Part I. Financial Information [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201%20Consolidated%20Financial%20Statements) Expedia Group's unaudited consolidated financial statements and detailed notes for specified periods are presented [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) This statement details Expedia Group's revenue, operating income, net income, and earnings per share for specified periods | Metric (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $3,786 | $3,558 | $6,774 | $6,447 | | Operating income | $485 | $451 | $415 | $341 | | Net income | $322 | $375 | $125 | $239 | | Net income attributable to Expedia Group, Inc. | $330 | $386 | $130 | $251 | | Basic EPS | $2.61 | $2.92 | $1.02 | $1.88 | | Diluted EPS | $2.48 | $2.80 | $0.96 | $1.79 | - Revenue increased by **6.4%** for the three months ended June 30, 2025, and by **5.1%** for the six months ended June 30, 2025, compared to the same periods in 2024[8](index=8&type=chunk) - Net income attributable to Expedia Group, Inc. decreased by **14.5%** for the three months ended June 30, 2025, and by **48.2%** for the six months ended June 30, 2025, compared to the same periods in 2024[8](index=8&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This statement presents net income and other comprehensive income components, including currency translation adjustments | Metric (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $322 | $375 | $125 | $239 | | Currency translation adjustments, net of tax | $40 | $(2) | $55 | $(17) | | Comprehensive income | $362 | $373 | $180 | $222 | | Comprehensive income attributable to Expedia Group, Inc. | $363 | $385 | $175 | $237 | - Currency translation adjustments significantly impacted comprehensive income, shifting from a net loss of **$2 million** in Q2 2024 to a gain of **$40 million** in Q2 2025, and from a loss of **$17 million** YTD 2024 to a gain of **$55 million** YTD 2025[10](index=10&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) This statement provides a snapshot of Expedia Group's financial position, detailing assets, liabilities, and equity | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :------------------- | :------------ | :---------------- | | **ASSETS** | | | | Total current assets | $14,733 | $9,815 | | Total assets | $26,976 | $22,388 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $19,614 | $13,611 | | Total liabilities | $24,890 | $19,578 | | Total stockholders' equity | $2,086 | $2,799 | - Total assets increased by **$4,588 million (20.5%)** from December 31, 2024, to June 30, 2025, primarily driven by a significant increase in cash and cash equivalents and deferred merchant bookings[14](index=14&type=chunk) - Total current liabilities increased by **$6,003 million (44.1%)** over the same period, largely due to a substantial rise in deferred merchant bookings[14](index=14&type=chunk) [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders%20Equity) This statement tracks changes in stockholders' equity, including net income, dividends, and share repurchases | Metric (in millions) | Three months ended June 30, 2025 | Six months ended June 30, 2025 | | :------------------- | :------------------------------- | :----------------------------- | | Net income (loss) | $330 | $130 | | Other comprehensive income, net of taxes | $33 | $45 | | Payment of dividends to stockholders | $(51) | $(102) | | Common stock repurchases | $(627) | $(957) | | Stock-based compensation expense | $132 | $248 | - Total stockholders' equity decreased from **$2,799 million** as of December 31, 2024, to **$2,086 million** as of June 30, 2025, primarily due to common stock repurchases and dividend payments, partially offset by net income and stock-based compensation[18](index=18&type=chunk) - The company reinstated quarterly common stock dividends in Q1 2025, with two payments of **$0.40 per share** totaling **$102 million** for the six months ended June 30, 2025[18](index=18&type=chunk)[59](index=59&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities | Cash Flow Activity (in millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $4,073 | $4,380 | | Net cash used in investing activities | $(220) | $(449) | | Net cash used in financing activities | $(1,180) | $(1,149) | | Effect of exchange rate changes on cash | $208 | $(81) | | Net increase in cash, cash equivalents and restricted cash | $2,881 | $2,701 | | Cash, cash equivalents and restricted cash at end of period | $8,455 | $8,362 | - Net cash provided by operating activities decreased by **$307 million** for the six months ended June 30, 2025, compared to the prior year, primarily due to lower working capital benefits[20](index=20&type=chunk)[172](index=172&type=chunk) - Net cash used in investing activities decreased by **$229 million**, driven by sources of cash from currency forward contract gains in 2025 compared to losses in 2024[20](index=20&type=chunk)[173](index=173&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the consolidated financial statements [Note 1 – Basis of Presentation](index=9&type=section&id=Note%201%20%E2%80%93%20Basis%20of%20Presentation) This note outlines the basis for financial statement preparation, including GAAP adherence, estimates, and business seasonality - Expedia Group's business experiences seasonal fluctuations, with leisure travel bookings generally highest in the first three quarters. Revenue typically lags bookings by several weeks for hotels and several months for alternative accommodations[26](index=26&type=chunk) - On a consolidated basis, revenue and income are typically lowest in the first quarter and highest in the third quarter[26](index=26&type=chunk) [Note 2 – Summary of Significant Accounting Policies](index=9&type=section&id=Note%202%20%E2%80%93%20Summary%20of%20Significant%20Accounting%20Policies) This note details recent accounting policy updates, including new FASB guidance and revenue recognition principles - New FASB guidance on income tax disclosure is effective for annual periods beginning after December 15, 2024, requiring specific categories in rate reconciliation and additional information for significant reconciling items[27](index=27&type=chunk)[28](index=28&type=chunk) - New FASB guidance expanding disclosure requirements for