Expedia Group, Inc. (EXE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des voyages en ligne, Expedia Group est une puissance numérique transformant la façon dont des millions de voyageurs explorent, réservent et vivent des destinations mondiales. En tirant parti d'un modèle commercial sophistiqué qui intègre de manière transparente la technologie, les partenariats et les stratégies centrées sur le client, Expedia a révolutionné le paysage de réservation de voyage, offrant une commodité inégalée et des prix compétitifs sur plusieurs plateformes et segments de clientèle. Des voyageurs soucieux du budget aux amateurs de luxe, l'approche innovante de l'entreprise en matière de services de voyage numérique l'a positionnée en tant que leader du marché dans une industrie de plus en plus compétitive et axée sur la technologie.

Expedia Group, Inc. (EXE) - Modèle d'entreprise: partenariats clés

Agences de voyage en ligne (OTA)

Expedia Group entretient des partenariats stratégiques avec plusieurs agences de voyage en ligne:

Partenaire OTA	Statut de propriété	Détails du partenariat
Réservation.com	Filiale partiellement détenue	Plate-forme mondiale de partage des stocks
Hotels.com	Filiale pleinement détenue	Gestion des stocks directs
Vrbo	Filiale pleinement détenue	Marché de location de vacances

Partenariats des compagnies aériennes et des chaînes hôtelières

Expedia Group collabore avec de vastes fournisseurs de voyages mondiaux:

• Plus de 500 partenaires des compagnies aériennes dans le monde
• Plus de 700 000 propriétés de l'hôtel dans le monde entier
• Des accords de distribution stratégiques avec des chaînes hôtelières majeures, notamment Marriott, Hilton, Intercontinental

Fournisseurs de technologies et services cloud

Partenaire technologique	Service fourni
Amazon Web Services (AWS)	Hébergement d'infrastructures cloud
Microsoft Azure	Services de cloud computing
Google Cloud Platform	Technologies de cloud évolutives

Réseaux mondiaux du système de distribution (GDS)

Expedia maintient des partenariats avec les réseaux GDS critiques:

• Sabre Corporation
• Groupe informatique amadeus
• Travelport dans le monde entier

Plateformes de marketing et de publicité

Plate-forme	Focus de partenariat
Publicités Google	Marketing numérique et acquisition de clients
Publicité Facebook	Reach marketing des médias sociaux
Tripadvisor	Examen et intégration marketing

Expedia Group, Inc. (EXE) - Modèle d'entreprise: activités clés

Gestion de la plate-forme de réservation de voyage en ligne

Expedia gère plusieurs plates-formes de voyage en ligne, notamment Expedia.com, Hotels.com, VRBO, Orbitz, TravelOCity et Hotwire. En 2023, la société a traité environ 394 millions de nuits d'espace et a généré 8,6 milliards de dollars de réservations brutes via ses plateformes numériques.

Plate-forme	Réservations annuelles (2023)	Portée du marché
Expedia.com	3,2 milliards de dollars	180+ pays
Hotels.com	1,9 milliard de dollars	150+ pays
Vrbo	1,5 milliard de dollars	190+ pays

Agrégation et conservation des stocks de voyage

Expedia maintient des partenariats avec plus de 500 000 hôtels, 400 compagnies aériennes et 200 sociétés de location de voitures dans le monde.

• Inventaire de l'hôtel: 1,5 million de propriétés
• Listes de location de vacances: 2 millions de propriétés
• Connexions des compagnies aériennes: 470+ transporteurs

Marketing numérique et acquisition de clients

En 2023, Expedia a investi 1,2 milliard de dollars dans les dépenses de marketing, ce qui représente 14,5% des revenus totaux.

Canal de marketing	Dépenses	Coût d'acquisition des clients
Publicité numérique	780 millions de dollars	22 $ ​​par client
Marketing d'affiliation	280 millions de dollars	15 $ par client
Campagnes de marque	140 millions de dollars	35 $ ​​par client

Développement technologique et innovation de plate-forme

Expedia a alloué 475 millions de dollars à la technologie et au développement de produits en 2023, ce qui représente 5,7% des revenus totaux.

