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. 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.

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. While those pressures eased in the third quarter of 2026, the market remains dynamic, and 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

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.

Current wording

Lodging includes both hotel and alternative accommodations. As a percentage of our total worldwide revenue in the third quarter of 2026, lodging accounted for 81%. Room nights booked grew 7% in the third quarter of 2026, as compared to growth of 8% in 2025 and 9% in 2024. Average Daily Rates (“ADRs”) booked for Expedia Group increased 2% in the third quarter of 2026, increased 1% in 2025 and decreased 1% in 2024.

Previous 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.

Current wording

As of September 30, 2026, our global lodging marketplace had approximately 3.9 million total lodging properties available, including approximately 2.5 million online bookable alternative accommodations through Vrbo and approximately 1.4 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 second quarter of 2026, we generated $206 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 third quarter of 2026, we generated $206 million of advertising revenue from EG Advertising, a 7% increase from the same period in 2025.

Previous 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.

Current wording

We also generate advertising revenue from trivago, a leading hotel metasearch website. In the third quarter of 2026, we generated $165 million of third-party revenue from trivago, a 20% increase from the same period in 2025.

Previous wording

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

Current wording

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

Previous wording

During 2026, events in the Middle East reduced global air capacity and drove a material increase in prices, which adversely affected our booked air ticket volume, while having a less pronounced impact on total booked value. Our air bookings grew in the second quarter of 2026 compared to the same period in 2025 in line with growth in our lodging business.

Current wording

During 2026, events in the Middle East reduced global air capacity and drove a material increase in prices, which adversely affected our booked air ticket volume, while having a less pronounced impact on total booked value. Our air bookings grew in the third quarter of 2026 compared to the same period in 2025 in line with growth in our lodging business.

Previous 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%.

Current wording

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

Previous 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.

Current wording

Gross bookings increased 11% and 12% for the three and nine months ended September 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 double-digits across all regions. Booked room nights for our lodging business increased 7% and 6% for the three and nine months ended September 30, 2026, which was led by continued strength in B2B.

Previous 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.

Current wording

Revenue increased 12% and 13% for the three and nine months ended September 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 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.

Current wording

Lodging revenue increased 11% and 12% for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily driven by an increase in room nights stayed in our hotel business and higher ADRs stayed.

Previous 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.

Current wording

Air revenue decreased 7% for both the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily driven by fewer air tickets sold and lower revenue per ticket.

Previous 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.

Current wording

EG Advertising revenue increased 7% and 11% for the three and nine months ended September 30, 2026, compared to the same periods in 2025, driven by both our sponsored listing and display businesses. trivago Advertising revenue increased 20% and 36% for both the three and nine months ended September 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 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.

Current wording

All other revenue, which includes insurance, car, cruise and activities, increased 28% and 23% for the three and nine months ended September 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 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.

Current wording

The increase in merchant revenue for the three and nine months ended September 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 nine months ended September 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 nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to growth in both trivago revenue and EG Advertising.

Previous 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.

Current wording

Cost of revenue increased $43 million and $89 million during the three and nine months ended September 30, 2026 compared to the same periods in 2025, to support our revenue growth. Cost of revenue decreased as a percentage of revenue during the year-to-date period driven by continued efficiencies in servicing and cloud costs.

Previous 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.

Current wording

Selling and marketing - direct increased $208 million and $506 million during the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily driven by an increase in B2B partner commissions to support revenue growth, partially offset by a decrease in marketing spend at B2C, which had marketing leverage in the current year periods. Selling and marketing - indirect costs remained relatively consistent during the three and nine months ended September 30, 2026, compared to the same periods in 2025.

Previous 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.

Current wording

Technology and content expense increased $24 million and $28 million during the three and nine months ended September 30, 2026, compared to the same periods in 2025 primarily due to higher license and maintenance costs and cloud costs. For the year-to-date period, these increases were partially offset by lower personnel costs in connection with previously announced cost saving initiatives.

Previous 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.

Current wording

General and administrative expense increased during the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to higher stock-based compensation.

Previous 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.

Current wording

Depreciation remained consistent during the three months ended September 30, 2026, compared to the same period in 2025. Depreciation increased $19 million during the nine months ended September 30, 2026, compared to the same period in 2025, primarily as a result of increased capitalized website development costs. Amortization of intangible assets decreased during the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to completion of amortization of certain intangible assets.

Previous 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.

Current wording

The net credit in legal reserves, occupancy tax and other for the nine months ended September 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 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.

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 nine months ended September 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 September 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 $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.

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 $104 million and $76 million in restructuring and related reorganization charges during the nine months ended September 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 $10 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 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.

Current wording

During the three and nine months ended September 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 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.

Current wording

Our B2C segment Adjusted EBITDA increased during the three and nine months ended September 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. Our B2B segment experienced an increase in Adjusted EBITDA during the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily as a result of double-digit revenue growth, partially offset by a prioritization of investments to support future growth. Our trivago segment Adjusted EBITDA increased during the three and nine months ended September 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 decreased slightly for the three months ended June 30, 2026, compared to the same period in 2025. Interest income increased for the six months ended June 30, 2026, compared to the same period in 2025, as a result of higher average cash and investment balances, partially offset by lower rates of return.

Current wording

Interest income increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily as a result of higher average cash and investment balances, which for the year-to-date was partially offset by lower rates of return.

Previous 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.

Current wording

Interest expense remained consistent for the three months ended September 30, 2026, compared to the same period in 2025. The interest expense increase for the nine months ended September 30, 2026 was 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.

Previous 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.

