Expedia Group, Inc. (EXPE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los viajes en línea, Expedia Group se erige como una potencia digital que transforma cómo millones de viajeros exploran, reservan y experimentan destinos globales. Al aprovechar un modelo de negocio sofisticado que integra perfectamente la tecnología, las asociaciones y las estrategias centradas en el cliente, Expedia ha revolucionado el panorama de la reserva de viajes, ofreciendo conveniencia incomparable y precios competitivos en múltiples plataformas y segmentos de clientes. Desde viajeros conscientes del presupuesto hasta entusiastas del lujo, el enfoque innovador de la compañía para los servicios de viajes digitales lo ha posicionado como líder del mercado en una industria cada vez más competitiva e impulsada por la tecnología.

Expedia Group, Inc. (EXPE) - Modelo de negocio: asociaciones clave

Agencias de viajes en línea (OTA)

Expedia Group mantiene asociaciones estratégicas con múltiples agencias de viajes en línea:

Socio OTA	Estado de propiedad	Detalles de la asociación
Booking.com	Subsidiaria de propiedad parcial	Plataforma de intercambio de inventario global
Hoteles.com	Subsidiaria totalmente de propiedad	Gestión de inventario directo
Vrbo	Subsidiaria totalmente de propiedad	Mercado de alquiler de vacaciones

Aerolíneas y asociaciones de cadenas hoteleras

Expedia Group colabora con extensos proveedores de viajes globales:

• Más de 500 socios de aerolíneas en todo el mundo
• Más de 700,000 propiedades del hotel a nivel mundial
• Acuerdos de distribución estratégica con las principales cadenas hoteleras que incluyen Marriott, Hilton, Intercontinental

Proveedores de tecnología y servicios en la nube

Socio tecnológico	Servicio proporcionado
Servicios web de Amazon (AWS)	Hosting de infraestructura en la nube
Microsoft Azure	Servicios de computación en la nube
Plataforma en la nube de Google	Tecnologías de nubes escalables

Redes del Sistema de Distribución Global (GDS)

Expedia mantiene asociaciones con redes GDS críticas:

• Corporación sable
• Grupo de It de Amadeus
• Travelport en todo el mundo

Plataformas de marketing y publicidad

Plataforma	Enfoque de asociación
Ads de Google	Marketing digital y adquisición de clientes
Publicidad de Facebook	Alcance de marketing en redes sociales
Tripadvisor	Revisión e integración de marketing

Expedia Group, Inc. (EXPE) - Modelo de negocio: actividades clave

Gestión de la plataforma de reserva de viajes en línea

Expedia administra múltiples plataformas de viajes en línea, incluidas Expedia.com, Hotels.com, VRBO, Orbitz, Travelocity y Hotwire. En 2023, la compañía procesó aproximadamente 394 millones de noches de habitación y generó $ 8.6 mil millones en reservas brutas a través de sus plataformas digitales.

Plataforma	Reservas anuales (2023)	Alcance del mercado
Expedia.com	$ 3.2 mil millones	Más de 180 países
Hoteles.com	$ 1.9 mil millones	Más de 150 países
Vrbo	$ 1.5 mil millones	Más de 190 países

Agregación y curación de inventario de viajes

Expedia mantiene asociaciones con más de 500,000 hoteles, 400 aerolíneas y 200 compañías de alquiler de automóviles a nivel mundial.

• Inventario del hotel: 1.5 millones de propiedades
• Listados de alquiler de vacaciones: 2 millones de propiedades
• Conexiones de la aerolínea: más de 470 portaaviones

Marketing digital y adquisición de clientes

En 2023, Expedia invirtió $ 1.2 mil millones en gastos de marketing, lo que representa el 14.5% de los ingresos totales.

Canal de marketing	Gasto	Costo de adquisición de clientes
Publicidad digital	$ 780 millones	$ 22 por cliente
Marketing de afiliados	$ 280 millones	$ 15 por cliente
Campañas de marca	$ 140 millones	$ 35 por cliente

Desarrollo de tecnología e innovación de plataforma

Expedia asignó $ 475 millones a la tecnología y el desarrollo de productos en 2023, lo que representa el 5.7% de los ingresos totales.

• Sistemas de recomendación con IA
• Algoritmos de predicción de precios de aprendizaje automático
• Desarrollo de aplicaciones móviles
• Inversiones de infraestructura en la nube

Servicio al cliente y operaciones de soporte

Expedia mantiene la atención al cliente 24/7 en 35 idiomas con 8,500 representantes de soporte.

