Expedia Group
29 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
Vrbo partners
insures or lends tonamed as a riskIn addition, we face significant credit risk and potential payment delays with respect to non-financial contract counterparties including our B2B and Vrbo partners, which may be exacerbated by economic downturns.Risk factors (Item 1A)
American Express Global Business Travel (GBT)
earns fromMoreover, to streamline activities and enhance focus on our core businesses, we shut down or sold a number of businesses since the beginning of 2020, including Egencia, a travel management company focused on corporate travel, in November 2021 and shifted to a 10-year lodging supply agreement with its purchaser, American Express Global Business Travel (“GBT”).Business (Item 1)
Suppliers
Third-party payment processors
depends onnamed as a riskAn imposition of a holdback or suspension of payment processing services by one or more of our payment processors could materially reduce our liquidity.Risk factors (Item 1A)
Lodging suppliers
depends onnamed as a riskA substantial portion of our revenue is derived from compensation negotiated with travel suppliers, in particular lodging suppliers, airlines and GDS partners for bookings made through our channels.Risk factors (Item 1A)
Amadeus
depends onWe use Amadeus and Sabre as our GDS segment providers in order to ensure the widest possible supply of content for our travelers.Business (Item 1)
Sabre
depends onWe use Amadeus and Sabre as our GDS segment providers in order to ensure the widest possible supply of content for our travelers.Business (Item 1)
Partners and platforms
Amazon Web Services (AWS)
depends onnamed as a riskIn addition, as a result of our migration of key portions of our platform functionality to Amazon Web Services (“AWS”), we now depend on the availability of AWS’s services and any incident affecting AWS’s infrastructure and availability, which have occurred a number of times in the recent past, could adversely affect the availability of our platform and our ability to serve our customers, which could in turn damage our reputation with current and potential customers, expose us to liability, result in substantial costs for remediation, cause us to lose customers, or otherwise harm our business, financial condition, or results of operations.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
We generate a significant portion of the traffic to our websites and the websites of our affiliates from internet search engines, such as Google, through the purchase of travel-related keywords and organic search.Risk factors (Item 1A)
Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY and 14 more
Visa, MasterCard and American Express payment card networks
exposed to its pricenamed as a riskThe payment card networks, such as Visa, MasterCard and American Express, may increase the interchange fees and assessments that they charge for each transaction that accesses their networks and may impose special fees or assessments on such transactions.Risk factors (Item 1A)
Also named by GDDY
Kayak, TripAdvisor and trivago metasearch
depends onnamed as a riskIn addition, we receive meaningful traffic to our websites and those of our affiliates through participation in pay-per-click and display advertising campaigns on search engines, including Google, and travel metasearch websites, such as Kayak, TripAdvisor and trivago.Risk factors (Item 1A)
Other companies
Equity investments in publicly-traded companies
exposed to its price · $577 millionnamed as a riskA hypothetical 10% decrease in the fair values at December 31, 2025 of our investments in equity securities of publicly-traded companies and minority investments without readily determinable fair values would have resulted in a loss, before tax, of approximately $83 million, being recognized within other, net in our consolidated statements of operations.Market risk (Item 7A)
Merchant model lodging bookings
earns from · 70%For the year ended December 31, 2025, we had total revenue of $14.7 billion, with merchant, agency and advertising, media and other accounting for 70%, 22%, and 8% of total revenue, respectively.Business (Item 1)
trivago N.V.
named as a riskchanges in the stock price or market valuations of trivago N.V., our majority-owned, publicly traded subsidiary, whose stock price is also highly volatile;Risk factors (Item 1A)
IAC Inc.
