---
title: "Expedia Group: Business Model"
description: "Expedia Group revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/expedia-group/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Expedia Group: Business Model & Revenue Engine

## Direct Answer

Expedia Group reports revenue across 3 business segments in its fiscal 2025 Form 10-K. B2 C is the largest, with $9.5 billion of revenue (64% of the total), followed by Business to Business at $4.8 billion (33%). 59% of revenue came from the United States.

## How Does Expedia Group Make Money?

B2 C supplies 64% of revenue, so Expedia Group's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Trivago grew fastest (+97.5%) and B2 C slowest (+2.2%), so the revenue mix tilts toward Trivago while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| B2 C | $9.5 billion | $9.3 billion | 64.3% | 2.2% |
| Business to Business | $4.8 billion | $4.1 billion | 32.9% | 18.0% |
| Trivago | $622 million | $315 million | 4.2% | 97.5% |

![Bar chart of Expedia Group revenue by segment for fiscal 2025: B2 C 64.3%, Business to Business 32.9%, Trivago 4.2%.](https://www.getswoopr.com/images/charts/expedia-group-business-model-segment-mix.webp)
*Expedia Group revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Expedia Group Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| B2 C | $2.2 billion | 23.6% |
| Business to Business | $1.0 billion | 21.2% |
| Trivago | $15 million | 2.4% |

Segment operating income is the profit measure Expedia Group reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Expedia Group more safely than against another company.

## What Does Expedia Group Sell?

Expedia Group also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Lodging | $11.8 billion | $10.9 billion | 79.8% | 7.3% |
| Other Services | $1.4 billion | $1.4 billion | 9.5% | 2.9% |
| EG Advertising | $758 million | $639 million | 5.1% | 18.6% |
| Trivago Advertising | $417 million | $315 million | 2.8% | 32.4% |
| Air | $407 million | $428 million | 2.8% | -4.9% |

## Where Does Expedia Group's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $8.7 billion | $8.4 billion | 59.1% | 4.0% |
| Outside the United States | $6.0 billion | $5.3 billion | 40.9% | 13.2% |

## What the Segment Figures Do Not Show

The rows above add up to 101% of Expedia Group's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Expedia Group reported in the segment note and revenue disclosures of its Form 10-K filed February 13, 2026 (accession 0001324424-26-000008), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Expedia Group's business segments?

In its fiscal 2025 Form 10-K, Expedia Group reports revenue for B2 C, Business to Business and Trivago.

### Which part of Expedia Group brings in the most revenue?

B2 C, with $9.5 billion of revenue in fiscal 2025, or 64% of the total.

### How much of Expedia Group's revenue comes from outside the United States?

41% in fiscal 2025, by the geographic breakdown Expedia Group reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Expedia Group, Inc. Form 10-K filed February 13, 2026](https://www.sec.gov/Archives/edgar/data/1324424/000132442426000008/expe-20251231.htm)
- [SEC EDGAR: Expedia Group, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1324424&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Expedia Group company dossier](https://www.getswoopr.com/stocks/companies/expedia-group/)
- [Expedia Group financial metrics](https://www.getswoopr.com/stocks/companies/expedia-group/metrics/)
- [Expedia Group financial risk indicators](https://www.getswoopr.com/stocks/companies/expedia-group/risks/)
- [Expedia Group peer comparison](https://www.getswoopr.com/stocks/companies/expedia-group/competitors/)
- [Expedia Group business model and revenue mix](https://www.getswoopr.com/stocks/companies/expedia-group/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

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