Métrico de soporte	2023 rendimiento
Tiempo de respuesta promedio	12 minutos
Tasa de satisfacción del cliente	87%
Interacciones de soporte anual	42 millones

Expedia Group, Inc. (EXPE) - Modelo de negocio: recursos clave

Base de datos de inventario de viajes global extensa

A partir del cuarto trimestre de 2023, el inventario de viajes de Expedia Group incluye:

Categoría de inventario	Número de listados
Hoteles	2.2 millones de propiedades
Alquiler de vacaciones	Más de 500,000 casas únicas
Vuelos	500+ aerolíneas
Alquiler de autos	Más de 25,000 ubicaciones en todo el mundo

Tecnología avanzada y infraestructura de reserva

Detalles de la infraestructura tecnológica:

• Inversión tecnológica anual: $ 782 millones en 2023
• Infraestructura en la nube: plataforma 100% basada en la nube
• Procesamiento de plataformas de reserva: más de 750 millones de transacciones anuales

Cartera de marca fuerte

Composición de cartera de marca Expedia Group:

Marca	Enfoque del mercado	Alcance global
Expedia.com	Reserva de viajes en línea global	Más de 200 países
Hoteles.com	Reservas específicas del hotel	Más de 85 países
Vrbo	Mercado de alquiler de vacaciones	Más de 150 países

Capacidades de análisis de datos y personalización

Infraestructura de análisis de datos:

• Puntos de datos del cliente: 350 millones de usuarios activos
• Algoritmos de personalización: recomendaciones impulsadas por el aprendizaje automático
• Procesamiento de datos en tiempo real: 2.5 petabytes de datos de viaje diariamente

Equipos de tecnología estratégica y experiencia del cliente

Métricas de recursos humanos:

Categoría de equipo	Número de profesionales
Empleados tecnológicos	Más de 4,700 profesionales de tecnología
Personal de experiencia del cliente	Más de 3,200 representantes de atención al cliente
Equipo de ciencia de datos	Más de 650 científicos y analistas de datos

Expedia Group, Inc. (EXPE) - Modelo de negocio: propuestas de valor

Opciones integrales de reserva de viajes

Expedia Group ofrece reservas en múltiples categorías de viajes con una cartera de más de 20 marcas de viajes, incluidas Expedia.com, Hotels.com, VRBO y Orbitz. En 2022, la compañía procesó 142 millones de noches de habitación y $ 99 mil millones en reservas brutas.

Categoría de reserva	Volumen de reserva anual
Habitaciones de hotel	142 millones de noches de habitación
Alquiler de vacaciones	2.2 millones de propiedades en todo el mundo
Vuelos	Más de 500 aerolíneas representadas

Precios competitivos y oportunidades de descuento

Expedia ofrece una coincidencia de precios y ofrece un descuento promedio de 15-30% en varios servicios de viaje.

• Garantía de partido de precio en las reservas de hoteles
• Descuentos exclusivos de los miembros hasta el 30%
• Ahorros de paquetes en los paquetes de vuelo+hotel

Experiencia de reserva digital fácil de usar

Las plataformas móviles representan el 50% del tráfico digital total de Expedia, con 67 millones de usuarios activos mensuales en aplicaciones móviles.

Amplia gama de servicios de alojamiento y viaje

Categoría de servicio	Número de opciones
Propiedades del hotel	500,000+ en todo el mundo
Alquiler de vacaciones	2.2 millones de propiedades
Alquiler de autos	Más de 25,000 ubicaciones

Planificación integrada de planificación y reserva de viajes

La plataforma de Expedia Group procesa transacciones en más de 200 países y territorios, apoyando 43 idiomas y múltiples monedas.

• Plataforma de reserva de viajes únicos
• Experiencia de reserva de servicio cruzado sin costuras
• Precios y disponibilidad en tiempo real

Expedia Group, Inc. (EXPE) - Modelo de negocio: relaciones con los clientes

Plataformas digitales de autoservicio

Expedia Group opera múltiples plataformas digitales con 83.3 millones de usuarios activos mensuales en sus marcas. La compañía procesó 774 millones de visitas totales en 2022 a través de sus sitios web y aplicaciones móviles.

Plataforma	Usuarios activos mensuales	Transacciones anuales
Expedia.com	42.1 millones	365 millones de reservas
Hoteles.com	21.5 millones	187 millones de reservas
Vrbo	19.7 millones	222 millones de reservas

Atención al cliente en línea 24/7

Expedia proporciona atención al cliente multilingüe en 70 países con tiempos de respuesta con un promedio de 3-5 minutos durante las horas pico. La compañía mantiene una tasa de satisfacción del cliente del 87.6% a través de canales de soporte digital.

Motores de recomendación personalizados

El algoritmo de recomendación procesa 2.300 millones de puntos de datos de interacción del usuario anualmente, generando sugerencias de viaje personalizadas con una tasa de conversión del 68% para las ofertas recomendadas.