certain income statement expenses is effective for fiscal years beginning after December 15, 2026[29](index=29&type=chunk) | Revenue Recognition Item (in millions) | June 30, 2025 | December 31, 2024 | Recognized in H1 2025 | | :----------------------------------- | :------------ | :---------------- | :-------------------- | | Prepaid merchant bookings | $481 | $319 | N/A | | Deferred merchant bookings | $12,300 | $7,600 | $5,700 | | Deferred loyalty rewards | $1,100 | $937 | $431 | | Deferred revenue | $167 | $164 | $104 | [Note 3 – Fair Value Measurements](index=11&type=section&id=Note%203%20%E2%80%93%20Fair%20Value%20Measurements) This note details financial assets and liabilities measured at fair value, including derivatives and investments | Financial Assets Measured at Fair Value (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------------------------------- | :------------ | :---------------- | | Total assets measured at fair value on a recurring basis | $1,651 | $1,700 | | Total liabilities measured at fair value on a recurring basis | $15 | $2 | - As of June 30, 2025, the company held **$5.6 billion** in outstanding foreign currency forward contracts to hedge liability exposures, resulting in a net forward asset of **$38 million**[44](index=44&type=chunk) - During the six months ended June 30, 2025, the company recognized approximately **$(223) million** in losses from fair value changes of its equity investment in Global Business Travel Group, Inc., and a **$2 million** gain from the sale of Despegar.com, Corp[46](index=46&type=chunk)[47](index=47&type=chunk) [Note 4 – Debt](index=13&type=section&id=Note%204%20%E2%80%93%20Debt) This note details Expedia Group's outstanding debt, including notes, redemptions, issuances, and credit facility status | Debt Type (in millions) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | 6.25% senior notes due 2025 | $— | $1,043 | | 5.0% senior notes due 2026 | $750 | $749 | | 0% convertible senior notes due 2026 | $998 | $996 | | 5.4% senior notes due 2035 | $985 | $— | | Total debt | $6,213 | $6,266 | | Long-term debt, excluding current maturities | $4,466 | $5,223 | - In February 2025, Expedia Group early redeemed approximately **$1 billion** of 6.25% senior unsecured notes due May 2025[51](index=51&type=chunk) - In February 2025, the company issued **$1 billion** of 5.4% registered senior unsecured notes due February 2035, with net proceeds of approximately **$985 million**[53](index=53&type=chunk) - Expedia Group maintains a **$2.5 billion** revolving credit facility, with no outstanding borrowings as of June 30, 2025, and was in compliance with all covenants[57](index=57&type=chunk)[58](index=58&type=chunk) [Note 5 – Stockholders' Equity](index=14&type=section&id=Note%205%20%E2%80%93%20Stockholders%20Equity) This note details common stock dividends, share repurchases, and accumulated other comprehensive income | Dividend Declaration | Per Share | Total Amount (in millions) | Payment Date | | :------------------- | :-------- | :------------------------- | :----------- | | February 4, 2025 | $0.40 | $51 | March 27, 2025 | | May 7, 2025 | $0.40 | $51 | June 18, 2025 | - During the six months ended June 30, 2025, Expedia Group repurchased **5.6 million shares** for **$957 million** under its 2023 Share Repurchase Program, with **$2.3 billion** remaining authorized[61](index=61&type=chunk) - Accumulated Other Comprehensive Income (Loss) primarily consists of foreign currency translation adjustments[62](index=62&type=chunk) [Note 6 – Earnings Per Share](index=15&type=section&id=Note%206%20%E2%80%93%20Earnings%20Per%20Share) This note presents basic and diluted earnings per share and weighted-average shares outstanding for specified periods | EPS Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic EPS | $2.61 | $2.92 | $1.02 | $1.88 | | Diluted EPS | $2.48 | $2.80 | $0.96 | $1.79 | | Shares (000's) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic | 126,453 | 131,948 | 127,541 | 133,724 | | Diluted | 132,809 | 137,832 | 134,296 | 140,131 | [Note 7 – Restructuring and Related Reorganization Charges](index=16&type=section&id=Note%207%20-%20Restructuring%20and%20Related%20Reorganization%20Charges) This note details restructuring actions, primarily headcount reductions, and associated charges for specified periods - Expedia Group recognized **$70 million** in restructuring and related reorganization charges during the six months ended June 30, 2025, an increase from **$66 million** in the same period of 2024[66](index=66&type=chunk) - These charges were predominately related to employee severance and benefit costs, with approximately **$32 million** included in accrued expenses and other current liabilities as of June 30, 2025[66](index=66&type=chunk) - The company expects approximately **$20 million** in additional reorganization charges based on current plans[66](index=66&type=chunk) [Note 8 – Income Taxes](index=16&type=section&id=Note%208%20%E2%80%93%20Income%20Taxes) This note provides effective tax rates, explains changes, and discusses IRS examinations and transfer pricing disputes | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :----- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Effective tax rate | 23.9% | 23.3% | 39.3% | 28.3% | - The change in effective tax rate for both periods was primarily due to nondeductible mark-to-market charges[68](index=68&type=chunk) - Expedia Group is under examination by the IRS for tax years 2017 to 2020 and is vigorously defending its position against prior IRS adjustments related to transfer pricing for tax years 2011-2013 and 2014-2016, totaling approximately **$675 million** in federal income tax[69](index=69&type=chunk) [Note 9 – Commitments and Contingencies](index=16&type=section&id=Note%209%20%E2%80%93%20Commitments%20and%20Contingencies) This note discusses legal proceedings, contingent matters, taxes, international VAT, and recent tax settlements - Management does not expect current lawsuits to have a material impact on liquidity, results of operations, or financial condition[70](index=70&type=chunk) - Expedia Group has established reserves for potential settlement of hotel occupancy and other taxes, which were not material as of June 30, 2025, and December 31, 