# Expedia Group (EXPE) Forecast Calculator

Interactive five-year financial forecast and DCF for Expedia Group. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/expedia-group/forecast
- Industry: Consumer
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 12067000000 | 1607000000 | 1813000000 | 565000000 |
| 2022 | 5199000000 | -4631000000 | -1826000000 | -2612000000 |
| 2023 | 8598000000 | 3075000000 | 1000000000 | 12000000 |
| 2024 | 11667000000 | 2778000000 | 1877000000 | 352000000 |
| 2025 | 12839000000 | 1844000000 | 1840000000 | 797000000 |

## Frequently asked questions

### What does Expedia Group do?

Expedia Group is a leading global online travel agency (OTA) that provides travel products and services to leisure and corporate travellers. The company operates a comprehensive platform offering lodging, flights, rental cars, and activities through a portfolio of brands including Expedia, Hotels.com, and Vrbo.

### How does Expedia Group generate revenue?

Expedia Group generates revenue primarily through a Merchant model, where it acts as the merchant of record, and an Agency model, which is commission-based. Advertising also contributes to its revenue streams, supporting its asset-light business model.

### What is Expedia Group's capital expenditure strategy?

Expedia Group's capital expenditure is primarily growth-oriented, specifically for capitalised software development aimed at platform unification and AI/machine learning capabilities. Capex intensity is expected to remain stable or slightly decline as a percentage of revenue, following the completion of its multi-year tech stack migration.

### What is the significance of Expedia Group's negative working capital in its financial model?

Expedia Group benefits from structural negative working capital, a key advantage under its Merchant model. This allows the company to collect cash from travellers at the time of booking but defer payment to hotels until the stay occurs, creating a significant 'Deferred Merchant Bookings' liability that funds growth.

### What is the purpose of the downloadable Excel financial model for Expedia Group?

The downloadable Excel model for Expedia Group provides a comprehensive equity valuation and scenario planning tool. It enables analysts to forecast free cash flow generation by isolating the high-growth B2B segment from the mature B2C segment and quantifying the cash flow advantages of its negative working capital merchant model.

### What are the main business segments of Expedia Group?

Expedia Group's business is divided into three primary segments: B2C (Retail), which accounts for approximately 65% of revenue, and B2B, which accounts for roughly 30%. The remaining revenue is contributed by its metasearch brand, trivago.