Programa de lealtad y sistema de recompensas

Detalles del programa	Métrica
Totales miembros	93.4 millones
Redención de puntos promedio	$ 287 por miembro
Recompensas anuales emitidas	$ 1.2 mil millones

Compromiso de aplicaciones móviles

Las plataformas móviles de Expedia representan el 57.4% del total de transacciones de reserva. Las descargas de aplicaciones móviles alcanzaron 62.1 millones en 2022 con una duración promedio de la sesión de usuario de 14.7 minutos.

• Tasa de conversión de reserva móvil: 42.3%
• Valor de transacción móvil promedio: $ 463
• Calificación de la tienda de aplicaciones: 4.6/5

Expedia Group, Inc. (EXPE) - Modelo de negocio: canales

Sitios web de la empresa y aplicaciones móviles

Expedia Group opera múltiples sitios web de marca con 74.3 millones de usuarios activos mensuales en todas las plataformas en 2023. Las propiedades digitales de la compañía incluyen:

Sitio web/aplicación	Usuarios activos mensuales	Visitantes únicos
Expedia.com	22.1 millones	43.6 millones
Hoteles.com	15.7 millones	31.4 millones
Vrbo	11.5 millones	23.2 millones

Plataformas de reserva de viajes en línea

Las plataformas en línea de Expedia Group procesaron $ 99.8 mil millones en reservas brutas en 2023, con:

• 87% de las reservas completadas a través de canales digitales
• Reservas móviles que representan el 62% del total de transacciones digitales
• Valor de reserva promedio de $ 1,243 por transacción

Sitios web de viajes de meta-búsqueda

A través de Trivago, Expedia Group gestiona:

Métrico	2023 datos
Visitantes totales	383 millones
Ingresos publicitarios	$ 567.3 millones

Campañas de marketing digital

Expedia Group invirtió $ 1.2 mil millones en gastos de marketing en 2023, con:

• 45% asignado al marketing de rendimiento
• 35% dedicado a las campañas de concientización de marca
• 20% centrado en la publicidad digital dirigida

Redes de marketing de afiliación

Rendimiento del canal de afiliados en 2023:

Red	Ingreso de referencia	Tarifa de comisión
Red de afiliados globales	$ 412.6 millones	4-12%
Plataformas de socios	$ 276.4 millones	3-8%

Expedia Group, Inc. (EXPE) - Modelo de negocio: segmentos de clientes

Viajeros de ocio

A partir del cuarto trimestre de 2023, Expedia Group sirvió aproximadamente 84.5 millones de visitantes únicos mensualmente en sus plataformas. Los viajeros de ocio representaban el 72% del volumen total de reservas.

Característica de segmento	Porcentaje
Viajeros de ocio domésticos	62%
Viajeros internacionales de ocio	38%

Profesionales de negocios

Las reservas de viajes corporativos representaron el 28% de los ingresos totales de reserva de Expedia en 2023, con un valor de transacción promedio de $ 1,247.

• Tasa de crecimiento del segmento de viajes de negocios: 17.3% año tras año
• Duración promedio de viaje de negocios: 3.6 noches

Consumidores conscientes del presupuesto

En 2023, los viajeros presupuestarios comprendían el 45% de la base de clientes de Expedia, con valores de reserva promedio que oscilaban entre $ 350 y $ 550.

Gama de precios	Porcentaje del cliente
$200-$400	22%
$400-$600	23%

Entusiastas de los viajes de lujo

El segmento de viaje de lujo representaba el 15% del total de reservas, con valores de transacción promedio superiores a $ 2,500.

• Reservas de hoteles de lujo: $ 687 millones en 2023
• Paquetes de viajes premium: 18% de crecimiento año tras año

Viajeros internacionales y nacionales

La plataforma global de Expedia sirvió a los viajeros en 70 países en 2023.

Segmento geográfico	Porcentaje de reserva
Estados Unidos doméstico	58%
Internacional	42%

Expedia Group, Inc. (EXPE) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para Expedia Group en 2023: $ 1.24 mil millones

Categoría de costos	Gasto ($)
Infraestructura de computación en la nube	487 millones
Mantenimiento del centro de datos	342 millones
Sistemas de ciberseguridad	215 millones
Infraestructura de red	196 millones

Gastos de marketing y adquisición de clientes

Gastos totales de marketing en 2023: $ 4.67 mil millones

• Gasto publicitario digital: $ 2.13 mil millones
• Marketing de rendimiento: $ 1.42 mil millones
• Campañas de marketing de marca: $ 687 millones
• Programas de marketing de afiliación: $ 418 millones