• Systèmes de recommandation alimentés par l'IA
• Algorithmes de prédiction des prix d'apprentissage automatique
• Développement d'applications mobiles
• Investissements d'infrastructure cloud

Service client et opérations de support

Expedia maintient le support client 24/7 dans 35 langues avec 8 500 représentants de soutien.

Métrique de soutien	Performance de 2023
Temps de réponse moyen	12 minutes
Taux de satisfaction client	87%
Interactions de soutien annuelles	42 millions

Expedia Group, Inc. (EXE) - Modèle d'entreprise: Ressources clés

Base de données Global Travel Inventory Global Travel

Depuis le quatrième trimestre 2023, l'inventaire des voyages du groupe Expedia comprend:

Catégorie d'inventaire	Nombre d'annonces
Hôtels	2,2 millions de propriétés
Location de vacances	Plus de 500 000 maisons uniques
Vols	Plus de 500 compagnies aériennes
Location de voitures	Plus de 25 000 emplacements dans le monde

Technologie de pointe et infrastructure de réservation

Détails de l'infrastructure technologique:

• Investissement technologique annuel: 782 millions de dollars en 2023
• Infrastructure cloud: plateforme 100% basée sur le cloud
• Traitement des plates-formes de réservation: 750 millions de transactions annuelles

Portfolio de marque solide

Composition du portefeuille de marque Expedia Group:

Marque	Focus du marché	Portée mondiale
Expedia.com	Réservation mondiale de voyage en ligne	200+ pays
Hotels.com	Réservations spécifiques à l'hôtel	85+ pays
Vrbo	Marché de location de vacances	150+ pays

Capacités d'analyse des données et de personnalisation

Infrastructure d'analyse des données:

• Points de données clients: plus de 350 millions d'utilisateurs actifs
• Algorithmes de personnalisation: recommandations axées sur l'apprentissage automatique
• Traitement des données en temps réel: 2,5 pétaoctets de données de voyage quotidiennement

Technologie stratégique et équipes d'expérience client

Métriques des ressources humaines:

Catégorie d'équipe	Nombre de professionnels
Employés de la technologie	4 700+ professionnels de la technologie
Personnel de l'expérience client	3 200+ représentants du support client
Équipe de science des données	650+ scientifiques et analystes des données

Expedia Group, Inc. (EXE) - Modèle d'entreprise: propositions de valeur

Options complètes de réservation de voyage

Expedia Group propose des réservations dans plusieurs catégories de voyage avec un portefeuille de plus de 20 marques de voyage, notamment Expedia.com, Hotels.com, VRBO et Orbitz. En 2022, la société a traité 142 millions de nuits de chambre et 99 milliards de dollars de réservations brutes.

Catégorie de réservation	Volume de réservation annuel
Chambres d'hôtel	142 millions de nuits de chambre
Location de vacances	2,2 millions de propriétés dans le monde
Vols	Plus de 500 compagnies aériennes représentées

Prix ​​compétitifs et possibilités de réduction

Expedia fournit une correspondance des prix et offre une remise moyenne de 15 à 30% entre divers services de voyage.

• Garantie de match des prix sur les réservations d'hôtel
• Remises exclusives des membres jusqu'à 30%
• Économies de regroupement sur le vol + Hotel Packages

Expérience de réservation numérique conviviale

Les plateformes mobiles représentent 50% du trafic numérique total d'Expedia, avec 67 millions d'utilisateurs actifs mensuels sur des applications mobiles.

Large gamme de services d'hébergement et de voyage

Catégorie de service	Nombre d'options
Propriétés de l'hôtel	500 000+ dans le monde
Location de vacances	2,2 millions de propriétés
Location de voitures	Plus de 25 000 emplacements

Plateforme intégrée de planification et de réservation des voyages

La plate-forme d'Expedia Group traite les transactions dans plus de 200 pays et territoires, soutenant 43 langues et plusieurs devises.