2024[71](index=71&type=chunk) - The company reached an agreement with Italian tax authorities, paying **$71 million** for 2016-2022 VAT matters in November 2024, and an additional **$33 million** for 2023-2024 in July 2025[75](index=75&type=chunk) [Note 10 – Segment Information](index=17&type=section&id=Note%2010%20%E2%80%93%20Segment%20Information) This note defines Expedia Group's B2C, B2B, and trivago segments, detailing performance using Adjusted EBITDA - Expedia Group operates through three reportable segments: B2C (consumer brands), B2B (travel technology and supply solutions), and trivago (hotel metasearch)[77](index=77&type=chunk) - Adjusted EBITDA is the primary operating metric used by CODMs to allocate resources and assess segment performance[79](index=79&type=chunk) | Segment Revenue (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | B2C | $2,479 | $2,432 | $4,435 | $4,418 | | B2B | $1,209 | $1,049 | $2,156 | $1,882 | | trivago (Third-party) | $98 | $77 | $183 | $147 | | Total Revenue | $3,786 | $3,558 | $6,774 | $6,447 | | Segment Adjusted EBITDA (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | B2C | $728 | $654 | $945 | $869 | | B2B | $331 | $263 | $547 | $435 | | trivago | $(6) | $(5) | $(11) | $(14) | | Total Adjusted EBITDA | $908 | $786 | $1,204 | $1,041 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial performance, condition, and operational results [Overview and Trends](index=23&type=section&id=Overview%20and%20Trends) This section outlines Expedia Group's mission, industry trends, competitive landscape, and key operating metrics - Expedia Group's mission is to power global travel, leveraging its supply portfolio, platform, and technology across consumer brands and business partners[95](index=95&type=chunk) - Global macroeconomic and geopolitical pressures, including weaker than expected travel demand in the U.S. during Q1 and Q2 2025, are impacting the travel industry[97](index=97&type=chunk) - The online travel market is highly competitive, with challenges from generative AI tools, search engine companies (e.g., Google), metasearch companies, direct bookings by airlines/lodging, and the 'sharing economy' (e.g., Airbnb, Vrbo)[100](index=100&type=chunk) | Lodging Metric | Q2 2025 Growth | 2024 Growth | 2023 Growth | | :------------- | :------------- | :---------- | :---------- | | Room nights booked | 7% | 9% | 12% | | ADRs booked | Flat | -1% | -2% | - Air bookings grew **3%** in Q2 2025 compared to Q2 2024, but continued to lag lodging business growth. Air revenue accounted for **3%** of total worldwide revenue in Q2 2025[110](index=110&type=chunk)[111](index=111&type=chunk) - Total advertising and media revenue accounted for **7%** of total worldwide revenue in Q2 2025, with EG Advertising growing **19%** and trivago Advertising growing **28%** compared to Q2 2024[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Business Strategy](index=25&type=section&id=Business%20Strategy) Expedia Group's strategy focuses on leveraging its brand, supply, and platform technology for customer relationships - Expedia Group's strategy focuses on leveraging its brand, supply, and platform technology to provide greater services and value to travelers, suppliers, and business partners, building longer-lasting direct customer relationships[115](index=115&type=chunk) - The company has unified its technology, product, data engineering, and data science teams to build scalable services and capabilities, completing the migration of core B2C brands onto a unified Brand Expedia technology front-end infrastructure[117](index=117&type=chunk)[118](index=118&type=chunk) - One Key, a unified loyalty program, was launched in the U.S. and U.K., enabling travelers to cross-earn and cross-redeem rewards across Brand Expedia, Hotels.com, and Vrbo[119](index=119&type=chunk) [Seasonality](index=26&type=section&id=Seasonality) This section explains the seasonal nature of travel bookings, with revenue and income typically lowest in Q1 and highest in Q3 - Travel bookings are generally highest in the first three quarters, with revenue lagging bookings by several weeks for hotels and months for alternative accommodations[120](index=120&type=chunk) - Consolidated revenue and income are typically lowest in the first quarter and highest in the third quarter[120](index=120&type=chunk) [Critical Accounting Policies and Estimates](index=26&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights critical accounting estimates requiring significant judgment impacting financial results - Critical accounting estimates require significant judgment and assumptions, where changes could materially impact financial condition or results of operations[122](index=122&type=chunk)[123](index=123&type=chunk) [Segments](index=26&type=section&id=Segments) This section identifies Expedia Group's three reportable segments: B2C, B2B, and trivago - Expedia Group's reportable segments are B2C, B2B, and trivago[125](index=125&type=chunk) [Operating Metrics](index=26&type=section&id=Operating%20Metrics) This section presents key operating metrics, including gross bookings and revenue margin, for specified periods | Metric (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | **Gross Bookings** | | | | | | | | B2C | $21,565 | $21,290 | 1% | $44,180 | $43,687 | 1% | | B2B | $8,844 | $7,547 | 17% | $17,680 | $15,314 | 15% | | Total gross bookings | $30,409 | $28,837 | 5% | $61,860 | $59,001 | 5% | | **Revenue Margin** | | | | | | | | B2C | 11.5% | 11.4% | | 10.0% | 10.1% | | | B2B | 13.7% | 13.9% | | 12.2% | 12.3% | | | Total revenue margin | 12.4% | 12.3% | | 10.9% | 10.9% | | - Gross bookings increased **5%** for both the three and six months ended June 30, 2025, primarily driven by lodging gross bookings in the hotel business, with booked room nights increasing **7%**[128](index=128&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of Expedia Group's revenue and expense performance for the reporting periods [Revenue](index=27&type=section&id=Revenue) Revenue increased, driven by B2B and lodging growth, with strong advertising revenue and decreased air revenue | Revenue by Segment (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :------------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | B2C | $2,479 | $2,432 | 