Expedia Group, Inc.

Previous wording

The Company continues to operate in an increasingly complex business environment and global macroeconomic and geopolitical pressures, including trade disruptions, currency fluctuations and energy price volatility, contributed to this environment for the travel industry. As an example, during the first quarter of 2026, events in the Middle East and Mexico had an adverse impact on the travel industry. If these pressures are intensified or sustained, travel behaviors may be impacted and any associated decrease in overall demand would negatively impact our business. In addition, our suppliers, business and service partners could also be impacted, thereby increasing our risk of credit losses and service level or other disruptions. Our future operational results may be subject to volatility, particularly in the short-term, due to the impact of the aforementioned trends.

Current wording

The Company continues to operate in an increasingly complex business environment and global macroeconomic and geopolitical pressures, including trade disruptions, currency fluctuations and energy price volatility, contributed to this environment for the travel industry. For example, events in the Middle East and Mexico late in the first quarter of 2026 negatively affected the travel industry, and that pressure continued into the second quarter, particularly in Europe, where macro headwinds and reduced air capacity weighed on demand. If these pressures are intensified or sustained, travel behaviors may be impacted and any associated decrease in overall demand would negatively impact our business. In addition, our suppliers, business and service partners could also be impacted, thereby increasing our risk of credit losses and service level or other disruptions. Our future operational results may be subject to volatility, particularly in the short-term, due to the impact of the aforementioned trends.

Previous wording

The market opportunity for online travel is broad and highly competitive. Online penetration of travel expenditures is higher in the U.S. and Western European markets with online penetration rates in some emerging markets, such as Latin America and Eastern European regions, lagging behind those regions. Emerging markets continue to present an attractive growth opportunity for our business, while also attracting many competitors to online travel. Technological developments in generative artificial intelligence (“AI”) tools are increasingly being used to create competing offerings, such as AI powered digital planning and assistance, further increasing competition.

Current wording

America and Eastern European regions, lagging behind those regions. Emerging markets continue to present an attractive growth opportunity for our business, while also attracting many competitors to online travel. Technological developments in generative artificial intelligence (“AI”) tools are increasingly being used to create competing offerings, such as AI powered digital planning and assistance, further increasing competition.

Previous wording

Lodging includes both hotel and alternative accommodations. As a percentage of our total worldwide revenue in the first quarter of 2026, lodging accounted for 76%. Room nights booked grew 6% in the first quarter of 2026, as compared to growth of 8% in 2025 and 9% in 2024. Average Daily Rates (“ADRs”) booked for Expedia Group increased 7% in the first quarter of 2026, increased 1% in 2025 and decreased 1% in 2024.

Current wording

Lodging includes both hotel and alternative accommodations. As a percentage of our total worldwide revenue in the second quarter of 2026, lodging accounted for 79%. Room nights booked grew 6% in the second quarter of 2026, as compared to growth of 8% in 2025 and 9% in 2024. Average Daily Rates (“ADRs”) booked for Expedia Group increased 5% in the second quarter of 2026, increased 1% in 2025 and decreased 1% in 2024.

Previous wording

As of March 31, 2026, our global lodging marketplace had approximately 3.7 million total lodging properties available, including approximately 2.5 million online bookable alternative accommodations through Vrbo and approximately 1.2 million hotels and alternative accommodations through our other brands.

Current wording

As of June 30, 2026, our global lodging marketplace had approximately 3.9 million total lodging properties available, including approximately 2.6 million online bookable alternative accommodations through Vrbo and approximately 1.3 million hotels and alternative accommodations through our other brands.

Previous wording

Expedia Group (“EG”) Advertising is responsible for generating advertising revenue on our global online travel brands through a variety of digital marketing solutions. In the first quarter of 2026, we generated $197 million of advertising revenue from EG Advertising, a 13% increase from the same period in 2025.

