Expedia Group, Inc. (Expe): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de viagens on -line, o Expedia Group se destaca como uma potência digital, transformando como milhões de viajantes exploram, livro e experimentam destinos globais. Ao alavancar um modelo de negócios sofisticado que integra perfeitamente tecnologia, parcerias e estratégias centradas no cliente, a Expedia revolucionou o cenário de reserva de viagens, oferecendo conveniência incomparável e preços competitivos em várias plataformas e segmentos de clientes. De viajantes preocupados com o orçamento a entusiastas de luxo, a abordagem inovadora da empresa aos serviços de viagens digitais o posicionou como líder de mercado em uma indústria cada vez mais competitiva e orientada por tecnologia.

Expedia Group, Inc. (Expe) - Modelo de negócios: Parcerias -chave

Agências de viagens on -line (OTAs)

O Expedia Group mantém parcerias estratégicas com várias agências de viagens on -line:

Parceiro OTA	Status de propriedade	Detalhes da parceria
Booking.com	Subsidiária parcialmente de propriedade	Plataforma de compartilhamento de inventário global
Hotels.com	Subsidiária totalmente de propriedade	Gerenciamento de inventário direto
Vrbo	Subsidiária totalmente de propriedade	Marketplace de aluguel de férias

Companhias aéreas e parcerias de correntes de hotéis

O Expedia Group colabora com extensos fornecedores globais de viagens:

• Mais de 500 parceiros aéreos em todo o mundo
• Mais de 700.000 propriedades do hotel globalmente
• Acordos de distribuição estratégica com grandes redes de hotéis, incluindo Marriott, Hilton, Intercontinental

Provedores de tecnologia e serviços em nuvem

Parceiro de tecnologia	Serviço prestado
Amazon Web Services (AWS)	Hospedagem de infraestrutura em nuvem
Microsoft Azure	Serviços de computação em nuvem
Plataforma do Google Cloud	Tecnologias em nuvem escaláveis

Redes do Sistema Global de Distribuição (GDS)

A Expedia mantém parcerias com redes GDS críticas:

• Sabre Corporation
• Grupo de TI Amadeus
• Travelport em todo o mundo

Plataformas de marketing e publicidade

Plataforma	Foco em parceria
Google anúncios	Marketing digital e aquisição de clientes
Publicidade no Facebook	Alcance de marketing de mídia social
TripAdvisor	Revisão e integração de marketing

Expedia Group, Inc. (Expe) - Modelo de Negócios: Atividades -chave

Gerenciamento de plataforma de reserva de viagem online

A Expedia gerencia várias plataformas de viagem on -line, incluindo Expedia.com, hotels.com, VRBO, Orbitz, Travelocity e Hotwire. Em 2023, a empresa processou aproximadamente 394 milhões de noites de quartos e gerou US $ 8,6 bilhões em reservas brutas por meio de suas plataformas digitais.

Plataforma	Reservas anuais (2023)	Alcance do mercado
Expedia.com	US $ 3,2 bilhões	Mais de 180 países
Hotels.com	US $ 1,9 bilhão	Mais de 150 países
Vrbo	US $ 1,5 bilhão	Mais de 190 países

Agregação e curadoria de inventário de viagem

A Expedia mantém parcerias com mais de 500.000 hotéis, 400 companhias aéreas e 200 empresas de aluguel de carros em todo o mundo.

• Inventário de hotéis: 1,5 milhão de propriedades
• Listagens de aluguel de férias: 2 milhões de propriedades
• Conexões da companhia aérea: 470 mais de transportadoras

Marketing digital e aquisição de clientes

Em 2023, a Expedia investiu US $ 1,2 bilhão em despesas de marketing, representando 14,5% da receita total.

Canal de marketing	Gastos	Custo de aquisição do cliente
Publicidade digital	US $ 780 milhões	US $ 22 por cliente
Marketing de afiliados	US $ 280 milhões	US $ 15 por cliente
Campanhas de marca	US $ 140 milhões	US $ 35 por cliente

Desenvolvimento de tecnologia e inovação de plataforma

A Expedia alocou US $ 475 milhões ao desenvolvimento de tecnologia e produto em 2023, representando 5,7% da receita total.

