EXPEExpedia Group, Inc.

Transportation Services

Revenue: $14.7B; 7.6% YoY
Operating margin: 12.7%; 32% YoY
EBITDA: $2.8B; 28% YoY
Market cap: $32.7B
Employees: 16,000; $921K revenue each
Net debt / EBITDA: -0.4×; −$1.2B net debt
AI in 10-K: 5.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
298% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
24% of assets
Over 40% of assets
Shareholder dissentYes
53% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$921K · 83rd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.4 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$32.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$8.6B	$11.7B	$12.8B	$13.7B	$14.7B	7.6%
Operating income	$186M	$1.1B	$1.0B	$1.3B	$1.9B	42%
Net income	$15M	$343M	$688M	$1.2B	$1.3B	6.3%
Operating cash flow	$3.7B	$3.4B	$2.7B	$3.1B	$3.9B	26%
Capex	$673M	$662M	$846M	$756M	$770M	1.9%
Stock-based comp	$418M	$374M	$413M	$458M	$398M	13%
Buybacks	$165M	$607M	$2.1B	$1.8B	$1.9B	4.9%
Dividends	—	—	$0	$0	$200M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 12, 2022	Diller Barry	SC 13D/A	3.8%	Passive
Jan 25, 2022	Diller Barry	SC 13D/A	3.8%	Passive
Apr 13, 2020	DILLER BARRY	SC 13D/A	9.0%	Passive
Dec 4, 2019	DILLER BARRY	SC 13D/A	8.7%	Passive
Jul 29, 2019	DILLER BARRY	SC 13D/A	8.6%	Passive
Apr 16, 2019	DILLER BARRY	SC 13D/A	20.3%	Passive
Feb 4, 2019	Liberty Expedia Holdings, Inc.	SC 13D/A	20.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 12
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	216	138
FY2024	—	—	141	115
FY2023	—	—	115	87
FY2022	—	—	66	59
FY2021	—	—	137	98