Current wording

Expedia Group (“EG”) Advertising is responsible for generating advertising revenue on our global online travel brands through a variety of digital marketing solutions. In the second quarter of 2026, we generated $206 million of advertising revenue from EG Advertising, a 13% increase from the same period in 2025.

Previous wording

We also generate advertising revenue from trivago, a leading hotel metasearch website. In the first quarter of 2026, we generated $125 million of third-party revenue from trivago, a 47% increase from the same period in 2025.

Current wording

We also generate advertising revenue from trivago, a leading hotel metasearch website. In the second quarter of 2026, we generated $145 million of third-party revenue from trivago, a 48% increase from the same period in 2025.

Previous wording

As a percentage of our total worldwide revenue in the first quarter of 2026, total advertising and media accounted for 9%.

Current wording

As a percentage of our total worldwide revenue in the second quarter of 2026, total advertising and media accounted for 8%.

Previous wording

Booked air tickets increased 6% in the first quarter of 2026, 3% in 2025 and 6% in 2024. As a percentage of our total worldwide revenue in the first quarter of 2026, air accounted for 3%.

Current wording

Booked air tickets decreased 5% in the second quarter of 2026, increased 3% in 2025 and increased 6% in 2024. As a percentage of our total worldwide revenue in the second quarter of 2026, air accounted for 2%.

Previous wording

Gross bookings increased 13% for the three months ended March 31, 2026, compared to the same period in 2025. B2C gross bookings growth was driven by sustained momentum in the U.S. B2B gross bookings grew globally with Rapid API the largest contributor to growth. Booked room nights for our lodging business increased 6% for the three months ended March 31, 2026, which was led by growth in the U.S.

Current wording

Gross bookings increased 12% for both the three and six months ended June 30, 2026, compared to the same periods in 2025. B2C gross bookings growth was driven by sustained momentum in the U.S. B2B gross bookings grew globally with Rapid API the largest contributor to growth. Booked room nights for our lodging business increased 6% for both the three and six months ended June 30, 2026, which was led by continued strength at B2B.

Previous wording

Revenue increased 15% for the three months ended March 31, 2026, compared to the same period in 2025, driven by lodging growth in both our B2B and B2C segments.

Current wording

Revenue increased 14% for both the three and six months ended June 30, 2026, compared to the same periods in 2025, driven by lodging growth in both our B2B and B2C segments.

Previous wording

Lodging revenue increased 14% for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by an increase in room nights stayed in our hotel business and higher ADRs stayed.

Current wording

Lodging revenue increased 13% for both the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily driven by higher ADRs stayed and an increase in room nights stayed in our hotel business.

Previous wording

Air revenue was consistent for the three months ended March 31, 2026, compared to the same period in 2025, as higher air tickets sold were offset by lower revenue per ticket.

Current wording

Air revenue decreased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily driven by lower revenue per ticket, as well as 5% lower air tickets sold during the three months ended June 30, 2026.

Previous wording

EG Advertising revenue increased 13% for the three months ended March 31, 2026, compared to the same period in 2025, driven by our sponsored listing business. trivago Advertising revenue increased 47% for the three months ended March 31, 2026, compared to the same period in 2025, driven by its strategic focus on brand rebuilding in recent years.

Current wording

EG Advertising revenue increased 13% for both the three and six months ended June 30, 2026, compared to the same periods in 2025, driven by our sponsored listing business. trivago Advertising revenue increased 48% for both the three and six months ended June 30, 2026, compared to the same periods in 2025, driven by its strategic focus on brand rebuilding in recent years.

Previous wording

All other revenue, which includes insurance, car, cruise and activities, increased 16% for the three ended months ended March 31, 2026, compared to the same period in 2025 primarily due to higher insurance revenue.

Current wording

All other revenue, which includes insurance, car, cruise and activities, increased 23% and 20% for the three and six months ended June 30, 2026, compared to the same periods in 2025 primarily due to higher insurance and activities revenue.

