Expedia Group ended 2024 with more than 3.5 million lodging properties available, including more than 2.5 million online-bookable alternative accommodations through Vrbo. During the full year, the group recorded $110,921 million in gross bookings, $13,691 million in revenue, and 383.9 million booked room nights. These figures describe Expedia Group rather than only the Expedia consumer brand, and they provide useful context for independent travelers comparing the scale of online travel platforms.
Contents
- Expedia Group at a glance
- Accommodation and flight inventory
- Bookings, revenue, and room nights
- Revenue by business and travel category
- Profitability and cash generation
- Geography and balance sheet
Expedia Group at a glance
The headline numbers show a large travel marketplace with activity across lodging, flights, advertising, business-to-business distribution, and alternative accommodations. Expedia Group reported $13,691 million of full-year 2024 revenue and $110,921 million of gross bookings. Gross bookings represent the value of travel transactions booked through the platform, while revenue is the amount recognized by the company under its accounting model. They are therefore different measures of scale.
The company recorded 383.9 million booked room nights in 2024. Its full-year operating income was $1,319 million, and net income attributable to common stockholders was $1,234 million. Diluted earnings per share were $8.95. Expedia Group also reported adjusted EBITDA of $2,934 million, adjusted EBIT of $1,646 million, adjusted net income of $1,622 million, and adjusted EPS of $12.11. The adjusted figures are company-reported performance measures and should be kept distinct from the corresponding accounting results.
| Full-year 2024 measure | Expedia Group result |
|---|---|
| Revenue | $13,691 million |
| Gross bookings | $110,921 million |
| Booked room nights | 383.9 million |
| Operating income | $1,319 million |
| Net income attributable to common stockholders | $1,234 million |
| Diluted EPS | $8.95 |
| Adjusted EBITDA | $2,934 million |
Source: [Expedia Group FY2024 results] (company results release). The supplied source label identifies the company’s full-year results; no direct URL was provided for this source.
Accommodation and flight inventory
Expedia Group reported more than 3.5 million lodging properties available at the end of 2024. This total includes different types of lodging inventory and should not be read as a count of hotels alone. The group separately reported more than 2.5 million online-bookable alternative accommodation listings through Vrbo.
The company also reported more than 1 million hotels and alternative accommodations through other brands. These categories overlap in the way they describe the group’s broad inventory footprint, so they should not be added together as if they were mutually exclusive property counts. For a traveler, the practical point is that Expedia Group’s supply spans traditional hotels and non-hotel stays across multiple brands.
Air inventory was also broad: Expedia Group offered more than 500 airlines at the end of 2024. The figure is an airline count, not a count of routes, flights, seats, or tickets. Together, the lodging and airline figures indicate the range of travel products available through the group, but they do not measure availability for a particular destination or travel date.
Source: [Expedia Group 2024 Form 10-K] (company annual filing). The figures above are measured at the end of 2024, while the financial figures in other sections cover the full year unless a quarter or balance-sheet date is specified.
Bookings, revenue, and room nights
The fourth quarter of 2024 contributed $24,422 million in gross bookings and $3,184 million in revenue. Expedia Group reported 86.4 million booked room nights for the quarter. Fourth-quarter operating income was $216 million, while net income attributable to common stockholders was $299 million.
The company’s fourth-quarter diluted EPS was $2.20. On adjusted measures, Q4 adjusted EBITDA was $643 million, adjusted EBIT was $338 million, adjusted net income was $315 million, and adjusted EPS was $2.39. These quarterly figures are useful when reading the annual totals because they show the size of the final reporting period, but they are not a forecast for a later quarter.
| Fourth-quarter 2024 measure | Expedia Group result |
|---|---|
| Revenue | $3,184 million |
| Gross bookings | $24,422 million |
| Booked room nights | 86.4 million |
| Operating income | $216 million |
| Net income attributable to common stockholders | $299 million |
| Adjusted EBITDA | $643 million |
| Free cash flow | $7 million |
Source: [Expedia Group FY2024 results] (company results release).
