Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

The following table sets forth our outstanding debt:

	March 31, 2025		December 31, 2024
	(In millions)
6.25% senior notes due 2025	$	—	$	1,043
5.0% senior notes due 2026	749		749
0% convertible senior notes due 2026	997		996
4.625% senior notes due 2027	748		747
3.8% senior notes due 2028	997		997
3.25% senior notes due 2030	1,241		1,240
2.95% senior notes due 2031	494		494
5.4% senior notes due 2035	985		—
Total debt(1)	6,211		6,266
Current maturities of long-term debt	(1,746)		(1,043)
Long-term debt, excluding current maturities	$	4,465	$	5,223

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(1)Net of applicable discounts and debt issuance costs.

Senior and Convertible Notes

Redemption of 6.25% Notes. In February 2025, we early redeemed all of our approximately $1 billion senior unsecured notes that bore interest at 6.25% and were due in May 2025 (the “6.25% Notes”), which resulted in the recognition of an immaterial loss on debt extinguishment from the write-off of debt issuance costs during the first quarter of 2025. The redemption price for the 6.25% Notes was 100% of the aggregate principal amount thereof plus accrued and unpaid interest thereon through the redemption date of $18 million.

February 2025 Senior Notes Issuance. In February 2025, we issued $1 billion of registered senior unsecured notes bear interest at 5.4% and are due in February 2035 (the “5.4% Notes”). The 5.4% Notes were issued at a price of 99.316% of the aggregate principal amount. Interest is payable semi-annually in arrears in February and August of each year, beginning August 15, 2025. At any time prior to November 15, 2034, we may redeem some or all of the 5.4% Notes by paying a “make-whole” premium plus accrued and unpaid interest, if any. On or after November 15, 2034, we may redeem some or all of the 5.4% Notes at par plus accrued and unpaid interest, if any. The net proceeds from the issuance of the 5.4% Notes were approximately $985 million after deducting the discount and debt issuance costs.

For additional information about our $1 billion aggregate principal amount of unsecured 0% convertible senior notes due 2026 (the “Convertible Notes”) and our other outstanding senior notes (collectively the “Senior Notes”), see Note 7 – Debt of the Notes to Consolidated Financial Statements in our 2024 Form 10-K.

All of our outstanding Senior Notes are senior unsecured obligations issued by Expedia Group and guaranteed by certain domestic Expedia Group subsidiaries. The Senior Notes rank equally in right of payment with all of the existing and any future unsecured and unsubordinated obligations of Expedia Group and the guarantor subsidiaries. In addition, the Senior Notes include covenants that limit our ability to (i) create certain liens, (ii) enter into sale/leaseback transactions and (iii) merge or consolidate with or into another entity or transfer substantially all of our assets. The Senior Notes are redeemable in whole or in part, at the option of the holders thereof, upon the occurrence of certain change of control triggering events at a purchase price in cash equal to 101% of the principal plus accrued and unpaid interest. Accrued interest related to the Senior Notes was $27 million and $73 million as of March 31, 2025 and December 31, 2024.

Estimated Fair Value. The total estimated fair value of our Senior Notes was approximately $5.1 billion as of both March 31, 2025 and December 31, 2024. Additionally, the estimated fair value of the Convertible Notes was $987 million and $997 million as of March 31, 2025 and December 31, 2024. The fair value was determined based on quoted market prices in less active markets and is categorized accordingly as Level 2 in the fair value hierarchy.

Credit Facility

As of March 31, 2025, Expedia Group maintained a $2.5 billion revolving credit facility that matures in April 2027. As of March 31, 2025 and December 31, 2024, we had no revolving credit facility borrowings outstanding. Loans under the revolving credit facility bear interest at a rate equal to an index rate plus a margin (a) in the case of term benchmark loans, ranging from 1.00% to 1.75% per annum, depending on Expedia Group’s credit ratings, and (b) in the case of base rate loans, ranging from 0.00% to 0.75% per annum, depending on Expedia Group’s credit ratings. A fee is payable quarterly in respect of undrawn commitments under the revolving credit facility at a rate ranging from 0.10% to 0.25% per annum, depending on Expedia Group’s credit ratings. The terms of the revolving credit facility require Expedia Group to not exceed a specified maximum consolidated leverage ratio as of the end of each fiscal quarter.

The revolving credit facility has a $120 million letter of credit (“LOC”) sublimit, and the amount of LOCs issued under the facility reduced the credit amount available. Outstanding stand-by LOCs issued under the facility were $45 million as of both March 31, 2025 and December 31, 2024.