2% | $4,435 | $4,418 | 0% | | B2B | $1,209 | $1,049 | 15% | $2,156 | $1,882 | 15% | | trivago (Third-party) | $98 | $77 | 28% | $183 | $147 | 25% | | Total revenue | $3,786 | $3,558 | 6% | $6,774 | $6,447 | 5% | | Revenue by Service Type (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :------------------------------------ | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Lodging | $3,040 | $2,862 | 6% | $5,329 | $5,090 | 5% | | Air | $105 | $111 | (5)% | $212 | $226 | (6)% | | Expedia Group Advertising | $182 | $152 | 19% | $356 | $297 | 20% | | trivago Advertising | $98 | $77 | 28% | $183 | $147 | 25% | | Other | $361 | $356 | 1% | $694 | $687 | 1% | | Total revenue | $3,786 | $3,558 | 6% | $6,774 | $6,447 | 5% | | Revenue by Business Model (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :-------------------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Merchant | $2,624 | $2,459 | 7% | $4,670 | $4,423 | 6% | | Agency | $852 | $838 | 2% | $1,504 | $1,516 | (1)% | | Advertising, media and other | $310 | $261 | 19% | $600 | $508 | 18% | | Total revenue | $3,786 | $3,558 | 6% | $6,774 | $6,447 | 5% | [Cost of Revenue](index=28&type=section&id=Cost%20of%20Revenue) Cost of revenue remained consistent for the three and six months ended June 30, 2025, reflecting efficiencies | Cost of Revenue (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :---------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Direct costs | $302 | $284 | 6% | $588 | $564 | 4% | | Personnel and overhead | $75 | $78 | (4)% | $146 | $156 | (6)% | | Total cost of revenue | $377 | $362 | 4% | $734 | $720 | 2% | | % of revenue | 9.9% | 10.2% | | 10.8% | 11.2% | | [Selling and Marketing - Direct and Indirect](index=29&type=section&id=Selling%20and%20Marketing%20-%20Direct%20and%20Indirect) Selling and marketing expenses increased due to higher B2B commissions and increased salaries | Selling and Marketing (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :---------------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Selling and marketing - direct | $1,920 | $1,793 | 7% | $3,677 | $3,443 | 7% | | % of revenue | 50.7% | 50.4% | | 54.3% | 53.4% | | | Selling and marketing - indirect | $213 | $197 | 8% | $412 | $383 | 7% | | % of revenue | 5.6% | 5.5% | | 6.1% | 5.9% | | - Direct selling and marketing costs increased due to higher B2B partner commissions supporting revenue growth[140](index=140&type=chunk) - Indirect selling and marketing costs increased primarily due to higher average salaries[140](index=140&type=chunk) [Technology and Content](index=29&type=section&id=Technology%20and%20Content) Technology and content expense decreased due to lower personnel costs and cloud spending optimization initiatives | Technology and Content (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :----------------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Personnel and overhead | $235 | $239 | (1)% | $472 | $489 | (3)% | | Other | $90 | $92 | (3)% | $173 | $183 | (6)% | | Total technology and content | $325 | $331 | (2)% | $645 | $672 | (4)% | | % of revenue | 8.6% | 9.3% | | 9.5% | 10.4% | | [General and Administrative](index=29&type=section&id=General%20and%20Administrative) General and administrative expense increased due to higher personnel and overhead costs and miscellaneous business taxes | General and Administrative (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :--------------------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Personnel and overhead | $151 | $144 | 4% | $297 | $292 | 2% | | Professional fees and other | $46 | $36 | 27% | $80 | $74 | 7% | | Total general and administrative | $197 | $180 | 9% | $377 | $366 | 3% | | % of revenue | 5.2% | 5.1% | | 5.6% | 5.7% | | [Depreciation and Amortization](index=30&type=section&id=Depreciation%20and%20Amortization) Depreciation increased from capitalized website development, while amortization decreased | Depreciation and Amortization (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Depreciation | $212 | $190 | 12% | $420 | $385 | 9% | | Amortization of intangible assets | $11 | $15 | (32)% | $22 | $30 | (29)% | | Total depreciation and amortization | $223 | $205 | 9% | $442 | $415 | 6% | [Legal Reserves, Occupancy Tax and Other](index=30&type=section&id=Legal%20Reserves%2C%20Occupancy%20Tax%20and%20Other) This expense category decreased significantly in 2025 due to prior year charges for digital service taxes and a donation | Legal Reserves, Occupancy Tax and Other (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :---------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Amount | $2 | $21 | $2 | $41 | | % of revenue | 0.1% | 0.6% | 0% | 0.6% | - The higher charges in the six months ended June 30, 2024, included a **$30 million** charge for Canadian digital service taxes and a **$20 million** donation for public park revitalization in Seattle[147](index=147&type=chunk) [Restructuring and Related Reorganization Charges](index=30&type=section&id=Restructuring%20and%20Related%20Reorganization%20Charges) Restructuring charges increased in H1 2025 due to expanded reorganization actions, primarily employee severance and benefits - Restructuring and related reorganization charges were **$70 million** for the six months ended June 30, 2025, up from **$66 million** in the prior year, due to expanded actions including headcount reductions[148](index=148&type=chunk) [Operating Income](index=30&type=section&id=Operating%20Income) Operating income increased due to revenue growth and lower legal charges, with Adjusted EBITDA growth | Operating Income (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :----------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Operating income | $485 | $451 | 8% | $415 | $341 | 22% | | % of revenue | 12.8% | 12.7% | | 6.1% | 5.3% | | | Adjusted EBITDA by Segment (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :--------------------------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | B2C | $728 | $654 | 12% | $945 | $869 | 9% | | B2B | $331 | $263 | 26% | $547 | $435 | 26% | | trivago | $(6) | $(5) | 30% | $(11) | $(14) | (21)% | | Total Adjusted EBITDA | $908 | $786 | 16% | $1,204 | $1,041 | 16% | [Interest Income and Expense](index=31&type=section&id=Interest%20Income%20and%20Expense) Interest