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 (loss) 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 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.

Current wording

For the three months ended September 30, 2026, the effective tax rate was 20.3%, compared to 14.7% for the three months ended September 30, 2025. For the nine months ended September 30, 2026, the effective tax rate was 19.3%, compared to 18.5% for the nine months ended September 30, 2025. The change in the effective tax rate for both periods was primarily due to a change in unrecognized tax benefits recorded in the third quarter of 2025 in connection with a U.S. federal income tax audit.

Previous wording

Subsequent to June 30, 2026, the IRS replaced the prior adjustments and issued new adjustments for tax years 2011 to 2016 that apply a different method of adjusting transfer pricing with our foreign subsidiaries. The IRS also issued adjustments for 2017 and 2018. The adjustments, as proposed, would result in a federal income tax of approximately $287 million to $313 million for tax years 2011 to 2013, approximately $488 million to $531 million for tax years 2014 to 2016, and approximately $213 million to $380 million for tax years 2017 to 2018, subject to interest. We do not agree with these adjustments and will continue to vigorously defend our position through administrative procedures. The IRS has indicated that adjustments for this matter are not relevant for tax years 2019 to 2020.

Current wording

During the third quarter of 2026, the IRS replaced the prior adjustments and issued new adjustments for tax years 2011 to 2016 that apply a different method of adjusting transfer pricing with our foreign subsidiaries. The IRS also issued adjustments for 2017 and 2018. The adjustments, as proposed, would result in a federal income tax of approximately $287 million to $313 million for tax years 2011 to 2013, approximately $488 million to $531 million for tax years 2014 to 2016, and approximately $213 million to $380 million for tax years 2017 to 2018, subject to interest. We do not agree with these adjustments and will continue to vigorously defend our position through administrative procedures. The IRS has indicated that adjustments for this matter are not relevant for tax years 2019 to 2020.

Previous wording

We report Adjusted EBITDA as a supplemental measure to U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA is among the primary metrics by which management evaluates the performance of the business and on which internal budgets are based. Management believes that investors should have access to the same set of tools that management uses to analyze our results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Adjusted EBITDA has certain limitations in that it does not take into account the impact of certain expenses to our consolidated statements of operations. We endeavor to compensate for the limitation of the non-GAAP measure presented by also providing the most directly comparable GAAP measure and a description of the reconciling items and adjustments to derive the non-GAAP measure. Adjusted EBITDA also excludes certain items related to transactional tax matters, which may ultimately be settled in cash, and we urge investors to review the detailed disclosure regarding these matters included above, in the Legal Proceedings section, as well as the notes to the financial statements. The non-GAAP financial measure used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Current wording

We report Adjusted EBITDA as a supplemental measure to U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA is among the primary metrics by which management evaluates the performance of the business and on which internal budgets are based. Management believes that investors should have access to the same set of tools that management uses to analyze our results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Adjusted EBITDA has certain limitations in that it does not take into account the impact of certain expenses to our consolidated statements of operations. We endeavor to compensate for the limitation of the non-GAAP measure presented by also providing the most directly comparable

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 $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).

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 $5.6 billion and $5.7 billion at September 30, 2026 and December 31, 2025. As of September 30, 2026, the total cash and cash equivalents and short-term investments held outside the United States was $442 million ($283 million in wholly-owned foreign subsidiaries and $158 million in majority-owned subsidiaries).

Previous wording

New Revolving Credit Facility. On March 27, 2026, we entered into a new revolving credit facility with aggregate commitments of $2.5 billion, which replaced our previous credit facility with the same commitment level and matures in March 2031. The revolving credit facility was essentially untapped at June 30, 2026.

Current wording

Revolving Credit Facility. On March 27, 2026, we entered into a new revolving credit facility with aggregate commitments of $2.5 billion, which replaced our previous credit facility with the same commitment level and matures in March 2031. The revolving credit facility was essentially untapped at September 30, 2026.

Previous 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.

Current wording

For the nine months ended September 30, 2026, net cash provided by operating activities increased compared to the prior year period due to higher operating income after adjusting for impacts of depreciation and amortization, partially offset by lower working capital benefits generated from deferred merchant bookings.

Previous 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.

Current wording

For the nine months ended September 30, 2026, net cash used in investing activities was $1.8 billion compared to $332 million used in the prior year period. The increase in usage was primarily due to net purchases of investments in the current year compared to net sales and maturities of investments in the prior year as well as cash used for acquisitions in the current year.

Previous 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

Current wording

For the nine months ended September 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 $1.7 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 $173 million, partially offset by proceeds from the issuance of 5.5% senior notes with net proceeds of $986 million. For the nine months ended September 30, 2025, net cash used in financing activities primarily included the February 2025 redemption of approximately $1 billion of our 6.25% senior notes, $1.6 billion of cash paid to acquire shares, and cash dividend payments of $151 million, partially offset by the February 2025 issuance of 5.4% senior notes with net proceeds of $985 million.

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”). 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.

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 nine months ended September 30, 2026, we repurchased, through open market transactions, 6.2 million shares under 2023 Share Repurchase Program for a total cost of approximately $1.5 billion, excluding transaction costs and excise tax due under the Inflation Reduction Act of 2022. As of September 30, 2026, $5.1 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 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.

Current wording

Foreign exchange rate changes resulted in a decrease of our cash and restricted cash balances denominated in foreign currency during the nine months ended September 30, 2026 of $39 million reflecting a net depreciation in foreign currencies relative to the U.S. dollar compared to $191 million increase in the prior year period reflecting a net appreciation in foreign currencies relative to the U.S. dollar.