• Plate-forme de réservation de voyage à guichet unique
• Expérience de réservation à disque croisée sans couture
• Prix ​​et disponibilité en temps réel

Expedia Group, Inc. (EXE) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

Expedia Group exploite plusieurs plateformes numériques avec 83,3 millions d'utilisateurs actifs mensuels à travers ses marques. La société a traité 774 millions de visites totales en 2022 via ses sites Web et applications mobiles.

Plate-forme	Utilisateurs actifs mensuels	Transactions annuelles
Expedia.com	42,1 millions	365 millions de réservations
Hotels.com	21,5 millions	187 millions de réservations
Vrbo	19,7 millions	222 millions de réservations

Support client 24/7 en ligne

Expedia fournit un support client multilingue dans 70 pays avec des temps de réponse en moyenne de 3 à 5 minutes pendant les heures de pointe. La société maintient un taux de satisfaction client de 87,6% par le biais des canaux de support numériques.

Moteurs de recommandation personnalisés

L'algorithme de recommandation traite 2,3 milliards de points de données d'interaction utilisateur par an, générant des suggestions de voyage personnalisées avec un taux de conversion de 68% pour les offres recommandées.

Programme de fidélité et système de récompenses

Détails du programme	Métrique
Total des membres	93,4 millions
Points moyens rachat	287 $ par membre
Récompenses annuelles émises	1,2 milliard de dollars

Engagement des applications mobiles

Les plateformes mobiles d'Expedia représentent 57,4% du total des transactions de réservation. Les téléchargements d'applications mobiles ont atteint 62,1 millions en 2022 avec une durée moyenne de la session utilisateur de 14,7 minutes.

• Taux de conversion de réservation de mobiles: 42,3%
• Valeur de transaction mobile moyenne: 463 $
• Évaluation de l'App Store: 4.6 / 5

Expedia Group, Inc. (EXE) - Modèle d'entreprise: canaux

Sites Web de l'entreprise et applications mobiles

Expedia Group exploite plusieurs sites Web de marque avec 74,3 millions d'utilisateurs actifs mensuels sur des plateformes en 2023. Les propriétés numériques de l'entreprise comprennent:

Site Web / application	Utilisateurs actifs mensuels	Visiteurs uniques
Expedia.com	22,1 millions	43,6 millions
Hotels.com	15,7 millions	31,4 millions
Vrbo	11,5 millions	23,2 millions

Plateformes de réservation de voyage en ligne

Les plateformes en ligne d'Expedia Group ont traité 99,8 milliards de dollars de réservations brutes en 2023, avec:

• 87% des réservations effectuées via des canaux numériques
• Réservations mobiles représentant 62% du total des transactions numériques
• Valeur de réservation moyenne de 1 243 $ par transaction

Sites Web de voyage en méta-recherche

Grâce à Trivago, Expedia Group gère:

Métrique	2023 données
Total des visiteurs	383 millions
Revenus publicitaires	567,3 millions de dollars

Campagnes de marketing numérique

Expedia Group a investi 1,2 milliard de dollars dans les frais de marketing en 2023, avec:

• 45% alloué au marketing de performance
• 35% dédiés aux campagnes de notoriété de la marque
• 20% se sont concentrés sur la publicité numérique ciblée

Réseaux de marketing d'affiliation

Performance du canal affilié en 2023:

Réseau	Revenus de référence	Taux de commission
Réseau d'affiliation mondial	412,6 millions de dollars	4-12%
Plates-formes partenaires	276,4 millions de dollars	3-8%

Expedia Group, Inc. (EXE) - Modèle d'entreprise: segments de clientèle

Voyageurs de loisir

Au quatrième trimestre 2023, Expedia Group a servi environ 84,5 millions de visiteurs uniques par mois sur ses plateformes. Les voyageurs de loisirs représentaient 72% du volume total de réservation.

Caractéristique du segment	Pourcentage
Voyageurs de loisirs domestiques	62%
Voyages internationaux de loisir	38%

Professionnels des affaires

Les réservations de voyages d'entreprise ont représenté 28% des revenus de réservation totale d'Expedia en 2023, avec une valeur de transaction moyenne de 1 247 $.

