6B | $3.1B | $2.8B | $1.8B | $2.3B | $3.1B |
| Stock-based compensation | $242M | $149M | $203M | $241M | $205M | $418M | $374M | $413M | $458M | $398M |
| Dividends paid | — | — | $186M | $195M | $48M | — | — | $0 | $0 | $200M |
| Share buybacks (net) | -$456M | -$312M | -$923M | -$743M | -$425M | -$165M | -$607M | -$2.1B | -$1.8B | -$1.9B |
| Net borrowing | $0 | $990M | -$500M | $1.2B | $3.2B | $258M | -$2.1B | $0 | $0 | -$1.0B |
| Free cash flow margin | 9.1% | 11.3% | 9.8% | 13.3% | -89.1% | 35.8% | 23.8% | 14.4% | 17.0% | 21.1% |
| Dividends per share | — | — | $1.22 | $1.30 | $0.34 | — | — | — | — | $1.52 |
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Open EXPE in InvestinglyQuestions
What was Expedia's revenue in 2025?
$14.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Expedia generate?
$3.1B in fiscal 2025 (operating cash flow minus capital spending).
From Expedia's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.