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Expedia Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.4B in Q3 2026 · $3.7B over twelve months

Operating cash flow−$1.2B
Capital spending−$242M
Free cash flow−$1.4B
Cash / net income-1.1×

Analysis

In Q3 2026, Expedia Group generated −$1.2B of operating cash flow and spent $242M on capital projects, leaving free cash flow of −$1.4B. That is $713M less than in Q3 2025 (−$686M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.6B; the largest uses were buybacks ($2.1B), other investing ($1.2B), net borrowing (+) / repaid (−) ($842M); the cash balance fell by $679M.

Operating cash flow was −$1.2B against net income of $1.0B — -1.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables +$385M, depreciation & amortization +$224M, stock-based pay +$120M.

Free cash flow

Expedia Group: free cash flow by quarterExpedia Group: free cash flow by quarter$7.0MQ4 2024$2.8BQ1 2025$921MQ2 2025−$686MQ3 2025$119MQ4 2025$3.7BQ1 2026$1.3BQ2 2026−$1.4BQ3 2026
Operating cash flow less capital spending.
Expedia Group: operating cash flow against capital spendingExpedia Group: operating cash flow against capital spendingOperating cash flowCapital spending$198M$191MQ4 2024$3.0B$196MQ1 2025$1.1B$200MQ2 2025−$497M$189MQ3 2025$304M$185MQ4 2025$3.9B$184MQ1 2026$1.5B$199MQ2 2026−$1.2B$242MQ3 2026
Latest (Q3 2026): Operating cash flow −$1.2B, Capital spending $242M.

Capital allocation, year by year

Expedia Group: where the cash came from (up) and went (down), by fiscal yearExpedia Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $3.7BFY2021: Net borrowing $258MFY2021: Shares issued $503MFY2021: Asset sales −$60.0MFY2021: Capital spending −$673MFY2021: Buybacks −$165M$4.5BFY2021FY2022: Operating cash flow $3.4BFY2022: Net borrowing −$2.1BFY2022: Shares issued $98.0MFY2022: Asset sales $4.0MFY2022: Capital spending −$662MFY2022: Buybacks −$607M$3.5BFY2022FY2023: Operating cash flow $2.7BFY2023: Shares issued $60.0MFY2023: Asset sales $25.0MFY2023: Capital spending −$846MFY2023: Buybacks −$2.1B$2.8BFY2023FY2024: Operating cash flow $3.1BFY2024: Shares issued $67.0MFY2024: Capital spending −$756MFY2024: Buybacks −$1.8B$3.2BFY2024FY2025: Operating cash flow $3.9BFY2025: Net borrowing −$59.0MFY2025: Shares issued $12.0MFY2025: Capital spending −$770MFY2025: Buybacks −$1.9BFY2025: Dividends −$200M$3.9BFY2025
Over these 5 years operating cash flow totalled $16.8B; the largest uses were buybacks ($6.7B) and capital spending ($3.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.6B
Debt$5.5B
Net cash$107M
Due within a year$749M

Expedia Group funds itself: free cash flow was $3.7B over the last twelve months, and $5.6B of cash and investments stands against $5.5B of debt ($749M due within a year, 7.4× covered by cash).

Where the cash came from and went

Expedia Group: sources (+) and uses (−) of cash, Q3 2026Expedia Group: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$2.5BOperating cash flow−$1.2BBuybacks−$669MOther investing−$394MCapital spending−$242MDividends−$57.0MOther financing$21.0MExchange rates−$3.0M
Expedia Group: sources (+) and uses (−) of cash, TTM to Q3 2026Expedia Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.6BBuybacks−$2.1BOther investing−$1.2BNet borrowing (+) / repaid (−)−$842MCapital spending−$810MCash drawn (+) / kept (−)$679MDividends−$222MExchange rates−$41.0MOther financing−$33.0M

From profit to cash

Expedia Group: net income to operating cash flow, Q3 2026Expedia Group: net income to operating cash flow, Q3 2026Net income$1.0BDepreciation & amortization$224MStock-based pay$120MDeferred taxes$77.0MGains on investments−$9.0MReceivables$385MPrepaid and other assets$59.0MIncome taxes payable$105MOperating cash flow−$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$1.2B−$242M−$669M−$57.0M—$2.5B−$1.4B
Q2 2026$1.5B−$199M−$270M−$58.0M$986M−$1.3B$1.3B
Q1 2026$3.9B−$184M−$788M−$58.0M−$1.8B−$813M$3.7B
Q4 2025$304M−$185M−$327M−$49.0M—$286M$119M
Q3 2025−$497M−$189M−$531M−$49.0M—$1.2B−$686M
Q2 2025$1.1B−$200M−$688M−$51.0M—−$721M$921M
Q1 2025$3.0B−$196M−$384M−$51.0M−$59.0M−$2.2B$2.8B
Q4 2024$198M−$191M−$198M——$472M$7.0M

Expedia Group: income statement and cash flow

Expedia Group, Q3 2026: revenue $4.9B (+12% year over year), operating margin 26.9%. The chart follows the revenue to costs, profit and cash.

Expedia Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.