Desarrollo e innovación de la plataforma

Inversión de investigación y desarrollo en 2023: $ 612 millones

Área de innovación	Inversión ($)
AI y aprendizaje automático	213 millones
Mejora de la plataforma móvil	167 millones
Diseño de experiencia de usuario	132 millones
Exploración de tecnología emergente	100 millones

Operaciones de atención al cliente

Costos de atención al cliente total en 2023: $ 538 millones

• Operaciones del Centro de Apoyo Global: $ 276 millones
• Infraestructura de servicio al cliente 24/7: $ 184 millones
• Sistemas de soporte de varios idiomas: $ 78 millones

Fuerza laboral global y gestión del talento

Gastos totales de personal en 2023: $ 2.89 mil millones

Categoría de personal	Costo ($)
Salarios base	1.64 mil millones
Beneficios y compensación	752 millones
Capacitación y desarrollo	298 millones
Gastos de reclutamiento	196 millones

Expedia Group, Inc. (EXPE) - Modelo de negocios: flujos de ingresos

Comisión de reservas de viajes

Expedia genera ingresos a través de comisiones en reservas de viajes en múltiples plataformas:

Categoría de reserva	Porcentaje de comisión	Ingresos anuales (2023)
Reservas de hotel	10-20%	$ 3.7 mil millones
Reservas de vuelo	5-10%	$ 2.5 mil millones
Alquiler de autos	7-15%	$ 850 millones

Tarifas de servicio y cargos de transacción

Desglose de ingresos relacionados con la transacción:

• Tarifas de modificación de la reserva: $ 15- $ 35 por transacción
• Tarifas de cancelación: $ 25- $ 75 por reserva
• Ingresos de tarifas de servicio total (2023): $ 1.2 mil millones

Ingresos publicitarios

Canal publicitario	Ingresos anuales (2023)
Anuncios de socios de viaje	$ 450 millones
Listados patrocinados	$ 280 millones

Servicios basados ​​en suscripción

Fuentes de ingresos de suscripción:

• Programa de recompensas de Expedia: $ 220 millones
• Membresía VIP Access: $ 180 millones
• Ingresos de suscripción total (2023): $ 400 millones

Asociaciones y comisiones de marketing de afiliación

Tipo de asociación	Comisión anual (2023)
Asociaciones de agregador de viajes	$ 670 millones
Marketing de afiliados	$ 520 millones

Expedia Group, Inc. (EXPE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why travelers and partners choose Expedia Group, Inc. (EXPE) in late 2025. It's about connecting the entire journey and using technology to make that connection seamless. Here are the hard numbers backing up those value propositions.

Single platform for travelers to book all trip components

The value here is the breadth of inventory and the ability to transact across it easily. Expedia Group, Inc. facilitates booking across flights, lodging, car rentals, and activities all within its ecosystem. This unified approach is reflected in the overall scale of transactions. For the third quarter of 2025, total gross bookings reached $30.73 billion, a 12% increase year-over-year. Booked room nights, a key component of lodging, hit 108.2 million globally, marking an 11% rise from the prior year. This shows the platform is capturing demand across multiple trip elements simultaneously.

Unified One Key loyalty program across major brands

The One Key program is designed to create stickiness by rewarding customers across the family of brands, which includes Expedia, Vrbo, and Hotels.com. The value proposition is that flexibility drives engagement; points earned on a Vrbo stay can be used on an Expedia flight, for example. Historically, high-value loyalty members book 15X more than non-loyalty customers. This unified rewards structure is cited as driving market share gains in 2025.

AI-driven tools for seamless, conversational trip planning

Expedia Group, Inc. is heavily integrating artificial intelligence to cut down on decision-making time and increase personalization. You see this in tools like Romie, the AI travel assistant. The market is clearly responding to this focus: research shows that 19% of travelers are most excited about the use of AI in personalized trip planning. Furthermore, the company's AI-driven changes have led to record attach rates on ancillary services like insurance and add-ons. The company is making tangible progress, with AI filters boosting search relevance and conversions reported in Q2 2025.

Technology licensing and supply access for B2B partners

The B2B segment, powered by technology licensing and supply access, is a significant growth engine, offering partners a robust platform. This channel is outpacing the consumer side in growth velocity. In Q3 2025, B2B revenue grew 18.2% year-over-year, while B2C revenue grew by only 3.7%. B2B gross bookings saw an even stronger 26% increase year-over-year, marking the 17th consecutive quarter of double-digit growth for this segment. This consistent performance is key to the company's overall financial health, contributing to an Adjusted EBITDA margin of 32.8% in the quarter.

