Exploring Expedia Group, Inc. (EXPE) Investor Profile: Who’s Buying and Why?

You're looking at Expedia Group, Inc. and wondering why the smart money is piling in, so let me cut straight to it: institutional investors, who already own a staggering 90.76% of the stock, are defintely focused on the margin expansion and the explosive growth in the Business-to-Business (B2B) segment, not just the overall travel rebound. Do you realize the company just posted a Q3 2025 revenue of $4.41 billion and crushed expectations with an adjusted earnings per share (EPS) of $7.57? That kind of beat is not accidental; it's driven by the B2B gross bookings, which surged by an impressive 26% year-over-year, showing their platform strategy is finally paying off. Plus, when you see firms like Wellington Management Group LLP increase their stake by nearly 25,000% in the third quarter, or Norges Bank drop over $663 million on a new position, you know they are betting on the management's ability to sustain that momentum and hit the analyst consensus for full-year 2025 EPS of around $12.28. The big question is, are you positioned to capitalize on the same operational efficiencies and strategic pivot that the market's largest players are buying into?

Who Invests in Expedia Group, Inc. (EXPE) and Why?

The investor profile for Expedia Group, Inc. (EXPE) is overwhelmingly institutional, meaning the stock is largely held by massive funds and professional money managers, not individual retail investors. This institutional dominance, which stood at roughly 90.76% of the stock as of late 2025, means the stock's movement is dictated by a few large, calculated decisions, not the whims of the crowd.

You see the big players-the mutual funds, the hedge funds, and the pension funds-making up the bulk of the ownership. The Vanguard Group, Inc., BlackRock, Inc., and State Street Corp are consistently among the largest shareholders, which tells you that a huge chunk of EXPE is held in passive index funds (investment vehicles designed to mirror the performance of a specific market index).

• Vanguard Group Inc. holds over 15.1 million shares as of Q3 2025.
• BlackRock, Inc. holds nearly 9.8 million shares.
• Hedge funds, like Windacre Partnership Llc, also hold significant positions.

The Core Investment Motivations: Growth and Capital Return

Investors are attracted to Expedia Group, Inc. for two clear reasons: its robust growth in strategic areas and its commitment to returning capital to shareholders. The company is defintely not a deep value play, but a growth-at-a-reasonable-price (GARP) story, especially given its attractive PEG ratio (Price/Earnings to Growth) of just 0.37, which suggests potential undervaluation relative to its earnings growth.

The real engine is the Business-to-Business (B2B) segment, which saw a revenue increase of 18% in the third quarter of 2025. This high-margin business, where Expedia Group, Inc. powers travel for other companies, is a key differentiator from competitors. Plus, the company is delivering on its promise of operational efficiency, with Adjusted EBITDA increasing by 16% in Q2 2025, demonstrating margin expansion of about 2 points.

Here's the quick math on shareholder returns: the company has been aggressively buying back shares, repurchasing $451 million in Q3 2025 alone. They also pay a solid quarterly dividend of $0.40 per share, which signals management's confidence in sustained cash flow.

• Growth Prospects: B2B and international revenue growth are the primary catalysts.
• Dividends: Consistent quarterly dividend of $0.40 per share.
• Market Position: Strong operational efficiency leading to margin expansion.

Investment Strategies in Play

The nature of the shareholder base dictates the common investment strategies. You see a clear split between passive, long-term holders and active, momentum-driven investors.

The massive holdings by Vanguard and BlackRock are textbook examples of long-term holding through passive investing. These funds buy and hold Expedia Group, Inc. because it's a large component of the S&P 500 and other major indices, making their strategy about market exposure, not stock picking. It's a set-it-and-forget-it approach, but with hundreds of billions of dollars. If you want a deeper dive into the balance sheet that supports this long-term view, you should check out Breaking Down Expedia Group, Inc. (EXPE) Financial Health: Key Insights for Investors.

On the flip side, the presence of hedge funds and the market reaction to earnings revisions point to momentum and active value investing. When Expedia Group, Inc. reported Q3 2025 Adjusted EPS of $7.57, beating the forecast of $6.53, momentum investors piled in, driving the stock price up. This is a classic short-term trading signal, capitalizing on the upward revision of fiscal 2025 earnings estimates.

What this estimate hides is the lingering softness in the U.S. consumer market, which active managers are watching closely. Still, the overall strategy for the active money is to bet on the continued success of the B2B platform and the effective cost management that is expanding margins, making it a clear growth play within the travel sector.

Institutional Ownership and Major Shareholders of Expedia Group, Inc. (EXPE)

You want to know who is really calling the shots at Expedia Group, Inc. (EXPE) and why their money movements matter. The short answer is: the institutions. With roughly 90.76% of the stock held by institutional investors-think massive mutual funds, pension funds, and endowments-their collective decisions are the primary driver of the stock's long-term trajectory and corporate strategy.

This level of concentration means you aren't just betting on the travel market; you're betting on the conviction of the world's largest money managers. For the 2025 fiscal year, this institutional confidence is buoyed by strong financial performance, including Q3 2025 revenue of $4.41 billion, which beat consensus estimates.

