Filing Flows › Expedia Group (EXPE) › Q4 2025
Expedia Group (EXPE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Expedia Group (EXPE) reported revenue of $3.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -20% from the quarter before. Operating margin was 11.8%, net earnings $205M (5.8% of revenue).
Expedia Group, Q4 2025: revenue $3.5B (+11% year over year), operating margin 11.8%, net earnings $205M, operating cash flow $304M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.5B | -20% | +11% |
| Operating profit | $420M | -59% | +94% |
| Net earnings | $205M | -79% | -31% |
| Operating cash flow | $304M | — | +54% |
| Free cash flow | $119M | — | 17× |
What changed
Revenue was $3.5B in Q4 2025, up 11% year over year and down 20% from the previous quarter. Lodging was the largest line at 79% of revenue.
Operating profit was $0.42B, a 11.8% margin (up 5.1 points year over year). Of the extra revenue versus a year earlier, 56% reached operating profit, above the 7% margin then. Total costs grew 5% against revenue growth of 11%. Net earnings were $0.20B, down 31% year over year. The effective tax rate was 16.5%.
Operating cash flow was $0.30B (up 54% year over year), 143% of net income including minority interests. Non-cash charges added back $0.22B of depreciation and amortization and $0.10B of share-based compensation. Working capital and other items used $0.23B. After total capital expenditures ($0.18B), free cash flow as the company reports it was $0.12B.
Questions
What was Expedia Group's revenue in the fourth quarter 2025?
Expedia Group (EXPE) reported revenue of $3.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -20% from the quarter before.
Was Expedia Group profitable in the fourth quarter 2025?
Operating profit was $420M (11.8% of revenue) and net earnings $205M.
Source: Expedia Group 10-K on SEC EDGAR.