Previous wording

The increase in merchant revenue for the three months ended March 31, 2026, compared to the same period in 2025, was primarily due to an increase in merchant lodging revenue. Agency revenue remained relatively consistent for the three months ended March 31, 2026, as compared to the same period in 2025. Advertising, media and other increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to healthy growth in both EG Advertising and trivago revenue.

Current wording

The increase in merchant revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily due to an increase in merchant lodging revenue. Agency revenue increased for the three and six months ended June 30, 2026, as compared to the same periods in 2025, primarily due to increase in activities and insurance revenue. Advertising, media and other increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to healthy growth in both trivago revenue and EG Advertising.

Previous wording

Cost of revenue increased $20 million during the three months ended March 31, 2026 compared to the same period in 2025, but decreased as a percentage of revenue during the period driven by continued efficiencies in payments and customer service.

Current wording

Cost of revenue increased $26 million and $46 million during the three and six months ended June 30, 2026 compared to the same periods in 2025, but decreased as a percentage of revenue during the period driven by continued efficiencies in payments.

Previous wording

Selling and marketing - direct increased $99 million during the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by an increase in B2B partner commissions to support revenue growth, partially offset by a decrease in B2C, which saw significant marketing leverage. Selling and marketing - indirect costs remained relatively consistent during the three months ended March 31, 2026, compared to the same period in 2025.

Current wording

Selling and marketing - direct increased $199 million and $298 million during the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily driven by an increase in B2B partner commissions to support revenue growth. The increase in the year-to-date period was partially offset by a decrease in marketing spend at B2C, which had significant marketing leverage. Selling and marketing - indirect costs remained relatively consistent during the three and six months ended June 30, 2026, compared to the same periods in 2025.

Previous wording

Technology and content expense remained relatively consistent during the three months ended March 31, 2026, compared to the same period in 2025 as higher license and maintenance costs and cloud costs were mostly offset by lower personnel costs in connection with previously announced cost saving initiatives.

Current wording

Technology and content expense remained relatively consistent during the three and six months ended June 30, 2026, compared to the same periods in 2025 as higher license and maintenance costs and cloud costs were mostly offset by lower personnel costs in connection with previously announced cost saving initiatives.

Previous wording

General and administrative expense increased during the three months ended March 31, 2026, compared to the same period in 2025, primarily due to higher miscellaneous items, including charitable contributions in the current year.

Current wording

General and administrative expense increased during the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to higher stock-based compensation. In addition, the current year to date period was also impacted by higher miscellaneous items, including charitable contributions.

Previous wording

Depreciation increased $13 million during the three months ended March 31, 2026, compared to the same period in 2025, primarily as a result of increased capitalized website development costs. Amortization of intangible assets decreased $4 million during the three months ended March 31, 2026, compared to the same period in 2025.

Current wording

Depreciation increased $5 million and $18 million during the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily as a result of increased capitalized website development costs. Amortization of intangible assets remained consistent during the three months ended June 30, 2026 and decreased $4 million during the six months ended June 30, 2026, compared to the same periods in 2025.

Previous wording

The net credit in legal reserves, occupancy tax and other for the three months ended March 31, 2026 was primarily due to the reversal of Canadian digital service taxes (“DST”). On March 26, 2026, the government of Canada enacted legislation as part of its 2026 federal budget that repealed the Digital Services Tax Act, with retroactive effect to June 20, 2024.

Current wording

The net credit in legal reserves, occupancy tax and other for the six months ended June 30, 2026 was primarily due to the reversal of Canadian digital service taxes (“DST”). On March 26, 2026, the government of Canada enacted legislation as part of its 2026 federal budget that repealed the Digital Services Tax Act, with retroactive effect to June 20, 2024.

