Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Operating Segment Information

The following tables present our segment information for the three and nine months ended September 30, 2025 and 2024. 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.


	Three months ended September 30, 2025
	B2C		B2B		trivago		Corporate & Eliminations		Total
	(In millions)
Third-party revenue	$	2,883	$	1,392	$	137	$	—	$	4,412
Intersegment revenue	—		—		57		(57)		—
Revenue	$	2,883	$	1,392	$	194	$	(57)	$	4,412
Less: (1)
Cost of revenue	347		18		6
Selling and marketing - direct	1,032		855		146		(57)
Other segment items (2)	330		117		25		144
Adjusted EBITDA	$	1,174	$	402	$	17	$	(144)	$	1,449
Depreciation	(135)		(49)		(2)		(29)		(215)
Amortization of intangible assets	—		—		—		(10)		(10)


Stock-based compensation	—		—		—		(90)		(90)
Legal reserves, occupancy tax and other	—		—		—		(86)		(86)
Restructuring and related reorganization charges, excluding stock-based compensation	—		—		—		(6)		(6)
Realized (gain) loss on revenue hedges	6		(12)		—		—		(6)
Operating income (loss)	$	1,045	$	341	$	15	$	(365)	1,036
Other expense, net									95
Income before income taxes									1,131
Provision for income taxes									(167)
Net income									964
Net loss attributable to non-controlling interests									(5)
Net income attributable to Expedia Group, Inc.									$	959


	Three months ended September 30, 2024
	B2C		B2B		trivago		Corporate & Eliminations		Total
	(In millions)
Third-party revenue	$	2,780	$	1,178	$	102	$	—	$	4,060
Intersegment revenue	—		—		58		(58)		—
Revenue	$	2,780	$	1,178	$	160	$	(58)	$	4,060
Less: (1)
Cost of revenue	359		21		5
Selling and marketing - direct	1,072		721		120		(58)
Other segment items (2)	321		98		21		130
Adjusted EBITDA	$	1,028	$	338	$	14	$	(130)	$	1,250
Depreciation	(133)		(37)		(1)		(26)		(197)
Amortization of intangible assets	—		—		—		(14)		(14)

Impairment of intangible assets	—		—		—		(33)		(33)
Stock-based compensation	—		—		—		(147)		(147)
Legal reserves, occupancy tax and other	—		—		—		(59)		(59)
Restructuring and related reorganization charges, excluding stock-based compensation	—		—		—		(6)		(6)
Realized (gain) loss on revenue hedges	(16)		(16)		—		—		(32)
Operating income (loss)	$	879	$	285	$	13	$	(415)	762
Other income, net									112
Income before income taxes									874
Provision for income taxes									(190)
Net income									684
Net loss attributable to non-controlling interests									—
Net income attributable to Expedia Group, Inc.									$	684


	Nine months ended September 30, 2025
	B2C		B2B		trivago		Corporate & Eliminations		Total
	(In millions)
Third-party revenue	$	7,318	$	3,548	$	320	$	—	$	11,186
Intersegment revenue	—		—		163		(163)		—
Revenue	$	7,318	$	3,548	$	483	$	(163)	$	11,186
Less: (1)
Cost of revenue	999		84		14		—
Selling and marketing - direct	3,239		2,184		393		(163)
Other segment items (2)	961		331		70		421
Adjusted EBITDA	$	2,119	$	949	$	6	$	(421)	$	2,653
Depreciation	(408)		(138)		(4)		(85)		(635)
Amortization of intangible assets	—		—		—		(32)		(32)


Stock-based compensation	—		—		—		(293)		(293)
Legal reserves, occupancy tax and other	—		—		—		(88)		(88)
Restructuring and related reorganization charges, excluding stock-based compensation	—		—		—		(73)		(73)
Realized (gain) loss on revenue hedges	(31)		(50)		—		—		(81)
Operating income (loss)	$	1,680	$	761	$	2	$	(992)	1,451
Other expense, net									(114)
Income before income taxes									1,337
Provision for income taxes									(248)
Net income									1,089
Net loss attributable to non-controlling interests									—
Net income attributable to Expedia Group, Inc.									$	1,089


	Nine months ended September 30, 2024
	B2C		B2B		trivago		Corporate & Eliminations		Total
	(In millions)
Third-party revenue	$	7,198	$	3,060	$	249	$	—	$	10,507
Intersegment revenue	—		—		149		(149)		—
Revenue	$	7,198	$	3,060	$	398	$	(149)	$	10,507
Less: (1)
Cost of revenue	997		87		13
Selling and marketing - direct	3,269		1,859		319		(149)
Other segment items (2)	1,035		341		66		379
Adjusted EBITDA	$	1,897	$	773	$	—	$	(379)	$	2,291
Depreciation	(395)		(104)		(4)		(79)		(582)
Amortization of intangible assets	—		—		—		(44)		(44)

Impairment of intangible assets	—		—		—		(33)		(33)
Stock-based compensation	—		—		—		(365)		(365)
Legal reserves, occupancy tax and other	—		—		—		(100)		(100)
Restructuring and related reorganization charges, excluding stock-based compensation	—		—		—		(64)		(64)
Realized (gain) loss on revenue hedges	5		(5)		—		—		—
Operating income (loss)	$	1,507	$	664	$	(4)	$	(1,064)	1,103
Other expense, net									104
Income before income taxes									1,207
Provision for income taxes									(284)
Net income									923
Net loss attributable to non-controlling interests									12
Net income attributable to Expedia Group, Inc.									$	935

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(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.

Schedule of Revenue by Services

The following table presents revenue by business model and service type:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(in millions)
Business Model:
Merchant	$	3,096	$	2,805	$	7,766	$	7,228
Agency	955		953		2,459		2,469
Advertising, media and other	361		302		961		810
Total revenue	$	4,412	$	4,060	$	11,186	$	10,507
Service Type:
Lodging	$	3,604	$	3,317	$	8,933	$	8,407
Air	101		104		313		330
EG Advertising(1)	194		167		550		464
trivago Advertising	137		102		320		249
Other(2)	376		370		1,070		1,057
Total revenue	$	4,412	$	4,060	$	11,186	$	10,507

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(1)Includes Expedia Group (“EG”) Advertising, which is responsible for generating advertising revenue on our global online travel brands.

(2)Other includes revenue from insurance, car rental, activities and cruise revenue, among other revenue streams, none of which are individually material.