Expedia Group, Inc. (EXPE): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out where Expedia Group, Inc. is headed after all that platform rebuilding, and the answer lies in this Business Model Canvas. Forget the old structure; the real story for 2025 is the aggressive push to a single, AI-powered 'One Platform' and the high-growth B2B segment, where licensing fees shot up 26% in Q3 2025. This shift is backed by serious financial muscle, evidenced by $2.952 billion in cash flow for the twelve months ending Q1 2025, all while they guide for 6% to 7% revenue growth this year. Here's the quick math: they are transforming from a traffic buyer to a tech licensor. Keep reading to see the nine components making this strategy tick.

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

You're looking at the core relationships Expedia Group, Inc. (EXPE) builds to power its massive travel marketplace. These aren't just vendors; they are critical enablers of scale and traveler experience, especially as the industry shifts toward generative AI.

Global network of hotels, airlines, and car rental companies

Expedia Group, Inc. maintains a vast global supply base, which is the foundation of its value proposition. This network is increasingly being integrated with new technology to drive efficiency for partners.

• Lodging gross bookings grew 5% year-over-year in the first quarter of 2025.
• Hotel bookings specifically were up 6% in Q1 2025, supported by resilience in the B2B segment.
• The B2B segment, which relies heavily on this supply network, saw its gross bookings grow 14% in Q1 2025.

Strategic AI integration with OpenAI for traveler experience

The partnership with OpenAI is a direct move to capture demand at the very start of the traveler journey. This is about bridging the gap between conversation and conversion.

• Expedia Group, Inc. was named one of the first travel partners for the new apps launched within ChatGPT in late 2025.
• Traffic from generative AI search, while small, is converting to bookings at higher rates than other traffic sources.
• The company is injecting AI into partner experiences to help supply partners improve their content and targeting.
• A new AI-powered trip planner was launched specifically for the travel agency business.

Media collaborations with Netflix and Amazon Prime for inspiration

While specific financial data tied directly to these media collaborations isn't public, the strategy focuses on meeting travelers where they are finding inspiration. This is a key part of the discovery phase.

• Expedia Group, Inc. launched Expedia Trip Matching, a feature turning Instagram reels into bookable travel itineraries, in beta in May 2025.
• The company is working on improving search and discovery via integrations with OpenAI Operator and Microsoft Copilot Actions.

Financial institutions and retailers for loyalty program integration (e.g., Quill)

The One Key loyalty program, which unifies Expedia®, Hotels.com®, and Vrbo®, is a major driver of market momentum. Partnerships extend the utility of One Key.

Expedia Group, Inc. announced a partnership with Quill on February 17, 2025, allowing Quill customers to redeem their Quill Rewards points for travel benefits on Expedia Group, Inc. platforms. This is designed to increase cross-brand engagement and fortify customer retention. The strength of One Key is cited as a key factor for continued momentum in late 2025.

B2B partners licensing Private Label Solutions technology

The Private Label Solutions (PLS) segment is a significant growth engine, providing technology and distribution to other major brands. This B2B strength is setting Expedia Group, Inc. apart from rivals.

The Travel Agent Affiliate Program (TAAP), a component of the B2B offering, surpassed $3 billion in bookings year-to-date as of Q3 2025, representing a 26% year-over-year increase in Q3 reservations. The B2B segment grew 26% in Q3 2025 as more partners leaned on Expedia Group, Inc.'s technology. The company provides travel distribution services to over 60,000 partners globally.

The B2B segment's revenue in 2024 was approaching 50% of the revenue generated by the traditional B2C online travel agency brands. New AI-powered APIs were released to help partners, including one that saves hotels an estimated 8 million hours and $120 million in annual operational costs.

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

Developing and unifying the core technology platform (One Platform)

The technology systems operate as a connected layer linking travelers, supply partners, and data insights across the booking journey. Lodging gross bookings grew 13% year-over-year in the third quarter of 2025, with hotel bookings specifically increasing 15%. Vacation rentals saw double-digit growth following redesigned lodging search and post-booking journeys combined with enhanced recommendation models. The company is focused on its key brands: Expedia.com, Hotels.com, and Vrbo.com, while deprioritizing smaller sites like Travelocity.com and Orbitz.com. The consolidation of formerly disparate loyalty programs is on pause beyond the U.S. and the U.K.

Global performance marketing (SEO/PPC) to drive traffic

Direct sales and marketing expenses for Expedia Group in the third quarter of 2025 totaled $1.98 billion, which represented 44.8% of revenues. In the second quarter of 2025, major online travel agents collectively invested $5.2 billion in marketing. The company is actively exploring generative AI to enhance search and booking processes, noting that AI-driven traffic is converting into bookings at higher rates. For the full year 2025, Expedia Group now expects gross bookings to grow around 7%.