income increased from higher cash balances, while interest expense decreased due to new senior notes | Interest (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :--------------------- | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Interest income | $74 | $67 | 10% | $128 | $118 | 8% | | Interest expense | $(58) | $(61) | (6)% | $(116) | $(123) | (6)% | [Other, Net](index=31&type=section&id=Other%2C%20Net) Other, net shifted from a gain to a loss, primarily due to foreign exchange and minority equity investment changes | Other, Net (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Foreign exchange rate gains (losses), net | $28 | $(31) | $40 | $(61) | | Gains (losses) on minority equity investments, net | $(102) | $56 | $(258) | $47 | | Other | $(4) | $6 | $(3) | $11 | | Total other, net | $(78) | $31 | $(221) | $(3) | [Provision for Income Taxes](index=32&type=section&id=Provision%20for%20Income%20Taxes) The effective tax rate increased due to mark-to-market charges; OBBBA impacts are under evaluation | Income Tax Metric (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change | | :------------------------------ | :------------------------------- | :------------------------------- | :------- | :----------------------------- | :----------------------------- | :------- | | Provision for income taxes | $101 | $113 | (11)% | $81 | $94 | (14)% | | Effective tax rate | 23.9% | 23.3% | | 39.3% | 28.3% | | - The effective tax rate for the six months ended June 30, 2025, increased to **39.3%** from **28.3%** in the prior year, primarily due to nondeductible mark-to-market charges[158](index=158&type=chunk) - The company is evaluating the potential impacts and elections related to the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, which makes permanent key provisions of the Tax Cuts and Jobs Act of 2017 and introduces other tax changes[160](index=160&type=chunk) [Definition and Reconciliation of Adjusted EBITDA](index=32&type=section&id=Definition%20and%20Reconciliation%20of%20Adjusted%20EBITDA) This section defines Adjusted EBITDA as a non-GAAP measure and reconciles it to net income - Adjusted EBITDA is a non-GAAP measure used by management to evaluate business performance and is reconciled to net income attributable to Expedia Group, Inc[161](index=161&type=chunk)[162](index=162&type=chunk) | Reconciliation Item (in millions) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income attributable to Expedia Group, Inc. | $330 | $386 | $130 | $251 | | Provision for income taxes | $101 | $113 | $81 | $94 | | Total other (income) expense, net | $62 | $(37) | $209 | $8 | | Operating income | $485 | $451 | $415 | $341 | | Stock-based compensation | $105 | $114 | $203 | $218 | | Depreciation and amortization | $223 | $205 | $442 | $415 | | Adjusted EBITDA | $908 | $786 | $1,204 | $1,041 | [Financial Position, Liquidity and Capital Resources](index=33&type=section&id=Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) This section discusses Expedia Group's financial position, liquidity, capital resources, debt, and cash flow - Principal sources of liquidity include cash flows from operations, available credit facility, and cash and short-term investments, which totaled **$6.7 billion** at June 30, 2025[166](index=166&type=chunk) - In February 2025, the company issued **$1 billion** of 5.4% senior notes and redeemed approximately **$1 billion** of 6.25% senior notes[167](index=167&type=chunk)[168](index=168&type=chunk) - Credit ratings as of June 30, 2025, were Baa2 (Moody's), BBB (S&P), and BBB (Fitch), all with a 'stable' outlook[169](index=169&type=chunk) - Net cash provided by operating activities decreased for the six months ended June 30, 2025, compared to the prior year, due to lower working capital benefits[172](index=172&type=chunk) - The company repurchased **5.6 million shares** for approximately **$957 million** under its 2023 Share Repurchase Program during the six months ended June 30, 2025[175](index=175&type=chunk) - Quarterly cash dividends of **$0.40 per share** were paid in March and June 2025, totaling **$102 million**[176](index=176&type=chunk) [Summarized Financial Information for Guarantors and the Issuer of Guaranteed Securities](index=35&type=section&id=Summarized%20Financial%20Information%20for%20Guarantors%20and%20the%20Issuer%20of%20Guaranteed%20Securities) This section provides summarized financial information for the obligor group, including assets and liabilities | Obligor Group (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Current Assets | $12,774 | $7,996 | | Non-Current Assets | $10,363 | $10,495 | | Current Liabilities | $18,509 | $14,129 | | Non-Current Liabilities | $5,022 | $5,744 | | Obligor Group (in millions) | Six Months Ended June 30, 2025 | Year Ended December 31, 2024 | | :-------------------------- | :----------------------------- | :--------------------------- | | Revenue | $5,130 | $10,520 | | Operating income | $242 | $915 | | Net income | $218 | $719 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=36&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section confirms no material changes in Expedia Group's market risk during the specified periods - No material changes in market risk occurred during the three and six months ended June 30, 2025[183](index=183&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204%20Controls%20and%20Procedures) This section confirms effective disclosure controls and no material changes to internal financial reporting - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025[184](index=184&type=chunk) - There were no material changes to internal control over financial reporting during the quarter ended June 30, 2025[185](index=185&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=38&type=section&id=Item%201%20Legal%20Proceedings) This section provides updates on specific legal proceedings, including favorable outcomes in the Helms Burton Litigation - In the Helms Burton Litigation, the Eleventh Circuit affirmed the dismissal in Del Valle and dismissed the Trinidad appeal, effectively ending those matters. A jury also returned a verdict in favor of Expedia in the CSL matter[186](index=186&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A%20Risk%20Factors) This