Top Institutional Investors and Their Stakes

When you look at the shareholder registry for Expedia Group, Inc., you see the titans of asset management dominating the list. These firms are primarily passive investors (meaning they track an index) or long-term strategic holders, and their sheer size gives them enormous sway.

As of the most recent filings (Q2 and Q3 2025), the largest institutional holders are exactly who you would expect. Here's the quick math on the top players and their approximate holdings:

Vanguard and BlackRock, Inc. are the foundational owners, largely through their index funds. They are defintely not going anywhere.

Recent Shifts: Who's Buying and Who's Selling?

The story of institutional ownership in Expedia Group, Inc. in late 2025 is one of high conviction overall, but with some tactical trimming. Total shares owned by institutions actually increased by 2.68% in the three months leading up to September 30, 2025, pushing the total institutional holding to over 142 million shares.

But, a deeper look at the third quarter shows some interesting, divergent strategies among the largest funds:

• The largest passive holders, like Vanguard Group and BlackRock, Inc., slightly decreased their stakes by 0.715% and 2.509%, respectively, in Q3 2025. This is often a sign of rebalancing, not a loss of faith.
• Conversely, J.P. Morgan Chase & Co. was a major buyer, increasing its position by a massive 34.254% in the same quarter, suggesting a strong bullish view on the near-term outlook.
• Smaller, more active funds like LSV Asset Management made huge bets, boosting their stake by 497.0% in Q2 2025.

This mixed activity signals that while the core index money is stable, active managers are still debating the company's valuation after a strong year that saw the stock price increase by over 35% from November 2024 to November 2025.

The Impact of Institutional Investors on Strategy and Stock

With nearly all the stock in institutional hands, these large investors play a critical role in two areas: stock stability and corporate governance. They act as a stabilizing force, reducing day-to-day volatility because they aren't trading on minor news. This is a good thing for individual investors who want a smoother ride.

More importantly, their influence shapes the company's long-term strategy, particularly in non-routine matters like the election of directors and executive compensation (often called say-on-pay). The increasing focus from these large shareholders is on Environmental, Social, and Governance (ESG) factors. They are pushing Expedia Group, Inc. to be more transparent on issues like:

• Diversity, equity, and inclusion (DEI).
• Human capital management.
• Data privacy and security.

This pressure ensures management's focus remains on long-term value creation, not just short-term gains, which aligns with the company's broader vision. You can read more about that here: Mission Statement, Vision, & Core Values of Expedia Group, Inc. (EXPE). Analysts are forecasting a strong finish to the year, with projected FY 2025 Earnings Per Share (EPS) at $12.28, a number that will keep these big investors happy.

Your next step is to monitor the Q4 2025 filings to see if the net accumulation trend continues. If the biggest index funds start selling more than 5% of their positions, that's a signal to watch closely.

Key Investors and Their Impact on Expedia Group, Inc. (EXPE)

The investor profile of Expedia Group, Inc. (EXPE) is overwhelmingly institutional, meaning large funds-not individual retail traders-drive the stock's major movements. Honestly, if you're looking at EXPE, you're tracking the whales, not the minnows.

Institutional investors and hedge funds own a staggering 90.76% of the company's stock, giving them near-total control over governance and strategic direction. This high concentration means company decisions, like capital allocation and executive changes, are defintely influenced by a few major players. The stock price, too, is more sensitive to large block trades and quarterly 13F disclosures from these firms than to retail sentiment.

The Passive Giants and Their Core Holdings

The largest shareholders are the passive investment behemoths, the ones who buy and hold the entire market. They are the bedrock of Expedia Group, Inc.'s ownership structure. These firms are not looking to change management; they are long-term index trackers, but their sheer size gives them immense voting power on proxy issues.

• Vanguard Group Inc.: Holds a massive stake, increasing its position in the second quarter of 2025 to 15,304,305 shares valued at approximately $2.58 billion.
• BlackRock, Inc.: Another top holder, BlackRock, Inc.'s presence solidifies the stock as a core component of major index and passively managed funds.
• State Street Corp: As a leading provider of exchange-traded funds (ETFs) and index funds, State Street Corp is also a significant long-term owner.

These passive giants provide stability, but they also pressure management for consistent, predictable financial returns, which often translates to a focus on buybacks and dividends.

Recent Moves: Momentum and New Money in 2025

The second quarter of the 2025 fiscal year saw some significant buying activity, suggesting a strong institutional conviction following the company's solid financial performance, including Q2 2025 revenue of $4.41 billion and adjusted EPS of $4.24. Korea Investment CORP, for example, grew its position by 55.1% to 177,934 shares valued at nearly $30 million in Q1 2025.

Here's the quick math on some of the notable Q2 2025 stake increases:

The massive increase by LSV Asset Management shows a clear value-oriented play, while the new, large positions from Norges Bank and Nuveen signal fresh confidence in Expedia Group, Inc.'s strategic direction. This institutional accumulation is a strong vote of confidence in the company's ability to hit the analyst consensus of $12.28 EPS for the full 2025 fiscal year.