Diverse pricing options catering to budget and luxury travelers

Expedia Group, Inc. maintains value propositions across the spending spectrum. The platform supports both high-end and value-seeking customers. For instance, the company noted strength across both premium and value segments in Q3 2025. On the budget side, specific features like the Flight Deals app integrate exclusive deals to attract price-sensitive travelers. This balance is evident in the Q3 2025 results, where overall booked room nights grew 11%, showing broad-based demand.

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$4.41 billion	9% increase
Total Gross Bookings	$30.73 billion	12% increase
Booked Room Nights	108.2 million	11% increase
B2B Revenue Growth	N/A	18.2% increase
B2C Revenue Growth	N/A	3.7% increase
Adjusted EBITDA Margin	32.8%	Expanded by 210 basis points

The company's financial position supports these value-driving investments. As of September 30, 2025, Expedia Group, Inc. held $6.17 billion in cash and short-term investments.

• AI-driven tools are a focus, with 64% of travelers noticing what they believe is AI-generated travel advertising content.
• The company raised its full-year 2025 revenue growth guidance to the 6%-7% range.
• The B2B segment has seen its gross bookings rise by 26% year-over-year in Q3 2025.
• The quarterly cash dividend declared was $0.40 per share.

Finance: draft 13-week cash view by Friday.

Expedia Group, Inc. (EXPE) - Canvas Business Model: Customer Relationships

You're looking at how Expedia Group, Inc. (EXPE) keeps its massive customer base engaged and satisfied across its portfolio of brands. It's all about making the digital experience feel personal and the support seamless, especially as they push harder internationally.

Automated self-service via online platforms and mobile apps

Expedia Group, Inc. is leaning heavily on automation to handle the sheer volume of traveler interactions. Honestly, this is where you see the immediate cost savings translating to the bottom line. As of late 2025, the company reports that its virtual agents are now resolving more than half of inquiries without needing a human agent. This focus on self-service, powered by AI, is also driving better customer sentiment, contributing to what executives call 'record high net promoter scores while helping us reduce costs.' The scale of their user base is huge; for context, the Expedia brand alone saw 46 million people use it in 2024. The goal here is definitely to make sure that whether you're on the mobile app or the website, the path to resolution is fast and digital-first.

Dedicated loyalty program management (One Key)

The One Key program is the glue trying to hold the family of brands together, aiming for long-term loyalty over one-off price shopping. Before the unification, the combined loyalty programs had 154 million members. While specific late-2025 member counts aren't public, the underlying traveler desire for points remains strong; research shows 83% of travelers want to redeem points for travel. However, the program continues to evolve based on financial realities, as seen with the May 22, 2025, change where Blue tier members stopped earning OneKeyCash on Vrbo bookings unless they reached Silver status first. This shows Expedia Group, Inc. is actively managing the economics of the program to reward higher-value engagement.

Personalized recommendations driven by 350+ AI models

This is where the technology really shines. Expedia Group, Inc. is embedding artificial intelligence across the entire journey, from inspiration to post-booking support. They currently have more than 350 AI models integrated throughout their marketplace to enhance every stage of the travel experience. These models drive personalized recommendations, like the features in their AI travel assistant, Romie, which provides curated suggestions and real-time review summaries to cut down on decision-making time. The integration of these models is credited with driving double-digit growth in vacation rentals following the redesign of the lodging search experience.

Here's a quick look at the scale of their AI deployment impacting customer interactions:

AI Application Area	Metric/Impact	Source/Status
Customer Service Automation	Resolves more than half of inquiries	CFO Scott Schenkel, Q3 2025
Recommendation Models	Drove double-digit growth in vacation rentals	Q3 2025 Earnings Call
Total Integrated Models	More than 350 models	October 2025 B2B Event
Customer Service Outcome	Contributes to record high net promoter scores	Q2 2025 Reporting

Localized customer support for international expansion

To support its global ambitions, Expedia Group, Inc. is tailoring its approach, which is critical as international travel rebounds strongly. Revenue from outside the U.S. saw a significant jump, rising 15% to reach $1.88 billion in the third quarter of 2025. This growth outside North America necessitates localized support structures and experiences to maintain the high service standards seen domestically. The use of AI to provide concise summaries to live agents helps ensure that support staff, no matter the region, can handle complex, localized issues more efficiently, reducing the service cost per transaction. The platform's ability to handle international bookings, including a reported 68% of global consumers planning international travel in the next year, depends on this localized operational support.

Finance: draft the Q4 2025 cash flow forecast incorporating the 15% international revenue growth by next Tuesday.

Expedia Group, Inc. (EXPE) - Canvas Business Model: Channels

You're looking at how Expedia Group, Inc. (EXPE) gets its product in front of travelers as of late 2025. The channel strategy is clearly multi-pronged, balancing direct customer relationships with powerful B2B and advertising leverage.