• Sistemas de recomendação movidos a IA
• Algoritmos de previsão de previsão de preços de aprendizado de máquina
• Desenvolvimento de aplicativos móveis
• Investimentos de infraestrutura em nuvem

Operações de atendimento ao cliente e suporte

A Expedia mantém o suporte ao cliente 24/7 em 35 idiomas com 8.500 representantes de suporte.

Métrica de suporte	2023 desempenho
Tempo médio de resposta	12 minutos
Taxa de satisfação do cliente	87%
Interações de suporte anual	42 milhões

Expedia Group, Inc. (Expe) - Modelo de negócios: Recursos -chave

Extenso banco de dados de inventário de viagem global

A partir do quarto trimestre 2023, o inventário de viagens do Expedia Group inclui:

Categoria de inventário	Número de listagens
Hotéis	2,2 milhões de propriedades
Aluguel de férias	Mais de 500.000 casas únicas
Vôos	500 mais de companhias aéreas
Aluguel de carros	25.000 mais locais em todo o mundo

Tecnologia avançada e infraestrutura de reserva

Detalhes da infraestrutura de tecnologia:

• Investimento de tecnologia anual: US $ 782 milhões em 2023
• Infraestrutura em nuvem: plataforma 100% baseada em nuvem
• Processamento de plataformas de reserva: mais de 750 milhões de transações anuais

Portfólio de marcas forte

Composição do portfólio de marcas do Expedia Group:

Marca	Foco no mercado	Alcance global
Expedia.com	Reserva global de viagens on -line	Mais de 200 países
Hotels.com	Reservas específicas do hotel	Mais de 85 países
Vrbo	Marketplace de aluguel de férias	Mais de 150 países

Recursos de análise de dados e personalização

Infraestrutura de análise de dados:

• Pontos de dados do cliente: mais de 350 milhões de usuários ativos
• Algoritmos de personalização: recomendações orientadas por aprendizado de máquina
• Processamento de dados em tempo real: 2,5 petabytes de dados de viagem diariamente

Tecnologia estratégica e equipes de experiência do cliente

Métricas de Recursos Humanos:

Categoria de equipe	Número de profissionais
Funcionários de tecnologia	4.700+ profissionais de tecnologia
Equipe de experiência do cliente	3.200+ representantes de suporte ao cliente
Equipe de ciência de dados	Mais de 650 cientistas e analistas de dados

Expedia Group, Inc. (Expe) - Modelo de Negócios: Proposições de Valor

Opções abrangentes de reserva de viagem

O Expedia Group oferece reservas em várias categorias de viagens com um portfólio de mais de 20 marcas de viagem, incluindo Expedia.com, Hotels.com, VRBO e Orbitz. Em 2022, a empresa processou 142 milhões de noites de quartos e US $ 99 bilhões em reservas brutas.

Categoria de reserva	Volume anual de reserva
Quartos de hotel	142 milhões de noites de quarto
Aluguel de férias	2,2 milhões de propriedades em todo o mundo
Vôos	Mais de 500 companhias aéreas representadas

Oportunidades competitivas de preços e desconto

A Expedia fornece correspondência de preços e oferece um desconto médio de 15 a 30% em vários serviços de viagem.

• Garantia de correspondência de preços nas reservas de hotéis
• Descontos exclusivos para membros até 30%
• Economia de pacote em pacotes de vôo+hotel

Experiência de reserva digital fácil de usar

As plataformas móveis representam 50% do tráfego digital total da Expedia, com 67 milhões de usuários ativos mensais em aplicativos móveis.

Ampla gama de serviços de acomodação e viagem

Categoria de serviço	Número de opções
Propriedades do hotel	500.000+ em todo o mundo
Aluguel de férias	2,2 milhões de propriedades
Aluguel de carros	25.000 mais locais

Plataforma integrada de planejamento e reserva de viagens

A plataforma do Expedia Group processa transações em mais de 200 países e territórios, apoiando 43 idiomas e várias moedas.

