Expedia Group, Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
EXPE$253.77-2.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Operating activities: | |||
| Net income | $1,301 | $1,224 | $688 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation of property and equipment, including internal-use software and website development | 847 | 781 | 748 |
| Amortization of stock-based compensation | 398 | 458 | 413 |
| Amortization of intangible assets | 40 | 57 | 59 |
| Impairment of goodwill and intangible assets | — | 147 | 426 |
| Deferred income taxes | 78 | 74 | 62 |
| Foreign exchange (gain) loss on cash, restricted cash and short-term investments, net | (120) | 95 | (16) |
| Realized (gain) loss on foreign currency forwards, net | (128) | 40 | — |
| (Gain) loss on minority equity investments, net | 167 | (289) | (16) |
| Other | 124 | 79 | 55 |
| Changes in operating assets and liabilities, net of effects from acquisitions and dispositions: | |||
| Accounts receivable | (983) | (467) | (741) |
| Prepaid expenses and other assets | (3) | 67 | 98 |
| Accounts payable, merchant | 155 | (10) | 332 |
| Accounts payable, other, accrued expenses and other liabilities | 163 | (11) | 101 |
| Tax payable/receivable, net | (17) | 46 | (91) |
| Deferred merchant bookings | 1,858 | 794 | 572 |
| Net cash provided by operating activities | 3,880 | 3,085 | 2,690 |
| Investing activities: | |||
| Capital expenditures, including internal-use software and website development | (770) | (756) | (846) |
| Purchases of investments | (628) | (549) | (28) |
| Sales and maturities of investments | 747 | 78 | 49 |
| Other, net | 120 | (35) | 25 |
| Net cash used in investing activities | (531) | (1,262) | (800) |
| Financing activities: | |||
| Proceeds from issuance of long-term debt, net of issuance costs | 985 | — | — |
| Payment of long-term debt | (1,044) | — | — |
| Purchases of treasury stock | (1,930) | (1,839) | (2,137) |
| Payment of dividends to stockholders | (200) | — | — |
| Proceeds from exercise of equity awards and employee stock purchase plan | 50 | 116 | 101 |
| Other, net | 3 | (22) | (60) |
| Net cash used in financing activities | (2,136) | (1,745) | (2,096) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents | 189 | (165) | 16 |
| Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | 1,402 | (87) | (190) |
| Cash, cash equivalents and restricted cash and cash equivalents at beginning of year | 5,574 | 5,661 | 5,851 |
| Cash, cash equivalents and restricted cash and cash equivalents at end of year | $6,976 | $5,574 | $5,661 |
| Supplemental cash flow information | |||
| Cash paid for interest | $213 | $231 | $231 |
| Income tax payments, net | 218 | 184 | 281 |
F- 8
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