Integrating advanced AI for personalized booking (e.g., Smart Trip AI)

Artificial intelligence is central to the travel ecosystem, shaping search, planning, and booking. The conversion rate for users employing AI filters on Hotels.com was almost 1.3 times the average conversion rate seen on the site. A capability launched in January 2025 analyzes over 2 million flights a day to find fares at least 20% better than predicted, showing 15% higher conversion among users. Furthermore, 65% or more of customers using the AI itinerary builder described the experience as 'delightful.' In customer service operations, Expedia Group's virtual agents now resolve more than half of inquiries.

Managing the multi-brand portfolio (Expedia, Vrbo, Hotels.com)

The portfolio management activity is reflected in segment performance. For the third quarter of 2025, the B2C segment saw revenue rise 3.7% year-over-year to $2.88 billion. Total gross bookings grew 12%, with B2C gross bookings contributing 7% of that growth. In 2024, the Expedia brand alone was responsible for 42% of Expedia Group's total revenue.

Operating the high-growth B2B Private Label Solutions segment

The B2B segment is a key driver of financial stability and growth. In the third quarter of 2025, B2B revenues increased 18.2% year-over-year, reaching $1.39 billion. B2B gross bookings saw a 26% increase in the same quarter. The travel-agency solutions business, part of this segment, grew 25%, surpassing $3 billion in bookings year-to-date for 2025. This segment accounted for one-third of total revenue as of Q1 2025.

Key B2B and Partner Metrics:

• B2B Revenue (Q3 2025): $1.39 billion
• B2B Gross Bookings Growth (Q3 2025): 26%
• Travel Agency Solutions Growth (YTD 2025): 25%
• Partner Transactions from Scout Recommendations (2024): 1 million actions
• Incremental Revenue to Partners from Scout (2024): $6 billion

The company's Adjusted EBITDA for Q3 2025 was $1.45 billion, representing an adjusted EBITDA margin of 32.8%, which expanded by 210 basis points year-over-year. For the full year 2025, Expedia now projects adjusted EBITDA margin to expand by approximately 2% (200 basis points) year-over-year.

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

You're looking at the core assets Expedia Group, Inc. (EXPE) relies on to compete in the online travel agency space as of late 2025. These aren't just assets; they are the engines driving their platform strategy.

Proprietary, unified global technology platform

The technology platform is central, with significant investment in scaling its B2B segment, Private Label Solutions. This is being fueled by new Application Programming Interfaces (APIs) and innovations in Generative AI (GenAI). The company announced a major expansion of this platform in May 2025. This platform underpins everything from consumer discovery to partner operations.

Key technology resource metrics include:

• New Reservation Management API saves hotel partners an estimated 8 million hours in annual operational costs.
• The same Reservation Management API is estimated to save partners $120 million in annual operational costs.
• The company is integrating with OpenAI Operator and Microsoft Copilot Actions to make trip planning more intuitive.
• Expedia Group appointed its first Chief Artificial Intelligence and Data Science Officer in late 2025 to lead long-term vision for machine learning and data science.

Extensive portfolio of consumer brands (Vrbo, Hotels.com, Expedia)

Expedia Group maintains a portfolio of flagship consumer brands. The unification effort through the One Key™ loyalty program is a key resource for cross-brand engagement. One Key™ is currently available in the U.S. and U.K. markets.

Here's a breakdown of brand contribution based on 2024 figures, which serve as the most recent full-year benchmark:

Vast first-party travel data for personalization and advertising

The company's commitment to transforming travel is explicitly tied to leveraging its first-party data. This data informs both traveler experience enhancements and advertising product development. They use this data to refine algorithms and anticipate market shifts.

Data-driven insights provide a competitive edge:

• Proprietary research showed video content drives bookings nearly 3x more than static imagery.
• Insights for the Unpack '25 report were based on data from 25,000 travellers across 19 countries.
• The Advertising business revenue grew 20% year-over-year in Q1 2025.

Strong cash flow from operations, reaching $2.952 billion in Q1 2025 TTM

Generating significant cash from its core business activities is a critical resource for funding technology investment and share repurchases. This metric reflects the operational health supporting the platform strategy.

The financial performance highlights this resource strength:

Net cash provided by operating activities for the Trailing Twelve Months (TTM) ending in Q1 2025 reached $2.952 billion. For the first quarter of 2025 alone, Net cash provided by operating activities was $2,952 million. The company also repurchased approximately 1.7 million shares for $330 million in the first quarter of 2025.

Global supply network of lodging and transport providers

The breadth and depth of the supply network, accessible through APIs, is a key enabler for packaging end-to-end trips. This network is crucial for scaling the B2B segment, which showed strong growth in early 2025.

The Car API, for instance, provides access to a substantial inventory pool:

• Inventory access through the new Car API spans more than 110 brands.
• This inventory is available across 190 countries and territories.
• The network includes exclusives from 43 providers.

Also, B2B gross bookings grew 14% in Q1 2025, showing the strength of the platform's reach into the supply side.

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.

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:

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:

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.

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.

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:

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.