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

In der dynamischen Welt des Online-Reisens ist die Expedia Group ein digitales Kraftpaket, das die Art und Weise verändert, wie Millionen von Reisenden globale Reiseziele erkunden, buchen und erleben. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das Technologie, Partnerschaften und kundenorientierte Strategien nahtlos integriert, hat Expedia die Reisebuchungslandschaft revolutioniert und bietet beispiellosen Komfort und wettbewerbsfähige Preise über mehrere Plattformen und Kundensegmente hinweg. Von preisbewussten Reisenden bis hin zu Luxusliebhabern hat sich das Unternehmen mit seinem innovativen Ansatz für digitale Reisedienstleistungen als Marktführer in einer zunehmend wettbewerbsorientierten und technologiegetriebenen Branche positioniert.

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Wichtige Partnerschaften

Online-Reisebüros (OTAs)

Die Expedia Group unterhält strategische Partnerschaften mit mehreren Online-Reisebüros:

Partner-OTA	Eigentumsstatus	Einzelheiten zur Partnerschaft
Booking.com	Teilweise im Besitz befindliche Tochtergesellschaft	Globale Plattform für die gemeinsame Nutzung von Lagerbeständen
Hotels.com	Hundertprozentige Tochtergesellschaft	Direkte Bestandsverwaltung
Vrbo	Hundertprozentige Tochtergesellschaft	Marktplatz für Ferienwohnungen

Partnerschaften mit Fluggesellschaften und Hotelketten

Die Expedia Group arbeitet mit zahlreichen globalen Reiseanbietern zusammen:

• Über 500 Airline-Partner weltweit
• Mehr als 700.000 Hotelimmobilien weltweit
• Strategische Vertriebsvereinbarungen mit großen Hotelketten, darunter Marriott, Hilton, InterContinental

Technologieanbieter und Cloud-Dienste

Technologiepartner	Service bereitgestellt
Amazon Web Services (AWS)	Hosting der Cloud-Infrastruktur
Microsoft Azure	Cloud-Computing-Dienste
Google Cloud-Plattform	Skalierbare Cloud-Technologien

Global Distribution System (GDS)-Netzwerke

Expedia unterhält Partnerschaften mit wichtigen GDS-Netzwerken:

• Sabre Corporation
• Amadeus IT-Gruppe
• Travelport weltweit

Marketing- und Werbeplattformen

Plattform	Partnerschaftsfokus
Google-Anzeigen	Digitales Marketing und Kundengewinnung
Facebook-Werbung	Reichweite des Social-Media-Marketings
TripAdvisor	Überprüfung und Marketingintegration

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Hauptaktivitäten

Verwaltung der Online-Reisebuchungsplattform

Expedia verwaltet mehrere Online-Reiseplattformen, darunter Expedia.com, Hotels.com, Vrbo, Orbitz, Travelocity und Hotwire. Im Jahr 2023 verarbeitete das Unternehmen rund 394 Millionen Übernachtungen und generierte über seine digitalen Plattformen Bruttobuchungen in Höhe von 8,6 Milliarden US-Dollar.

Plattform	Jährliche Buchungen (2023)	Marktreichweite
Expedia.com	3,2 Milliarden US-Dollar	Über 180 Länder
Hotels.com	1,9 Milliarden US-Dollar	Über 150 Länder
Vrbo	1,5 Milliarden US-Dollar	Über 190 Länder

Aggregation und Kuratierung des Reiseinventars

Expedia unterhält Partnerschaften mit über 500.000 Hotels, 400 Fluggesellschaften und 200 Autovermietungen weltweit.

• Hotelbestand: 1,5 Millionen Objekte
• Angebote für Ferienwohnungen: 2 Millionen Objekte
• Flugverbindungen: über 470 Fluggesellschaften

Digitales Marketing und Kundenakquise

Im Jahr 2023 investierte Expedia 1,2 Milliarden US-Dollar in Marketingausgaben, was 14,5 % des Gesamtumsatzes entspricht.

