Expedia Group is a global online travel marketplace serving consumers and enterprise partners across more than 200 countries and territories. It monetizes lodging, vacation rentals, air, cars, cruises and experiences through merchant, agency, advertising and B2B models, with Rapid API and One Key providing differentiated platform assets. **The latest results show strong operating momentum:** Q2 2026 gross bookings rose 12% to $33.93 billion, revenue increased 14% to $4.315 billion, adjusted EBITDA grew 23.2% to $1.119 billion and adjusted EPS rose 35.8% to $5.76. B2B revenue grew 23% to $1.493 billion, and management raised full-year 2026 revenue guidance to $16.05–$16.22 billion while targeting 150–175 basis points of EBITDA-margin expansion. Financial quality is supported by approximately $4.5 billion of trailing free cash flow, a 14.2% FCF yield and $5.7 billion of cash and short-term investments. At $261.75, Expedia trades at 13.37x–16.50x forward P/E, 8.10x–8.51x EV/EBITDA and 0.70x–0.74x PEG, below Booking Holdings and its own historical platform average. Near-term catalysts include earnings, B2B growth, margin leverage and buybacks, while oil, rates and AI search explain the stock’s pullback from $342.