section refers to the Annual Report on Form 10-K for risk factors, noting no new material risks in this report - Readers should refer to the Annual Report on Form 10-K for a comprehensive discussion of risk factors, as no new material risks are presented in this report[187](index=187&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section summarizes share repurchase activity under the 2023 Share Repurchase Program for Q2 2025 | Period | Total Number of Shares Purchased (in thousands) | Average Price Paid Per Share | | :--------------- | :-------------------------------------------- | :--------------------------- | | April 1-30, 2025 | 782 | $152.98 | | May 1-31, 2025 | 1,472 | $164.36 | | June 1-30, 2025 | 1,570 | $168.88 | | Total | 3,824 | | - As of June 30, 2025, **$2.276 billion** remained authorized for repurchase under the 2023 Share Repurchase Program[188](index=188&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205%20Other%20Information) This section confirms no Rule 10b5-1 trading arrangements by directors or executive officers during Q2 2025 - No Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or executive officers during Q2 2025[189](index=189&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including certifications and XBRL - Key exhibits include certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, and XBRL formatted financial statements[191](index=191&type=chunk) [Signature](index=41&type=section&id=Signature) This section contains the official signature block for the Quarterly Report on Form 10-Q

Financial Data and Key Metrics Changes - In Q2 2025, gross bookings increased by 5%, revenue grew by 6%, and adjusted EBITDA margins expanded by nearly two points [7][24][27] - Booked room nights were up 7%, reaching 105 million, with B2B bookings growing 17% and advertising revenue increasing by 19% [10][24][25] - Adjusted EBITDA was $908 million, with an adjusted EPS of $4.24, reflecting a 21% increase year-over-year [32][36] Business Line Data and Key Metrics Changes - B2C gross bookings increased by 1% year-over-year, while B2B gross bookings rose by 17% [29][31] - Brand Expedia was the largest and fastest-growing consumer brand, with booked room nights growing by 5% [10][25][90] - Hotels.com bookings declined slightly, but room nights accelerated due to a brand relaunch [11][50] Market Data and Key Metrics Changes - The U.S. travel market showed muted growth, with low single-digit growth in booked room nights [9][27] - International revenue growth was up 13%, with notable strength in Asia, which grew almost 30% [27][31] - Bookings outside the U.S. grew by high single digits, particularly in the U.K. and Northern Europe [19][80] Company Strategy and Development Direction - The company focuses on three strategic priorities: delivering more value for travelers, investing in growth opportunities, and driving operating efficiencies [11][12][21] - AI is leveraged to enhance user experience, improve customer service, and drive marketing efficiencies [15][22] - The company aims to optimize its marketing spend while continuing to invest in growth drivers [37][122] Management's Comments on Operating Environment and Future Outlook - Management noted a soft U.S. travel market but observed an uptick in travel demand since July [9][39] - The company raised its annual guidance based on solid first-half performance and current trends [9][36] - Management expressed confidence in the company's ability to capture traffic from AI-driven searches and emphasized the importance of strong supply and loyalty programs [100][104] Other Important Information - The company has $9.2 billion in total liquidity, including $6.7 billion in unrestricted cash [34] - Free cash flow on a trailing twelve-month basis was $2 billion, reflecting the strength of the asset-light model [34] - The company plans to continue share repurchases, with $2.3 billion remaining in the program [35] Q&A Session Summary Question: Future growth alignment with strategic priorities - Management is confident in the portfolio mix and believes they are well-positioned to capture traffic from AI partners while focusing on direct traffic [42][43] Question: Hotels.com performance outlook - Management noted improvements from the brand relaunch and new product capabilities, with positive results from international markets [50][52] Question: Marketing leverage in B2C business - Management highlighted improvements in product quality and marketing effectiveness, aiming for better direct traffic and repeat bookings [57][58] Question: Promotional environment and pricing impact - Management observed increased supplier-driven promotions and noted that all-in pricing changes had a manageable impact on conversion rates [61][63] Question: AI's role in B2B and Vrbo performance - Management discussed ongoing improvements in Vrbo's supply and product offerings, while also exploring AI's potential in enhancing B2B operations [68][104] Question: Growth drivers in B2B - Management emphasized strong growth in Asia and the importance of creating value for partners to capture more travel spend [84][85] Question: Brand Expedia's market share - Management believes Brand Expedia is gaining market share due to its strong value proposition and record attach rates [90][92] Question: Cost structure and margin improvement - Management is focused on balancing cost reductions with growth investments to enhance margins [114][115] Question: Loyalty program performance - Management reported growth in loyalty program members and positive impacts from tailored strategies for different brands [120][121]