Marketingkanal	Ausgaben	Kundenakquisekosten
Digitale Werbung	780 Millionen Dollar	22 $ pro Kunde
Affiliate-Marketing	280 Millionen Dollar	15 $ pro Kunde
Markenkampagnen	140 Millionen Dollar	35 $ pro Kunde

Technologieentwicklung und Plattforminnovation

Expedia hat im Jahr 2023 475 Millionen US-Dollar für die Technologie- und Produktentwicklung bereitgestellt, was 5,7 % des Gesamtumsatzes entspricht.

• KI-gestützte Empfehlungssysteme
• Preisvorhersagealgorithmen für maschinelles Lernen
• Entwicklung mobiler Apps
• Investitionen in die Cloud-Infrastruktur

Kundendienst- und Support-Operationen

Expedia bietet rund um die Uhr Kundensupport in 35 Sprachen mit 8.500 Supportmitarbeitern.

Support-Metrik	Leistung 2023
Durchschnittliche Reaktionszeit	12 Minuten
Kundenzufriedenheitsrate	87%
Jährliche Support-Interaktionen	42 Millionen

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche globale Reiseinventardatenbank

Ab dem vierten Quartal 2023 umfasst das Reiseinventar der Expedia Group:

Inventarkategorie	Anzahl der Einträge
Hotels	2,2 Millionen Immobilien
Ferienwohnungen	Über 500.000 einzigartige Häuser
Flüge	Über 500 Fluggesellschaften
Autovermietung	Über 25.000 Standorte weltweit

Fortschrittliche Technologie und Buchungsinfrastruktur

Details zur Technologieinfrastruktur:

• Jährliche Technologieinvestition: 782 Millionen US-Dollar im Jahr 2023
• Cloud-Infrastruktur: 100 % cloudbasierte Plattform
• Verarbeitung von Buchungsplattformen: 750+ Millionen jährliche Transaktionen

Starkes Markenportfolio

Zusammensetzung des Markenportfolios der Expedia Group:

Marke	Marktfokus	Globale Reichweite
Expedia.com	Globale Online-Reisebuchung	Über 200 Länder
Hotels.com	Hotelspezifische Buchungen	Über 85 Länder
Vrbo	Marktplatz für Ferienwohnungen	Über 150 Länder

Datenanalyse- und Personalisierungsfunktionen

Datenanalyse-Infrastruktur:

• Kundendatenpunkte: Über 350 Millionen aktive Benutzer
• Personalisierungsalgorithmen: Empfehlungen, die auf maschinellem Lernen basieren
• Echtzeit-Datenverarbeitung: 2,5 Petabyte Reisedaten täglich

Strategische Technologie- und Kundenerlebnisteams

Personalkennzahlen:

Teamkategorie	Anzahl der Fachkräfte
Technologiemitarbeiter	Über 4.700 Tech-Experten
Mitarbeiter für Kundenerfahrung	Über 3.200 Kundenbetreuer
Data Science-Team	Über 650 Datenwissenschaftler und Analysten

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Wertversprechen

Umfassende Reisebuchungsmöglichkeiten

Die Expedia Group bietet Buchungen in mehreren Reisekategorien mit einem Portfolio von über 20 Reisemarken an, darunter Expedia.com, Hotels.com, Vrbo und Orbitz. Im Jahr 2022 wickelte das Unternehmen 142 Millionen Übernachtungen und Bruttobuchungen in Höhe von 99 Milliarden US-Dollar ab.

Buchungskategorie	Jährliches Buchungsvolumen
Hotelzimmer	142 Millionen Übernachtungen
Ferienwohnungen	2,2 Millionen Immobilien weltweit
Flüge	Über 500 Fluggesellschaften vertreten

Wettbewerbsfähige Preise und Rabattmöglichkeiten

Expedia sorgt für Preisanpassung und bietet einen durchschnittlichen Rabatt von 15–30 % auf verschiedene Reisedienstleistungen.

• Preisgarantie für Hotelbuchungen
• Exklusive Mitgliederrabatte bis zu 30 %
• Bündeln Sie Ersparnisse bei Flug- und Hotelpaketen

Benutzerfreundliches digitales Buchungserlebnis

Mobile Plattformen machen 50 % des gesamten digitalen Datenverkehrs von Expedia aus, mit 67 Millionen monatlich aktiven Nutzern über mobile Anwendungen hinweg.

