EXPE 102: Going Deep Into Business, Industry & Model

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EXPE 102: Going Deep Into Business, Industry & Model

June 9, 2026 Expedia Group, Inc.

(EXPE, Buy, $330 PT)DIGITAL Jake Fuller

EXPE 102: Going Deep Into Business, Industry & Model (212) 882-2319 jfuller@btig.com

Company Data

WHAT YOU SHOULD KNOW: This “102” report builds on the foundation laid out in our Closing Price $227.18

2023 EXPE 101 primer. We hit on everything from our latest thinking on the stock to

Price Target $330.00SERVICES all the detail we've picked-up (we've covered this all the way to the early-aughts after

all) on the inner workings of the model, industry dynamics & competitive positioning. Market Cap (M) $28,874.58

Highlights: 1. A key premise in our 101 primer was the potential for EXPE to close Enterprise Value (M) $30,739.61

the growth gap to peers & it has since accomplished that to emerge as the earnings Shares Out (M) 127.10

compounder we thought it could be w/a compelling 8-12-20 growth algo, 2. We drill Avg Daily Vol-3 Months (M) 1.86EQUITY down on the underlying drivers of that growth with a new level of detail on the model, Dividend / Yield $0.00 / 0.0%

category-level market share dynamics and deeper segment-level breakdowns, 3. At

the end of it all, we remain a buyer of the stock given a view that macro headwinds Revisions

are temporary, OTAs are evolving as AI partners of choice & EXPE is appealing given a Previous Current

multiple discount to peers vs. a stronger EPS growth profile. Rating Buy Buy

■ What's the point? We've followed online travel back to the dawn of time and have Price Target $330.00 $330.00RESEARCH

picked up a few things. We published a series of OTA "101" reports in 2023 to lay FY26E REV 16,130.70 16,130.70

it all out. With pandemic recovery now years in the rearview, new challenges like FY27E REV 17,038.26 17,038.26