Direct-to-Consumer (D2C) websites and mobile apps (Expedia, Vrbo)

The core of the direct channel remains the branded websites and mobile applications. For the third quarter of 2025, the B2C (Business-to-Consumer) segment showed resilience, with B2C gross bookings growing by 7% year-over-year. This contrasts with the faster B2B growth, but still represents a significant portion of the business. Looking at the prior full year 2024, the Expedia brand itself was responsible for 42% of Expedia Group revenues, while the alternative accommodations brand, Vrbo, contributed 28% of the total revenue for 2024. The overall revenue for the third quarter of 2025 reached $4.41 billion, and the trailing twelve months revenue as of September 30, 2025, stood at $14.4 billion. The D2C channel is where the company focuses its AI-driven improvements to boost conversion rates. It's the engine room for the consumer experience.

Key D2C Performance Indicators (Based on 2024 and Q3 2025 Data):

• Expedia brand accounted for 42% of 2024 revenue.
• Vrbo accounted for 28% of 2024 revenue.
• Q3 2025 B2C gross bookings growth was 7% year-over-year.
• Total booked room nights grew 11% year-over-year in Q3 2025.

B2B distribution via Private Label Solutions

The Business-to-Business (B2B) segment is clearly the current growth leader for Expedia Group, Inc. This channel, which includes Private Label Solutions (white-labeling services) and affiliate programs, is a major focus area. In the third quarter of 2025, B2B gross bookings saw a massive increase of 26% compared to the same period last year. This translated directly to the top line, with B2B revenue growing by 18% in Q3 2025. This segment's performance is often tied to corporate travel spending recovery and the success of global partnerships. The company is actively leveraging API-based solutions to let partners integrate travel services seamlessly.

Metasearch channels like Trivago (partially owned)

Expedia Group, Inc. maintains a strategic channel through its majority ownership in Trivago, a leading hotel metasearch website. While Trivago operates independently, its performance feeds into Expedia Group's overall results, specifically within the Advertising and Other revenue categories. For the second quarter of 2025, advertising revenue from EG Media Solutions and third-party revenue for Trivago totaled $182 million, marking a 19% year-over-year increase. In the third quarter of 2025, the broader Ancillary services, which includes Trivago revenue, contributed $194 million to the total revenue. Expedia Group first acquired a 61.6% equity position in Trivago back in 2012.

Search Engine Marketing (SEM) and Search Engine Optimization (SEO)

SEM and SEO are critical components of the overall channel strategy, feeding traffic to both D2C and B2B platforms. The costs associated with traffic generation are a primary component of Selling and marketing - direct costs. For the first six months of 2025, these direct selling and marketing costs increased by $234 million compared to the same period in 2024, reflecting the ongoing investment in paid search (SEM) and organic ranking efforts (SEO). The Advertising and Media business, which relies heavily on these digital marketing channels, saw revenue grow by 20% in the first quarter of 2025 year-over-year, showing the effectiveness of the spend.

Here's a quick look at the channel revenue contribution and growth as of the latest reported periods:

Channel/Segment	Metric Type	Value (Latest Period)	Period
B2B Gross Bookings	Year-over-Year Growth	26%	Q3 2025
B2B Revenue	Year-over-Year Growth	18%	Q3 2025
B2C Gross Bookings	Year-over-Year Growth	7%	Q3 2025
Advertising/Trivago Revenue	Absolute Amount	$194 million	Q3 2025
Advertising Revenue (EG Media Solutions + Trivago)	Year-over-Year Growth	19%	Q2 2025
Total Gross Bookings	Year-over-Year Growth	12%	Q3 2025

Selling and marketing - direct costs increased by $127 million for the three months ended June 30, 2025, versus the prior year period. The company's overall revenue for Q3 2025 was $4.41 billion, with the full-year 2025 revenue guidance increased to 6-7% growth.

Expedia Group, Inc. (EXPE) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Expedia Group, Inc. (EXPE) is serving as we close out 2025. The strategy clearly shows a dual focus: maximizing the core consumer base while aggressively growing the high-margin B2B channel and targeting specific high-potential geographies.

Mass-market leisure travelers seeking value and convenience

This segment forms the backbone of the B2C (Business-to-Consumer) operations across brands like Expedia and Hotels.com. While the overall consumer side shows resilience, there's a clear split in spending habits this year. For instance, Q3 2025 saw B2C gross bookings grow by 7% year-over-year, indicating steady, if not explosive, demand from this group. To be fair, management noted that while budget-conscious travelers are showing more hesitation, those with more discretionary income are maintaining their spending pace. The flagship Expedia brand, which accounted for 42% of Expedia Group revenues in 2024, sees its largest user cohort in the 25-34 year old bracket.