• Taux de croissance du segment des voyages d'entreprise: 17,3% d'une année à l'autre
• Durée moyenne du voyage d'affaires: 3,6 nuits

Consommateurs soucieux du budget

En 2023, les voyageurs à petit budget représentaient 45% de la clientèle d'Expedia, avec des valeurs de réservation moyennes variant entre 350 $ et 550 $.

Fourchette	Pourcentage de clientèle
$200-$400	22%
$400-$600	23%

Passionnés de voyage de luxe

Le segment de voyage de luxe représentait 15% du total des réservations, avec des valeurs de transaction moyennes dépassant 2 500 $.

• Réservations d'hôtel de luxe: 687 millions de dollars en 2023
• Packages de voyage premium: croissance de 18% sur l'autre

Voyageurs internationaux et nationaux

La plate-forme mondiale d'Expedia a servi des voyageurs dans 70 pays en 2023.

Segment géographique	Pourcentage de réservation
États-Unis domestiques	58%
International	42%

Expedia Group, Inc. (EXE) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour Expedia Group en 2023: 1,24 milliard de dollars

Catégorie de coûts	Dépenses ($)
Infrastructure de cloud computing	487 millions
Maintenance du centre de données	342 millions
Systèmes de cybersécurité	215 millions
Infrastructure réseau	196 millions

Frais de marketing et d'acquisition des clients

Total des dépenses de marketing en 2023: 4,67 milliards de dollars

• Dépenses publicitaires numériques: 2,13 milliards de dollars
• Marketing de performance: 1,42 milliard de dollars
• Campagnes de marketing de marque: 687 millions de dollars
• Programmes de marketing d'affiliation: 418 millions de dollars

Développement et innovation de la plate-forme

Investissement de recherche et développement en 2023: 612 millions de dollars

Zone d'innovation	Investissement ($)
IA et apprentissage automatique	213 millions
Amélioration de la plate-forme mobile	167 millions
Conception de l'expérience utilisateur	132 millions
Exploration technologique émergente	100 millions

Opérations de support client

Total des coûts de support client en 2023: 538 millions de dollars

• Opérations du Global Support Center: 276 millions de dollars
• Infrastructure de service client 24/7: 184 millions de dollars
• Systèmes de support multicangue: 78 millions de dollars

Global Workforce and Talent Management

Total des dépenses du personnel en 2023: 2,89 milliards de dollars

Catégorie de personnel	Coût ($)
Salaires de base	1,64 milliard
Avantages et compensation	752 millions
Formation et développement	298 millions
Frais de recrutement	196 millions

Expedia Group, Inc. (EXE) - Modèle d'entreprise: Strots de revenus

Commission des réservations de voyage

Expedia génère des revenus grâce à des commissions sur les réservations de voyage sur plusieurs plates-formes:

Catégorie de réservation	Pourcentage de commission	Revenus annuels (2023)
Réservations d'hôtel	10-20%	3,7 milliards de dollars
Réservations de vol	5-10%	2,5 milliards de dollars
Location de voitures	7-15%	850 millions de dollars

Frais de service et frais de transaction

Répartition des revenus liés aux transactions:

• Frais de modification de réservation: 15 $ - 35 $ par transaction
• Frais d'annulation: 25 $ - 75 $ par réservation
• Revenu total des frais de service (2023): 1,2 milliard de dollars

Revenus publicitaires

Canal de publicité	Revenus annuels (2023)
Publicité des partenaires de voyage	450 millions de dollars
Listes parrainées	280 millions de dollars

Services basés sur l'abonnement

Sources de revenus d'abonnement:

• Programme Expedia Rewards: 220 millions de dollars
• Adhésion à l'accès VIP: 180 millions de dollars
• Revenu total d'abonnement (2023): 400 millions de dollars

Partenariats et commissions de marketing d'affiliation

Type de partenariat	Commission annuelle (2023)
Partenariats des agrégateurs de voyages	670 millions de dollars
Marketing d'affiliation	520 millions de dollars

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.