Previous wording

We had previously recognized, during 2024 and 2025, accruals for anticipated Canadian DST liabilities related to certain digital services revenues, based on enacted law at that time and guidance then available from the Canada Revenue Agency. In connection with the repeal, during the three months ended March 31, 2026, we reversed $71 million of previously recognized Canadian DST liabilities, covering in-scope periods from January 1, 2022 through December 31, 2025. As of March 31, 2026, the Company no longer has an obligation related to the Canadian DST.

Current wording

We had previously recognized, during 2024 and 2025, accruals for anticipated Canadian DST liabilities related to certain digital services revenues, based on enacted law at that time and guidance then available from the Canada Revenue Agency. In connection with the repeal, during the six months ended June 30, 2026, we reversed $71 million of previously recognized Canadian DST liabilities, covering in-scope periods from January 1, 2022 through December 31, 2025. As of June 30, 2026, the Company no longer has an obligation related to the Canadian DST.

Previous wording

We have continued to recalibrate resources and expand the restructure efforts that began in 2024 due to the significant completion of the Company’s organizational and technological transformation. As a result, we recognized $56 million and $26 million in restructuring and related reorganization charges during the three months ended March 31, 2026 and 2025, which were predominately related to employee severance, stock-based compensation and benefits costs. Based on current plans which are subject to change, we expect approximately $25 million in additional reorganization charges. We continue to evaluate additional cost reduction efforts, and should we make additional decisions in future periods to take further actions we may incur additional reorganization charges.

Current wording

We have continued to recalibrate resources and expand the restructure efforts that began in 2024 due to the significant completion of the Company’s organizational and technological transformation. As a result, we recognized $69 million and $70 million in restructuring and related reorganization charges during the six months ended June 30, 2026 and 2025, which were predominately related to employee severance, stock-based compensation and benefits costs. Based on current plans which are subject to change, we expect approximately $35 million in additional reorganization charges. We continue to evaluate additional cost reduction efforts, and should we make additional decisions in future periods to take further actions we may incur additional reorganization charges.

Previous wording

During the three months ended March 31, 2026, the increase in operating income from an operating loss in the prior year period was primarily due to a growth in revenue in excess of operating costs.

Current wording

During the three and six months ended June 30, 2026, the increase in operating income in the current year periods was primarily due to a growth in revenue in excess of operating costs.

Previous wording

Our B2C segment Adjusted EBITDA increased during the three months ended March 31, 2026, compared to the same periods in 2025 as a result of revenue growth and disciplined cost management, particularly in direct selling and marketing. Our B2B segment experienced an improvement in Adjusted EBITDA during the three months ended March 31, 2026, compared to the same period in 2025, primarily as a result of strong revenue growth. Our trivago segment Adjusted EBITDA loss increased during the three months ended March 31, 2026, compared to the same period in 2025, as a result of higher operating costs, including direct selling and marketing expenses, partially offset by revenue growth.

Current wording

Our B2C segment Adjusted EBITDA increased during the three and six months ended June 30, 2026, compared to the same periods in 2025 as a result of revenue growth and disciplined cost management, particularly in direct selling and marketing in the year-to-date period. Our B2B segment experienced an increase in Adjusted EBITDA during the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily as a result of strong revenue growth, partially offset by a prioritization of investments to support future growth. Our trivago segment Adjusted EBITDA returned to positive during the three months ended June 30, 2026 and its Adjusted EBITDA loss decreased during the six months ended June 30, 2026, compared to the same periods in 2025, as a result of revenue growth, partially offset by higher operating costs, including direct selling and marketing expenses.

Previous wording

Interest income increased for the three months ended March 31, 2026, compared to the same period in 2025, as a result of higher average cash and investment balances. For the three months ended March 31, 2026, compared to the same period in 2025, interest expense increased primarily due to the amortization of the debt discount related to our Convertible Notes that matured in February 2026 as discussed in Note 4 – Debt in the notes to the consolidated financial statements.