The general desire to travel remains incredibly high, with 88% of global consumers planning a leisure trip in the next 12 months. Furthermore, 50% of consumers report that travel is more vital to them now than it was five years ago.

High-value, discretionary income travelers

This group is what's keeping the top line strong, even with budget pressures elsewhere. The data suggests these travelers are less price-sensitive and are driving premium bookings. This is reflected in the overall lodging strength; total booked room nights for Expedia Group grew 11% in Q3 2025, and hotel bookings specifically rose 15% in that quarter, partly fueled by this segment.

The alternative accommodation segment, primarily Vrbo, specifically targets travelers looking for higher-value, longer stays. Vrbo users, for example, spend 58% more overall and 47% more per night than the industry norm on other platforms, and their average stay is about a full day longer.

B2B partners (airlines, financial institutions, travel agents)

This is definitely where Expedia Group is seeing its most significant acceleration in 2025. The B2B segment is a major growth engine, consistently delivering double-digit growth. In Q3 2025, B2B gross bookings jumped 26% year-over-year, and B2B revenue grew 18%. This marks the 17th consecutive quarter of double-digit growth for the travel agency sector within the company. The Travel Agent Affiliate Program (TAAP) alone surpassed $3 billion in bookings for the year 2025. This segment's strength, which also includes API connections for airlines and financial institutions, is a key differentiator against rivals.

Expedia Group Q3 2025 Segment Performance Snapshot

Segment Metric	Q3 2025 Value	Year-over-Year Change
Total Gross Bookings	$30.73 billion	+12%
B2C Gross Bookings	Not specified (Total B2C)	+7%
B2B Gross Bookings	Not specified (Total B2B)	+26%
Total Booked Room Nights	108.2 million	+11%
Hotel Bookings (Lodging)	Not specified	+15%
B2B Revenue Growth	Not specified	+18%

Alternative accommodation seekers (Vrbo users)

Vrbo remains a distinct customer segment, focusing exclusively on whole-home rentals, which appeals to families and groups needing more space and privacy. In 2024, Vrbo generated an estimated $3.8 billion in revenue, representing about 28% of the parent company's total revenue. The platform claims over 48 million active monthly users worldwide. While its core strength is in North America (29% market share), the segment is adapting to broader trends, with Alternative Accommodations across all lodging brands making up 37% of total room nights in Q3 2025, up from 36% in Q1 2025.

• Vrbo User Age Skew (2024):
• 32.6% aged 18-24
• 25.6% aged 25-34
• Average Vrbo Stay Duration: 4 days
• Average Vrbo Booking Lead Time: 47 days

International travelers, with a focus on Asia-Pacific growth

Expedia Group is heavily leaning into international markets, where non-U.S. revenue growth is outpacing domestic figures. The Asia-Pacific (APAC) region is a key focus, seen as a commercial powerhouse with untapped online potential. In Q3 2025, booked room nights showed growth of more than 20% in Asia. The B2B segment in APAC is also a standout, with international B2B booked room nights growing 30% in Q1 2025. The market opportunity is large; the global OTA market, including Expedia, Booking.com, and Trip.com, remains largely under-penetrated at about 15%. For the mass-affluent travelers in key APAC nations like China, India, Indonesia, Singapore, and Vietnam, travel spending is a high priority, with respondents planning to spend an average of 23% of their income on travel in the next 12 months.

Digital adoption in this region is high, with 83% of people in Asia Pacific having a travel brand's app installed, and 36% using the app regularly.

Expedia Group, Inc. (EXPE) - Canvas Business Model: Cost Structure

The cost structure for Expedia Group, Inc. is heavily weighted toward customer acquisition and technology investment, typical for a large-scale online travel agency. You're looking at a business where scale is everything, but the cost to maintain that scale is significant.

Here's a look at the major components based on the latest available figures, primarily from the trailing twelve months (TTM) ending September 30, 2025, and Q2 2025 results.

Cost Category	Latest Reported Amount (2025)	Period/Context
Selling, General & Administrative (SG&A) Expenses	$8.798B	TTM ending September 30, 2025
Research & Development Expenses	$1.277B	TTM ending September 30, 2025
Direct Selling & Marketing Expense	$1.9 billion	Q2 2025
Cost of Revenue (GAAP)	$373 million	Q2 2025
Cost of Revenue (Adjusted)	$354 million	Q2 2025

Significant marketing and advertising expenses (customer acquisition)

Acquiring customers remains a top expenditure driver. To be fair, in the consumer internet space, if you aren't spending on marketing, you aren't growing. Expedia Group, Inc. spent a substantial portion of its gross profit on this area over the last year.