Financial Data and Key Metrics Changes - Gross bookings increased by 5% year over year, while revenue grew by 6% [6][23] - Adjusted EBITDA margins expanded by nearly two points [6][23] - Booked room nights rose by 7%, reaching 105 million [24] - Adjusted EBITDA was $908 million, with a margin of 24% [31] Business Line Data and Key Metrics Changes - B2B bookings grew by 17%, marking the sixteenth consecutive quarter of double-digit growth [9][30] - Advertising revenue increased by 19%, with a record number of active partners [9] - Brand Expedia was the largest and fastest-growing consumer brand, with multi-item attach rates at their highest since the pandemic [10] - Hotels.com bookings declined slightly, but room nights accelerated due to a brand relaunch [10] - Vrbo's room nights grew in line with the market, but bookings declined due to lower daily rates and higher cancellations [10] Market Data and Key Metrics Changes - The U.S. travel market was described as muted, with consumers at the higher end remaining resilient [7] - International revenue growth was up 13%, with notable strength in Asia, which grew almost 30% [26][30] - Bookings outside the U.S. grew by high single digits, with Brand Expedia growing 13% [17] Company Strategy and Development Direction - The company focuses on three strategic priorities: delivering more value for travelers, investing in growth opportunities, and driving operating efficiencies [10][19] - AI is leveraged across all priorities to enhance user experience and operational efficiency [14][20] - The company aims to optimize its marketing spend while continuing to invest in growth drivers [36] Management's Comments on Operating Environment and Future Outlook - Management noted an uptick in overall travel demand since July, particularly in the U.S. [8] - The company raised its annual guidance based on solid first-half performance and current trends [8][35] - Management expressed confidence in the company's ability to navigate a challenging U.S. consumer spending environment [38] Other Important Information - The company has $9.2 billion in total liquidity, including $6.7 billion in unrestricted cash [33] - Free cash flow on a trailing twelve-month basis was $2 billion, reflecting the strength of the asset-light model [33] - The company plans to continue share repurchases, with $2.3 billion remaining in the program [34] Q&A Session Summary Question: Future growth alignment with strategic priorities - Management expressed confidence in the portfolio mix and the ability to capture traffic from AI partners [40][42] Question: Hotels.com performance outlook - Management highlighted improvements from the brand relaunch and new capabilities like price alerts [48][50] Question: Marketing leverage in B2C business - Management discussed improvements in product quality and direct traffic conversion as key drivers for marketing leverage [55][56] Question: Promotional environment impact - Management noted an increase in supplier-driven promotions due to price sensitivity in the U.S. market [58][60] Question: AI's role in B2B growth - Management indicated that AI is being explored for onboarding inventory and enhancing customer support [66][70] Question: International growth potential - Management emphasized a focused approach to international markets, with strong growth in specific regions like Japan and Brazil [76][78] Question: Brand Expedia's market share - Management confirmed that Brand Expedia is taking share in various markets, supported by a strong value proposition [88][90] Question: Loyalty program performance - Management reported high single-digit growth in active loyalty members, particularly among higher-tier members [120][121]

Q2 2025 Financial Performance - Room nights increased by 7% year-over-year to 105 million[10] - Gross bookings increased by 5% year-over-year to $30.4 billion[10] - Revenue increased by 6% year-over-year to $3.8 billion[12] - Adjusted EBITDA increased by 16% year-over-year to $908 million[12] - Adjusted EBITDA margin increased by 190 bps year-over-year[10, 22, 26] - Adjusted EPS increased by 21% year-over-year to $4.24[12] Segment Performance - B2B gross bookings increased by 17% year-over-year to $8.8 billion[17] - Advertising revenue increased by 19% year-over-year to $182 million[17] Guidance - Q3 2025 gross bookings are expected to increase by 5-7% year-over-year[61] - Q3 2025 revenue is expected to increase by 4-6% year-over-year[61] - Q3 2025 Adjusted EBITDA margin is expected to increase by 50-100 bps year-over-year[61]

Expedia Group Reports Second Quarter 2025 Results Exceeds guidance, growing bookings 5% and revenue 6% y/y and expanding EBITDA margins Repurchases $627 million of shares in the quarter; declares dividend of $0.40 per share Increases full year guidance SEATTLE, WA – August 7, 2025 – Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the second quarter ended June 30, 2025. | | | Expedia Group, Inc. | | | --- | --- | --- | --- | | Metric | Q2 2025 | Q2 2024 | Δ Y/Y | | Booked room nights ...

Core Insights - Expedia Group (EXPE) is set to report its second-quarter 2025 results on August 7, with expected revenues of $3.71 billion, reflecting a 4.39% increase year-over-year, and earnings estimated at $4.14 per share, indicating a 17.95% rise from the previous year [1][3]. Financial Performance Expectations - The Zacks Consensus Estimate for EXPE's second-quarter 2025 revenues is $3.71 billion, a 4.39% increase from the same quarter last year [1]. - The consensus for earnings is $4.14 per share, which is a $0.01 increase over the past 30 days and represents a 17.95% increase year-over-year [1]. Recent Performance Trends - EXPE has surpassed the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average surprise of 5.48% [2]. - The company anticipates gross bookings growth of 2-4% and revenue growth of 3-5%, with a one-point benefit from the Easter shift and a two-point foreign exchange headwind [3][9]. Market Dynamics - The performance in the second quarter is expected to be influenced by ongoing challenges in the U.S. market, resilience in international markets, and cost optimization efforts [3]. - Domestic travel softness and reduced inbound flows may have impacted B2C performance due to EXPE's significant U.S. market exposure [4]. Segment Performance - The B2B segment is expected to be a key growth driver, likely maintaining double-digit momentum supported by expanded partnerships and strength in the APAC region [5]. - Advertising revenues are projected to show robust growth, aided by increased partner participation and new advertising solutions, with AI-driven tools enhancing platform adoption [6]. Operational Efficiency - Management expects adjusted EBITDA margin expansion of 75-100 basis points year-over-year, driven by operational efficiency initiatives and cost discipline measures, including restructuring actions affecting approximately 4% of employees [7].