Current wording

Interest expense increased for the three months ended June 30, 2026, compared to the same period in 2025, as a result of higher average senior notes outstanding in the current year period. The interest expense increase for the six months ended June 30, 2026 was also due to the amortization of the debt discount related to our Convertible Notes that matured in February 2026 as discussed in Note 4 – Debt in the notes to the consolidated financial statements.

Previous wording

For further information on our losses on minority equity investments, net, see Note 3 – Fair Value Measurements in the notes to the consolidated financial statements. For further information on the gain related to the conversion option on our Convertible Notes, see Note 4 – Debt in the notes to the consolidated financial statements.

Current wording

For further information on our gains (losses) on minority equity investments, net, see Note 3 – Fair Value Measurements in the notes to the consolidated financial statements. For further information on the gain related to the conversion option on our Convertible Notes, see Note 4 – Debt in the notes to the consolidated financial statements.

Previous wording

For the three months ended March 31, 2026, the effective tax rate was 145.8%, compared to 9.2% for the three months ended March 31, 2025. The change in the effective tax rate was primarily due to the relative effect of nondeductible mark-to-market charges on a lower measure of pretax income (loss).

Current wording

For the three months ended June 30, 2026, the effective tax rate was 14.8%, compared to 23.9% for the three months ended June 30, 2025. For the six months ended June 30, 2026, the effective tax rate was 17.9%, compared to 39.3% for the six months ended June 30, 2025. The change in the effective tax rate for both periods was primarily due to nontaxable mark-to-market gains.

Previous wording

We are subject to taxation in the United States and foreign jurisdictions. Our income tax filings are routinely examined by federal, state, and foreign tax authorities. For tax years 2011 to 2013 and 2014 to 2016, the IRS issued final adjustments related to transfer pricing with our foreign subsidiaries. The 2011 to 2013 adjustments would result in federal income tax of approximately $244 million, subject to interest. The 2014 to 2016 adjustments would result in federal income tax of approximately $431 million, subject to interest. We do not agree with these adjustments and will continue to vigorously defend our position through administrative procedures. We are also under examination by the IRS for tax years 2017 to 2020.

Current wording

We are subject to taxation in the United States and foreign jurisdictions. Our income tax filings are routinely examined by federal, state, and foreign tax authorities. Prior to June 30, 2026, for tax years 2011 to 2013 and 2014 to 2016, the IRS issued adjustments related to transfer pricing with our foreign subsidiaries. The 2011 to 2013 and the 2014 to 2016 adjustments would result in federal income tax of approximately $244 million and $431 million, respectively, subject to interest. These audit cycles have remained in administrative procedures with the IRS.

Previous wording

recognized on changes in the value of contingent consideration arrangements, if any, and (iii) upfront consideration paid to settle employee compensation plans of the acquiree, if any; (6) certain other items, including restructuring; (7) items included in legal reserves, occupancy tax and other; (8) that portion of gains (losses) on revenue hedging activities that are included in other, net that relate to revenue recognized in the period; and (9) depreciation.

Current wording

Adjusted EBITDA is defined as net income (loss) attributable to Expedia Group, Inc. adjusted for (1) net income (loss) attributable to non-controlling interests; (2) provision for income taxes; (3) total other expenses, net; (4) stock-based compensation expense, including compensation expense related to certain subsidiary equity plans; (5) acquisition-related impacts, including (i) amortization of intangible assets and goodwill and intangible asset impairment, (ii) gains (losses) recognized on changes in the value of contingent consideration arrangements, if any, and (iii) upfront consideration paid to settle employee compensation plans of the acquiree, if any; (6) certain other items, including restructuring; (7) items included in legal reserves, occupancy tax and other; (8) that portion of gains (losses) on revenue hedging activities that are included in other, net that relate to revenue recognized in the period; and (9) depreciation.