Cash generation differed sharply between the full year and the fourth quarter. Net cash provided by operating activities was $3,085 million for full-year 2024 and $198 million in Q4. Full-year free cash flow was $2,329 million, compared with $7 million in Q4. These are reported cash-flow measures for the stated periods, not estimates of traveler spending.
Revenue by business and travel category
Expedia Group’s 2024 revenue included $9,274 million from its business-to-consumer, or B2C, segment and $4,102 million from its business-to-business, or B2B, segment. The same filing reported $315 million in third-party revenue for trivago. These figures help distinguish direct consumer activity from distribution and other business relationships.
By travel category, lodging revenue was $10,950 million in 2024, while air revenue was $428 million. Advertising and media revenue was $954 million, and other revenue was $1,359 million. These categories show that Expedia Group’s revenue is not limited to the value of hotel and flight transactions; advertising, media, and other activities are separately reported components.
The company also described revenue by business model. Merchant-model revenue was $9,439 million, agency-model revenue was $3,169 million, and advertising, media, and other model revenue was $1,083 million. These classifications describe how revenue is generated and should not be confused with the travel-category figures above. A lodging transaction, for example, belongs to a travel category, while the merchant or agency label describes the commercial model used to recognize revenue.
Source: [Expedia Group 2024 Form 10-K] (company annual filing). All figures in this section are 2024 revenue figures reported in millions of dollars.
Profitability and cash generation
For independent travelers, company profitability is not a measure of whether an individual trip is good value, but it does indicate the financial scale behind the booking infrastructure. Expedia Group’s 2024 operating income was $1,319 million, and its net income attributable to common stockholders was $1,234 million. The company reported $1,646 million in adjusted EBIT and $1,622 million in adjusted net income alongside $2,934 million in adjusted EBITDA.
Expedia Group reported $3,085 million in net cash provided by operating activities for 2024 and $2,329 million in free cash flow. Capital expenditures, including internal-use software and website development, were $756 million. The company also repurchased more than 12 million shares for $1.6 billion during 2024. Separately, its annual filing recorded $1,839 million in purchases of treasury stock.
The company declared a quarterly dividend of $0.40 beginning in March 2025. That payment timing belongs to 2025, even though the declaration was included with the company’s 2024 full-year results. Expedia Group also recognized $94 million of gains on its Despegar equity investment in 2024. This is an investment-related gain, not travel-booking revenue.
Geography and balance sheet
Expedia Group reported $8,372 million in U.S. revenue in 2024 and $5,319 million in revenue from all other countries. The geography is stated as U.S. versus all other countries; the available figures do not provide a country-by-country breakdown. This distinction matters when using the numbers to understand the group’s international reach.
At December 31, 2024, Expedia Group had total assets of $22,388 million. Cash and cash equivalents were $4,183 million, restricted cash and cash equivalents were $1,391 million, and short-term investments were $300 million. Accounts receivable were $3,213 million, while total current assets were $9,815 million.
The balance sheet also included $8,517 million in deferred merchant bookings and $13,611 million in total current liabilities. Long-term debt excluding current maturities was $5,223 million, and total debt was $6,266 million. Total stockholders’ equity was $2,799 million. These amounts are point-in-time balance-sheet measures at December 31, 2024, rather than totals accumulated across the year.
Expedia Group reported 123,271 thousand common shares outstanding and 5,523 thousand Class B shares outstanding at the same date. Approximately 9 million shares were reserved for new stock-based awards under the 2005 Stock and Annual Incentive Plan. The company reported $69 million in defined contribution plan contributions for 2024.
Source: [Expedia Group 2024 Form 10-K] (company annual filing). The filing’s balance-sheet figures are measured at December 31, 2024, while the contribution, capital-expenditure, treasury-stock, and investment-gain figures cover 2024.
For travelers assessing Expedia, Vrbo, or other brands in the group, these statistics are best read as measures of platform scale and corporate activity. Property counts describe available inventory at the end of 2024; bookings, room nights, revenue, and cash-flow figures describe the stated reporting periods; and assets, liabilities, debt, and equity describe the company on December 31, 2024.