Große Auswahl an Unterkunfts- und Reisedienstleistungen

Servicekategorie	Anzahl der Optionen
Hotelimmobilien	Über 500.000 weltweit
Ferienwohnungen	2,2 Millionen Immobilien
Autovermietung	Über 25.000 Standorte

Integrierte Reiseplanungs- und Reservierungsplattform

Die Plattform der Expedia Group verarbeitet Transaktionen in über 200 Ländern und Territorien und unterstützt 43 Sprachen und mehrere Währungen.

• One-Stop-Reisebuchungsplattform
• Nahtlose geräteübergreifende Reservierungserfahrung
• Preise und Verfügbarkeit in Echtzeit

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Die Expedia Group betreibt mehrere digitale Plattformen mit 83,3 Millionen monatlich aktiven Nutzern aller ihrer Marken. Das Unternehmen verarbeitete im Jahr 2022 insgesamt 774 Millionen Besuche über seine Websites und mobilen Anwendungen.

Plattform	Monatlich aktive Benutzer	Jährliche Transaktionen
Expedia.com	42,1 Millionen	365 Millionen Buchungen
Hotels.com	21,5 Millionen	187 Millionen Buchungen
Vrbo	19,7 Millionen	222 Millionen Buchungen

Online-Kundensupport rund um die Uhr

Expedia bietet mehrsprachigen Kundensupport in 70 Ländern mit Reaktionszeiten von durchschnittlich 3–5 Minuten während der Spitzenzeiten. Über digitale Supportkanäle erreicht das Unternehmen eine Kundenzufriedenheitsrate von 87,6 %.

Personalisierte Empfehlungsmaschinen

Der Empfehlungsalgorithmus verarbeitet jährlich 2,3 Milliarden Benutzerinteraktionsdatenpunkte und generiert personalisierte Reisevorschläge mit einer Konversionsrate von 68 % für empfohlene Angebote.

Treueprogramm und Prämiensystem

Programmdetails	Metriken
Gesamtzahl der Mitglieder	93,4 Millionen
Durchschnittliche Punkteeinlösung	287 $ pro Mitglied
Jährliche Belohnungen ausgegeben	1,2 Milliarden US-Dollar

Engagement in mobilen Apps

Auf die mobilen Plattformen von Expedia entfallen 57,4 % aller Buchungstransaktionen. Die Downloads mobiler Apps erreichten im Jahr 2022 62,1 Millionen mit einer durchschnittlichen Benutzersitzungsdauer von 14,7 Minuten.

• Conversion-Rate für mobile Buchungen: 42,3 %
• Durchschnittlicher mobiler Transaktionswert: 463 $
• App Store-Bewertung: 4,6/5

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Kanäle

Unternehmenswebsites und mobile Anwendungen

Die Expedia Group betreibt mehrere Marken-Websites mit 74,3 Millionen monatlich aktiven Nutzern auf allen Plattformen im Jahr 2023. Zu den digitalen Angeboten des Unternehmens gehören:

Website/App	Monatlich aktive Benutzer	Einzigartige Besucher
Expedia.com	22,1 Millionen	43,6 Millionen
Hotels.com	15,7 Millionen	31,4 Millionen
Vrbo	11,5 Millionen	23,2 Millionen

Online-Reisebuchungsplattformen

Die Online-Plattformen der Expedia Group verarbeiteten im Jahr 2023 Bruttobuchungen in Höhe von 99,8 Milliarden US-Dollar, mit:

• 87 % der Buchungen werden über digitale Kanäle abgeschlossen
• Mobile Buchungen machen 62 % der gesamten digitalen Transaktionen aus
• Durchschnittlicher Buchungswert von 1.243 $ pro Transaktion

Meta-Suche für Reise-Websites

Über Trivago verwaltet die Expedia Group:

Metrisch	Daten für 2023
Gesamtbesucher	383 Millionen
Werbeeinnahmen	567,3 Millionen US-Dollar

Digitale Marketingkampagnen

Die Expedia Group investierte im Jahr 2023 1,2 Milliarden US-Dollar in Marketingausgaben, mit:

• 45 % entfallen auf Performance-Marketing
• 35 % widmen sich Kampagnen zur Markenbekanntheit
• 20 % konzentrierten sich auf gezielte digitale Werbung

Affiliate-Marketing-Netzwerke

Affiliate-Kanal-Leistung im Jahr 2023:

Netzwerk	Empfehlungseinnahmen	Provisionssatz
Globales Affiliate-Netzwerk	412,6 Millionen US-Dollar	4-12%
Partnerplattformen	276,4 Millionen US-Dollar	3-8%

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Kundensegmente

Freizeitreisende

Im vierten Quartal 2023 betreute die Expedia Group monatlich etwa 84,5 Millionen einzelne Besucher auf ihren Plattformen. Urlaubsreisende machten 72 % des gesamten Buchungsvolumens aus.