named as a riskThese overlapping relationships could create, or appear to create, potential conflicts of interest for the directors or officers when facing decisions that may affect both IAC and Expedia Group.Risk factors (Item 1A)
Competitors
For example, Google has used its search market position to promote its own travel services, potentially disintermediating our platform, and may be able to leverage the data it collects on users to the detriment of us and other OTAs.Risk factors (Item 1A)
Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY and 14 more
Booking.com
competes withnamed as a riskIn recent years, Airbnb has expanded into tours, activities, and hotel bookings, and discussed expansion into flight bookings, and Booking.com has expanded its flight booking services.Risk factors (Item 1A)
Hazards
Hurricanes Helene and Milton
named as a riskIn addition, during 2024, Hurricanes Helene and Milton negatively impacted our financial results for the third and fourth fiscal quarters, respectively.Risk factors (Item 1A)
Also named by CPRT
Commodities and inputs
Euro
exposed to its price · €220 millionnamed as a riskIn August 2025, we entered into a fixed-to-fixed cross-currency interest rate swap (“the swap”) with an aggregate notional amount of €220 million.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Foreign currencies (Euro, British pound, Japanese yen, Australian dollar, Brazilian real, Canadian dollar)
exposed to its price · approximately $35 millionnamed as a riskWe therefore face exposure to movements in currency exchange rates (particularly those related to the Euro, British pound, Japanese yen, Australian dollar, Brazilian real and Canadian dollar currencies), which may negatively impact the value of our cash flows, monetary assets and liabilities.Risk factors (Item 1A)
Also named by ADSK, BR, ENTG, MGNI, MRNA, ON, SYK, UAL and 1 more
Regulators
Australian Competition and Consumer Commission
subject tonamed as a riskFor example, in 2020, the Australian Competition and Consumer Commission held that aspects of the way that our trivago subsidiary had offered accommodation on its Australian website breached Australian Consumer Law.Risk factors (Item 1A)
U.S. Department of Transportation
subject toIn addition, our businesses are subject to regulation by the U.S. Department of Transportation and must comply with various rules and regulations governing the provision of air transportation, including those relating to advertising and accessibility.Business (Item 1)
Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, FDX and 19 more
Laws and programs
General Data Protection Regulation (GDPR)
subject tonamed as a riskEnforcement of GDPR regulations, and fines for non-compliance, continue to increase and a significant number of additional jurisdictions have enacted similar privacy regulations.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Payment Card Industry Data Security Standard (PCI DSS)
subject tonamed as a riskIn addition, the payment card networks have adopted rules and regulations that apply to all merchants who process and accept payment cards and include payment card association operating rules, the Payment Card Industry Data Security Standards, or the PCI DSS.Risk factors (Item 1A)
Also named by ABNB, AZO, BJ, BKNG, CASH, CASY, COST, DOV and 20 more
Short-term rental regulations
subject tonamed as a riskThese new and evolving regulatory schemes may decrease listings available on our sites and add significant compliance risks to our business, including the risk of fines for noncompliance, as well as substantial internal costs and the allocation of resources to develop new internal compliance systems and processes.Risk factors (Item 1A)
Also named by BKNG
EU Short-Term Rental Law
subject tonamed as a riskFor example, we are subject to the EU Short-Term Rental Law, which comes into effect in May 2026, and will require platforms such as ours to obtain registration numbers for all alternative accommodations in the European Union where a government has implemented a registration system.Risk factors (Item 1A)
FTC Rule on Unfair or Deceptive Fees
subject tonamed as a riskRecent examples of new website display laws or regulations include, (i) in the United States, the Federal Trade Commission Rule on Unfair or Deceptive Fees, effective May 2025, relating to price display for accommodation and live events, and various state laws that have been introduced or are under consideration that require us to include all mandatory fees, and (ii) in Europe, in addition to other national laws establishing display requirements, the EU Digital Services Act requires us to display a variety of supplier-related information, including local license numbers, tax identification numbers, business registration numbers, or statements regarding compliance with local laws.Risk factors (Item 1A)
EEC Council Directive on Package Travel
subject tonamed as a riskAlso, compliance with the European Economic Community (“EEC”) Council Directive on Package Travel, Package Holidays and Package Tours is costly and complex and could adversely impact our ability to offer certain packages in the EEC.Risk factors (Item 1A)
Sales, use and transactional taxes on travel facilitation
subject tonamed as a riskTaxing authorities have made inquiries, filed lawsuits, and levied assessments asserting we are required to collect and remit state and local sales or use taxes, value added taxes, or other transactional taxes related to our travel facilitation services, including the legal proceedings described in Part I. Item 3. Legal Proceedings.Risk factors (Item 1A)