• Plataforma de reserva de viagem única
• Experiência de reserva entre dispositivos cruzados
• Preços e disponibilidade em tempo real

Expedia Group, Inc. (Expe) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

O Expedia Group opera várias plataformas digitais com 83,3 milhões de usuários ativos mensais em suas marcas. A empresa processou 774 milhões de visitas totais em 2022 por meio de seus sites e aplicativos móveis.

Plataforma	Usuários ativos mensais	Transações anuais
Expedia.com	42,1 milhões	365 milhões de reservas
Hotels.com	21,5 milhões	187 milhões de reservas
Vrbo	19,7 milhões	222 milhões de reservas

Suporte ao cliente on -line 24 horas por dia, 7 dias por semana

A Expedia fornece suporte multilíngue de clientes em 70 países, com os tempos de resposta, com média de 3-5 minutos durante o horário de pico. A empresa mantém uma taxa de satisfação do cliente de 87,6% através de canais de suporte digital.

Motores de recomendação personalizados

O algoritmo de recomendação processa 2,3 bilhões de dados de interação do usuário anualmente, gerando sugestões de viagem personalizadas com uma taxa de conversão de 68% para ofertas recomendadas.

Programa de fidelidade e sistema de recompensas

Detalhes do programa	Métricas
Total de membros	93,4 milhões
Redenção de pontos médios	US $ 287 por membro
Recompensas anuais emitidas	US $ 1,2 bilhão

Engajamento de aplicativos móveis

As plataformas móveis da Expedia representam 57,4% do total de transações de reserva. Os downloads de aplicativos móveis atingiram 62,1 milhões em 2022 com uma duração média da sessão do usuário de 14,7 minutos.

• Taxa de conversão de reservas móveis: 42,3%
• Valor médio da transação móvel: $ 463
• App Store Classificação: 4.6/5

Expedia Group, Inc. (Expe) - Modelo de Negócios: Canais

Sites da empresa e aplicativos móveis

O Expedia Group opera vários sites de marca com 74,3 milhões de usuários ativos mensais em plataformas em 2023. As propriedades digitais da empresa incluem:

Site/aplicativo	Usuários ativos mensais	Visitantes únicos
Expedia.com	22,1 milhões	43,6 milhões
Hotels.com	15,7 milhões	31,4 milhões
Vrbo	11,5 milhões	23,2 milhões

Plataformas de reserva de viagem online

As plataformas on -line do Expedia Group processaram US $ 99,8 bilhões em reservas brutas em 2023, com:

• 87% das reservas concluídas através de canais digitais
• Reservas móveis representando 62% do total de transações digitais
• Valor médio de reserva de US $ 1.243 por transação

Sites de viagens de meta-pesquisa

Através de Trivago, o Expedia Group gerencia:

Métrica	2023 dados
Total de visitantes	383 milhões
Receita de publicidade	US $ 567,3 milhões

Campanhas de marketing digital

O Expedia Group investiu US $ 1,2 bilhão em despesas de marketing em 2023, com:

• 45% alocados ao marketing de desempenho
• 35% dedicados às campanhas de reconhecimento da marca
• 20% focados na publicidade digital direcionada

Redes de marketing de afiliados

Desempenho do canal afiliado em 2023:

Rede	Receita de referência	Taxa de comissão
Rede Global de Afiliados	US $ 412,6 milhões	4-12%
Plataformas de parceiros	US $ 276,4 milhões	3-8%

Expedia Group, Inc. (Expe) - Modelo de negócios: segmentos de clientes

Viajantes de lazer

A partir do quarto trimestre de 2023, o Expedia Group atendeu a aproximadamente 84,5 milhões de visitantes únicos mensalmente em suas plataformas. Os viajantes de lazer representaram 72% do volume total de reservas.

Característica do segmento	Percentagem
Viajantes de lazer domésticos	62%
Viajantes internacionais de lazer	38%

Profissionais de negócios

As reservas de viagens corporativas foram responsáveis ​​por 28% da receita total de reservas da Expedia em 2023, com um valor médio de transação de US $ 1.247.