Segmentcharakteristik	Prozentsatz
Inländische Urlaubsreisende	62%
Internationale Urlaubsreisende	38%

Geschäftsprofis

Geschäftsreisebuchungen machten im Jahr 2023 28 % des gesamten Buchungsumsatzes von Expedia aus, mit einem durchschnittlichen Transaktionswert von 1.247 US-Dollar.

• Wachstumsrate im Geschäftsreisesegment: 17,3 % im Jahresvergleich
• Durchschnittliche Dauer einer Geschäftsreise: 3,6 Nächte

Budgetbewusste Verbraucher

Im Jahr 2023 machten preisbewusste Reisende 45 % des Expedia-Kundenstamms aus, wobei der durchschnittliche Buchungswert zwischen 350 und 550 US-Dollar lag.

Preisspanne	Kundenprozentsatz
$200-$400	22%
$400-$600	23%

Luxusreisebegeisterte

Das Luxusreisesegment machte 15 % aller Buchungen aus, mit einem durchschnittlichen Transaktionswert von über 2.500 US-Dollar.

• Luxushotelbuchungen: 687 Millionen US-Dollar im Jahr 2023
• Premium-Reisepakete: 18 % Wachstum im Jahresvergleich

Internationale und inländische Reisende

Die globale Plattform von Expedia bediente im Jahr 2023 Reisende in 70 Ländern.

Geografisches Segment	Buchungsprozentsatz
Inland der Vereinigten Staaten	58%
International	42%

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur der Expedia Group im Jahr 2023: 1,24 Milliarden US-Dollar

Kostenkategorie	Ausgaben ($)
Cloud-Computing-Infrastruktur	487 Millionen
Wartung des Rechenzentrums	342 Millionen
Cybersicherheitssysteme	215 Millionen
Netzwerkinfrastruktur	196 Millionen

Aufwendungen für Marketing und Kundenakquise

Gesamte Marketingausgaben im Jahr 2023: 4,67 Milliarden US-Dollar

• Ausgaben für digitale Werbung: 2,13 Milliarden US-Dollar
• Performance-Marketing: 1,42 Milliarden US-Dollar
• Markenmarketingkampagnen: 687 Millionen US-Dollar
• Affiliate-Marketing-Programme: 418 Millionen US-Dollar

Plattformentwicklung und Innovation

Forschungs- und Entwicklungsinvestitionen im Jahr 2023: 612 Millionen US-Dollar

Innovationsbereich	Investition ($)
KI und maschinelles Lernen	213 Millionen
Verbesserung der mobilen Plattform	167 Millionen
User Experience Design	132 Millionen
Erforschung neuer Technologien	100 Millionen

Kundensupport-Operationen

Gesamtkosten für den Kundensupport im Jahr 2023: 538 Millionen US-Dollar

• Betrieb des globalen Support-Centers: 276 Millionen US-Dollar
• Kundendienstinfrastruktur rund um die Uhr: 184 Millionen US-Dollar
• Mehrsprachige Supportsysteme: 78 Millionen US-Dollar

Globales Personal- und Talentmanagement

Gesamter Personalaufwand im Jahr 2023: 2,89 Milliarden US-Dollar

Personalkategorie	Kosten ($)
Grundgehälter	1,64 Milliarden
Leistungen und Vergütung	752 Millionen
Schulung und Entwicklung	298 Millionen
Rekrutierungskosten	196 Millionen

Expedia Group, Inc. (EXPE) – Geschäftsmodell: Einnahmequellen

Provision aus Reisebuchungen

Expedia generiert Einnahmen durch Provisionen auf Reisebuchungen auf mehreren Plattformen:

Buchungskategorie	Provisionsprozentsatz	Jahresumsatz (2023)
Hotelbuchungen	10-20%	3,7 Milliarden US-Dollar
Flugbuchungen	5-10%	2,5 Milliarden US-Dollar
Autovermietung	7-15%	850 Millionen Dollar

Servicegebühren und Transaktionsgebühren

Aufschlüsselung der transaktionsbezogenen Einnahmen:

• Gebühren für Buchungsänderungen: 15–35 $ pro Transaktion
• Stornierungsgebühren: 25–75 $ pro Buchung
• Gesamtumsatz aus Servicegebühren (2023): 1,2 Milliarden US-Dollar

Werbeeinnahmen

Werbekanal	Jahresumsatz (2023)
Werbung von Reisepartnern	450 Millionen Dollar
Gesponserte Einträge	280 Millionen Dollar

Abonnementbasierte Dienste

Einnahmequellen für Abonnements:

• Expedia Rewards-Programm: 220 Millionen US-Dollar
• VIP-Zugangsmitgliedschaft: 180 Millionen US-Dollar
• Gesamter Abonnementumsatz (2023): 400 Millionen US-Dollar

Partnerschaften und Affiliate-Marketing-Provisionen

Partnerschaftstyp	Jahreskommission (2023)
Partnerschaften mit Reiseaggregatoren	670 Millionen Dollar
Affiliate-Marketing	520 Millionen Dollar

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.

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$4.41 billion	9% increase
Total Gross Bookings	$30.73 billion	12% increase
Booked Room Nights	108.2 million	11% increase
B2B Revenue Growth	N/A	18.2% increase
B2C Revenue Growth	N/A	3.7% increase
Adjusted EBITDA Margin	32.8%	Expanded by 210 basis points

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:

AI Application Area	Metric/Impact	Source/Status
Customer Service Automation	Resolves more than half of inquiries	CFO Scott Schenkel, Q3 2025
Recommendation Models	Drove double-digit growth in vacation rentals	Q3 2025 Earnings Call
Total Integrated Models	More than 350 models	October 2025 B2B Event
Customer Service Outcome	Contributes to record high net promoter scores	Q2 2025 Reporting

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:

Channel/Segment	Metric Type	Value (Latest Period)	Period
B2B Gross Bookings	Year-over-Year Growth	26%	Q3 2025
B2B Revenue	Year-over-Year Growth	18%	Q3 2025
B2C Gross Bookings	Year-over-Year Growth	7%	Q3 2025
Advertising/Trivago Revenue	Absolute Amount	$194 million	Q3 2025
Advertising Revenue (EG Media Solutions + Trivago)	Year-over-Year Growth	19%	Q2 2025
Total Gross Bookings	Year-over-Year Growth	12%	Q3 2025

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.

Expedia Group Q3 2025 Segment Performance Snapshot

Segment Metric	Q3 2025 Value	Year-over-Year Change
Total Gross Bookings	$30.73 billion	+12%
B2C Gross Bookings	Not specified (Total B2C)	+7%
B2B Gross Bookings	Not specified (Total B2B)	+26%
Total Booked Room Nights	108.2 million	+11%
Hotel Bookings (Lodging)	Not specified	+15%
B2B Revenue Growth	Not specified	+18%

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.

Cost Category	Latest Reported Amount (2025)	Period/Context
Selling, General & Administrative (SG&A) Expenses	$8.798B	TTM ending September 30, 2025
Research & Development Expenses	$1.277B	TTM ending September 30, 2025
Direct Selling & Marketing Expense	$1.9 billion	Q2 2025
Cost of Revenue (GAAP)	$373 million	Q2 2025
Cost of Revenue (Adjusted)	$354 million	Q2 2025

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:

Metric	Value/Growth Rate	Period/Context
Total Revenue	$4.41 billion	Q3 2025
Total Revenue Growth (YoY)	9%	Q3 2025
B2B Gross Bookings Growth (YoY)	26%	Q3 2025
B2B Revenue Growth (YoY)	18%	Q3 2025
Advertising Revenue Growth (YoY)	20%	Q1 2025
Full-Year 2025 Revenue Growth Guidance	6%-7%	Full Year 2025

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.