Previous wording

The reconciliation of net loss attributable to Expedia Group, Inc. to Adjusted EBITDA is as follows:

Current wording

The reconciliation of net income attributable to Expedia Group, Inc. to Adjusted EBITDA is as follows:

Previous wording

Our principal sources of liquidity are typically cash flows generated from operations, cash available under our credit facility as well as our cash and cash equivalents and short-term investment balances, which were $5.8 billion and $5.7 billion at March 31, 2026 and December 31, 2025. As of March 31, 2026, the total cash and cash equivalents and short-term investments held outside the United States was $401 million ($230 million in wholly-owned foreign subsidiaries and $171 million in majority-owned subsidiaries).

Current wording

Our principal sources of liquidity are typically cash flows generated from operations, cash available under our credit facility as well as our cash and cash equivalents and short-term investment balances, which were $7.1 billion and $5.7 billion at June 30, 2026 and December 31, 2025. As of June 30, 2026, the total cash and cash equivalents and short-term investments held outside the United States was $398 million ($220 million in wholly-owned foreign subsidiaries and $178 million in majority-owned subsidiaries).

Previous wording

5.5% Senior Notes Issuance. In April 2026, we issued $1 billion of registered senior unsecured notes, which bear interest at 5.5% and are due in April 2036 (the “5.5% Notes”). The 5.5% Notes were issued at 99.384% of par resulting in a discount, which is being amortized over their life. Interest is payable semi-annually in arrears in April and October of each year, beginning October 15, 2026. We expect to use the net proceeds of this offering of approximately $986 million for general corporate purposes, which may include, but not limited to: (i) repayment, prepayment, redemption or repurchase of outstanding debt, (ii) dividends and stock repurchases, and (iii) funding for working capital, capital expenditures and acquisitions.

Current wording

5.5% Senior Notes Issuance. In April 2026, we issued $1 billion of registered senior unsecured notes, which bear interest at 5.5% and are due in April 2036 (the “5.5% Notes”). The 5.5% Notes were issued at 99.384% of par resulting in a discount, which is being amortized over their life. Interest is payable semi-annually in arrears in April and October of each year, beginning October 15, 2026. We used or expect to use the net proceeds of this offering of approximately $986 million for general corporate purposes, which may include, but not limited to: (i) repayment, prepayment, redemption or repurchase of outstanding debt, (ii) dividends and stock repurchases, and (iii) funding for working capital, capital expenditures and acquisitions.

Previous wording

For the three months ended March 31, 2026, net cash provided by operating activities increased compared to the prior year period due to higher working capital benefits driven mostly from an increase in deferred merchant bookings and merchant accounts payable as well as higher operating income after adjusting for impacts of depreciation and amortization.

Current wording

For the six months ended June 30, 2026, net cash provided by operating activities increased compared to the prior year period due to higher working capital benefits driven mostly from an increase in deferred merchant bookings and merchant accounts payable as well as higher operating income after adjusting for impacts of depreciation and amortization.

Previous wording

For the three months ended March 31, 2026, net cash used in investing activities was $440 million compared to $384 million used in the prior year period. The change was primarily due to net sales and maturities of investments in the current year compared to net purchases of investments in the prior year as well as cash used in acquisitions in the current year.

Current wording

For the six months ended June 30, 2026, net cash used in investing activities was $1.2 billion compared to $220 million used in the prior year period. The change was primarily due to net purchase of investments in the current year compared to net sales and maturities of investments in the prior year, uses of cash for the settlement of currency forward contract losses in the current year compared to sources of cash for gains in the prior year as well as cash used for acquisitions in the current year.

Previous wording

For the three months ended March 31, 2026, net cash used in financing activities primarily included $1.8 billion of payments related to the redemption of our 5.0% Notes and our 0% Convertible Notes in February 2026 as discussed above as well as $788 million of cash paid to acquire shares, including the repurchased shares under the authorization discussed below and for treasury stock activity related to the vesting of equity instruments as well as cash dividend payments of $58 million. For the three months ended March 31, 2025, net cash used in financing activities primarily included the February 2025 redemption of approximately $1 billion of our 6.25% senior notes, $384 million of cash paid to acquire shares, including the repurchased shares and for treasury stock activity related to the vesting of equity instruments, and cash dividend payments of $51 million, partially offset by the February 2025 issuance of 5.4% senior notes with net proceeds of $985 million.