• Taxa de crescimento do segmento de viagens de negócios: 17,3% ano a ano
• Duração média da viagem de negócios: 3,6 noites

Consumidores conscientes do orçamento

Em 2023, os viajantes do orçamento compreendiam 45% da base de clientes da Expedia, com valores médios de reserva que variam entre US $ 350 e US $ 550.

Faixa de preço	Porcentagem do cliente
$200-$400	22%
$400-$600	23%

Entusiastas de viagens de luxo

O segmento de viagens de luxo representou 15% do total de reservas, com valores médios de transação superiores a US $ 2.500.

• Reservas de hotéis de luxo: US $ 687 milhões em 2023
• Pacotes de viagem premium: crescimento de 18% ano a ano

Viajantes internacionais e domésticos

A plataforma global da Expedia serviu viajantes em 70 países em 2023.

Segmento geográfico	Porcentagem de reserva
Estados Unidos domésticos	58%
Internacional	42%

Expedia Group, Inc. (Expe) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia para o Expedia Group em 2023: US $ 1,24 bilhão

Categoria de custo	Despesas ($)
Infraestrutura de computação em nuvem	487 milhões
Manutenção do data center	342 milhões
Sistemas de segurança cibernética	215 milhões
Infraestrutura de rede	196 milhões

Despesas de marketing e aquisição de clientes

Despesas totais de marketing em 2023: US $ 4,67 bilhões

• Gastes de publicidade digital: US $ 2,13 bilhões
• Marketing de desempenho: US $ 1,42 bilhão
• Campanhas de marketing de marca: US $ 687 milhões
• Programas de marketing de afiliados: US $ 418 milhões

Desenvolvimento e inovação de plataforma

Investimento de pesquisa e desenvolvimento em 2023: US $ 612 milhões

Área de inovação	Investimento ($)
AI e aprendizado de máquina	213 milhões
Melhoria da plataforma móvel	167 milhões
Design da experiência do usuário	132 milhões
Exploração de tecnologia emergente	100 milhões

Operações de suporte ao cliente

Custos totais de suporte ao cliente em 2023: US $ 538 milhões

• Operações do Global Support Center: US $ 276 milhões
• Infraestrutura de atendimento ao cliente 24/7: US $ 184 milhões
• Sistemas de suporte de vários idiomas: US $ 78 milhões

Força de trabalho global e gerenciamento de talentos

Total de despesas de pessoal em 2023: US $ 2,89 bilhões

Categoria de pessoal	Custo ($)
Salários da base	1,64 bilhão
Benefícios e compensação	752 milhões
Treinamento e desenvolvimento	298 milhões
Despesas de recrutamento	196 milhões

Expedia Group, Inc. (Expe) - Modelo de negócios: fluxos de receita

Comissão de reservas de viagem

A Expedia gera receita por meio de comissões sobre reservas de viagens em várias plataformas:

Categoria de reserva	Porcentagem de comissão	Receita anual (2023)
Reservas de hotéis	10-20%	US $ 3,7 bilhões
Reservas de vôo	5-10%	US $ 2,5 bilhões
Aluguel de carros	7-15%	US $ 850 milhões

Taxas de serviço e cobranças de transação

Redução de receita relacionada à transação:

• Taxas de modificação de reserva: US $ 15 a US $ 35 por transação
• Taxas de cancelamento: US $ 25 a US $ 75 por reserva
• Receita de taxa de serviço total (2023): US $ 1,2 bilhão

Receita de publicidade

Canal de publicidade	Receita anual (2023)
Anúncios de parceiros de viagem	US $ 450 milhões
Listagens patrocinadas	US $ 280 milhões

Serviços baseados em assinatura

Fontes de receita de assinatura:

• Programa de recompensas da Expedia: US $ 220 milhões
• Associação de acesso VIP: US $ 180 milhões
• Receita total de assinatura (2023): US $ 400 milhões

Parcerias e comissões de marketing de afiliados

Tipo de parceria	Comissão Anual (2023)
Parcerias agregadoras de viagem	US $ 670 milhões
Marketing de afiliados	US $ 520 milhões

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.