Activist Influence and Capital Returns

While there hasn't been a major activist campaign in 2025, the shadow of past activism, notably from ValueAct Capital Management, still influences the company's focus. ValueAct's previous argument centered on reducing 'excess engineering costs' to boost margins. You can see the result in the 2025 capital allocation: management is actively returning capital to shareholders.

• Share Repurchases: Expedia Group, Inc. repurchased approximately 3.8 million shares for $627 million in Q2 2025 alone.
• Dividends: The company declared a quarterly dividend of $0.40 per share, payable in December 2025.

This aggressive capital return strategy-totaling $957 million in buybacks for the first half of 2025-is a direct response to investor demands for better capital efficiency, a common theme pushed by activist and large institutional holders alike. On the flip side, insider selling is something to watch; Director Craig A. Jacobson sold 3,000 shares for $814,650.00 in November 2025, a minor but notable move that you should track. For a deeper dive into the health of the balance sheet that supports these moves, check out Breaking Down Expedia Group, Inc. (EXPE) Financial Health: Key Insights for Investors.

Market Impact and Investor Sentiment

You're looking at Expedia Group, Inc. (EXPE) and trying to figure out if the big money is still in, and honestly, the answer is a resounding 'yes,' but with a few wrinkles. The sentiment from major shareholders is overwhelmingly positive, leaning toward a 'Moderate Buy' consensus from Wall Street analysts right now. The institutional conviction is incredibly high; roughly 90.76% of Expedia Group's stock is held by hedge funds and other institutional investors.

That kind of concentration tells you the market's heavy hitters see a long-term play here, defintely in the travel recovery and the company's platform strategy. This isn't a stock for the faint of heart, though, as the high institutional ownership means you need to pay close attention to their moves.

The Big Players Are Still Buying (Mostly)

When you peel back the institutional ownership (the 'smart money'), you see a mix of conviction and tactical adjustments. The largest holders, like Vanguard Group Inc., own a massive stake, holding 15,201,811 shares valued at approximately $2,555,424,000 as of the first quarter of 2025. BlackRock, Inc. is also a top holder, with 9,825,447 shares as of September 30, 2025.

But the real story is in the recent changes. Some funds are aggressively building positions, which signals a belief that the stock still has room to run. Here's the quick math on some significant buys from the first half of the 2025 fiscal year:

• JPMorgan Chase & Co. boosted its stake by 34.254%.
• AQR Capital Management LLC grew its position by a staggering 174.0%, acquiring an additional 917,192 shares.
• Cumberland Partners Ltd. increased its holdings by 241.6%, bringing their total to 41,160 shares, valued at about $6.94 million.

Still, you see some minor reductions from top holders like Vanguard and BlackRock, Inc. in the third quarter, which is just portfolio rebalancing, not a panic button. It's important to note that insider selling, like Director Craig A. Jacobson's sale of 3,000 shares for $814,650.00 in November 2025, is a small fraction of the total institutional buying.

Market Reactions to Earnings and Tech Threats

The stock market has been rewarding Expedia Group, Inc. for its strong operational execution in 2025. The most recent positive reaction came after the company beat its Q3 2025 earnings estimates. Expedia Group, Inc. reported $7.57 in Earnings Per Share (EPS), which handily beat the consensus estimate of $7.10, with revenue coming in at $4.41 billion.

This earnings beat triggered a wave of price target increases from analysts, which is a clear positive feedback loop for the stock price. But to be fair, the stock is also highly sensitive to competitive risks. For example, in November 2025, the stock lost nearly 8% in a single day following news of Google's new AI-enabled travel tools, a reminder that the travel tech landscape is brutal.

Analyst Views: Why Key Investors Are Sticking Around

The analysts I follow are maintaining a 'Moderate Buy' consensus, with an average price target hovering around $265.31 to $267.68. The key reason major institutional investors are holding and buying is the clear path to margin expansion and the strength of the B2B segment (Business-to-Business). You can see the full picture of their strategic direction in the Mission Statement, Vision, & Core Values of Expedia Group, Inc. (EXPE).

The strong Q3 results showed B2B segment growth accelerating to 26%, a huge driver. Management has also guided for a full-year 2025 EBITDA margin expansion of approximately 2 percentage points, a concrete sign of improved operational efficiency. Analysts are forecasting a full fiscal year 2025 EPS of $12.28, which justifies the higher valuations.

What this estimate hides, though, is the ongoing competition from Booking Holdings and Airbnb, plus the risk of a global economic slowdown impacting travel budgets. Still, the analyst community has been raising their targets, with some, like Evercore ISI, going as high as $350.00, reflecting strong confidence in the company's ability to execute its tech platform strategy and capture the rebound in travel demand.

Your next step should be to monitor the B2B growth rate and any further news on Google's competitive moves. If B2B growth slows below 20%, churn risk rises.