Current wording

For the six months ended June 30, 2026, net cash used in financing activities primarily included $1.8 billion of payments related to the redemption of our 5.0% Notes and our 0% Convertible Notes in February 2026 as discussed above as well as $1.1 billion of cash paid to acquire shares, including the repurchased shares under the authorization discussed below and for treasury stock activity related to the vesting of equity instruments as well as cash dividend payments of $116 million, partially offset by proceeds from the issuance of 5.5% senior notes with net proceeds of $986 million. For the six months ended June 30, 2025, net cash used in financing activities primarily included the February 2025 redemption of approximately $1 billion of our 6.25% senior notes, $1.1 billion of cash paid to acquire shares, and cash dividend payments of $102 million, partially offset by the

Previous wording

In November 2023, the Executive Committee of the Board of Directors, pursuant to a delegation of authority from the Board, authorized an additional program to repurchase up to $5 billion of our common stock (“2023 Share Repurchase Program”). During the three months ended March 31, 2026, we repurchased, through open market transactions, 3.3 million shares under 2023 Share Repurchase Program for a total cost of approximately $700 million, excluding transaction costs and excise tax due under the Inflation Reduction Act of 2022. As of March 31, 2026, $870 million remained authorized for repurchase under the 2023 Share Repurchase Program. In May 2026, the Audit Committee of the Board of Directors, pursuant to a delegation of authority from the Board, authorized a program to repurchase up to an additional $5 billion of our common stock (“2026 Share Repurchase Program”). Our 2023 and 2026 Share Repurchase Programs do not have fixed expiration dates and do not obligate the Company to acquire any specific number of shares. Under the programs, shares may be repurchased in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be subject to the discretion of the Company and depend on a variety of factors, including the market price of Expedia Group’s common stock, general market and economic conditions, regulatory requirements and other business considerations.

Current wording

In November 2023, the Executive Committee of the Board of Directors, pursuant to a delegation of authority from the Board, authorized an additional program to repurchase up to $5 billion of our common stock (“2023 Share Repurchase Program”). In May 2026, the Audit Committee of the Board of Directors, pursuant to a delegation of authority from the Board, authorized a program to repurchase up to an additional $5 billion of our common stock (“2026 Share Repurchase Program”). During the six months ended June 30, 2026, we repurchased, through open market transactions, 4.2 million shares under 2023 Share Repurchase Program for a total cost of approximately $900 million, excluding transaction costs and excise tax due under the Inflation Reduction Act of 2022. As of June 30, 2026, $5.7 billion remained authorized for repurchase under the 2023 and 2026 Share Repurchase Programs. Our 2023 and 2026 Share Repurchase Programs do not have fixed expiration dates and do not obligate the Company to acquire any specific number of shares. Under the programs, shares may be repurchased in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be subject to the discretion of the Company and depend on a variety of factors, including the market price of Expedia Group’s common stock, general market and economic conditions, regulatory requirements and other business considerations.

Previous wording

Foreign exchange rate changes resulted in a decrease of our cash and restricted cash balances denominated in foreign currency during the three months ended March 31, 2026 of $28 million reflecting a net depreciation in foreign currencies relative to the U.S. dollar compared to $61 million increase in the prior year period reflecting a net appreciation in foreign currencies relative to the U.S. dollar.

Current wording

Foreign exchange rate changes resulted in a decrease of our cash and restricted cash balances denominated in foreign currency during the six months ended June 30, 2026 of $36 million reflecting a net depreciation in foreign currencies relative to the U.S. dollar compared to $208 million increase in the prior year period reflecting a net appreciation in foreign currencies relative to the U.S. dollar.