Expedia Group, Inc.

Expedia Group, Inc. is an American online travel company that operates a global marketplace connecting travelers with lodging, air, car rental, cruise, and activity suppliers through a portfolio of consumer brands and a fast-growing business-to-business technology platform, generating $14.7 billion in revenue on $119.6 billion in gross bookings in fiscal 2025. The company is one of the two largest online travel agencies in the world, alongside Booking Holdings, and its consumer brands — Expedia, Hotels.com, and Vrbo — are household names across English-speaking markets and beyond.

This is a story about an incumbent platform proving it can do two things at once: defend and modestly grow its consumer franchise while funding a genuine second act in B2B infrastructure. The thesis does not require Expedia to win the consumer internet's next chapter — it only requires the company to hold its ground in B2C, where it has quietly stabilized, and let B2B's compounding do the heavy lifting. The file turns on a single question: whether the B2B segment's growth and margin contribution can outrun the structural headwinds facing every traditional OTA as AI reshapes how people discover and book travel.