Core Insights - Analysts project that Expedia (EXPE) will report quarterly earnings of $4.14 per share, reflecting an 18% year-over-year increase, with revenues expected to reach $3.71 billion, a 4.4% increase from the same quarter last year [1] Revenue Projections - Revenue from B2B is projected to be $1.17 billion, indicating an 11.7% year-over-year increase [4] - Revenue from Trivago is expected to reach $93.04 million, showing a 20.8% increase compared to the previous year [4] - Revenue for Expedia Group (excluding Trivago) is estimated at $3.62 billion, reflecting a 4% increase from the prior-year quarter [4] - Lodging revenue is forecasted to be $2.98 billion, marking a 4.3% increase year-over-year [5] - Advertising and media revenue is expected to reach $258.29 million, indicating a 12.8% year-over-year increase [5] - International revenue is projected at $1.45 billion, reflecting a 10.2% increase from the previous year [5] - Revenue from the United States is expected to be $2.29 billion, showing a 1.9% year-over-year increase [6] Gross Bookings and Room Nights - Total gross bookings are projected to reach $29.81 billion, up from $28.84 billion in the same quarter last year [6] - Stayed room nights/booked room nights are expected to be 103, compared to 99 in the same quarter last year [6] - Stayed room night/booked room nights growth is likely to reach 4.0%, down from 10.0% in the same quarter last year [7] - Gross bookings for the merchant segment are estimated at $17.23 billion, compared to $16.26 billion in the same quarter last year [7] - Gross bookings for the agency segment are projected to be $12.58 billion, unchanged from the previous year [8] Stock Performance - Shares of Expedia have increased by 0.9% over the past month, compared to a 0.6% increase in the Zacks S&P 500 composite [8]

Group 1 - The report evaluates the development trends and investment environment of the agricultural tourism integration industry globally and in China from 2025 to 2031 [1] - The agricultural tourism integration market is categorized into different product types and applications, with growth trends analyzed for 2019, 2025, and 2031 [3][4] - The report includes a comprehensive analysis of the current state of the agricultural tourism integration industry, highlighting its overall development characteristics and influencing factors [4][6] Group 2 - Global supply and demand conditions for agricultural tourism integration are forecasted from 2019 to 2031, including capacity, production, and utilization rates [4][5] - The report provides detailed insights into the revenue and sales volume of agricultural tourism integration in both global and Chinese markets from 2019 to 2031 [4][5] - The market share and revenue distribution among major regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, are analyzed [4][5][6] Group 3 - The competitive landscape of the agricultural tourism integration industry is assessed, focusing on market share and revenue of leading manufacturers [5][6] - The report identifies the barriers to entry in the agricultural tourism integration industry and analyzes the concentration and competition levels among key players [5][6] - A SWOT analysis of Chinese agricultural tourism integration enterprises is included, along with an overview of the policy environment affecting the industry [6][7] Group 4 - The report discusses the supply chain dynamics of the agricultural tourism integration industry, including procurement, production, and sales models [6][7] - It provides a detailed overview of major agricultural tourism integration manufacturers, including their production bases, sales regions, and market positions [7][8] - The report concludes with an analysis of the future trends in agricultural tourism integration in China, including production, sales, and trade dynamics [8][9]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies and confidence in investing [1] Zacks Style Scores - Zacks Style Scores are indicators designed to help investors select stocks likely to outperform the market within 30 days, rated from A to F based on value, growth, and momentum [2] - The Style Scores consist of four categories: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] Value Score - The Value Score identifies undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow to find attractive investment opportunities [3] Growth Score - The Growth Score emphasizes a company's financial health and future potential by analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score helps investors capitalize on price trends by assessing recent price changes and earnings estimate revisions [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investment strategies [6] Zacks Rank - The Zacks Rank is a proprietary model based on earnings estimate revisions, with 1 (Strong Buy) stocks achieving an average annual return of +23.75% since 1988, significantly outperforming the S&P 500 [7] - There are over 800 stocks rated 1 or 2, making it essential for investors to use Style Scores to narrow down their choices [8] Stock to Watch: Expedia Group, Inc. - Expedia Group, Inc. is a leading online travel company, currently rated 3 (Hold) with a VGM Score of A [11] - The company has a Momentum Style Score of A, with shares increasing by 11% in the past four weeks, and an upward revision in earnings estimates for fiscal 2025 [12] - The Zacks Consensus Estimate for Expedia's earnings has risen by $0.06 to $14.63 per share, with an average earnings surprise of +5.5% [12]

Group 1 - The core focus of Expedia Group, Inc. has been on simplifying and refocusing its brand portfolio around three key brands: Expedia, Hotels.com, and Vrbo [1] - The company is also enhancing its technology capabilities to improve overall service delivery and customer experience [1]