• Expedia Group, Inc. spent the equivalent of 63.5% of its gross profit on sales and marketing expenses over the last year.
• Direct selling and marketing expense for the second quarter of 2025 was $1.9 billion.
• Overhead expenses for the second quarter of 2025 were $637 million.

Technology development and maintenance costs (AI investment)

The push to unify the technology platform means substantial ongoing investment in development and infrastructure. This includes cloud costs, which are part of the Cost of Revenue, but the core development budget is tracked separately.

• Research and development expenses for the twelve months ending September 30, 2025, totaled $1.277B.
• This represented a 5.34% decline year-over-year for the TTM ending September 30, 2025.
• Technology and content expense decreased by $6 million for the three months ended June 30, 2025, compared to the same period in 2024.

The focus on AI is showing up in efficiency gains, not just raw spend. For example, engineering teams using AI-powered developer assistance saw cycle times reduced by more than 20% in some teams. That's clear operational leverage.

Cost of revenue (supplier commissions and payment processing fees)

Cost of revenue covers the direct costs associated with supporting customer operations and fulfilling transactions. These are the costs that scale directly with bookings.

For the second quarter of 2025, the GAAP Cost of Revenue was $373 million, which represented 9.8% of revenue for the quarter. The adjusted cost of revenue, which excludes non-cash stock-based compensation, was $354 million for the same period.

The components making up this cost line include:

• Fees to air ticket fulfillment vendors.
• Credit card processing fees, covering merchant fees, fraud, and chargebacks.
• Direct costs for customer support and telesales functions.
• Data center and cloud costs necessary to support websites and supplier operations.

General and administrative expenses, including employee compensation

General and administrative expense, or G&A, covers the corporate backbone functions. This is where you find the costs for executive leadership, finance, legal, and human resources.

G&A is principally comprised of personnel-related costs, including stock-based compensation, and fees for external professional services. For the three months ended June 30, 2025, G&A increased compared to 2024, driven primarily by higher personnel and overhead, as well as an increase in miscellaneous business taxes. The total Selling, General & Admin (SG&A) expense for the twelve months ending September 30, 2025, was $8.798B.

Finance: draft 13-week cash view by Friday.

Expedia Group, Inc. (EXPE) - Canvas Business Model: Revenue Streams

You're looking at how Expedia Group, Inc. actually brings in the money, which is key to understanding its valuation, so let's break down the streams based on late 2025 performance data.

The largest portion of Expedia Group, Inc.'s revenue comes from lodging bookings commissions. This is the core engine, and while we don't have the exact percentage of total revenue, the underlying activity shows strength. For instance, in the third quarter of 2025, lodging gross bookings grew by 13% year-over-year, with hotel bookings specifically increasing by 15%. This indicates that the primary stream is healthy and growing at a solid clip.

Next up is the high-growth area of B2B Private Label Solutions fees. This segment is clearly a strategic focus, showing massive growth in volume. In the third quarter of 2025, B2B gross bookings surged by 26% year-over-year. To be fair, the B2B revenue growth for that same quarter was reported at 18%, but the 26% booking growth is the figure you asked for, showing strong partner adoption.

The Advertising and Media revenue stream is also showing significant momentum. Looking back at the first quarter of 2025, this business saw its revenue grow by 20% year-over-year. This stream is powered by EG Media Solutions and third-party revenue from trivago, and its growth rate suggests successful monetization of their global online travel brands.

Other, smaller revenue streams include commissions from air, car rental, cruise, and travel insurance. These are grouped under Other revenue in their reporting, and while they contribute, the focus remains heavily on lodging and B2B services.

Here's a quick look at the key segment performance metrics from the latest reported quarter, Q3 2025, and the overall outlook:

Metric	Value/Growth Rate	Period/Context
Total Revenue	$4.41 billion	Q3 2025
Total Revenue Growth (YoY)	9%	Q3 2025
B2B Gross Bookings Growth (YoY)	26%	Q3 2025
B2B Revenue Growth (YoY)	18%	Q3 2025
Advertising Revenue Growth (YoY)	20%	Q1 2025
Full-Year 2025 Revenue Growth Guidance	6%-7%	Full Year 2025

The company's overall expectation for the full year 2025 reflects this momentum, with Expedia Group, Inc. guiding for total revenue growth in the range of 6% to 7%. This is definitely a sign of confidence from management based on the year's performance so far.

You can see the composition of the revenue drivers clearly in the segment breakdown:

• Lodging Commissions: Majority revenue source, with Q3 2025 hotel bookings up 15%.
• B2B Private Label Solutions: High-growth engine, with Q3 2025 bookings up 26%.
• Advertising and Media: Strong double-digit growth, up 20% in Q1 2025.
• Other Revenue: Includes air, car rental, cruise, and insurance.

Finance: draft 13-week cash view by Friday.